Presenting Union Budget of India is a big 'event' every year. All individuals and businesses await this 'event' to happen; so they can plan their financial activities. Do we really need this 'event' every year? Should we make new financial policy each and every year? My answer is 'NO'.
Financial policy should be decided once in every 5 (five) years. It will bring economic stability. This 5 years period should be like this, that next new government should get at least 1 (one) year to see / study how the old financial policy works.
There should be few guidelines to guide the government. The scope of 'Income Tax Revolution 2015' is limited to 'Income Tax for Individuals'. So I will try to stay in that limit.
Here I am suggesting 5 guidelines and few reforms based upon those guidelines. I request Government Of India (GOI) to implement ALL suggested reforms at a time in the suggested way without altering them. Also GOI should review all other income tax laws to see if those laws are as per suggested guidelines and modify the laws as needed.
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