Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 So guys anyone conversant in indian tax system here. I am actually planning to move to India got couple of offers trying to figure out my take home. I have following questions. Don't laugh if my question turn out to be really moronic. when it comes to taxes I am precisely one. never bothered to check now that I am married with a kid well u start caring about these things. (1) Does India have deduction in taxable income for dependent. If yes then how much it would be for one wife (polygamy is illegal here in canada irrespective of religion;-) ) and one son. In canada they deduce around $ 13000 for every dependent. So let us say if u have $100000 salary and two dependentss u end up paying tax only on $61000. (2) How does tax benefit work out if u buy house on loan. (3) Employer contribution to PF is over and above the salary or they cut it out from ur salary. (4) Any other expense head which brings down the taxabale salary Specific query (1) Surcharge @ 10% applicable if total income exceeds Rs. 8.5 lakh for A.Y. 2005-06 and Rs. 10 lakh for A.Y. 2006-07. Is this 10% of total tax amount or 10% on the amount over and above 10 lakh? (2) When they say income tax deduction, is it deduction from the taxable income or deduction from the final tax amount calculated.
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India Hei... come and live in Brunei... no tax issues at all.... No tax, no interest.... Great country...
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India Hei... come and live in Brunei... no tax issues at all.... No tax, no interest.... Great country... But the question is what will I do in Brunei. I have no connection with oil industry.
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India sure... brunei is dependent on oil... but you dont need to be connected with 'oily' stuff to come to brunei... What do you do now?
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India well i am in semiconductor industry. btw do they have good universities there i can be a prof..
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India you wanna be a prof in Brunei?? Govt uni is UBD(University Brunei Darussalam) aka Useless Brunei Degree... Better choice, Laksamana College of Business... U can do part time there... part time elsewhere... pay shd b good... I'm currently doing my higher diploma there... nex yr off to S'pore for my final yr deg. Ummm.... semi conductor industry as in?
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India semicnductor industry as in what enables u to see this message... integrated circuit design
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India okay, so you wanna be a comp prof? Gud idea in Brunei.. not many in brunei and in good demand... But be prepared for the unexpected...
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India sab meri tarah hi ho kya tax matters challenged.. koi leads do bhai
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India sab meri tarah hi ho kya tax matters challenged.. koi leads do bhai okay dr, if thats meant for me to understand, u just picked the wrong language... if you dint know yet, me dont know hindi... So translate if u want me to respond Monsieur DR....
gator Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India is brunei a predominantly muslim country??? like malaysia?? DR, i recently talked to a long lost cousin of mine after a gap of near 7 yrs... and he works in india.... but single... he told me, he makes a gross of a lakh there, but takes home only 55K or something.... i have a feeling, taxes might be more in india... but it might be easier to evade too....;)
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India ladies don't pay tax till Rs 135000 income as opposed to guys who are exempt till only 100000. this is gender bias.
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India is brunei a predominantly muslim country??? like malaysia?? DR, i recently talked to a long lost cousin of mine after a gap of near 7 yrs... and he works in india.... but single... he told me, he makes a gross of a lakh there, but takes home only 55K or something.... i have a feeling, taxes might be more in india... but it might be easier to evade too....;) yup.. brunei is a muslim country...
gator Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India so how are indian-origins treated in brunei.... what i learnt from my friends, indian-origins in malaysia and indonesia are treated rather horribly... in fact one of them in US, originally hailed from indonesia had a muslim name though he is a punjabi hindu.... to get over biases and opportunities....
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India is brunei a predominantly muslim country??? like malaysia?? DR, i recently talked to a long lost cousin of mine after a gap of near 7 yrs... and he works in india.... but single... he told me, he makes a gross of a lakh there, but takes home only 55K or something.... i have a feeling, taxes might be more in india... but it might be easier to evade too....;) he sud not be paying a penny in tax
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India Oi... you know or not? I'm muslim, ok? There are bad treatments.. but we should know the techniques of getting round that and fitting in... And i think, after being born and brought up here i should know that... The ppl here are fine... I dont know abt indonesia, but what ever u heard abt malaysia is not true... Malaysia is the best place 4 an ndian to go to... i love it... esp 4 hols... They treat us like one of them... like family...
gator Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India it is 1 lakh per month
gator Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India Oi... you know or not? I'm muslim, ok? There are bad treatments.. but we should know the techniques of getting round that and fitting in... And i think, after being born and brought up here i should know that... The ppl here are fine... I dont know abt indonesia, but what ever u heard abt malaysia is not true... Malaysia is the best place 4 an ndian to go to... i love it... esp 4 hols... They treat us like one of them... like family... oops(biting my tongue)... but i still have to give credibility to my friend's version who was born and brought up there... I also have another malaysian friend, who is of chinese descent and he openly says, about the domination of islam in his country... But generally opinion was, be it hindu or muslim - indian origin people are treated as second class in those countries is my opinion... maybe brunei is different...
Guest dada_rocks Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India Oi... you know or not? I'm muslim, ok? There are bad treatments.. but we should know the techniques of getting round that and fitting in... And i think, after being born and brought up here i should know that... The ppl here are fine... I dont know abt indonesia, but what ever u heard abt malaysia is not true... Malaysia is the best place 4 an ndian to go to... i love it... esp 4 hols... They treat us like one of them... like family... us meaning muslims.. for hindus well as long as u don't have problme with different set of biased rules where bhumiputra (99.9999 muslim) get preferential teatment. as log as u don't ave problme with ur offs-prings being taken away from u if u convert out of islam... as long as u don't have problem with smeone claiming that ur deceased relative secretly converetd and hence u have no rigts over his dead body (happened with one of the hindu mountaineer there).. as long as if u do want to convert out of islam u have no problem with seeking formal persmission from shariah custodians and hence losing ur religious rights to them ( as we speak a muslim lady who converted to chrstianity is in big soup and his conversion case's validity is being fought in court).. as long as u have no problem with govt attaching ultimate sanctityt to islamic place of worship whereas other places of worship cud be demolished moved as and when they deem fit ( recently happend with one 4-5oo year old temple).. as long as u don;t have problem with other than islam no religion being allowed to be preached on public tv.. Just imagine exactly same biases being handed to muslim by a 60% non-muslim majority and u will get a picture of country in civil war. Nothign is happening there because non-muslims chinese indian people are tolerant and despite those biased framework in place are doing great..
Aqua Posted November 6, 2006 Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India brunei is no different but to tell you the truth the first thing that ppl i'm meeting the first time say is, "Are you Arab?" Can you imagine...!!! And abt your friend who's chinese... well i think he's been to S'pore where Chinese dominates... all others are secondary... Maybe he likes that... Sure, indians (as a whole) are minorities in malaysia, but seriosly, ive been there with aunts n uncles who 'look' indian, and they are comfy with malaysia too... Actually, brunei is slightly worse than malaysia... We looked down upon to a certain level... they have a nick for us - kaling - coming down uon us cos long, long time ago prisoners were brought to brunei and they had chains attached to their feet... i dont have to explain.. you get it right? But now rational people here think us as clever ppl... not so bad, huh?
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