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What Indian Taxpayers Want From Modi 3.0’s First Budget | Firstpost Tech & Trade
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- Опубликовано: 15 авг 2024
- What Indian Taxpayers Want From Modi 3.0’s First Budget | Firstpost Tech & Trade
India is eagerly anticipating its 2024 Budget, with over 93.7 million taxpayers hoping for tax cuts or incentives. The full-year Union Budget 2024-25 will be presented on July 23rd by Finance Minister Nirmala Sitharaman. This will be the first budget of the Modi-led government in their third term and the seventh Budget presented by FM Sitharaman. The new budget is expected to address various income tax expectations, including rationalising the twin tax regimes, standard deduction hikes, and changes in the basic income tax exemption limit. Additionally, there is a call for changes to capital gains tax and extending housing-related tax breaks. The middle class, in particular, looks forward to relief measures that could boost disposable income.
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Skip taxes up till 10 L
10% up till 20L
20% up till 30L
25% post that
There is already insane gst which everyone is paying for every damn thing.. avg gst is 18% 😢
Avg gst is 10 btw
@@tamilvendans4892 even then, almost 30+10=40% is gone to govt!!
While 95% of the country pays only 10% because they are not in formal tracking of income hence no income tax..
Then inflation automatically increases, borrowing cost increases, economy collapses😅
Most of the products have 18% GST @@tamilvendans4892
@@akhilkrishna1148why it didn't collapse after giving tax break to UHNI ?! Their surcharge was reduced from 37% to 25% last year imagine how much money that would be and how many families could get a boost with that money split equally!
I trust this FM,she will give us smile only, not tax relief
worse govt , worst FM
@@chaitanyas1440worst FM not government
@@Kanpur04-ak so do u think FM will take decisions without modi ? She just implements what their govt need, She is financial face of the govt and the worst of all is she is arrogant that makea her double dangerous
Jai hind @@chaitanyas1440
@@chaitanyas1440FM minister might be worst but not the government.This government is far better than others
Indian govt taxes people like sweden and provide services like African countries 😅
NO, Afghanistan like services
@@madhukoli6481 a little too much to compare India with Afghanistan 😆
Indian taxes are nowhere near Swedish taxes.
@@garygeorge-wi7co then you pay taxes bro don’t force us to support this taxes regime
@@garygeorge-wi7co cgst , sgst, income tax , property tax etc a lot of indirect taxes , isn't that too much?
No wonder people who get onsite opportunities never return. You pay 30 percent tax and get absolutely nothing in return.
Dude we only pay 22 percentage of the national income as tax....considering the fact that we can't print rupee like dollar unlimitedly, it's unreal to expect such unsustainable proposition to be practical....unless you want inflation
@@pranavvenugopal2609 do you see any advantage in paying high tax ? This year RBI has huge surplus dividend , they can easily reduce and must reduce as I don't see any advantage , roads are the worst in my locality ,no garbage disposal , public transport like train is getting worse , why should we pay huge taxes I paid 6 figure tax this year.
Tax system is just like Lagan of older days , give money to government to just exist .
@@pranavvenugopal2609 no it go upto 30% if we include indirect tax also which is paid form money from which you have already paid income tax ( direct tax ).
@@pavilionhp-jx6do no it is 22% of gni
This FM has never done anything for the salried class, and that is not going to change anytime soon.
The worst FM in our history.
Not only this FM, no FM or government has done nothing for the middle class and salaried
@@ravimttscos it's not possible 😂
They need to stop charging 28% gst for splendor buying guy and 5% gst for the guy who buys chopper….do they think we live in autocracy to loot low and middle class people!
Yes they do!
Seriously? Who buys a chopper....😂
@@pranavvenugopal2609 Chor Neta
these days people who just ignore what government is stealing from us . if we are not getting our money back then this is clearly a scam
Increasing limit by 50k is peanuts considering inflation for last 10 years where budget has hardly improved!! Even expecting this peanuts becoming a reality is a dream come true.. how pathetic is the situation of middle class tax payer 😢
what inflation are you talking about? is your information from whats app university. inflation is going down in india!!! get your FACTS correct.
check 3:45 from this video , get a good look at what has changed in the past few years , and 50K might be peanuts for you but its 2 months salary for a middle class indian !!! come out of your BMW and talk.
50K exemption when added to 30% bracket means just 15k or 1000 appr per month which is too littel
Sitaraman is the most shrewd finance minister that India has ever witnessed.
Earn less if you don't want to pay any taxes - Nirmala Sitharaman
😂
😂😂🤣
or be billionaire
@@Zardy_OG Or become BJP karyakarta.
To be honest, this govt has done a lot for the countries development, but taxpayers have always been ignored. we are not a vote bank.
But we are a ATM for the government tada da dum :)
Only 2.7% of the population pay income tax i.e middle class 😢
The country's poor must have free ration and people who can, must pay tax.
@@Kanpur04-akwhat about indirect taxes? That would make it 100 percentage tax payers ok
@@pranavvenugopal2609 10 lakh crore from income tax
19 lakh crore from indirect tax
People voted Modi got taxed in 2014. Still voted and got heavily taxed in 2019. Now let's see. I don't see any light at the end of the tunnel. We have to change this government.
If there are five family members in a family and there is only one earning member the income should be equally divided among the five members and taxed accordingly. Because per capita income drops if there are more family members and less earning members.
Dr Subramanian Swamy has been saying that india should be free citizens from tax burden and there are ways to run govt
Wo pagal h isliye usko dhng ki position ni di ajtk…
Us budhe ko Modi ne cabinet seat nahi di us din se vo sathiya gaya h
@@ay9523 No he his talet hardly how much they collect as tax? If they increase gst percentage they can manage and collect more tax
Agree, He has some pretty good inputs.
Swamy says abolish income tax, put more money in people's pockets. make them buy more and take GST from the goods they buy. Not a bad idea.
1) 5% Tax till 10 lakhs
10 - 20 lakhs - 10% tax
20 - 30 lakh - 20% tax
Above 30 lakh - 30% tax.
2) Ayushman Bharat scheme should be expanded to every citizen with a cover of 10 lakhs.
3) Every City/ district with 10 lakh population should have AIIMS hospital 3:09
I very doubt as usual nothg relief will happen in any or future budget, on one hand even if thy give relief on another thy will tk double.
As a common man, my expectations are in the lines of,
1) discussing and piloting Non-Cascading Transaction Tax Proposal, as comprehensive alternative of income tax, GST and property tax
2) huge budget allocation on infrastructure
3) increased budget to military technology renovation
4) increased budget toeducation
5) increased budget to quality healthcare and to insure health to all indian citizens and residents
If a salaried individual is paying taxes, he/she should get the following benefits:
> Above 2.5 L taxes - Should be eligible to get all government services without queue and without any fees. Eg: PF office, Post office services, DL renewals, property registration, property tax, fuel surcharge, medical insurance of Rs.5 L for the tax payer etc.
> Above 5 L taxes - Few additional services apart from the above list.
> Above 10 L taxes - Few additional services apart from the above two brackets.
If the services are good, it will increase the number of tax payers too generating more income for the government.
And, as part of new budget - please start taxing all the government employees, MLAs. MPs too. If I am not wrong, an MLA/MP's salary is 2.5 lakhs per month. So, he/she should pay the taxes too.
Dear Sir/Madam,
1) No Incometax upto
10 lacs.
2) SENIOR CITIZENS Incometax rates after5%, It is 20%, it must be 10%.
3)Salaried Community is paying Incometax sincerely, they Required much more benefits, llike more deductions and exemptions and Standard Deduction must be 1.5 lacs.
4) Capital Gain Tax on Shares , Equity.. etc., must be removed.
5) Concessions to Senior Citizens and Lasdies in Railway Tickets,must be Restored and give to all classes as did by Sri Rajeev Gandhi. This will have impact on comming Assembly Elections.
6) Dividend income on equity shares mist be removed in respect of Individuals.
Why no standard deduction for retirees who have no pension and survive solely on interest of their meagre savings. When will our Sadistic FM realise that she is accumulating curses of the elderly like Arun Jaitley did.
They have. 80TTB for 50,000 Rs
1.Govt should cut price of Diesel and petrol about ₹ 10.
2. Reduce Gst of Mobile Phones and Home Appliances like TV, A/C etc.
3. Reduce Vehicle Gst. Promote Hybrid cars and Electric cars.
4. Increase train services and increase train coaches for ordinary people to travel.
5. Toll Booth charges should reduce.
6. Invest more money on employment, health care, Higher education, Tourism, Hospitality, Public transportation and Waste management.
7. Govt should increase to build new house for bpl people
Petrol price should be at 80rs...
Petrol price should be 130 rs. and diesel price should be 60 rs. That only help to reduce all daily essential prices.
Upper class figure out ways to evade taxes.
Lower class exempted.
Why do middle class suffer?
Most of them want relief by removing her from FM post
We should adopt the tax is only on consumption and not on income. It will boost the consumption as well as manufacturing. Near term we will see the spike in inflation but once our manufacturing increases then we will be in good shape. That way we can also boost our manufacturing sector.
Well said
Atleast double the 80C exemption if tax slab not changed
The tax slabs of old regime shown by you are INCORRECT
I have a bad experience during last 10 years.
1. Deposit interest has come down. For a retired person every paisa matters.
2. GST is imposed on packed rice atta, clothes,
banking transaction, life insurance premium ,
even on the application form for applying jobs , on almost everthing.
3. Lpg cylinder costs double as the rebate came down from Rs.450 to Rs. 61.
4. When crude costs 80 dollars , petrl cost was Rs 80 per litre. When crude price was 25 dollars benefit was not passed on to customers. In stead eindfall tax is levied on oil refining companies. Cost of dal dobled in 10 years . Millets cost has gone up by 200%.
Rly concession airlines conession have gone.
I HAVE NOT COME ACROSS SINGLE BENEFIT TO SENIOR CITIZENS.
😂 no one cares. Jai modiji.
Vegetuble tax 8 % gst
Medical TaX 12% gst
I applaud the media and the influencers for adding the immense pressure on our FM about this whole tax thing. At the same time, I admire our FM's work & courage(but still I sure wouldn't wanna be in her position right now). This is how democracy should work. Free press speaking out the voice of the people, and the leaders who have obligation to listen to that voice. Whatever is the outcome, I am sure she would have had enough reasons to come to that decision. After all, it is not just her who is working BTS. She must have weighed in all the options presented to her by her team.
Income Tax is very high now. Decrease Income tax. Standard deduction should be 1,00,000. No Tax on interest income for Senior Citizens should be upto Rs1,00,000 and it should be extended to new regime also.
Govt should reduce no. Of gst slabs to just 5, 12 and 18 and revise the contents to make it easy for general public. Common sense tells helicopters should be charged more than cars and AC’s but we have such a govt where it’s the opposite. And y is health and life insurance a necessity being charged at 18% . Is the govt giving any subsidy to tax payers?? None right . So y can’t u at least reduce taxes on essential items for gods sake. And income tax slabs has to be revised or else be ready to face a decreased economic growth due to decrease in consumer spending.
Common sense says that if ppl are struggling to make ends meet with rising inflation they will not have money left to spend thereby decreasing the gdp by consumer spending , so only way to change this is by reducing tax rates , but idk what the govt is thinking?? its like u ppl want us to be angry and dissatisfied with u.
Yaa she will show us babaji ka thullu… Indian middle class is seriously fed up of 30% tax slab with extra gst on everything with toll tax with registration fee n a lot of other form of tax 😡
I do support bjp for nationalism but now taxes going beyond us
Not everyone paying 30% tax
@@Kanpur04-akwhat about indirect taxes ??
@@Ajathashathru-u8o everyone pays income tax- 12 lakh crore GST- 19 lakh crore
Include ascertaining how many dependant are there before calculating income
Reduce Taxes from poor family in India, we dnt have our food to eat, so how to pay such high taxes to govt. From Assam Karbi Anglong.our wages is very less only rs 300 perday but the taxes is very high to give.
You do not pay any tax up to three lakhs per year income.
Are you pointing to GST? Or direct tax?
We gives like both taxes, example, during filling a petrol, market goods, recharge our mobile phone etc, everything become high rates.our income is less but our giving is high not balancing.
@@borlongkironghangh3291 If you do not pay taxes, how on earth governmnet will give free rains to the poor?
Middle class be allowed to claim up to 20% of GST paid by them for their daily FMCG products if they upload GST invoice on their PAN .This will improve GST base also in addition to give targeted relief to middle class .
Team, beautifully elucidated! You made it so comprehensible!🤝🏽🙌🏽
Waste of time. In the history of independent india since 1950, FMs are there only to break financial backbone of middle class only and they will not touch upper class while poor will survive anything. GST is too much especially on Health Insurance premium at 18% etc. Nothing will come for we middle class. I put the comment without viewing or hearing the video
defence budget badhao, hamare jawan bulletproof vehicles ke abhav se virgati prapta hue. modiji defence budget hamare GDP ka 3-5% hona chahiye varna me agli baar aapko vote nahi dunga😡😡😡 hame esi development nahi chahiye jisme hamare jawan ka khun laga ho 😡😡😡. Jai Hind 🇮🇳🇮🇳🇮🇳
Average school fees per child is 1lakh..so a minimum of 2 lakhs are going in to school without any benifit for taxpayer
The vulgar display of wealth in recent Multi billionaire weddings lasting over a month, has convinced millions of the need to reintroduce Wealth Tax for the Super Rich,
Secondly we Indians cannot see beyond children and grand children. So there is a need to ‘Impose Philanthropy’ with a ‘Personal Social Responsibility Tax’ on those with wealth more than 100 crores which should be only used for Education, Health, Environment, Wildlife & Nature conversation, Culture, Sports
Agree 100%
Yes absolutely! These rules exist in western nations
Are we gonna see change in tax brackets this year for sure? I hope so
Don't expect
The taxe rates shown under old regime is old rates of new regime.
There is no 15% or 25% slab in old regime.
Use your resources wisely.
Remember the june 4th results. If you don't count on that then the 20 hours working of Modiji will vanished. Common people must enjoy atleast some little. Fm smile with budget bag for what?????
Nothing will be done by this Govt.as we have seen for last 10 years.
GST should be brought the level of 20 percent below
Income tax should come down or be abolished. All commodities are taxed anyways. This will increase both saving & spending which is great for economy. Once income tax is reduced. More people not paying tax will start paying tax. Rich farmers making more than 10Lakh also should pay tax.
UK TAXES
up to 12Lk. 8% NI. + 0% TAX
up to 12L - 50L. 8% NI + 20% TAX
up 50L - 125L. 8% NI + 40% TAX
up 125+ 2% NI + 45% TAX
+ 23L+ STUDENT LOAN. 9%
+ 0L Employer Nat Insurnce 13.8%
+ 20% VAT Value Added Tax = GST
Deduction limit is 1.5 lakh for so many years where expense and inflation has surpassed its 5 years back. It needs to changed also.
Gst Should be max 10% and should be super strict in implementation...income tax max slab should be 20% and should be super strict in its implentation too...
The Best way is to go for Bank transaction tax instead of IT
What is her qualification for this position?
Being Modi Chaatu is he qualification.
BA and MA in Economics
PhD Economics from JNU
@@ankushmukherjee3219JNU😱😭 oh now i see, that terrorist organization, 😢😢
@@ximin_sleepy JNU is a good university bro overall other than leftist political ideology. Academically it's good quality
This is a country with rich governments and poor people and that says a lot about our tax regime
There is no such thing called 😂free lunch
They are available only if you are privileged and belong to reserved category while general merit continues to pay patiently their share of tax...
Average Indian paying 40% of life in taxes.
If earnings taxed than our stress and problem should be owned in equal proportion by government. 🤣
Adjust tax rates based on Per Capita income. India has one of the lowest per capita income. GDP is a joke. All these tax exemptions are made to satisfy millionaires only, so to aid in their election campaigns
I feel that the new budget mostly covers the area like infra education. Mostly I think infa they build more roads compare to last year so they spen huge amount that's and also railway. ASHAVANI VAISHANNAV HAS ONE SAID LIKE THEY HAVE A PLAN TO DEVELOP NEW STRATEGY IN RAILWAY SO I DONT HOW MUCH EFFECTS OUR BUDGET.
Today i paid tax on water bottle....in future air and water will be taxed if things go like this ....
Worst fm in history of india
Middle class salaried Indians are majority tax payers , who dont have any lobby nor voice. so govt needs money but it is unable to tax all taxable Indian. So what govt can do ? do want govt to sacrifice ? how govt will run and how political party can run and how elections can happen ? Come on guys do your duty without expectation !! sacrifice for the nation, give up your luxury !! are you starving without food ? why do you need tax cut ?
Average Tax rate in Sweden is 56%. In India with all exemptions it averages 24%. VAT is 23%. Average Tax in Denmark is 49%. If Indians are willing to pay these AVERAGE range of Tax I am sure India will be able to provide for all other facilities enjoyed. By the way Danes/ Swedish DO NOT TAKE BRIBES AND HIDE MONEY NOR MAKE "BLACK MONEY".
They make tax more complicated rather than simplifying it, above 2.5L just make flat 10% tax. currently 98% people don't pay direct taxes. So if tax is simplified and less, those who are earning in cash and hiding real income will eventually declare their income and pay taxes as handling black money is risky and cumbersome process. assuming even if 30% increase in taxable people government income will double.
Also , some relaxation for NRIs should be there. It is so much cumbersome to do anything in India once you become NRI. literally “sautela” treatment
Want- fix the system of delivery that is Judiciary, IPS and IAS, reforms
All government jobs should be 50% TAX
I will always vote against current government until they increase tax slabs as per gold standard
Why GST not implemented in petrol and diesel... Rajan Bangalore
🇮🇳finance minister doesn’t know anything about finance 🤔
We had Chidu and he , along with his son, looted the country.
Pm ,Fm will not give any relief to the salaried employees & pensioners.
BJP will choose between sufficient TAX RELIEF & OPPOSITION SEATS in Parliament.
Amend taxes on crypto please if you are serious about fintech future
India get ready to have a higher inflation this time . If the government raise the tax slab and more money is with the PPL then PPL will have more money to spend and the essential items prices will go up
It's basically a rat race. It would be better to put control on prices of essential items then raise the slab rate.
Taxes , duties , charges ,etc should be reduced heavily for all Stock market traders ....
👏👏 Good Job Vikas
Petrol diesel cng all should come under GST
I have no hope with this government, I dont expect them to change anything as they did not do any reasonable changes in last 10 years. I don't expect they suddenly awaken now.
Why 25% slab was withdrawn in new tax regieme
NO TAX on income..
they should skip taxes up to 10lakh
They are showing wrong tax structure for old tax regime
Overall IT+cess+GST = 40% to 50% of a salaried person's income. Fuel is separate. And whats the return they get on their taxes? almost nothing..
Introduce banking transaction tax and do away with personal income tax and GST
I don’t see much difference between old and new tax regime. It’s just useless having this option.
We need a good income tax website first
FORGET TAX RELIEF MORE IMPORTANT TO CONTROL FOOD INFLATION.
NEED TO IMPORT FOOD TO MEET FOOD DEMAND
Dubai is the best country to save the taxes.
FM and govt have to put effort for common tax payer, look at how the corporates, businesses company owner are enjoying their life, and tax payers pushed more & more
Tax relief to ambani for spending lavishly on his baby elephant.
Every year we see this
Tax relief soon?
And all we get is no tax relief this year too
Do not expect much and get disappointed...
Request you to correct your data. You are sharing wrong info
Do not expect any great benefit for common man. Companies will get benefit
The bank interest rate should be low as compared to now
loot loot loot corruption corruption corruption , tax is not the problem but corruption is
Nothing will change for common people
Time to leave india😢.
The tax is even worse in the western countries.
This govt better come with better relief tax system or else no future for growth in personal view which gives rise to country growth for the future if govt does not c people pain nd says empty ur pocket then the country is going downhill
😂😂😂.Don't ever get deluded. There won't be any Tax relief for Middle class. The upper class will get it and the Lower class will get some more freebies.
Give 500 gms rice free to watch desis sell out🤡
How are you gonna have tax relief when over half the population are unemployed and only some do, and they do not pay taxes???
This box is empty... nothing in the box.
Income tax should be reduced
Indian taxpayers are day by day keeping less expectations. BJP is just becoming like Congress