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Add comment | March 1st, 2005 at 10:43pm

Budget - Pay tax to withdraw your own money!

You might be stunned reading the title of this post. Have you ever come across a system where you have to pay tax to withdraw you own money ?

That’s exactly what’s been proposed in this years budget. The amount of tax that you have to pay is not a big amount (i.e., Rs. 10 for Rs. 10000), but how ethical is it ?… And the reason given by the FM behind this move is to unearth “black money” in the market! lol.

For a common man (think about whole of india!.. not just the urban population)…… the only safe place to store his money is the bank. And a common man in India doesn’t have so called “black money”…. How can a salaried individual have black money ! Yes. I can understand that the only salaried individuals who do have black money are the so called “babus” or “netas” who thrive on corruption, bribe etc.. And crooks will always find a way to evade this tax too. So, this tax finally boils down to the common man …. who has already paid the taxes, and saved his money in the bank…. and now to withdraw it, he has to again pay tax!…. wow….

And if this trend catches up, then in the next budget we can very well see that the %age might rise (like service tax .. which started with 4% and now its 10%!)

And then, what about the following cases :

• I need to pay money to the government itself!…for some legitimate purpose.. Does every government office accept credit card/cheque ? Ans : NO
• I have an medical emergency…..and i need to pay the amount in cash..say Rs. 10,001 …
• How are banks going to handle this ? i.e., the tabulation part of it!
• What if i have only 10k in my account ?.. and i need to pay 10K to someone!
• What about employers who pay the salaries to employees in cash!..we are talking of rural India where thousands or rather millions of people prefer to be paid in cash. They wouldn’t even have a bank account for that matter
• And thousands of such cases where it doesn’t make any sense.

This one of the stupidest thing about today’s budget.

….. the FM has allocated a hell lot of funds for rural development…….for north eastern region, for J&K, for bihar etc…tons of money has be allocated to irrigation, agriculture etc.. and for N no of Rajiv-based projects!…. I am just wondering how many of these project would actually start !!…. the FM had made similar announcements in the prev budget, and as far as my knowledge goes,..almost none of them are started!…………..There are only committees formed and nothign more. The ruling party and almost every one says its a pro-poor budget and all other bullshit, but….. is it really being implemented ?

The railway budget presented last Saturday is much worst. … infact, the Railway minister…(lalooo) had stated in the prev budget that he would start 17 new trains… and out of them only 4 have started….. In this years budget, he has announced 46 new trains…. and we have to all wait and watch how many will actually start. The Mangalore Hassan rail tracks are not laid for years now (after the narrow gauge conversion), …. its still in an incomplete stage, but our man has proposed new trains on this route!…. way to go….

The question is….. Where does all this money go ?

Did I tell you how the black money is formed in the first place ?!!!

Add comment | March 1st, 2005 at 12:05am