Tuesday, April 25, 2006

The Professor's Gyan: Introduction and Session 1

I frequently use the nick "The Professor", so I am continuing with it here as well.

Gyan means knowledge in hindi.

We used to have lessons of 'Gyan Prapti' (knowledge endowment/acquiring) in the hostel when the senior guys would share their 'experience' with everyone else.

Anyways, now that that funda is clear, on with the real intention.

Gyan Prapti Session 1

The resurged demand for quotas in private institutions and colleges has created a huge furore all over India. Going through some opinions, news paper articles and blogs, the point that I have come across is that it is rational to expect these quotas, especially when only 30% of the population falls in the 'general' quota.

From the perspective of equality, I will agree to that stand point. But then since we are all gung-ho on equality, here is my own new idea for equality, that I think, should be pursued...

It is no secret where all the tax money comes from in India - it is the salaried class (who unfortunately also fall in the 'general' quota - well atleast most of the times).

Let us bring a new wave of equality and start taxing agricultural income.

"What?" I hear you say. "Are you mad?" come the responses.

"You want a poor farmer to pay TAX?"

Yes, indeed. I do want our 'poor farmers' to pay tax.

Especially when our Finance Minister has raised the taxable income to Rs. 1,50,000 /-

That is a huge amount. When the taxable income was Rs. 50,000 /- , I was also of the opinion of not taxing the 'poor farmer'. But look at it from this new point of view now - Rs. 1,50,000/- is not a small amount. And, if a farmer is able to pull of anything more than that, then he is no longer 'poor'.

I am not even taking into the fact that if he is living in the village, his cost of living would be significantly lower than those struggling to make ends meet in the city.

Besides, farmers who earn below the threshold need not worry at all. So what is the big fuss if income from agriculture does get taxed?

Companies like Bharti have also gotten into 'corporate farming', and they are sure to enjoy HUGE TAX FREE INCOME. I will be posting my opinion on how that hurts our economy in the next post.

I guess its time we all salaried/qualified/frustrated class pack our bags, buy a farm with our savings and go back to the village. What not for tax free income !

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