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Dexter Capital AdvisorsĀ ā¢Ā 11m
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 donāt 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 donāt 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 arenāt 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 donāt report any income of their own. What the heck are you doing about that? .. This is the Governmentās 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.
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The Institute of Chartered Accountants of IndiaĀ ā¢Ā 5m
You still have to pay taxes if your income is below 12Lakhs.š Letās talk about a crucial detail in the recent Indian Union Budget that many people are overlooking. If youāre already aware, great! But if not, this is essential to knowāotherwise, you
See MoreContent writerĀ ā¢Ā 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
See MoreHey I am on MedialĀ ā¢Ā 5m
One Tax Policy: A New Era of Taxation in India? What if income tax was the only tax you had to pay? A system where individuals pay a fixed percentage of their income as tax, and in return, they are exempt from all indirect taxes like GST and service
See MoreHey I am on MedialĀ ā¢Ā 5m
If your income is 12L, You pay 0 for the first 4L. From 4L - 8L i.e. next 4L, you pay 5% = 20,000. From 8L - 12 i.e. another 4L, you pay 10% = 40,000. Total Tax Payable= 60,000. Standard Deduction -75,000. So NO TAX FOR INCOME UP TO 12L. Get it?
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