Nothing is certain except Death and Taxes, wrote Benjamin Franklin. What if you can avoid paying some taxes through legally accepted tax saving transactions? In equity markets, while long term gains are tax free, short term gains are taxed at the rate of 15%. (For India) We've done our fair share of both, but the short term engulfs the longer term. We have made profits on buybacks - a 36% in the last one year. Two of them came recently, in MPhasis and in TCS. And there's HCL Tech too. And then, we booked a 24% gain in the . . .