“ROYAL STRATEGIST: 'After demonetization policy, the Indian Government
has been able to get hold of many businessmen in India who were not
paying the exact amount of taxes at all. GST is just the streamlining process
to create a common umbrella to collect taxes even from the existing
loopholes of the business networks in India. But, why the Indian Taxation
System for collecting the Income Taxes from Individuals is still not so simplified ?
Under Section 80C, one can invest till 1.5 lakhs rupees, but where?'
ROYAL FINANCE MINISTER: 'PF, PPF is there for them. Even in NPS,
they can invest. There are several ELSS tax saving mutual funds with
lock-in period of minimum 3 years. Even in Banks also, one can have
Tax saving fixed deposit account for 5 years.'
ROYAL STRATEGIST: 'In each of these cases, the 'lock-in period' concept is a
real dampener to do the marketing of these tax saving products. Why the
Indian Government is not starting a Tax Saving Monthly Interest Scheme (MIS)
for a lock-in period of 5 years, where a person will be able to save the tax
and get the monthly interest too, but cannot premature
the MIS fixed amount within the next 5 years.'
ROYAL FINANCE MINISTER: 'Well, we may surely think about the
Tax Saving MIS, but, even after submitting 15G or 15H form along with
the PAN Card photocopy in the 1st week of April every year,
TDS may not be waived for this particular tax saving scheme.'” - Arindam Sain
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