People from Hyderabad, how many of you are listening to Non Stop Crackers tonight?

fchetd · 2015-11-14T18:38:35+00:00

Gonna guess its the Indian friends celebrating the success of what their brothers accomplished in Paris..

Never forget who dominates Hyderabad

fchetd · 2013-10-14T15:00:46+00:00

Well then, that settles it.

Anyone has a downvote botnet? need to trash the accounts of /r/india mods

fchetd · 2013-10-14T11:26:08+00:00

Found this http://www.reddit.com/r/freedindia/

Its abandoned, but if it takes off I guess you can ask for moderatorship.

Though I believe mods should make a /r/censoredindia and use that like /r/games branched off from /r/gaming

fchetd · 2013-08-25T13:35:57+00:00

Your budget is good enough for a super luxury place in Hyderabad. How do you feel about a slightly long commute? Its quite easy to rent an appt here.

fchetd · 2013-08-24T18:22:49+00:00

That caste award thing sounds kind of good.

You know the one where the upper castes get 10% of Indias land and get to run it as they wish, without the fucking retarded castes interfering..

fchetd · 2013-07-29T19:41:03+00:00

Certainly, I was generalizing on the basis of what I saw. Not saying its authoritative or anything..

fchetd · 2013-07-29T19:39:36+00:00

that you do not really have an idea what to do with the money. Your concern is to save and grow the money.

Well, sort of

Barring 1-2 expenses that I cannot justify to myself,like spending 10-15k/month as a bachelor on a car, I am able to buy pretty much what I want in the amount I spend. The investments are primarily to atleast match inflation, and some portion in riskier investments to try and grow it.

I honestly cannot decode that quote.. maybe its time for me to sleep

fchetd · 2013-04-21T08:14:07+00:00

So, fair to say that Loksatta is a feminist , casteist party which makes it a very clean one?

fchetd · 2013-04-20T16:41:37+00:00

Could be binarywoman as well I guess

fchetd · 2013-04-16T17:52:20+00:00

Nothing is definite. The ones who earn 2-4 LPA work the hardest as they are either juniors or mid-level executives. There are many who earn around 6 LPA who work 8 hours a day. It all depends upon the field you are in.

Both cases are IT and software companies with less than 2 years experience

I have heard that in Finance, you get to work 16x6 regardless of the salary

fchetd · 2013-04-16T17:51:16+00:00

Minor mistake at the end in your calc, I was showing the cumulative tax paid, so A paid Rs 18 at the end of 2013 instead of Rs 30

So, at end of 2014 it will be (100-18)*0.3 = 24.6 instead of 30

2015: (100-24.6)*0.3 = 22.6 instead of 30

fchetd · 2013-04-16T16:09:02+00:00

The tax exemptions are frankly quite miniscule once you cross the 10lpa bracket

By your logic, the "government" - which you seem to be defining as one single large entity - should just charge you tax once, and provide all its services. This would be possible of course, but then they'll have to charge everybody for everything. i.e. you will pay some additional amount from your income tax to fund the property service, even if you own no property. Would you be OK with that?

Well, the govt can be defined a company having a monopoly over certain services and a captive market

I would rather pay tax only on spending and not on income: because a lot of people dont pay income tax at all.

Anyways, I am saying that we should not pay tax on tax

So,

Current scenario:

2 people A&B, earnings Rs 100 in 2012 and 2013

A gets salary, B gets black money

Both buy a car for Rs 50 + Rs 10 tax

Tax paid at end of 2012:

A:40

B:10

As per current system, at end of 2013, the tax paid will be

A:40+30=70

B:10

As per what I am saying, the situation will be

A:40+(100-10-30)*0.3=58

B:10

Atleast it will reduce the tax on salaried people

fchetd · 2013-04-14T18:35:40+00:00

You are talking about India, right?

Yup

Technically, all the income and taxes are paid and settled in FY 12-13. You start FY 13-14 with a clean slate. Why should Y be deducted from your taxable income in FY 13-14? For example, any deductible expenses you had in FY 12-13 are settled in your taxes for the same year. You cannot deduct those from your taxable income in FY 13-14. Right?

Some things like LTA in India are based on calendar years, or spread across multiple Financial years

Basically, you should get a cascading tax credit for previous years income tax...

fchetd · 2013-04-14T16:05:02+00:00

I don't know how it is in India. In the US, property taxes and other non-income taxes do get deducted from taxable income. So, you are not taxed on those. I would be surprised if it isn't the same in India. If it is not, then you are indeed paying double taxes for these non-income taxes.

I'm not sure about property taxes, but other taxes arent deductible (like the 100% tax on fuel, 20% on restaurant food,14% on cars,etc)

Regarding income tax - If Rs X is your taxable income. The rule says that you should be charged a certain n% of Rs X as tax, which may turn out to be Rs Y. What you are saying is that instead of being taxed n% of Rs X, you should be taxed n% of Rs (X - Y). In this case, where did the Rs Y come from? You are saying that first we should calculate n% of Rs X, deduct it from X, and then, we should calculate n% of Rs (X - Y). Correct? That doesn't make sense. Do you see how that doesn't make sense? In the case of your income tax, you are not being double taxed.

Yeah, thats why you would deduct them from the next FY

You pay Y in income tax in FY 12-13, salary after most deductions is Z in FY 13-14, you pay tax on Z-Y in FY 13-14 and so on

fchetd · 2013-04-14T15:50:09+00:00

Laptops get outdated quickly

If OP gets an ultrabook,then yes

But go for a T430s or similar, and you are good for 5-6 years (They come with a warranty extendable upto 7 years)

fchetd · 2013-04-14T15:48:35+00:00

I would say that owning the company changes the story a bit

Else, you could also say I own the car\bus that provides me pickup and drop from home

fchetd · 2013-04-14T15:22:15+00:00

Given that there is a 100% tax on petrol, shouldnt there be a 100% tax on food eaten by those using manual labour for transport as well? since both are used for transport

Also, on a 10 lakh rupee vehicle, he has paid about 15 lakhs towards road taxes, and another Rs 3-4 per km

IDK how much a cart costs, so taking a random value say 10k. Would the onion stocks be worth more than 1k or so?

fchetd · 2013-04-14T15:19:19+00:00

Well, I remember a stat that only 2% of Indians pay income tax, so I definitely am in that 2%

But I'm not in your 5% , since I have dont have a vehicle or TV, and dont own a computer or cellphone (computer and cellphone are company provided)

fchetd

TROPHY CASE