PeppyLlama

Taxes amongst service and business classes

The number of Indians paying income tax is very low primarily due to lack of tax regulations in the business sector and how easy it is for a local shop, a services business or manufacturers to hide revenue and save on tax.

As a fellow tax payer, why are we in the service class not willing to turn to a freelancing services model to hide our incomes instead of paying taxes at the source? Or is this not possible in the nature of our services?

8mo ago

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ZoomyBanana

Qure.Ai8mo

I am assuming you are in tech

If you do freelancing, money will be deposited in you account, you will still need to pay tax,
Tax on crypto is crazy too, if you are thinking about payment in crypto

In short its not at all easy to hide money if transactions are online💀, unless you want to go all the way to open a company, and create some fake employees to avoid taxes, too much hassle

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Curated from across

Misc4mo

by MagicalHamsterStealth

Thoughts on staying in a luxury hotel, and income tax crossing corporate tax...

Writing this from the lobby of a good hotel in the city There are 3 types of people I see around me:

Foreigners (50%): Mostly on business travel. From various countries. Their economies and companies can afford to pay for this, it's...

20K

Comments

It's a bit too much calling business owners thieves bro. Your hotel stay is paid for by a business too. That's risk a...

The bigger thieves are the bureaucrats - A class you forgot to include and would account for double digit % of the ro...

Wait till you stay at some postcard / six senses / raffles / "luxury leisure resorts category" property, this anecdot...

Misc9mo

by SqueakyBiscuitSwiggy

The Data for % of Tax Payers are Insane

This is known issue but as an developing nation, this needs to improved and worked upon

Comments

As an employee of working class we do pay taxes but if more % starts paying taxes , We might get some relief

We have a lot more indirect taxes though, collection from just income tax itself is fairly low.

The problem isn’t that our tax rules are too lax, the problem is that 95% of our people are too poor to be worth taxing.

Personal Finance8mo

by BouncyDonutContinental Automotive

Tax planning rant

I was doing a tax plan for the next FY.

A significant chunk is going off my hard earned money 😔 for which I get 🔔 from govt.

I hardly use any public facilities , or can simply say they do not exist and are not up to mark

Any Tom...

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