Currently Standard Measurement of Income: Two options are adopted to present the statement of current income.
First: citizens who have no source of income. When they have to give an income statement for some purpose, they opt for income certificate for this. The eligible person obtains this from the Revenue Department. Process of acquiring and corruption is not hidden from anyone.
Second: Individuals who earn income through self-employment or any other permanent employment. They have to get a permanent number (PAN card) to present their income. Through which they have to disclose their income to the government every financial year. Which is called income tax return.
Resolution Policy:
We have developed both of these options for income generation under one system. After the implementation of this system, those who have no source of income, there will be no need to get a certificate. But whenever a person is associated with a personal business or work. So for this it will be mandatory to take a permanent number (PAN card) by Indian identity confirmation. The person can get this permanent number with just one approval. This permanent number will be sent to the mobile and email of the approver.
Since this number will be made from the verification basis of the Indian identification number, it will be automatically linked to your banking account. Which will preserve all your financial transaction data. Through which the government will monitor your income for every financial year.
Standards of Income: Our government will set new standards of income. This will be a temporary standard which will vary with the growth rate. At the present time, we have made standards for presenting income. We have kept the income standard of the poverty line 1.5 lakhs per annum, those who earn less than 1 lakh, have kept them below the poverty line. Similarly, a family earning 2.5 lakh to 3.5 years will be placed above the poverty line, ie in the medium class.
Income submission system: In this system, the person will be able to see the accounting of his income and expenditure. In this system, a panel of individual permanent numbers will be given. In which he can add his spending details daily or weekly. Thus the income that will come out in the financial year. The government will automatically tax the income.
Benefit to the public: With the introduction of this system, there will be no need for the citizen to get an income certificate. In this way, there will be a saving of both money and time in the rounds of departments.
Benefit to the government: The data of every person falling within the income limit from this system will be clear. Since the income return system works on the auto-economic process, the government will directly benefit. The statistics of which will be completely clear.
In this system, the possibility of reshuffling by the government and concealment and evasion of taxes by the public will end.