Maximum funds one can keep in bank account?

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rdst_1 said:
6 years ago. 2k was apart from hostel charges which already included mess charges, but we all know how much one eats in the mess. :p
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Lol this is like saying I am living on zero charges today. I live in a completely (all expenses) paid for in a 5 start hotel, with a lifetime of medical insurance. I never have to pay for anything, therefore I am living on nothing.
 
TheIndian said:
Lol this is like saying I am living on zero charges today. I live in a completely (all expenses) paid for in a 5 start hotel, with a lifetime of medical insurance. I never have to pay for anything, therefore I am living on nothing.
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Hey man. I am not the one saying that one can survive on 5k a month. All I am trying to say is how our mindset changes when we go from being dependent to earning and spending our own money.
 
@rdst_1
If you don't mind my asking.......What line of business are you in ? If I remember correctly you had plans of doing MS right ...So I am guessing IT/Software ?

50K is a decent amount of income even in Bangalore..not great but you can manage a household of 3/4.
No matter how much you have in FD, the value of that money will always keep decreasing right ? FD interest is always less than inflation. We have around 16% inflation now ? FD pays a max of 10% ?
One other thing would be - the point at which you generate all that 1Crore plus to put in a bank...you will lose 30% to tax..
 
JMP said:
@rdst_1
If you don't mind my asking.......What line of business are you in ? If I remember correctly you had plans of doing MS right ...So I am guessing IT/Software ?

50K is a decent amount of income even in Bangalore..not great but you can manage a household of 3/4.
No matter how much you have in FD, the value of that money will always keep decreasing right ? FD interest is always less than inflation. We have around 16% inflation now ? FD pays a max of 10% ?
One other thing would be - the point at which you generate all that 1Crore plus to put in a bank...you will lose 30% to tax..
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I am into import/export. Not a big player but I make enough to keep myself happy.
I never joined any IT company after my BTech but am now considering MS because that is the only way I see of making it to US. Plus I am very bored with what I am doing and already feel like I am losing my grey cells due to rarity of intellectual stimuli these days and keeping my mental sharpness is more important to me than making money. I have started learning to play the keyboard again for this very reason otherwise it will be difficult for me to start studying again, especially because it will include studying lots of things that I have already studied before.
 
Studying after a gap is a nightmare.....I know. In the same boat here.
I am highly confused between MS & SE startup in India. MS = good money (after loans ?) + US education; Own Startup = good money (risks?) + good time with family.....
 
I am going for MS only because I will be able to save enough within a year to cover my tuition easily and not have to take a loan. I, despite having a business of my own, have a lot of reservations against taking a loan and I would have done MTech in India had I not had a setup through which I can save up for my studies abroad.
 
Btw guys I was not trolling. I am actually n00b when it comes to investments & stuff. I genuinely had this doubt.
 
Ok.. Then go to a bank and ask em. :D. If they think you are loaded, you will get your own schemes. None of em are ever advertised or publicized. Trust me when i say that. :D.

I know 3 very leading banks who does this.

Not for me though. I am not rich. :(
 
@avi :
Trying to ans OP que.
TDS-10% to be deducted if interest income exceed Rs.10,000/ year / account.
Divide & invest fund accordingly.
Nowadays, Bank FD, Company FD & Post FD are most considerable.
 
How would his tax liability be arrived at? Assuming he makes interest of 9% on 1 crore, his total income would be 8.1 lakhs. (9 lakhs - 10% TDS on interest). So would he also have to pay tax on this 8.1 lakhs, as he falls in the tax slab of 5L to 10L?
 
letmein said:
How would his tax liability be arrived at? Assuming he makes interest of 9% on 1 crore, his total income would be 8.1 lakhs. (9 lakhs - 10% TDS on interest). So would he also have to pay tax on this 8.1 lakhs, as he falls in the tax slab of 5L to 10L?
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Yes. He actually has to pay the tax on the 9L and not on the 8.1L. Also the right way to go about this is submit the form 15g at the bank and then mention the interest in your income when filing IT return. The TDS is just a stop-gap measure in place.
 
rdst_1 said:
Also the right way to go about this is submit the form 15g at the bank and then mention the interest in your income when filing IT return. The TDS is just a stop-gap measure in place.
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Form-15g can be submitted by investor who dont have income source in legitimate.
Form-15h is for minor investor with guardian.
TDS deducted by bank/institute would be declare as income in filling IT return to match entry in IT record (can verify online now)
 
rdst_1 said:
Yes. He actually has to pay the tax on the 9L and not on the 8.1L. Also the right way to go about this is submit the form 15g at the bank and then mention the interest in your income when filing IT return. The TDS is just a stop-gap measure in place.
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Person can be penalize by income tax department if he tries this trick of avoiding TDS .
15G form should be filled by person who feels their income tax gross limit wont cross basic taxable limit i.e.2 lakh for men and women and 2.5 lakh fro person above 60 years age.Also note this figure even if come after investing in 80C tax saving instrument goes below the taxable limit still the person cant or shouldn't fill 15G form.

Doremon said:
Form-15g can be submitted by investor who dont have income source in legitimate.
Form-15h is for minor investor with guardian.
TDS deducted by bank/institute would be declare as income in filling IT return to match entry in IT record (can verify online now)
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15G--Person having income below taxable limit without any investment in tax saving instrument.
15H-Same as above but concern person should be a senior citizen.
Minor incomes are club with father or mother whose income are higher.
 
I don't think that it works like this because my bank told me that if you want to file income tax yourself then you can file form 15g. So if I mention this interest in my income I am good to go. Saves me from having to recalculate how much I owe after TDS.
 
rdst_1 said:
I don't think that it works like this because my bank told me that if you want to file income tax yourself then you can file form 15g. So if I mention this interest in my income I am good to go. Saves me from having to recalculate how much I owe after TDS.
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Brother though it looks good and really helpfull what you trying and the same i was doing 2 years back for my mother FDS.But thats not true.Bank officials doesnt have tax knowledge much at base level staff especially clerks.
Even this year they were saying to file 15H for my mother and i was like thanks for the offer but the let the TDS deduct.My mom falls under 10% tax bracket.
And if you have doubt this old article still stands true.
http://www.jagoinvestor.com/2011/06/avoid-tds-form15h-form15g.html
ANd believe my words i take keen interest in all tax matters and believe me many times at my CA office its my calculation and intricacies of law stands true in front of their articles(learning CA stdents)
 
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