DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Can interest income be use to pay for personal income tax?

**LxtdK9i4** · 10-03-2011, 11:52 PM

ASAK,

In some countries the personal tax rate (federal + state) is pretty high, and if one combines that with sales tax/VAT, the amount of taxes payed to the government is almost/over 50%.

Though in some/most western countries the interest amount generated in savings account is almost negligible, but is its fine to pay ones taxes using this interest income (one has to pay taxes on the interest as well)?

Also, what do people of other countries such as India and Pakistan do with their interest income (where the interest rate is almost 10%)? What does the scholars of these countries have to say about the interest income as people are getting big interest payouts incase if they have siginificant savings?

Jazak Allah Khair!

10-03-2011, 11:52 PM	#1
LxtdK9i4 Join Date Oct 2005 Posts 433 Senior Member	Can interest income be use to pay for personal income tax? ASAK, In some countries the personal tax rate (federal + state) is pretty high, and if one combines that with sales tax/VAT, the amount of taxes payed to the government is almost/over 50%. Though in some/most western countries the interest amount generated in savings account is almost negligible, but is its fine to pay ones taxes using this interest income (one has to pay taxes on the interest as well)? Also, what do people of other countries such as India and Pakistan do with their interest income (where the interest rate is almost 10%)? What does the scholars of these countries have to say about the interest income as people are getting big interest payouts incase if they have siginificant savings? Jazak Allah Khair!
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