Should the tax slabs start at 12 LPA?
Don’t you think it’s kinda not fair to tax people especially in metro cities who earn less than a lakh a month. The cost of living in these places are already so high and due to that they may not even be able to make any investments. 12 Lakh kinda sets a good entry level for taxes as 1 Lakh is a decent amount to live by I guess. Just looking to hear opinions on why it would not be beneficial that’s all. Not willing to hear or respond to any SJWs who want to act all high and mighty on the internet.
Until and unless every penny of tax paid is listed on a publicly accessible blockchain. Fuck taxes.
RichDadsPoorSon
Stealth
a year ago
I kinda agree with this. Taxes have done just close to the bare minimum so far. Like it doesn’t make sense funding incompetent governments to support :
1) Their own pockets / close to them
2) People who have exploited the welfare schemes without contributing back to society.
We tax payers need to know where our taxes are being spent and why.
What would happen if all of us decided to stop paying taxes ? Not like they can put all of us in prison 😌😂
Well. I have an absolutely perfect video for you.
https://youtu.be/pIYGRpZznGU&t=110s
SpeedyAide60
Stealth
a year ago
And unorganized sector businessmen. But never going to happen because of vote bank politics. Same reason Mumbai has slums.
itachiuchiha
Stealth
a year ago
In the long run, we should find a way of scrapping direct taxes and just have the indirect ones, so consumption can drive taxes, not just income. Also, it will greatly simplify the tax structure and reduce the loopholes which people find to avoid taxes, whereas we salaried ones have no way of doing that.
aalookanda
Student
a year ago
The problem with indirect taxes is that they are very unfair towards the poor.
A bag of flour taxed at 10% will have the same cost for a labourer and Mukesh Ambani. For the labourer, it might be 30% of his daily income, while for the Ambanis, it would be more or less a rounding error.
If we abolish direct taxes and just have indirect taxes, there would be no other choice but to increase the indirect ones to compensate for the loss of tax revenue, which would in turn affect the poor more than the rich.
A better solution is to increase the tax base and increase accountability, but it is easier said than done.
RichDadsPoorSon
Stealth
a year ago
Lol BLR should be tax free cause of our rents.
If people above 12 lakhs start getting taxed, the rich people of India will just pack up and leave the country. So there will be less income generated from the tax. The GOI should focus on increasing the pool of income tax collected rather than the amount which is paid. Every Industry in India needs to be equally taxed without any exemptions, then you'll find proper income flow, might even decrease the deficit which we are facing today.
Taxing the rich more is not the solution, taxing everyone fairly is a better option. There is lobbying inside the GOI which is undeniable.
RichDadsPoorSon
Stealth
a year ago
No I didn’t mean tax TF outta the rich but more like current structure but tax slabs start at 12 LPA. The reasons I’ve taken for 12 is that most times it’s like salaries of people who still are at the initial stages of their career and the whole 1L a month concept.
Although now I do see what you mean, they’ve gotta make up that lost money from somewhere. However I don’t wanna add taxes to the rich.
Valid suggestion. The same can be done for mid size cities, small cities and villages with relevant limits. Additionally, there should be transparency in how the taxes are being used. Could be an interesting experiment if people are allowed to choose where their tax money goes just like you can choose a charity. Some things are non-negotiable like defense, education etc. so perhaps there need to be some checks and balances or budget for these areas could come from other sources of revenue.
However, to top it all, it would be interesting to see if India can develop additional alternative revenue sources equivalent or greater than current revenue from income taxes to actually abolish the income tax. There can be indirect taxes but they shouldn't increase to compensate for the abolition of income tax.
Good suggestion, I agree. Makes sense actually.
I would really expect to see some special treatment or subsidy to registered tax payer to encourage more tax payments (right now it is only 3% of Indians paying tax) in near future.
ProteinPancakes
Stealth
a year ago
Tax the BCCI.
Tholaram
Stealth
a year ago
Back in 2014 we were dreaming of income tax being abolished.
