Business Mantra: Faridabad
Income Tax may be abolished in a week and he will do it if he comes in the government. It seems that now Mr. Subramanian Swamy has started issuing statement just like Diggy Raja of congress. However Swamy has given his logics also in support of his statement.
Removing the Income Tax will help in increasing then national saving. According to Mr. Swamy national saving has dipped a lot and a 7% – 8% jump may be brought. And this increase in savings from 30% to 40% will provide enough funds in government machinery to accelerate the national growth.
Another logic provided by Mr. Swami to compensate the Revenue loss by eradicating the Income Tax, as given by Mr. Swami, is by Revenue collection from black money overseas account. Accelerating for this, he has suggested, to nationalize overseas Bank accounts of Indians in tax heaven countries not revealing Bank Account holder information.