In this forum, I would like to touch upon the tax system in India.
Let me start with some statistics… Take for Instance I live in Bangalore and my salary is 10,00,000 p.a.
Taxable Income - 1000000
30% tax on it - 300000
Annual house rent - 168000
Car loan - 120000
Children School Fees - 100000
Household expenses (min) - 60000
Commutation expenses - 36000
For my Parents in Chennai - 60000
Personal loan for my sis wedding - 120000
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Balance amount I am left with - 36000 P.A (3000 per month – just PEANUTS!!!!)
This is all is my saving when i earn an annual salary of 1000000. What about my medical emergencies, family emergencies, my travel expense... I need to visit my parents once in a month (even by train.. for 3 people.. it costs more than 1000 rs.). Everytime i visit a Dr. i need to shell out minimum of Rs.500/- Don't I have to buy new clothes for my kid, show her new places, teach her new things... I am bankrupt by the end of the month.
PITY SALARIED PEOPLE WHO ARE WORKING IN INDIA! Now I think twice, is my patriotism worth it! To live in this country of politicians who are stealing my money. For all the tax I pay, what is the government paying me back – not even basic Security. I still cannot travel safe in bus, train, anywhere… I am not talking about the terrorism. I am talking about the other nuisances from rowdies, theft and etc.. and etc..
WHY IS THE GOVERNMENT EXPLOITING THE SALARIED PEOPLE!!!! We have no money to pay you this much tax… I AM POORER THAN BEFORE EVEN AFTER EARNING SO MUCH!!!! DOES THE INDIAN GOVERNMENT EVER THINK OF HOW TAXING IS IT FOR THE SALARIED PEOPLE .... SHOULD I LIVE A MIDDLE CLASS LIFE THROUGHOUT MY LIFETIME.... EVEN AFTER EARNING HIGH DEGREES AND WORKING IN MNC! WITH ALL LIBREALISATION, GLOBALISATION, NEW OPPORTUNITIES AND ETC. ETC... INDIAN ECONOMY MIGHT HAVE IMPROVED BUT NOT COMMON MAN LIKE YOU AND ME. DO BUSINESS MEN, POLITICIANS AND GOVERNMENT OFFICIALS PAY ANY PROPER TAX.... ONLY SALRIED PEOPLE ARE PAYING HEAVY TAX WHICH INCLUDES FOR EVERYBODY ELSE... WE ARE THE ONES AFFECTED BY THIS FILTHY TAX SYSTEM ...
A REAL TAX SYSTEM IS ONE WHICH WILL CHARGE ME FOR THE MONEY I AM LEFT WITH POST ALL MY EXPENSES.... THE 300000 THAT GOVERNMENT HAS TAKEN (STOLEN) AS TAX IS MY ACTUAL SAVINGS... YOU CAN LEVY 30% ON IT AND GIVE ME THE BALANCE 2,10,000 BACK TO ME... I AM HAPPY TO GIVE THAT 90000 FOR COUNTRY'S DEVELOPMENT...
THEY SAY THE TAX GOES TO THIS AND THAT... BUT WHERE... WE DON'T SEE IT. I STILL PAY TAX FOR THE ROAD, FOR MY CAR, FOR THE HOUSE, FOR THE ROAD, FOR THE HIGHWAY I USE, FOR THE WATER, FOR EVERY THING THAT I BUY / USE, I PAY TAX (VAT).... APART FROM THE 300000 I HAVE ALREADY PAID TO GOVERNMENT!!!!! DON'T ANYONE REALIZE THIS.... I AM STILL POOR EVEN AFTER EARNING 1000000 AS MY SALARY PACKAGE... WILL CHIDAMBARAN... OR ANY OTHER **** SITTING THERE IN PARLIAMENT EVER THINK OF COMMON MAN'S PLIGHT ATLEAST ONCE IN THEIR TENURE...
THIS IS THE REASON CORRUPTION IS ON ITS HIGH... WHERE IS MY MONEY GOING.......... ATLEAST REMOVE TDS from the system. We will tell you how much we earn and how much we save / left out with and accordingly pay tax…
Do not show investments as a saving… I don’t have liquid cash for my day to day expenses. And the investments I make also, at the end of its tenure when I get back, it is taxed. We have saved those money to save from tax. Again if we pay tax on that income.. It is ridiculous!! Again even my performance BONUS is also taxed!!! What is this yar… It is the money company is giving me for my hard work… Why should government take that money also… I am totally totally FRUSTRATED!!!! This is the WORST and **** system we are in.
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You did not account for the sales tax that you pay when you buy a packet of Parley G or VAT that you pay when you buy an LG washing machine.
ReplyDeleteI read yesterday that the PM’s office has declared that union minister’s property is confidential information and thus does not come under the purview of RTI Act. These people are locking all doors and windows from where the sunlight can enter. So that we continue to live in darkness.
It’s said that there is life at the end of the tunnel. What we are in is not a tunnel. It is possibly a well. Full of quicksand and rotten dung. Politicians want to kill us in this well. Either quicksand will kill us by trapping or we will relieved of our lives by inhaling the stench of the rotten dung. If that is not enough, these people will throw petrol on us @ Rs. 100 a ltr and burn us alive. In that case they should be hailed as heroes and dharmatmas. Atleast they intend to perform our last rites with pure fire.
Shuchir
shuchirbhatia@gmail.com
Hi,
ReplyDeleteI completly agree with it. We are being double taxed. In India only 20% of the people are salaried. But the government has to spend(?) for the 100% of the people. So, we people whose salaries are as wide open as a newspaper are being taxed. A business man or a politician, never (atleast in 99.99% cases) file their original earnings.
So, the government decided to introduce VAT. But, it didnt bother abt salaried being doble taxed.
Say we earn Rs.100, we then pay tax of Rs.30, then we buy some thing, 12.5% VAT, on that educational cess, and tax.. totally we shell out Rs.9.1 as VAT. Apart from it, we also have the great Inflation... which was around amazing 12% per month almost a quarter ago. Again remove Rs.9.1 over that.
At the end the value for the money Rs.100 of salaried people is just Rs.52.
But for others their Rs.100 is worth for Rs.82.
Beleive me many times i think to quit my job and start some petty shop.
I really didnt understand, why the sucking government didnt bring the interest rates down in 2007 when the inflation was around 3-4%. Now in this recession, the government has the space for bringing down the Home loan to 8%. By then it was 13% and above.
After all this, the banks dont want to give loans to us(People in IT) in the same interest rate as that of other normal public. For a personal loan, people who show other source of income get a personal loan at 14-18% now. But for us it is 24-28%. I really dono whether to cry or laugh.
So, I pay almost 50% of my salary to the Government. Earning rich and living poor. Paying EMI's and credit cards.
Is that all over? No, some more people want to toy with us. Starting from House owner, to ricksaw, vegetable Vendor to Home maid every body charge us more... Only reason hehe man, we work in an IT Company.
Rs.1000 earned by us per day is equivalent to Rs.250-Rs.300 earned by a daily wager. I have seen some my neighbours house maid's living in a good living environment compared to neighbours themself.
After paying all these, we get to see a corrupted government for us. RTI- supposed to be the srongest act in India has lost its tooth. Yes, using RTI you cannot ask a minister/ their family members to disclose their wealth.
I really dono for what i ear so much.
There are ways to keep the salaried from double taxation. When we are paying VAT should we get TDSed?
We are also like anyother normal Indian except that we get into a Job bit early. For that should every service be charged more? Even the PSU Banks dont want us.
India has stood firm in this recession atleast till now. On of the reasons - Indians save nearly 33% 0f their earnings. But with Service and manufacturing industries growing exponentially, there are many and many salaried people employed. With the present policies the government is creating people with no savings, who will be poor once they loose the job. And we may loose see worser things in the future economic breakdowns.
We earn rich, left as orphans and just one step away from becoming bankrupt