https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206162
The TCS on foreign remittance is such a surprise. It will affect plans of so many when it comes to studying abroad
Why making ends meet is going to get tougher - by Balakrishnan R
Disclaimer: The following post is written by Balakrishnan R - one of the co-founding members of CRISIL. I am only copying and pasting the article as it is.
Veteran investment adviser and writer R Balakrishnan on the tax collection mechanism of the government turning hostile. The digital system gets more efficient and the process is pleasant, but the outcome is not.
Many financial products are sold with the carrot of tax exemptions or deductions being offered. It was important when the savings rates had to be constantly pushed higher and formal sector earnings were low. The situation is different today.
There is a high ‘formalisation’ of income and with technology, few streams escape the tax net. Probably real estate, gold and precious stones are the last three asset classes where cash is still in use in a big way and skips the tax net.
Formal sector earnings are growing. The savings pie is getting bigger. The government probably feels that whether there is some tax gain or not, savings will happen.
Not just withdrawal of tax credits, but other issues too.
One of the ugliest things in the history of personal taxation is the TDS on remittance of money to your children who study abroad. As it is we scrape the barrel to find enough money to send them for further studies. And on that, the government wants a share.
The levy of GST on something like the premium on medical insurance is another blow. I have never seen such debased tax behaviour.
At one time, the Finance Minister had logically eliminated capital gains tax and imposed STT on shares and securities. That is history. Capital gains tax has been reintroduced.
Deductions and exemptions are now the domain of big business. For the politician, it is big business that provides revenue for the parties and they have to be kept happy. Hence, schemes “promoting business” will always find their place in the Union Budgets, or even outside it.
Politicians have provided themselves with all the financial security by way of pensions and freebies post retirement. Unfortunately for the salaried person, there are no social security benefits based on the income taxes that one pays during a lifetime. The country can consider giving back to those who gave; in any case the tax payers are not a large number.
Implication for the investor:
- Err on the side of caution.
If you are working on a long-range plan (20 years or more), assume that every income stream is going to become taxable.
I also see a situation where mutual funds and insurance companies will be taxed on their share market trades. Today they churn without bothering about tax implications. Once they are taxed, the industry and the returns will undergo a sea change in terms of returns and return expectations.
- Be aware.
It will be a gradual and painful process as we see our investment returns falling. Even simple things like TDS/TCS is a tool to reduce our savings. Many people may not do what is needed to avoid TDS/TCS and will have to claim it as a refund from the government. Surely not everyone will do so, and the government will legally appropriate these unclaimed monies.
We bought listed debentures because there was no TDS. No more. So now, if your income is below the taxable limit and do not file returns, you will have to file returns to claim your refund. Many will simply not bother.
- Be diligent.
Ensure that you have a Will in place and investments are nominated or held jointly. In a sudden death, your family could lose it all.
Bank deposits, shares and dividends which are unclaimed for over 10 years goes to the government. The process to reclaim the money is a herculean task; most will either give up halfway or die before the process is completed.
- Tax Planning is going to become less important as we move forward.
The last two things left with some tax savings are the postal deposits and the PPF. I am sure that the present Finance Minister would like to do away with this. At this rate at which tax is being levied on every single aspect of investing, it is quite probable that the proceeds of the PPF or even tax-free bonds could well be considered for taxation. In case you think I am being overly pessimistic, let me remind you of the idea floated that tax should be levied on cash withdrawals from the bank.
However, I want to point out that the states get a share in the mobilization and will oppose this. Till that issue can be addressed, PPF and postal savings schemes will probably be kept alive.
- Inflation and Tax will eat away your wealth.
In 70+ years of self-rule, we still do not have a stable taxation rule book. Every year, the Union Budget fine print throws up more and more surprises.
For the salaried, everything gets taxed. Often, more than once. All our savings come from tax-paid money. It has suffered taxation once (income tax). We invest this to make money, and once again we are taxed. At the same time, if we lose money, we cannot set it off against some other income. Only a business entity can choose these flexibilities.
There are multiple stages of successive taxation on his income and all the favours go to big business. The effective rate of taxation on a businessman is far lesser than on a salaried person.
Save. Invest. Don't assume that all will be taken care of. Prepare for the worst. That is the only way to survive.
Abbreviations:
STT: Securities Transaction Tax
TDS: Tax Deducted at Source
TCS: Tax Collected at Source
GST: Goods and Services Tax
TDS under GST is tax-deductible by a buyer of goods and services while making payments under a business contract. TCS under GST is the tax that an e-commerce business collects when merchants sell goods or services via its website, and the e-commerce platform takes payments on their behalf.
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Top Comments
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206169
Of course people who don't pay tax are so sad after hearing that they have to pay tax now. Abhi Tak sirf tax payers hi dukhi the ki unke tax money waste hota hai. Ab baki log bhi dukhi honge. Atleast India will now deserve it's current place in happiness index.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206185
Let's check some numbers .
6.5 Lac students go for foreign studies every year (2002 numbers)
23 million Indians travelled abroad in 2019...and we had 80 million or so tax payer in same period ..it's like every 4th tax payer does a foreign trip ..highly unrealistic..
All this foreign remittance tax or tax on foreign transaction are just a step to increase tax base.. unfortunately students who represent small numbers have to suffer..
For capital gain tax...we have capital gain bond 50L and tax harvesting of 1L per year for equity.. most of the middle class should be covered here...
I am firm believer that govt should bring back wealth tax and introduce inheritance/gift tax
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206225
NOTA. Unless people vote for NOTA in large numbers, political parties do not care about salaried. They know salaried is not a significant vote base. NOTA should wake up all political parties.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206288
Sudarshan61 wrote:your calculation is very wrong mateLet's check some numbers .
6.5 Lac students go for foreign studies every year (2002 numbers)
23 million Indians travelled abroad in 2019...and we had 80 million or so tax payer in same period ..it's like every 4th tax payer does a foreign trip ..highly unrealistic..
All this foreign remittance tax or tax on foreign transaction are just a step to increase tax base.. unfortunately students who represent small numbers have to suffer..
For capital gain tax...we have capital gain bond 50L and tax harvesting of 1L per year for equity.. most of the middle class should be covered here...
I am firm believer that govt should bring back wealth tax and introduce inheritance/gift tax
Assuming every abroad traveler as tax payer...
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206384
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206509
If the government ever cared about tax evasion and black money, then the first thing it would have done would be to get rid of the 80GGC... Last year itself a total of around 9 Billion INR was donated with 6 Billion just to the ruling party itself... 9 Billion (900 Crores) is no joke... and we all know the dark truth about these donations...
The fact is: The rich is getting richer, the poor is getting poorer, and the middle class is just stuck with taxes.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206533
LordGane wrote:NOTA. Unless people vote for NOTA in large numbers, political parties do not care about salaried. They know salaried is not a significant vote base. NOTA should wake up all political parties.
NOTA मुझे kabhi नहीं dikhta HOTA
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206563
BlueFlash wrote:If the government ever cared about tax evasion and black money, then the first thing it would have done would be to get rid of the 80GGC... Last year itself a total of around 9 Billion INR was donated with 6 Billion just to the ruling party itself... 9 Billion (900 Crores) is no joke... and we all know the dark truth about these donations...
The fact is: The rich is getting richer, the poor is getting poorer, and the middle class is just stuck with taxes.
Laundering black money and allowing crony capitalists to steal from country wealth are the only responsibilities politicians have. They will get money and muscle doing that.
The herd of sheep would do the dirty work of defending, free of cost.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206920
doremon32 wrote:Not really, as per this article. Education and medical are exempted categories. They fetch 5% TCS above 7 lakh, same as earlier.The TCS on foreign remittance is such a surprise. It will affect plans of so many when it comes to studying abroad
Yes, some expenses will fetch 20% tcs (which too will be offset against actual overall incomes tax payable), but those expenses won't be a significant part of 'education expenses'.
- If funding source is education loan, then tcs is 0.5% on entire amount.
- If any other source of funding, then 5% tcs.
- All remittances towards living expenses (indirect education expenses) like food & rent will also be subject to 5% as long as those expenses are justifiably linked to education expenses. Only thing is now rich dudes won't be able to buy a bmw or audi and claim it towards conveyance costs or other education expenses at lower tcs rate. They'll also not be able to claim 3x-4x rent amount as compared to other people claiming the same at lower tcs rates.
source: https://economictimes.indiatimes.com/wealth/tax/new-tcs-rate-from-july-sending-money-for-children-studying-abroad-to-cost-more-for-non-education-expenses/articleshow/98510281.cms
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206924
BlueFlash wrote:True... but earlier only the rich and people with good connections were able to find such 'ways' to 'save' taxes. Now even common people have been empowered with these tools.. true democratization 😂If the government ever cared about tax evasion and black money, then the first thing it would have done would be to get rid of the 80GGC... Last year itself a total of around 9 Billion INR was donated with 6 Billion just to the ruling party itself... 9 Billion (900 Crores) is no joke... and we all know the dark truth about these donations...
The fact is: The rich is getting richer, the poor is getting poorer, and the middle class is just stuck with taxes.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206945
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atx88 wrote:
Not really, as per this article. Education and medical are exempted categories. They fetch 5% TCS above 7 lakh, same as earlier.
Yes, some expenses will fetch 20% tcs (which too will be offset against actual overall incomes tax payable), but those expenses won't be a significant part of 'education expenses'.
- If funding source is education loan, then tcs is 0.5% on entire amount.
- If any other source of funding, then 5% tcs.
- All remittances towards living expenses (indirect education expenses) like food & rent will also be subject to 5% as long as those expenses are justifiably linked to education expenses. Only thing is now rich dudes won't be able to buy a bmw or audi and claim it towards conveyance costs or other education expenses at lower tcs rate. They'll also not be able to claim 3x-4x rent amount as compared to other people claiming the same at lower tcs rates.
source: https://economictimes.indiatimes.com/wealth/tax/new-tcs-rate-from-july-sending-money-for-children-studying-abroad-to-cost-more-for-non-education-expenses/articleshow/98510281.cms
That's the concern. Most students wont be able to link their food and lodging expenses to their education expenses. Thus will be charged at 20%
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206970
I'm waiting for the delay when 80-series exemptions are withdrawn and people will stop putting money in long term savings.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9206977
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Sudarshan61 wrote:Never assumed it ..numbers are just to show that we have far less tax payers .
Just because the rich aren't paying taxes the best solution they found is to increase Indirect taxes?Indirect taxes account for 53% of all taxes.
Do you even understand how regressive are indirect taxes?
They have targeted every aspect of investing,30%+Extra tcs on crypto,a Hike of 25% on stt in stocks they are targeting the common man as much as they can,
Have you questioned how Jay Shah son of Amit Shah is BCCI and Asian Committee president with zero cricket experience?
Have you ever questioned how BCCI also pays 0 tax being the richest cricket board?
Have you ever questioned how many times Adani and other billionaire friends from Gujrat have evaded taxes?
Have you ever questioned how India ranks 150 out of 180 in Press freedom?They have been suppressing literally everyone in front of our eyes,Ambani acquires News18 and Adani acquires NDTV in a hostile takeover?
But but coconut oil is also hair oil so increasing taxes from 5 to 18% is a must for the progression of the country 🥸🤓
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207033
In general, most of the points are true, but even then, the tone of the article is borderline panic creating.
1. Being cautious, being aware, being diligent, inflation and tax will eat away your wealth -> when were any of these not true? Like was there any time in the past when any of these points were not important?
And with this, nearly half of the article is done!
2. Now there may be high formalization of income & only a few streams escape the tax net, so what? What is the author trying to imply here? That we don't need any more strictness? Or do we need to leave out these few streams from tax net? Or is it just an attempt for some melodrama by calling in the emotional card with a statement like '... ugliest thing … is TDS on remittance of money to your children who study abroad...'? boo hoo!
I'm not sure what author thinks here but hey, it does not mean at all that tax net on those 'formalized' streams can be or should be relaxed. It also does not mean that those remaining streams should not be worked upon. The moment any relaxation is provided, tax evasion will follow. Infact, the technology needs to be improved even more so as to find out why and how even few streams are still able to escape tax net even after all this technology and lead gathering.
3. And I'm still not able to get my head around what author meant by 'govt wants a share' in that study abroad section. TCS does not mean tax levied or tax taken irreversibly. TCS is more of a way to include things in tax net. If all students going abroad to study are from poor families whose overall income does not even cross 2.5L threshold, then all that tax collected will be refunded to them, that too with interest (provided they file ITR).
4. No matter what the article implies or what author tried to imply, one point we all have to agree upon is:
Save. Invest. Don't assume that all will be taken care of. Prepare for the worst. That is the only way to survive.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207093
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doremon32 wrote:That's the concern. Most students wont be able to link their food and lodging expenses to their education expenses. Thus will be charged at 20%
Okay, but first thing is it is not a irreversible charge which is extra on the taxpayer. It is adjusted against income tax liabilities. If overall tax liabilities are less than this TCS charged, amount is refunded.
But more important question is: why would anyone not be able to link their food and lodging expenses? We all salaried people are already doing this here for years now! It is going to be slightly different in other countries but not impossible.
Govt has been allowing lumpsum food expenses to be claimed. Approximately similar amount would be claimed by most other students getting education in that area. And even in the the assessing officer is too strict, then merely keeping 4-5 receipts in a year would be sufficient to prove the claim.
Regarding lodging, in most countries one would get tenancy or lease agreement or whatever they call it in their respective countries. If the location is nearby to educational college, claim cannot be rejected during the term of education.
The only keyword is 'justifiable'. As long as expenses claimed are justifiable, proofs are not even asked for. Like rented location is at justifiable distance from college, rent is justifiable as per the city, food expenses are justifiable as per the country/city. But yeah, if someone is paying 10,000 dollars monthly rent or 100 dollars per day food, and claiming that as education related expenses, sure it'll raise flags & evidence would be asked or may even be rejected.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207176
LordGane wrote:NOTA. Unless people vote for NOTA in large numbers, political parties do not care about salaried. They know salaried is not a significant vote base. NOTA should wake up all political parties.
I've heard that NOTA too does have some hidden tnc..not sure though...
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207267
@Ramta_Jogi Awesome article bro👏👏. Did you write this yourself?
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207277
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Chin42 wrote:Just because the rich aren't paying taxes the best solution they found is to increase Indirect taxes?Indirect taxes account for 53% of all taxes.
Do you even understand how regressive are indirect taxes?
They have targeted every aspect of investing,30%+Extra tcs on crypto,a Hike of 25% on stt in stocks they are targeting the common man as much as they can,
Have you questioned how Jay Shah son of Amit Shah is BCCI and Asian Committee president with zero cricket experience?
Have you ever questioned how BCCI also pays 0 tax being the richest cricket board?
Have you ever questioned how many times Adani and other billionaire friends from Gujrat have evaded taxes?
Have you ever questioned how India ranks 150 out of 180 in Press freedom?They have been suppressing literally everyone in front of our eyes,Ambani acquires News18 and Adani acquires NDTV in a hostile takeover?
But but coconut oil is also hair oil so increasing taxes from 5 to 18% is a must for the progression of the country 🥸🤓
Wow...This is how a Liberal try to make every post political.. Any ways I will try to respond to best of my knowledge
Indirect Taxes are need for an hour as people have been evading Direct Tax.
Common man dont deal in F&O where 25% STT has been increased....ohh..BTW this increase is from 5000 per Crore to 6000 per Crore...Ya...afterrall common man deal in Crores and gets impacted.. This is how our Liberal do propaganda
No I have not questioned regarding appointment of Amit Shah, I Believe you were the one who questioned Sharad Pawar appointment in the past.. It was all over the news and I think I saw you doing Candle Light protest outside BCCI headquarter
Ya all political parties are like this .. I dont care about who is appointed BCCI chief and all..
Did BCCI got formed under current Govt? it is registered as a charitable organization since start ...I am sure you questioned it before 2014 as well.
Business is different game all together they have lot of leverage to save on Tax. Forget Adani, even Apple evades tax with all legal means. Govt intention is to increase employment generation within country and hence you will always find Business pays less tax compared to common man be it any country.
Considering we rank below Pakistan and SL in Hunger Index and lot of othe index I dont believe is such Ranks/western propogandas ... Day night press covered Pappu and his yatra and you want to believe that press dont have freedom...Keep your Liberal gayan to yourself
Hostile takeover are not new in India, happened in past and will happen in future. This is how business and Public listed companies do .. One can always question Musk take over of Twitter as well... but its ok... Liberal propaganda on anything related to Adani
Most sold coconut oil i.e Parachute Oil call themself edible Oil. Dont believe me..go and check the bottle if you have one. I am sure you dont use Parachute Oil for your cooking needs. Edible oils is still charged 5% GST vs hairloils ..so not sure what are you so fuzz here. Havent heard GST increase on Edible oils.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207281
Next generation people will be born beggars 
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207352
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Sudarshan61 wrote:Wow...This is how a Liberal try to make every post political.. Any ways I will try to respond to best of my knowledge
Indirect Taxes are need for an hour as people have been evading Direct Tax.
Common man dont deal in F&O where 25% STT has been increased....ohh..BTW this increase is from 5000 per Crore to 6000 per Crore...Ya...afterrall common man deal in Crores and gets impacted.. This is how our Liberal do propaganda
No I have not questioned regarding appointment of Amit Shah, I Believe you were the one who questioned Sharad Pawar appointment in the past.. It was all over the news and I think I saw you doing Candle Light protest outside BCCI headquarter
Ya all political parties are like this .. I dont care about who is appointed BCCI chief and all..
Did BCCI got formed under current Govt? it is registered as a charitable organization since start ...I am sure you questioned it before 2014 as well.
Business is different game all together they have lot of leverage to save on Tax. Forget Adani, even Apple evades tax with all legal means. Govt intention is to increase employment generation within country and hence you will always find Business pays less tax compared to common man be it any country.
Considering we rank below Pakistan and SL in Hunger Index and lot of othe index I dont believe is such Ranks/western propogandas ... Day night press covered Pappu and his yatra and you want to believe that press dont have freedom...Keep your Liberal gayan to yourself
Hostile takeover are not new in India, happened in past and will happen in future. This is how business and Public listed companies do .. One can always question Musk take over of Twitter as well... but its ok... Liberal propaganda on anything related to Adani
Most sold coconut oil i.e Parachute Oil call themself edible Oil. Dont believe me..go and check the bottle if you have one. I am sure you dont use Parachute Oil for your cooking needs. Edible oils is still charged 5% GST vs hairloils ..so not sure what are you so fuzz here. Havent heard GST increase on Edible oils.
What are you trying to say 😂
It's like you are trying to say Congress looted In past so now BJP have right to loot India...
(I think both of them are scammer but we have think who has currently power)
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207364
CaptainLevi wrote:@Ramta_Jogi Awesome article bro👏👏. Did you write this yourself?
Read the first paragraph. Word by word...... Slowly
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207369
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9207485
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Neonman wrote:What are you trying to say 😂
It's like you are trying to say Congress looted In past so now BJP have right to loot India...
(I think both of them are scammer but we have think who has currently power)
Typical bjp mindset. When u question their policies, they will start blaming congress ,nehru etc. Or will start Hindu Muslim fights.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9208323
It is always the case for strugglers.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9208950
atx88 wrote:TCS collected will be refunded after ITR filing but without any interest. IT dept is not liable to pay interest on TDS. They will pay interest only on delayed tax refund.In general, most of the points are true, but even then, the tone of the article is borderline panic creating.
1. Being cautious, being aware, being diligent, inflation and tax will eat away your wealth -> when were any of these not true? Like was there any time in the past when any of these points were not important?
And with this, nearly half of the article is done!
2. Now there may be high formalization of income & only a few streams escape the tax net, so what? What is the author trying to imply here? That we don't need any more strictness? Or do we need to leave out these few streams from tax net? Or is it just an attempt for some melodrama by calling in the emotional card with a statement like '... ugliest thing … is TDS on remittance of money to your children who study abroad...'? boo hoo!
I'm not sure what author thinks here but hey, it does not mean at all that tax net on those 'formalized' streams can be or should be relaxed. It also does not mean that those remaining streams should not be worked upon. The moment any relaxation is provided, tax evasion will follow. Infact, the technology needs to be improved even more so as to find out why and how even few streams are still able to escape tax net even after all this technology and lead gathering.
3. And I'm still not able to get my head around what author meant by 'govt wants a share' in that study abroad section. TCS does not mean tax levied or tax taken irreversibly. TCS is more of a way to include things in tax net. If all students going abroad to study are from poor families whose overall income does not even cross 2.5L threshold, then all that tax collected will be refunded to them, that too with interest (provided they file ITR).
4. No matter what the article implies or what author tried to imply, one point we all have to agree upon is:
Save. Invest. Don't assume that all will be taken care of. Prepare for the worst. That is the only way to survive.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9209172
Sudarshan61 wrote:Let's check some numbers .
23 million Indians travelled abroad in 2019...and we had 80 million or so tax payer in same period ..it's like every 4th tax payer does a foreign trip ..highly unrealistic..
Lets again check the numbers-
80 million taxpayers-
Usually individual pays the tax. Number of family members may be higher. Lets assume there are 2 members per family for simplifying. (Realistic would be 4-5).
23 million travelled abroad-
Now many travellers will not be going alone. Many will be in group or couple. Lets again assume that avg traveller group is of 2 members.
Now you see… only 1 out of 7 taxpayers travelled abroad. (160/23 = 80/11.5 = 7)
Seems realistic now?
Numbers alone don’t have meaning bro. Its all about how we interpret them.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9209181
Is paricharcha me apne vichar vyakt kijiye bhrata.
https://www.desidime.com/discussions/why-making-ends-meet-is-going-to-get-tougher-by-balakrishnan-r?page=1#post_9209270
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2. Jay Shah is now BCCI president? Since when? BCCI says Jay Shah is its secretary and Roger Binny is president. Poor Roger. But, Jay Shah was executive board member of Ahmedabad city's Central Cricket board from 2009 to 2013. Then he was Joint Secretary of Gujarat Cricket Association from 2013 to 2019 (6 years). Now all of these positions would be political positions I believe (selected, not elected). But still, that 10+ years of experience in management. If that looks like zero to you, its your problem. But do feel free to list the cricket experience of former BCCI presidents like Sharad Pawar or N. Srinivasan, I'm sure you'd have questioned them. PS: IPL betting will not be considered as legit cricket experience okay 😅
3. BCCI paying zero tax is not a thing now. ITD did send them notice, BCCI went to tribunal and won the case. Too bad if departmental judiciary is not trustful for you.
4. Adani and all have been questioned many times, and they've answered many times. Adani is not the only one to be a rich person. There are many others, not just from Gujarat, but all India, who have seen jail. You might be sad to find out judiciary decides that too. But I'm 100% sure you posted a lot of questions to the Chidambaram duo. No need to post those links, we believe you directly.
5. Yes I did question this, because India ranked in top 10 before Ambani acquired News18, or Adani took over NDTV (in a parallel world). And that nonsense scare monger (darr ka mahol hai) high highness Ravish Kumar said that he left NDTV after acquisition, because he 'thought/assumed' their freedom would go away. Like literally he voluntarily resigned! Why he did not say he was forced to resign or thrown out of office using 56 inch bodyguard power? Must be lying no? Or did he too got sold to Adani in front of our eyes?
Press Freedom index is so bad that nobody was even allowed to open their own youtube channel to say whatever they want.
Press Freedom index is so bad that Ambani Adani too filed tens of cases on every journo that questioned them.
But I appreciate you for updating me with latest news that an open market offer is now considered hostile takeover. By the way, did you question why Roys sold their stake to Adani without fighting it if it was really hostile? And if it is too much press freedom downtime, why Roys still own few percent in NDTV and not sitting on protest?
6. GST fitment committee had recommended increasing gst of less than 1L bottle to 18% from 5%, since marico was paying 5% gst on parachute coconut oil despite hair oil being charged at 18%, but did that actually happen? This new floated in 2021, but this coconut oil selling website says 5% and this 2022 article (same link without membership) also says current tax rate is 5% and merchant body wants it to further reduce it to 3%. I tried looking up 'coconut' on CBIC GST website and that too says 5%. I'd request you to double check on this claim. And if it is still 5%, I hope you're not too much worried about country's progress.
But whatever, when you start a sentence with 'Do you even understand...', it reeks of some sort of high horse you're riding on buddy, which is typical trait of an Indian liberal. Unsolicited, but I'd recommend you stop looking down on others or mansplaining them in such a tone.
And yeah:
- pls feel free to label everything as whataboutery, it is a typical liberal trait.
- pls also feel free to claim that you 'technically never claimed coconut oil rate was increased', which is another typical liberal getaway. 😂
Chin42 wrote:1. Crypto is not investing. Investing is done on something which has a solid fundamental value. Crypto is more like a lottery or loot. Common man is not investing in crypto. But the way, did you question all those crypto fraudsters? Do post the link of your post where you questioned them.Just because the rich aren't paying taxes the best solution they found is to increase Indirect taxes?Indirect taxes account for 53% of all taxes.
Do you even understand how regressive are indirect taxes?
They have targeted every aspect of investing,30%+Extra tcs on crypto,a Hike of 25% on stt in stocks they are targeting the common man as much as they can,
Have you questioned how Jay Shah son of Amit Shah is BCCI and Asian Committee president with zero cricket experience?
Have you ever questioned how BCCI also pays 0 tax being the richest cricket board?
Have you ever questioned how many times Adani and other billionaire friends from Gujrat have evaded taxes?
Have you ever questioned how India ranks 150 out of 180 in Press freedom?They have been suppressing literally everyone in front of our eyes,Ambani acquires News18 and Adani acquires NDTV in a hostile takeover?
But but coconut oil is also hair oil so increasing taxes from 5 to 18% is a must for the progression of the country 🥸🤓
2. Jay Shah is now BCCI president? Since when? BCCI says Jay Shah is its secretary and Roger Binny is president. Poor Roger. But, Jay Shah was executive board member of Ahmedabad city's Central Cricket board from 2009 to 2013. Then he was Joint Secretary of Gujarat Cricket Association from 2013 to 2019 (6 years). Now all of these positions would be political positions I believe (selected, not elected). But still, that 10+ years of experience in management. If that looks like zero to you, its your problem. But do feel free to list the cricket experience of former BCCI presidents like Sharad Pawar or N. Srinivasan, I'm sure you'd have questioned them. PS: IPL betting will not be considered as legit cricket experience okay 😅
3. BCCI paying zero tax is not a thing now. ITD did send them notice, BCCI went to tribunal and won the case. Too bad if departmental judiciary is not trustful for you.
4. Adani and all have been questioned many times, and they've answered many times. Adani is not the only one to be a rich person. There are many others, not just from Gujarat, but all India, who have seen jail. You might be sad to find out judiciary decides that too. But I'm 100% sure you posted a lot of questions to the Chidambaram duo. No need to post those links, we believe you directly.
5. Yes I did question this, because India ranked in top 10 before Ambani acquired News18, or Adani took over NDTV (in a parallel world). And that nonsense scare monger (darr ka mahol hai) high highness Ravish Kumar said that he left NDTV after acquisition, because he 'thought/assumed' their freedom would go away. Like literally he voluntarily resigned! Why he did not say he was forced to resign or thrown out of office using 56 inch bodyguard power? Must be lying no? Or did he too got sold to Adani in front of our eyes?
Press Freedom index is so bad that nobody was even allowed to open their own youtube channel to say whatever they want.
Press Freedom index is so bad that Ambani Adani too filed tens of cases on every journo that questioned them.
But I appreciate you for updating me with latest news that an open market offer is now considered hostile takeover. By the way, did you question why Roys sold their stake to Adani without fighting it if it was really hostile? And if it is too much press freedom downtime, why Roys still own few percent in NDTV and not sitting on protest?
6. GST fitment committee had recommended increasing gst of less than 1L bottle to 18% from 5%, since marico was paying 5% gst on parachute coconut oil despite hair oil being charged at 18%, but did that actually happen? This new floated in 2021, but this coconut oil selling website says 5% and this 2022 article (same link without membership) also says current tax rate is 5% and merchant body wants it to further reduce it to 3%. I tried looking up 'coconut' on CBIC GST website and that too says 5%. I'd request you to double check on this claim. And if it is still 5%, I hope you're not too much worried about country's progress.
But whatever, when you start a sentence with 'Do you even understand...', it reeks of some sort of high horse you're riding on buddy, which is typical trait of an Indian liberal. Unsolicited, but I'd recommend you stop looking down on others or mansplaining them in such a tone.
And yeah:
- pls feel free to label everything as whataboutery, it is a typical liberal trait.
- pls also feel free to claim that you 'technically never claimed coconut oil rate was increased', which is another typical liberal getaway. 😂
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If the government ever cared about tax evasion and black money, then the first thing it would have done would be to get rid of the 80GGC... Last year itself a total of around 9 Billion INR was donated with 6 Billion just to the ruling party itself... 9 Billion (900 Crores) is no joke... and we all know the dark truth about these donations...
The fact is: The rich is getting richer, the poor is getting poorer, and the middle class is just stuck with taxes.
NOTA. Unless people vote for NOTA in large numbers, political parties do not care about salaried. They know salaried is not a significant vote base. NOTA should wake up all political parties.
In general, most of the points are true, but even then, the tone of the article is borderline panic creating.
1. Being cautious, being aware, being diligent, inflation and tax will eat away your wealth -> when were any of these not true? Like was there any time in the past when any of these points were not important?
And with this, nearly half of the article is done!
2. Now there may be high formalization of income & only a few streams escape the tax net, so what? What is the author trying to imply here? That we don't need any more strictness? Or do we need to leave out these few streams from tax net? Or is it just an attempt for some melodrama by calling in the emotional card with a statement like '... ugliest thing … is TDS on remittance of money to your children who study abroad...'? boo hoo!
I'm not sure what author thinks here but hey, it does not mean at all that tax net on those 'formalized' streams can be or should be relaxed. It also does not mean that those remaining streams should not be worked upon. The moment any relaxation is provided, tax evasion will follow. Infact, the technology needs to be improved even more so as to find out why and how even few streams are still able to escape tax net even after all this technology and lead gathering.
3. And I'm still not able to get my head around what author meant by 'govt wants a share' in that study abroad section. TCS does not mean tax levied or tax taken irreversibly. TCS is more of a way to include things in tax net. If all students going abroad to study are from poor families whose overall income does not even cross 2.5L threshold, then all that tax collected will be refunded to them, that too with interest (provided they file ITR).
4. No matter what the article implies or what author tried to imply, one point we all have to agree upon is:
Save. Invest. Don't assume that all will be taken care of. Prepare for the worst. That is the only way to survive.