Rohit Devlekar’s Post

#NoEyeOnMiddleClass If you earn X rupee a year, you would end up paying almost 65-70% as taxes to government 😭, Overall we almost work 8 months a year for government and still get nothing in return 😞. I'm a middle-class Indian and feel the burden of our tax system. Despite paying 30-35% of my earnings as tax at source to government for development, I still pay to use same infrastructure. For example, I pay road tolls for roads built with my taxed money. On top of that, there's around ~30% GST on car purchases and gas to use the same infrastructure. GST is everywhere, even though I already pay a significant portion of my income in taxes. Yet, we get no benefits. Politicians talk about freebies for the poor or policies for the rich, but the middle class is ignored. No party addresses our issues in their election promises. We get no tax relief, and almost two-thirds of our paycheck goes to taxes. We can't even save enough peacefully for retirement because the Section 80C limit is too low for current inflation and future needs. Why does the middle class bear the brunt of the economy but get nothing in return? It's time to think about us too. We need eye on middle class too, We deserve justice. Bhartiya Janta Party (BJP) Indian National Congress Narendra Modi Nirmala Sitharaman Nitin Gadkari Nara Chandrababu Naidu Shashi Tharoor #NoEyeOnMiddleClass #MiddleClass #Taxation #IndianEconomy #TaxPayers #EconomicBurden #RetirementSavings #FinancialPlanning #GST #Inflation #EconomicJustice #PublicPolicy #ElectionManifesto #TaxRelief #MiddleClassIssues #IndianPolitics #80C

No matter what it is always the middle class that suffers nowadays.

Reflecting on the challenges of our current tax system, effective tax planning is crucial and the need of the hour right now, especially for those in the highest tax brackets. Gone are the days when filing alone sufficed. This proactive approach isn't just a smart move but the only possible solution, after all, as Benjamin Franklin famously said, "In this world, nothing can be said to be certain, except death and taxes—so better plan for the latter!" #Taxation #TaxPlanning #FinancialManagement #IncomeOptimization #PersonalFinance

I fully support the author. The middle-class in India shoulders a heavy tax burden with little in return. Despite paying substantial income taxes, we still incur additional costs for public infrastructure, such as road tolls and high GST on cars and fuel. Political discourse often neglects middle-class issues, focusing on the poor and the rich, leaving us without significant tax relief. To address these concerns, I propose a few additional solutions: 1. Tax Bracket Adjustments- Review and adjust the income tax brackets to ensure that middle-class incomes are taxed at more reasonable rates, providing relief to those who need it most. 2. Tax Credits for Education and Healthcare- Introduce tax credits or deductions for education expenses and healthcare costs, easing the financial burden on middle-class families for these essential services. 3. Affordable Housing Schemes- Develop housing schemes specifically for the middle class, offering subsidies or lower interest rates on home loans to make home ownership more accessible. 4. Incentives for Savings and Investments- Provide additional tax incentives for investments in mutual funds, pension plans, and other long-term savings instruments to help middle-class families build financial security. 5. Increase Transparency and Accountability- Enhance transparency on how tax revenues are used, ensuring that taxpayers can see the direct benefits of their contributions in terms of improved infrastructure, healthcare, and education. 6. Public Transport Improvements- Invest in improving public transportation infrastructure to reduce reliance on private vehicles, thus lowering the overall transportation costs for middle-class families. These steps would help create a fairer tax system and provide much-needed relief to the middle class. #NoEyeOnMiddleClass

#introspection it's not the tax structure which is an issue, it's the tax collection base which needs to be widened...it can only happen if we make some facilities for only those who file income tax return with taxable amounts some of them may be like.. 1.Buying a car 2.Air travel 3.AC train travelling 4. Availing big loans 5.Property purchases the list can go more.. only if the intentions are to widen tax base... political pressure not withstanding CS

#NoEyeOnMiddleClass - If you earn X rupee a year, you would end up paying almost 65-70% as taxes to government 😭 Overall we almost work 8 months a year for government and still get nothing in return 😞 I'm a middle-class Indian and feel the burden of our tax system. Despite paying 30-35% of my earnings as tax at source to government for development, I still pay to use same infrastructure. For example, I pay road tolls for roads built with my taxed money. On top of that, there's around ~30% GST on car purchases and gas to use the same infrastructure. GST is everywhere, even though I already pay a significant portion of my income in taxes. Yet, we get no benefits. Politicians talk about freebies for the poor or policies for the rich, but the middle class is ignored. No party addresses our issues in their election promises. We get no tax relief, and almost two-thirds of our paycheck goes to taxes. We can't even save enough peacefully for retirement because the Section 80C limit is too low for current inflation and future needs. Why does the middle class bear the brunt of the economy but get nothing in return? It's time to think about us too. We need eye on middle class too, We deserve justice. Bhartiya Janta Party (BJP) Indian National Congress Narendra Modi Nirmala Sitharaman Nitin Gadkari Nara Chandrababu Naidu Shashi Tharoor #NoEyeOnMiddleClass #MiddleClass #Taxation #IndianEconomy #TaxPayers #EconomicBurden #RetirementSavings #FinancialPlanning #GST #Inflation #EconomicJustice #PublicPolicy #ElectionManifesto #TaxRelief #MiddleClassIssues #IndianPolitics #80C Credits @mahesh k

If you earn X rupee a year, you would end up paying almost 65-70% as taxes to government 😭, Overall we almost work 8 months a year for government and still get nothing in return 😞. I'm a middle-class Indian and feel the burden of our tax system. Despite paying 30-35% of my earnings as tax at source to government for development, I still pay to use same infrastructure. For example, I pay road tolls for roads built with my taxed money. On top of that, there's around ~30% GST on car purchases and gas to use the same infrastructure. GST is everywhere, even though I already pay a significant portion of my income in taxes. Yet, we get no benefits. Politicians talk about freebies for the poor or policies for the rich, but the middle class is ignored. No party addresses our issues in their election promises. We get no tax relief, and almost two-thirds of our paycheck goes to taxes. We can't even save enough peacefully for retirement because the Section 80C limit is too low for current inflation and future needs. Why does the middle class bear the brunt of the economy but get nothing in return? It's time to think about us too. We need eye on middle class too, We deserve justice. Bhartiya Janta Party (BJP) Indian National Congress Narendra Modi Nirmala Sitharaman Nitin Gadkari Nara Chandrababu Naidu Shashi Tharoor hashtag #NoEyeOnMiddleClass #MiddleClass #Taxation #IndianEconomy #TaxPayers #EconomicBurden #RetirementSavings #FinancialPlanning #GST #Inflation #EconomicJustice #PublicPolicy #ElectionManifesto #TaxRelief #MiddleClassIssues #IndianPolitics #80C

#NoEyeOnMiddleClass If you earn X rupee a year, you would end up paying almost 65-70% as taxes to government 😭, Overall we almost work 8 months a year for government and still get nothing in return 😞. I'm a middle-class Indian and feel the burden of our tax system. Despite paying 30-35% of my earnings as tax at source to government for development, I still pay to use same infrastructure. For example, I pay road tolls for roads built with my taxed money. On top of that, there's around ~30% GST on car purchases and gas to use the same infrastructure. GST is everywhere, even though I already pay a significant portion of my income in taxes. Yet, we get no benefits. Politicians talk about freebies for the poor or policies for the rich, but the middle class is ignored. No party addresses our issues in their election promises. We get no tax relief, and almost two-thirds of our paycheck goes to taxes. We can't even save enough peacefully for retirement because the Section 80C limit is too low for current inflation and future needs. Why does the middle class bear the brunt of the economy but get nothing in return? It's time to think about us too. We need eye on middle class too, We deserve justice. Bhartiya Janta Party (BJP) Indian National Congress Narendra Modi Nirmala Sitharaman Nitin Gadkari Nara Chandrababu Naidu Shashi Tharoor hashtag#NoEyeOnMiddleClass hashtag#MiddleClass hashtag#Taxation hashtag#IndianEconomy hashtag#TaxPayers hashtag#EconomicBurden hashtag#RetirementSavings hashtag#FinancialPlanning hashtag#GST hashtag#Inflation hashtag#EconomicJustice hashtag#PublicPolicy hashtag#ElectionManifesto hashtag#TaxRelief hashtag#MiddleClassIssues hashtag#IndianPolitics hashtag#80C Credits @Mahesh k

Finally the government of India has realised that removing the provision of indexation while calculating capital gain on long term investments would do more disservice to the overall economy than bringing any benefit with the long term capital gain taxes at 12.5%. It would be more prudent to completely earse the option of choosing between the two! Simply make it one option with LTCG tax with indexation. #India #IndianEconomy #Economy #CapitalGainTax #CapitalGain #Indexation #Bharat #UnionBudget #Budget2024 https://lnkd.in/gEQ3_q_6

Amidst the never-ending anticipation of lowering of tax rates before a Union Budget, I learned something which blew my mind. While listening to a podcast on the history of Indian Economy, I was astonished to know that at one point (1973-74 to be precise), the marginal income tax rate was a whopping 97.75%. This included a tax rate of 85% and a surcharge of 15% over tax. This itself was an increase from the 93.5% effective rate introduced in 1970. Consequently, any income above Rs 2,00,000 was almost completely confiscated by the Government during that time, leaving only pennies in the hands of the earner. Thankfully, sense prevailed and income tax rates were gradually brought down to 10/20/30% slabs by 1997-98. "Fiscal instruments must be deployed to discourage payment of high salaries and remunerations which go ill with the norms of an egalitarian society," said the then Finance Minister in his 1971 Union Budget speech, reflecting the thinking of that time. As someone who has grown in the post-liberalisation era, I find it as surprising as it is humiliating. High income individuals were considered criminals and hence treated as such in the name of being an egalitarian society. Yes, those were desperate times as the country was reeling under the aftermath of famines and wars and yet, these do not justify the move. Even today, we find such tendencies in certain politicians/ policymakers. While I do believe in income redistribution, chasing it without any ceiling would just be self-destructing and giving fuel to the black economy. More on this can be read in India Today's article below. https://lnkd.in/dtGmxqPG