The
inspiration for today’s blog post is Prime Minister’s Narendra Modiji’s remarks
at the inaugural session of RBI Conference on Financial
Inclusion
Quote
“I
believe that our banks should take all their employees in confidence. Every
bank should resolve that their employees would give up the subsidy. All
industrial houses should decide that their employees would give up subsidy,”
Mr. Modi said.
The
Prime Minister said that the government’s intention behind the campaign is not
to add to its coffers by saving on subsidy bill, but to provide LPG cylinders,
a clean energy, to poor households who use firewood for cooking.
“Give
up voluntarily. If one crore people give up this gas cylinder subsidy... one
crore poor families who burn firewood, which leads to deforestation, carbon
emission (and) their children, grow up in smoke... The cylinder (subsidy) you
give up should reach to the house of that poor,” he said.
Unquote
As a responsible citizen, I am willing
to give up LPG subsidy if I am assured that a deprived family will benefit. The question is how that assurance can be
visible and also be economically tracked.
One option is to ensure tax deductions
as equivalent to the LPG Subsidy foregone.
The deduction model as for the Professional Taxes
can be adopted here.
Section 16(iii) : As per section 16(iii) of
Income tax act ,Professional tax on employment or tax on employment levied by
state under article 276(2) of the Constitution is allowed as a deduction from
the Salary income.
Feedback welcome.
