Now that a severe blow has been rendered to the hoarders of black money and money-launderers and those involved in terrorism and anti-social activities using dirty money...
Incentivise honest tax-payers
Now that a severe blow has been rendered to the hoarders of black money and money-launderers and those involved in terrorism and anti-social activities using dirty money, it is time that honest tax-payers are encouraged and rewarded by increasing the exemption limit substantially for direct tax which is long overdue. The government notification that cash deposits up to R2.5 lakh will not be reported to the income tax department and there will be no harassment or investigation is a welcome move. The government should understand that inflation is high and the value for money has also come down drastically. Further, most of the transactions relating to small traders are generally done on a cash-and-carry basis. Under the circumstances, the exemption limit for IT should be increased to at least R4 lakh and, in tune with this increase, cash remittance into the accounts should also be raised to the same level. That the SC-appointed special investigation team (SIT) has already recommended to increase the threshold limit for cash remittance to R3 lakh is a case in point.
Tharcius S Fernando, Kottayam
Trump’s real triumph
It is sad that a seasoned political leader like Hillary Clinton had to cede the US election to Donald Trump. But, one has to hand it to Trump for correctly identifying the people’s disenchantment with the current economic order and exploiting it.
Sumona Pal, Howrah