Saturday, March 19, 2005

Oh Taxes !

Its that time of the year again, the last month of the financial year. As the accounts guys in office are sending their last reminder to the staff to submit their reimbursement bills, investment proofs etc.. the employees themselves are figuring all new ways to furnish evidences to reduce their taxable income.

I should really say , some of my friends/colleagues have really cool ideas in getting medical receipts, fuel bills and even charity receipts. I see colorful bills scattered all over my table, people filling up weird multi column excel sheets etc...

My team manager had some strong opinions on people with the so called "cool" ideas. According to him , "If they show the same energy and enthusiasm in probably making investments in mutual funds, equities etc... they can earn a lot more than the meagre sum they are trying to save using untruly methods ! ". Great but..whats more important to me than money, is the satisfaction of being honest and truthful.

On the contrary..addding fuel to the fire is the country's finance minister with his new budget. Salaried employees are being taxed more and more. Even fixed deposits in banks are now taxable and... no more corporate perks. "Huh !! atleast ..lemme minimise my taxes to the greatest extent!" - cries todays salaried employee.

Employees cry further more when they find out that they have to pay taxes to the Indian Govt. for income they earned in US/UK etc.. "Gosh , why shud I pay that much to the govt ?, all i get is bad roads and traffic jams , hmpf ! ". The same people file taxes promptly to the US/UK govt. but are reluctant to pay to their own countries governing body.

I just remembered I need to buy a house in Bangalore. With prices soaring to a new high, when will I be able to do that , if I keep paying my taxes religiously ??? :-(


ShareKhan said...

And you dont want to minimize YOUR taxes ???

Here is where the Liemeter goes BLEEEEEEEEEEEEEEEEP !!!

Anand Vishwanath said...

I meant, is it possible to minimize it without using any unfair means ?

ShareKhan said...

"Great but..whats more important to me than money, is the satisfaction of being honest and truthful."