Back to feeds

Jayant Mundhra

 • 

Dexter Capital Advisors • 5m

Do you know the 30:30:30 fact about Indian income tax? Just 30% of people who file their incomes, actually pay any tax. And just 30% of those people pay tax at a 30% rate. .. Most people outside that segment fall into one of the three segments. 1> They don’t earn enough to pay income taxes 2> They earn enough but are exempted 3> They earn, but hide their incomes .. <1> Will get better as the Indian economy and individual income grows <2> Would never improve, because the politicians count those people as vote banks <3> This is where most of us come in .. In the last 5 years, my income tax outgo has increased 8x. I don’t have a problem with that. But, what hurts is the fact that there are countless more who just get away, and nobody cares. And here I am paying my fair share as an idiot, year after year. .. And where does it get worse? Because of the third set of people, the Govt ends up levying higher tax rates on the ones who do pay their share. This is unfair because when I pay my taxes, I actually end up subsidising the tax outgo of crores of other such people, who hide their true income. .. But, that is my biggest complaint to the Govt. With back-to-back terms in power, higher levels of digitisation, and capture of all sorts of data with linking via PAN, Aadhaar, Demat and whatnot, why the heck have you not been able to solve this mess? -> You know people who earn enough to afford lakhs and crores of debt but aren’t reporting any taxable income. What the heck are you doing about it? -> You know who is buying those record numbers of premium cars? Why then are you unable to track ones among them who report no taxable income? -> You know people whose businesses are doing good (via GST), but don’t report any income of their own. What the heck are you doing about that? .. This is the Government’s failure. Not that of Nehru, Rajeev Gandhi, Vajpayee Ji or Manmohan Singh. This is a failure of the present administration. Because 10+ years in power are enough for you to fix things you really want to fix. Of course, there will be many who would disagree. But, please know that the views shared are personal.

5 replies14 likes
4
Replies (5)

More like this

Recommendations from Medial

Image Description
Image Description

Hiral Jain

Stealth • 7m

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

Sameer Patel

Stealth • 7m

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

K

Stealth • 7m

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

Avnish Singh

Stealth • 5m

Any CA here how much is tax to pay on 30 lpa salary

0 replies2 likes
Anonymous
Image Description
Image Description

Crypto Tax on gains is 30% in india. Incase of emergency what will you choose? Take loan on crypto and repay loan later or just sell crypto and pay tax or any other options you have?

17 replies10 likes

Dinesh Babu

Stealth • 3m

HOW CAN WE INCREASE THE SPENDING POWER OF INDIAN MIDDLE CLASS ? MY OPINION " REMOVE INCOME TAX , SO PEOPLE WILL HAVE EXTRA MONEY TO SPEND. AND GOVERNMENT WILL EARN MORE IN GST AND OTHERS IF PEOPLE SPEND AND INVEST THAT EXTRA MONEY MONEY

0 replies3 likes
Image Description
Image Description

Havish Gupta

Stealth • 10m

Many of you have know that only less than 5% population in india, pays taxes. But there is reason for it. According to this economic times report, only 1.8 crore people earn more than 5 lakhs annually (~2%). And if you earn less than 5 lakhs, you leg

See More
6 replies18 likes

Ashutosh Mishra

Stealth • 5m

Income Tax season is here for Individuals. In case, you have invested in last year, do see my account for next couple of days for Income tax series. Will post from 29 June 2024.

0 replies4 likes

Mr Z

Stealth • 7m

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
Image Description

Mahendra Lochhab

Stealth • 4m

51 lakh Indians filed Income Tax returns this year, an increase of 7.5% from the previous year.

2 replies2 likes

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