294 Billion emails are sent every day. This would take the US Postal department (One of the largest in the world) TWO Years to process!
Internet is touching our lives in intense ways, like never before. Here’s a very interesting Infographic on what goes on in “A day on the Internet”
Wonder how this looks for India.
Why pay tax on a critical business expense such as Ransom?
That’s right! In a landmark judgement by the High Court of MP, Ransom money was considered as a business expense allowable for a tax rabate!
One day Khemchand Motilal Jain, went to buy tendu leaves from the forest, which is raw material for his Beedi manufacturing unit. On the way, he got abducted by the dreaded Raju Bhatnagar’s gang and had to pay over half a million rupees as ransom for his freedom. Jain filed Rs. 5.50 lacs ransom as “General expenses” for seeking tax rebate under Section 37 of the Income Tax Act, 1961 while filing his IT returns which obviously raised quite a controversy.
Interestingly, there were conflicting opinions within members of the IT (Income tax) department and the matter was referred to the High Court of Madhya Pradesh. Amongst others, the high court validated following key points before allowing the tax rebate:-
a. It is NOT an illegal expense
Kidnapping for ransom is an offence u/s 364 A of the Indian Penal Code (IPC), however the payment of ransom to secure the release of a kidnapped person is not an offense or prohibited by law.
b. It WAS on grounds of Commercial expediency
Jain was a whole time director of the business and the amount was towards his release and expediency. The amount paid was towards avoiding harassment, in this case saving the life of the Director and resume business operations.
Such a judgement does restore faith in the Indian Judiciary system however, this has the potential to open flood gates to a whole lot of new issues. We know some tax payers could go to any limits to avoid paying money to the government. Perhaps a rise in misuse of the provision by staging false cases of kidnapping and other speed money arenas. Perhaps, paying a bribe can be challenged to be no different from paying Ransom and draws the same rebate. Perhaps, this becomes a new line of crime for some unemployed youth in the suburbs having a new “Business logic”. Maybe high profile criminals agree on wire transfers to foreign banks.
The question is:
Should the citizens be given tax benefits by the Government for the amounts paid in overcoming the lack of governance & peaceful existence ? What an Irony!
Disclaimer: The above article is based on my interpretation and personal views on the cases mentioned. It is not intended to be read as facts or contempt of any court’s ruling and merely for sharing a viewpoint.
“I am Anna! You are Anna!”
“Down with Corruption!”
“Anna tum aagay barho, hum tumharay saath hain!” (Meaning: Anna you move forward, we are all with you!)
These are some of the slogans you would hear from many Indian citizens across the country who are agitating with Anna Hazare against the political parties with the objective of passing a new Lokpal (Public Ombudsman) bill in the Parliament. The cause of Anti-corruption is virtuous, unanimous & about time to be invoked.
But, when you look a little deeper and you will find faux & fable perceptions.
The hapless Indian middle-class, who are decent folks looted by the corrupt politicians. We are all saints and those netas are the enemy.
The hard fact remains that there is No such citizen who hasn’t preferred to choose an immoral path at some points of their life. The largest tax paying segment is this middle class where employees, proprietors, professionals et all fake bills, pay “Black money” to buy a property, give donations to unscrupulous trusts & “Manage” expense accounts to save tax. The fact is that Most businesses cannot even survive, leave alone compete, if they didn’t hide real earnings and grease hands of several government agencies.
So, Who are these selfless angels riding the anti-corruption crusade?
“Filmstars” with their stealthy income, “Parents” who have “Alternative” means for school admissions, “Students” who “Skilfully” escape traffic cops, “Shop-owners” without legitimate bill books, “Landlords” who take part cash rentals, show agriculture income, “Lawyers” & “Chartered accountants” who preach “Ways” of survival in this poor country led by cruel politicians. The mere mention of “Corruption” will make us instantly agitate.
The hypocrisy is comical and melodramatic.
Corruption is an evil! But the Politician is a just a minor element.
Charity begins at home! To fight this evil, the “Honest Indian” has to look within and take the Uncomfortable stand.
I have this strange feeling that the real Mahatma Gandhi would have agreed with this approach. 🙂
Are you ready for this?
History was being written yesterday … when by 4 p.m. NY time in NASDAQ Stock Market, Apple’s market value was at $222.1 billion, higher than Microsoft’s $219.2 billion. It’s also the second-largest U.S. stock by market value, behind oil company Exxon Mobil Corp., valued at $278.6 billion on the New York Stock Exchange.
A New World Order has arrived…
Apple Incorporation became the Most Valuable Technology company in the world, pipping Microsoft Corporation, which held the crown for very many years.
Culturally speaking, this is a strong indication that “Consumer tastes” have overtaken the “Business needs” as the leading force shaping technology.
Apple: A Stunning turnaround
Apple was on the verge of bankruptcy when Steve Jobs assumed leadership in 1997. So much so, Michael Dell suggested that Apple should just shut shop and return the money to shareholders. Today, Dell is worth barely a tenth as much as the Mac maker. In the very same year, Apple accepted a $150 million investment from Microsoft in distress.
Steve transformed Apple from the maker of Macintosh personal computers into a trendsetter in consumer electronics with the release of iPod music players in 2001 and made the popular Sony personal music instruments go virtually extinct. Then came the iPhone in 2007 which upset Nokia in a big way. The latest mega release of the iPad tablet in April this year is again beating Apple’s own projections and sold more than 1 million tablets in the U.S. in the first 28 days after its April 3 debut which is interestingly, Double of their iPhone sales in its 1st month of launch.
Microsoft: Betting big on the Cloud?
Both companies have comparable revenue, with Microsoft at $58.4 billion and Apple at $42.9 billion. But in their most recent fiscal years, Apple had net income of $5.7 billion, while Microsoft earned $14.6 billion. Microsoft still leads the race with nearly 9 out of every 10 new computers sold, whereas Apple’s Mac is less than 1. Microsoft has poured billions into its cell phone, online advertising and other new businesses that have yet to emerge as significant revenue streams.
The next battle for businesses, amongst Tech Titans is foreseen in the Clouds – and literally so. Microsoft’s banking big on Windows Azure and the launch of Office 2010 & Office Web Apps are paving the way as against the Google Apps engine. Cloud computing is projected to create over 300,000 jobs in India alone and provide the subcontinent another advantage for managing the world’s back office.
As for the users, Apple helped create “The best desktop computer”, “The best portable music device”, “The best smart-phone and now also “The best tablet PC” and …. it’s not yet done with innovations !