ideal income tax act

The ideal income tax act we all want:-

1.The preamble must be amended to say “Income tax is income tax is income tax which is tax on income.” Today Income tax has several taxes under it’s ambit which are not related to income, famous examples are TDS, STT etc. infamous examples from Chidambaram era are Banking Cash Transaction Tax and Fringe Benefit Tax. Both were rolled back after stiff resistance.

2.Salary deduction must be inflation linked and not to be left at will and whimsy of politicians.

3.Entire House Property section needs to be deleted. That can be easily subsumed under “Income from Other Sources”. Subletting of House Property is already charged under this section. It is not government’s business to lend heling hand to builder community. Allow total interest payment as deduction at the time of sale of Property with indexation. This separate head of income leads to unnecessary complication.

4.Do away with all additional deductions from Income from Business/Profession section. Deduction should not exceed 100% of cash spent. If Government want to incentivize give PLI scheme. Do not burden Income Tax and in turn department of Revenue with your Economic agenda.

5.Do away with requirement of Tax audit for those business who’s  Sales and Purchases reconcile more than 90% with GST return. If business is honestly disclosing it’s income and expenses there is no need for separate audit. Especially after E-invoicing rule applicable.

6.Do away STT immediately. STT was introduced saying there will be no LTCG. Government has already walked back on it’s promise. It is now time to roll back the tax. Government now has data on all the sale and purchases done by the PAN. Pre-filled forms now comes with auto-filled LTCG. The STT makes no sense anymore.

7.Do away with Concessional rate for STCG/LTCG. It is not only GST which is in dire need of rate rationalization. Income Tax too need this.

8.Do away with entire Chapter VI-A. This entire chapter was inserted by an amendment. It is not government’s job let alone of department of revenue to channelize investments of the assesses. Let people invest in which ever instrument paying higher return.

9.Do away with all the MAT/AMT taxes which depends on P&L drawn not in compliance with Income Tax but with accounting standards. If implemented strictly thew point 4 will take care most of it any way.

10.Do away with dividing individual assesses in class based on Age like Senior Citizen, super senior citizen or based on gender like male and female. All individual assess must have same slab structure based on income, not based on gender or age. If you deem age important factor give indexation.

11.Make a form for advance tax and make advance tax paying assesses to upload the form before paying tax. Carry out scrutiny electronically to check assesses are paying requisite amount of tax.

12.Do away with different slab of income. Keep one basic exemption limit common for every assesses. Keep Basic exemption limit high like 25 Lakhs. Keep one tax slab for super Rich like 10 CR.

13.Do away with Section 10 of exempt income. This will bring more income to tax net which will help to exceed 25 Lakhs slab limit.

14.Do away with different slab of tax. Keep maximum 2 tax slab not higher than 1/6^th or 16.66%

15.Even though few things are in new tax regime we need to expedite the process.

16.Give honour to Super Rich tax payers to have a Road, Bridge, Railway Station, institute named after them. Give them 5 attempts at naming something in the locality.

The Covid-19 SAGA from the Bharatiya Prospective.

India is pretty isolated from China via Himalayas physically and by Chinese firewall virtually. News about China arrives via western media into India. But the first ever covid-19 case, it was called novel coronavirus back then, arrived directly from People’s Republic. Student returning from China in January 2020 brought this exotic oriental decease to India.

The game was on. Fear spread in the society was clearly visible in low travel, reduced outing, empty cinema halls etc. Even Railway and Air Line authorities were issuing advisories to discourage travel. While continuing with the fear Psy-op 24 by 7, sporadically India bashing was also added to the mix.

The Hindu went as far as to call Covid as Indian Virus.

While India prepared for the battle with first wave of covid. PM Modi gave call for Janata Curfew. And subsequently total lock down on 24th march 2020.

Also Rohingyas were captured from Bihar. Any one remember Tablighi Jamat and it’s maulana Saad?

The game proceeded to the next stage. It was supposed to ran on two wheels. Death and Vaccination. Both were supposed to run side by side. It was similar to Operation Lockstep of Rockefeller Foundation mentioned in their Annual Report of 2010, a decade ago.

Death was to be provided by India and vaccine by the west. Soon India bashing moved to another level. The entire Indian population was wiped out of existence in fancy articles of western expert’s wet dreams.

But India held on and moved forward as much as it could. India’s approach was three prone. First was sound fiscal policy. Indian government paid interest on late payment for all borrowers for amount below Rs. 25.00 Lakhs (US$ 33,157/-). That not only helped poor but also banks. Today in 2024 India is the only reliable economy with strong balance sheets for the banks.

Second was providing free ration to poor. So they wont starve to death. This took out the one wheel of death from the plan.

Third was the home-made vaccine.

Very early the media was promoting about vaccine. No one was asking for medicine. They say only vaccine could save us. First vaccine was from Pfizer. But it was from Astra-Zeneca which complicated things. Astra-Zeneca vaccine was researched at an Oxford lab to which heavy donation was received from Indian Businessman Mr. Cyrus Poonawalla. Oxford was bound by an agreement to share research with Serum Institute of India. The first person who stepped out in the open was Bill Gates. He openly and clearly sated his position that vaccine formula should not be shared with India.

But Oxford unlike for any britisher lived upto the contract and did share the formula with Serum Institute of India. It was based on Active Pharmaceutical Ingredient (API), or input in layman’s term, which are produced in United States. So obviously next step was to prevent India from accessing raw material input for the vaccine.

Only after much deliberation US President Joe Biden lifted his export ban to India. But it was not over. The Indian vaccine deemed to be sub-par and vaccinated persons were denied entry into UK.

But the problem was never the Covi-Shield made from Oxford Formula. The real problem came from Co-vaccine Indian formula, Indian Manufacturing and Indian export. There was nothing west could do about it. And India exported it’s vaccines to 96 countries under Vaccine Maitri.

India broke the second wheel of Vaccine export as well. So something had to be done.

During the second wave attempt were made to make up the lost ground on deaths and also halt the vaccine exports. That wave could have run for week and India would have been pushed into lock down again. All politicians started openly lobbying for Pfizer vaccine. Poster were put with question to PM Modi as to why vaccine of our children were exported?

But India did something nobody eve uttered a word about. Vaccine was never Modi’s Primary focus. India was creating something none suspected. India created Covid-19 MEDICINE. And from very unlikely source. Defense Research and Development Organization, or DRDO for short, is an organization which primarily develops tanks and helicopters and Airplanes suddenly, out of nowhere, came out with Covid-19 drug. And second wave stopped, instantly. Along with all the Greek alphabet variants vanishing in thin air.

Since the date DRDO brought out Covid-19 drug/medicine on 8th of May 2021 the Covid-19 has not resurfaced anywhere, in India as well as in west. All those dangerous variants Delta, Omicron, Deltacron were never found any mention again, ever!

Only country to see Covid-19 wave post India developing the drug was China. And not both Chinas but only People’s Republic of China.

India was getting out of hand. She needed to be warned. There is a known decease in cattle called lumpy skin decease. It wasn’t new. What was new was it spread like wild fire. And it only killed cows of Indian stock not foreign/jersey cows. It suddenly stopped after killing around 1 lakhs live stock. You will rarely find any mention of it as it was not allowed in media to talk about it. Things were so out of hands that state of emergency was declared. Mystery of vanishing of lumpy virus is bigger than Covid-19 outbreak. After two years hardly anyone remembers.

In the 2021 Bond movie “No time to Die” the villain develops a virus which only affects his opponent and one else. It was DNA based virus.

A Virus that will affect a specific DNA and for rest it will be a mild cold or fever or flu. That’s how it spreads from one person to another till it reaches the intended person. I never beloved such virus affecting selective DNA could be develop.

That’s bring us to 3rd March 2024, when Bill Gates, The Great Vaccine Tsar himself, set foot on our soil since 2020.

The games afoot. It was not over. It was never over. May be tea break on the first day of the test match. Be prepared for difficult third session.

Joining dots of 26/11 Fifteen years latter.

 

It’s been 15 years and wound of 26/11 is as fresh as 1993. Even if I or any of my near dear one wasn’t victim of attack the terror attack changes everything. Socially-economically and culturally.

Let me summarized bits and pieces I have gathered while going through internet and learning about the incidence. This is not research article but my way as Mumbaikar to find out the truth. Some gaps I have filled with supposition.

So here are the events in the chronological order.

David Coleman Headley made series of Visit to India September 2006, February 2007, September 2007, April 2008 and July 2008. During every visit he took videos at various places. In his visit to Pakistan in March 2008 David was asked to checkout Sea route for Mumbai. David did 2 more visits to Mumbai in April 2008 and in July 2008 (Source : https://www.justice.gov/archive/usao/iln/chicago/2009/pr1207_01a.pdf)

Around November 2007, Lashkar started training it’s terrorist for water operation noted by Technical Support Division branch of Military Intelligence. (Source : https://youtu.be/KS6ONT3i0m4?si=U4LjKpGQxsZcnuHl)

United State warns Research and Analytical Wing (R&AW) about terror threat to Mumbai and Taj Hotel. (Source : https://youtu.be/oKhCiq77GNw?si=kMu8TuHNZGG9ZJJ6)

J&K police provide Indian SIM cards for Terrorist. (Source : https://youtu.be/KS6ONT3i0m4?si=U4LjKpGQxsZcnuHl)

Rakesh Maria from Mumbai Police went to Taj to check for security arrangements on 25th November. Logistical support was provided by Indian Intelligence service. I am guessing most probably IB. (Source : https://youtu.be/oKhCiq77GNw?si=kMu8TuHNZGG9ZJJ6)

12 terrorist landed on shores of Mumbai. I could not find a link for this. But I distinctly this exact number repeated on television. Even though publicly accepted figure is 10 attackers.

Sabina Sehgal Saikia Deputy Editor for Times of India (Food) died during Taj attack. Her body was recovered 48 hours after the attack began. But last location on her phone was of Raigad. Link for this is provided. It is my belief that 2 terrorist escaped Mumbai and landed in Raigad with Sabina’s mobile. (Source : https://www.business-standard.com/article/opinion/sunil-sethi-a-friend-39-s-terror-and-disappearance-108112901039_1.html)

Muslim organizations took out rally in Dec 2008 against the terror attack. Rally arranged even before whole month was passed. Stating enemy of India are enemy of Muslim too. This is very strange as muslims categorizes India as Dar-ul-Harab or the House of War. This was the only rally on record by muslim organizations against terror attack.(Source : https://timesofindia.indiatimes.com/city/mumbai/muslims-raise-united-voice-against-terror/articleshow/3805850.cms)

Rahul Gandhi in July 2009 made a statement that Hindu extremism is bigger concern. It was in response to American diplomat asking about terror activities by Lashkar. (Source : https://timesofindia.indiatimes.com/india/Rahul-Gandhi-told-US-Hindu-extremists-are-a-bigger-threat-to-India/articleshow/7115703.cms)

Attack of 26/11 RSS ki Sajish book published in Mumbai in Dec 2009 one year after the attack. (Source : https://indianexpress.com/article/news-archive/web/rss-2611-digvijaya-flags-it-off-again-t)

 

Armed personal and tight security continued at Local Railway stations at Mumbai over a year. Link for this also been provided. (Source : : https://www.france24.com/en/20091126-security-fears-linger-one-year-after-mumbai-attacks)

My guess is the India security and intelligence agencies were trying to locate those 2 missing terrorist. And the Security to Mumbai railway stations was provided because they were still untraceable over 1 year.

While Mumbai still leaving under fear the propaganda still tried to push Hindu Terror theory. Even after Kasab was caught alive. David Headley was arrest. Telephonic conversations were recoded between terrorist and their Pakistani handlers. The attack was orchestrated to push forward Hindu Extremism narrative. Now that has failed, they just rebranded it to Hindutva Extremism narrative.

We have to give it to Hutatma (not Shahid, Shahid is someone who has die for Islam) to Hutatma Tukaram Ombale who caught Kasab alive. Otherwise the Kabal got almost succeeded in blaming Hindus for the attack.

As far as security agencies are concern I have to say this:-

Every Security agency TSD, IB, R&AW and also CIA thought they have infiltrated Lashkar. But Lashkar used each of them to take favour and use those resources to mount an attack. Every intelligence organization wanted to safeguard it’s source hence they did not share specific information with each other until it was too late.

TSD could not figure out in time why water training was important.

Mumbai police and R&AW thought threat to Taj was Bomb threat. They did not except that it was armed attack.

IB (my guess) which allowed logistic also did not expect armed attack. They thought it would be explosives like Bomb Blast of 93 and could be captured before next day morning by just tracking their movement.

 J&K police thought SIM cards were for phone calls but they actually used them for Skype calls. We could only pin point the calls next day when J&K police shared their information. And USA allowed India to listen in