SqueakyPickle
SqueakyPickle

45 lakh people have incomes above Rs 10 lakh, but 25 lakh cars are bought every year

In a country of 140 crore people, only 6.77 crore file taxes, out of which only 20 lakh people pay taxes with income over 20 lakh.

The income tax data collected shows only 1.7 lakh people reporting income of more than Rs 1 crore in a year.

Yet luxury brands like BMW, Jaguar, Audi, Mercedes, Porsche, and Maserati sell almost 35,000 cars every year.

Also, 45 lakh people have incomes above Rs 10 lakh, but 25 lakh cars are bought every year. That only shows that tax evasion is soaring.

14mo ago
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FluffyCupcake
FluffyCupcake
Amazon14mo

You should outsource the conclusions to coming-AGI.

What made you think only income is needed to buy a car? Heard about inheritance? Analyse the segment owning fortuners, you will be surprised 😛

ZestyQuokka
ZestyQuokka

😆 Source - Gurgaon

FluffyCupcake
FluffyCupcake
Amazon14mo

Go to Marathalli & scream Reddy Anna 😛

GroovyDonut
GroovyDonut

EMI bhi kuch hota hai.

And not everyone is buying those high end cars.

QuirkyPenguin
QuirkyPenguin

Salaried income earners are not rich. Landlords, small business owners, investors , etc. and even top farmers earn way more than any top salaried employee.

FloatingPickle
FloatingPickle

Source url please

JumpyWalrus
JumpyWalrus

Source - trust me Bro

CosmicLlama
CosmicLlama

there is big population of people who are rich farmers or use farm land to launder money. Many of the high value cars are purchased thru company names. If you look at the number of ITR 3/4/5 being filed.. they are of the highest numbers. Only, farming thru rented land is not profitable in india. Most farmers who own the land make good money. .

Corporates get to spend the money and then pay tax on the balance amount, so they have an incentive to purchase high end cars. ("instead of paying tax, we can spend it on something that we use"- kind of logic)

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