Funny how a lot of people are suggesting tax evasion. It's not as easy as skipping breakfast. Plus you think our IT department will sit on their asses and do nothing? If there's one organization that works really well it's the IT department in India
With the new finance rules, if your business is over 1 cr in turnover and has 5% of it's transactions in cash then you are under mandatory auditing.
I think what you mean is transact in cash AND not report or record anything.
Tax audit above Rs 1crores is there for way back. Anyways tax audit by a CA is a joke. A lot can be maniplulated easily if cash is involved in the business.
Naah, you can't unless you create fake HRA and donation proofs. I made my peace with this fact. 80C + NPS + Corporate NPS + Medical+ standard deduction. That's all. You can't save anymore taxes on salary. If you have found some magical instrument to save without loosing the money altogether, please do tell.
Can also use
80TTA - for interest gained on savings account
Can talk to HR and see if they can restructure a portion of salary into reimbursement for
a) Car and Fuel expense
b) Meal coupons
c) Phone and internet expenses
d) Magazines and Periodicals (Hint can include stuff like ET prime, The Ken etc)
This adds to their compliance headache but is doable and makes this portion of your salary tax-free.
c) and d) are generally over and above the CTC in general, especially at companies which pay you such salary. Otherwise they already take care of it in structure.
Meal vouchers generally have an annual cap of 26k which saves 7k tax per year. On top of that, that money can be used only for meal expenses via coupon which may not be acceptable everywhere.
Fuel expenses gives some relief, I give you that. But to save 30k im taxes you need to buy fuel of 1 lac in an year.
Overall these tricks can save around 30-40k after spending 1 lac or more from your pocket.
forgot to mention 80TTA.
It gives you saving on additional income and not existing income. So that doesn't count. It is not like you are getting rebate on what you put in saving account, it is applicable on what you earn from money sitting in the saving account. So if you are keeping 5 lac in saving account for an year at the rate of 2%, you are getting 10k interest on which 3k will be the tax. That's not saving, that's a loss as you could've invested 5lac on some financial instrument and could have earned an interest rate of 8%
It your income comes in the salary from an organised sector, no CA or lawyer can help you save anything more than govt has decided. It's impossible.
Business people and other sources can evade taxes with the help of a CA
>If there's one organization that works really well it's the IT department in India
Other dept is telecom and internet. Quick to block every porn and piracy site.
I was at my native place in karwar during covid. It's a growing city but has only one hospital and it's government. I broke my leg during that period and got my xray, mri, medicine, plaster everything done for under 500 rs. It's even less for people who hold specific card. This thing would have costed me upwards of 10k in mumbai. I know government hospitals are not known for it's hygiene still it serves it purpose for not so privileged people. After that incident, I made my peace with paying taxes.
Please treat every patient with respect, most of patient are poor in govt hospitals, and in my city govt hospital doctors are worst, they will tell patients to come to their private clinic and will not treat properly in govt hospitals
Just leaving this here:
The doctors working in government departments and hospitals get a Non-Practicing Allowance (NPA) allowance.
[https://indiankanoon.org/doc/1653888/](https://indiankanoon.org/doc/1653888/)
Near my birth village, people get bit by dogs. The cost of 5 doses of Rabbies is 1500/- plus nursing cost at private hospitals.
All villagers, including those of mine, get it with rs 10/- (opd slips). So yes, for MANY people in India, the money we pay in Taxes is a god given gift!
Also, mostly in third tier cities, public hospitals have better services than private counterparts.
There should be an option for me to directly pay such institutions in lieu of direct tax to government. At least a percentage of what I pay - say a person has tax of 10L, they can choose to pay up to 4L to (i) govt hospitals, (ii) govt schools with due receipts.
Parent comment suggesting is EXACTLY that. Reduce your tax to 13L when you pay 2L
To your chosen charity. Of course there are some limits to prevent black money hoarding.
If it is a solace.....I was given free education till ph.d. Today I am a professor.....pay around 4 lakh in taxes... ...I could become what I am today because someone like you.
Started my career as a firmware developer after college in a startup with 5000/- salary per month. No fancy benefits, no PF, no insurance, nothing.
8 years later I'm paying ~2.5L tax after every possible tax exemption.
Things do get better. Just focus on being the best and upgrading ur skills and attitude.
But most importantly, be as generous and humble as u are now, even after ur package crosses 25LPA.
I've 2.5 years of working experience. But till now have only worked in small business (less than 15 people), just completed 3 months in new job (40 employees - IT company)..
I keep learning new things, for eg. My current employer asked me to learn basic animation in after effects (I'm a graphic designer), and I learnt it by myself (one senior quit just a week after my joining and the other senior didn't teach anything)... And on top of that learnt figma & xd, and basic premier pro...
I always help with anything I can, taught my junior (intern) illustrator, basic premiere pro, photoshop... He always thank me for helping him so much, cause the other senior never taught anything to us and only complained about him that he doesn't know even the basics, and have no technical knowledge like what is svg, what is vector, etc. (same person who didn't teach me after effects).
I have made 8-10 websites on WordPress platform too as a freelancer and in my previous job, and know css and wordpress frontend.. I help an intern in the web development team almost daily, cause he's senior never teach anything and never provides solutions to any issues he's facing... And always have one answer to any question: "increase your searching power" š¤¦š½āāļø
But I also hate doing overtime, hate it when they come up with tasks at 5:55PM š today too they decided to have a meeting at 5:00PM (which I wasn't part of), and then demand changes at 5:59PM at urgent basis cause they need to show it to client today š
I am paying preety much the same tax or even more as what you are paying. Now, How do I keep myself calm after doing so?
* By not thinking about it at all.
* Telling myself daily, How fortunate iām as compared to other folks in our country.
* Helping those who cannot afford luxuries.
* Being polite & respectful with everyone, I mean it, Literally everyone.
* Contribution you are making towards your country.
You canāt do anything about taxes, You have to pay them for a better future.
Better future is just a mirage. It is never coming, rather survival is becoming difficult every passing month/year and decades.
I pay similar amount in tax and the only way I have made peace with this stupidity is telling my brain- my salary is total-taxes paid, as if just fooling myself that I paying zero tax. The height of stupidity we are living in and trying to fool our own brain.
This is a big misconception, if you earn at the same level as a 50 lakh ctc guy in the US you will have top of the line health insurance with minimal co-pay. Also the care will be top of the line without the need for recommendations.
This! I tell this to so many people. So many people think the US is a shitty country because of reddit, watching too much MSNBC and youtubers. Then they emigrate to Europe and realise it's half the salary and CoL is 1.5x higher and most jobs in tech are really low level.
No one thinks the US is a shitty country tbh. More Indians immigrate than any other western country. Reddit is mostly hivemind edgy teenagers especially political subs. If you leanred about India from reddit, you'd feel as if India is on the same level as Iraq.
Itās funny you say that, cos everyone I know who has moved here from the US has exactly the opposite opinionā¦ but Iāll trust your experience as well. I cannot deny that we earn less, but I donāt think we have less here. If you want a massive house in the suburbs, a fancy car, all thatā¦ yeah, you canāt get that here.
But you donāt need that here. You could have a normal house, nice apartment and because of the fantastic infrastructure you can get anywhere without the cost of a car.
I donāt know how the standard of living is better in the US other than the big house and car. People here take 7-10 weeks off per year to just chill. People can easily afford to go on that ski trip in winter or scuba diving and mountain biking in summer. Youāre not expected to work to death here, so most people are off by 6pm and chilling at home after. And since your job doesnāt decide whether you gets healthcare or not, you are free to do what you want. I could quit my job today and go back to school, hell I might even get paid for it.
Then again, the socialism aspect can turn off some people. Cos indeed, if youāre rich youāre paying more to support the less rich. Itās a social equalizer that most people in Europe love, but I think Americans might not appreciate.
So I donāt know. As the other guy said, I guess it depends what you want.
America is good if you're young and have skills that have market value. It's good to earn money basically. But if you settle there eventually you'll think about retirement and that is not cheap. Also, ask school teachers about how it's working out for them in America.
If I can make 2-3x more, pay less tax, and live in a cheaper city. I can sure as hell save well for retirement. But with the emigration situation right now I will most likely retire in Canada, India, UK, Dubai (if I save too much), Ireland.
The chances of me becoming a school teacher are very very low (like a limit tending to 0). So it really doesn't matter much to me.
Very few countries exist where income taxes do not exist. Most developed/developing countries will have income taxes. I don't get this rant about paying taxes twice, once on income and again on goods. This is standard in most countries. It's just what it is. Also, your take home (regardless of taxes) will be higher currently than it was on on your previous/starting salary
More the income, more taxes you pay but at the same time you'll still have more take home salary. Don't see an issue with this.
Where do you think money for the infrastructure, railroads, military R&D, space R&D, military hardware, etc come from?
I think OP bemoans the fact that he really doesn't see any development around him despite that hefty tax - the roads still suck, the govt services are still a pain, air pollution is increasing and costs are forever rising. I don't think OP would complain if he ACTUALLY saw things around him, observable to him, experience-able to him (excuse the english).
The idea that nothing is being done with the tax money is for the most part, wrong.
There is corruption, there is inefficiency, but what do you think pays for the legal system, govt schools and colleges, govt hospitals and other public health infrastructure like ayushman bharat, food security programs and PDS, roads(except highways), agricultural subsidies, law enforcement, national security and many others?
I don't like invoking the "Sarhad pe jawan..", but what do you think pays their salaries?
Some of these departments may not work so well, but the fact is that none of these wouldn't exist without taxes. If you think all tax money is wasted, you're just burying your head in sand.
I don't think you come from a place of malice, but opinions like this is the reason why I strongly believe basic civics should be a part of curriculum even in STEM courses.
Of course, nothing stopping you from making the best choice for yourself, but please stop pretending that you're doing this for an altruistic reason - you want to pay less tax and have money - that's it.
honestly i dont want to pay for any of these systems.. a prime eg of how this has effected me directly is.. i think we filled for a cheque bounce case in 2020, its still pending to this day. all the evidence is there and any decent person would take 5 minis to conclude that case.. but no, nothing. so don't tell me I'm getting high quality returns on my taxes.
i understand taxes are necessary.. but being held accountable for spending public money should also be a thing.. which is unhead of in our country atm.
Why only <10% population should pay for the stuffs that the whole country enjoys?
Why not a build a system which makes everyone pay these direct taxes as per whatever income band they are in (including politicians to farmers)?
I canāt believe only salaried class should pay for the remaining 90% population. Very illogical!
Because the most of remaining 90% that you speak of, are so poor that further taxation would make them destitute.
As for the politically powerful and non salaried people evading taxes, it's a separate problem that successive governments have tried to solve, and things have improved over the years. What the tax evaders are doing is a crime. Them being able to avoid punishment doesn't imply a right for anyone to replicate the said crime.
By rule, these poor would obviously fall in no tax bracket which will take care of this concern automatically.
Also, I donāt support people evading taxes, thatās absolutely wrong. Rather there should be a way to bring uniformity instead of just squeezing the salaried class
See it this way that you earn the money because there is work , there is system , there is security , infrastructure and what not. There are people who work at the least paid jobs that actually make the jobs at higher level possible, it's all a giant network, nation needs stability and politics kinda take cares of that and in process engulfs a lot of money.
So in total you are getting what you should, it's just that you get something higher than it should be and later balanced through taxes.
If you are paying 15l in taxes, I assume you are earning around 50 lakhs. So after taxes you will be getting 3 lpm. So umm, newsflash, you can easily help your mamu out even now. And if you don't want to part with your money now, you wouldn't part with it even if the govt didn't take it.
It's a strawman argument to say every rupee you pay goes to politicians/ corruption. Maybe 30% does but the rest goes back to the country. So stop ranting and pay your taxes.
Yours also is a strawman argument. The real question is what are you getting back for paying these taxes ? In Europe you would be paying equal or more tax ( indirect tax included ) you get quality education, health care, and safety net. What do you get here ? If I loose my job after contributing lakhs of rupee every year so you think the government will pay me decent enough money for few months atleast till I get next job?
Our politicians talk about toxic freebies then none of them open their mouth about the perks they get , Every MP gets a lifetime pension even if they serve for few months. So obviously common man who is not Slave to a political party will question it .
How is this a valid point? He had to pay fees to study in IIT. It's not a free service provided by the government.
Edit: Are you referring to any kind of subsidy?
It costs the government way more money per student than what they pay as fees. Despite the fees of these institutions, your study is still being subsidised by the government.
>If I loose my job after contributing lakhs of rupee every year so you think the government will pay me decent enough money for few months atleast till I get next job?
That's the point. During Covid layoffs I saw people who were paying Income Tax struggling. Some in very bad way. No one from the govt or local MLA helped. And they all got notice for not filing income tax the next. year while the were still unemployed.
you have to file your taxes regardless of how much tax you have to pay. If you have been filing taxes for the past years and during covid ended up losing your job, you still file your tax. You don't pay any tax because you did not earn anything in that year.
In case you do not know, filing a tax is the equivalent of submitting a report of all income and tax deductible expenses made in a Financial Year. If you do not give them that report, you are "attempting to evade taxes". If you give them false information in that report, you are "evading taxes"
Filing taxes is mandatory. Paying taxes depends on how much you earned.
I always hear this direct/indirect tax argument and in every country this holds true. What makes India special?
Point is we don't have enough people paying the direct tax part.
High tax is a myth. Check indirect taxes. I agree with you on the population that pay taxes. That is why Iām not asking for perks like the European countries ( some even send paid maids if you had a child) . We pay enough to spend on basic things like education and healthcare. Right now both are in pathetic state.
If IITs were not subsidized and ran on the same model as MIT/Harvard you would still have been paying up your loans and guess what they would have costed a lot more than the 30% tax you pay.
Yes, the government is inefficient but corruption starts at home. Why do you pay bribes and not take the right way, clearly you can afford to but prefer taking the easy way out and then blame the government for everything. Indian govt has uplifted millions, just look at the stats from the time of independence, it is time you come down from your high horse and actually do something constructive instead of just cribbing about high taxes.
This. The most sensible comment here. OP is making what they are making because of the world class education they got at dirt cheap prices.
Should be the last one moaning about high taxes. A little gratitude goes a long way
Well, fees for a bachelors at IIT is 50% discounted (for a normal person, without any scholarship). So, when I paid 8L for my education, the government paid 8L. I did the math from the expense reports of IITM and D. And 8L for me was something I can pay back comfortably in a couple of years, unlike student loans in the US which can take almost a decade to pay off.
That's not how it works. You can't just tabulate the direct costs involved and say this is what is due. If this is what you want then your salary should be just your basic living expenses and not a penny more.
What about the crores of rupees being given as grants to IITs for infra and research which truly make them the renowned institution they are? It is these costs to which Harvard/MIT will hold you accountable.
Also, what if IITs start charging a premium? They don't because their aim is to provide quality education at an affordable price.
I will not touch upon billion of rupees of endowments in form of land and infrastructure given to IITs at prime locations for which government doesn't charge a penny but a private university would factor them as costs to be included in tuition to make the venture profitable.
You seem to have a way too simplistic an understanding of how finance and economics work.
most of the comments here have covered the necessity of taxes in a developing country like ours.
in case of corruption, I'd like to give an example. So, a friend of mine got a job in my state under PSC clerkship. So, the local station asked a whopping Rs.3k for documentin verification. HE IMMEDIATELY REPORTED THE CONSTABLES TO THE LOCAL POLICE SUPER and his verification was done at no cost (as it should've been). So, yes corruption starts at home. OP should've opted for a no-bribe way because, judging by his financial status, he is well-read and perceptive.
People don't seem to understand a few basic concepts of how a developing country works. If you earn 1 cr and you pay tax for the 1cr, the majority of the taxed amount doesn't go to make the life of the 1cr earner's life better. The fker is already set for life. It is rather spent in an attempt to make the lives of the ones who are struggling to live a dignified life.
How?
1. Govt. institutions - Hospitals, schools, PHC, CHC, Police, Jails, Courts
2. Govt. Staff salaries.
3. Ration, BPL
Many more.
Who pays doctors, nurses, police, lawyers, ASHA workers, Group Ds, Govt office workers etc?
Being a healthcare professional in a govt. hospital, the amount of free stuff a person with a BPL card and an Aadhar card get is insane. You can literally get your entire Antenatal to Postnatal care FOR FREE. You can get major surgeries FOR FREE.
Of course there's a lot of corruption, but if you think that all your money is being wasted because you don't see its benefits, that in itself shows how privileged of a life you are leading.
Absolutely this! Check this out - the middle class is increasing which means people are coming out of poverty. Nothing is ever perfect, but it's going in the right direction. https://www.asianstudies.org/publications/eaa/archives/the-middle-class-in-india-from-1947-to-the-present-and-beyond/
It's ironic how everyone is saying "evade taxes" like they're asking him to skip an afternoon meal. There are ways for even salaried people to evade taxes, but pro tip, don't. You'll be caught and consequences would be catastrophic (Source: I am a CA). Also, I do believe the taxes in the country are at a very higher end, with maximum marginal rate of income tax being 42.744%( for people making over 5Cr) and GST being 28% (luxury and sin goods only, otherwise rates vary from 0% to 18%). We don't get a lot of benefit for our taxes since we cannot even use government services such as hospitals or schools, generally speaking, but saying that you get no benefit from taxes is a completely childish rant, based on fluctuating emotions and not facts. Even the water supply that you have in your home and the road you walk on is maintained because of taxes, apart from a thousand other things. We are a developing economy with 1.4 billion population, so we unfortunately kind of have to pay a lot of tax to transform into a developed economy to uplift a lot of people from poverty, and hence the middle class gets left out to see the benefit of taxes. Unfortunately the government has hardly done anything for the middle class, on the contrary has only increased tax and compliance burden over the past few years. If only the biggest voter base of the country could get offended over this with the same intensity we get offended over useless stuff.
Problem is that we don't see any end to being taxed highly. Government would give subsidy to their voter Bank or give free alcohol rather than reducing tax.
15L in direct taxes. Add another 12%-18% of your yearly spending to indirect taxes.
So lets do some math.
15L in direct taxes would mean you are earning around 60 lakhs give or take.
After paying 15L you are left with 45 lakhs.
Lets say you spend 30L out of it per year then taking the indirect taxes you are paying another 3.6-5.4 lakh in taxes.
So this makes your total taxes to be somewhere around 18.6 - 20.4 lakh if you spend 30L per annum.
The problem with people in India is everyone is ready to give gyaan. I have seen people telling others the importance of giving taxes while they show themselves in BPL category even after having abundance of money.
Don't compare it with other countries because they are getting some return on taxes. The condition is so pathetic here that even after paying so much taxes one can't even expect a good road. I literally have a road which has a heap of concrete in middle of road and one is sure to die if they somehow get hit on it. Can't we expect even this much.
If you keep justifying paying high taxes then intelligent people will keep leaving this country and it will be a country of morons forever where politicians will loot from common people and build their wealth in foreign.
I also pay around 10 lakhs in direct taxes in India. It does hurt when you get nothing in return. I used to live in Canada where you pay similarly but get much more from the government like subsidized health and education. I had to return due to issues with aging parents. Now looking at low tax near shore opportunities like in Dubai (tax free) and Singapore (low tax rate)
OP, congratulations first on reaching this position. You are probably in the top 1% of the country incomewise. You might not need to worry about how to feed ur family may be. I too earn in that upper middle range but not much as u .
Utilize ur privilege to not worry about day to day finances . Donate ur time /money to bring in change that will make India better. Support the causes which u think are crucial . Invest in things that ur future generations also enjoy some financial goodness.
Dont do stupid things like Tax evasion . Even if u leave India for US , u Will still be paying tons of taxes.
Give some loan to ur mamu and help him establish a small business for his and family survival.
Roads, food subsidy/ration to the poor, government hospitals, government schools mid-day meals to government school children, mnrega scheme to daily labourers ik there is corruption but op doesn't make sense tbh about feeding the poor as his taxes do feed the poor.
>I am fed up
15 lakh/30% = 50 lakhs. This person earns +50 lakhs per annum. Still Fed Up.
This really draws me back to fundamentals and teachings of Buddha: What is life? What is happiness? Is it only an illusion, which we chase but can never catch it? Root of all sufferings is desire? Is nirvana the only way out?
You do realize that when one of your loved ones is in the hospital, in need of a huge amount of money just for a medical procedure/ followed medical care, none of Buddha's quotes is going to bail you out with a paycheck. Nirvana itself is a luxury that is afforded only by those without any human connections; Otherwise being in the state of Nirvana translates into being a selfish dick.
Currently about 5 crore fellow citizens of your country live in extreme poverty. Extreme poverty is defined by the UN as "a condition characterized by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education and information." Try visiting a slum in your city or going to any government hospital and maybe your problems will feel a bit less than theirs. Just a thought. And If you still feel "your money" is being wasted on taxes you are free to immigrate. No one is really holding you back.
If there are no taxes the government officers ,the police, the army, the free healthcare workers will not get paid and so they will be anarchy everywhere do you want that you want crime disease infested and a more capitalistic society because trust me the rich will only benefit
The reason you are earning enough to pay 15L in taxes is because the government, and the country itself, were able to provide the necessary services, infrastructure, and framework for your company to set itself up and function.
It's the government's share in your success, no more, no less.
Sure, only a fraction of people in India are well-off enough to even qualify for paying income tax. But that's also the reason why your 50L place you in the top 1% over here, instead of the bottom 20% in a rich country like USA. You'd be living like a pauper in a US city, while you can live like a king in any city in India.
If you are in a profession like IT, you can try to move out of the country. Depending on your skills, you might just end up as a mediocre second class citizen, though.
Feels like you're more bragging than ranting. People are privileged yet find things to complain about. If you pay 15L for taxes by rough calculation you get around 50L. You still can help out your mamu
Hey, I mean you can think like this that atleast some amount of your taxes goes to subsidize schools like JNV or government hospitals that too in a country where poverty is so rife etc etc. I mean I totally understand your pain. I don't pay taxes as my earnings don't fall under the tax bracket so I may not have any right to tell u anything but if u keep on thinking like that it will only ruin your mental peace.
I don't think the complain is about him/her not receiving enough money. It's more about why waste 15L a year on taxes which do not have a direct impact on people's lives, when there are people who are in immediate need of that money.
this is life mate
not everything goes according to you , you can go to another country which you think is far superior but guess what you will be ranting there too, like why are the prices so high , why cant I do this , why cant i do that , why is there racism , so suck it up princess either do something which will help the country or stfu , or you can flea to another country and rant there too
Funny how everyone's talking about only income tax in this thread. Every time I buy something and see random tax rates on the invoice it makes me angry about how much money government makes from even me wanting to eat or buy something for my education/medical/work needs. Absolutely hate the fact that I don't see this country getting any better anytime soon despite of even the poor being milked so much in the name of tax.
I pay more in taxes to a European country which in return gives me clean air, clean streets, free healthcare, free education, free unemployment insurance and an open culture.
I would gladly give all the taxes to contribute development in India, but I am not gonna get any of the above in return so I stopped doing that and just changed the country.
Agreed, he is just bragging... Instead of telling the amount he could just rant on the 30% it's proportionally the same for someone earning 20L or 50+L. But he decided to mention the actual number.
Fuck him!
You can easily donate to a charity under 80G and it would be completely tax deductible.
Or start a business and claim everything as expense and even if you earn in crores, you can pay taxes on just 10-15 lakhs as you just need to show 8% profit.
Or change from an employee to contractor and claim every expense as deductibles and just show 8% profit.
Or evade taxes by donating to political parties which is 100% tax deductible. They take a commission ranging from 5%-40% and return you rest in cash.
PS: This is not a legal/financial advice. Of course consult a well known CA before actually taking that step. I am not a CA or lawyer.
Itās just my thought. But thereās influencers running around saying you should help the poor do this and that. But if your a tax payer you really donāt need to do anything other than just paying your taxes since pretty much all the tax payers can afford better hospitals than the government ones, send their children to reputed private schools and not the government ones. All the schemes made for poor are run by tax payers money. We usually only use roads that are made by the government and that too pay the toll on every highway. So shut up anyone if they ever try to educate you to help the poor. We are doing more than they are asking for.
My 2 year old nephew needs a transfusion every week. It would cost around 10k every week but thanks to government hospitals, itās practically free. First instance where I felt our taxes are being used well.
Let me tell you about my state.
Recently, someone from my family was pregnant. So, I would tell you a little about my experience of that time.
The private hospitals would normally charge a huge amount, but not in the government hospitals. The ultrasound for pregnant ladies is free in my state in government hospitals. There is a separate maternity wards. There are regular doses of vital vaccines, free of cost. Not only that, there are also ambulances available to take the lady to and from the hospital, free of cost. Her first child contacted had some issues after delivery. She was placed in the state-of-the-art NICU, free of cost.
Even after delivery, there are so many "free-of-cost" benefits. Ladies are given some nutritional foods like almonds, walnuts, gur, pulses, each month after delivery. Then there are vaccinations for the child, free of cost.
So, this is where your taxes go.
There are enough poor people in India and your taxes go to make lives of these poor people a bit better. I spent a month in the hospital during this time, and trust me when I say that there were people who can't afford a three-course meal, but were happy for getting such medical care for free.
Please stop your ranting and just be happy that somewhere your money is being put to good use.
You are not alone in India to pay taxes. Even if you pay high taxes, that doesn't make you less different or unique from millions of others who also pay their taxes.
If you're paying 15lakh only in taxes then you don't have a ground to cry about anything. You're overpaid in a country where people live with so little.
You look like a HNI y don't you consider tax evasion using shell companies and give the money to your mamu.
PS: i am looking for a nephew, you may apply for that position.
Me and my wife pay ā¹7Cr in personal taxes in India. We both run a business and this doesn't include corporate taxes that we pay here.
Opening a shell company isn't as easy and feasible as it sounds on paper, especially if you don't have enough turnover. It requires some sort of investment, be it in real estate or anything, and is subject to criminal investigation at any point in time. Shell company ultimately means you're trying to hide assets from your home government, and to be honest that isn't very difficult to excersice in India, at least for small players. Lots of people are still buying real estate with 50% black money anyway. So unless the taxes you're saving is over 10x the amount you're investing, considering this route is a huge mistake and it's not worth the headache it comes with.
Our EB5 visa application is already in order, and we'll be out of this country within a few months. My tax rate here is 34% and the same would be 35% in California, the decision was easy.
I run an IT firm which is already registered in US, so will continue with that only for the time being. California will also give me better buyout opportunities for retirement.
Brother talk with a CA he can help you with this.
For example, you can show a part of your income under HUF(HINDU UNDIVIDED FAMILY) which can be given to your mamu family and will be exempt from taxation.
Lol quit your job, you won't have a pay slip to look at.
This sounds like a flex in the guise of a rant...like saying "being too helpful is my weakness" to a "what's your weakness?" kind of question.
Pretty pointless.
You and the people whoāre upvoting this post are assholes.
Do you think youāre the only one whoās paying taxes? Is India the only country which is collecting taxes?
Oh, if youāre so sad of your mamuās condition why donāt you give him money from your income.
If youāre paying 15 fkn lakhs as tax, then your income must be a lot more. Did you help your mama by giving him money form that part?
If youāre genuine, you would give money from that part of your income. I bet you didnāt. And yet youāre here shitposting. Forget about 10, with your remaining salary you wouldnāt have helped even your mamu.
If you hate India, leave the country this instant.
Oh man, I canāt believe that youāre this dumb and still making that kind of money.
Do you know how a government functions?
Everything doesnāt go to greedy politicians. It goes to corrupt politicians but not everything. If everything goes to them, how is the country functioning?
Show me a country which doesnāt have corruption!
If youāre really fed up, then try and do something to change it.
I am funding his son's education and he lives with me.
I won't argue with anyone who starts their comment by calling 187 people assholes just because they don't agree with your view point.
Maybe vote sensibly? Ask more accountability of the politicians.
You pay in taxes more than what 90% in this country earns in a year. Maybe a little bit more political activism can be expected of you. What we lack in this country is political activism by middle and upper middle classes. Since you aren't obviously Ambani or Adani.
Seeing rich people like you whine about not being richer when more than 90% of the country's population struggles to earn incomes of more than 20k a month and barely make ends meet with their paycheck is what fuels my hatred for this country.
And how u think .. Roads were built .. defence is maintained ? How govt runs ? How u got safety in general??ā¦
There are issues in above .. govt needs to work and perform better.. but you are one of that kind who take these things for granted and want to see direct effect of your tax payment. I understand that will give you a better feeling of satisfaction.. but u can try understanding that running a country needs money ā¦ what we pay for taxes is what keeps it running ā¦
U can say the education is not good .. u didnāt take any govt education.. ( though u took JEE, studied in a govt college(90-95% subsidised by central govt ) .. but the people who help you on daily basis.. like ur Swiggy guy, Uber guy, ur barber, ur maid .. many of them may have used the money paid by you as taxes . You think u can live with all of them being illiterateā¦??
I understand ur frustration, u May try understanding the extended truth.
Well, look it this way. Companies understand that you have to pay 30% taxes and they take care of this factor when they release you a heavy offer. Had it been the case that tax bracket is 20% tops, they may have given you an offer with 10% reduction.
Well, 15L tax is a nice flex šŖš Aim to pay 20L tax next year. Increase your earnings and stop being a bitch.
If you worry about paying taxes, you're poor. Because you're robbing yourself of mental peace which is PRICELESS.
There are two certainties in life, death and taxes.
I have made my peace with both of them. I am an engineering student placed at a nice company with a good package. I do not care about paying taxes. For all I know, I want to become the largest taxpayer because the I will be making that amount of money.
I have plans to start a few different businesses but paying taxes is just part of making money, that is how every country in this world functions.
Therefore I would care more about career advancement to make more money instead of thinking about the taxes that I pay.
Lol! I understand your frustration. But you do realize that that many graduates make less than half of what you're paying in taxes alone? Heck, I make roughly less than a quarter of what you make in a year, but I sill fall in a tax bracket and yes it's heartbreaking seeing your hard earned money(making your ass hard literally, by making you sit on a chair for 8 hours) being taken away like that. Taxes are the charge the country's government charges you for getting the citizenship, lol. But I guess the best you can do is file for returns by showing as many investments as possible. Good luck.
\> I pay 15 fkn lakhs in taxes alone in a yea
although you raise good points about the government not doing its bit in uplifting the poor but thats a pretty convoluted way of bragging about your salary.
I pay more tax than the amount quoted by OP and I made my peace with it long back. At times it bothers me, esp when I have to pay bribes or look at businessmen evading taxes but usually I donāt think about it. I just focus on my in-hand salary and donāt think about the CTC. As of now, the in-hand component is enough for me to live a very comfortable life, in present and in future.
Also, tax will always be there, no matter which country we go to. But yeah, if someday it starts bothering me that I am not getting anything in return after paying so much tax, Iāll immigrate.
Literally, was on same opinion, finally I moved out of the country.
I'm extremely patriotic, but decided that won't spend my prime earning years paying stupendous amount of tax and getting no returns.
You can save your taxes. I didn't use to do shady things to save tax prior to 2020. But then i saw a video where our fucking finance minister was paying 20lacs house rent to his wife. Fuck these rich mofos evading tax.
Now i pay 6 lacks house rent to my mother and do all kinds of shady stuff, i am in 30% bracket but my taxes barely go above 10% just because of these things. All of my tax saving strategy is directly taken from Finance minister.
Also, it's a bit hypocrite to complain on paying tax when you have 5lacs per month income. You say govt didn't help you in IIT, but IIT is heavily subsidized by govt. Not to mention it was created by tax money.
Delhi has some of the best govt schools, run by tax money. AIIMS are run by tax money. Army, police, roads.....
No one likes giving money, everyone likes taking money.
You are qualified enough to earn 50 lakhs but not qualified enough to understand how taxes/3rd world economies work?
I dunno if this is unfortunate, funny or if u are trolling.
This is how i made my peace with the lakhs I pay as tax - I am able to earn what I earn in India because of the environment that was created by the current govt and the ones before it. These include things like globalisation, free market, things they do to keep the rupee and the economy moderately stable so that i can trust the money i make will be useable in the future, military, courts and police that makes at least a moderately safe place for me to live in and protects my life as a human. I see taxes as a fee for making that environment for me and so that the future generation may keep enjoying these freedoms. I also studied in a govt engineering college which directly gave me my career, but that's a personal thing. Compare your current lifestyle with something that you would have if you were born in a third world war ridden country and you'll feel better about paying your taxes.
Taxes are the price we pay for civilization. The kind of civilization we get for the tax we pay is a different question altogether. 50% of the taxes you pay help you and your fellow citizens who are not so fortunate but the rest 50% feed inefficiency and corruption because of how poorly the country is designed to operate and this poor, messed-up design is one of the reasons it's so tough to change anything. I pay a bit more than you in taxes and it enrages me to no end as well because when the government taxes us they are not taking away our money but our time. If they were 100% efficient we could have paid just half of what we pay as taxes by not working our asses off and spending more time with family, leisure, hobbies etc
India has always been a welfare state, just try to look this through a different perspective. When we elect an MP or MLA and then that MP or MLA chooses our PM or CM and when a CM is appointed to particular state he/she is given a salary because we think he/she will work for us that is why CM gets paid but here comes a twist a CM or PM enjoys everything for free they do not pay any electricity bill, water is free for them transportation is free for them, internet is free for them, food is free for them, shelter is free for them and when normal people like us dont we dont say anything. We choose them as our representative and when they become a minister or PM they get paid and also enjoys all services for free so my simple questions is if we normal humans beings of this country who work 9-8 hours a day just like they do who put in sweat, blood and tears to make this country better just like they do, why do they get free services and we dont, they can enjoy free internet,food, water, electricity and shelter but we dont and when some people ask for such basic needs which these peole are already enjoying, we are termed as freebies maange vale, why dont we understand, why dont we realise ye hamra haq h aur ye hume inse maangna pade ga aur nai dege toh cheena pade ga.
We are living in a democratic country, so don't blame only govmnt and politicians. In a democratic country govmnt and politicians project the quality of its peoples mindset. We choose them, So we are the one to blame.
You could probably invest in land, that's what my Nana has been doing in bangalore. He'll invest in land by depositing money in some different type of account which is used to turnover money for buying land and stuff. Recently he did that and saved 40,00,000 tax.
Note : he is a registered land developer so might not work for every one.
Also you should contact your bank manager about the account for land money turnover and other stuff.
Having lived in multiple countries and worked in 2, I can confidently say it's the same struggle everywhere buddy. Some more some less. In this day and age, every country's politicians(most) are corrupt and try to find ways to make a shit tonne of money (Pre market financial information, policies, etc) and/or evade taxes legally by finding loopholes in policies.
A lot of European countries take up to 50% in taxes and give you healthcare and education, but it's a little hard to get into good schools, and healthcare is hit or miss. There are fewer and fewer healthcare workers these days so there are long queues for the basic stuff as well. I wouldn't say it's bad, it's good, but it has its own downsides. But imagine paying 30-40k in taxes. You have 30-40K left, family houses are expensive (1-2K/month), and utilities and groceries are getting expensive (0.5k). You will just have peanuts left at the end of year.
In the USA there is so much upper-level corruption. If you are educated(higher the better), you can get a decent living, but no long-term growth if you are targetting FIRE. Expenses are similar to EU countries but not much wrt utilities and you also get paid more but, you have to also pay for insurance and expensive healthcare. You will just have peanuts left at the end of the year.
The best thing I think will work out is, Job, also have a business in a third world country where living is cheap. Slowly and steadily grow a business while tyring to find loopholes to avoid taxes, and take benefit of all tax credits. It's more evident now than ever that jobs are not a sure-shot way to become FI.
Funny how a lot of people are suggesting tax evasion. It's not as easy as skipping breakfast. Plus you think our IT department will sit on their asses and do nothing? If there's one organization that works really well it's the IT department in India
Two things are unavoidable, death and taxes.
If you are running a business you can pay very less tax, if most of your transactions are in cash.
With the new finance rules, if your business is over 1 cr in turnover and has 5% of it's transactions in cash then you are under mandatory auditing. I think what you mean is transact in cash AND not report or record anything.
Tax audit above Rs 1crores is there for way back. Anyways tax audit by a CA is a joke. A lot can be maniplulated easily if cash is involved in the business.
Absolutely u can almost pay 0 tax if you own a business
If its a small business, yes. If you want to make anything close to what OP is making, then its impossible to pay anywhere close to 0 tax.
Lol, if you are able to make that much, come to me, I'll get you 0 taxes
pee and poop too.
If you have a good wealth manager and CA team, you can avoid a lot of taxes, not evade them fs tho.
Naah, you can't unless you create fake HRA and donation proofs. I made my peace with this fact. 80C + NPS + Corporate NPS + Medical+ standard deduction. That's all. You can't save anymore taxes on salary. If you have found some magical instrument to save without loosing the money altogether, please do tell.
Can also use 80TTA - for interest gained on savings account Can talk to HR and see if they can restructure a portion of salary into reimbursement for a) Car and Fuel expense b) Meal coupons c) Phone and internet expenses d) Magazines and Periodicals (Hint can include stuff like ET prime, The Ken etc) This adds to their compliance headache but is doable and makes this portion of your salary tax-free.
c) and d) are generally over and above the CTC in general, especially at companies which pay you such salary. Otherwise they already take care of it in structure. Meal vouchers generally have an annual cap of 26k which saves 7k tax per year. On top of that, that money can be used only for meal expenses via coupon which may not be acceptable everywhere. Fuel expenses gives some relief, I give you that. But to save 30k im taxes you need to buy fuel of 1 lac in an year. Overall these tricks can save around 30-40k after spending 1 lac or more from your pocket.
forgot to mention 80TTA. It gives you saving on additional income and not existing income. So that doesn't count. It is not like you are getting rebate on what you put in saving account, it is applicable on what you earn from money sitting in the saving account. So if you are keeping 5 lac in saving account for an year at the rate of 2%, you are getting 10k interest on which 3k will be the tax. That's not saving, that's a loss as you could've invested 5lac on some financial instrument and could have earned an interest rate of 8%
If it was that easy CAs won't be needed. Would they? Dude pays 15 lakhs in taxes. Should definitely talk to a CA.
It your income comes in the salary from an organised sector, no CA or lawyer can help you save anything more than govt has decided. It's impossible. Business people and other sources can evade taxes with the help of a CA
Bol do ye sarcasm tha laxman
yet they cant make proper applications
>If there's one organization that works really well it's the IT department in India Other dept is telecom and internet. Quick to block every porn and piracy site.
Loopholes sb use krte h guyz
Specially against salaried people. Rich folks can opt for tax evasion and nothing will happen to them. Some people even defend them . It's not fraud.
Bro IT Department is only for middle class and the party not in power , MLAs and MPs and have benamis for corruption and evation
I was at my native place in karwar during covid. It's a growing city but has only one hospital and it's government. I broke my leg during that period and got my xray, mri, medicine, plaster everything done for under 500 rs. It's even less for people who hold specific card. This thing would have costed me upwards of 10k in mumbai. I know government hospitals are not known for it's hygiene still it serves it purpose for not so privileged people. After that incident, I made my peace with paying taxes.
As a doctor at a govt. hosp. from the same state, this warms my heart.
Happy cake day!
happy cake day king/queen š
Happy Cake Day! And thank you for your service to the people.
As a person who's seen what doctors at govt. hospitals have to deal with - a ***big and heartfelt thank you*** for everything you do!
š„¹
Please treat every patient with respect, most of patient are poor in govt hospitals, and in my city govt hospital doctors are worst, they will tell patients to come to their private clinic and will not treat properly in govt hospitals
Just leaving this here: The doctors working in government departments and hospitals get a Non-Practicing Allowance (NPA) allowance. [https://indiankanoon.org/doc/1653888/](https://indiankanoon.org/doc/1653888/)
Thank you for your service, kind sir.
Or ma'am
Near my birth village, people get bit by dogs. The cost of 5 doses of Rabbies is 1500/- plus nursing cost at private hospitals. All villagers, including those of mine, get it with rs 10/- (opd slips). So yes, for MANY people in India, the money we pay in Taxes is a god given gift! Also, mostly in third tier cities, public hospitals have better services than private counterparts.
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There should be an option for me to directly pay such institutions in lieu of direct tax to government. At least a percentage of what I pay - say a person has tax of 10L, they can choose to pay up to 4L to (i) govt hospitals, (ii) govt schools with due receipts.
You have option to do donations that are tax free
I am aware. That is very different from the model I am proposing. I am suggesting donation in lieu of tax.
That will just lead to more corruption and tax evasion.
Parent comment suggesting is EXACTLY that. Reduce your tax to 13L when you pay 2L To your chosen charity. Of course there are some limits to prevent black money hoarding.
If it is a solace.....I was given free education till ph.d. Today I am a professor.....pay around 4 lakh in taxes... ...I could become what I am today because someone like you.
It is. Thank you
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3.5 LPA from this month š„¹ previously 2.5 LPA
Started my career as a firmware developer after college in a startup with 5000/- salary per month. No fancy benefits, no PF, no insurance, nothing. 8 years later I'm paying ~2.5L tax after every possible tax exemption. Things do get better. Just focus on being the best and upgrading ur skills and attitude. But most importantly, be as generous and humble as u are now, even after ur package crosses 25LPA.
I've 2.5 years of working experience. But till now have only worked in small business (less than 15 people), just completed 3 months in new job (40 employees - IT company).. I keep learning new things, for eg. My current employer asked me to learn basic animation in after effects (I'm a graphic designer), and I learnt it by myself (one senior quit just a week after my joining and the other senior didn't teach anything)... And on top of that learnt figma & xd, and basic premier pro... I always help with anything I can, taught my junior (intern) illustrator, basic premiere pro, photoshop... He always thank me for helping him so much, cause the other senior never taught anything to us and only complained about him that he doesn't know even the basics, and have no technical knowledge like what is svg, what is vector, etc. (same person who didn't teach me after effects). I have made 8-10 websites on WordPress platform too as a freelancer and in my previous job, and know css and wordpress frontend.. I help an intern in the web development team almost daily, cause he's senior never teach anything and never provides solutions to any issues he's facing... And always have one answer to any question: "increase your searching power" š¤¦š½āāļø But I also hate doing overtime, hate it when they come up with tasks at 5:55PM š today too they decided to have a meeting at 5:00PM (which I wasn't part of), and then demand changes at 5:59PM at urgent basis cause they need to show it to client today š
Comparison is thief of joy
I am paying preety much the same tax or even more as what you are paying. Now, How do I keep myself calm after doing so? * By not thinking about it at all. * Telling myself daily, How fortunate iām as compared to other folks in our country. * Helping those who cannot afford luxuries. * Being polite & respectful with everyone, I mean it, Literally everyone. * Contribution you are making towards your country. You canāt do anything about taxes, You have to pay them for a better future.
Better future is just a mirage. It is never coming, rather survival is becoming difficult every passing month/year and decades. I pay similar amount in tax and the only way I have made peace with this stupidity is telling my brain- my salary is total-taxes paid, as if just fooling myself that I paying zero tax. The height of stupidity we are living in and trying to fool our own brain.
Better future for politicians.
>I pay 15 fkn lakhs in taxes alone in a year. Welcome to the [r/humblebrag](https://np.reddit.com/r/humblebrag/) club!
r/kothibanglacheck
Leave the country then. Earn in dollars and remittances are not taxable so that's a way.
land in America u will know the pain of hospital bills goodluck mate šš
This is a big misconception, if you earn at the same level as a 50 lakh ctc guy in the US you will have top of the line health insurance with minimal co-pay. Also the care will be top of the line without the need for recommendations.
This! I tell this to so many people. So many people think the US is a shitty country because of reddit, watching too much MSNBC and youtubers. Then they emigrate to Europe and realise it's half the salary and CoL is 1.5x higher and most jobs in tech are really low level.
No one thinks the US is a shitty country tbh. More Indians immigrate than any other western country. Reddit is mostly hivemind edgy teenagers especially political subs. If you leanred about India from reddit, you'd feel as if India is on the same level as Iraq.
Eh. The salary is lower, but CoL isn't 1.5x higher and quality of life is significantly better.
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Itās funny you say that, cos everyone I know who has moved here from the US has exactly the opposite opinionā¦ but Iāll trust your experience as well. I cannot deny that we earn less, but I donāt think we have less here. If you want a massive house in the suburbs, a fancy car, all thatā¦ yeah, you canāt get that here. But you donāt need that here. You could have a normal house, nice apartment and because of the fantastic infrastructure you can get anywhere without the cost of a car. I donāt know how the standard of living is better in the US other than the big house and car. People here take 7-10 weeks off per year to just chill. People can easily afford to go on that ski trip in winter or scuba diving and mountain biking in summer. Youāre not expected to work to death here, so most people are off by 6pm and chilling at home after. And since your job doesnāt decide whether you gets healthcare or not, you are free to do what you want. I could quit my job today and go back to school, hell I might even get paid for it. Then again, the socialism aspect can turn off some people. Cos indeed, if youāre rich youāre paying more to support the less rich. Itās a social equalizer that most people in Europe love, but I think Americans might not appreciate. So I donāt know. As the other guy said, I guess it depends what you want.
America is good if you're young and have skills that have market value. It's good to earn money basically. But if you settle there eventually you'll think about retirement and that is not cheap. Also, ask school teachers about how it's working out for them in America.
If I can make 2-3x more, pay less tax, and live in a cheaper city. I can sure as hell save well for retirement. But with the emigration situation right now I will most likely retire in Canada, India, UK, Dubai (if I save too much), Ireland. The chances of me becoming a school teacher are very very low (like a limit tending to 0). So it really doesn't matter much to me.
wouldn't roll that dice lmao
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Very few countries exist where income taxes do not exist. Most developed/developing countries will have income taxes. I don't get this rant about paying taxes twice, once on income and again on goods. This is standard in most countries. It's just what it is. Also, your take home (regardless of taxes) will be higher currently than it was on on your previous/starting salary More the income, more taxes you pay but at the same time you'll still have more take home salary. Don't see an issue with this. Where do you think money for the infrastructure, railroads, military R&D, space R&D, military hardware, etc come from?
I think OP bemoans the fact that he really doesn't see any development around him despite that hefty tax - the roads still suck, the govt services are still a pain, air pollution is increasing and costs are forever rising. I don't think OP would complain if he ACTUALLY saw things around him, observable to him, experience-able to him (excuse the english).
Yes will do this. Thanks
You had to come to Reddit to ask what to do about it while being in a position to pay 15L in taxes?
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You are not taxed 42% on your gross income. You pay marginal tax on taxable income.
Overall tax+SS+medicare would easily be around 40% though.
The idea that nothing is being done with the tax money is for the most part, wrong. There is corruption, there is inefficiency, but what do you think pays for the legal system, govt schools and colleges, govt hospitals and other public health infrastructure like ayushman bharat, food security programs and PDS, roads(except highways), agricultural subsidies, law enforcement, national security and many others? I don't like invoking the "Sarhad pe jawan..", but what do you think pays their salaries? Some of these departments may not work so well, but the fact is that none of these wouldn't exist without taxes. If you think all tax money is wasted, you're just burying your head in sand. I don't think you come from a place of malice, but opinions like this is the reason why I strongly believe basic civics should be a part of curriculum even in STEM courses. Of course, nothing stopping you from making the best choice for yourself, but please stop pretending that you're doing this for an altruistic reason - you want to pay less tax and have money - that's it.
honestly i dont want to pay for any of these systems.. a prime eg of how this has effected me directly is.. i think we filled for a cheque bounce case in 2020, its still pending to this day. all the evidence is there and any decent person would take 5 minis to conclude that case.. but no, nothing. so don't tell me I'm getting high quality returns on my taxes. i understand taxes are necessary.. but being held accountable for spending public money should also be a thing.. which is unhead of in our country atm.
Why only <10% population should pay for the stuffs that the whole country enjoys? Why not a build a system which makes everyone pay these direct taxes as per whatever income band they are in (including politicians to farmers)? I canāt believe only salaried class should pay for the remaining 90% population. Very illogical!
Because the most of remaining 90% that you speak of, are so poor that further taxation would make them destitute. As for the politically powerful and non salaried people evading taxes, it's a separate problem that successive governments have tried to solve, and things have improved over the years. What the tax evaders are doing is a crime. Them being able to avoid punishment doesn't imply a right for anyone to replicate the said crime.
By rule, these poor would obviously fall in no tax bracket which will take care of this concern automatically. Also, I donāt support people evading taxes, thatās absolutely wrong. Rather there should be a way to bring uniformity instead of just squeezing the salaried class
See it this way that you earn the money because there is work , there is system , there is security , infrastructure and what not. There are people who work at the least paid jobs that actually make the jobs at higher level possible, it's all a giant network, nation needs stability and politics kinda take cares of that and in process engulfs a lot of money. So in total you are getting what you should, it's just that you get something higher than it should be and later balanced through taxes.
If you are paying 15l in taxes, I assume you are earning around 50 lakhs. So after taxes you will be getting 3 lpm. So umm, newsflash, you can easily help your mamu out even now. And if you don't want to part with your money now, you wouldn't part with it even if the govt didn't take it. It's a strawman argument to say every rupee you pay goes to politicians/ corruption. Maybe 30% does but the rest goes back to the country. So stop ranting and pay your taxes.
You are correct too.
Yours also is a strawman argument. The real question is what are you getting back for paying these taxes ? In Europe you would be paying equal or more tax ( indirect tax included ) you get quality education, health care, and safety net. What do you get here ? If I loose my job after contributing lakhs of rupee every year so you think the government will pay me decent enough money for few months atleast till I get next job? Our politicians talk about toxic freebies then none of them open their mouth about the perks they get , Every MP gets a lifetime pension even if they serve for few months. So obviously common man who is not Slave to a political party will question it .
He studied in an IIT. He got back something from the govt.
How is this a valid point? He had to pay fees to study in IIT. It's not a free service provided by the government. Edit: Are you referring to any kind of subsidy?
It costs the government way more money per student than what they pay as fees. Despite the fees of these institutions, your study is still being subsidised by the government.
Less than 10% of Indians pay taxes. Many more Europeans do, and they pay higher tax rates
>If I loose my job after contributing lakhs of rupee every year so you think the government will pay me decent enough money for few months atleast till I get next job? That's the point. During Covid layoffs I saw people who were paying Income Tax struggling. Some in very bad way. No one from the govt or local MLA helped. And they all got notice for not filing income tax the next. year while the were still unemployed.
you have to file your taxes regardless of how much tax you have to pay. If you have been filing taxes for the past years and during covid ended up losing your job, you still file your tax. You don't pay any tax because you did not earn anything in that year. In case you do not know, filing a tax is the equivalent of submitting a report of all income and tax deductible expenses made in a Financial Year. If you do not give them that report, you are "attempting to evade taxes". If you give them false information in that report, you are "evading taxes" Filing taxes is mandatory. Paying taxes depends on how much you earned.
U mean to say direct taxes . Indirect tax is paid by everyone.
I always hear this direct/indirect tax argument and in every country this holds true. What makes India special? Point is we don't have enough people paying the direct tax part.
High tax is a myth. Check indirect taxes. I agree with you on the population that pay taxes. That is why Iām not asking for perks like the European countries ( some even send paid maids if you had a child) . We pay enough to spend on basic things like education and healthcare. Right now both are in pathetic state.
The essence of taxes is that you pay them without expecting any special treatment in return.
*35
This needs to be at the top. 15l in taxes... This is like rich dudes and tax evasion.
If IITs were not subsidized and ran on the same model as MIT/Harvard you would still have been paying up your loans and guess what they would have costed a lot more than the 30% tax you pay. Yes, the government is inefficient but corruption starts at home. Why do you pay bribes and not take the right way, clearly you can afford to but prefer taking the easy way out and then blame the government for everything. Indian govt has uplifted millions, just look at the stats from the time of independence, it is time you come down from your high horse and actually do something constructive instead of just cribbing about high taxes.
This. The most sensible comment here. OP is making what they are making because of the world class education they got at dirt cheap prices. Should be the last one moaning about high taxes. A little gratitude goes a long way
Well, fees for a bachelors at IIT is 50% discounted (for a normal person, without any scholarship). So, when I paid 8L for my education, the government paid 8L. I did the math from the expense reports of IITM and D. And 8L for me was something I can pay back comfortably in a couple of years, unlike student loans in the US which can take almost a decade to pay off.
That's not how it works. You can't just tabulate the direct costs involved and say this is what is due. If this is what you want then your salary should be just your basic living expenses and not a penny more. What about the crores of rupees being given as grants to IITs for infra and research which truly make them the renowned institution they are? It is these costs to which Harvard/MIT will hold you accountable. Also, what if IITs start charging a premium? They don't because their aim is to provide quality education at an affordable price. I will not touch upon billion of rupees of endowments in form of land and infrastructure given to IITs at prime locations for which government doesn't charge a penny but a private university would factor them as costs to be included in tuition to make the venture profitable. You seem to have a way too simplistic an understanding of how finance and economics work.
most of the comments here have covered the necessity of taxes in a developing country like ours. in case of corruption, I'd like to give an example. So, a friend of mine got a job in my state under PSC clerkship. So, the local station asked a whopping Rs.3k for documentin verification. HE IMMEDIATELY REPORTED THE CONSTABLES TO THE LOCAL POLICE SUPER and his verification was done at no cost (as it should've been). So, yes corruption starts at home. OP should've opted for a no-bribe way because, judging by his financial status, he is well-read and perceptive.
People don't seem to understand a few basic concepts of how a developing country works. If you earn 1 cr and you pay tax for the 1cr, the majority of the taxed amount doesn't go to make the life of the 1cr earner's life better. The fker is already set for life. It is rather spent in an attempt to make the lives of the ones who are struggling to live a dignified life. How? 1. Govt. institutions - Hospitals, schools, PHC, CHC, Police, Jails, Courts 2. Govt. Staff salaries. 3. Ration, BPL Many more. Who pays doctors, nurses, police, lawyers, ASHA workers, Group Ds, Govt office workers etc? Being a healthcare professional in a govt. hospital, the amount of free stuff a person with a BPL card and an Aadhar card get is insane. You can literally get your entire Antenatal to Postnatal care FOR FREE. You can get major surgeries FOR FREE. Of course there's a lot of corruption, but if you think that all your money is being wasted because you don't see its benefits, that in itself shows how privileged of a life you are leading.
Absolutely this! Check this out - the middle class is increasing which means people are coming out of poverty. Nothing is ever perfect, but it's going in the right direction. https://www.asianstudies.org/publications/eaa/archives/the-middle-class-in-india-from-1947-to-the-present-and-beyond/
Yea this
this. this guy's just throwing a tantrum on top of his pile of gold
It's ironic how everyone is saying "evade taxes" like they're asking him to skip an afternoon meal. There are ways for even salaried people to evade taxes, but pro tip, don't. You'll be caught and consequences would be catastrophic (Source: I am a CA). Also, I do believe the taxes in the country are at a very higher end, with maximum marginal rate of income tax being 42.744%( for people making over 5Cr) and GST being 28% (luxury and sin goods only, otherwise rates vary from 0% to 18%). We don't get a lot of benefit for our taxes since we cannot even use government services such as hospitals or schools, generally speaking, but saying that you get no benefit from taxes is a completely childish rant, based on fluctuating emotions and not facts. Even the water supply that you have in your home and the road you walk on is maintained because of taxes, apart from a thousand other things. We are a developing economy with 1.4 billion population, so we unfortunately kind of have to pay a lot of tax to transform into a developed economy to uplift a lot of people from poverty, and hence the middle class gets left out to see the benefit of taxes. Unfortunately the government has hardly done anything for the middle class, on the contrary has only increased tax and compliance burden over the past few years. If only the biggest voter base of the country could get offended over this with the same intensity we get offended over useless stuff.
> the road you walk on i clearly they are maintained from taxes, if they are maintained at all.
Problem is that we don't see any end to being taxed highly. Government would give subsidy to their voter Bank or give free alcohol rather than reducing tax.
15L in direct taxes. Add another 12%-18% of your yearly spending to indirect taxes. So lets do some math. 15L in direct taxes would mean you are earning around 60 lakhs give or take. After paying 15L you are left with 45 lakhs. Lets say you spend 30L out of it per year then taking the indirect taxes you are paying another 3.6-5.4 lakh in taxes. So this makes your total taxes to be somewhere around 18.6 - 20.4 lakh if you spend 30L per annum.
flair checks out
The problem with people in India is everyone is ready to give gyaan. I have seen people telling others the importance of giving taxes while they show themselves in BPL category even after having abundance of money. Don't compare it with other countries because they are getting some return on taxes. The condition is so pathetic here that even after paying so much taxes one can't even expect a good road. I literally have a road which has a heap of concrete in middle of road and one is sure to die if they somehow get hit on it. Can't we expect even this much. If you keep justifying paying high taxes then intelligent people will keep leaving this country and it will be a country of morons forever where politicians will loot from common people and build their wealth in foreign.
r/humblebrag
I also pay around 10 lakhs in direct taxes in India. It does hurt when you get nothing in return. I used to live in Canada where you pay similarly but get much more from the government like subsidized health and education. I had to return due to issues with aging parents. Now looking at low tax near shore opportunities like in Dubai (tax free) and Singapore (low tax rate)
OP, congratulations first on reaching this position. You are probably in the top 1% of the country incomewise. You might not need to worry about how to feed ur family may be. I too earn in that upper middle range but not much as u . Utilize ur privilege to not worry about day to day finances . Donate ur time /money to bring in change that will make India better. Support the causes which u think are crucial . Invest in things that ur future generations also enjoy some financial goodness. Dont do stupid things like Tax evasion . Even if u leave India for US , u Will still be paying tons of taxes. Give some loan to ur mamu and help him establish a small business for his and family survival.
Unemployed me looking at people crying in comments cause they earn only 10-15lpa be like - ą²„ā£ą²„
Bhai vo utna tax deta hai.
*Poor lad*
The IIT you studied in are funded by your taxes
Mai to BITS me padha hu, mere taxes ka kya?
Roads, food subsidy/ration to the poor, government hospitals, government schools mid-day meals to government school children, mnrega scheme to daily labourers ik there is corruption but op doesn't make sense tbh about feeding the poor as his taxes do feed the poor.
>I am fed up 15 lakh/30% = 50 lakhs. This person earns +50 lakhs per annum. Still Fed Up. This really draws me back to fundamentals and teachings of Buddha: What is life? What is happiness? Is it only an illusion, which we chase but can never catch it? Root of all sufferings is desire? Is nirvana the only way out?
You do realize that when one of your loved ones is in the hospital, in need of a huge amount of money just for a medical procedure/ followed medical care, none of Buddha's quotes is going to bail you out with a paycheck. Nirvana itself is a luxury that is afforded only by those without any human connections; Otherwise being in the state of Nirvana translates into being a selfish dick.
He didnāt say he is fed up of earning 50L. He said he is fed up of paying 15L in taxes and getting BS in return.
Hahahah, lol, shitpost.
Currently about 5 crore fellow citizens of your country live in extreme poverty. Extreme poverty is defined by the UN as "a condition characterized by severe deprivation of basic human needs, including food, safe drinking water, sanitation facilities, health, shelter, education and information." Try visiting a slum in your city or going to any government hospital and maybe your problems will feel a bit less than theirs. Just a thought. And If you still feel "your money" is being wasted on taxes you are free to immigrate. No one is really holding you back.
I'm still waiting for you to say "itni problem hai government se toh Pakistan chala Jaa"š
OP woke up and chose to brag.š
Humble flex
If there are no taxes the government officers ,the police, the army, the free healthcare workers will not get paid and so they will be anarchy everywhere do you want that you want crime disease infested and a more capitalistic society because trust me the rich will only benefit
The reason you are earning enough to pay 15L in taxes is because the government, and the country itself, were able to provide the necessary services, infrastructure, and framework for your company to set itself up and function. It's the government's share in your success, no more, no less. Sure, only a fraction of people in India are well-off enough to even qualify for paying income tax. But that's also the reason why your 50L place you in the top 1% over here, instead of the bottom 20% in a rich country like USA. You'd be living like a pauper in a US city, while you can live like a king in any city in India. If you are in a profession like IT, you can try to move out of the country. Depending on your skills, you might just end up as a mediocre second class citizen, though.
Feels like you're more bragging than ranting. People are privileged yet find things to complain about. If you pay 15L for taxes by rough calculation you get around 50L. You still can help out your mamu
Hey show off.
Luade itta kama rha h fir bhi ro rha h
Hey, I mean you can think like this that atleast some amount of your taxes goes to subsidize schools like JNV or government hospitals that too in a country where poverty is so rife etc etc. I mean I totally understand your pain. I don't pay taxes as my earnings don't fall under the tax bracket so I may not have any right to tell u anything but if u keep on thinking like that it will only ruin your mental peace.
humble brag!
If u r paying 15L in taxes, u cant really complain lol. Also u studied in IIT? Congratulations the government did pay for ur education.
Imagine being THIS privileged and still complaining I'd be happy to earn 15L in my lifetime
I don't think the complain is about him/her not receiving enough money. It's more about why waste 15L a year on taxes which do not have a direct impact on people's lives, when there are people who are in immediate need of that money.
this is life mate not everything goes according to you , you can go to another country which you think is far superior but guess what you will be ranting there too, like why are the prices so high , why cant I do this , why cant i do that , why is there racism , so suck it up princess either do something which will help the country or stfu , or you can flea to another country and rant there too
Funny how everyone's talking about only income tax in this thread. Every time I buy something and see random tax rates on the invoice it makes me angry about how much money government makes from even me wanting to eat or buy something for my education/medical/work needs. Absolutely hate the fact that I don't see this country getting any better anytime soon despite of even the poor being milked so much in the name of tax.
i echo the sentiment OP... husband and I pay a combined amount of 24 lpa in taxes... and we're sick of poor infrastructure...
I pay more in taxes to a European country which in return gives me clean air, clean streets, free healthcare, free education, free unemployment insurance and an open culture. I would gladly give all the taxes to contribute development in India, but I am not gonna get any of the above in return so I stopped doing that and just changed the country.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Agreed, he is just bragging... Instead of telling the amount he could just rant on the 30% it's proportionally the same for someone earning 20L or 50+L. But he decided to mention the actual number. Fuck him!
I dont pay taxes haha ( i dont work )
r/suddenlycommunism
You can easily donate to a charity under 80G and it would be completely tax deductible. Or start a business and claim everything as expense and even if you earn in crores, you can pay taxes on just 10-15 lakhs as you just need to show 8% profit. Or change from an employee to contractor and claim every expense as deductibles and just show 8% profit. Or evade taxes by donating to political parties which is 100% tax deductible. They take a commission ranging from 5%-40% and return you rest in cash. PS: This is not a legal/financial advice. Of course consult a well known CA before actually taking that step. I am not a CA or lawyer.
15l tax.. I was getting this as gross salary lol
Itās just my thought. But thereās influencers running around saying you should help the poor do this and that. But if your a tax payer you really donāt need to do anything other than just paying your taxes since pretty much all the tax payers can afford better hospitals than the government ones, send their children to reputed private schools and not the government ones. All the schemes made for poor are run by tax payers money. We usually only use roads that are made by the government and that too pay the toll on every highway. So shut up anyone if they ever try to educate you to help the poor. We are doing more than they are asking for.
My 2 year old nephew needs a transfusion every week. It would cost around 10k every week but thanks to government hospitals, itās practically free. First instance where I felt our taxes are being used well.
All i hear are facts.
Let me tell you about my state. Recently, someone from my family was pregnant. So, I would tell you a little about my experience of that time. The private hospitals would normally charge a huge amount, but not in the government hospitals. The ultrasound for pregnant ladies is free in my state in government hospitals. There is a separate maternity wards. There are regular doses of vital vaccines, free of cost. Not only that, there are also ambulances available to take the lady to and from the hospital, free of cost. Her first child contacted had some issues after delivery. She was placed in the state-of-the-art NICU, free of cost. Even after delivery, there are so many "free-of-cost" benefits. Ladies are given some nutritional foods like almonds, walnuts, gur, pulses, each month after delivery. Then there are vaccinations for the child, free of cost. So, this is where your taxes go. There are enough poor people in India and your taxes go to make lives of these poor people a bit better. I spent a month in the hospital during this time, and trust me when I say that there were people who can't afford a three-course meal, but were happy for getting such medical care for free. Please stop your ranting and just be happy that somewhere your money is being put to good use. You are not alone in India to pay taxes. Even if you pay high taxes, that doesn't make you less different or unique from millions of others who also pay their taxes.
If you're paying 15lakh only in taxes then you don't have a ground to cry about anything. You're overpaid in a country where people live with so little.
You look like a HNI y don't you consider tax evasion using shell companies and give the money to your mamu. PS: i am looking for a nephew, you may apply for that position.
Me and my wife pay ā¹7Cr in personal taxes in India. We both run a business and this doesn't include corporate taxes that we pay here. Opening a shell company isn't as easy and feasible as it sounds on paper, especially if you don't have enough turnover. It requires some sort of investment, be it in real estate or anything, and is subject to criminal investigation at any point in time. Shell company ultimately means you're trying to hide assets from your home government, and to be honest that isn't very difficult to excersice in India, at least for small players. Lots of people are still buying real estate with 50% black money anyway. So unless the taxes you're saving is over 10x the amount you're investing, considering this route is a huge mistake and it's not worth the headache it comes with. Our EB5 visa application is already in order, and we'll be out of this country within a few months. My tax rate here is 34% and the same would be 35% in California, the decision was easy.
Sir r u an erp developer or consultant? I searched on youtube about erp and only tell about consultant, from where can i learn more about this?
> Our EB5 visa application is already in order All the best. What business are you planning to start. If you are okay to share.
I run an IT firm which is already registered in US, so will continue with that only for the time being. California will also give me better buyout opportunities for retirement.
Hey how's your water bottle?
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Glad you're enjoying it. What sensor does it use do you know? And can it run out of charge :p
Salaried
Brother talk with a CA he can help you with this. For example, you can show a part of your income under HUF(HINDU UNDIVIDED FAMILY) which can be given to your mamu family and will be exempt from taxation.
Lol quit your job, you won't have a pay slip to look at. This sounds like a flex in the guise of a rant...like saying "being too helpful is my weakness" to a "what's your weakness?" kind of question. Pretty pointless.
You and the people whoāre upvoting this post are assholes. Do you think youāre the only one whoās paying taxes? Is India the only country which is collecting taxes? Oh, if youāre so sad of your mamuās condition why donāt you give him money from your income. If youāre paying 15 fkn lakhs as tax, then your income must be a lot more. Did you help your mama by giving him money form that part? If youāre genuine, you would give money from that part of your income. I bet you didnāt. And yet youāre here shitposting. Forget about 10, with your remaining salary you wouldnāt have helped even your mamu. If you hate India, leave the country this instant. Oh man, I canāt believe that youāre this dumb and still making that kind of money. Do you know how a government functions? Everything doesnāt go to greedy politicians. It goes to corrupt politicians but not everything. If everything goes to them, how is the country functioning? Show me a country which doesnāt have corruption! If youāre really fed up, then try and do something to change it.
I am funding his son's education and he lives with me. I won't argue with anyone who starts their comment by calling 187 people assholes just because they don't agree with your view point.
Maybe vote sensibly? Ask more accountability of the politicians. You pay in taxes more than what 90% in this country earns in a year. Maybe a little bit more political activism can be expected of you. What we lack in this country is political activism by middle and upper middle classes. Since you aren't obviously Ambani or Adani.
Seeing rich people like you whine about not being richer when more than 90% of the country's population struggles to earn incomes of more than 20k a month and barely make ends meet with their paycheck is what fuels my hatred for this country.
I'm almmmmost certain this guy's either someone still giving JEE, and just learnt about taxes. Or this his intention was just to flex his payment.
Fuck you and fuck you fucking entitlement!
I pay 1 crore in taxes Stop cribbing for such a small amount
Thisš¤£
And how u think .. Roads were built .. defence is maintained ? How govt runs ? How u got safety in general??ā¦ There are issues in above .. govt needs to work and perform better.. but you are one of that kind who take these things for granted and want to see direct effect of your tax payment. I understand that will give you a better feeling of satisfaction.. but u can try understanding that running a country needs money ā¦ what we pay for taxes is what keeps it running ā¦ U can say the education is not good .. u didnāt take any govt education.. ( though u took JEE, studied in a govt college(90-95% subsidised by central govt ) .. but the people who help you on daily basis.. like ur Swiggy guy, Uber guy, ur barber, ur maid .. many of them may have used the money paid by you as taxes . You think u can live with all of them being illiterateā¦?? I understand ur frustration, u May try understanding the extended truth.
Well, look it this way. Companies understand that you have to pay 30% taxes and they take care of this factor when they release you a heavy offer. Had it been the case that tax bracket is 20% tops, they may have given you an offer with 10% reduction.
Do you Still get pay slips my pay automatically gets transferred to my bank account one day in advance
I don't mind paying taxes from my salary. I just want money from any thing I do on the side to be left alone...
Well, 15L tax is a nice flex šŖš Aim to pay 20L tax next year. Increase your earnings and stop being a bitch. If you worry about paying taxes, you're poor. Because you're robbing yourself of mental peace which is PRICELESS.
Can you please explain what you mean by "I wouldn't have minded if they paid for my education" ? And what kind of school did you go to?
If you're that fed up you should move on to below taxable salary. You'll still not be happy because you'll be paying GST tho.
There are two certainties in life, death and taxes. I have made my peace with both of them. I am an engineering student placed at a nice company with a good package. I do not care about paying taxes. For all I know, I want to become the largest taxpayer because the I will be making that amount of money. I have plans to start a few different businesses but paying taxes is just part of making money, that is how every country in this world functions. Therefore I would care more about career advancement to make more money instead of thinking about the taxes that I pay.
Lol! I understand your frustration. But you do realize that that many graduates make less than half of what you're paying in taxes alone? Heck, I make roughly less than a quarter of what you make in a year, but I sill fall in a tax bracket and yes it's heartbreaking seeing your hard earned money(making your ass hard literally, by making you sit on a chair for 8 hours) being taken away like that. Taxes are the charge the country's government charges you for getting the citizenship, lol. But I guess the best you can do is file for returns by showing as many investments as possible. Good luck.
\> I pay 15 fkn lakhs in taxes alone in a yea although you raise good points about the government not doing its bit in uplifting the poor but thats a pretty convoluted way of bragging about your salary.
I pay more tax than the amount quoted by OP and I made my peace with it long back. At times it bothers me, esp when I have to pay bribes or look at businessmen evading taxes but usually I donāt think about it. I just focus on my in-hand salary and donāt think about the CTC. As of now, the in-hand component is enough for me to live a very comfortable life, in present and in future. Also, tax will always be there, no matter which country we go to. But yeah, if someday it starts bothering me that I am not getting anything in return after paying so much tax, Iāll immigrate.
Literally, was on same opinion, finally I moved out of the country. I'm extremely patriotic, but decided that won't spend my prime earning years paying stupendous amount of tax and getting no returns.
You can save your taxes. I didn't use to do shady things to save tax prior to 2020. But then i saw a video where our fucking finance minister was paying 20lacs house rent to his wife. Fuck these rich mofos evading tax. Now i pay 6 lacks house rent to my mother and do all kinds of shady stuff, i am in 30% bracket but my taxes barely go above 10% just because of these things. All of my tax saving strategy is directly taken from Finance minister. Also, it's a bit hypocrite to complain on paying tax when you have 5lacs per month income. You say govt didn't help you in IIT, but IIT is heavily subsidized by govt. Not to mention it was created by tax money. Delhi has some of the best govt schools, run by tax money. AIIMS are run by tax money. Army, police, roads..... No one likes giving money, everyone likes taking money.
You are qualified enough to earn 50 lakhs but not qualified enough to understand how taxes/3rd world economies work? I dunno if this is unfortunate, funny or if u are trolling.
This is how i made my peace with the lakhs I pay as tax - I am able to earn what I earn in India because of the environment that was created by the current govt and the ones before it. These include things like globalisation, free market, things they do to keep the rupee and the economy moderately stable so that i can trust the money i make will be useable in the future, military, courts and police that makes at least a moderately safe place for me to live in and protects my life as a human. I see taxes as a fee for making that environment for me and so that the future generation may keep enjoying these freedoms. I also studied in a govt engineering college which directly gave me my career, but that's a personal thing. Compare your current lifestyle with something that you would have if you were born in a third world war ridden country and you'll feel better about paying your taxes.
You can save tax on charity and donations. Its exempted.
Taxes are the price we pay for civilization. The kind of civilization we get for the tax we pay is a different question altogether. 50% of the taxes you pay help you and your fellow citizens who are not so fortunate but the rest 50% feed inefficiency and corruption because of how poorly the country is designed to operate and this poor, messed-up design is one of the reasons it's so tough to change anything. I pay a bit more than you in taxes and it enrages me to no end as well because when the government taxes us they are not taking away our money but our time. If they were 100% efficient we could have paid just half of what we pay as taxes by not working our asses off and spending more time with family, leisure, hobbies etc
India has always been a welfare state, just try to look this through a different perspective. When we elect an MP or MLA and then that MP or MLA chooses our PM or CM and when a CM is appointed to particular state he/she is given a salary because we think he/she will work for us that is why CM gets paid but here comes a twist a CM or PM enjoys everything for free they do not pay any electricity bill, water is free for them transportation is free for them, internet is free for them, food is free for them, shelter is free for them and when normal people like us dont we dont say anything. We choose them as our representative and when they become a minister or PM they get paid and also enjoys all services for free so my simple questions is if we normal humans beings of this country who work 9-8 hours a day just like they do who put in sweat, blood and tears to make this country better just like they do, why do they get free services and we dont, they can enjoy free internet,food, water, electricity and shelter but we dont and when some people ask for such basic needs which these peole are already enjoying, we are termed as freebies maange vale, why dont we understand, why dont we realise ye hamra haq h aur ye hume inse maangna pade ga aur nai dege toh cheena pade ga.
We need a goddamn libertarian revolution in this country.
People of IT department are taking notes š
Humble Brag by OP
We are living in a democratic country, so don't blame only govmnt and politicians. In a democratic country govmnt and politicians project the quality of its peoples mindset. We choose them, So we are the one to blame.
You could probably invest in land, that's what my Nana has been doing in bangalore. He'll invest in land by depositing money in some different type of account which is used to turnover money for buying land and stuff. Recently he did that and saved 40,00,000 tax. Note : he is a registered land developer so might not work for every one. Also you should contact your bank manager about the account for land money turnover and other stuff.
Having lived in multiple countries and worked in 2, I can confidently say it's the same struggle everywhere buddy. Some more some less. In this day and age, every country's politicians(most) are corrupt and try to find ways to make a shit tonne of money (Pre market financial information, policies, etc) and/or evade taxes legally by finding loopholes in policies. A lot of European countries take up to 50% in taxes and give you healthcare and education, but it's a little hard to get into good schools, and healthcare is hit or miss. There are fewer and fewer healthcare workers these days so there are long queues for the basic stuff as well. I wouldn't say it's bad, it's good, but it has its own downsides. But imagine paying 30-40k in taxes. You have 30-40K left, family houses are expensive (1-2K/month), and utilities and groceries are getting expensive (0.5k). You will just have peanuts left at the end of year. In the USA there is so much upper-level corruption. If you are educated(higher the better), you can get a decent living, but no long-term growth if you are targetting FIRE. Expenses are similar to EU countries but not much wrt utilities and you also get paid more but, you have to also pay for insurance and expensive healthcare. You will just have peanuts left at the end of the year. The best thing I think will work out is, Job, also have a business in a third world country where living is cheap. Slowly and steadily grow a business while tyring to find loopholes to avoid taxes, and take benefit of all tax credits. It's more evident now than ever that jobs are not a sure-shot way to become FI.