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I would request everyone to watch todayโs video where @CryptoPointHi and @CryptooIndia hosted @gauravdahake and asked your hard questions. Please validate what Gaurav said & comment if you are still facing issues. Please include ticket numbers or screenshot if you can/ have one.
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๐๐
@Bihar_ke_lala anyone jo comments me moral values chod rha don't belong to the above mentioned category.....15lakh taxes me niklne ka gam aur return me jhant barabar kuch nhi Milne ka gussa perspective jrur change krega un logon ka
What happens when you get earn upwards of 75-80 lakhs per annum?
You leave India. Or you try to leave India. Not because you are any less patriotic but because it makes more sense to leave than stay. Hear me out.
I know about 20 people who have left India in last 1 decade. Why? Let us break it down. All these individuals earned about 80 lakhs to 1.2 crore per annum. When you are in that earning slab, you are crรจme-de-la crรจme of the workforce. Your skill set is better than an average joe and you are in demand world over. Unfortunately, we as a nation, are not doing enough to retain such great talent who are high earners and hence high spenders.
Highest tax bracket in India is 30%. Today, India has 48.3 lakh people who are in 30% tax slab. And the 30% tax slab starts at the earning of 15 lakhs per annum. Any decently talented fresher from a good college can command that. Any moderately above average hard working individual in 4-5 years of their experience can command this sum.
But does being in highest tax bracket and hence being the highest tax payers of the nation translate into leading a lavish life in a metro for a family? Unfortunately, no. Has the cost of living not increased exponentially? Try to find a decent flat for rent in Bangalore or Gurugram in a locality where you would want your children to grow up without paying exorbitant rents and security deposits.
Let's not go back 75 years. Let's just rewind 9 years. Since last 9 years the tax payer has only a limited avenues to save his tax. 1.5 lakhs in standard deduction and 50k in NPS. Thoda bohat home loan and insurance for parents. And no matter how much you increase your earning, this remains standard. Government can incentivize savings by increasing the limit in govt backed schemes like PPF or SSY or bonds but it refuses to budge. The system is designed for a time long gone.
The services that one gets in the country right now relative to the tax that they pay is very skewed. And this is likely to remain skewed for a while. For a lot of my friends who earn similar amounts, despite paying 30 lakhs per annum in direct taxes and almost paying the same in indirect taxes, the return they get in the short run is miniscule. Can they get good clean healthcare in any government hospital? Can they drive on roads which don't have potholes? Or can their kids get quality education in government schools? These are problems that will take some time to fix and I believe, as a nation, we are on the right track. But there must be an interim solution to plug the leak, so to speak.
In 2023, 6500 HNIs will leave India. 7500 HNIs left India in 2022. In 2018, India was third after Russia and China in terms of number of HNIs migrating to other countries. This is a disturbing trend.
For the longest time, I had disdain for people who left the country. Their was a popular term which every 90s kid must have heard of ; 'Brain Drain'. I could not understand why would anybody leave Bharat and go out to make a career. But, I guess with age comes perspective. And maybe, just maybe, I now understand.
@narendramodi@nsitharamanoffc
$1,000 USD knife GIVEAWAY ๐๐ซ
Together with @BitSkinsCom we are giving the chance to 1 lucky person to WINโคต๏ธ
โ Karambit | Slaughter (Minimal Wear)
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