Single’s Tax | Business | Sarthak Ahuja

One of the Most Expensive and Invisible Tax Rising in India today is... the Single’s Tax...
Being Single is becoming extremely detrimental to people’s financial wellbeing the world over... and may lead to a lot of people not achieving financial independence.
For international context, back in the 60s, almost ~70% of all American men and women were married... and today ~50% of all American men are married... which means larger number of people are growing older, and not getting married.
And this is not just in the US... it’s permeating the world over, even to India.
A number of single people who are well educated and living by themselves, move to the metros for better jobs... where inflation as well as income disparity is the highest.
This means expenses on rent, groceries... everything away from the nest of your parental home.
Firstly, all the fixed expenses of a household - from utilities, electricity, water, OTT subscriptions, car EMIs, etc come as a burden on one person... whereas they could be split across two incomes if people were married and living together.
Secondly, a number of tax breaks such as a housing loan taken with a spouse who also earns enables you to buy a better house, get more credit... and in fact, get double the income tax benefit as both people get the principal repayment benefit in section 80C and interest repayment in their respective ITRs - don’t add up for single people.
Above all, there’s no denying that getting one person’s income to pay the bills and EMI’s... and the other’s to save and invest for the future is a more secure way of working towards financial independence.
Now of course, returns on an investment come with its own share of risks...
Which in this case is God forbid your marriage not working out and an outraged / mischievous wife commanding an alimony, which may be unjustified...
Or the couple having a kid... which is one of the most expensive assets to own, if you’d like to classify it as that.
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A Chartered Accountant with about 10 years of experience in areas of Tax Advisory, Startup Consulting, Fundraising, Audits, Deal Advisory, Business Modelling and contract CFO services.
Winner of the ISB Young Leader Award 2017 and the Best All Rounder, PGP Class of '17, Sarthak has also been published about in the leading financial newspapers such as The Financial Express as possibly the youngest Indian to have completed the courses of CA, CS and CMA along with a graduate degree in Financial & Investment Analysis from University of Delhi, all by the age of 23 years.

[@amaze-on07]

Yeah, why you need to build a house, just rent it or work from home, parents home, why metro cities, there are sooo many opportunities now a days online, the world is shifting online, slowly but surely. Even In metro cities, people are taking WFH, who wants to go through traffic, offic politics daily. Second, what about mental tax, and case where divorce can happen, or when the second partner is not earning, then you are worse than single.

[@AR-fy2qo]

😢

[@gautammodi7982]

Unsubscribing

[@spreadtrader19297]

IF one is not married , one can focus more on work and make more money too !!