'Bharatiya Janata Party vision panel may propose no income tax on salaried class'

If rate of saving increases, the country GDP's will also increase, and it would help generate employment, says Subramanian Swamy

Senior Bharatiya Janata Party (BJP) leader Subramanian Swamy today said his party's vision committee might propose either "no income tax" on the service class or give full tax exemption on their net savings.

"The party's vision committee headed by Nitin Gadkari plans to propose either abolition of income tax on the service class or give full exemption of IT on their net savings," Swamy told reporters after delivering a lecture on "Indian Economy: Present Crisis and Way Forward" here.

Due to IT people are stashing away black money abroad to evade tax, he said, adding that the committee would propose the party to put tax on people earning more than Rs 1 lakh per month, and those saving in shares, bank, stock debentures should be given full relief from IT.

If rate of saving increases, the country GDP's will also increase, and it would help generate employment, Swamy said.

On the ruckus in Lok Sabha over Telangana, he said, "Six UPA ministers were sitting in the well and made announcements.

But unfortunately the Congress party had ensured no action against them... It appears that Congress aimed to win some LS seats in Telangana by passing the bill."

Source : http://www.financialexpress.com/