TAX: Earned 30 crores by running a boat in Maha Kumbh, now how much income tax will have to be paid?

In the Maha Kumbh held in Prayagraj, not only the number of devotees who took a holy dip has set a record, but the employment generated here has written a new chapter of success. When Uttar Pradesh Chief Minister Yogi Adityanath was counting the achievements of the Maha Kumbh in the assembly, he mentioned a sailor family and told how this family earned Rs 30 crore in 45 days. Will this family have to pay income tax now?

CM Yogi Adityanath said that this sailor family had 130 boats. His family has made a net saving of Rs 30 crore in 45 days from these boats. In this way, each boat has saved Rs 23 lakh in 45 days, if we look at this figure daily, then the daily saving of each boat is about 50 to 52 thousand rupees.

Will income tax be imposed now?

Yogi Adityanath has shared the success story of the sailor family, and he has talked about their savings. This has been Rs 30 crore. In such a situation, the income of this family would have been even more, because before the savings, the cost of running the boat, the salary of the boatmen, and the maintenance expenses would also have been incurred. The savings of the family will be revealed only after deducting all these.

In such a situation, if the tax is calculated on this income, then the tax rate will be more than 30 percent in both the new regime and the old regime because according to the tax slab, this income will come in the top category. Not only this, the income tax will be levied on the income of this family. The family will also have to pay cess on income tax (old regime) equal to 4% of that amount of tax. In this way, this family will come under the purview of income tax.

If a rough calculation is done considering the savings as income, then 30% of Rs 30 crore i.e. Rs 9,00,00,000 will be. At the same time, he will also have to pay a cess of 4% on this, which will be around Rs 36,00,000. In this way, the family will have to pay a net tax of Rs 9,36,00,000.

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