Category: Personal Finance in India

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Laying to rest taxation at Indian restaurants

In addition to the ridiculously high VAT, our stupid authorities have added this nonsense of service tax, currently 15%. Too many people are busy posting incorrect information about taxation rules at restaurants. While this is highly appreciated, i.e. the more people are involved in spreading awareness about such matters, the better it is of course. But the problem is that incorrect information spreads just as fast. So lets lay the taxation angle to rest in this post.

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History of service tax in India

All the service tax rates since the dawn of time are mentioned here. What was there before 1994 you ask? Shoonya. As per Indian mythology, if it wasnt there, then it didnt exist. We invented yet. Yo. Current rate starting 1/06/16 is a whopping 15%, and will go up much more once GST rolls in.

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A decade of filing tax online in India

I’ve been filing my personal taxes online for a full decade now, and I do believe I was one of the first set of people in India to adopt this mechanism. I filed the first time for FY07 (AY 2007 – 2008) using Skorydov, which later changed their tax solution name to myITReturn. Since then, I’ve tried Taxsmile, Cleartax and HRBlock. This is a story about my experiences using all these e-filing solutions, and it has not always been a bed of roses.

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Perils of the new Direct Tax Code for long term investors

A new (draft) Direct Tax Code (DTC) from April 2011 has been proposed by the Hon’ble Indian Finance Minister in Aug 2009. The DTC has undergone quite favorable analysis. Unfortunately, what articles like these have not brought out is the massive impact on long term investors of one simple clause which removes the distinction between Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG).

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