Destroy Black Money Shelters Created through Tax laws on Agricultural Income

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The fact that Indian Tax Laws on Agricultural Income, have been used as a mechanism to shelter black money to the tune of thousands of crores of rupees over the past seven decades since Independence, is not hidden from anyone.

This was recently noted by Mr. Arvind Subramanian, government's own Chief Economic Advisor, in the latest report of the Niti Ayog in  2017.

It is common knowledge that corrupt politicians and highly placed bureaucrats have used the tax laws on Agricultural income to divert black unaccounted money obtained through illegal means and they convert this money to white just because they own agricultural lands in their native villages.

It is also common knowledge that large multi-national corporations claim massive tax benefits every year, running into thousands of crores, under the exemptions provided by tax laws for Agriculture.

On the other hand, the poor and marginal farmers, for whom these laws were originally designed and intended for, are still committing suicides. They are reeling under bad loans and the government has to repeatedly step in to help them in terms of loan waivers and provide them with other subsidies.

It is evident therefore, that the tax laws pertaining to Agriculture are ineffective and by no means serving their intended purpose. They have in fact become money making and money laundering machines for a select and CORRUPT few, thus widely increasing the divide between the rich and the poor.

It is our humble request to the honorable Prime Minister, who has emerged as a champion against black money in the recent times, to plug all loopholes in the tax system which is allowing criminals to go scot-free due to poor laws.

At the same time, we appeal to the Prime Minister, to bring in better policy framework and financial laws that address the needs of the farmers and allow for a more equitable development of the Agricultural community.


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