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TMI Blog“ARDHA KRANTI” SYSTEM MAY NOT GIVE 100% SOLUTUION TO INDIA"X X X X Extracts X X X X X X X X Extracts X X X X ..... “ARDHA KRANTI” SYSTEM MAY NOT GIVE 100% SOLUTUION TO INDIA" - By: - krishna murthy - Other Topics - Dated:- 10-1-2017 - - What is Ardhakranti ? --------- Ardha kranti is a new economic principle/policy/ system. A digital system. Doing all the transactions through Banks. This ardha kranti (Digital system) is being proposed to introduce in India. This system framed by Mr.Anil Bokil. Main features of Ardhakranti : ----------- 1) It will bring total changes in Taxation system in India. 2) Except Import duties, all the 56 types taxes to be removed. 3) In place of present taxes, 2% 'BTT' to be implemented (BTT= Banking transaction tax) 4) All the transactions should be done through Banks only. 5) All the S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 77; 100/-, 500/- and ₹ 1,000/- currency notes to be removed from the circulation. 6) All the transactions for above ₹ 2,000/-, must be through Banking only. With this system, what they are expecting? a) Govt. income will increase more than double to the present income. b) Purchasing power will increase for the employees. c) Consumer prices will be come down. d) There is no chance to evade Tax to any one. Black money can not be formed. e) Fake notes and corruption can be controlled. By looking it is very nice. But there are many loop holes and selfishness in this system, to evade long pending and disputed huge taxes. Hence, Under any circumstances, the Central or State Governments (present future) mus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t not accept and must not introduce Ardha Kranti system in India without consent of majority people in India. In fact, there are so many mechanisms to control corruption, black money, control fake currency and tax evasion. Mainly, to control the above corruption, Black money and fake notes etc., 1) First the ruling political leaders and RBI , CBI must have the real intention to eradicate corruption from the grass roots, transparently and without any partialilty and there should be a time limit. 2) India need a well educated, dare and Dynamic leadership cabinet. 3) Should not have the selfishness and partiality. 4) transparency in policies and ruling 5) Should be a citizen of India and must have interest in own countr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and people. If the rulers have the above characters, we do not require any new kind of economic system. If they do not have, even if we implement any type economic system, it is waste, expensive and time consuming. If the Govt. feel necessary to implement Ardha Kranti system in India, 1) First, make sure India to become 100% Digital literacy and net banking awareness. 2) Second,make sure to control 100% of hacking by Nigerians and others. 3) Make sure to not to enter any virus in the computers. 4) Fourth, make sure to get train by Indian police officers to catch and recover the hacked money with high level soft wares. 5) Fifth , make sure to increase the Banks for every nook corner. 6) Sixth, make sure to have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank accounts and PAN cards by all the Indians. 7) Seventh, make sure not to fail server down even a single minute. 8) Eighth, make sure to deposit ₹ 1 Lack crores to compensate, hacked money immediately to the customers. 9) Ninth, make sure not to become the terminated employees from all the tax departments, and others, as the hacking professionals for easy money. 10) Tenth, make sure to arrange ' insurance coverage' for all saving accounts, current accounts, CC account deposits , from hacking. Today, One side, high inflation and low earning power to the poor and middle class people and other side some people are gaining crores of rupees and hiding in SWISS Banks and other national Inter national Banks, Bin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ami names and evading huge taxes. Instead, we can try phase wise as under: 01) first , as a 5 year plan declare tax exemption for 5 years to all the individuals, from Income Tax, Cess and surcharge.(except long term capital gain and wealth Tax) to avoid un necessary paper work and waste of valuable time. Now the I.T.department authorities will get more time to concentrate on tax evaders. Further it is easier to them to control corruption and put more concentration to recover black money which is kept in SWISS Banks and other national and International Banks , trace Binami assets and fake TRUSTS etc., It is a right step, to make the all class of people economically balance. 02) Concentrate these 5 years, on all the tax evader ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and recover all the Taxes through Tribunals and Fast track courts . 03) Simplify the IT Returns manual as well as on line system. 04) Give options to individuals to file IT Returns to claim refunds or for any other reasons. 05) After 5 years, Increase the income tax limits (All types of Income) to ₹ 5 lakhs to all the people as a common. 5.01 lakhs to 7.50 lack - 10% 7.51 lakhs to 10.00 lack - 20% 10.01 lakhs to and above - 30% 06) When the limits increased to ₹ 5 Lakh, then there is no necessary to differentiate of slabs for men, women, senior citizens and super senior citizens. 07) 'HRA' calculations to be removed totally. 08) Education Cess to be removed up to 1 crore net income. 09) S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urcharge to be removal to be continued up to 1 crore net income. 10) Wealth tax 1%, limits to be reduced to 30 Lakhs. 11) U/s 80C exemptions will be increased to 3 Lakhs uniform to all. 12) It is better to remove all the sections like 80D , 80U etc, because the Limits already increased to 5 Lakhs. 13) Service Tax to be reduced to 2% or GST may be fixed to 18%. 14) FSA charges on electrical bills must be removed immediately. 15) Phase wise, old high currency notes to be removed to control the fake notes black money. 16) Arrange to enquire, door to door , land to land locker to locker and account to account to trace black money and Binami assets. 17) Arrange to set up fast track courts to settle this corrupted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Black Money , recover and deposit with the govt. with in 90 days. 18) Make a mandatory to have one only Cell Number and only one Bank Account each and every person like a Aadhar card and PAN Card . 19) Must pass a Bill in the Parliament, to establish a Integrated and Independent CBI like a Election Commission and RBI , with ₹ 1,000/- crores, to investigate independently and submit the cases to special and Fast track Courts. No file and No case should be submitted to the minister , chief minister or prime minister. All intelligence organizations (state central) must be under control of CBI. And these should be under control of central all parties committee includes supreme court 'CJ' and 'President of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India'. 20) Domination and command of ruling Governments, Ministers and political leaders on Investigation departments and ACB CID , Vigilance ED and CBI to be controlled. 21) majority people ideas, suggestions must be considered before implementing, if govt.feel necessary. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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