ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Tax Incentives for Saving and Investment

In a situation where a large variety of inessential consumption articles are purveyed to the people with the help of high pressure selling and where possessors of black money every day set new styles in high living, the pressure to consume is almost irresistible. To counter this pressure, effective measures have to be devised to induce people to save and invest However, under the existing system of tax incentives, the amount of tax benefit depends not so much on the volume of saving as on the level of the individual's taxable income. The result is that higher tax bounties are offered where the sacrifice involved in saving is almost nil or negligible.

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