Finally this non-event has brought me to ad nauseam boredom & I decided not to follow it so rigorously anymore. Just one bit of good news for the working class is the new tax structure proposed
Income | Tax % |
0-160000 | 0% |
160001-500000 | 10% |
500001-800000 | 20% |
800001-above | 30% |
One angle to look at this is if you earned more, it’s more beneficial to you. Just look at table below. You tell me qui bono?
Income Rs. | Previous tax | New Tax | You save |
350000 | 24000 | 19000 | 5000 |
500000 | 54000 | 34000 | 20000 |
750000 | 129000 | 104000 | 25000 |
1100000 | 234000 | 114000 | 120000 |
And this came at a time when the consumer is pissed off with the level on food item inflation. This is 4th year I have been crying out loud that the government is playing plain dumb. We have so called “some of the best economists” sitting at the top viz. Manmohan Singh, P. Chidambaram, Montek Singh Ahaluwalia. And yet the government is not able to understand a simple problem for years, that we are not making any moves to tackle the supply side problems. That’s the main reason of the inflation. If you studied economics even for a year in your curriculum, you’d understand what I’m taking about. And these people have been in the field of economic for years & yet they do not seem to heed for this.
This whole façade is simply ridiculous & there seems no sense in making a hue & cry about it. So I better shut up & leave the country for the able leaders to ruin. I better spend my time in getting self-exiled like our dear old artist M. F. Hussain.
