Why should the rich pay more taxes in India?
They do pay more In keeping with the current progressive taxation system, rich people are already paying higher taxes. Burdening them with more will hamper investments in the country, which in turn decrease job creation and deter ease in doing business.
Do the rich get taxed in India?
* India, too, has a history with the wealth tax. From the late 1950s to 2015, a tax was imposed — the last applicable rate was 1\% on net wealth in excess of Rs 30 lakh.
Should the rich and wealthy in India be taxed more speech?
Yes :- With. the extra revenue, we can create a better and safe environment, provide quality education, build, roads and infrastructure which every nation needs for the development.
Should the rich and wealthy in India be taxed more group discussion?
No :- The Government which will pass the law or bill on increased tax for the rich will eventually lose their voters from the vote bank. India has a huge amount of black money, bringing even the small percentage of black money will earn huge revenue for the government. Rather than just taxing the superrich.
How much taxes do the rich pay in India?
A 10\% rate is recommended for income from Rs 2.5 lakh- Rs 10 lakh per annum. 20\% for income of Rs 10 lakh to Rs 20 lakh per annum, 30\% for income bracket of Rs 20 lakh – Rs 2 crore and 35\% for income of Rs 2 crore and above per annum.”
How does the rich avoid taxes?
While most Americans earn money through labor, such as salaries and benefits, the super affluent may receive income from interest, dividends, capital gains or rent, from investments, known as capital income. The affluent often hold assets until death, avoiding capital gains taxes by passing property to heirs.
How do rich save taxes in India Quora?
- Gift money to your major children and Save tax on Future Income.
- Claim stamp duty and registration fees in 80C.
- Get deduction for rent even without HRA.
- Declare your losses in tax return to save tax in future.
- Buy House with Parent or Siblings as joint-owners.
- Use education loan to lower tax for your Children in Future.
Should the rich and wealthy be taxed more Gd?
Majority of the taxes earned are from the lower classes, rich and corporate are taxed very less and easily get away with it which should be stopped for the sustainable growth. The rich already have enough money to live a good lifestyle; it won’t be a problem for them if they pay little more tax.