Do you know this?

Now we have a new legislation called "Juvenile & Justice Act, 2015" replacing the JJ Act of 2000. In this new act, adoption has assumed a significant importance with an exclusive chapter. Subscribe and follow this blog for more information in the days to come.

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.

Convinced to sign the petition? You can sign here: http://www.petitiononline.com/atc26047/petition.html

No comments: