An editorial from ET by an Ernst & Young partner. He argues that the Cash Transaction Tax - the tax one has to pay when withdrawing cash over Rs 25,000 at any bank - is more for revenue generation than for helping to battle tax evasion. Well, good luck to the FM. Hope he uses the revenue well.
Related to which is the statistic he keeps popping during interviews. Only 80-85000 people in the country declaring an income of over Rs 10,00,000. Well, I looked at the latest Infosys report (which lists 118 people whose gross income is over Rs 25,00,000) and felt that at least a quarter of those who declare this must be from the IT sector. So are only 50,000 people in the rest of the country earning over Rs 10,00,000 per year? Hard to believe. And so, it is said, we get the government we deserve.
Related to which is the statistic he keeps popping during interviews. Only 80-85000 people in the country declaring an income of over Rs 10,00,000. Well, I looked at the latest Infosys report (which lists 118 people whose gross income is over Rs 25,00,000) and felt that at least a quarter of those who declare this must be from the IT sector. So are only 50,000 people in the rest of the country earning over Rs 10,00,000 per year? Hard to believe. And so, it is said, we get the government we deserve.
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