I am reiterating that I am not outrightly denying that Income Tax cannot be removed or that it should not be removed. All I am saying is that the rhetoric that Income Tax removal is going to be beneficial for the country might not be as simple and conclusive as it sounds. There's a reason why progressive taxes are levied and most economies that are not able to generate revenue elsewhere resort to levying Income Tax for efficient recovery of money. Regardless, the entire tax law regime needs reforms in various aspects and we will keep on discussing the areas of improvement. The more we discuss as professionals, the better our law will become by way of amendments. Happy learning ♥
So Govt should make INCOME tax 10% flat to those who use e-rupee and to convert e-rupee to cash charge 20% fee and Increase Indirect taxes like GST . SO revenue to govt also doesnt decrease
Thanks for making analysis video on this.. however every big change like this sounds impossible from the beginning. Not at one strike but it can gradually be reduced over the period of time so that copper assessment can be done as as it gets implemented!!
@@Kalyan-reddy Whaa kitte pyar se keh diya 🪔gst increase karne ko poor and lower middle ka kya hoga yeh ni socha how they will suffer to get goods and services in lower income
we live in a country where a middle class family with max 2 children pays 40% to 50% taxes and a family with 10+ children get freebies. Absolutely pathetic service from government offices be it police of municipality. Recent hoarding collapse in Mumbai could have been easily prevented
BHAi income tax Pado thoda. Ye jo tax rate Apne bol diya Etna to lagta hi nhi hai. Maximum 42.744% tax rate lagta on the the income of above 5cr. And middle class family 5cr earn nhi Krti hai
😂😂😂😂😂 A person who pays 40% tax is not in the middle class . Also I don't know which country's tax rates you stated I think they are from some European country 😂😂
Let the evaders evade but why do I've to bear the expenses of people who evade and the ones who are exempt from IT? 30% tax is killing me. Dusro ke sapne pure karte karte mera khuda sapna rahegya itna IT dene ke baad
Same here bro ...1.5 lakhs salary me se 40k govt hi le jati h har mahine tax ke roop me aur facilities ke naam pe ghanta ...aaj hi hospital me itna bill bharke aaya hu ... atleast healthcare to acchi provide krni chahiye...govt hospitals ki haalat to ghusne layak bhi nhi h . Saal ka 5 lakh tax me dene ke baad bhi kuch nhi milta govt ki taraf se ...whi gande roads ...na chalne ke liye behtar foothpaths na acche cities na acche govt schoos ...kuch bhi nhi ...pta nhi kab badlega ye mera desh.@@daddy-w6o5
not possible, for that majority need to pay taxes first, you know the actual percentage paying direct taxes ? just at 2% of entire 1.4 billion govt needs to tax agriculture, people use agriculture as loopholes starting from celebs to politicians who buy land declaring it as agri land or the rich farmers who earn crores and still don't pay a single penny
In our country the salary class is harrased by IT. In particular Government employees. The DA component is for compensation of inflation but that also included in salary for taxing. 😂
Don't have a problem for paying tax. For every 100 rupees that I earn, I pay 37 % as tax, over that for purchasing anything I am also paying GST. With the money paid by me as tax, Roads, if laid, I also have to pay tolls. Over and above there are the other expenses I pay for healthcare and education. Where is future for this middle class people. The best I can do is to arrange for my children to go out of this country and have a better quality of life.
This hypothetical scenario is true for people who show their income as "agricultural income" which is mostly tax free and we salaried people are punished with the punitive tax measures
Abolishing Income tax would also result in the government losing out on sin tax and societally unnacceptable transactions like betting, gambling and horse racing will be indirectly encouraged and the society will tend towards that. It's not at all a wise thing to do!
There is also one more reason. Removing IT would probably lead to higher rates of GST. Which will affect lower income section of the society regressively, as GST is not a slab rate tax.
Today for family of 3 who are living in a rented house and only one earning family member, how much do you think will be able to save if he earns 10L PA?
Increasing expenditure and investment will not necessarily increase the demand for goods and services..the demand is limited ..so there is no guarantee that indirect taxes recovery will be increased if income tax is removed.
They're losing, as observing by travelling these days, i can see that amongst the crowd that they are tired with price rise and yet the stagnant salary since a decade.
Sir I got nothing to do with CA, I'm just a Master's student of Political Science, aspiring to become a professor-researcher. Its been two years watching your videos, you explain things so well, thank you for increasing my knowledge, giving correct insights & above all, leaving me with more thoughts.
Sir I am a student and I watch your financial videos the way you explain in depth and crystal clear I became your fan of teaching . Keep uploading sir it enhances and improves our knowledge towards financial journey 🙏
*1)* Aapko politics ki samjh nhi, ek baar abolish hone ke baad koi political party dubara laane ki himmat nhi karegi . *2)* ye bjp ka prastaav nhi , balki renowned economist S. Swamy ka prastaav hai. *3)* aap CA log, abolish se ghabraye hue ho kyunki aapki dukaan Kam ho jayegi , isiliye imagination me negative points bana bana iska virodh karte hai , *4)* abolish karte samay usme esa praavdhan bhi ho sakta hai ki , is kanoon agle 30-50 saal tak nhi palat sakte ya kabhi nhi palat sakte, usko samvidhan ka hissa bhi banaya ja sakta hai , jisse dobara koi future government direct income tax nhi laga sakta Par yaad rakhiye , agar Subramanian Swamy ke haath pe power aa jaye, to jarur income tax abolish hoga , savings rate, FD rates, badhaya jayega aur desh ka bahut bhala hoga. Subramanian Swamy, apse bade economists hain , unko economy ki samjh hai , MODI jaisa anpad aadmi aur uske mantri jese chamchagiri karne wale is desh ka kuch bhala nhi kar sakte , siwaye jhumle baji ke My wishful govt , PM --->>> Subramanian Swamy OR Nitin Gadkari FM (finance)--->>> definitely Subramanian Swamy EAM (foreign) --->>> Subramanian Swamy led (Because Subramanian Swamy ko foreign affairs ki bhi samjh hai , isiliye Subramanian ko PM banna chahiye taki Finance Foreign affairs sab control ho sake , Subramanian Swamy kisi minister ko chamcha the nhi banayenge, knowledgeable baaten minister se bhi lenge , gyaani logo ko minister banayenge, par unki main leadership me sabhi ministry chalege to desh ka bhala hoga , Desh ka durbhagya hai jo subramanian swamy jese gyani vyakti desh ka PM nhi ban pa rha
Though it might not be related to the topic of this video I wanted to share a thought. Currently, a major portion of the tax collected is spent by politicians for votebank politics or ends up with a corrupt person. After paying tax, a tax payer has absolutely no control and is not allowed to question where and how the tax collected is spent. There must be a reform by which the tax payer has a say in how his money is spent. E.g. while filing a return we should have an option to allocate 50% of the total tax to the sectors of our choice like healthcare, research etc, and govt must be bound to obey.
Will lead to sudden decrease in demand of all goods and an increase in fiscal deficit of government. We will suddenly feel a problem where there is excess supply by not demand for all those goods. As there is an inverse elasticity between price and demand of goods.
i have a doubt 1) can a private trust in india own shares in a pvt Ltd 2) is the income from the dividend received by trust in this case except from any taxation?
If people start bringing more money into the market due to the removal of IT, will that cause inflation to increase? More money to spend legally will lead to an increase in the price of the products, thereby increasing the inflation?
The hypotetical case of Bjp removing income tax does not go hand in hand. To them TAX should go upwards not downwards, as evidence by their past policies
Sir can you please explain to me how is IDT (Indirect Tax) Regressive when the neccesities are exempt from it while the luxurious items are charged more IDT?
BJP will impose more tax to fund the revadis😂😂😂😂 Assam BJP govt will touch 1lakh cr debt soon😂 Recently went hard on wine shops for low sale, has put targets on wine sale😂😂
Can income tax be abolished for a period and can be brought back in a different way? Taxing the money in circulation rather than the income earned? What do you think?
Without Income tax Infrastructure ke L lag jayenge, IAS Saare road pe aajayenge, Free ration walon ko kharidna padega. 😅Aur Bhi bahut kuch ho sakta hai if income tax khatam kardiya toh.
@@getmaza Sab services pe thodi le rhe hai 28%. Sirf GST collection kaafi nhi hai India jaise bade nations ke liye. Aur aisa thodi hai ke Saare hi log black money hide karke baithe hai.
There is a layer of GST which doesnt allow the person to reveal his true wealth if not earned through legal channel...so black and white will still remain even after removing Income Tax.. For example, if a person earlier shown 10 cr and now after removal of INCOME TAX if he shows 20 cr then for that extra 10 cr, he needs to show that he had paid appropriate gst for the same...so if he falls under 18% slab then probably he will under bill like before and save that 18% on the 10cr which can never come in the banking channel... Best solution is to reduce the income tax to 20% and be super strict about it..
sir, thanks to help me to understand the deep things in the commerce field as a student of 12th in comm, wanna deep down and explore this beautiful field
There are so many facotre which infulence abolished of it tax Which we ignore , due to this without any right information we cant take risk of abolistuon of it tax , due to so many hidden factor which are big and small
Thank you for sharing your video. While I appreciate the effort put into creating it, I found that it lacked depth and did not cover many key points on the topic. I believe that conducting more thorough research could greatly enhance the quality and informativeness of your content.
I’m happy to dive deeper into the discussion and could’ve made the video longer but considering how small our attention span is in today’s world of 1 minute reels, there’s barely a handful of people who are attentive enough to understand and appreciate a half an hour long video. Hence, discussed point to point of the topic in question.
You didn't discuss the inflation, if it is abolished then flow of money will be increased and inflation will increase , and it will effect the common people who does not have black money
Abolish income tax , remove Rs500/- currency from circulation , keep 200 and below notes only in circulation and tax every rupee which is credited into an account , keep tax at lower percentage , UPI and bank transfers must be the only way one should make above Rs5000/- .Reduce GST % to single digit . Then abolishing INCOME TAX would be viable to the government .
The real problem is over reliance on indirect tax. Direct tax is better than indirect tax because it hold the concept of equity. More you earn more you contribute. Government doesn’t pull people in to the direct tax system because people will more cautious and aware of about government spending and will hold give accountable. Right now 95% of the people India don’t pay direct taxes so they feel they are getting everything for free from government. But in reality 100% people has to indirect tax.
May be it can also result into high inflation and increase in income inequality of people as after spending more by those former evaders can increase the demand in market effects "too much money chasing too few goods"... conversely income tax is also helpful in proper allocation of wealth i.e it takes excess wealth from the upper class and gives it to the lower and middle class.
I feel that if IT is to be abolished, govt will bring a separate law or change the constitution so that any new govt will also have to continue with no IT. Otherwise, what you say is right
There is a recently uploaded video of akshat Shrivastav on "India needs lower taxes" please review the video of him and from the perspective of a chartered accountant that is it feasible?
Best way to not pay taxes is to leave India (only for people with jobs). However if its a business then I don't have any problem with taxes because the growth opportunity is far better here in India than other countries. And you will be taxed as a business anywhere in the world while there are some countries which exempt Income Tax for individuals like UAE.
I think IT removal upto 25 lpa might help families grow more efficiently and may help economy. Bcoz people are anyway spending even if they cant afford purchases via loans for small items as well!! May be properties purchases will increase which might help Tier2 cities grow more faster.
I think you have not watched the full interview of Subramanian Swamy. He said in addition to abolition of income tax the deposit rates will be increased to 8% which is more than enough to compelle people to keep their money in banks. Further he said the that the people who already have black money they need to declare it and government will take 25% from it and will let him keep the rest. This will all of a sudden increase demand which will complement an increase in supply which will create more jobs and the whole economy will start functioning again. Don't forget Subramanian Swamy has a PHD in economics from Harvard so when he says something on economy he has already considered all the possibilities which you are explaining in your video
1) Just an assumption that people will happily declare all their black money and be prepared to pay 25% penalty. I’m not saying that could never happen. All I am saying is that there’s a possibility people might not declare because of reasons mentioned in the video and if people do not declare the black money, the entire idea of removing IT would fail and Income Tax will have to be introduced again. 2) Mr. Swamy might be a PhD and I am in no way demeaning him or his thoughts. But just because he is a PhD in Economics, if you don’t even want to hear the POV of other learned people from the industry, good for you. I’ll still keep on providing food for thought for those who wish to discuss upon these topics and improve with time. Happy learning!
@@TaxationWithCASahilJain Problem is that in your video you have not discussed the other things he has proposed that need to be implemented side by side if income tax is abolished. Please read his book "reset- regaining India's economic legacy" and after reading the entire argument that he has presented make a video.
In my opinion tax on salary should be abolished or atleast there should be some benifit for salary earning. Generally rich people wealth people they do not have salary income. Maximum of their wealth are placed in different assets but the person who has only salary income it's literally punishment for him because he is earning more he shall be taxed more and he does not even have much options to optimise tax liability in the default scheme.. so where income tax was supposed to be to tax rich people it's mostly effecting those who barely making a good living..
Hello Sahil Sir, I'm Manish your big fan. Please answer me a question... Currently in Fy23-24 ki meri sales hai 35,lakh and profit hai 4,20,000 With no investment and no health insurance jis wajah se mujhe income tax main koi deduction nhi milegi, please guide me ki mujhe New ya Old Tax Regime main ITR4 File karna chaiye kyonki main baad main change nhi kr paunga please... And yes Main next 2 year main investment bhi karne wala hun and helth insurance bhi lene wala hu khud ke liye bhi aur parents ke liye bhi... Now guide me...
It’s just one aspect of the case that too very hypothetical. There are countries with no personal taxes and doing great for themselves. There are countries who charges high personal taxes and they are also doing great. Swami sir is really smart and I think he has some rationale behind what he is saying. Salaried class people are paying taxes both direct and indirect which is huge for them . Income tax should have a limit which is acceptable to most people. Right now it’s “absurd “ . Thanks
1) Countries having zero income tax have alternate sources of earning good amount of income to use towards its expenses. Eg:- Gulf countries have oil which they profit from and earn well through them. Tax havens have tainted money in several billions parked in their country which helps them run their country in exchange for keeping the owner’s identity under wraps etc. 2) No one is saying that Mr. Swamy is not having any weight or rationale behind his argument. All I did was to let my students know why what he has suggested is not a sure shot formula to success. Had it been, it would’ve been implemented long back giving unwavering support to the party that removed Income Tax along with increasing the amount raised by them in terms of tax. It’s a win-win had it been that easy to implement. Hope this discussion gives you some more food for thought. Happy learning :)
If they remove it with some irreversible clause like, IT cannot come for the next 100 years. Furthermore if the Govt removes IT and it boosts the economy and gives new jobs people will vote for them in power again.
Furthermore there's a lot of injustice in the current IT system, rich people with business easily evade taxes while job goers middle class honestly pay their taxes. #injustice
One important point you missed, Sir. Removal of IT will drastically bring down prices of real estate as the rich invest their black money in real estate only.
So Govt should make INCOME tax 10% flat to those who use e-rupee and to convert e-rupee to cash charge 20% fee and Increase Indirect taxes like GST . SO revenue to govt also doesnt decrease
Gendaswamy is still salty about not being made finance minister but gendaswamy ko do kaudi ka knowledge nahi hai isiliye kutha nahi puchta inko, na idhar ke na udhar ke😂😂😂
Any Tax can be avoided. Your speech is just discussion. Government should explore the other areas for earning. Black money can be earned by Tax evasionand there are other sources of black money like Corruption.....
Bcz right to levy income tax is with parliament with president's accord. Political parties are registered under people's representatives act ✅ and the levy power is given by one of the article of our constitution. So bjp can't change income tax levy
I am reiterating that I am not outrightly denying that Income Tax cannot be removed or that it should not be removed. All I am saying is that the rhetoric that Income Tax removal is going to be beneficial for the country might not be as simple and conclusive as it sounds. There's a reason why progressive taxes are levied and most economies that are not able to generate revenue elsewhere resort to levying Income Tax for efficient recovery of money.
Regardless, the entire tax law regime needs reforms in various aspects and we will keep on discussing the areas of improvement. The more we discuss as professionals, the better our law will become by way of amendments. Happy learning ♥
So Govt should make INCOME tax 10% flat to those who use e-rupee and to convert e-rupee to cash charge 20% fee and Increase Indirect taxes like GST . SO revenue to govt also doesnt decrease
Thanks for making analysis video on this.. however every big change like this sounds impossible from the beginning. Not at one strike but it can gradually be reduced over the period of time so that copper assessment can be done as as it gets implemented!!
@@Kalyan-reddy Whaa kitte pyar se keh diya 🪔gst increase karne ko poor and lower middle ka kya hoga yeh ni socha how they will suffer to get goods and services in lower income
@@caties884 10% flat tax more employment, think like that
@@Kalyan-reddyok but ig initially they will suffer isn't
GST is for everyone, IT is for middle class.
Salaried middle class*
don't be salaried then
be self employed
earn first pay taxes later
Information Technology?
@@raze867 IT, Income tax
@@MoneyBadger27 Either be in Politics or, in Business or, in both. Everything comes under these domains.
we live in a country where a middle class family with max 2 children pays 40% to 50% taxes and a family with 10+ children get freebies. Absolutely pathetic service from government offices be it police of municipality. Recent hoarding collapse in Mumbai could have been easily prevented
The hoarding news will also be forgetted, because we have 1.4 billion population and 16 people constitute for so small fraction.
BHAi income tax Pado thoda. Ye jo tax rate Apne bol diya Etna to lagta hi nhi hai. Maximum 42.744% tax rate lagta on the the income of above 5cr. And middle class family 5cr earn nhi Krti hai
Average Aandbhakt.
Bhai sahi toh kaha 2 bacche vale kaha free ka rasan kha rahe hain jineke 3 4 hain vahi toh des ka rasahn kha rahe hin @@godsthesis2089
😂😂😂😂😂
A person who pays 40% tax is not in the middle class .
Also I don't know which country's tax rates you stated
I think they are from some European country 😂😂
Please abolish income tax for just two years. By the time I can clear my final exam 😂😂😂
😂
This could be a valid reason 😂
@@Kartik_K03 Exactly 💯😂🤩💕
Lol 🤣
@@nikso2197 kya bhai tum nikal jayoge ham kye pile nhi nhi yeh nautanki nhi
Equality
Pappu ji bole the redistribution hoga
Jo benefits tumhe mile woh mujhe bhi chaiye😂😂
Even if it can't be removed, atleast reduce it! It's high time
Those who want to evade will keep on evading no matter what
Let the evaders evade but why do I've to bear the expenses of people who evade and the ones who are exempt from IT? 30% tax is killing me.
Dusro ke sapne pure karte karte mera khuda sapna rahegya itna IT dene ke baad
Same here bro ...1.5 lakhs salary me se 40k govt hi le jati h har mahine tax ke roop me aur facilities ke naam pe ghanta ...aaj hi hospital me itna bill bharke aaya hu ... atleast healthcare to acchi provide krni chahiye...govt hospitals ki haalat to ghusne layak bhi nhi h . Saal ka 5 lakh tax me dene ke baad bhi kuch nhi milta govt ki taraf se ...whi gande roads ...na chalne ke liye behtar foothpaths na acche cities na acche govt schoos ...kuch bhi nhi ...pta nhi kab badlega ye mera desh.@@daddy-w6o5
not possible, for that majority need to pay taxes first, you know the actual percentage paying direct taxes ?
just at 2% of entire 1.4 billion
govt needs to tax agriculture, people use agriculture as loopholes
starting from celebs to politicians who buy land declaring it as agri land or the rich farmers who earn crores and still don't pay a single penny
@@daddy-w6o5 yes 30 percent is too much. Max 20 percent should be kept since we are paying tax for goods already
In our country the salary class is harrased by IT. In particular Government employees. The DA component is for compensation of inflation but that also included in salary for taxing. 😂
wahi toh...DA ka faida hi nei mil pata
DA taxes income pe nhi diya jata h...... Government se guzarish h taxed income pe da ....taki tum logo ke muh band ho jaaye
Don't have a problem for paying tax. For every 100 rupees that I earn, I pay 37 % as tax, over that for purchasing anything I am also paying GST. With the money paid by me as tax, Roads, if laid, I also have to pay tolls. Over and above there are the other expenses I pay for healthcare and education.
Where is future for this middle class people. The best I can do is to arrange for my children to go out of this country and have a better quality of life.
Instead of having tax on income, why can't government introduce 1% of IT from everyone beyond certain amount .
6:54 ABC - Aam Bhartiya Congress 😂✌🏻
This hypothetical scenario is true for people who show their income as "agricultural income" which is mostly tax free and we salaried people are punished with the punitive tax measures
Watch after 8 minutes. Before that repeating the same thing again & again.
2 videos in 3 days shows ki exams sirf students ke nahi teachers ke bhi hote h (ab Sir bhi free hogaye)
It's admissions time bro.
Sir WC final ke leye phatake bacha rakhe the..apke back to back video aane ki khushi me phod du?😢
Hahaha, apne agar pataake fod diye to mujhpe consistently upload karne ka pressure create ho jayega 😂
Guys let's make a petition to enable sir to keep uploading videos regularly 😅
Ohooo sir jii 3 din me 2 video… please keep this pace😢
Han yaar Sir ka ekadam alag hi Vibe hai
When I see the notification that sudden Smile 😊 ❤️
Abolishing Income tax would also result in the government losing out on sin tax and societally unnacceptable transactions like betting, gambling and horse racing will be indirectly encouraged and the society will tend towards that. It's not at all a wise thing to do!
I'm talking bout 30% taxes on transactions covered under 194B and 194BB. Furthermore, there are more such items which have straight 30% tax on them.
Remove karne ka to pata nahi....parr Badha jarur denge....
There is also one more reason.
Removing IT would probably lead to higher rates of GST. Which will affect lower income section of the society regressively, as GST is not a slab rate tax.
Today for family of 3 who are living in a rented house and only one earning family member, how much do you think will be able to save if he earns 10L PA?
as always very insightful video sir ji
0:57 aisi baate karte hai, fir bolenge hume finance minister nahi banate😂😂😂
1:00 definitely ye interview weekend per 8 baje ke baad diya hoga 😂😂
Bhai saab politicians hai ye, they don't need to get high before giving such an ungrounded statement.
Calmness in Sir's Voice & Video ✨
Increasing expenditure and investment will not necessarily increase the demand for goods and services..the demand is limited ..so there is no guarantee that indirect taxes recovery will be increased if income tax is removed.
I was literally going to send you this clip (Thumbnail vale politician ki) for your opinion, aapne video hi bana di
Direct Income taxes should be abolished or capped at 5%
They're losing, as observing by travelling these days, i can see that amongst the crowd that they are tired with price rise and yet the stagnant salary since a decade.
R u serious....
Which area u r talking about ..
I hope its true ..
This bjp has destroyed economy social fabric
Godi ecosystem who carry Muslims in their godi has destroyed social
@@as_1949
Sir I got nothing to do with CA, I'm just a Master's student of Political Science, aspiring to become a professor-researcher. Its been two years watching your videos, you explain things so well, thank you for increasing my knowledge, giving correct insights & above all, leaving me with more thoughts.
Sir I am a student and I watch your financial videos the way you explain in depth and crystal clear I became your fan of teaching . Keep uploading sir it enhances and improves our knowledge towards financial journey 🙏
*1)* Aapko politics ki samjh nhi, ek baar abolish hone ke baad koi political party dubara laane ki himmat nhi karegi .
*2)* ye bjp ka prastaav nhi , balki renowned economist S. Swamy ka prastaav hai.
*3)* aap CA log, abolish se ghabraye hue ho kyunki aapki dukaan Kam ho jayegi , isiliye imagination me negative points bana bana iska virodh karte hai ,
*4)* abolish karte samay usme esa praavdhan bhi ho sakta hai ki , is kanoon agle 30-50 saal tak nhi palat sakte ya kabhi nhi palat sakte, usko samvidhan ka hissa bhi banaya ja sakta hai , jisse dobara koi future government direct income tax nhi laga sakta
Par yaad rakhiye , agar Subramanian Swamy ke haath pe power aa jaye, to jarur income tax abolish hoga , savings rate, FD rates, badhaya jayega aur desh ka bahut bhala hoga. Subramanian Swamy, apse bade economists hain , unko economy ki samjh hai , MODI jaisa anpad aadmi aur uske mantri jese chamchagiri karne wale is desh ka kuch bhala nhi kar sakte , siwaye jhumle baji ke
My wishful govt ,
PM --->>> Subramanian Swamy OR Nitin Gadkari
FM (finance)--->>> definitely Subramanian Swamy
EAM (foreign) --->>> Subramanian Swamy led
(Because Subramanian Swamy ko foreign affairs ki bhi samjh hai , isiliye Subramanian ko PM banna chahiye taki Finance Foreign affairs sab control ho sake , Subramanian Swamy kisi minister ko chamcha the nhi banayenge, knowledgeable baaten minister se bhi lenge , gyaani logo ko minister banayenge, par unki main leadership me sabhi ministry chalege to desh ka bhala hoga ,
Desh ka durbhagya hai jo subramanian swamy jese gyani vyakti desh ka PM nhi ban pa rha
Yes Bro , Subramanian Swamy is best economists in world.
Aur ye CA log 😂 ghabraye hue hain inko apni dukaan ki chinta ,
Modi ki intention nhi hai, MODI KI himmat bhi nhi hai , ye sirf Subramanian Swamy ki innovative soch hai ❤
capping IT at 25% will actually give the benefit
please continue uploading and sharing knowledge through videos. Great.
Though it might not be related to the topic of this video I wanted to share a thought.
Currently, a major portion of the tax collected is spent by politicians for votebank politics or ends up with a corrupt person.
After paying tax, a tax payer has absolutely no control and is not allowed to question where and how the tax collected is spent.
There must be a reform by which the tax payer has a say in how his money is spent. E.g. while filing a return we should have an option to allocate 50% of the total tax to the sectors of our choice like healthcare, research etc, and govt must be bound to obey.
Will lead to sudden decrease in demand of all goods and an increase in fiscal deficit of government. We will suddenly feel a problem where there is excess supply by not demand for all those goods. As there is an inverse elasticity between price and demand of goods.
i have a doubt
1) can a private trust in india own shares in a pvt Ltd
2) is the income from the dividend received by trust in this case except from any taxation?
If people start bringing more money into the market due to the removal of IT, will that cause inflation to increase? More money to spend legally will lead to an increase in the price of the products, thereby increasing the inflation?
The hypotetical case of Bjp removing income tax does not go hand in hand. To them TAX should go upwards not downwards, as evidence by their past policies
Sir can you please explain to me how is IDT (Indirect Tax) Regressive when the neccesities are exempt from it while the luxurious items are charged more IDT?
BJP will impose more tax to fund the revadis😂😂😂😂
Assam BJP govt will touch 1lakh cr debt soon😂
Recently went hard on wine shops for low sale, has put targets on wine sale😂😂
Just like demonetization. Certainly, the people of my proud country will not support...
There are only two things that are inevitable in life one is death, second one is tax ....
Can income tax be abolished for a period and can be brought back in a different way? Taxing the money in circulation rather than the income earned?
What do you think?
In a nutshell, we can say politicians cannot be trusted 🤣🤣🤣
Pta nhi kyu but after watching your video I think its right to reveal anyone's real income
please come with the Video of Pros and Cons of Implementing DTC direct tax code!!
Thank you so much sir 🙏 Mein is topic pr video dhund rha tha thanks 😊 🙏 for making it.
Without Income tax Infrastructure ke L lag jayenge, IAS Saare road pe aajayenge, Free ration walon ko kharidna padega. 😅Aur Bhi bahut kuch ho sakta hai if income tax khatam kardiya toh.
Indirect tax jo le rhe 28% tak uska kya ?
@@getmaza Sab services pe thodi le rhe hai 28%. Sirf GST collection kaafi nhi hai India jaise bade nations ke liye. Aur aisa thodi hai ke Saare hi log black money hide karke baithe hai.
Also, the inflation would grow very fast...
Does income tax in this case include all direct taxes ?
UAE implement zero tax before.. now i think they have taken back... Can you please say something about it
There is a layer of GST which doesnt allow the person to reveal his true wealth if not earned through legal channel...so black and white will still remain even after removing Income Tax..
For example, if a person earlier shown 10 cr and now after removal of INCOME TAX if he shows 20 cr then for that extra 10 cr, he needs to show that he had paid appropriate gst for the same...so if he falls under 18% slab then probably he will under bill like before and save that 18% on the 10cr which can never come in the banking channel...
Best solution is to reduce the income tax to 20% and be super strict about it..
sir, thanks to help me to understand the deep things in the commerce field as a student of 12th in comm, wanna deep down and explore this beautiful field
एक देश एक अप्रत्यक्ष कर कानून का समर्थन करना चाहिए हर पार्टी को, सिक्किम की तरह सिक्किम में आयकर नहीं है जबकी जीएसटी है
There are so many facotre which infulence abolished of it tax
Which we ignore , due to this without any right information we cant take risk of abolistuon of it tax , due to so many hidden factor which are big and small
Doesn't abolishing Income tax mean replacing it with Direct Taxation Code
1. Reduce the Income Tax max 20%
2. GST to be rationalized max 10%
3. Compliance should be robust.
Let's do this for 2 years and see the result.
Online Tv kharidane me Gst Benifit mil skata hai na bhaiya koi problem to nhi jogi aage chalke ?
Vaise Ise check karne kya gst Officers aate hai 😮😮
Thank you for sharing your video. While I appreciate the effort put into creating it, I found that it lacked depth and did not cover many key points on the topic. I believe that conducting more thorough research could greatly enhance the quality and informativeness of your content.
I’m happy to dive deeper into the discussion and could’ve made the video longer but considering how small our attention span is in today’s world of 1 minute reels, there’s barely a handful of people who are attentive enough to understand and appreciate a half an hour long video. Hence, discussed point to point of the topic in question.
In India are people able to save or not ?? question is raised by Dr swami many times....if not...1 day there will be consequences
You didn't discuss the inflation, if it is abolished then flow of money will be increased and inflation will increase , and it will effect the common people who does not have black money
Abolish income tax , remove Rs500/- currency from circulation , keep 200 and below notes only in circulation and tax every rupee which is credited into an account , keep tax at lower percentage , UPI and bank transfers must be the only way one should make above Rs5000/- .Reduce GST % to single digit . Then abolishing INCOME TAX would be viable to the government .
The real problem is over reliance on indirect tax. Direct tax is better than indirect tax because it hold the concept of equity. More you earn more you contribute.
Government doesn’t pull people in to the direct tax system because people will more cautious and aware of about government spending and will hold give accountable. Right now 95% of the people India don’t pay direct taxes so they feel they are getting everything for free from government. But in reality 100% people has to indirect tax.
People will have more disposable income on their hands which when they spend gst collection goes up
Expenditure tax is more beneficial for the nation, more people will get covered😊
May be it can also result into high inflation and increase in income inequality of people as after spending more by those former evaders can increase the demand in market effects "too much money chasing too few goods"... conversely income tax is also helpful in proper allocation of wealth i.e it takes excess wealth from the upper class and gives it to the lower and middle class.
I feel that if IT is to be abolished, govt will bring a separate law or change the constitution so that any new govt will also have to continue with no IT. Otherwise, what you say is right
Alternatively tax the farmers whose incomes are way beyond a salaried individual who is squeezed by the tax authorities.
There is a recently uploaded video of akshat Shrivastav on "India needs lower taxes" please review the video of him and from the perspective of a chartered accountant that is it feasible?
Best way to not pay taxes is to leave India (only for people with jobs). However if its a business then I don't have any problem with taxes because the growth opportunity is far better here in India than other countries. And you will be taxed as a business anywhere in the world while there are some countries which exempt Income Tax for individuals like UAE.
I think IT removal upto 25 lpa might help families grow more efficiently and may help economy. Bcoz people are anyway spending even if they cant afford purchases via loans for small items as well!! May be properties purchases will increase which might help Tier2 cities grow more faster.
I think you have not watched the full interview of Subramanian Swamy. He said in addition to abolition of income tax the deposit rates will be increased to 8% which is more than enough to compelle people to keep their money in banks. Further he said the that the people who already have black money they need to declare it and government will take 25% from it and will let him keep the rest. This will all of a sudden increase demand which will complement an increase in supply which will create more jobs and the whole economy will start functioning again. Don't forget Subramanian Swamy has a PHD in economics from Harvard so when he says something on economy he has already considered all the possibilities which you are explaining in your video
1) Just an assumption that people will happily declare all their black money and be prepared to pay 25% penalty. I’m not saying that could never happen. All I am saying is that there’s a possibility people might not declare because of reasons mentioned in the video and if people do not declare the black money, the entire idea of removing IT would fail and Income Tax will have to be introduced again.
2) Mr. Swamy might be a PhD and I am in no way demeaning him or his thoughts. But just because he is a PhD in Economics, if you don’t even want to hear the POV of other learned people from the industry, good for you. I’ll still keep on providing food for thought for those who wish to discuss upon these topics and improve with time. Happy learning!
@@TaxationWithCASahilJain Problem is that in your video you have not discussed the other things he has proposed that need to be implemented side by side if income tax is abolished. Please read his book "reset- regaining India's economic legacy" and after reading the entire argument that he has presented make a video.
I’ll definitely go through the same. Thanks for the constructive feedback.
They surely will. They will remove all income in the form of tax.
If the govt. abolishes the income tax then it would be a big set back for CA firms
I think now a days chiku is busy in CA exam preparation 😂😂
I totally forgot Chiku. Laate hai evader ko agli video mein 💀
@@TaxationWithCASahilJain ha sir uske pass aapka saara black money hai 😂
I think govt should decrease tax rates instead of abolishing it.
Sirji kaha gayab ho itne time se???
Swamy is the last person you can trust, that's why Modiji never made him a minister.
"Hypothetically" 😂😂
ye galat GST hai jaise rajeev dixit ne bola tha ki tax bas 5% hona chahiye
Sant aur sarkar me fark hota hai. Maachis aur car dono pe same rate of tax?
@@navinhariyani7440 car pe 100-200% tax lagta hai India me, aur machis me 18%
5 to 10 or 20 is enough brother not 25 to 30 35@@navinhariyani7440
Sir aap konse jain ho, digambar ya svetambar?
Remove IT entirely. Increase GST on non-essential goods by 10% or more.
In my opinion tax on salary should be abolished or atleast there should be some benifit for salary earning. Generally rich people wealth people they do not have salary income. Maximum of their wealth are placed in different assets but the person who has only salary income it's literally punishment for him because he is earning more he shall be taxed more and he does not even have much options to optimise tax liability in the default scheme.. so where income tax was supposed to be to tax rich people it's mostly effecting those who barely making a good living..
But middle class jinke pass black money nahi hai unko benefit hoga and they will have more disposable income to spend in economy.
How about decreasing tax to 10 percent? Best of both worlds.
Income tax bhale hi hatao ya na hatao par stock market ki income pe taxes aur charges kam kar do please.
Hello Sahil Sir, I'm Manish your big fan.
Please answer me a question...
Currently in Fy23-24 ki meri sales hai 35,lakh and profit hai 4,20,000 With no investment and no health insurance jis wajah se mujhe income tax main koi deduction nhi milegi, please guide me ki mujhe New ya Old Tax Regime main ITR4 File karna chaiye kyonki main baad main change nhi kr paunga please...
And yes Main next 2 year main investment bhi karne wala hun and helth insurance bhi lene wala hu khud ke liye bhi aur parents ke liye bhi...
Now guide me...
It’s just one aspect of the case that too very hypothetical. There are countries with no personal taxes and doing great for themselves. There are countries who charges high personal taxes and they are also doing great. Swami sir is really smart and I think he has some rationale behind what he is saying. Salaried class people are paying taxes both direct and indirect which is huge for them . Income tax should have a limit which is acceptable to most people. Right now it’s “absurd “ . Thanks
1) Countries having zero income tax have alternate sources of earning good amount of income to use towards its expenses. Eg:- Gulf countries have oil which they profit from and earn well through them. Tax havens have tainted money in several billions parked in their country which helps them run their country in exchange for keeping the owner’s identity under wraps etc.
2) No one is saying that Mr. Swamy is not having any weight or rationale behind his argument. All I did was to let my students know why what he has suggested is not a sure shot formula to success. Had it been, it would’ve been implemented long back giving unwavering support to the party that removed Income Tax along with increasing the amount raised by them in terms of tax. It’s a win-win had it been that easy to implement.
Hope this discussion gives you some more food for thought. Happy learning :)
Why about OECD
Sir please keep uploading video ca inter exam just ended today I love to watch your videos ❤
It doesn't affect us, most of us don't pay income tax, we are BE guys
Finally sir is back❤
Tax hi hata dia toh CA sir ka kya hoga? Sir ko job insecurity hogayi news se😂
Remove all taxes. I’m capable enough to skill up even then and make a living off of whatever I do.
@@TaxationWithCASahilJain Wow sir what a good reply proud of you thats why i have taken classes from you to gain knowledge beyond books
If they remove it with some irreversible clause like, IT cannot come for the next 100 years. Furthermore if the Govt removes IT and it boosts the economy and gives new jobs people will vote for them in power again.
Furthermore there's a lot of injustice in the current IT system, rich people with business easily evade taxes while job goers middle class honestly pay their taxes. #injustice
One important point you missed, Sir. Removal of IT will drastically bring down prices of real estate as the rich invest their black money in real estate only.
Income Tax is already zero for Farmers.
So Govt should make INCOME tax 10% flat to those who use e-rupee and to convert e-rupee to cash charge 20% fee and Increase Indirect taxes like GST . SO revenue to govt also doesnt decrease
Gendaswamy is still salty about not being made finance minister but gendaswamy ko do kaudi ka knowledge nahi hai isiliye kutha nahi puchta inko, na idhar ke na udhar ke😂😂😂
Sir make video of your class for CA intermediate
Any Tax can be avoided. Your speech is just discussion. Government should explore the other areas for earning.
Black money can be earned by Tax evasionand there are other sources of black money like Corruption.....
Sir carry personality like a company CEO
Bcz right to levy income tax is with parliament with president's accord. Political parties are registered under people's representatives act ✅ and the levy power is given by one of the article of our constitution. So bjp can't change income tax levy
Ig agar dt htaa denge to idt increase kar denge Which is worst for poor and lower middle class...