Forcibly honest and terribly unhappy.
Income Tax like life isn’t fair.
2018-19 just 2.5% (3.3 crore Indians) paid IT. Of them 4% paid 60% of the income tax collected. Within them salaried employees paid 3 times the tax that self employed paid.
97000 Indians declared income more than a crore. Of that more than half were salaried!
Thanks to TDS, the salaried class is forcibly honest. Salaried at highest slab pay 43% Income Tax, 18% GST on spends, 60% tax on every liter of petrol, 5% stamp duty when a property is bought and also when sold even at a loss. Corporates pay only 25% income tax, get set off against GST and all expenses are tax deductible for them unlike for salaried individuals.
He wonders why salary got through hard work is taxed at 43% but a stock market punt qualifies for long term capital gain at 10%!
It hurts when he pays more taxes than the self employed and it hurts even more when his taxes go to fund losses of Banks often caused by Frauds or to keep the expensive toys of Air India in air.
It hurts that world over tax payers get free education, free health care and pensions.
Our tax payer gets nothing.
Madam FM, as you deliver the promised budget of the century, hope you do justice to this coolie of India's taxes
By: via @AlliesFin Serve Stock Market
