No more tax rebate on LIC premium!

Discussion in 'Random News' started by abhijit_reddevil, May 17, 2006.

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  1. abhijit_reddevil

    abhijit_reddevil Manchester United

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    At least this article today on www.indiatimes.com says so:

    http://economictimes.indiatimes.com/articleshow/1534177.cms

    So what other options left for me to save tax? I already have two insurance policies and seems like they will go to waste. Surely the government has become beggars and want to become rich by our money. Without this rebate on insurance premium, 1/3rd of my salary will be gone to government.!!!:(

    They have submitted the proposal and it will not take much time to implement that.
     
  2. __Virus__

    __Virus__ New Member

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    wtf :shock: no tax rebates on savings too :shock: thu thu thu beggars :-? meri salary gai :((
     
  3. selva1966

    selva1966 Member

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    @digitized

    I think life is more important than tax.
     
  4. __Virus__

    __Virus__ New Member

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    can u plz explain what does that mean ?
     
  5. OP
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    abhijit_reddevil

    abhijit_reddevil Manchester United

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    But tax exemptions are most important to me now. I do not want to give 1/4th of my salary to the government on tax. Anyway, I just wanted to give the latest update. This has just been proposed, but not actually implemented as of now. So those people who are having insurance policies and give huge premiums need not worry. The rule stays the same as of last year. You will get 100% deductions on your taxable income.

    So don't worry, be happy!
     
  6. Najesh

    Najesh New Member

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    If this is true,bechare businessman's,it was lic which was helping them to covert their black money into white.
     
  7. magnet

    magnet New Member

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    salary ppl start freelancing or do netagiri and start earning black money..anil ambani and governemnt becoming rich day by day........even though there r so many taxes........
     
  8. selva1966

    selva1966 Member

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    Well. The main purpose of Life Insurance is to help the family members when the main earning member is no more. I am not talking about "money back policies'. That is why I said, it is better to be alive and kicking and pay taxes rather than ....

    How many people in India can insure their life. There are Crores of people who don't get 2 squar meals a day. So those of us who are holding polices are better placed. Govt. would like to tax these better placed people so that they can spend on those unfortunate lot.

    We should mentally prepare ourselves for this. BTW I also avail tax rebate but still see the larget picture.
     
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    abhijit_reddevil

    abhijit_reddevil Manchester United

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    Life insurance policies are OK for our personal use, but I still do not approve of the government taxing us (taking our own hard earned money) based on our income. I agree that this money is spent on roads, public infrastructure, etc, but this money is also used to pay the sarkari babus. Surely the government has other sources of income like income from exports, etc. And that is a huge chunk. So why are they bothered with our hard earned money. Let us enjoy our life.

    Some of you won't agree, but be in my place and in place of thousands of others, whose 1/4th of the salary is gone to income tax, inspite of availing tax benefit under insurance policies, PPF, mutual funds, etc. And the most pathetic fact is that the tax can never be decreased to zero, as the maximum you could invest is Rs.100000 for tax benefits. YOU HAVE TO GIVE MONEY TO THOSE BEGGARS. This government policy s**ks big time.
     
  10. navneeth_snr

    navneeth_snr New Member

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    I totally agree with you. But with this is really not good for us. Government is the NO.1 Begger.
     
  11. dpd_2006

    dpd_2006 New Member

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    Life is Insured not for self it is for the nominee, so it doesn't matter for the Tax rebate
     
  12. freshseasons

    freshseasons King of my own Castle

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    " The only thing that can't be avoided as the saying goes are Death and taxes"
    And no wonder our government is hell bend on proving that. Death is Final. So complete and onetime affair.Taxes , especially over taxes are every day death for the hard working.Now, each has its side.The government boasts that taxable income in india averages around 16% whereas in other countries like USA,UK,France it is around 35%.and this comes right out of the mouth of our finance Minister.
    Are you crazy or what Mr minister? You are comparing developed countries to just developing countries like india. Now Countries don't progress because their govt. taxes them heavily.Its on part of the hardworking citizens in form on its industralists, worker all blue collar and white, and every saleried citizen.
    Our governent has seen the golden egg.Now they all want it in one stroke.You can't kill the hen that lays eggs. Already they have frightned the Stock market. Then due to these taxes electronic industry like consumer electronics ,television etc are already bearing losses.Samsung has already on the birk of taking it television factory out of india due to heavy excises.Hell Television imported from Taiwan are going to be cheap than the locally made due to excise duties.
    Why doesnt Indian government take lesson from other countries and make this country more invester friendly.When every merit is penalisted and paracitism encouraged the country is doomed.Wow last year we were almost competing with China for that world place.And this Year , the stocks crash, the reservation issues , the duties etc.
    Wonder why are these harsh decision not taken before the elections by government in power. Earlier the age was cheat but don't let know. Extract the poor people and say its only for the good.Now the age of highway robbery. I am doing it and going to get away with it.Try and stop Me. Which bring me to the issue of Brain drain! I support Brain drain !
     
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    abhijit_reddevil

    abhijit_reddevil Manchester United

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    Now another off topic information: Speaking of taxes and filing IT returns, the s***ng govt has introduced a new form 2D, in which you have to state, apart from details of income and tax deducted at source, the opening balance and the closing balance of your bank account and the expenses in between. Now this is plainly invading our privacy. Why should we provide our expense details which are personal to the government???!!! Now two options are there, either appoint a personal chartered accountant, or leave your present job. The second option seems more viable, in the advent of TDS.
     
  14. selva1966

    selva1966 Member

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    MNCs do not decide investment on excise alone. Demand for goods, cost of labour, quality of workforce and so many other factors are taken into account. Moreover all the excise collected by the Governement are not gifted to Taiwan.

    It is used for investment, development, defence and other expenditures. Further nearly 45% of excise collected is returned to the state goverment.

    Anti dumbing duty will take care of that.
     
  15. freshseasons

    freshseasons King of my own Castle

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    And what exactly does the state government do with all the taxes collected. You know better than mine. A survey say if government actually does the work collected from taxes with out corruption it will need just half of the money to get the work done from the taxes.
    Hmmm Anti dumping duty is great !Does it work ?
    Sony and Panosonic is already out of india. And those cheap imports from china don't even consider Anti-dumping law as a detterent.
    IT industry ,BPO the new emerging india. What does government reward us with. 12.5 percent service tax on Call Centres!
    Kill us all! and be merciless. Lets see what happens when the hen that lays golden egg is slain!
     
  16. ejvyas

    ejvyas New Member

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    friends cool down...i live in US where we pay more than 35% as tax to government with no available deduction system. Last yr i paid like 2300 $ and I am still a student
     
  17. selva1966

    selva1966 Member

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    The individual will not pay INCOME TAX
    The factories will not pay EXCISE DUTY
    The importer will not pay CUSTOMS DUTY
    The service provider will not SERVICE TAX
    and SALES TAX? Don't ask.

    But I want all the facilities like developed country.

    NICE ATTITUDE:rolleyes:
     
  18. nik_for_you

    nik_for_you New Member

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    are yar .. thats bad news for person like me .. but one thing is clear that if a saved money funds or policies it would be diff for me to pass month!!!!
     
  19. shravan

    shravan New Member

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    This is why the cong govt should have never come to power, that too with the left! They are bloody thieves...
     
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