Shareholders are the joint owners of a company in proportion to their shareholdings. They receive dividends also from the net profit from the company they have formed in the same proportion after paying all the taxes on behalf of the company at the highest slab of 33.99%. Why should they once again pay income tax on their joint income that is already taxed by giving it another name as dividend distribution tax at 16.99%? Mauritius is exempted from double taxation but our citizens are not. Say, I own 1000 shares of a company whose income before tax makes my share of 30,000/- as a shareholder. My other income during the year is 80,000/- only. Ideally, I should not pay even the corporate tax as a part owner of the company since my total income remains within the exemption limit of 1,10,000/-. Even if I pay that, I should at least get the refund of the distribution tax.
one thing is sure that all salaries people have to pay these taxes, ok 5n. But as salaries people paying taxes to government for education, infrastructure blah blah blah...., salaries people should have every right to know that wether these money is actually utilizing for these purposes.
So, should government is answerable for these questions ?. Can we ask government to declare a report justifying that how much money spent in individual sector and how much is with the government, same as salaries people do for the return file ?
RE:Track out paid TAX
by Rohit on Mar 03, 2007 12:30 PM Permalink
If you want to know exactly where the govt spends your taxes, just check out the pages and pages of details of the budget on this website.
Also, please move over to a vernacular website. Your English makes you sound like a 5 year old.
RE:Track out paid TAX
by Rajesh S on Mar 04, 2007 01:27 PM Permalink
You can apply via RTI Act. Check out the below link to know more about Right to Information Act, 2005.
RE:Track out paid TAX
by subodh nair on Mar 02, 2007 06:06 PM Permalink
Hi, Yes, you can always get these information by filing RTI applications with right set of questions. Thanks! Subodh.
RE:RE:Track out paid TAX
by laljibhai antala on Mar 04, 2007 09:34 AM Permalink
you will not get response with RTI also since this is for the peoples like but what about most of people of the country
RE:Wait for UP & Gujrat Election
by A chackraborty on Mar 04, 2007 07:40 AM Permalink
PET FOOD IS CHEAP AS ALL DOGS AT HE CONGRESS WORKING COMMITTEE METINGS NEED PET FOOD AND IT WAS STRAINING THE RESOURCES OF THE CONGRESS PARTY
Its an offence to be a common man and a crime to be salaried class. This class is systematically being screwed by all the finance ministers since they cannot escape or ivade tax. rich becomes richer and poor becomer poorer. luxury is given benefit and necessities are charged at higher rate. how will a middle class salaried person survive, better shoot him.
RE:Taxes
by Bijoy Chandapillai on Mar 05, 2007 04:06 AM Permalink
You are right!!! The govt. just does not have the will power or guts to find and tax the rich. So they try to make a shortcut by getting hold of the salaried class. Shame on the govt. officials. Useless leaches.
RE:RE:Taxes
by achayan g on Mar 13, 2007 02:14 PM Permalink
You said it. All useless scoundrels. Imagine only 3% of our population pays taxes. The entire govt and public sector is running on the taxes levied on the 3%. How can we ever become a superpower like this. Might be better to leave the country.
I guess it is the time to move out of India to other countries where even if you pay so much tax, you at least get very good beneifts. We are always compared with western countries when taxes are levied but never compared on infrastructure and other benefits. People would start moving out of India again starting the brain drain process. Each and everything is taxed here. FM is a bing innovator of finidng out new means to tax people. In NO country, ESOPs are taxed at 33.99%. Also, regd section 80-IA, was the tax department sleeping when the construction companies were filing their returns? FM thinks that whosoever is earning should be immediately taxed. No measure has been taken to increase the tax base. Only salaried people suffer.
RE:Move out of India
by devang kothari on Mar 02, 2007 05:13 PM Permalink
i agree with what tarun has stated. FM's basic intention is to forward the budget and not look into the consequences. In a fit to raise more money, they are killing middle class people.
Mr.PC, Dont you have a Senior citizen in your home? How come you cannot understand that you cannot expect senior citizens tosave under 80C when inflation rate is going upwards ?They need all the money they hve to take care of themselves. You have increased the limit to 1.95 laks and anything more, they have to pay tax at 20% for Senior citisens, can you not raise the exemption limit to 2.95 laks and those who have more than that can pay at 30% to satisfy you. Think over.
RE:Tax and the senior citizen
by govind dujari on Mar 02, 2007 06:17 PM Permalink
Yes. Why should senior citizens save at the fag end of their lives and that too with a lock in period? What happens if they want that money at the time of emergency? At least, senior citizens should have been given exemption limit of 1,95,000/- 1,00,000/-.
In view of steep inflation, we were expecting upward revision of tax exemption limit. But for Government, as always, salaried class is easier target. In this way very soon the salaried people will be on the roads with nothing in hand. Present Government's economic policies already put them on mat. Oil prices are an example. After frequent increases in oil prices, they have twice reduced the cost. Whether the benefit is passed on to masses? No, it is always like that, every increase is immediately passed but reduction never passed on. The Governments have to think many times before increasing cost of important things.
As compared to the previous year the education cesshas been increased by 1% but no new scheme to fund education has been launched. Morever the government has still not exhausted the entire amount collected as Education Cess last Year. So, Why should Mr.Chidambaram increase the Education Cess?
RE:Education Cess
by V.P.Prabahar on Mar 02, 2007 04:42 PM Permalink
He is extending the scheme to some more districts,that is why he has increased 1%. But my question is that whether government has verified the effectiveness of the scheme where it has been implemented. I doubt.
RE:RE:Education Cess
by anil bhat on Mar 02, 2007 05:21 PM Permalink
Presently who are sending their children to Govt. Schools? How much money was spent last Year on these schemes
