Dear all, The writer is ill informed. Short term capital gains are taxed @15% as unlike business income no expenses such as interest, salary,office expenses are allowed against the same.
The Companies pay corporate taxes @35% and also pay dividend distribution tax @ 19%. Then also dividend are taxable after 10 lakhs.
Long term capital gains on shares traded through recognized stock exchanges are exempt (0%) but at the same time no allowance for long term loss on shares is allowed against any income. This compensates every thing.
The GOI charges STT on every transaction routed through stock exchanges. Even if a person is making losses he pays STT (on turnover) while buying and selling the shares.
Now tell me where is tax free income? The author is only spreading confusion.
Modi ji is uneducated he dont know the facts .. from somewhere he has learned that LTCG is tax free... but Uneducated duffer was not told that govt is already collecting taxes in name of STT ... and STT is collected even if one make loss
Re: Modi Ji is uneducated
by bakchod on Jan 29, 2018 06:27 PM
Reliance Industries market cap increased by 2.5 lakh crore in last 12 months. Ambanis would be owning approx 50% of the shares. So they would have become richer by 1.25 lakh crore and not paid a rupee in tax. Is this what you are supporting?
Overall value of stock market must have easily increased by 10 lakh crore in last 1 year. You want zero tax on such huge income?
And you are searching for mythical rich farmer when 99% of farmers don't make more than 1.5-2 lakhs per annum if they are lucky.
Re: Re: Modi Ji is uneducated
by bakchod on Jan 29, 2018 06:28 PM
I meant to post this as a direct comment to the article, not reply to the above message.
Re: Re: Modi Ji is uneducated
by Chintu on Jan 29, 2018 08:49 PM
How is market cap an earning? Shares have to be sold to encase the value.... Silly uninformed Bhakti....
Re: Re: Modi Ji is uneducated
by yahoo on Jan 29, 2018 11:30 PM
You don't pay tax on notional value. The tax is paid by the company for the amount of revenue it makes.
If you own a tea stall, and you sell Rs.1000 of tea, will you pay tax on the Rs.1000? or will you pay tax on the value of the stall which will be Rs.2Lakh?
What you are saying is we should pay tax for the Rs.1000 revenue first, then again tax on the Rs.200 profit (dividend) and finally tax on Rs.2Lakh value of the tea stall (stock price).
Re: Modi Ji is uneducated
by Lalukumar Choubey on Jan 29, 2018 06:48 PM
You too are also not educated. "he dont know the facts" should be replaced with "he doesn't know the facts".
Re: Modi Ji is uneducated
by Lalukumar Choubey on Jan 29, 2018 06:48 PM
You too are also not educated. "he dont know the facts" should be replaced with "he doesn't know the facts".
Modi ji is uneducated he dont know the facts .. from somewhere he has learned that LTCG is tax free... but Uneducated duffer was not told that govt is already collecting taxes in name of STT ... and STT is collected even if one make loss
LTCG on equity occur on investment in industry which promotes financial growth of the nation. So exemption is not on the basis of rich and poor. ELSS also falls in this category. Secondly, if richness was criteria for exemption then why perks privileges and emoluments of rich politicians are tax free? Ditto for agricultural income. Only income from a limited land use for agriculture should be tax free for those who do not have ANY OTHER income to ensure benefit to poor farmers
Appears tax collection is the only left for FM, without any even social benefit to rich. If money of rich is in circulation and employed for the growth of the country, how it matters to govt. They are collecting taxes there also by way of GST, Income Tax and other levies. Appears Govt.is afraid of its own politicians and govt. servants who are organised force and get DA linked pay, perqs. and pension which is highest among all civilians in general and looting officially tax payers money, no effort is made even to finish DA linked pension which is highest in India for any retiree. No effort is made to increase working days-lowest comparing to any private sector, reduce burden of medical reimbursements, canteen subsidies, and many other perqs. where many thousand crores can be saved.
Re: New areas of taxes
by suresh kumar on Jan 29, 2018 06:07 PM
all existing accounting rules are aimed at benefiting the rich.. there is a rule that 5% of the profit of a company must be earmarked for social benefit, and the same is tax free. how many big business tycoons really spend it? clever guys transfer the amount to a company created for social activities.. a charity organisation..and get tax benefit.. show expenses by way of various vouchers.. some photographs.. news paper reports.. and gobble up the money.. In fact this is the black money generation..this they siphon out side the country to safe tax havens..
Re: New areas of taxes
by suresh kumar on Jan 29, 2018 06:13 PM
all existing accounting rules are aimed at benefiting the rich.. there is a rule that 5% of the profit of a company must be earmarked for social benefit, and the same is tax free. how many big business tycoons really spend it? clever guys transfer the amount to a company created for social activities.. a charity organisation..and get tax benefit.. show expenses by way of various vouchers.. some photographs.. news paper reports.. and gobble up the money.. In fact this is the black money generation..this they siphon out side the country to safe tax havens..
Appears tax collection is the only left for FM, without any even social benefit to rich. If money of rich is in circulation and employed for the growth of the country, how it matters to govt. They are collecting taxes there also by way of GST, Income Tax and other levies. Appears Govt.is afraid of its own politicians and govt. servants who are organised force and get DA linked pay, perqs. and pension which is highest among all civilians in general and looting officially tax payers money, no effort is made even to finish DA linked pension which is highest in India for any retiree. No effort is made to increase working days-lowest comparing to any private sector, reduce burden of medical reimbursements, canteen subsidies, and many other perqs. where many thousand crores can be saved.
Re: New areas of taxes
by bakchod on Jan 29, 2018 06:31 PM
If 99% of people pay tax honestly, then such issues wont arise. Problem is that 90% of non-salaried taxpayers dodge tax using bogus receipts, cash payments, etc. This is done mostly by rich people running small to large businesses.
Re: Re: New areas of taxes
by arungopal agarwal on Jan 31, 2018 11:58 AM
Wrong perception, majority is honest, black money is only with politicians, govt servants - due to their organised sector power-govt. is afraid of them, plus very few businessmen.
Re: Re: New areas of taxes
by arungopal agarwal on Jan 31, 2018 12:00 PM
Wrong perception, majority is honest, black money is only with politicians, govt servants - due to their organised sector power-govt. is afraid of them, plus very few businessmen.
Appears tax collection is the only left for FM, without any even social benefit to rich. If money of rich is in circulation and employed for the growth of the country, how it matters to govt. They are collecting taxes there also by way of GST, Income Tax and other levies. Appears Govt.is afraid of its own politicians and govt. servants who are organised force and get DA linked pay, perqs. and pension which is highest among all civilians in general and looting officially tax payers money, no effort is made even to finish DA linked pension which is highest in India for any retiree. No effort is made to increase working days-lowest comparing to any private sector, reduce burden of medical reimbursements, canteen subsidies, and many other perqs. where many thousand crores can be saved.
