India’s most abused taxpayers

[Roshan]

there were less than 500 "super rich" people in India by last known income tax data in 2017-18, it won't have much impact in overall tax collection.

either way question here is about tax base. if a theory is being proposed based on assumption that tax base hasn't increased and Govt being blamed for it, i'd say let the theory be based on solid data.

wrong assumptions lead to wrong conclusions.

have any stats for only 500 super rich in India? I'm talking those who earn over 1 cr a year. It would be a few 10K people at least. Not the point.
If tax collections went up it isn't necessarily down to only a tax base having obviously widened. That's all i'm saying. You'd have to put that data through a sieve to know what actually happened.

 

[karn]

 

[karn]

have any stats for only 500 super rich in India? I'm talking those who earn over 1 cr a year. It would be a few 10K people at least. Not the point.
If tax collections went up it isn't necessarily down to only a tax base having obviously widened. That's all i'm saying. You'd have to put that data through a sieve to know what actually happened.

Haha .. Only 10k over 1 cr PA? There would be that many in a rich suburb of one of of our megacities.

 

[ezsasa]

have any stats for only 500 super rich in India? I'm talking those who earn over 1 cr a year. It would be a few 10K people at least. Not the point.

this is last available official statistics from Income tax dept website, for personal tax. you can get the exact number here.

https://www.incometaxindia.gov.in/D...Return-Statistics-Assessment-Year-2018-19.pdf

If tax collections went up it isn't necessarily down to only a tax base having obviously widened. That's all i'm saying. You'd have to put that data through a sieve to know what actually happened.

my point is, tax collections do not double without increase in tax base for both direct and indirect taxes.
since GST is a new system, we can't truly compare old system with new system, but within the new GST system govt says tax base doubled.

Taxpayer base almost doubled from 66.25 lakh to 1.28 crore after GST: Sitharaman

Taxpayer base almost doubled from 66.25 lakh to 1.28 crore after GST: Sitharaman

A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT, and many cesses and surcharges, was rolled out on July 1, 2017.

www.newindianexpress.com

 

[Roshan]

this is last available official statistics from Income tax dept website, for personal tax. you can get the exact number here.

https://www.incometaxindia.gov.in/D...Return-Statistics-Assessment-Year-2018-19.pdf

I suspect the number is over a lac personally. Unofficially there are several more who belong in that category.
You have to see articles - with an agenda or otherwise - of many HNIs giving up Indian citizenship which has gone up over the last 2 yrs. My own father gets such requests and feelers from from asset managers.

my point is, tax collections do not double without increase in tax base for both direct and indirect taxes.
since GST is a new system, we can't truly compare old system with new system, but within the new GST system govt says tax base doubled.

Taxpayer base almost doubled from 66.25 lakh to 1.28 crore after GST: Sitharaman

Taxpayer base almost doubled from 66.25 lakh to 1.28 crore after GST: Sitharaman

A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT, and many cesses and surcharges, was rolled out on July 1, 2017.

www.newindianexpress.com

Point taken. Wasn't that the point of GST though? To compare GST we will have to use VAT pre-2017 but things like octroi etc existed at that time.
I guess when salaried people generally speak of widening tax base it is taxing people who were not previously taxed or making them file returns even if they;re under taxable limit. This includes SMEs, mom and pop stores, kirana stores, services professionals like lawyers, CAs and doctors and perhaps at some point in the future even farmers.

 

[ezsasa]

he is one of the super rich, what is he complaining about?

 

[Kumata]

he is one of the super rich, what is he complaining about?

He is in your support nibba.. unless u r that elusive cousin of haldilal who owns luxury flats in mumbai

 

[Suryavanshi]

Wrong comparison the poor think it's their right to demand freebies by any means as if gov can print money without any consequences.
The rich have the money lobby for them

 

[ezsasa]

X posting something i had written earlier, my opinion on middle class continues to be the same.
=====
yes. Today’s Middle class became middle class because the generation before us paid for many of the amenities we took for granted.

Subsidised rail fares, subsidised rations, subsidised petrol & diesel, subsidised education (one way or the other) etc etc.

we pay now so that the next set of middle class can pay for their next set of middle class. this is a phase every country goes thru. it takes atleast 15 years to create the next 20-30 crore middle class. India’s middle class journey started in late 90’s.

edit: and let’s not forget the economic growth of current middles class hinges on next set of middle class coming into middle class. our jobs are directly dependant on purchasing power of current middle class + next set of middle class. People have to be rich enough to buy the products and services our companies make, in return ideally we should be getting pay jumps. if purchasing does not grow, we get pay stagnations & job losses.

 

[Haldilal]

He is in your support nibba.. unless u r that elusive cousin of haldilal who owns luxury flats in mumbai

Ya'll Nibbiars now I am in even bad situations. And my life is overs.

he is one of the super rich, what is he complaining about?

Ya'll Nibbiars and you are not any different owns a building as your house.

This is a sad thread.



We do need to make this a big issue for the leaders to take note.

Ya'll Nibbiars yehs sad threads because I have never paid any Income Taxes.

 

[indiatester]

This is a sad thread.

We do need to make this a big issue for the leaders to take note.

 

[Love Charger]

Ya'll Nibbiars now I am in even bad situations. And my life is overs.


Ya'll Nibbiars and you are not any different owns a building as your house.



Ya'll Nibbiars yehs sad threads because I have energy paid any Income Taxes.

You are married , aren't you?
Phir kis baat ki tension

 

[Akula]

Assuming all 32 L is fixed, After using all sections 80C + NPS + Health .. you will pay anywhere from 30 k to 40 K per month .. shud i say shud br around 32-33K a month

Depends a lot on how your basic & HRA is structured.. If it,s Indian MNC, expect your basic to be just enough... they do not pay good basic salary which in turn affect all your benefits like HRA , gratuity , NPS etc while US MNC's pay you excellent Basic salaries & benefits..

Company is Amazon

 

[Kumata]

Company is Amazon

NIce , congratulation... you should get a healthy Basic salary than which will have direct effect on your savings via PF , gratuity & NPS ...But still expect the taxes part to be near 35 K month O month..

Increase ur PF outgo to in such a way that u use ur full 250K limit ...also if amazon offer NPS .. take it with both hands... that way u shud be able to save additional 150 K in taxes.... including both employee + employer contribution... Employer contri will be 10% of the basic salary... u can add 50K per year...

With both above, ur tax will reduce a bit... makes zero diff to ur Inhand salary..infact ur salary will increae abit as ur tax outgo will reduce..

 

[Kumata]

X posting something i had written earlier, my opinion on middle class continues to be the same.
=====
yes. Today’s Middle class became middle class because the generation before us paid for many of the amenities we took for granted.

Ummm i have my own doubts on this ...how can my forefathers pay for my today more so for services which do not existed even 20 years back....

you are going into that "All is well" territory IMO while dacoit is on your heels..

 

[ezsasa]

Ummm i have my own doubts on this ...how can my forefathers pay for my today more so for services which do not existed even 20 years back....

you are going into that "All is well" territory IMO while dacoit is on your heels..

it's not the forefathers, it's the generation before the current one, hence the 15 years timeline.
not saying "all is well'. saying there is a cycle, and the cycle needs to be recognised.

 

[Kumata]

it's not the forefathers, it's the generation before the current one, hence the 15 years timeline.
not saying "all is well'. saying there is a cycle, and the cycle needs to be recognised.

Heheh got the point ..

 

[ezsasa]

Heheh got the point ..

i will be glad if there was a system where i get to know if the vendor i am buying from is properly paying taxes. some sort of QR code outside the shop which i can scan and find out.

burden on tax payers will reduce only when there are more tax payers are in the system, might as well buy goods from someone who regularly pay their taxes. so that non-compliance is discouraged.

 

[Kumata]

i will be glad if there was a system where i get to know if the vendor i am buying from is properly paying taxes. some sort of QR code outside the shop which i can scan and find out.

burden on tax payers will reduce only when there are more tax payers are in the system, might as well buy goods from someone who regularly pay their taxes. so that non-compliance is discouraged.

Not practical IMO...Democracy will be in danger & narratives .. u know..and next shaheen bagh will be right at india gate....

IMO, govt is doing the right thing by plugging loopholes in GST .. recent reduction of E-Bill to 20 crores is right step there....they shud reduce that to 1 crore now in few months....but there is a dire need to rationalize direct taxes... more with runway inflation... which RBI tames by high interest rate... here too people like me get the hit as salaried class is the one driving loan growth via EMI's . so either way my pocket will be light in any scenario....

 

[Akula]

NIce , congratulation... you should get a healthy Basic salary than which will have direct effect on your savings via PF , gratuity & NPS ...But still expect the taxes part to be near 35 K month O month..

Increase ur PF outgo to in such a way that u use ur full 250K limit ...also if amazon offer NPS .. take it with both hands... that way u shud be able to save additional 150 K in taxes.... including both employee + employer contribution... Employer contri will be 10% of the basic salary... u can add 50K per year...

With both above, ur tax will reduce a bit... makes zero diff to ur Inhand salary..infact ur salary will increae abit as ur tax outgo will reduce..

Actually my friend works in Amazon. Core guys don't get high packages like he got.