“Baki raka Khajna, mote bhalo kaj na” [It not good to keep unpaid Tax] - an old riddle from “Hirak Raja-r Desh e” a Bengali film directed by the great visionary Satyajit Ray, was probably one of my first introduction to the world of Tax. Then on, gathered bookish knowledge from media along with witnessing environmental excitement in the month of Feb and March - in and after the ‘National Budget’ timeframe.
Post being employed as a salaried person and in service for quite some time have gone thru my share of the Tax lessons. As forms, reforms, slabs and the series of 80 A, B, C… keeps changing I kept adjusting to them often re-invent to make life simple using Saral and at times complicating by prolonged Saral. A few calendar dates to abide by, a few calls to IT Agent and his service tax. Get set go – clip in the next file stamped by government for your record. Ensure to collect a clearance certificate from IT dept. Net – Net it should say you owe your government Zero for the assessment year.
Drawback of profession – I like handling money on excel in form of data point more than reality. For last couple of years, while preparing personal balance sheet – yeah I play with figures but just to check out my expenditure trend the last financial year. Be my own Boss to ask – what did I do with my money? Hard earned money – need to be accountable. Learned these expenditure buckets from credit card trend analysis –apparel, beauty, health, loan, car, house etc..etc.
Varsa – a little kid whom I sponsor for a better tomorrow shapes up in my expense list. That is the only expenditure I feel I would not mind doing little more. I receive an 80C from the NGO who nourishes Varsa. Not sure, maybe I would have done the same without that form too.
Hard work and off course God’s wish have increased credit amount on my personal work sheet. But debit increases in greater proposition. Auditing eyes rush with a magnifying glass - on the expense component. Life style errors! Possible - moved on from neighbourhood parlors to branded beauty salons. Instead of getting stitched clothes walk down to malls – o no, not for Rohit Bal collections, ordinary stuff has extra bugs tagged – the tax one pays for a/c luxury markets.
But it was even beyond. Kalpana’s elder sister got married last year. Kalpana – is a friend to me, 15 years younger to me and by profession my maid. It was the most wanted marriage, to help her family survive. In her community only hard cash works. I just helped a friend. She is stronger than many of us. To salute her passion to drive out all odds and show up a smiley face, I gave her money to get her terminally ill brother undergo chemo therapies.
It is just not Kalpana – I have Sumi-di too. She supports my family once in a while when Kalpana is too bogged with family issues. A mother of two sons, Sumi-di is only 35 years but lost her husband a few years back. Her younger son had landed up with multiple fractures and underwent a major surgery. They are my extended family in the society. I helped her to pay off the hefty medical bills she incurred along with a few of my neighbors. They all appear in my excel file.
These are no noble incidents. It is expected out of any compassionate country-person for the lesser privileged ones around. It is difficult for government to help just in time for every such need. Not sure if these calls for 80 series, as that would make this small giving’s land up in add-on paper works and kill the spirit of it. We are there to support these as our moral responsibility and sheer pleasure that it made a difference to someone we know.
I participate in large structured donation campaigns too – where I guess most of us feel more connected when the end utilization of what we shared is communicated on time accurately. To me tax benefits have marginal impact on what we donate to society if ones mission is to help.
But hang on, world has many thoughts. The other day an old acquaintance of mine dropped by. Over a cup to tea he pointed at the fresh photo in the frame located in my book cabinet – “Who is she?”
I jubilantly said – “She is Varsa …..” – In one breath I completed the whole relationship.
His immediate next question was – “They give you tax benefit?” I least expected it!
Gyan #9 – Mindframe determines how you interpret a chapter.
[Dedicated to IndiBlogger of the Month Social Causes contest, sponsored by GiveIndia!]
Post being employed as a salaried person and in service for quite some time have gone thru my share of the Tax lessons. As forms, reforms, slabs and the series of 80 A, B, C… keeps changing I kept adjusting to them often re-invent to make life simple using Saral and at times complicating by prolonged Saral. A few calendar dates to abide by, a few calls to IT Agent and his service tax. Get set go – clip in the next file stamped by government for your record. Ensure to collect a clearance certificate from IT dept. Net – Net it should say you owe your government Zero for the assessment year.
Drawback of profession – I like handling money on excel in form of data point more than reality. For last couple of years, while preparing personal balance sheet – yeah I play with figures but just to check out my expenditure trend the last financial year. Be my own Boss to ask – what did I do with my money? Hard earned money – need to be accountable. Learned these expenditure buckets from credit card trend analysis –apparel, beauty, health, loan, car, house etc..etc.
Varsa – a little kid whom I sponsor for a better tomorrow shapes up in my expense list. That is the only expenditure I feel I would not mind doing little more. I receive an 80C from the NGO who nourishes Varsa. Not sure, maybe I would have done the same without that form too.
Hard work and off course God’s wish have increased credit amount on my personal work sheet. But debit increases in greater proposition. Auditing eyes rush with a magnifying glass - on the expense component. Life style errors! Possible - moved on from neighbourhood parlors to branded beauty salons. Instead of getting stitched clothes walk down to malls – o no, not for Rohit Bal collections, ordinary stuff has extra bugs tagged – the tax one pays for a/c luxury markets.
But it was even beyond. Kalpana’s elder sister got married last year. Kalpana – is a friend to me, 15 years younger to me and by profession my maid. It was the most wanted marriage, to help her family survive. In her community only hard cash works. I just helped a friend. She is stronger than many of us. To salute her passion to drive out all odds and show up a smiley face, I gave her money to get her terminally ill brother undergo chemo therapies.
It is just not Kalpana – I have Sumi-di too. She supports my family once in a while when Kalpana is too bogged with family issues. A mother of two sons, Sumi-di is only 35 years but lost her husband a few years back. Her younger son had landed up with multiple fractures and underwent a major surgery. They are my extended family in the society. I helped her to pay off the hefty medical bills she incurred along with a few of my neighbors. They all appear in my excel file.
These are no noble incidents. It is expected out of any compassionate country-person for the lesser privileged ones around. It is difficult for government to help just in time for every such need. Not sure if these calls for 80 series, as that would make this small giving’s land up in add-on paper works and kill the spirit of it. We are there to support these as our moral responsibility and sheer pleasure that it made a difference to someone we know.
I participate in large structured donation campaigns too – where I guess most of us feel more connected when the end utilization of what we shared is communicated on time accurately. To me tax benefits have marginal impact on what we donate to society if ones mission is to help.
But hang on, world has many thoughts. The other day an old acquaintance of mine dropped by. Over a cup to tea he pointed at the fresh photo in the frame located in my book cabinet – “Who is she?”
I jubilantly said – “She is Varsa …..” – In one breath I completed the whole relationship.
His immediate next question was – “They give you tax benefit?” I least expected it!
Gyan #9 – Mindframe determines how you interpret a chapter.
[Dedicated to IndiBlogger of the Month Social Causes contest, sponsored by GiveIndia!]