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CA Jasmeet Singh
In God We Trust, The... • 5m
Hey Havish, Good Question ! I think as the Government has reduced taxes which has led to revenue loss to government will somehow be recovered by the Government of India. A major chunk of people in India do not pay tax irrespective of the fact they are covered under Income Tax Provisions. I think this scrutinization is going to rise in the near future. Coming to the question that will India succeed in boosting it's economy by enhanced Consumption. I think it can backfire, I will tell you how. Now there is no tax Uptill 12 lakh so easily someone can file their return with higher Turnover and profits or salary (Bogus). Banks will provide loans to people through these ITR's and consequently the people with very low paying capacity will easily get loans and not paying the loan back can lead to a crisis for India. This is my personal Opinion that there can be havoc by this Credit enhancement.
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