New system to calculate income and curb tax evasion
In the last post, I tried to show how a different reservation system can help the people who really need help. The new reservation system will be based on the income of an individual. So calculating correct income will be a crucial part. But we know that there are cases where wealthy people manage to get a low-income certificate ( as rightly pointed out by Prashil moon in comments of the last post).
so we will need a new system to calculate the income of a person if the income-based reservation policy is implemented.
here is how we can do it.
Solution 1
most of the people are now connected to the banking system, if not in the coming future everybody will have a bank account and will be linked to the system. To examine which slab of income a person belongs. we will have to develop a software that will fetch data from the system about the transactions done by the person and his bank balance ( this can go wrong because government might get bank details of person, as attempted in AADHAAR) therefore banking system will have to just provide data needed to count persons wealth and no other details of person's bank account. It is obvious that every person does not have all there wealth in the bank account. we invest in various forms like land, real estate, stokes, funds, etc. But every investment involves a money transaction. To track the transactions software has to be provided with data from various departments. And then it will assign an income slab to a person. Income slab of a child will be the same as that of parents till he/she began to earn.
Solution 2
everybody earning is supposed to have a PAN card. Now it is just an identity provided to you by the income tax department. To calculate the wealth of a person we need to track all the transaction that a person carries on. That can be done by providing a digital PAN card like credit or debit card. And while making any transaction we will have to enter or submit details of our Digital PAN card to authority, as we do while making payment online. This data of transaction will directly go to income tax department( this can also solve the problem of tax evasion), clubbed together with data from the banking system will then decide the income slab of a person.
thus we can generate correct data of a person's income.
so we will need a new system to calculate the income of a person if the income-based reservation policy is implemented.
here is how we can do it.
Solution 1
most of the people are now connected to the banking system, if not in the coming future everybody will have a bank account and will be linked to the system. To examine which slab of income a person belongs. we will have to develop a software that will fetch data from the system about the transactions done by the person and his bank balance ( this can go wrong because government might get bank details of person, as attempted in AADHAAR) therefore banking system will have to just provide data needed to count persons wealth and no other details of person's bank account. It is obvious that every person does not have all there wealth in the bank account. we invest in various forms like land, real estate, stokes, funds, etc. But every investment involves a money transaction. To track the transactions software has to be provided with data from various departments. And then it will assign an income slab to a person. Income slab of a child will be the same as that of parents till he/she began to earn.
Solution 2
everybody earning is supposed to have a PAN card. Now it is just an identity provided to you by the income tax department. To calculate the wealth of a person we need to track all the transaction that a person carries on. That can be done by providing a digital PAN card like credit or debit card. And while making any transaction we will have to enter or submit details of our Digital PAN card to authority, as we do while making payment online. This data of transaction will directly go to income tax department( this can also solve the problem of tax evasion), clubbed together with data from the banking system will then decide the income slab of a person.
thus we can generate correct data of a person's income.
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