Additional Deduction that will boost Indian Economy!
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Additional Deduction that will boost Indian Economy!
Hey guys my first article on CASansaar. My special thanks to CASansaar for selecting my article.
I was wondering, if a natural calamity like earthquake, tsunami strikes Mumbai, how bad will be the consequences?
I made a small list.
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Loss of life.
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Material losses.
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Infrastructure loss.
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BSE ruined, that means...! Don't make me say it!
Mumbai being the economic capital, loss will be enormous.
My question here is, why doesn't our tax system provide any tax benefit for going green!?
I mean when there is tax deductions u/s 80 for
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Donation to religious trust - no one knows how money is used, or where it goes.
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Donations to Prime minister fund and various sibling funds - which presumably goes to swiss bank.
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Donations to political parties – This one is hilarious.
(and many more)
Then why not for going green?
When a person can get tax deductions for giving a donation to a corrupt political party, then why not for going green?
What if a person wants to install few solar panels at his home to cut down on electricity bill. What incentive our tax system gives? Nothing.
Fuel price rise is an old yet annoying story.
A hybrid car. Best solution for petrol price rise. What if a person wishes to buy it, but the car is out of his budget, does he get any subsidy from the tax system? Unfortunately answer is negative again.
Our government asks us to reduce consumption of fuel but does not give subsidy for the step that will result in reduction of fuel consumption. What an Irony!
For sure, non-monetary encouragement has failed. Why not try monetary encouragement? Give tax benefit.
I believe people won't do anything unless they see gain in the deal.
Then why doesn't our Tax system provide with such deductions or benefits?
Why doesn't government considers any of these stuff important?
Don't you think tax system really needs some tax amendments from logical and sustainable development point of view?
I know little about the deficit budget problems our government is facing.
But these deductions will reduce the budget pressure in long-term.
I'll list some long-term benefits
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A hybrid vehicle consumes lesser fuel than traditional fuel cars. That means less consumption of fuel > Lesser import of fuel from Middle-east countries > Lesser import > Lesser deficit > Better budget position > Rupee becoming more stable.
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Similarly if you install solar panels to cut-down on electricity bills> Less pressure on government to produce electricity > Unused electricity can be transferred to rural areas > Faster development of rural > Increase in GDP > Faster growth of India.
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