Tax rates need change
One of the reasons for tax evasion and black money is a very high rate of tax and low tax limit. The government must raise the income tax limit to at least Rs 5 lakh and decrease the tax rate. It should not be more than 10 per cent of the total income. However, to compensate the loss, it should increase the tax base and bring more people in the tax net. Every businessman and farmer having land over 10 acres must be taxed. The tax deposit should be made simple by fixing one account number in all banks. Even small businessmen and workers should be taxed at a nominal fixed amount of, say, Rs 1,000 a year. This well certainly increase the revenue from taxes.