Login

Post on Medial

Hiral Jain

Stealth • 6m

Greetings everyone! So in a previous post, I spoke about the tax system let's take a deep dive into it! India follows a progressive taxation system, i.e. tax is imposed on their income, but this isn't fair, especially for paid employees! It's because a paid employee gets their income in hand after the deduction of all the direct taxes. Whereas a person who runs a business has an upper hand because the government collects taxes out of their total profits, let's take an example: I run a clothing brand which is focused in graphic street ware and I print my designs And purchase the shirts from a manufacturer and print and sell them, at the year-end I generate revenue of 10L on which I'll deduct raw materials, wages, depreciation etc. After all these deductions I have 2L in my hand now. As I said earlier according to our tax slabs a person whose income is below 2.5 lakhs isn't going to pay any tax so I pay zero tax! Until next time!! Check the comment section for a secret!

13 replies14 likes
1
Replies (13)

More like this

Recommendations from Medial

Image Description

Ashutosh Mishra

Stealth • 4m

Income Tax Old Regime vs New Regime All individuals should calculate their income according to both the old regime and the new regime. Thereafter, they should choose the scheme that results in lower taxes.

1 replies5 likes

Mr Z

Stealth • 6m

What's a scam that's so normalized that we don't even realize it's a scam anymore? Me- Taxes. Once you tax the income, why is there a tax again in the name of GST? Whatever the shop / company earns they can give it as income tax. This approach n

See More
0 replies7 likes
Image Description

Sameer Patel

Stealth • 6m

Financial knowledge Indian Tax slabs Income tax slabs categorize taxpayers based on their annual income, determining the applicable tax rates. Here's a breakdown: 1. Nil Tax: Annual income up to ₹2.5 lakh for individuals below 60 years. 2. 5% Tax: I

See More
1 replies9 likes
1
Image Description
Image Description

Hiral Jain

Stealth • 6m

Greetings everyone! Let's learn about our tax system! The Indian tax system is divided into two categories: Direct (income tax) and Indirect (GST)it's an unfair tax tbh. It's because everyone pays the same tax regardless of their income. For example

See More
15 replies11 likes
7
Image Description

Ashutosh Mishra

Stealth • 7m

GST Thread 2 What GST brings along with it - 1. Value added tax and no cascading of taxes - GST is only on the value added by the manufacturer and being a value added tax at each stage it avoids double taxation Example - If I purchase plastic fr

See More
1 replies6 likes
2
Image Description
Image Description

Amit Kumar

Stealth • 3m

How do startup save taxes? I've heard the have tax benefits..

5 replies8 likes

Mahendra Lochhab

Stealth • 3m

HOW GOVERNMENT OF INDIA EARNS ITS 100 RUPEES Based on Earnings from different departments ₹27 - Borrowings & other liabilities ₹19 - Income Tax ₹18 - GST & Other Taxes ₹17 - Corporate Tax ₹9 - Non-Tax Receipts ₹5 - Union Excise Duties ₹4 - Cus

See More
0 replies6 likes
Image Description

Ashutosh Mishra

Stealth • 2m

Direct Tax collections for FY 2024-25 as of 17 September, 2024 Net Collections, YOY comparison Corporate Tax : ₹4.53 lakh crore, up 10.5% Personal Income Tax : ₹5.15 lakh crore, up 18.8% STT : ₹26,154 crore, up 96% Other Taxes : ₹1,812 crore, up

See More
1 replies5 likes

K

Stealth • 6m

Income Tax Return Filing When tax liability rises due to the receipt of arrears or additional payments, it typically happens because these amounts are added to the individual’s total income for the current financial year. This increase in incom

See More
0 replies5 likes
Image Description

Bappa Dittya Saha

Stealth • 4m

Investment is a passive income. Building a business isn't!

3 replies10 likes

Download the medial app to read full posts, comements and news.