Thanks to
stock market bull run, people are making money buying and selling stocks in a
short period. 3 to 6 months holding.
They pay various charges and taxes on it
already as shown in next screen. On top of it, they now will pay 20% tax.
Earlier, it was 15%. One takes risk, time, effort with one's capital and earns
Rs.100. government takes away upto 25% just like that. Many are salaried class
here. They are then contributing 32%( including surcharge and cess) on salary
and then this additional tax outgo of 25% to 30%.
Lets take below example of a short term trader who has made a profit of Rs. 46410=00.
This trader has already paid a sum of Rs. 3020 towards brokerage, charges and other taxes. These charges will be there, whether trader makes profit or loss.
Fortunately, this trader has made a profit to cover it up. See the list of taxes!
After deduction of charges of Rs.3000, his profit becomes Rs.43410. He again has to pay 20% short term capital gain tax on this. This is how his profit gets eaten up.
Short term profit 46410
Less: Brokerage and taxes -3000 After charges 43410
Minus 20% tax -8682
Net Profit 34728
More than 25% is eaten up. Trader made profit with his time, effort, knowledge, hardwork and capital with high risk. But, government just takes away 23% without investing a paisa here.
Where is this money going?
Larger question is, Why only a small percentage of population paying high taxes??? Is being a smart earner, a bane in this country???
There is absolutely no benefit, good living standards or incentives to a honest taxpayer!!!
There is no discount for us while paying GST, property tax, toll, stamp duty, property registration fees, road tax, excise, customs etc.
Its a pity that we fight with cab drivers, rickshaw drivers, vegetable vendors, cloth merchants for every rupee but do not question our government which is taking away 60% of our income!!!
There is huge discontent among salaried class for this unjust treatment. No government cares as we are just cash cows to be milked. Its a shame!
This is the reason people want to leave India due to to this cruel treatment. This brain drain will further amplify in coming days.
Hope some good sense prevails with our leaders who are just wanting to hang onto to power at the cost of our savings and ambitions.
Very sad state of affairs in India.
1 comment:
I agree with your thoughts and facts. Sad state is Government state and central both charge hefty taxes on payers and gives free bees to people who they think are needy. Actually only free bees government should give is free education to all and free health care to all. Rest all should come from work. This will improve status of all Indians equally. No quota in jobs. It's 77 years that we are free now. 3 to 4 generation later we cannot say we are discriminated on caste and religion.
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