Whoever asked this question is anti-national.

Consultant

Software Test - QA

In this reel, someone asked strong questions to FM on taxes, a common person is obliged to pay to GoI. What are your thoughts?

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Valid Questions to FM on Taxes

Tech Lead

Valid Questions to FM on Taxes- Grapevine

Welcome to Ask Grapeviners's Private Community

Hi all,

I am a software engineer Off lately everything has become so costly and it feels that we are paying almost thrice than we used to pay 4-5 years back.

And to add to that, with UPI transactions, sometimes I lost track of where my money is actually going.

Does that happen to you all?
How do you manage?

Is paying taxes for everything in India affecting you? How do you manage?

Software Developer

Welcome to Personal Finance's Private Community

I just want to vent out! Many businesses are earning double than me and paying less than 50% of tax and yet here I am as a professional bound to pay tax. And that’s not enough, I still can get audited!

Paying 29L as tax this year!!

I paid 43L last year. 😤😖 
 It feels like I own every inch of new BLR airport. 😅

Engineering Manager

In India people who are earning beyond 70 lpa. They tend to fall under the high tax bracket which involves surcharge on tax too. Which could level up their tax too.
Now is this tax worth it when compared to what tax payers get from the govt?
Total tax % could really be higher for an individual. Given the tax %, would it be wise to consider moving out from India for better value for tax?
Now this tax is considering after exhausting all the tax savings sections and FBPs except the political donations.
Genuine answers only. 
Coming days I would be asking a few more tax related questions.

Income tax vs it's return from gov

Software Engineer

Inspite of so many "better than earlier govts" reforms in the last 10 years...the govt hasnt done much needed reforms in the income tax regime.

The govt is doing a few good things like dissolving inept psu's, selling off entities like Air India (privatisation), etc.
But when and how  are we going to increase the tax base?? Why is govt failing to do so? It is high time we rationalise it. We cannot dream of becoming a prosperous country with such poor policies in place

https://timesofindia.indiatimes.com/pay-income-tax-be-political-orphans-why-it-matters-for-indias-economy/articleshow/107405605.cms

Inept income tax dept

Product Manager

Since the tax season is upon us, I wanted to check how do you folks handle tax related things? 
1. What are some tricks you use for tax saving?
2. Do you work with a CA or handle taxes yourself?
3. For folks having salary>30lpa- which tax regime have you chosen?

How do you handle taxes?

Tax Payers!!! How are you feeling, no tax relief in budget.

I have seen most of my friends and people are in tech always oppose the current Government. 

I agree, that current government is not great. But at same time, supporting parties like Congress doesn’t makes sense.

Genuinely curious why people think current government is not doing good? I have seen road & rail infrastructure getting improved, defence budget being increased, government making investments in R&D, privatisation of government sectors, making existing processes efficient, and much more.

Even the farm bills were good, now what is happening all the middlemen are making money.

Communal riots have increased, but I don’t think the government is responsible, it’s people who ignite these riots.

At last, why you think current government is not doing good?

Why people in tech hate BJP?

Small dataset? Most of the techies and finance folks I know are out and out Modi supporters!

Finance Consultant

I have always been very intrigued about managing my own finances, never hired a CA till now. 

But every year when the tax return filing time comes I run into the same thought - Am I paying too much taxes, is there a way to plan it better?

wanted to get some information on how are you guys managing your taxes. 

- Do you guys have a dedicated CA? does hiring a CA helps? 

- How do you plan your finances? investing/Saving/restructuring to avoid paying the maximum taxes? 

- Some people setup a side business to set off some recurring losses/expenses to some extent. Does that work in long term? 

- In terms of wealth generation, what is your strategy? How much you are able to invest? What assets are good in your POV?

P.S. - Before someone comes up with you need to pay taxes so India can grow. I understand your POV but IMO, I am not able to get the benefits/infra in return, but I with all my heart believe in India’s growth story.

People with 50L+ taxable income, how much taxes are you paying? is there a way to reduce that?

Staff Engineer

Hi guys, just wanted to ask how are you managing your taxes?

Let's talk about taxes

Seems like since last year the focus of government has shifted from actually making beneficial policies to enable innovation and growth of India to just collecting taxes blindly. 

They just want to harvest tax in as many ways possible and kill the middle class person.

First it was crypto. 

Then us salaried individuals started receiving notices. 

Then they levied 28% GST on online gaming. 

Now they are also checking proofs for HRA allowance and other stupid stuff which wasn't done before. 

I was wondering why there is a sudden increase in such incidents? Is the government hiding something? Are they running out of money?

Or are they just smoking weed just like us and making stupid rules?

Nirmala tai is looting us

This government’s primary intention is to collect more and more taxes in whatever mean’s possible. They don’t give a f**k about anything. And then will brag every month/quarter about record GST collection! This government is pathetic to say the least! No accountability and arrogance is at its peak. We have come to a point where we can’t even question the government otherwise you will be termed as anti national.

Welcome to Business Roles's Private Community

I still can’t comprehend the tax system in India. We pay almost 30-33% tax to govt n pay gst of 10-18% on every product that we buy n not to forget exercise duty on petrol/ diesel. What do we get back in return? Health insurance nope! Free education nope! Not even decent interest rates on loans and any political party is just an other party which loots people in the name of democracy. 

                   My neighbour is a fruit vendor who holds multiple stalls but never heard him paying tax. Whats the way forward as no political party pays heed and only handful pays the tax.

Every rupee out of three but truth is 50:50:

I had joined new org in July 2022 last year and had submitted my previous org form16 and salary slips with monthly tax deductions shown in them.
 Now today my tax consultant informed that since I had not submitted form 12b to new employer, the 250000 basic exemption has been counted twice and now I have to pay 30 percent of 250000 ie approx 80000 rupees!!

I don’t understand this as I was under impression that each monthly tax is being deducted and there is now way there can be shortfall in my tax deduction.

Please help me if this correct or incorrect and if it’s mistake on my part any way to reduce penalty.

Tax penalty on switching job, I am shocked flabbergasted!

Government: You owe us money. It's called taxes.

Me: How much do I owe?

Gov't: You have to figure that out.

Me: I just pay what I want?

Gov't: Oh, no we know exactly how much you owe. But you have to guess that number too.

Me: What if I get it wrong?

Gov't: You go to prison !

Lmao (not the OP)

I see many of my colleagues consulting CAs for ITR filing and getting huge returns. What I gathered from their filings were bogus Health Insurance claims, fake HRA claims etc being utilised for showcasing huge deductions. These filings were done along with ITR 2 to somehow bring down the income.

Can anyone shed light on this practice? Are these legitimate CAs ? Is this not illegal? Don't they get caught ?

Note: This post is not to undermine CAs, but to understand how few CAs are doing this ? And is there really a way to decrease your taxable income, without having legitimate investments in the first place.

CAs and Tax Evasion

Test Engineer

Alert: a rant post

Today I saw my payslip after a long time and WTH! I don't know what they'll take once bonus comes in. Paying this much for no water, bad air, corrupt babus and all those douche things.

As much as patriotic I am, this is just insane. On top of this add all the GST and sheet ton of other indirect taxes.

Living in India and paying like Europe. Wow!

Duck the government

Earning around 50 lpa at 24 is already a great feat. Still if u want to look at the dark side, nobody can help. This rant is more common than diabetes. Yet people will stress about same thing and rant to destress. Endless cycle. Either do something about it or bring some new perspective. P.S. I am in alignment with ur rant but I’ve made peace with the state of affairs as I am not looking to move out of India and I cannot strong arm govt. individually to change this.

Senior Product Manager

This hits hard

Bro, you are earning. Shouldn't you just be grateful that you are not born in war torn Afghanistan or disease ridden Africa. I mean life could be so much worse. In fact, the only difference between you and the office boy is the household you were born in. If that office boy was born in your home, he probably would be as successful as you. 

You already won the lottery. Why not just do your part and pay the income tax so that the tax money can be used to provide a better life to those who are unprivileged.

I am not excusing the corruption in the system but just find the cribbing unbearable 

Just be greatful

Why do people keep ranting about income tax

Oh, I thought this must be some smart argument, the moment I read “difference between you & the office boy is the household…”.  
  
 No bro, it’s no so simple. People work hard to make a living. People crib about taxes because some of us are paying ‘first world rates with third world facilities’. Only single digit % of population is bearing the load of rest-of-population. Even corporate tax rates are < Salary tax rates.

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