Tuesday, February 05, 2008

Khamosh Adaalat Jaari Hai

me: comrade free?

Amalendu: no

me: k

Sent at 16:52 on Tuesday

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

Sent at 17:44 on Tuesday

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 hyderabad it may be useful

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

or http://myiris.com/mutual/

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 Bombay

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

Sent at 18:46 on Tuesday

Amalendu is busy. You may be interrupting.

4 comments:

Anonymous said...

hi amalendu, i m ajay,
if remember me than reply a mail to ajay99a@gmail.com

ajay rourkela
shaktinagar..
presently in delhi..

Guruji said...

i have saved the link..
i look into it whenever i get a doubt..
Truly useful..

Gyanesh upadhyay said...

lovely talk
I will like to tell you that i file my tax return myself and also help some friends. Easy for me. I am surprised, Amalendu takes help of a agent. may be due to shortage of time.
but tukun,
you mentioned my name in this post. thanks, but as I know reon kadena does not belong to pornography, she is a beutiful normal model girl in japani society.
again thanks,
But yes I hate hard core...

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