Tax matter
*The big myth on Income Tax Payers in India;*
Data from a Chartered Accountants' group.......;
✍ FM said during his budget speech that we are largely a tax *'non- compliant'* society and presented that only *3.7 crores* are filing ITRs in this poor country of 125 crore population .
*The reply by CAs :*
Sir,
We have 82 crore voters out of which,
- *75% are agriculturists* ie. 61.5 crores ( You exempted them straightaway, but they can also buy cars , bungalows etc. as you quoted.. Your political colleagues are also enjoying this exemption)
*Balance remains.......20.5 crores*
*Less:24% BPL class* ( Below poverty line)
Means 15 crore population ( which is non agriculturist and non BPL) ..
*Less : Senior Citizens, Non working wives, unemployed youths, below-taxable income earners...political class..(say 75%)* ... in a typical indian family only 1 earning member and 5/6 are dependent on him....
*Balance: (15-11.25)=3.75 crores is the earning class ... which can file ITRs and ... they are already filing it...*
.... So almost no gap as FM is stressing unnecessarily without knowing his country more
Data from a Chartered Accountants' group.......;
✍ FM said during his budget speech that we are largely a tax *'non- compliant'* society and presented that only *3.7 crores* are filing ITRs in this poor country of 125 crore population .
*The reply by CAs :*
Sir,
We have 82 crore voters out of which,
- *75% are agriculturists* ie. 61.5 crores ( You exempted them straightaway, but they can also buy cars , bungalows etc. as you quoted.. Your political colleagues are also enjoying this exemption)
*Balance remains.......20.5 crores*
*Less:24% BPL class* ( Below poverty line)
Means 15 crore population ( which is non agriculturist and non BPL) ..
*Less : Senior Citizens, Non working wives, unemployed youths, below-taxable income earners...political class..(say 75%)* ... in a typical indian family only 1 earning member and 5/6 are dependent on him....
*Balance: (15-11.25)=3.75 crores is the earning class ... which can file ITRs and ... they are already filing it...*
.... So almost no gap as FM is stressing unnecessarily without knowing his country more
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In this Forum one gets presented different figures on different occasions. Because, simultaneously, the government prints out encouraging figures on how many more and more tax payers are joining in filling the State's coffers every year. Unless, therefore, truly authentic figures are on the Table, it's difficult to comment. more
Jan 22
As a TAX PAYER; and small scale businessman it's getting difficult to keep our margins after addition of GST. more
Jan 22
IF POLITICIANS WHO BLAME COMMON CITIZENS THEMSELVES ARE PAYING TAX? AND EVEN TODAY IN THE WORLD OF FREE SIM AND FREE CALLS THEY ALL ARE GETTING TELEPHONE ALLOWANCES. more
Jan 22
The data produced by Shri Mayur Vora are nearest to accuracy & I can unhesitatingly., unbiasedly say that the statements of Forum of CAs like ''Data from a Chartered Accountants' group.......;
✍ FM said during his budget speech that we are largely a tax *'non- compliant'* society and presented that only *3.7 crores* are filing ITRs in this poor country of 125 crore population .
*The reply by CAs :* '' is highly meaningful & 100% reality/truth in practical situation today in our Country and therefore it is up to top level functionaries in Central Govt to realize ground level realities.I am totally disappointed with the working of present Govts' functioning(Since I had high hopes on the Shri Modi's Govt, 3 1/2 years back, which are ie such of my dreams are now shattered ) in as much it is hardly ensuring to pass any quality amount of value added/ quality services from it (Particularly bureaucrats from IAS/IPS/AIS officers) while it is squeezing the common man heavily with a series of certain economic / other relevant/ irrelevant reforms, hurriedly without anticipating the possible negative reactions.
It is hightime now to resort to 'mid-course ' correct at this juncture by top level functionaries in Central Govt to fall in line with ground level realities correct the situation. more
✍ FM said during his budget speech that we are largely a tax *'non- compliant'* society and presented that only *3.7 crores* are filing ITRs in this poor country of 125 crore population .
*The reply by CAs :* '' is highly meaningful & 100% reality/truth in practical situation today in our Country and therefore it is up to top level functionaries in Central Govt to realize ground level realities.I am totally disappointed with the working of present Govts' functioning(Since I had high hopes on the Shri Modi's Govt, 3 1/2 years back, which are ie such of my dreams are now shattered ) in as much it is hardly ensuring to pass any quality amount of value added/ quality services from it (Particularly bureaucrats from IAS/IPS/AIS officers) while it is squeezing the common man heavily with a series of certain economic / other relevant/ irrelevant reforms, hurriedly without anticipating the possible negative reactions.
It is hightime now to resort to 'mid-course ' correct at this juncture by top level functionaries in Central Govt to fall in line with ground level realities correct the situation. more
Jan 26
Dear Members, Two years ago a group of CAs met with PM and presented all such calculations. Their suggestion was that Income tax should be abolished. Transaction charges of 0.4% will get the revenues to government higher than the collected tax. All irregularities could be avoided and cost of resources of Income tax department could be conveniently saved. It is true that IT payers are generally salaried people and most of the people involved in various trades avoid IT. I would request all members please try to understand the basic requisites before we challenge each other, as desired by the government. Unity can pay a lot but with diligent efforts. more
Jan 22
Yes buyer must ask for proper bill/invoice. Seller is equally responsible to issue an invoice/bill that is well accounted for in his books. Do the sellers really keep a record of incoming material and sold material and overall turnover? more
Jan 22
ACTUALLY MOST BUYERS ARE TAX EVADERS AND THEY ARE THE STARTING POINT OF GENERATING NON-TAXED(BLACK) MONEY. WHENEVER A TRADER QUOTE RATE PLUS TAX THE MOST COMMON REPLY IS BILL KA KYA KARNA HAI? AND WHERE ISSUING BILL IS NORM I SAW 50% OF CUSTOMERS THROW BILL OUTSIDE THE SAME SHOP/MALL. more
Jan 22
Anil ji,
I am sorry if I hurt your feelings. I did not say traders first of all. I did not call 'CHOR' as well.
It is a common tendency of each one of us to avoid or reduce tax liability. You may try to realise a fact are we all ready to declare our transactions and revenues in totality? Is it not true a vegetable vendor on horse cart can have sale of Rs.10000 in a day? Will he not have net earning of more than 10%? Can he be covered under IT liability? Should he be covered under IT liability? But on the other hand a salaried person with similar earning be paying tax at 20%. more
I am sorry if I hurt your feelings. I did not say traders first of all. I did not call 'CHOR' as well.
It is a common tendency of each one of us to avoid or reduce tax liability. You may try to realise a fact are we all ready to declare our transactions and revenues in totality? Is it not true a vegetable vendor on horse cart can have sale of Rs.10000 in a day? Will he not have net earning of more than 10%? Can he be covered under IT liability? Should he be covered under IT liability? But on the other hand a salaried person with similar earning be paying tax at 20%. more
Jan 22
Time and again we have been suggesting that High end Agricalturists who have more than 10 Acre of land or who have any of the luxiary items must be taxed.How long we can suffer due to this.I think Govt lobby does not want to implement, after all this is because of vote catching tactics. more
Jan 22
