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There are approximately 18000 parents registered with CARA, while the number of children in the Government's adoption pool is less 1800.

Monday, May 14, 2007

‘Adoption Tax Credit’ Q & A # 5

When so few people pay taxes in India , doesn’t the “Adoption Tax Credit” be exclusively helping the limited number tax payers?

1. In India , Only less than 5% of working class pays personal income taxes.

2. According to National Advisory Council, 92% or more than 300 million working class belongs to unorganized/ informal sectors and contributing 60% of India’s GDP (By recent estimates, India’s GDP is 1 trillion dollars).

3. 50% of India ’s workers are self employed like small and marginal farmers, artisans, and street vendors. So there’s a danger of excluding these workers of unorganized/ informal sectors by passing “Adoption Tax Credit”.

4. HOPE House is advocating “Adoption Tax Credit” not only for individuals but also for the businesses to extend the benefit to others. To make “Adoption Tax Credit” inclusive of the workers of unorganized/ informal sectors, HOPE House will advocate “Open Access Credit” where any legitimate Indian citizen can avail the financial support from any tax paying entity. Ofcourse "Open Access Credit" requires a strong set of checks and balances to curtail the abuse.

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