01 Apr 2018 07:14

Joined:	23/09/2015
Level:	Platinum
Points:	50855

Points:	5

What is your New Year resolution today?

At the outset, I congratulate all Members of ISC on the occasion of (Financial) New Year. From today, a new year starts, new accounting will start. The new monetary allocation will be available for every department and every office.

From this day, individuals will start fresh saving/investment in tax-saving financial instruments. In some companies, annual increments are given on this day. Government employees and pensioners will get another 2% dearness allowance.

On the auspicious occasion of (Financial) New Year, let me ask a question: Have you taken any (financial) resolution today? Have you taken a pledge for incorporating/initiating financial discipline in your financial life?

#631745

01 Apr 2018 07:37

Joined:	06/05/2015
Level:	Platinum
Points:	53014

Points:	4

I continuously resolve throughout the year, on each single day, that henceforth I will be more cautious in spending money but practically I never succeed.

Most of the salaried individuals / pensioners who receive their remittance through direct credit to their bank account, remain concerned as to how to save tax. The persons who deal in cash including unscrupulous doctors remain oblivious of such concerns.

Paying taxes is like donating for welfare of poorer segments of the society and for development of the nation.

The best resolution on the first day of new financial year may be regarding payment of all due taxes honestly throughout the year.

Let us encourage each other in sharing knowledge.

#631746

01 Apr 2018 07:38

Joined:	12/10/2009
Level:	Platinum
Points:	200231

Points:	4

Well from today onward, there would be non budget hike in prices of vegetables, cigarettes, foot wear and even edible oil. Mind it these increase were apart from the on going GST hike. So the new year is not going to start with happy mark. Well the central government employees are getting their DA commensurate with the hike in prices, but what about middle class and salaried class, who are supposed to do with fixed salary and to mitigate with increased prices all round. Each government is squeezing us to the hilt and Modi government is also following the same. When will a government come which can see from the eyes of common man ?

K Mohan
'Idhuvum Kadandhu Pogum "
Even this challenging situation would ease

#631752

01 Apr 2018 08:22

Joined:	07/04/2011
Level:	Diamond
Points:	36119

Points:	4

Yes, what Mr. Mohan told is true. Governments mostly talk on the line of government employees but most of the people of the country earn their livelihood through self employment or through private firms. In this way they never get an increment in their monthly earnings like government employees. Prices of commodities get hiked along with the hikes in government employees salaries. In my opinion the present govt. giving more importance to corporate sectors or private sectors or foreign investments. The present govt. not giving much importance to control prices or well fare programs of common man. I also wish to see a government to come which can see with the eyes of common lot.

#631754

01 Apr 2018 08:33

Joined:	06/05/2015
Level:	Platinum
Points:	53014

Points:	2

#631752 - Not only serving government employees but even pensioners like me pay income tax honestly whereas in the case of self employed persons in private sector, most of the persons neither pay due taxes, nor file income tax returns.

As a matter of fact, a major chunk of annual increments and DA etc. is taken back by the government in the form of taxes.

Let us encourage each other in sharing knowledge.

#631757

01 Apr 2018 08:54

Joined:	07/04/2011
Level:	Diamond
Points:	36119

Points:	4

Those who are working in private sector or factories or firms will get their salaries through their bank accounts only and are liable to pay taxes as well as to submit Income tax returns. But the amount of tax they pay may not be large because of the meager salaries what they get. The only people who may escape this tax problem is self employed, business people and farmers. Most of the self employed , small business owners, a large number of farmers may not earn so much otherwise which is sufficient enough for their livelihood.

#631760

01 Apr 2018 10:23

Joined:	23/09/2015
Level:	Platinum
Points:	50855

Points:	1

This is not a discussion on facilities and perks being provided by the private sector and Government sector. This thread is relating to financial resolution in the financial new year.

Although this is not a comparative study between these two sectors, I must say that when private sector employees want to join Government sector and employees in Government sector want to join the private sector. I would also like to state that one of my relatives working in an advertising agency earns two and a half times more than me. But he pays only 75% of the tax which I pay. And he says he is a legitimate tax-payer, thanks to his flexible salary structure which is possible only in the private sector.

Beware! I question everything and everybody.

#631775

01 Apr 2018 11:19

Joined:	02/06/2009
Level:	Diamond
Points:	43029

Points:	5

I wish all the members of ISC a happy new year(Financial) 2018-19. I want to confirm that all private employees also have to the last paise they are getting and has to pay income tax. For the information of the members, the employers have to deduct tax at source and pay in advance for all of his employees. It is mandatory. Many times companies will cut more than required and we have to claim back our excess payment. These days almost all perks that are being paid by the company are also brought under tax slab. So there is no exemption. But many private employees will have fewer salaries and hence they may be paying less tax.
I have no any special resolution for this year as usual. Keep spending as required. Don't waste money. But never try to be miserly. This is my concept from the beginning and continues the same this year also.

drrao
always confident

#631786

01 Apr 2018 11:45

Joined:	19/06/2011
Level:	Diamond
Points:	65906

Points:	5

Working with a lot of calculations and wasting a lot of paper and ink, at last I could complete the tax paying process for FY 2107-18, paying some residual tax yesterday night online. I am sure had I entrusted the work to some tax consultant or chartered accountant, I could have some amount of tax paid. But I am still happy, because it is my genuine and straight money and I know the whole thing .

I do not have any increase as Partha mentioned of DA etc. In fact I may be only losing some income as some of my fixed deposit which are going to mature soon will hence forth get only lesser interest. Moreover there is some relief in the tax slab by way of rebate or exemptions. Hence I may be paying lesser tax in the new FY, that is what I guess.

Last year was an year for pooling and consolidation for me.
I do not intend to do any financial investment this year. But there is a small 'thought' inside my mind. I have not resolved nor decided. I may nourish the same and if God willing I have to move on that line to make it happen in a year or two.

#631842

01 Apr 2018 18:24

Joined:	28/08/2017
Level:	Diamond
Points:	25712

Points:	4

With the beginning of the new financial year, the only good news is the RSB from ISC. The pledge of financial discipline has become mandatory for many low and mid-level staff in the healthcare sector.
Just yesterday, I had to hear about 5 people having to change jobs or take part-time jobs in the private sector. In a number-crunching exercise in the corporate healthcare sector, many have a difficult year ahead.
The competition is stiff, the overheads high and the image of the private health sector is far from desirable.
I feel, this year and the coming years, one has to work hard, long hours to a lesser pay or a status quo pay without hikes.
So, yes, there would be many would have to take the pledge bordering austerity measures to satisfy the appetite of the bigger sharks.

#631851

01 Apr 2018 20:29

Joined:	06/05/2015
Level:	Platinum
Points:	53014

Points:	4

I continuously resolve throughout the year, on each single day, that henceforth I will be more cautious in spending money but practically I never succeed.

Most of the salaried individuals / pensioners who receive their remittance through direct credit to their bank account, remain concerned as to how to save tax. The persons who deal in cash including unscrupulous doctors remain oblivious of such concerns.

Paying taxes is like donating for welfare of poorer segments of the society and for development of the nation.

The best resolution on the first day of new financial year may be regarding payment of all due taxes honestly throughout the year.

Let us encourage each other in sharing knowledge.

What is your New Year resolution today?

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