personal incometax should be totally abolished to encourage savings and broadbase stock investor community which in turn would free the stock market relying solely on the f i i s. the entire machinery of incometax department should be, atleast for a year, directed to make focussed recovery of the gigantic arrears of the department running into 1.7 lakh crores. the arrears are not due by individuals but by powerful money-barons. instead of squeezing spineless individuals, the government better concentrates on the whales. this will also make the congress party immensely popular among middleclass, who remain uncared for by any political party, since they are not vote-banks.
