
Logical comment of NITI Aayog member to tax agricultural income and abolish personal exemptions
It refers to logical comments of NITI Aayog member Bibek Debroy to tax agricultural income, and to abolish Income Tax exemptions of personal nature. Bitter reality is that benefit of total exemption on agricultural income is not for ordinary farmers, most of which do not even have income above the basic exemption-limit. Total tax-exemption on agricultural income is being largely misused by ultra super-rich section of society who own big luxurious farm-houses or purchase agricultural land just to whiten their black money shown as now-exempted agricultural income.
Likewise present too many tax-exemptions should be reduced to bare minimum which can be retained for encouraging savings and insurance, providing better education, or investing for residential accommodations ...