Income Tax and we in India.
February 3, 2011 10:56am CST
February is in and I think all office workers are now busy with their last minute preparation of Income Tax returns. I am an Indian and so not aware of the Income Tax formalities followed in other countries. But in India, it is really very hazardous. Each year before the submission of the yearly budget, it is expected that there will be a reform in the tax formalities which will thus be simplified so that more and more people are encouraged to pay taxes, but all hopes go in vain. I don’t know what is in store for this year. Can you guess anything? And for those who are not Indians, what is the picture in your country?
20 Feb 11
I am from Incometax only.Taxes are inevitable.If we do not pay taxes how can the Govt run.It is an annual feature.No doubt.Now I recollect an incident when two tax payers were discussing about the annual feature of payment of Incometax.One man was saying that once a delegation of ladies went to Brahma the creator and told him that he is very partial towards men being a man himself saying that pregnancy is a curse for ladies and every delivery is a punishment for ladies and no such thing is there for men. Then Bhrama consoled them saying that men earn and earn to be happy but every year there is delivery type for them when they have to pay Incometas...
• United States
7 Feb 11
In the United States this year, taxes are due in by the 17th of April. My husband and I typically file our tax forms in early February so that we are able to get our return as early as possible (we've always overpaid so that we are able to get a return). This year we haven't gotten it done yet because there were some late changes in the tax law that means that even if we'd already filed our return, it wouldn't be processed until mid to late February so we aren't in a huge hurry. It looks like we will be getting about $5000 back from the federal government and close to $1000 from the state.
3 Feb 11
Oh Well, the joy of living in India. Fortunately, there are enough Chartered Accountant to handle those job at a reasonable price. I never bothered with mine except sign on the dotted line when they tell me to. I can't be bothered. It is too much of a hassle. My CA is good enough that I don't have to worry about anything at all. It helps that we are good friends. I usually left everything to him and he tells me where I can save or claim whatever. He prepared everything then he tells me the amount I need to pay, which I pay by online transfer. Internet really makes everything easy.