RE:Thanks for this
by on Mar 04, 2007 09:45 PM Permalink
Isnt TDS just about when you are paying your Tax? If there is no TDS then you would have paid at the end of the year while filing your taxes. So it really does not matter when, you end up paying today or tomorrow. I cannot understand how its useful. Better its TDS rather than get squeezed towards the year end. Alwammaaa! Sandhya, BSNL
RE:RE:Thanks for this
by swaraj chawathey on Mar 04, 2007 10:14 PM Permalink
My dad gets interest from bank its above 5000 so have to pay TDS and Total income is less than 1Lakhs,no its increase to 10000 so will not pay TDS and total income will be less than 1 Lakhs so will not pay TDS now .thats why thanks.
RE:RE:How much tax I have to pay
by Suresh Pillai on Mar 13, 2007 05:37 PM Permalink
in this site, showing an error message after entering the name, age, sex and taxable income. why?
RE:RE:How much tax I have to pay
by Rajesh S on Mar 04, 2007 08:04 PM Permalink
Check out "Do it yourself - Tax Planner" in ICHP portal. Will be useful...
I acquired a residential plot at Visakhapatnam in 5/90 for a cost of Rs.1,75,000/- I sold it in 12/2005 for a sale consideration of Rs.5,00,000/-, (Rs Five lakhs was shown as consideration recd by me in the registration deed also). But the market value was shown as Rs.7,95,000/- on the Stamp papers for which the stamp fee was paid. The actual consideration recd by me was Rs.5 lakhs only, since I could not realise the fair and markt valu for various reasons. Again I purchased another residential property for Rs.7,72,000/- and the same was registered in my name in Jan, 2007 (i.e. after one year from the date of sale of my above mentioned residential flat). Now will I be eligible for exemption for capital gains under section 54 of the Inc Tax Act , or I wll be taxed for capital gains, if so what will be my capital gains liability. Please enlighten me. Thanking you, yours, mvchalam@rediffmail.com
RE:Capital gains
by Amitabh on Mar 04, 2007 08:44 PM Permalink
You get the benefit of you purchase within one year before or two years after the sale of your house or construct within a period of three years from the sale of your house.
I am working and staying at Valsad, Gujarat in my own occupied house, which was constructed by availing a loan from HDFC. I am paying regular EMI for the loan. My wife and my parents who are wholly dependant on me, are staying at Nasik in a rented house, for which I am paying the rent from my pocket. I am getting receipts on MY name for the rent paid. The question is, can I avail tax benefit from the HDFC loan repayment interest and also from the HRA if I produce the rent receipts to my employer?
Dear All I want to remind you onething that for all the salaried people your CTC's are worked out for paying income tax, So think of your self and analyse your stuff and income it is equalent to your income after deducting tax.
Certain Metropolitan Municipalities like Kolkata charge 20% minicipal tax on commercial rentals 20 percent commercial surcharge.Now another 12.3% service Tax.So for a rental of Rs.100/= the tax is Rs.52/= .Is it justified when the govt. wants commerce & industry to flourish.
RE:DEDUCTION
by Rajesh S on Mar 04, 2007 08:18 AM Permalink
Not sure I got your question... This would be the Income Tax slab for you. 0 %u2013 Rs.1,10,000 - NIL Rs.1,10,001 - Rs.1,50,000 - 10% Rs.1,50,001 - Rs.2,50,000 - 20% Above Rs.2,50,000 - 30%
In case you are above 65 years the following will apply. 0 %u2013 Rs.1,95,000 - NIL Rs.1,95,001 - Rs.2,50,000 - 20% Above Rs.2,50,000 - 30%
RE:RE:DEDUCTION
by Rakesh Nath on Mar 04, 2007 06:07 PM Permalink
Mr. Rajesh, Thanks for providing the details. I have one doubt those data is for monthly income or yearly income. please explain. Thanks
I wish FM removed taxes for families earning 50K a month. Instead increase the sales tax on NON-essential goods ( goods typically non-essential for 70% of the population).
In this way the middle and lower end population will get a break, and at the same time gvt will get more revenue. People who have money and earn more than 50K a month have addiction to spending , so they will spend and we can collect sales tax.
RE:remove tax for families earning upto 5 lakhs a year
by Rohit on Mar 03, 2007 05:43 AM Permalink
What on Earth are you talking about? Food and cooking gas are ESSENTIAL, and they are both heavily SUBSDIZED. Rs 22/cylinder cooking gas, and Rs 25,000 crore food subsidy.
However, luxury items like cars, Air conditioners, hotel meals, are all taxed.
RE:RE:remove tax for families earning upto 5 lakhs a year
by neeraj jain on Mar 04, 2007 04:09 AM Permalink
come on man. what kind of food subsidy you are talking about. its just another way to fool people. have you ever noticed how much foolishness in govt decision making process. what is happenning in Govt warehouses. all the food which goes to dump yard is labeled as subsidy. who are the benifiacry for the wheal and rice last time. may be people like karunanidhi need it so that they can sell rice 2 Rs kg, think one thing very clearly, we all are paying tax on income, then tax on when you spend it. eventually every poor or rich , end up paying huge tax, if Govtcan not assure even treatment and education for the poor better not to tax them. i hope you forgot when it was declered that govt will paas a bill so that govt can help responsible kids for not taking care of old parents. so funny, whole life govt will collect tax from me and when i m of no use will be handed over to my son. wah re india .
RE:RE:RE:remove tax for families earning upto 5 lakhs a year
by Rajneesh Mehta on Mar 04, 2007 07:50 PM Permalink
What everything boils down to is we humans are worst than Dogs and cats. Their food has been made cheaper while ours is a matter of debate. Its better and cheaper now a days to eat dog food that too imported at a cheaper rate and save money for our future. Thats what Sonia and her Govt wants us to do. Its an evolution process.
RE:RE:remove tax for families earning upto 5 lakhs a year
by Bijoy Chandapillai on Mar 03, 2007 10:35 PM Permalink
In many college canteens, we get subsidized food. The price is cheaper of course, but not cheaper than the cost. Instead, the quality is lowered a bit to make the cost and hence the selling price less.
Govt. is not making a loss by its subsidy. Please correct me if I am wrong.
A Bentley car can cost more than a crore, including import duties and tax and so on. How could a politician gift so much money that a normal person cannot make in a lifetime. His salary is not so much to earn it. Please do not misunderstand this as jealousy. If for example, Saurav Ganguly makes a lot of money by his printing press, that is not my concern.
But the govt. has to tax the richest people too, and also keep a tab on corrupt officials. Over 80% of what they charge as tax never reaches the people. Why the hell should poor pay so much tax then?
Tax by % means nothing when its impact on general public is concerned. For example 20% tax on 10000 pm is 2000 and 30% tax on 300000 is 90000. In the first case, the tax comes to around 60% of his savings, while in the latter the tax is around 35% of his savings. DO YOU STILL CONSIDER THAT THE TAX ON AIR CONDITIONERS OR CARS IS THE SAME AS TAX ON FOOD?
RE:RE:RE:remove tax for families earning upto 5 lakhs a year
by Suresh Nair on Mar 04, 2007 08:14 AM Permalink
Bijoy, I am a employee working in a catering company , the gas which we use at our residence is subsidizes by the government which is a small cylinder and the gas which is used at your canteen is a Big cylinder which is not subsidized and cost upto 800 /- per cylinder of 19.5 kg.See Canteen work on bulk volumes and in bulk volumes the margins of the canteen may be not more than 8 % . so as the commodity price and the inflation dances up and down its very diffcult for any food vendor to dish out quality and over a period of time quality has become one word which every uses as per their convenenience.Be Happy
RE:RE:RE:RE:remove tax for families earning upto 5 lakhs a year
by Bijoy Chandapillai on Mar 04, 2007 08:40 AM Permalink
Thank you Suresh for expressing your concern. I was not trying to blame canteen owners for the quality of food provided. The canteen example was only AN EXAMPLE to show that the govt. does not really lose anything by subsidizing. I wished to point out that the stuff given away by the govt. (like in the example of the food subsidy) is generally of a lower quantity or available in such a large quantity that the govt. wants to dispose of it.
The highlight of the poor farmers and daily wage labourers is really pitiful. Also that of the middle class people. What these categories of people make is hardly enough to cover medical food expenses. And almost never enough to get their children married off.
Luxury items like ACs, cars, etc should be taxed much more heavily. On the other hand, ESSENTIAL commodities like food, cooking gas, clothing, should be made cheaper. Otherwise the Indian economy will just fall apart.
The govt. will never succeed in creating a good economy unless corruption at the highest level is tackled. A milkman mixing water in the milk to earn more money should be seen differently from a politician asking bribes for favors to MNCs, etc. The former does it for sustaining his family and the latter out of greed. Unless the latter are taken care of first, there is no meaning. The govt. will have to start with the politicians first.
RE:RE:RE:RE:RE:remove tax for families earning upto 5 lakhs a year
by Ganesh R on Mar 04, 2007 11:40 AM Permalink
Bullshit, the rich are deffering the tax which cannot be done by salaried people
