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Anonymous

Hey I am on Medial • 2m

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 tax. However, those who don’t pay income tax would still be subject to indirect taxes on goods and services. This could revolutionize tax compliance and incentivize more people to declare their income. But is it a sustainable model for India’s economy? Potential Benefits: ✅ Higher Compliance ✅ Simplified Taxation ✅ Reduced Burden on Businesses ✅ Exclusive Benefits for Taxpayers Possible Challenges: ⚠️ Revenue Balance ⚠️ Wealth Disparity ⚠️ Tax Collection Efficiency Would this "One Tax Policy" make taxation more efficient or create new challenges? Could this be India's future tax model? Let’s discuss! Drop your thoughts in the comments. ⬇️ #TaxReform #OneTaxPolicy #India #Economy

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Sanjay Srivastav. Footwear Designer

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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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