What if India has 0% Income Tax? MUKUL SINGH/Guess How Many People Pay Income Tax in India in Hindi

Why income tax payers in India are a small and shrinking breed in Hindi

Why Only 1% Of India's Entire Population Pay Income Tax?

5 things happen if you don't pay tax Hindi

Why there is no Income Tax on Agricultural Income?

The abolition of Income tax is an idea which appeals to a lot of Indians. It may not be as unrealistic as it sounds since BJP's own Subramaniam Swamy is an active proponent of this. This is also a reality in Many countries across the world. As many as 23 countries like UAE, Bermuda, Panama, Monaco don't have a personal income tax in their countries. Some don't even have corporate tax. How do these countries Manage to earn revenue? What are the sources of income for their governments? I explain this hypothetical scenario and how India could potentially Make zero income tax.

Income tax is a type of tax that government imposes on the income generated by businesses and individuals. As a citizen, it's our duty to pay income taxes to our government for the benefit of all the citizens including us.

Here's what happens if you don't pay your taxes in Hindi

So do you know if you do not pay taxes then what will happen to you? So today we will talk about if you earn More than 2.5 lac and you do not pay tax then what can be done with you?

1) Income Tax Notice Under Section 142 (1):

2) Prosecution Under Section 276CC:

3) Carry forward of losses not allowed: carry forward of losses are not allowed:

4) Attract Penalty: Attract Penalty:

5) Interest at the rate of 1%. Interest of 1%

There is no Income Tax on agricultural income in India, even if such income is in crores of Rupees. This also enables Many persons to evade Income Tax by falsely declaring their income as agricultural income.

How to Save Income Tax in 2021 by CA

This video explains the legal position in this regard and also explains the basic reasons for not levying tax on agricultural income.

But, have you ever wondered out of 139 crore people. in India, how many of them actually pay income taxes?

The answer is only 1.49 crore people pay taxes i.e.1.07 percent of the entire country's population pay income taxes.

Now, you may ask why is it so?

Are they hiding their income? Are they evading taxes? or They are really poor?

What is the real reason?

questions: Which countries have 0 income tax?

What's the income tax in Oman? What's the income tax in United Arab Emirates?

What's the income tax in Bahrain? What's the income tax in Monaco?

What's the income tax in Kuwait? What's the income tax in Bahamas?

What's the income tax in Bermuda?

What's the income tax in Cayman Islands? What's the income tax in Saudi Arabia?

What's the income tax in Qatar?

Which countries have the best income tax? What are the top 10 countries with the lowest income tax?