Exchanged Goods and Income Tax
JANUARY 25, 2017
By Jagdish Raman Pillai, Thane
I have the following suggestions to offer:-
1) The Income that is taxed at present is after an individual exceeds Rs 2,50,000/- this should be increased to Rs 5,00,000/- which will ensure more money available with the middle class citizens to enable them to use for purchases of capital goods like TV, Fridge, Washing Machines etc. thus giving momentum to the wheels of the economy.
2) The above set of capital goods normally withstand for 15 to 20yrs of its usage. This should change. To enable this, the Govt. should reduce taxes of these products for exchanging old products held by the consumer. The rate of reductionof taxes should be more for products exchanged within 5 yrs of purchase by the consumer and should go on reducing if the products are held by the consumer for 6yrs,7yrs,8yrs,9yrs and 10yrs. This will help the manufacturers of these products with a constant demand from the consumer and the Industry will never see a slow down of economic recovery in the years to come.
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