This is a small story of a beautiful girl and a placid lake. Somewhere far in the forests, there was a beautiful girl living nearby a peaceful lake, flowing like a soothing breeze. Lake was really appealing due to the lots of blossoming lotus flowers and the green valley visible in the top layer of lake. The girl’s beauty was no less than lake’s. She was incredible having big blue eyes, long hairs and impeccable body.
She used to knelt besides the lake, almost daily, and contemplate her own beauty. Talking to the lake while staring at her (saw her beauty in the lake), the girl became accustomed to lake’s company. However, she was so obsessed with herself and her beauty that one day she fell into the lake and drowned. A flower was born at the spot where the girl drowned and the flower was disparate from others, very beautiful like the girl.
After few days, the goddess of forest appeared and found that the lake, which had fresh water, has transformed into a salty lake.
Goddess asked the lake: “Why are you weeping?”
Lake replied: “I weep for the girl”
“Aah no surprise that you weep for her, you and girl were so accustomed to each other. Everyone pursued her in the forest but she knelt beside you everytime and contemplate her beauty”, goddess said.
“Was she too beautiful?” asked the lake.
“Who know better than you? After all, you were the one who could appraise her beauty at close hand” goddess said in great wonder.
The lake and goddess were silent for few moments.
Then the lake said: “I weep for the poor girl, but I never noticed her extreme beauty. I weep because each time she knelt beside my banks, I could see, my own beauty reflected in depth of her eyes”
****
What a lovely story!!
Moral: God created the beautiful world so that, through its visible objects, we could understand his power of creation and admire the nature. Unlike the lake and the girl, who were obsessed with their own beauties, we must admire the beauty of others.
Disclaimer: The story is not one of own creations. I read the context somewhere and, here, it is re-framed in my own words and the moral, which I inferred.
So you too are wrapped in the taxation web, don’t know how tax is calculated and call this taxation system – bull !#$% Then don’t worry, this thread of my blog would be helpful to you to finish the crossword of taxation as the last date of filling ITR – 31st July is approaching. Though there are lot many tools and sites available to calculate your tax, I have tried to simplify the things as far as possible.
Before starting, you must be clear that solving the taxation crossword is in favor of YOU not of your employer or IT dept.
Myth: Filling ITR (Income tax Return) is a burden and is of no use for me.
Fact: First, read it as - Return my Income Tax. Yes, ITR is filed to claim your tax refund from the IT Dept. not to pay the taxes (mostly not always). As per the taxation rules and guidelines, it is the duty of employer to deduct the tax before paying the salary to his/her employees. This tax is called as TDS*. Now, ITR is filed to get your tax refund, in case TDS deducted is more than the actual tax payable while you have to submit/pay the extra taxes in case TDS deducted is less than the actual tax payable. In each case, proofs and documents required to be submitted along with ITR.
Myth: I have no refund to be claimed so I need not file ITR.
Fact: As I have already mentioned that the ITR is filed to claim your tax refund from the IT dept, but it does not mean that if your TDS is equal to the actual tax payable then you need not file ITR. As a process, every person whose income is taxable (over and above the exempted limit) should file the ITR, irrespective of the fact that tax refund needs to be claimed or not.
Also, ITR has got other advantages other than claiming tax refund
Standard Income Proof
Speed up your loan application process
*TDS: TDS is Tax Deducted at Source. Source refers to Source of Income. It can be Salary from employer, any kind of bonus from employer, interest paid by bank, gift or prize money etc. In every case, it is the duty of employer, banker or one who is sponsoring the gift/prize to deduct the tax & submit it to IT dept. Hence, you ll get the money after deduction of tax named as TDS.
As now you are aware that filling ITR and managing your income and hence, income tax is good for your financial health, lets learn to calculate the taxes.
It would be much easier if you go through these attributes and keep the corresponding figures handy, whichever is applicable for you.
Gross Income
total annual salary (total amount not the amount credited in your salary account)
Income from other sources
refers to income other than salary; rental income, interest on FD, capital gain, income from stocks/mutual funds, gift/prize money, income from any other business or source
Savings/Investments under section 80C (max. upto 1 lac)
includes PF deducted from monthly salary, investements in PPF, tax saving FD, ELSS MF, ULIP, KVP, NSC, LIC etc.
Deductions/Exemptions
section 80D
amount paid as premium for Medical Insurance of parents
section 80E
repayment of interest on loan for higher education
section80DD
in case of disability of dependant
section 80U
in case of self disability
section 80G
donations to charitable trusts, NGO etc.
section 24B (max. upto 1.5 lac)
amount paid as home loan interest
section 10 (13A)
HRA - amount paid as house rent
others
various exemptions are provided on the allowances included in the salary: conveyance allowance, medical allowance, LTA exemption on these allowances is subject to respective limits and conditions
Exemption/Deduction under various sections is subject to guidelines and maximum limits. For example, section 80D provides 100 % exemption on the amount paid as premium while section 80G provides 50% exempt on the amount donated. Exempt on HRA is calculated in a complex manner, 3 figures are calculated and minimum is counted for exemption. All these will be taken as a separate thread but for the time being you can obtain the exemption figures from Taxation Portal of your organization or from FORM-16 provided by the employer.
An easy generalized way of calculating your tax (refer to example for better understanding)
1. Total Income/Credit = (a) Gross Income + (b) Income from other sources
2. Total Debit = (a) Investments + (b) Deductions/Exemptions
3. Taxable Income = Total Credit - Total Debit
4. Tax on Income = calculated according to tax slabs for the assessment year
5. Education Cess = x% of (Tax on Income)
6. Net Tax payable = Tax on Income + Education Cess
7. Tax already Paid = TDS
8. Refund to be claimed = Tax already Paid - Net Tax payable
Example of a person X having following financial details:
·Annual Gross Income = 9,60,000 (12 x 80,000)
·Income from MF and stocks = 60,000
·Income from Rental property = 40,000
·Total PF deducted by Employer = 20,000 (deducted every month from salary)
·Investments in PPF = 50,000
·Tax saving FD = 30,000
·Premium for med insurance of parents = 5000
·Donation made to PM relief fund = 20,000
·Medical bills submitted against medical allowance = 10,000
Gross Income
960,000.00
salary
Income from other sources
60,000.00
MF and stocks
40,000.00
rental income
Total Income / Total credit
1,060,000.00
Investments
20,000.00
PF
50,000.00
PPF
30,000.00
FD
Exemptions/Deductions
5,000.00
80D (100% exempt)
10,000.00
80G (50% of 20,000)
5,000.00
50% of 10,000
7,500.00
exempt on conveyance allowance (from Form16)
Total Debit
127,500.00
Inv + Exemptions
Taxable Income
932,500.00
Total credit - Total debit
Tax on Income
183,750
see annexure below**
Education Cess
5512.5
3% of Tax on Income
Net tax payable
189,262.50
Tax + Edu cess
Tax already paid
194,000.00
TDS deducted each month
Refund to be claimed
4,737.50
TDS - Net tax payable
**Annexure: Tax on Income is calculated according to slabs applicable for a particular financial year. Slabs vary for men, women and senior citizen. In our case, slabs of FY 09-10 for men are used to calculate tax:
upto 1.6 lac
nil
1.6 lac to 3.0 lac
14,000
10% of 1.4 lac
3.0 lac to 5.0 lac
40,000
20% of 2.0 lac
5.0 lac to 932,500.00
129750
30% of 4,32500.00
183,750
Hope my work helped you somehow somewhere. I would love to clarify any queries or specific user requirements.
Money mantra: If you can’t manage your money, you can’t hold the same.
The case was presented in court of heart last week when I saw her in my office. I don't know who she is, what is her professional status, nothing about her but one thing is sure she has that charisma that attracted me and forced me to think about her.
The first encounter with her was at the reception where I use to sit for few minutes to read the newspaper. The place is bit noiseless & gives me few relaxing moments along with sealed newspaper. She came there to escort 2 expiates to get them in the office. That was the first sight but not the love at first sight. At that moment, I was engaged with my articles and just caught a sight of her. I liked the way she communicated with the expiates but this went like a euphoria. I forgot about her the very next moment as my mind was already involved in the articles and the pile of work waiting for me to clear off. I didn’t know that my heart was out of sync with my mind and was involved somewhere else.
2nd: I was not even aware of anything going inside me, actually it was not yet. As usual, we (teammates) went to cafeteria for lunch. We were in middle of our meal that she came there with those expiates. This time I noticed her intentionally. She reminded me someone acquainted of mine. I shared this with my teammates that few people have very close resemblance with others while staring at her. She was wearing a sand coloured punjabi suite and was looking good. My colleague noticed the connection of my eyes & words and asked "Whose resemblance?" I myself was not clear about my thoughts and in the mean time she was out of sight as well, so I refuted saying "no one" and thought about her for very few seconds. Yet again, this all seemed just like an attraction as usual and I didn’t notice anything strange.
3rd: After 2 days, next came across was in the parking basement. Co-incidentally, we had to park at consecutive slots. I took the glimpse when she stepped out of the car and mumbled "oohhh no, again she". I followed her to the lift while scanning her perfect formal attire. She was in solid colored top & skirt and high heels. We were facing each other at an inclination. Fortunately or unfortunately, she got a company and was busy gossiping with her. I kept on staring at her and couldn’t take my eyes off her. It’s not that I have never seen anyone fairer or gorgeous than her but she is quite pretty, soft and placid like a lake. Because of closer met around in the lift, I made an idea that she must be in her early thirties or late twenties (here is the BUT). And finally, 'ping pong' at 1st floor & time to get out of the lift though I didn’t want to do so. As soon as I disembarked the lift, first thought was of 'Dil Chahta Hai' (Akshay Khanna & Dimple Kapadia). Ironically to the fact that I know her attributes, all of which coercive me NOT to think about her, I was diving in her glimpses while moving towards my workstation.
4th: As usual, I was at the reception running through the newspaper. Now this is co-incidence or something else, she pass through the reception and this time we had an eye connection. Her facial expressions said that she tried to recognize me (bcoz we shared sights in lift). This time, I had to leave ET to think about her, though for a while only. I don't know what was it, but next was going to be the third encounter in a day. This time I spotted her in her cubical while going towards the cafeteria. After a while, she also joined there and I kept looking at her eyes (she is so calm) and impeccable way of everything, or anything. Now, while I am aware of the reality and doesn't let my heart pace over my mind, I intentionally attempt to seek her just to have a glimpse. Today, I just had a little look of her. She was wearing a maroon colored sari and looking too descent like a traditional Indian woman. I don't know what is going on & even I don’t the reason for all this. Obviously this is not radical but I have to endure this change and will have to live with it while trying to get rid of her lovely charismatic glimpses or looking for many more...
Everyone of us watched the movie “3 IDIOTS” and really liked the way it presents the life of 3 engineering cadets in a humorous manner. The movie had such an impact that everyone from engineering fraternity wants to be an idiot. Infact, it has changed the definition of idiot from stupid to 'I do it in my way', from a dumb guy to fun loving guy, from a caged lion to a free bird with independent thoughts. But the movie raised few questions and confusions in my mind.
Is it really possible for a guy who has just joined the campus, is in 1st semester of engg. to finish the uncompleted project of a final year guy? In high school, he was just preparing for prestigious IITJEE, reading lots of books, then how come he knows abt wireless communication. Is it real not to attend the classes, not to be in good books of faculty, be thrown out of the classes and then also top in the finale? Wat abt internal marks based on attendance and faculty (that was a big deal in my campus, don't know abt urs)
Well this all seems too difficult to a student like me, though it is not impossible. I just relaxed thinking that all this is crap movie stuff, not practical & left it for the moment. However, a point stated by Ranchordas seemed very true for an Engineer who spent his 6 years (12th in PCM and 4 years in BE) in science and engineering, then did MBA and now working for a financial organization. Then why did he go for engineering, he must have opted for some business or finance course.
I felt myself in a miserable situation post movie. There I felt like an IDIOT. In those days I was preparing for !@#$ and was supposed to hit the D-Day after a month. At that point of time it was very crucial for me to find an apt reply to relax my inner mind. It was really important for me to analyze whether this is really idiotic?
I gave a flashback into my 4 years of campus life and concentrated that what actually i learnt and embraced there. The fact is in those precious 4 years I didn’t learn only the technical stuff but also professionalism. I honed my analytical skills, aptitude level, reasonability and many other innumerable attributes of myself, all of which are vital to be a successful professional and an executive. In short, I got a professional charisma which i might not get in any other graduate course. Hm! I really miss those wonderful days.
Then, I explored my relation with my technical job of a core network engineer. Here again I discovered that I am more inclined towards learning the soft skills rather than technical ones, although I have to learn this shit techy stuff to sustain into the job and to have useless quantitative work ex. (though m performing well in tech. arena, so duno under estimate me) When I revealed the same to my inner senses, I set a beacon there in and profoundly carried on towards my focal point. So, I proclaimed that I am not an IDIOT, are u?
The day was very hectic and I was too tired to watch idiot box and chat few lines on gtalk. Even i went to sleep as soon as i hit the bed. One hour past midnight, at 1 o'clock, I got a call from a very strange number (whole zeros on my phone screen). I was astonished for a sec and thought crinkling my forehead if this could be the mobile number of any subscriber (cant prevent this as a core n/w engineer). But before any self reply could click in my mind, i picked up the call.
A growling voice on other side (Lets call him "xyz" for the time being): hey Aseem.. How u doing?? me: may i know who is there on other side? xyz: this is me - Evan me: yaar kake don’t joke at this time man.. i m not feeling well, let me sleep xyz: kaka is your college mate...that freaky guy.. rite?? (in a humorous way) me: now its enough kake..
This time his voice was serious and he told me few facts about me which even kaka duno know...
me: (stunned) hey who the hell are u speaking ?? xyz: i told u Aseem.. i am Evan me: But who are u ?? xyz: I belong to some other planet, not Earth me: So are you an alien ? xyz: no I am not an Alien.. but yes i am an alien me: what a diplomatic answer like my boss xyz: my name is Evan. I am alien for you and you are alien for me.. me: how could i be an alien? Evan: as I am for u. I am from other side of universe so i am alien for u, on the same way u r from other side of universe for me and alien for me.. me: ohk ohk.. wait a min.. u want to say that u r from other side of universe and calling me in midnight to chit chat with me (growling voice) Evan: yes my mate...I want to talk to u
Now I was bit scared. In the other side of mind, all the friend's images were running in my mind that who the hell is so smart to change the number to all zeros and ping me at this time... my search stopped at one person - Bipin. I thought he is the one working on non live nodes and can do any changes.. i could resemble the voice of Bipin with so called Evan on other side.. but how could Bipin know about me wat Evan had told me earlier.. Then i empowered myself and carried on to explore..
me: so Evan tell me what do u want ? y r u here ? Evan: Aseem, tell me one thing y do u humans always cite us (aliens) as so grumpy, geek and ferocious ones? me: i think no human has seen u so far.. and it is there mental perception that u r like this only.. Evan: is this again ur mental perception that we are devastating and posing threat to the human race; a bad element of the universe who want to destroy your planet.. (complaining voice) me: what does this all mean ?? y r u talking about all this ?? Evan: We are very much annoyed with u humans and ur views.. me: If u r so irritated and feel ashamed of all this, then y duno you come in front and show yourselves..
As soon as i fired the question.... my battery went down and phone got switched off. I squinted and shrugged my shoulders thinking whether it was a dream..
Instantly (with a boom), some light came in front of my bed i stepped back to rear side of my bed and asked frighteningly: abay ab tu kon hai be ? (now who the hell are you)
(squalling noise) : I am Evan
An impeccable and strange creature with very nice physique and personality, glowing face and dressed in varied colors was standing just few steps away from me. Now i was not scared after seeing him like a cool gentleman.. (i didnt even think how come he came here in an instant)
Evan: so Aseem now u have seen me that i am totally on the extreme side of ur mental impressions.. me: But why? why u was asking about planet, threat and blah blah Evan: Humans never accept their own mistakes and flaws, just keep on blaming others every time. You see us as menace to your planet, have you everthought what you yourselves are doing with your own lovely planet.. you humans themselves are the biggest threat to this planet me : why are YOU so worried for this ? Evan: I am not worried but i am just warning you me: why me then.. go and tell everyone out there Evan: you ll do this and ll change the insight of humans and spread a message to human race..
then he whispered few words in my ears and said good bye
me: wait wait.. i need to ask something me: do u have girls over there with you ?? (i was thinking that if he is so smart then girls ll be superb) :) Evan : yes of course we have our own lives and everything like you have.. me: then next time plan a visit for her.. i ll float her message as well..:)
He disappeared instantly ! I think all the guys, humans or aliens, are too possessive for their girls.
Do u know what message Evan whispered in my ears? "Save your planet Earth. Its a unique part of this universe"
I kept on thinking and analyzing what Evan said. How we, humans, ourselves are heading towards a catastrophe where every species, every life ll be ended. No one ll survive without nature and what we are doing is going against nature in every bit of our action. Lets make a resolution now and do our own bit not for Evan, not for me but for us, for our future generations, for our own mother-Earth.
I am contributing my part & spreading the message to human race everyday, every moment and yes, waiting for her too (alien girl).
Perhaps i am foraying into Blogistan at a very late stage, when it is being replaced by a very fast, quick and short tweetomania. But its not that everytime I am late :) I am already using twitter from last few months and updated myself with the latest tweets. Nonetheless, now its the time to ruin and mess up the blogistan.
Twitter and Blogger are more or less like Son and Dad. One can make analogy like this : Blogger, an old generation concept of sharing your thoughts in detail and writing a number of lines while Twitter, a genX concept of everything in short and quick wherein you write few words instead of lines and paragraphs. Ironically, chotu (read as 'Twitter') has spread more like a virus, is more happening, attraction seeking and active than papa (read as 'Blogger'). It might be due to the generation gap. But yes, papa & chotu are genetically same (networking and communication).
Although Blogs got lot of attraction such as blogs of BigB, Shahrukh khan & Aamir khan to name few, Tweets are so famous and spread across in such a manner that they swept everyone who is acquainted with computer and internet, starting from politicians to bureaucrats, filmstars to sportsmen, aam aadmi (common class) to khas admi (privileged class). Tweets are hot topic to be discussed everywhere whether during morning walk, office cafe, breaking news or the editorial of TOI. Even the very famous reporter "Deepak" from "Kal Tak" is collating tweets these days to break news. A night show on "Star Minus" will surely change the slogan "sona hai to tweets padhiye" (read the tweets and sleep well).
So what should i infer from this race of chotu(Twitter) and papa(Blogger) -- "chota hai to acha hai" (shorter the better)
Disclaimer: "shorter the better" is applicable for this networking race only. So ladies stay calm :)
