me: comrade free?
Amalendu: no
me: k
Amalendu: hai...
had a meeting with students...
now free...
me: how much income tax do i pay when i get a consultancy of 38000 per month
approx fig
Amalendu: aprox. income is 4.5Lakhs per annum right?
me: 4.2
Amalendu: do you have any saving in LIC, PF, PPF, ELSS
me: no chance narang saheb
Amalendu: or NSC or five yer fixed deposit in bank?
me: no darling
Amalendu: ok
Amalendu: 5k+20k+35k= about 60k
but...
me: saath hazaar
ok
Amalendu: consultancy income has lot of loopholes...
me: ya
Amalendu: you can show quite a bit as expenditure....
me: like
house rent can i shownt be
Amalendu: all telephone expenses, travel expenses...
me: ok
Amalendu: food and lodging...
me: ok
but how did u calculate?
Amalendu: buying computer or internet or laptop...(depriciation about 50% of the cost of comp or laptop)
upto 1.1 lakh no tax
me: k
Amalendu: 1.1 to 1.5 (10%)
me: ok
Amalendu: 1.5 to 2.5(20%)
2.5 and above 30%
me: ok
so out of my 4.2
only 3.2 is getting taxed
Amalendu: yes
even you can deduct your house rent...
me: and if i invest 50000 then?
Amalendu: how much rent do you pay?
me: 4500pm
Amalendu: do all the calculation for the financial year...
don't give me monthly picture..
when did you join this job?
me: June
Amalendu: ok..
that means you have 9 months income this year..
right..
me: ya
and in my consultancy fee its written that its against 18 days every month
Amalendu: thats ok..
you dont have anyother income right?
me: no
thats not accounted i mean
Amalendu: so your this financial years income is 3.4lakhs
me: ya
Amalendu: deduct house rent from that
me: ok
Amalendu: 40K
me: just tell me if i invest 50k somewhere what happens is it deducted
Amalendu: for 9 months
remaining is 3 lakhs
me: ok
Amalendu: deduct some expenses in travel say 20K
me: ya
2.8
Amalendu: remaining 2.8 Lakhs
deduct telephne expenses say 10K
me: ok
Amalendu: 2.7 lakhs
do you have a comp or laptop?
me: office laptop
but i can show a computer
and cameras
Amalendu: yes
what is the aprox. price of both?
me: 2k
Amalendu: what?
me: 2lakh
Amalendu: take only one thing this time may be comp not camera...
me: ok
Amalendu: use camera for next year IT calculation...
me: thats only 40000
Amalendu: so 20K is depriciation of Comp
me: ok
2.5 bacha
Amalendu: so remaining 2.5K
2.5 L
me: ya
Amalendu: yes
do you have distance travel like air travel train expenses?
and lodging...
me: that was borne by office
Amalendu: did you spend anything from your pocket...like your wife and child travelling?
me: ya
not much
Amalendu: how much aprox?
in the financial year...
me: very little two trips to raigarh and back
2000
Amalendu: you dont have to produce bills./////
me: ok
thats so human
Amalendu: take 3A fair and make it about 5 or 10K
me: ok
Amalendu: remaining 2.4L
me: ya
Amalendu: now from this upto 1.1 L
no tax
me: ok
Amalendu: 1.1 to 1.5 10% i.e. 4K tax
1.5 to 2.4 20% i.e. 18K tax
total 22K tax
me: ok
and now if i do a LIC of 50000 then
Amalendu: now if you invest in section 80 ie. pf, ppf etc
say 50K
me: k
Amalendu: your tax liability will be 4k+8k = 12k
me: ok
Amalendu: I would suggest invest in tax saving mutual funds
me: ok
will do that
Amalendu: DSP ML tax saver or SBI Magnum tax gain
me: will do with SBI
Amalendu: lock in period is 3 years and growth is better...
me: ok
Amalendu: you should also buy mediclaim policy for your family
me: how much does that cost
Amalendu: being in
me: because my cash is so sporadic in nature
Amalendu: spend 2k you will get for about 1 lakh for the family
this is for the year
me: 2k means 2 lakhs
Amalendu: no
2000
me: 2000
ok
Amalendu: buy from Natiaonal Insurance
me: so initially how much money does this mediclaim needs to be put in
Amalendu: govt. one
no just 2000 aprox for 1L
me: ok
fine
Amalendu: you can put 4k for 2L
this is nonrefundabale
me: and does it mean recurring at some intervals
Amalendu: every year you have to renew it...
me: ok
good
Amalendu: if there is no claim in previous year you get some bonous
it is like car insurance
me: and SBI mutual funds whom or where do they sell that
Amalendu: but necessary when you are away from your home in a big city and with a small child
me: ya
Amalendu: any agent will do that
me: ok
Amalendu: just ask your office a/c he will help you
me: ya just did that and she is calling a person
Amalendu: am I sounding like a proper finacial advisor?
me: yes very enlightening
be one u will earn more
Amalendu: still I dont file my own return...
me: OK
Amalendu: I take help of an agent...
me: FINAL QUESTION
WHAT IF I DONT FILE RETURN THIS YEAR
Amalendu: agent takes about 300 rupees and does everything for you
me: HOW MUCH AM I FINED LATER
Amalendu: how much TDS your organisation deducts from you?
me: 10%
I TAKE HOME 34K
Amalendu: which means you have already paid more than 30K tax right?
me: YA
Amalendu: you have to file the return to claim the refund...
thats first thing...
me: YA THATS WHAT MY BOSS TOLD
Amalendu: second and most important thing is if your are travelling abroad...
3 years IT return works very positivly for your visa
me: OK
Amalendu: do you have PAN?
me: YES
Amalendu: good
me: got it in June
Amalendu: will this be your first IT return?
me: yes boss
Amalendu: great welcome to Govt. of India
me: thanks I am honoured
so now i am buying this sbi mutual fund
how much does this cost
Amalendu: are you planning to invest 50K?
me: if get a salary this month or else 25
Amalendu: whatever is the amount divide it between two
me: ok
Amalendu: I would suggest some good part in DSP ML Tax saver
me: ok
Amalendu: the NAV of it is about 15
per unit
me: ok
Amalendu: and SBI Magnum Tax gain NAV is about 60 per unit
me: ok
what is DSP
Amalendu: go for 60% in DSP and and 40% in SBI
me: ok
Amalendu: DSP Maryll Lynch
me: ok
Amalendu: a company
me: ya
fir wo bazaar me mera paisa laga denge
Amalendu: yes
you can check daily NAV in business news paper
me: ok
so i will do this coz my ac says we are getting salaries
Amalendu: long time back I bought Reliance Diversified power sector growth at 23 rupees
me: ok
Amalendu: now it is 75
yes
me: i pumped in 50000 last month when the market crashed
Amalendu: after or before crash?
me: at the time of crash
Amalendu: good
me: now its gaining
Amalendu: nice...which companies?
me: dont know ---its a desi mutual fund concept where u have a friend whom u trust
Amalendu: he invests
me: ya
he had been my asst in
Amalendu: is he a Gujarati?
me: yes
Jatin Popat
Amalendu: good....
dont worry...they are trust worthy in money matter...
me: ya he is a raigarhiya
Amalendu: and no one can better time this market than those...
me: thats all the more untrustworthy though
In 2001 I lost 1 lac in this shares business just due to trust
Amalendu: for me also a guy advises...from Ahmedabad...
me: ok
my shares are from reliance
Amalendu: for long term banking sector seems to be good...
me: no idea
Amalendu: particularly in 2009 and 10 you can get the return if you invest today...
me: ok
Amalendu: thats my analysis
me: i just spend so much that nothing is left to invest
propensity to save is conspicuously absent
Amalendu: and I have not invested a single rupee directly in stock market...
me: GOI should subsidize liquour
and people who admire women should get tax waivers
Amalendu: match called off
me: bad
do I post this chat on my blog
Amalendu: yes
me: yes
there are so many confused souls
the other day i was reading abt taimur lane - the mongol
Amalendu: haan...
me: he was a strange character - somebody with that much violence is extraordinary
Amalendu: true...
me: gyanesh was online yesterday
and he sent me a film
Amalendu: which one?
me: soft core pornography
Amalendu: ok
me: I ate his head with hardcore messages
Amalendu: ha...ha...
me: my wife is coming on the 8th
we will plan a visit feb end
Amalendu: yes.. that would be nice...
me: bcoz tini's kid will be one year old on march 1
so that can also be attended to
Amalendu: april 11 or 13 we are planning Aadi's mundan...
me: good
Amalendu: in Subramanya temple...
me: children look beautiful with tonsured heads
Amalendu: yes...
me: that temple in puttur
Amalendu: as such he has very less hair...
like me
me: haha
Amalendu: no...
me: blore
Amalendu: it is near deepika's village a famous Kartikeya temple...
me: ok
Amalendu: even Sachin Tendulkar visited that...
me: then its good
Amalendu: its 40 km from Puttur
me: ok
i remember that temple with a fish pond
and ashwini
Amalendu: i.e. Mahalingeswara in Puttur...
me: ya
Amalendu: ashwini is in TISS Mumbai...
me: ya she scrapped around august
Amalendu: thats long time...
me: really
people should be more sensitive
Amalendu: yes..
me: all social sciences are based on that
Amalendu: what?
me: sensitivity
Amalendu: sensitivity?
ok
me: and did u learn driving
Amalendu: which part of your body is most sensitive?
NO
me: thighs
because they are weak
Amalendu: all social sciences are based on thighs....
me: In fact
Amalendu: this seems to be logic...
me: good
Amalendu: foundation of philosophy...
ha..ha..
me: ya
bunny had written a wonderful paper on right to philosophy
will send you that
Amalendu: send...
me: went
next month onwards i start studying fo r my MA
Amalendu: yes
me: they have a week long gap between each paper
so thats enough to read five questions
Amalendu: yes...
but will you travel every week?
me: Did you read anything by this years Eco nobel laureate couple
one of them never had formal training in economics
Amalendu: no
so also many past laureate
me: thats good
did u see sashi on saturday
Amalendu: yes
me: and beers
Amalendu: he was asking about you a
no
here in our Academy
me: ok
Amalendu: we had a Research Advisory Committe meeting
me: ok
Amalendu: he is one of the members
me: one of my optional papers is Research methodology
Amalendu: he asked whats your plan about that documentary...
me: I am finishing the website of my org and then i take a plunge
Amalendu: I told him about your sending a mail to Sainath...
he is interested in short films...
me: thinking of getting it funded by stakeholders and approaching somebody like raghubir yadav for the role
Amalendu: he was telling that that there lenses available where you can get the depth of film in video camera...
me: yes
Amalendu: he wants to buy those and make short films
me: In the camera format he has only one camera comes with that film look
Amalendu: he has started appreciating film from the depth of photography angel....
me: This technology is called progressive scan
Amalendu: ok
me: He has to shoot with artificial lights once to get the real film effect
Amalendu is busy. You may be interrupting.
