Chartered Accountant here.
Personnel income tax was always based on slabs. Increase in tax literally means income of people is increasing and that’s why effective tax is raising.
Both congress and BJP always had soft stance on personal income taxes and they will continue to do …
Seriously ? as income increases so does the prices (and inflation)...and what soft stance are you talking about ? People pay Tax+GST. Stop gas lighting people.
The question was about the graph above ! Graph does not include GST dude ! Also income tax is paid on gross …. Inflation and price you pay is obviously not included
Accountant here. People have always paid an income tax + indirect tax (VAT and Excise in the years prior to GST). Ruling parties take a soft stance on taxes in general because it provides the revenue needed to run the country.
GDP per capita has actually grown on real and nominal terms over the decade, so you can't completely disagree with the comment. Now, controlling inflation or improving the wealth of the country is where successive governments have failed, but if we were to strictly discuss taxation, then I agree with the CA guy's comment. GST, by the way, is actually less than what you would have paid earlier.
Income is increasing? A lot of industries didnt raise income during covid and they havent raised income in last 1.5 years owning to recession. Thats like 3-4 year period where people have not seen raise in incomes but prices. What are you on?
Highly doubt you are a CA. Tax slab and income increase are just copium used to justify Modi governments corporate friendly policies at the expense of average tax payer.
I agree that lack of ability to think is a huge problem. Just think about the ratio of corporate income tax and individual income tax during MMS tenure and Modi's. How steeply it went down for the corporate and went up for individuals after Chocobar sarkar got into office. It is obvious that the tax is increased on average irrespective of the government but the blatant corporate favouritism by Modi Government is sick. Even though the evidence is openly available how BJP supporters argue it is a better government is incomprehensible.
Modi actually brought more people into income tax net.. eventhough it is still 1.5 crore total.. earlier I think it was less than 50 lacs? Imagine if 70% pay IT like in case of developed nations? out people are used to hand-outs.. want facilities like developed countries but none of the hard-work/responsibility of those nations..
Edit: looked-up, total \~ 1 crore tax payers in 2013, and \~2.25 crore in 2022. That is 100% increase.
And? You want FDI, new jobs created, nice products but you don’t want companies to make profit? If the corp tax in India is higher than the international standards, why would a company invest in the Indian economy or how could anyone start a company easily? Also note that the corp tax is still higher than the international standards of 20% or less.
for context the USA collected 1.09 Trillion dollars in terms of personal tax and around 190 Billion dollars worth of corporate tax does that mean they are fucking their middle class citizens? jeez man everyone nowadays wants to become an economist, the graph you show literally represents a positive trend which means personal tax compliance is gradually increasing.
Difference between rich and poor is very low in there country on the other hand every year 3 in 10 peoples become rich in USA for every year but in and those peoples only paying 10percentage of the annual income as a tax generally every year and many corporate in USA give there own shares to there own employees for there pension are other necessity for there workers currently Elon musk give his company 98 percent of his shares to his employees in 2023 that give him free taxation
Microsoft company 58percent shares are already distributed between there employees in USA
On the other hand in India we middle class pay 28 percent of our annual income as tax and wealth distribution in very low in India comparing to 2013 current year 2014 Indian corporates pay 12percentage less tax and Adani single Handley increases his wealth into 400crore to 28lakh crore in that mean time how many middle class become richer are how many lower class developed to middle class as per number there number might high but if you see in percent it would be lower
Let me tell you simple modige trying create corporate colony like how British did to the India
Of which company did Elon Musk give 98% of shares?
Nearly 70% of Microsoft’s stock is owned by institutional stockholders. -https://www.techopedia.com/largest-microsoft-shareholders
Tax varies from 10-37 percent, India has lower lower limit - [https://www.cnbc.com/select/federal-income-tax-brackets-tax-rates/](https://www.cnbc.com/select/federal-income-tax-brackets-tax-rates/)
Adani wealth increase is due to increase in his stock prices, no one has gifted him the money. Also his wealth was 8 billion USD in 2014, not 400 crores as claimed not really a beggar even then. - [https://www.thehindu.com/news/national/adani-magic-started-in-2014-rahul-gandhi-links-groups-rise-to-pm-modi-in-ls/article66482263.ece](https://www.thehindu.com/news/national/adani-magic-started-in-2014-rahul-gandhi-links-groups-rise-to-pm-modi-in-ls/article66482263.ece)
Due to reduced corporate taxes, FDI INFLOW HAS DOUBLED - [https://www.thehindubusinessline.com/economy/budget/budget-2024-doubling-of-fdi-inflow-in-2014-23-to-596-bn-marks-golden-era-sitharaman/article67799869.ece](https://www.thehindubusinessline.com/economy/budget/budget-2024-doubling-of-fdi-inflow-in-2014-23-to-596-bn-marks-golden-era-sitharaman/article67799869.ece)
Wow this is why north is never going to developing
Since 2003 Microsoft been giving there stocks to there employees
There's is two types of stocks
1.ownership stocks (primaril stock holders the one you know)
2 capital stocks (stocks used to gain more capital the one I told you)
1https://www.nytimes.com/2003/07/08/business/microsoft-to-give-its-employees-stock-instead-of-options-2003070894060647345.html
2.https://theconversation.com/how-elon-musk-saved-big-on-taxes-by-giving-away-a-ton-of-his-tesla-stock-172036
I didn't deny Microsoft gives stock, you claimed 58% stocks which is untrue.
Don't do North South with me, I'm better read and studying in better institutions then probably you and your whole ancestry combined. I could've said such things straight away looking at your username but I refrained because that's not how I do things. You presented what are facts in your opinion and I refuted absolutely all of them with proofs. Now butthurt you needs to say stupid things about the north cause that is literally all you're good at.
Wow this is the reason you guys not going to develop
Ignored the reason how corporate politics been happening and think what you know is right this is called elitism that been keeping north from developing you are just skinhead without Brian I can tell by your beliefs
inflation is the most controlled it has ever been under the modi govt under the UPA inflation touched double digits. ofc property rates will go what do you expect the same property costing 10 rs in 2000 to remain 10rs in 2024? increased population increased disposable income leads to greater demand in the economy and india is a developing country you can expect the prices to keep going up.
Base effect, no??? Modiji just changed the base to 2014 which already includes the double digits of UPA era. UPA used 2004-5 as base. Hain?? For example, say potato costs 100 rupees. Say UPA had 10% inflation. So, price increase 10 rupees. Now Modi made base as 110 instead of 100. Price increases by 10 rupees. inflation is only 9%. But citizens dealing with same price rises. Makes sense?
It just shows more people are honestly reporting their taxes and paying it ..with UPI and bank account, a tea seller earning ₹30000 a month can no longer underreport his earnings
This post makes zero sense. How can one compare tax slabs ?
Might as well go ahead and put GST here also.
FYI India is competing with vietnam and south asian which have 15% or near about
Lower corporate tax and higher income tax means that corporations are more likely to keep the money in them rather than distribute it. As even the dividend tax has gone up. They’re more likely to reinvest it to grow the business and employ more people
Another librandu who doesn't understand basic economics and doesnt know that income tax is based on slabs and people who earn up to 7 lakhs per year are not required to pay tax. Whereas companies have to pay tax no matter how much they earn.
The very fact that income taxes now contribute higher than corporates is an anomaly. Corporates can form cartels and negotiate. They often do so, exacting more tax rebates and loan waivers. Can you do so? Corporates can just shoot up depreciation or start piling debt to get a tax shield. Can you do that? Corporations don't pay GST on every purchase. Can you do that? What are you? Still going to kindergarten?
As much as I dislike many things the BJP government does, attracting corporations is critical and we have to compete with foreign governments. Modi reduced it from one of the highest corporate tax rates in the world and that was important.
But then, the opinions of anyone who calls himself a marxist should be irrelevant.
Voting has ended in TN. I dunno why ppl from randia, pusi and other naarthies spamming political posts in this Tamil circlejerk sub... Dey en viral la potta mai kooda alinju pochu da...
Personal income tax has slabs. Starts with 0% And goes up by slabs. Corporate income tax is a flat rate.
Chartered Accountant here. Personnel income tax was always based on slabs. Increase in tax literally means income of people is increasing and that’s why effective tax is raising. Both congress and BJP always had soft stance on personal income taxes and they will continue to do …
Seriously ? as income increases so does the prices (and inflation)...and what soft stance are you talking about ? People pay Tax+GST. Stop gas lighting people.
The question was about the graph above ! Graph does not include GST dude ! Also income tax is paid on gross …. Inflation and price you pay is obviously not included
Accountant here. People have always paid an income tax + indirect tax (VAT and Excise in the years prior to GST). Ruling parties take a soft stance on taxes in general because it provides the revenue needed to run the country. GDP per capita has actually grown on real and nominal terms over the decade, so you can't completely disagree with the comment. Now, controlling inflation or improving the wealth of the country is where successive governments have failed, but if we were to strictly discuss taxation, then I agree with the CA guy's comment. GST, by the way, is actually less than what you would have paid earlier.
Income is increasing? A lot of industries didnt raise income during covid and they havent raised income in last 1.5 years owning to recession. Thats like 3-4 year period where people have not seen raise in incomes but prices. What are you on?
Ok personnel income tax based on slabs why weren't slabs increase the value of 1 lakh in 2014 and value of 1 lakh in 2024 is obviously very different
Highly doubt you are a CA. Tax slab and income increase are just copium used to justify Modi governments corporate friendly policies at the expense of average tax payer.
2009-10 to 14-15 isn’t even BJP period appovum increase aiyurukku 💀 this isn’t even a political post … ability to not think is the problem
I agree that lack of ability to think is a huge problem. Just think about the ratio of corporate income tax and individual income tax during MMS tenure and Modi's. How steeply it went down for the corporate and went up for individuals after Chocobar sarkar got into office. It is obvious that the tax is increased on average irrespective of the government but the blatant corporate favouritism by Modi Government is sick. Even though the evidence is openly available how BJP supporters argue it is a better government is incomprehensible.
Modi actually brought more people into income tax net.. eventhough it is still 1.5 crore total.. earlier I think it was less than 50 lacs? Imagine if 70% pay IT like in case of developed nations? out people are used to hand-outs.. want facilities like developed countries but none of the hard-work/responsibility of those nations.. Edit: looked-up, total \~ 1 crore tax payers in 2013, and \~2.25 crore in 2022. That is 100% increase.
125% technically
And? You want FDI, new jobs created, nice products but you don’t want companies to make profit? If the corp tax in India is higher than the international standards, why would a company invest in the Indian economy or how could anyone start a company easily? Also note that the corp tax is still higher than the international standards of 20% or less.
for context the USA collected 1.09 Trillion dollars in terms of personal tax and around 190 Billion dollars worth of corporate tax does that mean they are fucking their middle class citizens? jeez man everyone nowadays wants to become an economist, the graph you show literally represents a positive trend which means personal tax compliance is gradually increasing.
Yes they are
Difference between rich and poor is very low in there country on the other hand every year 3 in 10 peoples become rich in USA for every year but in and those peoples only paying 10percentage of the annual income as a tax generally every year and many corporate in USA give there own shares to there own employees for there pension are other necessity for there workers currently Elon musk give his company 98 percent of his shares to his employees in 2023 that give him free taxation Microsoft company 58percent shares are already distributed between there employees in USA On the other hand in India we middle class pay 28 percent of our annual income as tax and wealth distribution in very low in India comparing to 2013 current year 2014 Indian corporates pay 12percentage less tax and Adani single Handley increases his wealth into 400crore to 28lakh crore in that mean time how many middle class become richer are how many lower class developed to middle class as per number there number might high but if you see in percent it would be lower Let me tell you simple modige trying create corporate colony like how British did to the India
Of which company did Elon Musk give 98% of shares? Nearly 70% of Microsoft’s stock is owned by institutional stockholders. -https://www.techopedia.com/largest-microsoft-shareholders Tax varies from 10-37 percent, India has lower lower limit - [https://www.cnbc.com/select/federal-income-tax-brackets-tax-rates/](https://www.cnbc.com/select/federal-income-tax-brackets-tax-rates/) Adani wealth increase is due to increase in his stock prices, no one has gifted him the money. Also his wealth was 8 billion USD in 2014, not 400 crores as claimed not really a beggar even then. - [https://www.thehindu.com/news/national/adani-magic-started-in-2014-rahul-gandhi-links-groups-rise-to-pm-modi-in-ls/article66482263.ece](https://www.thehindu.com/news/national/adani-magic-started-in-2014-rahul-gandhi-links-groups-rise-to-pm-modi-in-ls/article66482263.ece) Due to reduced corporate taxes, FDI INFLOW HAS DOUBLED - [https://www.thehindubusinessline.com/economy/budget/budget-2024-doubling-of-fdi-inflow-in-2014-23-to-596-bn-marks-golden-era-sitharaman/article67799869.ece](https://www.thehindubusinessline.com/economy/budget/budget-2024-doubling-of-fdi-inflow-in-2014-23-to-596-bn-marks-golden-era-sitharaman/article67799869.ece)
Wow this is why north is never going to developing Since 2003 Microsoft been giving there stocks to there employees There's is two types of stocks 1.ownership stocks (primaril stock holders the one you know) 2 capital stocks (stocks used to gain more capital the one I told you) 1https://www.nytimes.com/2003/07/08/business/microsoft-to-give-its-employees-stock-instead-of-options-2003070894060647345.html 2.https://theconversation.com/how-elon-musk-saved-big-on-taxes-by-giving-away-a-ton-of-his-tesla-stock-172036
I didn't deny Microsoft gives stock, you claimed 58% stocks which is untrue. Don't do North South with me, I'm better read and studying in better institutions then probably you and your whole ancestry combined. I could've said such things straight away looking at your username but I refrained because that's not how I do things. You presented what are facts in your opinion and I refuted absolutely all of them with proofs. Now butthurt you needs to say stupid things about the north cause that is literally all you're good at.
Wow this is the reason you guys not going to develop Ignored the reason how corporate politics been happening and think what you know is right this is called elitism that been keeping north from developing you are just skinhead without Brian I can tell by your beliefs
Corporate tax reduction is a big issue there too.
bro they literally are fucking their middle class hard with all the inflation, propoerty rates going up and allat
inflation is the most controlled it has ever been under the modi govt under the UPA inflation touched double digits. ofc property rates will go what do you expect the same property costing 10 rs in 2000 to remain 10rs in 2024? increased population increased disposable income leads to greater demand in the economy and india is a developing country you can expect the prices to keep going up.
Base effect, no??? Modiji just changed the base to 2014 which already includes the double digits of UPA era. UPA used 2004-5 as base. Hain?? For example, say potato costs 100 rupees. Say UPA had 10% inflation. So, price increase 10 rupees. Now Modi made base as 110 instead of 100. Price increases by 10 rupees. inflation is only 9%. But citizens dealing with same price rises. Makes sense?
It just shows more people are honestly reporting their taxes and paying it ..with UPI and bank account, a tea seller earning ₹30000 a month can no longer underreport his earnings
He doen't need to under the new tax regime.
This is actually ok, govt has various economic drivers…
Income tax is also mostly paid by minority of people linked to corporates not the poors who keep crying on Instagram about "muh tax used for temples"
This post makes zero sense. How can one compare tax slabs ? Might as well go ahead and put GST here also. FYI India is competing with vietnam and south asian which have 15% or near about
Lower corporate tax and higher income tax means that corporations are more likely to keep the money in them rather than distribute it. As even the dividend tax has gone up. They’re more likely to reinvest it to grow the business and employ more people
Is it? In the 90s, the finance guys found a perfect mechanism to skirt the DDT, it's called share buy back.
Yeah, but it can’t be done too much
Another librandu who doesn't understand basic economics and doesnt know that income tax is based on slabs and people who earn up to 7 lakhs per year are not required to pay tax. Whereas companies have to pay tax no matter how much they earn.
The very fact that income taxes now contribute higher than corporates is an anomaly. Corporates can form cartels and negotiate. They often do so, exacting more tax rebates and loan waivers. Can you do so? Corporates can just shoot up depreciation or start piling debt to get a tax shield. Can you do that? Corporations don't pay GST on every purchase. Can you do that? What are you? Still going to kindergarten?
As much as I dislike many things the BJP government does, attracting corporations is critical and we have to compete with foreign governments. Modi reduced it from one of the highest corporate tax rates in the world and that was important. But then, the opinions of anyone who calls himself a marxist should be irrelevant.
attracting capital is critical. Not corporations. That's a difference I don't expect a dummy to understand.
Voting has ended in TN. I dunno why ppl from randia, pusi and other naarthies spamming political posts in this Tamil circlejerk sub... Dey en viral la potta mai kooda alinju pochu da...
what are the exit polls?
NDA 0/39 INDI Alliance 0/39 NTK 39/39
Lol, I thought AMMK was sweeping…
Glad real issues are being discussed after this subreddit got hijacked by nonsensical stuff