Taxing Senior Citizens

Justice Beg, one of the former Chief Justices of Supreme Court of India, who acted as The President O f India twice, in the course of a case hearing, had commented once that our Income Tax Acts are so complicated that even we don’t understand what to say about the common man.
It is high time that the present books of the Acts are donated to Colleges and Universities for research purposes and in its place fresh direct easily comprehensible by every taxing paying citizen of India may be re-written leaving no room for ambiguity . Ambiguity offers avenues for baseless argumentative lawyers file suit after suit in the courts and manipulations for the Chartered Accountants.
What moral right the government has to tax my savings related investments on withdrawal when it cannot guarantee a fixed amount of earnings as the rate of interest is being revised in every budget .In majority of cases such withdrawals will normally be made by senior citizens depending on the investment income. They tailor their expenses to be within this income earning. If there is any downward slide in the income of the scheme I have every right to switch to another high interest /dividend earning scheme. Alternatively, the government must float a scheme solely for senior citizens who depend on the earnings of their investments guaranteeing a fixed amount of return without any tax liability.
The Income Tax Acts must be crystal clear so that every tax paying person may clearly understand them, argue their cases without any fear or misapprehension or need of a lawyer to argue their cases. This way the avoidable heavy expenditure now incurred in the process of tax collection may be eliminated completely. Tax authorities may present a human friendly face ready to help, explain and motivate the people pay their taxes willingly. People may feel that evading taxes are fruitless effort and hoarding black money is useless for everyone. Billionaires/millionaires must be made to realize that leaving vast amount of money does not actually ensure the future welfare of their children. But if the talent of enterprise is inculcated in them the stability of their future and business will be almost guaranteed. If worse to worse comes there is the supporting and helping hand of the government in the form of funds created for the purposes of reviving the business. After all it is in the overall interest of the country that unemployment due to the failure of the businesses does not take place.

The Chartered Accountants are expected by their clients to manipulate the accounts in such a way that the manipulations are not detected by the Tax authorities.
Every borrower of the banks puts pressure on their Accountants to make the accounts reflect losses but at the same time make the banks enhance the credit limits irrespective of realizing this that they may not be in an actual position to either utilize the same or has the capacity to repay. It results in diversion of funds for the purposes not actually meant for. At the same time it deprives other really needy borrowers. Every borrower’s intention is to avoid paying taxes or pay the minimum possible.It adds to the banks’ non-performing assets.

Comments on Da Vinci Code

The Da Vinci Code by Dan Brown is no doubt a good book giving much information about the Priory of Sion, Vatican, and Opus Dei etc. It has raving reviews from News Papers. But I have not been able to digest the fact how anyone can keep preaching, informing like Robert Langdon even while running for life. It could be possible in a class room but not in a taxi or train while your life is in danger.
To give it the shape of a mystery novel the author has introduced a number of characters and incidents that do not fit in properly. For example a visit to the Swiss bank, revelation that he was also a member of the Priory of Sion, Mr.Teabing leading a double life.
Similarly Introduction of the character Silas and his role is also needless except that through him the author has given us a picture of some of the unethical violent practices of the disciples of Priests in the Vatican. Those who have read the James Bond novel “From Russia with love” by Ian Fleming may recollect a similar ruthless character that had urge to kill on the full moon night and was brainwashed to kill James Bond only.
I would like to draw the attention of readers about another parallel novel “The Prize” by Irwin Wallace in which he has given lot of information about the Nobel Prize and simultaneously running another mystery involving kidnapping of the Prize winning Scientist by East German spies.
In my view it should have been a narrative on the lines of Carl Sagan’s Cosmos rather than a mystery novel