It is said, death and taxes are certain.
Well, why not use one against the other.
When we all know that death is certain, while also taxes, it may be advisable to invest in taxes, to defeat death.
While we pay taxes, do business, all and sundry, there is not certainty (atleast as much death and taxes) that it will last (how the mighty have fallen), to give consistent returns to our children.
Every investment is subject to a certain decree of risk. Investments may get dried up, due to contingencies, eroding the capital.
What else can be the safest investment? which company/investment house, can guarantee consistent returns? Which company has assets to last? which entity would not run away with our money?
DIRECT TAXES:
I understand that it can the tax department (read company). While the capital / principal investment would always be the property of the government (after payment of tax – no risk of depletion), a consistent . . . . say may be 1% p.a. (considering standard interest rates across the globe – subject to correction) for the next 100 years . . . . from the date of payment . . . or from the year of the assessment of tax . . . . may be the best initiative for us to, MOST honestly and to our maximum ability to pay taxes, and ask the government to honour every tax paying citizen (not just the elite few) by returning what they have contributed, in the form of yearly return, free of taxes and protected from attachments (like the PPFs, etc..). So when everything around us falls, the past deeds of proper payment of taxes, would ensure / give the guarantee of lifetime (100 years includes after death too) for consistent returns. An ordinary citizen / consumer, normally ends up paying the maximum tax, which if properly computed, may show that it is more than is lifetime savings. . . . then why not encash it . . . . . evolve it . . . . to counter benefit . . . and ensure prompt payment . . . prompt assessment . . .etc . . .etc.
I PROPOSE A PAYMENT OF 1% p.a. return as interest on gross tax paid by every citizen . . . . for the next 100 years by the tax dept. (to the assessee and his family) . . .which would ensure while everything (read investment / business) has collapsed around him . . . his honest in payment of taxes would help him sustain. . . .
Indirect taxes:
We do not realize, that while tax authorities with all the mighty power of raid, search and seizure (may be successfully or may be unsuccessfully) may have collected “X” amount of tax…. Well . . . . . it is sorry state of affairs, . . . . but for the population of our country . . . they may be out numbered . . . . may be more often than not . . . many may escape . . . .
It is not the duty of every citizen to help the tax men. . . . does not the tax dept. give incentive to people helping unearth tax evasions . . . rumoredly a 10 or 20% of the collection . . . but still there is unrest with the people and the depts..
It may be beneficial / transparent / simple . . . .and most advisable to engage the services of 100 crore Indians, to help and assist the taxmen. . . . . by giving a 1% p.a. of their contribution . . . . . Yes, it is the ordinary citizen of the country who purchases . . . food grains . . . consumer articles, groceries, vehicles, . . . . and contribute to the national exchequer in the form of central excise, import duty, sales tax ( central and state), VAT, service tax, levies, etc. . . . .See annexure – I for the rate . . . A price of 1/= product is built with not less than 10 – 50 % of taxes, more often than not . . . . .
Who pays . . . it is not the entrepreneur . . . . but the citizen (end consumer as everything is passed on to him/her). . . .and he does not insist for a bill / receipt. Why . . . he considers it of no use . . . . unfortunately . . . . . but if a incentive of 1% p.a. of his contribution is calculated . . . . . . and he required to lodge the bill for claiming his contribution . . . .by producing a receipt . . . there would be a self check mechanism. . . . . by not less than 100 crore citizens . . . . keeping a vigilant check on the economy .. . . .
I PROPOSE A PAYMENT OF 1% p.a. return as interest on gross of all tax under various heads . . . paid by every citizen on purchase or use of goods and services . . . . for the next 100 years by the tax dept. (to the assessee and his family) . . .which would ensure that while everything (read investment / business) has collapsed around him . . . his honest in payment of taxes would help him sustain. . . . and also ensure there is no evasion . . . at any point . . . it will be like 100 crore taxmen . . . . working 24 X 7. . . . at a salary / incentive of 1% p.a. of what they contribute. . . . . .
Ofcourse, it may look tedious (time, money and concept) on working out the above plan . . . . but after having spent 50 years on other methods . . . . 5 years may be spent on trying to build a network of 100 crore . . . taxmen . . . . also to create awareness . . . cut out corruption . . . . etc. . . . . etc. . . . . etc. . . . . etc. . . . . etc. . . . . etc.
. . . . . . any ideas . . . . . improvements . . . .additions . . . . deletions . . . .
