asked in Business+Finance by
There were many news after demonetization in india about abolishing personal income tax and enrolling a cashless economy in the country. Is there any updates currently on abolition of direct tax?

Please log in or register to answer this question.

2 Answers

0 thanks
answered by (334 points) 2 5 24
Modi or Bjp has an idea into complete direct tax reformation within two years. But they have to face an election within one year. So nothing can be expected soon because without a majority in Rajya Sabha or only with a majority in Lok Sabha they can't take any constitutional changes or such big moves like the abolition of taxes. But if they try, maybe the opposition also support tax abolition because the election is nearby on its way. Like Subramanian Swamy, the former finance minister said people will dance on streets if income tax is abolished. That will give them a big edge on the election. So it's up to the election strategy of bjp whether taxes will be abolished or not.
0 thanks
answered by (376 points) 2 11
People can say anything, however the reality is that, Tax cannot be undone, government cannot work without money and tax is the only way to gain money, to have working economy. If Income tax is abolished, then Corporate Tax will bear the burn of all the losses of Income Tax. However there is possibility to raise the tax level of Income tax and give big relief to middle income people.

Related questions

0 answers 0replies
3 answers 1replies
3 answers 0replies
asked Jun 30, 2017 in Business+Finance by Lou Vincenzo
1 answer 0replies

2,801 questions

9,022 answers

4,411 replies

1,765 users

Most active Members
February 2019:
  1. jodiann12 - 38 activities
  2. abonafideasian - 25 activities
  3. iamdahmmy - 25 activities
  4. erictsuma - 22 activities
  5. Leyley - 13 activities
  6. SmartAZ - 12 activities
  7. Franklin5525 - 5 activities
  8. Shahadat Anonto - 5 activities
  9. HoroScope Predictor - 4 activities
  10. Shraddha Singh - 4 activities
Most answered Members
January 2019:
  1. abonafideasian - 66 answers
  2. iamdahmmy - 31 answers
  3. Ana Evangelista - 19 answers
  4. jodiann12 - 13 answers
  5. jreich1981 - 12 answers
  6. Leyley - 10 answers
  7. qbox - 10 answers
  8. vivalavanda - 8 answers
  9. BlueWish Sensei - 7 answers
  10. ergaster - 7 answers