Akshat Shrivastava on LinkedIn: If your income is 1 Crore, you will roughly pay 40%+ tax in India. (Plus… | 755 comments (2024)

Harish PS

MarTech & Product Leader | Web Architect, Digital Transformation, AI Integration | Ex-Google | Spearheading Innovation in UX Design, Web Ops

5mo

Very True Akshat Shrivastava also, what is the possibility of getting in front of the PM and FM of India, atleast in #modi3rdterms should have some solution :)Bhartiya Janta Party (BJP) can you guys look into this...

Harneet Singh

Staff DevOps | Nykaa | AWS | Ex-redBussian | Ex-GoTripper

5mo

India's taxation system is marred by corruption and inefficiency, offering little in return to taxpayers in terms of essential services like healthcare and education etc. Despite the heavy burden of taxes, citizens often do not see commensurate benefits, exacerbating frustrations with the system's lack of transparency and accountability. This cycle perpetuates distrust and dissatisfaction among taxpayers, hindering the country's socio-economic progress.

Akshay Thanvi

Manager at Bough Consulting

5mo

Akshat Shrivastava i will be taking a few examples from my native place and nearby district (Phalodi, Jodhpur, Rajasthan) 1. Try to read about Swami Vivekanand Government Model Schools (affiliated by CBSE) and one will definitely feel like sending kids there. (This is available in small towns too) 2. Get some information about MDM Hospital Jodhpur, no money is charged in the hospital for even expensive things like MRI and that's one example. I can bet that this hospital is equivalent to big shot private hospitals in India. 3. Go below poverty line and free ration is available to you.There's no denying that taxation is too high but have single view over government facilities is not good.

Ritu Raj

Data Governance l Data Catalog l Data Lineage I Data Quality I Metadata Management

5mo

Taxpayers can only go to LinkedIn/Twitter and not to Jantar Mantar. And this, the government knows very well.. So why not

Vijayashankar Yayathi

Senior Manager - FP&A | Standard Chartered Bank | Wealth & Retail Banking Finance |

5mo

Excellent post.!!With over 50 crores of working force population, a mere 7.78 crore citizens file returns (roughly 15%).Of the 7.78 crore, roughly 3.33 crores (43%) are ITR 1 filers (Salaried Groups !) (Best part is. the numbers are compared with 2013-14, just to show 105% growth!!)Its evident that on an average each ITR 1 filer, pays roughly~83k p.a in the form of salary TDS!Unless tax net is widened, the burden only falls on the current tax payers.No wonder if this scenario prevails even basic slab, 80C might get eliminated in the future 😂

Puneet Suri

VC Professional; Setting up a secondaries fund

5mo

Akshat Shrivastava - depends on how you look at it. I went to IIM-A; I went to a govt run engineering college in Chandigarh. Both heavily subsidised - fees wouldn’t even cover the operating expenses. I paid taxes in crores as I earned in crores because of that education. I am ok doing that. What hurts is the mismanagement of public money, and corruption.

Dhiraj Z.

Rotating & Package Equipment Specialist (SME & TA), experience with Licensor, Concept, FEED, EPC and Clients ,Refineries,CO2 Injection,, Hydrogen generation, compression and turbines technology.

5mo

My own analysis of tax and working in India as below Salaried Indian work , life and tax balance ..!! Total working years 40Tax paid (direct + indirect) 40%Home loan tenure of 20 years with 50% salary as EMINumber of years work for tax 16 yearsNumber of years for match box house in slum city like mumbai emi 10 years, for taking care of parents health and kids education it take 5 to 6 years CTC. Daily spent 4 hours avg in travel so total number of years in travel 4 years ( assuming 5 days week )actual life for self = 40-(16+10+4+5) = 05 years only!! that to be with zero social security and infinite stress tension and anxiety ... !!

Shivam Bhusare

Energy Components Consultant | Ex - TCS | PLSQL | Hydrocarbon Accounting | Oil And Gas | Upstream | Midstream | EC | Azure Devops

5mo

In this age of technology, materialism and income inequality; redistribution of income and wealth is essential. Underprivileged people are not capable of earning enough doesn't mean they deserve to be deprived of resources and live an undignified life. Taxation is a mechanism to normalize this, otherwise conflicting social relationship between elite class and financially disadvantaged class can bring greater trouble. In fact in a country like India, where the government roughly earns the same from indirect and direct taxes; masses are also paying significant taxes. Tax Burden on the working class can be reduced & transferred to the filthy rich class.According to recent stats, India's richest 1% holds 42.5% of national wealth while the bottom 50% of the population owns only 2.8% of the national wealth.PS: I presume that you are acquainted and agree on this; It is just that you are posting stuff which is suitable to boost your LinkedIn engagement and in turn will improve your personal brand equity. 😉

Gaurav Tamhane

Data Analyst | CNRL | Imperial Oil | ICICI Bank | SBI

5mo

Since independence, there has been an inordinate burden on the industrial/services based income earner. Each government has to somehow make up for the tax shortfall of leaving 70% of the population untaxed in the name of kisan welfare. This is now changing as more of the labour force is moving away from being farm hands to being low skill industry hands. Since farmers are used to the status quo, a way out for India might be to go for a flat low rate income tax and a high consumption tax (gst), but the current government seems to be more inclined to both increase consumption tax and to not give back any income tax. Nor is it reducing inflation by reducing the speed of monetary base growth. And instead increasing government spending. Result - the service taxpayer ends up with squat.