Guest dada_rocks Posted November 6, 2006 Share Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India it is 1 lakh per month only 55000 so they take away 45000.........it sounds like more than flat 30%, actually 45%. are u sure he is not paying some EMI on loan he might have taken Link to comment Share on other sites More sharing options...
gator Posted November 6, 2006 Share Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India it is 1 lakh per month only 55000 so they take away 45000.........it sounds like more than flat 30%, actually 45%. are u sure he is not paying some EMI on loan he might have taken well, obviously he wouldnt go into those details... but from the looks of it, i assumed, he was taxed around 38-40% and the rest might be PF.... Link to comment Share on other sites More sharing options...
Guest dada_rocks Posted November 6, 2006 Share Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India 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... U could be comfy even in a biassed society bottomline is pros and cons what are u willing to risk for parity. This in noway makes the place free equal opprtunity secular society. Too many biassed islamic nation get away with their two tier systemin place due to existance of one really horrible state in thsi regard i.e. saudi arabia. Bottomline is there doesnt exist a muslim majority nation whihc accords to its non-muslim populationthe same level of rights privliege as it does to its muslim population. Link to comment Share on other sites More sharing options...
gator Posted November 6, 2006 Share 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? I have been to malaysia, last year.... just spent one day there.... from what i saw, all menial jobs like cleaning toilets, sweeping, driving shuttles were given to indian-origins.... while talking to them, i came to know, their opportunities would have been better had they been muslims.. Link to comment Share on other sites More sharing options...
Aqua Posted November 6, 2006 Share Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India okay, dr... you seem to have some sort of hard feeling for these muslim majority countries.. any bad experiences personally? i dint know that you meant government treatment... i thought public treatment and thats what i was talking abt... Link to comment Share on other sites More sharing options...
Guest dada_rocks Posted November 6, 2006 Share Posted November 6, 2006 Re: Tax rate and deduction in taxable income in India I have never been to any muslim majority country not am even planning to visit anytime soon. Moreover all the points I have raised has hardly anythign to do with my personal experience it's based on institutionalized double standard in place whihc anyone can verify.. Long llive google... An advice: don't let urself be defined by how much u end up making eventually. Good luck in the endeavour anyway. Link to comment Share on other sites More sharing options...
Guest dada_rocks Posted November 7, 2006 Share Posted November 7, 2006 Re: Tax rate and deduction in taxable income in India Finally I got hands around this tax conundrum why do they have to make it so involved is beyond me this and that cess . freaking change the flat tax rate no cess or surcharge ever gets dropepd once imposed..that kargil war induced surcharge is still there . The said surcharge (tax on tax) of 10% (over income of more than10 lakh) was introduced as a special measure a few years ago in the wake of natural calamities such as the Gujarat earthquake and Orissa floods, or the Kargil war. these are freaking still there despite reconstruction cost being already covered in each of these instances. Then they have education cess of 2% (on total income tax) this was recently introduced. Hope this money bloody goes to the the grassroot. Let me simplify these riddles of surcahrge and cess in four flat tax brackets: till 100000 no tax 1-1.5 lakh 10.2% 1.5-2.5 lakh 20.4% 2.5-10 lakh 30.6% 10 lakh+ 33.66% U could have deduction upto 1 lakh PF and upto 1.5 lakh on interest on home loan there are several other head under this. I guess this is where tax consultant might come in picture. SO gator ur brother's tax with 12lakh income and assuming 1 lakh PF deduction should be sthg like this: 5100+20400+229500+33660=288660 which is flat 24%. Take home should be 67611.66. So he must be paying some 12000 odd emi on some kind of loan. 40% tax just doesn't make sense. I am tax consultant now:-) Link to comment Share on other sites More sharing options...
gator Posted November 7, 2006 Share Posted November 7, 2006 Re: Tax rate and deduction in taxable income in India good job DR..... how good are you with taxes in US... we can send u our returns... Link to comment Share on other sites More sharing options...
kabira Posted November 7, 2006 Share Posted November 7, 2006 Re: Tax rate and deduction in taxable income in India DR, there are million ways in india to reduce your taxable income.. I come from self employed family background and I know my dad uses every break available to business owners.. Best would be talk to good tax lawyer. There will be so many ways you can save money. Link to comment Share on other sites More sharing options...
Guest dada_rocks Posted November 8, 2006 Share Posted November 8, 2006 Re: Tax rate and deduction in taxable income in India good job DR..... how good are you with taxes in US... we can send u our returns... Till day before yesterday I didn't know anything about any tax matters do u really want to risk ur returns with me :-) Link to comment Share on other sites More sharing options...
Guest dada_rocks Posted November 8, 2006 Share Posted November 8, 2006 Re: Tax rate and deduction in taxable income in India DR, there are million ways in india to reduce your taxable income.. I come from self employed family background and I know my dad uses every break available to business owners.. Best would be talk to good tax lawyer. There will be so many ways you can save money. Business guys I guess have more avenues to save their tax for salaried class it's difficult. Link to comment Share on other sites More sharing options...
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