Inflation means the fall in the value of all Bank Deposits along with the fall in the value of money. Real Estate Boom means the sky rocketing of the price of every land, own or grabbed, rivers, lakes, forests, mountains, Hills, open plains, all destroyed to create plots. Today nature is looted and killed. Bank Deposits are becoming scraps of paper as they are tied to the unchanging numerical figure. People are avoiding banks while NPAs are preaching as great leaders. Today anti corruption is not with the individual initiative. It is asking those that are drowning to control the floods. Corruption is providing the desperately needed straw to cling to. The Foundation of the economy's degradation into a black money and corruption ridden economy is the Income Tax act. The act has no definition of income at all. Income means the benefit clearly received or clearly accrued. But the act has an arbitrary list of items deemed as incomes. It has every provision to bloat the figure of taxable income, where most of the items are not incomes at all. Today we find that nature in totality is looted to construct and sell legal and illegal buildings. For that Banks are looted. Still those that deposit money in the banks are tortured. The rate of inflation is always more than the rate of interest. Inflation cuts the capital value also. The Real Estate Boom or Loot of Nature is wiping out all value from Bank Deposits. STILL THE INTEREST OR SIMPLY FAKE INCOME OR CLEAR LOSS OF BANK DEPOSITS IS INCLUDED IN THE TAXABLE INCOME, THE TAXABLE INCOME BLOATED AND THUS THE OTHER INCOMES LIKE SALARIES AND PENSIONS ARE OVER TAXED. Only the Prime Minister and the Finance Minister can save the economy by first removing the interest on bank deposits from the taxable income and also by saving the capital value of the savings. For that the destruction of nature shall be arrested. Corruption today is a shelter from economic death. |
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