THE BIG BROTHER WATCHES CONTINUOUSLY. NEW I-T RULES CHAINS CITIZENS FREE SPENDING SHACKLED, ECONOMY HEADING FOR DOOM

The economy is in shackles. Expecting it to thrive is a miracle. Somehow a supposedly rightist, nationalist government is using socialist mores to keep it in chains.
Even as India’s Chandrayan lands on moon to create a history, it is surprising that economy is yet to take the high strand.
The foremost condition for a thriving system is allowing it to flow. It is unfortunately not happening. The suggestions coming from officials are creating road block.

The economy is ailing. Slowdown in a situation like this is natural. Presently the growth has come down to 5 percent. If it is not allowed to blossom it can fall critically.
The share market normally is not a reflection of the economy. The continuous fall in the stock index, however, is an indication of the fall in investment by the FPIs as well as domestic investors. The FPIs have withdrawn Rs 23,000 crore from the market in less than two months.
The FPIs are withdrawing for policy flip-flops. Nobody is realizing why taxes are being imposed on their earnings and again why the finance minister is withdrawing her own budget proposals.
Nobody explains why draconian Motor Vehicle Act that collects about Rs 1.5 crore in penalties in Haryana and Odisha alone in five days is enacted to empower the gendarmes. It causes law and order chaos and stymies free movement.
Real estate sector is gasping, banking sector is unstable, industry is in a tizzy, auto sector is preparing for a continuous fall in demand, FMCG sector is forced to cut prices owing to vanishing buyers and a member of the prime ministers economic advisory committee Rathin Roy says that the country is in recession.
Niti Ayog chairman Rajiv Kumar is more candid. He says India is facing an economic downturn for the first time in 70 years, a liquidity crisis wherein lenders have stopped funding businesses, resulting in a situation where they have to survive on cash. It’s a grim warning.
Do we have solution? It is worse than the disease. The central budget 2019 has several tax-related amendments and new rules that further tighten the shackles.Whether you are buying life insurance, property or making banking transactions, the new rules that are effective from September 1, will have impact on income and taxes.
In short, it means every spender would have to be alert more on maintaining accounts of expenditure than engaging themselves on earnings or spending.
The five new commandments of the income tax department would put effective brake on productive activities.
It is also likely to affect the culture of savings. It has put such a leash that everyone would prefer not to spend. That is wiser for most earners than getting into tormenting net of the tax authorities.
The wise men in the government possibly have not visualised that their rules for checking people’s pattern of purchases would effectively throw a spanner.
Whether you are buying life insurance, property or making banking transactions, the new rules that are effective from September 1, will have impact on income and taxes.
In short, it means every spender would have to be alert more on maintaining accounts of expenditure than engaging themselves on earnings or spending.
The five new commandments of the income tax department would put effective brake on productive activities.
It is also likely to affect the culture of savings. It has put such a leash that everyone would prefer not to spend. That is wiser for most earners than getting into tormenting net of the tax authorities.
The wise men in the government possibly have not visualised that their rules for checking people’s pattern of purchases would effectively throw a spanner.
Whether you are buying life insurance, property or making banking transactions, the new rules that are effective from September 1, will have impact on income and taxes.
In short, it means every spender would have to be alert more on maintaining accounts of expenditure than engaging themselves on earnings or spending.
The five new commandments of the income tax department would put effective brake on productive activities.
It is also likely to affect the culture of savings. It has put such a leash that everyone would prefer not to spend. That is wiser for most earners than getting into tormenting net of the tax authorities.
The wise men in the government possibly have not visualised that their rules for checking people’s pattern of purchases would effectively throw a spanner.
The last rule virtually chains citizens. Already the rules demand statement of financial statement (SFT) above Rs 50,000 of transactions in a year. Now the banks have been ordained to report even the smallest transactions.
The big brother watches continuously and extorts possibly even what you are not supposed to pay or pay in advance and get into rigmarole of arguments and litigation. It’s a beautiful police state.
Unless these wise gems of rules are removed by BJP that had propagated liberalization since 1960s, the economy is headed for a doom.
Let the people spend freely and contribute to the economy.
Prime Minister Narendra Modi has to intervene to ensure the economy flows freely for the nation to thrive. Quixotic rules must be buried deep. The nation can reach the moon. The economy has also to zip through. It’s possible only if such rules are never formulated.

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