P. Chidambaram, the mastermind crimi, err.... I mean finance minister for India, has so cleverly brought out some rules in the Indian Budget that was recently pulled out. It really has spelt a clear cut end to all the possible tax evasions from direct salary. Any possible savings can be done on the income which the person doesn't show on his tax declarations.
All PAN holders are eligible for only Rs. 2 Lakh per annum as a Non taxable amount in his remunaration. That provided the person saves Rs. 1 Lakh per annum in some of the Govt. recognised savings schemes. Overall, the person should be literally dead for the period of his savings until they give back the returns. Why am I saying dead? Just keeping ourselves alive with Rs. 1 Lakh in a Metro like Bangalore would certainly mean that ther person literally has one decent meal.
Calculating all the tax components would also be done on the Flexible Allowance Basket that most companies should promote like House Rent Allowance etc. Finally, even though the savings are done for ourselves, we can't eat immediately. It is like, give the govt. 30% of your food unless you can save some of it for tomorrow. Either way, you are the immediate loser. Maybe people can really enjoy in the future. But what about now?
So dudes, just go out and open your own enterprise. Just make sure that you have a decent accountant who can guide you ways of saving money.
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