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  • Category: Miscellaneous

    The ever increasing misery of the tax payer

    Those of us who pay our taxes promptly are left fuming as day by day we see every sector around us misusing our money indirectly but still, we have to pay our taxes regularly as we are accountable.

    The word accountability has lost a lot of its value in recent times. Consider the various scams, schemes, waiver programs, sops that all indirectly is the taxpayers' money. A selected few benefits with the larger sector bearing the brunt of the financial burden. Do we get EMI rebates, EMI holidays, does our children's education subsidized? No.

    We all save as much we can in the hope that we will have enough for our children's degree, marriage and for our retirement. If you think like me then you are in for more misery. The recent spate of high-risk exposures/poor performance of various big names in the markets (IL&FS, DHFL, ZEE, Reliance Capital, etc) has triggered a steep fall in the market. Because of this and revision of regulations, many mutual funds have not given any returns or even on the negative side.

    Looks like people in authority are mocking the public in general. Yes, as a taxpayer our misery keeps mounting and we have to suffer in silence.
  • #667041
    True. The fate of a sincere taxpayer is very nicely presented. There are no concessions for a taxpayer. The people who are earning crores of rupees are trying to avoid payment of tax one way or other. But a salaried employee has to pay tax on even the last paise he earned out of his nose. It is not the end of the story here. You have to pay again taxes for other expenses also. Toll tax, GST on purchases, property tax, taxes on fuel and many other taxes. So we may have to pay at least 40 to 50% of our earnings at taxes. But the taxpayer is the one who never gets respect from the government or public. But there is no solution to this problem. I will always say to my sons that we are working for our family and also for the families of the political leaders in India. The Sops they give to poor people will be named on some politician but the money belongs to the taxpayer.
    We have to save for our future requirements, we have to pay tax and what will be left out only is to be spent by us. Sometimes I feel should we take all these pains for somebody else.

    always confident

  • #667045
    The real progress of a country is gauged by the fact that how much appropriate use of tax payer's hard earned money is done by the Govt and this is an important indicator. Unfortunately, due to many vested interests this is not achieved in a proper way. There are scams, frauds and corruptions in the system weakening it further. The mutual funds generally invest their corpus in the equities and if the share market falls then it is natural that mutual fund net asset value will also decline.

    The tax payer has no other option except observing these things in despair.

    Knowledge is power.

  • #667051
    Dr.Subramanya Swamy, a renowned economist of our country has suggested to our government that our government should stop collecting income tax from the salaried class. Our government should heed his suggestion and implement it. So that the sincere salaried class citizens of our country won't suffer by paying heavy income tax.
    No life without Sun

  • #667055
    The author is absolutely right. India is the highest tax paying country in the world. And the taxes paid go in vain and there is no major development. I live in the industrial capital and every day, lakhs of rupees are caught of businessman's cars. Clearly, big businessmen go to any extent to save taxes. I don't know why are toll taxes collected from us whenever a new highway is being made because already so many taxes are collected for the development of roads.

    The major reason why taxpayers try to evade taxes is the 30% income tax is applicable currently in India. WHo would like to give 30% of its income to the government?

    There is a proposal given to the government by a top government committee to reduce the income tax. Hope it becomes applicable!

  • #667056
    [Response removed by Admin. Read forum policies.]
    "If you are killed in action, you go to Heaven. If you win, you rule this Earth (as beautiful as Heaven). That is why, O son of Kunti, take a firm resolve and fight!"-- Shrimad Bhagwad Gita

  • #667068
    The taxpayer will be happy if the tax collection is being used for the progress and prosperity of the nation. Unfortunately there are elements in our system which are misappropriating it and that is the main worry and a de motivator factor for the tax payer.
    Thoughts exchanged is knowledge gained.

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