Tax: Is it Really Hard. Is Indian Government Poor??? Let’s think again
- Who is responsible for this situation of our Country ?
- In my opinion Law lzzzz Maker is Responsible for this situation.
- Everyone of us just think that there is Large Fiscal Deficit in India.
- There are many large amount of Loans outstanding. And there is continuous fall in the GDP…..is it really true None of us is a Finance Minister (not at home Also) but we all are just keep CRITISIZING our Country’s Finance Minister. Do you ever think what knowledge does he possess, he have to look after all the laws prevailing in India at that time.
- Can you ever imagine that at one time, highest personal income tax rate in India was more than 90%?
- Ohhhhh !!!!!! just stop
- During Indira Gandhi’s regime in 1973-74, India’s personal income tax had eleven tax brackets with highest marginal income tax rate of 97.5 per cent. Just imagine paying Rs 97.5 to the government out of every Rs 100 earned. Well, sounds rather scaring, doesn’t it? This kind of laws only helps in sowing the seeds of corruption.
- Here are some Questions which are faced by all of us. !!!!!!!!!!
1) Qus.: What are you doing?
Tax: PAY PROFESSIONAL TAX
2) Qus.: What are you doing in Business?
Ans.: Selling the Goods.
Tax: PAY SALES TAX
3) Qus.: From where are you getting Goods?
Ans.: From other State/Abroad
Tax: PAY CENTRAL SALES TAX, IMPORT DUTY, CUSTOM DUTY & OCTROI
4) Qus.: What are you getting in Selling Goods?
Tax: PAY INCOME TAX
5) Qus.: How do you distribute profit?
Ans: By way of dividend
Tax: PAY DIVIDEND DISTRIBUTION TAX
6) Qus.: Where you Manufacturing the Goods?
Tax: PAY EXCISE DUTY
8) Qus.: Do you have Staff?
Tax: PAY STAFF PROFESSIONAL TAX
9) Qus.: Doing business in Millions?
Tax: PAY TURNOVER TAX ?
Tax: Then pay Minimum Alternate Tax
10) Qus.: Are you taking out over 25,000 Cash from Bank?
Ans.: Yes, for Salary.
Tax: PAY CASH HANDLING TAX
11) Qus.: Where are you taking your client for Lunch & Dinner?
Tax: PAY FOOD & ENTERTAINMENT TAX
12) Qus.: Are you going Out of Station for Business?
Tax: PAY FRINGE BENEFIT TAX (now Removed a dream Gift to Indian) :p
13) Qus.: Have you taken or given any Service/s?
Tax: PAY SERVICE TAX
14) Qus.: How come you got such a Big Amount?
Ans.: Gift on birthday.
Tax: PAY GIFT TAX
15) Qus.: Do you have any Wealth?
Tax: PAY WEALTH TAX
16) Qus.: To reduce Tension, for entertainment, where are you going?
Ans.: Cinema or Resort.
Tax: PAY ENTERTAINMENT TAX
17) Qus.: Have you purchased House?
Tax: PAY STAMP DUTY & REGISTRATION FEE
18) Qus.: How you Travel?
Tax: PAY SURCHARGE
19) Qus.: Any Additional Tax?
Tax: PAY EDUCATIONAL, ADDITIONAL EDUCATIONAL & SURCHARGE ON ALL THE CENTRAL Government TAX!!!
20) Qus.: Delayed any time paying Any Tax?
Tax: PAY INTEREST & PENALTY
21) INDIAN: Can I die now??
Ans. - Currently No Tax but your kids may have to pay tax
Ans: No, wait LAW Lzzzz maker is about to launch the FUNERAL TAX
22) INDIAN: God Please Save me from Tax !!!!!
Ans. By God - Go to CHARTERED ACCOUNTANT…..Even I Cant help you no More….. and pay SERVICE TAX on his services…
23) INDIAN: I am Doing nothing so I don’t have to pay tax…
Ans. You have to pay tax (A Nil Return) and pay Zero Amount.
Out of this only Approx 15 Lacs (Including all assessees) filed their income more than 10 Lacs.
all India collection of direct taxes stands at over Rs 2.82 lakh crore
TDS accounts for Rs 1.54 lakh crore which is as of today is 55 per cent of total collections
So most of the direct tax that is collected is collected because of TDS system. What would have been the situation if TDS system was not there?
An Appeal to Article Clerks : Those Article Clerks who find TDS Checking a boring work must considered himself that they are checking the highest Source of Revenue of India and even our Audit Managers keep on doing other work.
Pathetic. Isn't it? Why to blame our politicians only? Citizens of India are getting what they deserve. We do not import politicians, police, businessmen, government employees from outside of India. These are the people who come from among us. The truth is that we the citizens of India have achieved a new low with respect to honesty and moral.
Just imagine for a second if everybody starts paying tax dues honestly, at what rate of tax government will be able to collect the same revenue. I think 5 per cent will be more than enough. OK, now come out of the dream.
Disclaimer : The above all matter is only a OPINION ( by Rohit Jain ) by using True facts, & intention is to raise a VOICE AGAINST Law Maker (Keep finding him) as he made LAW Lzzzzz but we (CAs) have to make it LAW.