Indian Institute of Information technology at Madurai, Indian Institute of Science at Thirunelvezhi - a need

There is ஐஐடி or IIT in Chennai,  NIT or REC in Trichy, IIM in Trichy and hence a IIIT (Indian Institute of Information technology) at Madurai,  followed by Indian Institute of Science at Thirunelveli (திரு திரு Ravishankar அவர்கள் அறிவியல் பல்கலைக்கழக) is a must.

The state Government of Tamilnadu should take this initiative and Establish these institution for the state and country.  Hope the state government convinces the republic government for the necessary approvals.

This would help this states progress and the countries. 

My actual date of birth and official date of birth

My actual date of birth and official date of birth

My actual date of birth is 22 Oct 1975 and official date of birth is 20 Sep 1975.

The practice in India in the past was to Decide a date of birth to admit the children with out losing a year.

Hence they, the parents chose to inform or write different date while admitting kids to the school or in the date of birth certificate.

Now days this is not possible as the hospital gives a acknowledgement certificate of birth and that becomes the basis for date of birth certificate issued to us.

The parents chose different date of birth to get a extra year in their children career. However, the main reason or cause behind this was the cut off date set by the Government.

Now, the cut off is synced with the school calendar year to stop such tactics.

Why? Give so much importance to a year.. The kids brains develop as they reach certain age so such tactics could have been avoided in the past...

Any ways, this is not possible nowadays.... As the process is better...

A method to clean your intestine fat naturally...

This post is based on my own experience and I haven't Taken effort to scientifically prove it.

So, you may choose to try or ignore the blog information. 

This is a simple and natural method.  All we have to do is to pick Murunga or முருங்கை மரம் இலை (muringai tree leaves).  The leaves shouldn't be tender rather very thick, solid, old...  The leaves have to be washed before we extract juices out of it.

Add the leaves to a mixer if you want add salt then add, I would prefer not to add any salt... The leaves have to be grinded well for 10 minutes by adding water to  it.

Now, filter the jungle or extract the juice from the leaves.  The next step would be to drink the murungai leaf raw juice early in the morning... But ensure to take it in empty stomach and on holidays. 

You could feel uncomfortable while drinking juice and you may face a condition of diarrhea for the next couple of days that brings the fat inside the intestine through our stool. 

You may practice this once in a while or on a annual basis as per your choice. 

eAadhaar, eKYC XML, All Documents Submitted for KYC or as eKYC - . an upgrade required

When we avail many services from any service provider (Government, Organization, Private Companies, Insurance, Banking, etc) we are required to produce ID and Address Proof. In today’s scenario we provide any of the documents like PAN CARD, Aadhaar CARD, Passport, Voter ID, Ration Card and so on. We provide a xerox copy of the document to the Service Provider with self attestation, with dateandtime, purpose of submission and so on. All these measures are used to ensure that we don’t  leave any gap for it’s misuse. At times we hear some forgery cases where in which they have used some one else document to avail services or cheat. In order avoid such forgery we sign, self attest, write date and time, purpose of the document and so on.

Now, Aadhaar has introduced Paperless eKYC procedure where in which we could establish our identity with biometric and download a eAdhaar anytime, provide it to the service provider to establish Identity.

Reference:- https://uidai.gov.in/2-uncategorised/11320-aadhaar-paperless-offline-e-kyc-3.html

The paperless eKYC is a KYC XML file that can be downloaded by the Aadhaar card holder and submit the same for availing services.

There is an another option called as eAdhaar card that allows us to download the card as and when there is need to avail a service from a service provider. The service provider like Banks have started to ask the eAdhaar Card and this card is valid for may be 30 days. It’s not sure how long such downloaded card is valid. The Service providers request us to download the card every time we visit but each download is valid for may be 30 days max. The Adhaar number can be masked where in the last 4 digits are made visible and the prefixed 8 digits remain are displayed as **** **** 9999. The additional point to be noted is that the downloaded card is printed with the date and time of download and the service provider validates this.

Now, my point of view is the following,

All documents like Aadhaar, like Driving License, Voter ID, Passport, PAN Card should be enable for downloaded as required. The downloaded document should include the following details in it, annotated on the document automatically and algorithmically,

The OTP as Tokenized String that was used for download of the Card or document.

The UUIID of the person

The IPAddress of the Machine

The MAC ID of the Machine

The PhoneNumber tokenized string

The DateandTime of Download

The PlaceOf Download,

And so on.. As barcode or QR code. 

The Purpose of Download, (ID proof, address change request in Bank) and so on...

This would ensure that the downloaded eAadhaar Card or any other documents can’t be missed used. Hopefully, the above features are enabled soon for proof of use.

The above information can also be added to the eKYC XML document as well to protect the document being misused and the users privacy protection is guaranteed when we establish such strict guidelines and info annotated on top of the downloaded document.

What do we think or say about this idea?

Goods, Sales tax, and Service Tax, - Sharing of Tax Amount between buyer, Seller, State Governments and the Republican Government.

Goods, Sales tax and Service Tax, - Sharing of Tax Amount between buyer, Seller, State Governments and the Republican Government. - Hope Similar strategy is adopted for all taxes including Income Tax, Gift Tax, GST, Service Tax, Wealth Tax, Transaction Tax, property tax, and so on for all types of Tax...

A definition as in Wikipedia

A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. ... A value-added tax (VAT) collected on goods and services is similar to a sales tax.

The GST has three components namely, CGST, SGST & IGST (what is IGST, who gets this amount the State Government or the Republican Government, in case the company is operating from State A, the buyer is in State B, then how would the IGST would be split up as per GST law, does the current approach of IGST violates the fundamental principle of GST Law, foundation, it's principle and it's basis of sharing revenues between the State(s) and the republican Government.?)

The tax paid by purchaser is split by the State Government and the Republic Government in equal proportion.

Similarly, the GST has to be paid by the Purchaser and the seller, it's the seller who makes profit and not the buyer. Therefore, ideally they should pay the sales tax that is the seller. 

However, to make things easier and to make both the buyer and the seller accountable they both have to pay the tax of type sales equally between them.

In this case the amount concerned in equal proportion should come from both of their accounts respectively, the individual or account in the name of the buyer and the account in the name of the seller. Where in both the seller and buyer share the tax in equal proportion.

Additionally, the sales tax Or any transaction that is taxable and is carried out from different state boundaries or demographic border, where in the buyer, seller are in different region... Then the taxes have to be paid to the Respective state governments and the republic government..

That is for example a service provider or seller is in the state of Tamilnadu and the buyer is in the state of Karnataka then the taxation could be tripartite. In this case the taxes paid by the seller who is in Tamizhnadu pays 50% sgst to treasury account of Tamilnadu 50% cgst to treasury account of the Republican Government. Similarly, the buyer who is in the state of Karnataka pays 50% sgst to treasury account of Karnataka 50% cgst to treasury account of the Republican Government.

This ensures taxes are paid appropriately and equally between the parties involved with out any ambiguity.

The taxes are split in equal proportion between buyer and seller. The taxes are split in equal proportion between the states involved and the republican government. The demographics would be based on the physical presence of the buyer and the seller.

When the above changes gets established then the tax break ups for income tax or slabs could be for RIT, SIT (republic income tax and state income tax).

Communism in Taxation

0 to 2,00,000 SIT, RIT NIL

Capitalism in Taxation

2,00,001 to 5,00,000 RIT, SIT = 5%, tax amount 14,999.95 / 2

5,00,001 to 50,00,000 = 10%, tax amount 4,49,999.9 / 2

50,00,001 to 5,00,00,000 = 15%, tax amount 67,49,999.85 / 2

5,00,00,001 to 50,00,00,000 = 20% tax amount 8,99,99,999.8 / 2

50,00,00,001 to 5,00,00,00,000 = 25% tax amount 1,12,49,99,999.75‬ / 2

5,00,00,00,001 to 50,00,00,00,000 = 30%, tax amount 13,49,99,99,999.7‬ / 2

50,00,00,00,001 to 5,00,00,00,00,000 = 35%, tax amount 1,57,49,99,99,999.65‬ / 2

5,00,00,00,00,001 to 50,00,00,00,00,000 = 40%, tax amount 17,99,99,99,99,999.6‬ / 2

50,00,00,00,00,001 to 5,00,00,00,00,00,000 = 45%, tax amount 2,02,49,99,99,99,999.55‬ / 2

5,00,00,00,00,00,001 to 50,00,00,00,00,00,000 = 49%, tax amount 22,04,99,99,99,99,999.5 / 2

The total income tax can never cross 49% of any body's total taxable income....

The farm (ஓம்) Produce tax (DIT or Produce Tax or PT or FPT) (FPT) and transaction tax (TT) could be as follows and split by 2, between the State Government and the Republic Government. The DIT refers to Farm Produce tax (FPT) Or direct income tax taxed at harvest or when a produce is first sold to a buyer or distributor. 

Communism in Taxation

Less than 1,000 or 10,000 no tax – base value for which no Transaction Tax is deducted... (either 1,000 or 10,000 per trasaction)

Capitalism in Taxation

1001 or 10001 to 1,00,000 tax amount rs. 1, 1/ 2 between transactor and transactee- for every transaction whose value is between this range

1,00,001 to 1, 00,00,000 tax amount rs. 10, 1/ 2 between transactor and transactee- -  for every transaction whose value is between this range

1,00,00,001 to 1, 00,00,00,000 tax amount rs. 100, 1/ 2 between transactor and transactee- -  every transaction whose value is between this range

1,00,00,00,001 to 1, 00,00,00,,00,000 tax amount rs. 1000,   1/ 2 between transactor and transactee--for every transaction whose value is between this range

And so on......

In case the buyer is from different State or Geographical region and the Seller from different state or Geographical region (DIT would be Value / 4, where in the State A, State B gets 1/4, 1/4 and the Republic Government gets 1/2 value of the tax amount, 1/4 from State A and 1/ 4 from State B totaling to 1/2 value of the tax amount )...

This should be the approach to collect tax in a federal or republic... Even for IGST the money collected should be shared in equal proportion as stated above between state government's and the republic Government. For that matter all taxes or tax types in a country that has adopted Federalism and republic model have to share the taxes collected in equal proportion between the states involved and the republican government.

The only case of exception should be when the Service is availed by the buyer himself. For (e.g) when the buyers registers for an online training, consulting, coaching etc where in the buyer himself is the direct beneficiary in that case the GST or rather the Service tax would be paid by the buyer. In all other cases where in the buyer buys a ready made product that he or his family is going to use then in such cases the GST have to spit in equal proportion between the buyer and the seller.

The split up of tax between the republican government and the state governments involved should be share equally based on the purchase location and the seller location. In case multiple state Governments are involved because of the fact the buyer is from residing or placing the order from different state of geographical region and the seller is from a different state or geographical region that the value would be split between the Governments involved, where in the states get 1/4, 1/4 and the republican government gets 1/2 (1/4+1/4) of the tax amount.

In case of Multiple States(n) involved then the GST split up accordingly between buyer and seller. The payment of GST then would be GST Tax value / n *2 , GST Tax value  / n*2 would be the split up between the buyer and seller to each states involved and the CGST value paid from each states to the republican government.

The above tax strategy can be or rather should be adopted for all PAN card holder, for all PAN type and should cover 100% population in a given region. 

The tax percentage numbers should be derived from a formula that considers cost of inflation index, cost of living, input costs, real estate costs, depreciation index, cost to the company or CTC index, and various other relevant parameters to arrive at tax percentage values from a or set of formula.  For example GST ranges between 5 to 18%, why not 1% to 18% or 1 to 20%?. 

Similarly, the tax slab ranges could also  be derived as a value from the same or similar formula.  The tax slabs range values are rounded or cieled to the nearest decimal value Whereas the tax rates or percentages are rounded to two decimal places. 

What do we think or say about this idea?

Superannuation Pension Fund and Fixed Deposits in Bank, a Comparison.

I had worked in a MNC for 16 plus years and as part of the retirement benefits, required by law they had provided us with a Superannuation Plan where in 15% of Basic pay was contributed monthly basis and a simple interest of 8% was given added to the corpus after payable on a half yearly basis and was added to the corpus. This benefits was applicable only after a select grade onwards. As part of work service of 16 years and the Superannuation contribution would have closely covered around 8+ years of contribution. This accumulation until my resignation accumulated to a value over 15 lakhs.

As per the Government norms we can withdraw 1/3 of the contribution when we resign from our job and the remaining amount or Rs/10 lakhs was used as a one time payment to buy an annuity Scheme, LIC policy of Pension Scheme.

Now, after my resignation from the organization and the relieving date of 12-0ct-2018. My Account was deposited with 1/3 of the total value at the time of Resignation Rs. 5 lakhs plus and I started to received Rs. 5,715 as pension for the rest of the contribution amount to Rs. 10 Lakhs.

Now, after my resignation I also deposited or created a fixed deposit with HDFC Bank for an amount of Rs 5 Lakhs with an annual interest rate of 7.3% and the interest for the same is Rs. 36,500 per annum and works out to be Rs. 3041.67 per month.

If the interest rate is above 7% or more for fixed deposit tenure then it is wise for us to invest the corpus in a FD rather than buying a superannuation policy.

What’s does an insurance or superannuation policy provide?

It provides us protection from risk, post retirement monthly payment and continuity of payment to the Nominees and return of corpus as per the option selected by the Employee at the time of retirement.

Now, if we know to manage the amount ourself with FD and savings better. We only need a term insurance coverage that needs to be bought by us very early in our life and a health insurance coverage for us.

This would mean the Capital of Rs. 10 lakhs would be with us and the interest amount would gives us the monthly payment or annual payment as per the FD instruction.

Therefore, plan your insurance needs early in your life. Buy term insurance and Health insurance coverage only rest of the scheme is not required rather focus on your Savings, Fixed deposits to retain cash in your account.

The superannuation scheme is as useful as any other scheme but you need to choose right option at the time of filing your form during resignation. The contributions from your CTC by the Employer to the Employee Superannuation fund.

Hence, my advise would be to be very careful in options you select for such schemes. Better think of investing in PPF, SSA, SIP, SIFD, RD and FDs along with Term insurance, Health Insurance, Travel or accident coverage insurance, Property Insurance to cover safety, risk...

Please understand insurance is not savings scheme rather covers a particular type of risk involved always buy insurance for Risks associated with the Scheme and not for savings, returns, investment.

In my superannuation schemes lack this basic principle of not returning the capital amount invested by the Resigned or Retired Employee that would mean the capital is lost only interest is given.

The Superannuation policy has an option to recover the corpus after the death of Last Annuitant in this case the corpus would returned to the nominess and hence be aware of this options.

Life Pension with provision of 100% pension to Spouse on Death of Annuitant with ROC to Neminee on Death of Last Annuitant

Pension / Annuity will be continued during the both Life Time of the Emloyee and his / her spouse and after the Death of the Last Survivor, the Corpus / Purchase Value will be refunded to the third Beneficiary / Nominee of the Employee, by the LIC, INDIA

Same pension will be continued during spouse's life time also

Corpous will be paid by LICI to the Beneficiary (s) after the death of the Last Survivor .

Hence my suggestion is that we all need to carefully when we select our options when provided at the time of resignation or at the time of opening a policy. The Decision are taken once and the option to change or rectify is not a choice we can adopt hence we should be very careful on what option we select.

#SuperAnnuation, #FixedDeposits, #Insurance, #SavingsandRetirementPlan <br>

#"Karthikeyan Karuppanan"

efiling Error Assessment Year 2020, deduction on annual value of house property should be 30% of annual value - ITR1 Error How to rectify

efiling Error Assessment Year 2020, deduction on annual value of house property should be 30% of annual value - ITR1  Error How to rectify.

In case if you receive the following error, while eFiling your income tax returns for the assessment year 2020 then how to rectify this error and continue with your filing. 

Error – ITR1 – Assessment Year 2020,

Error – Message:- “Deduction on annual value of house property should be 30% of annual value”

The above error means that the 30% of annual value calculated by the system from your Rent received Value – Property Tax paid to local authorities resulted in a decimal value. In my case, with the below data I wasn’t able to submit the data successfully,

The 30% of annual value for 180000 – 4213 = 175787*30/100 = 52736.1. The system round this number to 52736 and we receive the above error due to this Rs. 0.1 or the decimal value is rounded off.

To rectify and successfully submit the ITR1 I adopted the following strategy that is to ensure that the 30% of annual value is a whole number, hence I just changed the actual tax paid to local authorities to a lesser value of Rs. 4200 instead of Rs. 4213.

That means the 30 of the annual value for 180000-4200=17800*30/100=52740 and this works out be a perfect whole number with out any decimal value and we could complete the tax returns submission with out any errors.

I have filled the data in the Offline Java Utility and on the online Wizard in both the case I got the same error.

It looks like the IT department doesn’t even want to miss Rs. 0.1 then why round the numbers, why can’t they ceil the number to the nearest “one” value to make tax filing easier. This way always the number would be rounded or ceiled to the upper value by one decimal place. That is to the next rupee figure value, which is not a huge loss for individuals any ways... We can also get away from such unknown or unexplained thinking of some individuals in the IT Department to round of the figure and throw error while submission of the data.

I hope this helps those who face this issue while filing their tax returns to complete their returns filing smoothly.

#ITR1, #eFiling, #"deduction on annual value of house property should be 30% of annual value"

#"Karthikeyan Karuppanan"