Why reasonable turnover exemption required for Indirect Taxes?

The Income Tax Act has a clause for presumptive taxation for a threshold limit of Rs. Two Crores for business. But the intention is defeated by lower limits in indirect taxes. Various Limits are as under:

VAT: Rs. 5 lacs to Rs. 10 lacs (different in different states)
Service Tax: Rs. 10 lacs
Excise Duty: Rs. 1.50 crores.

It is clear from the limits set by various indirect taxes is well below the limits for presumptive rates by income tax.

Let us see, the practical side. Limit of Rs. 10 lacs for VAT. Assuming a profit of 10%, it will be Rs. 1 lac per annum. This means it will be less than Rs. 10000/- per month. Should a man earning less than Rs. 10000 a month be subject of paying taxes. It is high time, there is public discussion on this and a reasonable limits set instead of making all small business people thief.

Media and politicians silent on poor education standards--surprising?

We all know the sorry state of education standards in India. It is also a fact that our manpower is earning precious foreign exchange by exporting their services and is able to almost meet the deficit created by most pampered manufacturing sector, who just believe in importing sub-standard technology at high rates. This is despite the fact that just nearly 1% of the population is graduate. And most of current graduates are incapable of appearing for Banking, SSC(School Service Commission) etc. No political party or media is highlighting these facts about the right career prospects.

One of the reason for sorry state of education standards is dual standards at primary and secondary level. Sometime back, Allahabad High Court ruled that children of MLAs and Govt. Executives must go to Govt. School for education. But we are yet to see implementation of the same. Media and Politicians are totally silent on the issue. When most of the executive work and outsourcing conducted in English, What is the logic of keeping a wider population away from the language in the name of national pride? Why the national pride not applicable to children of elite society? 

We talk about increasing the incomes of rural population. There is no other easier route than imparting employable education to rural children and letting them find job in urban centers.  This will automatically reduce the number of population dependent on agricultural income. With lesser denominator, the percapita income will rise and improve the lifestyle of rural folks.

Increase in lifestyle of rural folks will generate more demand of industrial goods, which again will create jobs and kick start the economy.

NEET- SINGLE ENTRANCE TEST FOR MEDICAL

Over-reaching arm of political class want to overrule the Supreme Court decision for NEET, a national level common admission test for medical studies. Surprisingly, media has become silent on the subject, once there was news of political interference. Political class wants to overrule NEET on the name of federalism. But how one can support the admission tests by private medical colleges with all the powers to have their own syllabus and examination process before awarding the degree. How these colleges be given liberty for giving degrees for medical professionals on their own? We have already seen large number of mushrooming institutions for granting degrees of B.TECH and MBA to undeserving candidates.

We must not allow the same for the medical profession as they will have license to play with public health.

Engineering education in India

India has seen mushrooming of Engineering colleges and some of these are unable to place their wards suitably and students are left to find their own jobs as was the case more than a decade ago.

Some of these institutes have their own admission tests, own syllabus and own examinations. Hence, very low quality can get admitted there and pass through as an engineer, though they do not deserve to be so. The passouts from these institutes suffer from the climax of being an engineer and send wrong signal to general public about the knowledge of engineers.

It is high time an independent body conduct a single entrance test and conduct examinations in the final year before giving the degree. Though the colleges be given autonomy for setting their syllabus and semester exams. This will help the deserving students, who need not appear for multiple entrance tests and control the quality of students passing out as engineers.