Economic Survey- An Academic Document

with wealth in excess of Rs 15 lakhs and, even with all the other changes made, persons with wealth of Rs 3.5 lakhs or more can get by without paying a rupee as wealth tax. In respect of company taxation the Finance Minister has, fortunately, decided to take a hard look at the incentives perpetuated from year to year in the hope of promoting investment, though the pruning of the long list of so-called priority industries could have been more rigorous. The approach to indirect taxation could similarly have been bolder. The measly Rs 4.9 crores proposed to be raised from textiles is a case in point. And like the Hindu Undivided Family, another holy cow which cannot apparently be touched is salt and the Finance Minister has once again given in to the silly sentiment against taxing it.