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Hiral Jain

CA inter • 1y

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 Replies

Replies (13)

Hiral Jain

CA inter • 1y

Let me give it openly many Indian businesses show extra expenses or do something or other in order to reduce the tax they have to pay even after many attempts from govt side due to the huge population and economy we always failed hopefully we bring a revolution! I might be wrong!

2 Replies

Anonymous 1

Hey I am on Medial • 1y

Where’s the secret 🤐

1 Reply

Shreyas Ramdasi

Mechanical Engineer • 1y

Bro congratulations u are earning good business money and can drop what type of fashion t-shirts u sell

1 Reply

Anonymous 3

Hey I am on Medial • 1y

Hey 2 lakh is great for your age. 10l in revenue is not a joke. Where do you sell through

1 Reply

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Hey I am on Medial • 7m

For a 1 crore income, A farmer pays zero taxes. A street vendor pays zero taxes. A corporate pays 25L on profits. A salaried employee pays 31L tax on income. When will everyone pay their fair share of taxes? any ideas how can it be fixed?

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Hiral Jain

CA inter • 1y

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

16 Replies

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Hiral Jain

CA inter • 1y

Arey Mubarak Ho aapki lottery lagi hai, woh bhi 1cr kii!! We call this transfer payment in economics, it means the income that a person gets without providing service/goods. We all know that all of our income is calculated in national income irrespe