Prasanna, you are a banking expert. However, I have an out of the box “crazy” proposal and amid banking complexities, it may not be easily understood or acceptable. But here it is for your comment: FWD: “If the finance minister or the prime minister is reading this, here is my out of the box thought: Let the treasury issue mortgage loans of $10 trillion at 5% annual interest. This will generate $500 billion/yr in revenue. If I understand it correctly current personal income tax collection amount is $120 billion/yr.(960,764 crore Rupees). Treasury will then have revenue of more than 4 times the personal income tax collection. This should not only eliminate the personal income tax but also enable many social reforms. Black money system will likely disappear as no requirement to file an income tax. India will attract massive foreign and domestic capital investment to boost the economy. Clean up slums and provide low cost housing for the poor, hence, no homeless!” 5:13
☝️ Indian Income Tax Department doesn't collect loanees information that how they refund the amount and refund amount doesn't consider as though income derive sources. 👆 Loan amount received from the bank isn't income so that income tax needn't for any loan nor refund amount for loan amount isn't necessarily to be an income so that the gainer get automatically enjoy the privileges from the loan amount than an amount from the income. 👆☝️ This phenomenon makes a tendency to incur the expenditures through loan amount rather income. ✌️ If any loanee have an advantage to avail non refundable loan amount or waived or unconditional postponement for refunding the loan amount as though world bank sanctions to the countries, then it's a luckiest lottery amount needn't pay income tax. ✌️☝️ Thus, saving is derived from income should pay income tax whereas loan amount isn't income needn't pay income tax where banking sectors grow secretly. ☝️👆✌️ If loan amount is recovered income tax at the time of sanction from the bank, banking sector is to be closed where loanees numbers will diminish
Hi, Prasanna Tantry, M. Nagesh Kini, Proud of your progress, wish you achieve more Accolades in your stride
Nice video, very informative
Prasanna, you are a banking expert. However, I have an out of the box “crazy” proposal and amid banking complexities, it may not be easily understood or acceptable. But here it is for your comment:
FWD: “If the finance minister or the prime minister is reading this, here is my out of the box thought:
Let the treasury issue mortgage loans of $10 trillion at 5% annual interest. This will generate $500 billion/yr in revenue. If I understand it correctly current personal income tax collection amount is $120 billion/yr.(960,764 crore Rupees). Treasury will then have revenue of more than 4 times the personal income tax collection. This should not only eliminate the personal income tax but also enable many social reforms. Black money system will likely disappear as no requirement to file an income tax. India will attract massive foreign and domestic capital investment to boost the economy. Clean up slums and provide low cost housing for the poor, hence, no homeless!” 5:13
And how do you plan to manage the extreme inflation that would arise due to this?
@@z2zugzwang, good question. Inflation can be controlled by sales tax.
After watching this , My hatred towards congress increased by many folds
☝️ Indian Income Tax Department doesn't collect loanees information that how they refund the amount and refund amount doesn't consider as though income derive sources.
👆 Loan amount received from the bank isn't income so that income tax needn't for any loan nor refund amount for loan amount isn't necessarily to be an income so that the gainer get automatically enjoy the privileges from the loan amount than an amount from the income.
👆☝️ This phenomenon makes a tendency to incur the expenditures through loan amount rather income.
✌️ If any loanee have an advantage to avail non refundable loan amount or waived or unconditional postponement for refunding the loan amount as though world bank sanctions to the countries, then it's a luckiest lottery amount needn't pay income tax.
✌️☝️ Thus, saving is derived from income should pay income tax whereas loan amount isn't income needn't pay income tax where banking sectors grow secretly.
☝️👆✌️ If loan amount is recovered income tax at the time of sanction from the bank, banking sector is to be closed where loanees numbers will diminish