Advise Income Tax related queries for July/Sept 2012.e

Discussion in 'RAIDers League' started by mrnikhilsudo, Jul 16, 2012.

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Given an option, would you choose to pay Income tax or not.

Poll closed Jul 31, 2012.

  1. Yes, please taxman, tax my money!!

    1 vote(s)
    20.0%

  2. No, I can build and maintain my own road.

    0 vote(s)
    0.0%

  3. what?? the govt should pay me taxes :)

    4 vote(s)
    80.0%
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  1. mrnikhilsudo

    mrnikhilsudo Don't like Mr suit

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    Ok people, Time for some time pass.

    Well, its that time of the year when everyone who makes living must part with it :( and give some of it to the veryy needy poor people called govt of india.

    This thread is for this purpose. If you guys have any income tax related questions you can ask them here and either I or other members here can clear your doubts.

    So come on in, let the Raid begin (pun intended).
     
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    Luciffer: 40 Points (Great thread, thanks :)) Jul 16, 2012
    mrnikhilsudo, Jul 16, 2012
    #1
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  2. dbg

    dbg RAID Staff Staff Member

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    [SERIOUSLY] How important is it to file a tax return ??
     
    dbg, Jul 16, 2012
    #2
  3. mrnikhilsudo

    mrnikhilsudo Don't like Mr suit

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    depends on how much you make. IF your income is below taxable limit then there is no prob. However certain transactions like depositing more than 10 lacs in your savings account in a year or more than 3 lacs in one go etc etc ....well that they track .... in such cases it is better to file rather than receive a notice.
     
    mrnikhilsudo, Jul 16, 2012
    #3
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  4. RajaPraveen

    RajaPraveen Black Jeebus Staff Member

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    meh taxes.:cool:
     
    RajaPraveen, Jul 16, 2012
    #4
  5. dbg

    dbg RAID Staff Staff Member

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    I dont pay much tax and neither do I make big transaction .. but if I dont file yearly return will it create any problem in the future if I want to take out a loan ??

    will not filing a return hurt my account/credit/bank image/profile.. (whatever thats called) ?
     
    dbg, Jul 16, 2012
    #5
  6. Luciffer

    Luciffer Satan Spawn Staff Member

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    1. What is the taxable limit in India?
    2. What if one's income does not come from India (comes from out of the country and already taxed in that country.) but that income is far over taxable limit.
    3. 10 Lacs in year?? That's it?? Can I then use multiple accounts in different banks? What other such things do they track?
     
    Luciffer, Jul 16, 2012
    #6
  7. dbg

    dbg RAID Staff Staff Member

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    1. What is the taxable limit in India? - You can be taxed unto infinity but exempt upto 2lacs per annum

    2. What if one's income does not come from India - If you keep your money overseas you will not get tax but if it comes to any Indian bank account it will be linked to your PAN Card.. and hence Tax (you do have one right.. :p)

    3. 3. 10 Lacs in year?? That's it?? Can I then use multiple accounts in different banks? What other such things do they track?-- Your accounts will linked to your PAN card so all transactions will come back to you only..
     
    dbg, Jul 16, 2012
    #7
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  8. Luciffer

    Luciffer Satan Spawn Staff Member

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    Money does come to India.. but to a NRE (Non Resident External) account.
    Just 2 lacs? :(
    Accounts linked via PAN :( What if I use wife's account? Guess I need to get Aloo an account :)
     
    Luciffer, Jul 16, 2012
    #8
  9. dbg

    dbg RAID Staff Staff Member

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    Beyond 2 lacs you can show other expenditures/savings such as House Rent + Loans + Investments permitted under 80cc ..

    Your wife should be exempt from Tax since shes not a citizen .. (She doesnt have a PAN Card I believe) but it also means she can own any kind of property or goods here.. .Yours is certainly a precarious situation :D

    :p .. you need to a lesson in Tax 101 ..
     
    dbg, Jul 16, 2012
    #9
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  10. JD666

    JD666 RAID Leader Staff Member

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    some people get away without paying tax returns. however it does reflect on your CIBIL rating and your elgibility for a home loan etc in future.

    Though come to think of it, the amount of tax one pays, we nearly work 3 months of the year for the government, not for ourselves. Talk about high-tech bonded labour! :D
     
    JD666, Jul 17, 2012
    #10
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  11. dbg

    dbg RAID Staff Staff Member

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    :mog:
     
    dbg, Jul 17, 2012
    #11
  12. mrnikhilsudo

    mrnikhilsudo Don't like Mr suit

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    Incorrect, she can and will be taxed even if she is not a citizen of india. If she is resident ..then yes.... she will be taxed if not, she wont unless it falls certtain NRI taxable transactions.
     
    mrnikhilsudo, Jul 18, 2012
    #12
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  13. mrnikhilsudo

    mrnikhilsudo Don't like Mr suit

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    stay out of india for a t least 180 days a year ;) that way you can claim to be an nri.
     
    mrnikhilsudo, Jul 18, 2012
    #13
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  14. dbg

    dbg RAID Staff Staff Member

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    Nepal would work ?? :p
     
    dbg, Jul 18, 2012
    #14
  15. sumonpathak

    sumonpathak RAID Rookie

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    ^^technically yes...
    although Bhutan is more calm..
    *reaches out to make few calls*
     
    sumonpathak, Jul 18, 2012
    #15
  16. dbg

    dbg RAID Staff Staff Member

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    with Tobacco & Alcohol banned.. NO THANKS ..

    :confused:
     
    dbg, Jul 18, 2012
    #16
  17. mrnikhilsudo

    mrnikhilsudo Don't like Mr suit

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    as long as you dont deal in anything that involves paying custom duties,excise.
     
    mrnikhilsudo, Jul 18, 2012
    #17
  18. Luciffer

    Luciffer Satan Spawn Staff Member

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    I soo need a CA :(
    I have a "Guy" for almost everything.. but have no CA :(
    Didn't think I needed one cuz I don't make any money here.
     
    Luciffer, Jul 18, 2012
    #18
  19. mrnikhilsudo

    mrnikhilsudo Don't like Mr suit

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    haha I am a CA. :)
     
    mrnikhilsudo, Jul 24, 2012
    #19
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  20. harryneopotter

    harryneopotter NEO is my middle name ! Staff Member

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    really ?
     
    harryneopotter, Jul 24, 2012
    #20
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