Live data from Hacker News

Show HN: Income Tax Calculator

incometaxcalculator.net.in

21–30 of 53 posts

Re: Show HN: Income Tax Calculator

#21
post #19

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

Only because India's tax base isn't as elaborate as the US tax base currently. Gradually this will change, countries like India are growing and the government needs a lot of tax to build infrastructure and other stuff. I think in the next few decades Indian tax system would equally if not more complicated than the US tax system.

I fail to see why complexity is a necessary result of increasing tax revenues. Most of the complexity seems to come from policy initiatives and successful lobbying of special interest groups .. both of which may be considered to be misguided.

Re: Show HN: Income Tax Calculator

#22

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

How depressing is it for India that cheating on taxes is a national pastime and only 2 - 3 percent pay them?

Much as I abhor the complexity of the US tax system (go flat tax!), at least most taxpayers in the US actually pay.

Re: Show HN: Income Tax Calculator

#23
post #22

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

How depressing is it for India that cheating on taxes is a national pastime and only 2 - 3 percent pay them? Much as I abhor the complexity of the US tax system (go flat tax!), at least most taxpayers in the US actually pay.

98-97% people are not "cheating". Most of then don't even fall under category of having taxable income.

Anyone earning below Rs. 200,000 is exempt from Income Tax

I wouldn't generalise.

http://www.ibtimes.com/how-many-people-india-pay-income-tax-...

Re: Show HN: Income Tax Calculator

#24

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

Its equal to the 1040EZ. I'm not sure what happens when you include other complexities. I know average Indians in India that do use a tax preparer. A good portion just skip paying taxes (I think a 6% compliance rate and I know the lowest tax bracket is not that high.)

Re: Show HN: Income Tax Calculator

#25
Nice. However I must ask, the official tax department's site has been revamped and added a very slick calculator [1] a few months or maybe a year ago. Is there a good reason to prefer yours ?

However, if you are an expert in tax rules, here's something I'd pay money for - clear tax guidance in the form of a decision engine, where I can feed my inputs and get an accurate interpretation of the tax rules. I will pay for this as long as you can back the interpretation by a certified tax consultant.

[1] http://www.incometaxindia.gov.in/Pages/tools/income-tax-calc...

Re: Show HN: Income Tax Calculator

#26

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

Indian tax code is FAR from simple and FAR from being unambiguous. There are seemingly straightforward cases that can easy land you in soup with the tax authorities because it is so difficult to interpret the language. It simply fails to cover all possible cases. That's not to say that US tax code is leaps & bounds better.

Re: Show HN: Income Tax Calculator

#27
post #22

Earlier quoted context omitted.

How depressing is it for India that cheating on taxes is a national pastime and only 2 - 3 percent pay them? Much as I abhor the complexity of the US tax system (go flat tax!), at least most taxpayers in the US actually pay.

98-97% people are not "cheating". Most of then don't even fall under category of having taxable income. Anyone earning below Rs. 200,000 is exempt from Income Tax I wouldn't generalise. http://www.ibtimes.com/how-many-people-india-pay-income-tax-...

I agree that a lot of them don't make much income but it is basically a cash economy and many self earners don't report it. I mean if you go there and see the price of things and what people are buying, you know that have to be making more than RS. 200,000. The average BATA shoe store had products costing more than I paid in Target here and I was seeing brisk sales.

Re: Show HN: Income Tax Calculator

#28

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

Interesting sidenote: In Canada, our tax rules are of a similar complexity to yours. The CRA (~IRS) publishes this document, which makes it relatively easy to compute income tax and other deductions: http://www.cra-arc.gc.ca/E/pub/tg/t4127-jan/t4127-15e.pdf

Re: Show HN: Income Tax Calculator

#29

How depressing is it for us in the US that the Indian tax code is simple enough that someone can "show HN" a tax calculator.

It was disappointing to see the amount of FUD disseminated over Romney's 2012 plan simplify, broaden, and flatten the corporate tax code.

You only need look at the average Romney voter vs, your average Obama voter to understand why that worked.
Post reply on HN