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Income Tax





raaeft1
I am learning a lesson.Always file your income tax returns on time otherwise the Department will catch up with you sooner or later thanks to the PAN Card which has to be given for all major or even minor transactions.
I was salaried till last year and I did not file returns for several years out of sheer laziness and the conjecture that the tax was already being deducted by my employer. Now I have received notice from the Department asking me why I did not file returns for previous years and to explain some credit card payments or face action.
My CA will handle this situation of course. But as the Department's ad says--file the return and go away smiling.
deanhills
Agreed. That's one guy you always try and stay on his right side and that is the tax man. Could that you have an accountant to sort that out for you.
standready
The tax man cometh and take away everything. He will even take your nothing.
zimmer
speaking of TAX, here in Philippines its very high tax. 32% of you income are tax.

May i know How much tax percentage in your areas?
deanhills
zimmer wrote:
speaking of TAX, here in Philippines its very high tax. 32% of you income are tax.

May i know How much tax percentage in your areas?
In Canada it's on a sliding scale. Percentage for the first X thousand, then greater percentage for the amount above that X thousand to another XX thousand. To be added to the basic X. And then even more for anything in excess of the XX thousand. The federal tax doesn't look as bad, however we pay both federal and provincial taxes. So depending on what income bracket one is, probably the same as yours. But calculated differently. Quite complicated and one has to work through everything carefully.

Taxes in Canada are as stressful as wars are to people in other parts of the world. Your janitor would hire an accountant to help him with his tax return, just to make sure it is in good order. When tax season comes, you'll see many tax cubicles springing up every where in small shopping centers close to your man in the street. It's a thriving business.

OK here's a link to the taxes in Canada:
http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html
playfungames
I come from a place where people only pay taxes when the employer deducts tax at the source. That means if people receive salary after tax is deducted then they are paying taxes. Other wise I know very few people who file for taxes. And the ones that who voluntarily file for personal income taxes show their income at minimum tax level and pay the least possible tax amount yearly. But where I come from people make so low that paying taxes would mean that they would not be able to make ends meet.
johans
Philippine tax is not good. why? because our political leaders curropt them. How do i know? most basic facilities such are comfort room is not fixed and road is not being maintain in remote areas. it hurts but that is the truth.
standready
zimmer wrote:
speaking of TAX, here in Philippines its very high tax. 32% of you income are tax.

May i know How much tax percentage in your areas?

Geez. Between federal, state and local tax, they takes almost 35 percent out of the paycheck. In my freelance work, add another 10 percent that is 'employer's portion'. So 45 percent.
deanhills
I remember when I was working in Vancouver, our office had a time frame pinned up somewhere for at what time of the year one is actually earning one's own money. It usually came around June or something like that. Up to June it's all for the Government.
bukaida
The tax slab in India is also annoying. The relaxation is minimum with respect to Tax. For the first 5 lakh , the tax is 10%, next 5 lakh 20%, then 30% and the highest is 40%. You cannot save more than 1 lakh. So at the end, we usually pay approximately 1 month salary as tax per year. So you earn for 12 months and get paid for 11. Also this tax is to be deposited in every quarter as advanced tax, not the entire amount at the end of the year. It feels terrible when we deprived of any facility regardless of paying tax, from the state and observing our moneys being spent in providing the comfort to the politicians and buying the warheads.Mad Still lots of people are starving for food and basic medical facilities in my country.
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