We raise practical issues of the Middle class. We decode & explain taxation in simpler terms. Posts on personal finance, corporate, politics, people & society.
Uttar Pradesh, India
Joined November 2021
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Excessive taxation brings frustration, demotivation, anxiety & financial insecurity in the family.
It kills ambitions. It discourages risk taking & hard work.
It kills savings, spending power & consumption in the economy. It promotes dishonesty.
It kills morale & productivity.
These people avoid discussion on income tax because any discussion can bring that the tax is 35% which can divert their efforts to reduce capital gains tax.
Nilesh Shah
Ramdev agarwal
Sanjeev sanyal
Anuj singhal
Saurabh Mukherjea
Sonia Shenoy
Anil singhvi
Neil borate
Vijay kedia
Anything which is to be removed or reduced is income tax.
Why there is a different tax for stocks? Every income should be treated equally.
If income tax is not rationalised beyond 1L per month than we will hammer the consumption & tax. Showrooms, real estate & banks will burn.
PM 20 sec video on income tax created a tsunami in the social media.
As I said, income tax is a high tension wire.
PM & FM keep it high level. Taxes are reduced, 12L is tax free.
Anything beyond that will explode.
Saurabh Mukherjea & @sanjeevsanyal completely avoid this topic.
Critical situation coming from Hyderabad, bangaluru and chennai.
None of these cities are planned for so rapid expansion and influx of people.
Officials are now cancelling borewells. It's too late. No major investments done in water infra. 50 floors building approved.
🚨BREAKING:
Hyderabad Water Board orders a 20% cut in water and electricity use.
Key measures:
- ACs to be switched off after 5 PM in Water Board offices.
- AC temperature to be set at 25°C.
- Officials warned against negligence.
- Residents urged to reduce water consumption by 20%.
Hyderabad is preparing for possible water stress ahead of summer.
I am so bucked up paying income tax that I have strictly told my CA, I shouldnt pay any capital gain or income tax for the next 35 years post retirement.
My income should only grow when the 12L slab moved. Distribute my income to parents, kids, brother, wife etc.
He assured me.
Enough of reminding us for 12L.
It's high time we remind you that tax becomes 35% on just 2x of 12L from 24L onwards. This is after the major changes in the new regime and removing all exemptions and deductions.
@narendramodi
@PMOIndia
@IncomeTaxIndia
@nsitharaman xitter.cf/R_N_Vaghani/status/211…
The nature of govt jobs & private jobs are poles apart. One gives continuous 35 years of guarantee of jobs & the other doesn't give even 1 year guarantee. Above 40 it becomes highly volatile.
The tax structure shouldn't be same for both & prepared by only govt babus & ministers.
There should be 2 regimes. Not the old & new regime but govt & non govt regime.
The current rates should be applied for govt employees. For non govt complete new tax structure needed considering layoffs, cost of living.
It shouldn't be prepared by the babus but by a 3rd party.
The day government employees will be fired and govt will pay severance pay, severance pay will not be taxed.
They bloody don't care about us.
If you ask govt employees that should govt tax 50% tax above 50L, 99% will say yes. They don't mind private employees looted for them.
Only way people can fight with these problems is money whether escaping to a gated community, better schools, court kachahari etc.
Govt made people handicapped, weak, powerless by excessive taxation. people are angry & furious hence PM keeps reminding he made 12L tax free.
We are ready to pay low tax rates instead of 0 on low income 12L but will not pay 30%, 25% & 20% + surcharge+ cess on below 50L income.
Baar baar bata rahe hain. Budget main yaad rakhiyega warna chunav main apka hazma kharab kar denge.
@narendramodi
Give him such a mandate in the state & general election so that he will go the FM and ask
1. Was 12L really exempt or a gimmick in the new regime by removing exemptions of the old regime?
2. Do we really have 39% income tax?
3. Didnt we adjusted surcharges for 15 years?
Should the govt remove the 87A confusion from the income tax?
94%must be removed
6%do not remove.
78 votes • Final resultsThere is so much confusion.
Why can't the govt removes the 87A & easy to understand.
80C was removed, 80D was removed, home loan was removed, HRA was removed because they were complicated but 87A is not removed when CA community is also fighting.
Please don't make it complex.
Can someone clarify me how much govt will take if my taxable income increases from 50L to 51L?
In taxation, when a figure is presented, the statutory assumption is always Net Taxable Income.
But if the timeline is going to debate tax policy all day, at least get the math right. The tax on an NTI of ₹12.76 Lakhs is ₹74,256, not ₹74,276.
Everyone is blindly copy-pasting a calculation error because no one bothered to open a calculator.
The real issue here is the Section 87A structural trap:
• NTI ₹12,00,000 Tax = ₹0
• NTI ₹12,76,000 ➡️ Tax = ₹74,256
You earn ₹76,000 extra, and the government takes ₹74,256 of it. That is a 97.7% marginal tax rate on that increment.
Debate the policy flaw, but calculate it correctly. 🔖
Can you please tell if someone taxable income increase from 50L to 51L, how much change in-hand salary will be?
Thank you for supporting @dmuthuk for salaried class.
It's a slap at the face of all the honest tax payers.
Ma'am @nsitharaman don't stop saying thank you, thank you as long as she get TDS but as soon as it stops, she doesn't want to even see our kids faces.
Layoffs are becoming common.
The least the government can do is not tax severance pay, benefits, and full and final settlement.
Individual taxpayers contribute more than corporates in the country.
This is all the more significant given that only about 2% of the population pays income tax.
Taxpayers don’t get proportional benefits from the government.
Not taxing severance pay would put more money in the hands of affected employees.
This is the least the government can do for taxpayers.