Gautam Chickermane explained very well in his article Entitled India on how no one talks about Tax Waivers to Salaried people. We speak about how Farm loan waivers impacting Fiscal Deficit but what about the Tax Waivers on a yearly basis to Salaried people.
Part of the article is reproduced below:
We seek entitlements on our spending and investments. The entire plethora of tax incentives we take so much for granted have huge costs – deductions on Section 80C alone added up to Rs 58,933 crore in revenues foregone in 2017-18, up 31 per cent over the previous year. Add other sundries such as exemptions for senior citizens or educational loans and the total revenues foregone stood at Rs 76,581 crore.
We shun loan waivers for farmers – as we must because they are bad policy at a time that has several alternatives – but enjoy these waivers on our personal taxation side.
Waiver for the other is a fiscal problem – waiver for us is an entitlement.
Source: Porinju Veliyath
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