GNUCash users in Delhi, India

Divakar Ramachandran divakar07 at
Tue Jun 15 14:14:28 EDT 2010

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As everywhere else tax system in India is undecipherable by ordinary
mortals. However, from the admittedly limited personal finance
perspective (I am not a tax lawyer / professional), here goes:

0. Financial year runs from April 1 to March 31 of next year. Income
tax returns are due by end June.
1. Tax for me is mostly deducted at source by my employer, so I am
really not clear about division between state and central government
2. Tax on income including salary, bank interest, etc is payable to
the Central Government, calculated at rates from 0% to 30% at various
slabs; Income over a certain limit carries further surcharge;
education cess calculated as a certain percentage of income tax is
payable additionally.
3. A number of tax-saving investments can be made which can be set-off
against tax payable up to a certain limit. Payments towards principal
and interest repayment on housing loans are also eligible for tax rebates.
4. Tax on salary income is usually deducted at source on a monthly
basis at a pre-announced rate with the actual tax paid amount getting
adjusted towards the end of the financial year.
5. Tax on other income that includes interest income, dividends and
income from housing property needs to be calculated by the assessee.
Bank interest and dividends above certain limits are taxed at source
at a lower rate of 10%. Tax payable over this amount deducted at
source needs to be paid directly to the government quarterly.

My personal interest in this is mainly with respect to #5, to be able
to track income as it accrues and tax deducted at source and determine
final tax payable, record tax when paid and finally generate an
aggregated report that resembles or at least includes the numbers
necessary for the tax return form.

Need to translate all of these and more into GnuCash tax tables somehow...
On 15/06/2010 04:37, Elizabeth Dodd wrote:
> On Tue, 15 Jun 2010, Divakar Ramachandran wrote:
>> Hi Shenbaga,
>> Did you get any response to your e-mail? I guess there are very few
>> users in India. I am based near Chennai. I am interested in
>> customising GnuCash for Indian tax system but do not know where to start.
>> Best Wishes,
>> Divakar
> Well, start by describing your tax system(s) here.
> Is there a tax for each level of government?
> Do they differ between areas?
> How are the taxes levied?
> How and when do you pay?
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- -- 
*Divakar Ramachandran* Anupuram, TN 603127, _INDIA_
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