Let's just say Nirmala Sitharaman is hardly anyone's top pick when it comes to favourite politicians! As the head of India's tax department since 2019, her role in squeezing the nation's hard-earned money certainly doesn't help her popularity. And now, after 18-year-old Gukesh's triumphant victory at the World Chess Championship, which filled all of India with pride, it's 'Nirmala tai,' as people 'affectionately' call her, who's back in the spotlight. And of course, the tax memes flooding social media are nothing short of hilarious.
The memes are about how Gukesh's Rs 11.34 crore prize money from the World Chess Championship could be taxed anywhere from Rs 3 crore to Rs 5 crore, given India's tax rates!
Naturally, Sitharaman became the target of the internet's frustration, both on behalf of Gukesh and as an outlet for people's own pent-up frustration with having to pay endless taxes.
Check out some of the memes below:
What are the tax rates in India?
Finance Minister Nirmala Sitharaman introduced changes to the income tax slabs in the 2024 Budget, which are now effective from April 1, 2024, for the current financial year.
Under the new regime, those earning between Rs 3 lakh and Rs 7 lakh annually will pay a 5% income tax, while the highest tax rate of 30% applies to individuals earning Rs 15 lakh or more.
And as earlier, those with higher incomes will face a surcharge.
On top of the income tax, all taxpayers must also pay a 4% Health and Education Cess, which applies to everyone liable for income tax, with no thresholds or exceptions.
Given these high tax rates, it's understandable that people are frustrated, as it reduces their disposable income.
Sitharaman, however, is not unaware of the public's perception.
In August, she explained that while she would like to reduce taxes, India's pressing challenges required substantial funding.
She emphasised that the money collected through taxes is being invested in vital areas like research and development to address these challenges.
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