Income Tax, according to Mr Nani Palkhiwala, an eminent economist; forms only 2% of the revenue Govt of India earns. Why not abolish it totally and adjust it over the remaining 98%???
RE:Abolish Income Tax and Adjust it elsewhere!
by Neeraj Kumar on May 06, 2008 02:41 PM Permalink
From where u got this rubbish information. Just see the Budget 2008-09. IT constitutes almost 50% of revenue receipts of Central Govt. However, if you consider capital receipts as well then its contribution comes to 13.5%.
RE:Abolish Income Tax and Adjust it elsewhere!
by tushar narayandas kapadia on May 06, 2008 02:24 PM Permalink
let me correct u Mr.Nani palkhivala is a lawyer
RE:Abolish Income Tax and Adjust it elsewhere!
by Venkatesa Prabhu on May 06, 2008 02:31 PM Permalink
Tushar : Mr Nani Palkhivala is ALSO AN EMINENT ECONOMIST, though he is better known as a jurist.
RE:Abolish Income Tax and Adjust it elsewhere!
by surendra chopra on May 06, 2008 02:43 PM Permalink
for march 2008 Incometax Collection will form 22% of total collection and including corporate income tax it comes to approx 40% of total collection. govt is expecting in march2009 these taxes will form 55% of total collection
