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April 24, 2011

Man yeh sahib ji From Shor




Maan yeh saheb ji
Jane hai sab ji
Phir bhi banaye bahane

Naina Nawabi ji
Dekhe hai Sab ji
Phir bhi na samjhe Ishare

Maaan yeh saheb ji
Haan Karta Bahane
Naina Nawabi ji
NA samjhe ishare

Dheere Dhere Naino Ko Dhere dhere
Jiya Ko Dheere Dhere Bhayo re Saibo

Dheere dheere baiga dheere dhere Apna sa dheere dheere
LAage se Saibo

Surkhiyan hai hawaon mein
Do dilon ki milne ki

Ho ho Arziyan hai nazaron mein
Lamha yeh tham jane ki

Kaise huzur ji yeh lab dikhlaye

Chuppi lage ke bhi gazab yeh dhaye

Dheere Dhere Naino Ko Dhere dhere
Jiya Ko Dheere Dhere Bhayo re Saibo

Dheere dheere baiga dheere dhere Apna sa dheere dheere
LAage se Saibo


Dheere dheere ….
Dheere dheere ….
Dheere dheere ….

April 23, 2011

Clubbing of Income


64. [(1)] In computing the total income of any individual, there shall be included all such income as arises directly or indirectly—
           (i)  [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
          (ii)  to the spouse of such individual by way of salary, commission, fees or any other form of remuneration whether in cash or in kind from a concern in which such individual has a substantial interest :
                 [Provided that nothing in this clause shall apply in relation to any income arising to the spouse where the spouse possesses technical or professional qualifications and the income is solely attributable to the application of his or her technical or professional knowledge and experience ;]
         (iii)  [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
         (iv)  subject to the provisions of clause (i) of Section 27, [* * *] to the spouse of such individual from assets transferred directly or indirectly to the spouse by such individual otherwise than for adequate consideration or in connection with an agreement to live apart ;
          (v)  [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
         (vito the son’s wife, [* * *] of such individual, from assets transferred directly or indirectly on or after the 1st day of June, 1973, to the son’s wife [* * *] by such individual otherwise than for adequate consideration; [* * *]
        (viito any person or association of persons from assets transferred directly or indirectly otherwise than for adequate consideration to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit of his or her spouse [* * *]; and]
      [(viiito any person or association of persons from assets transferred directly or indirectly on or after the 1st day of June, 1973, otherwise than for adequate consideration, to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit of his son’s wife

1. Income earned out of Income arising from transferred assets not liable for clubbed.
[M.S.S. Rajan 252 ITR 126 (Mad)]

Gifts made between spouses and to their minor children attract the provisions of Section 64.
All your major children can help you save your income tax. You can freely gift (under irrevocable transfer) money to your major children without attracting the payment of tax. if any income, arising from these investments in years to come will be taxed in the hands of your major children.
If you have fixed deposits let us say of Rs.10 lakh and you have a major son as well as a major son as well as a major daughter then it makes sense to gift away Rs.5,00,000 to each of them.

Covered
Not covered
Spouse
Major Son/ Daughter
Minor
Brother / Sister
Daughter in Law
Parents

64 [(1A)In computing the total income of any individual, there shall be included all such income as arises or accrues to his minor child [, not being a minor child suffering from any disability of the nature specified in Section 80 U] :
Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any—
          (a)  manual work done by him ; or
          (b)  activity involving application of his skill, talent or specialised know-ledge and experience.
Explanation.—For the purposes of this sub-section, the income of the minor child shall be included,—
          (a)  where the marriage of his parents subsists, in the income of that parent whose total income (excluding the income includible under this sub-section) is greater ; or
          (b)  where the marriage of his parents does not subsist, in the income of that parent who maintains the minor child in the previous year,

Besides clubbing of income of minor-children in the hands of the parent, certain other incomes are also liable to be clubbed in the hands of the individual in the following circumstances:-

a) When   the  income  arises  to  the   spouse   of such individual from assets transferred directly or indirectly to the spouse by the individual for inadequate consideration.
b) When the income arises to the son's wife from assets, transferred after 1st June 1973, to the son's wife by the individual for inadequate consideration.
c) When income arises to the son's wife from assets transferred, for    inadequate consideration, by the individual to such person for the benefit of   the individual's wife or son's wife.

April 21, 2011

First thing first

A duck walks into a feed store and asks, "Got any duck feed?"
The clerk tells him, "No, we don't have a market for it so we don't carry it."
The duck says, "Okay," and leaves.
The next day, the duck again walks in to the feed store and asks, "Got any duck feed?" Again the clerk says no and the duck leaves.
Next day, the duck once again walks in, and asks,"Got any duck feed?"
The clerk says, "I've told you twice, we don't have duck feed, we've never had duck feed and we never will have duck feed. If you ask me again,I'll nail your feet to the floor." The duck leaves.
The next day, the duck walks in and asks, "Got any nails?"
"No."
"Got any duck feed?"

April 19, 2011

Glorified Audit Practices at PWC


Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well.

This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting fraud case. For five years, between 2004 and 2009, B Ramalinga Raju, disgraced founder and former chairman of Satyam, booked fictitious revenues and inflated bank balances, right under the noses of the auditors from PW India. The main auditing practice in which the SEC found PW India auditors to be lax relates to not directly confirming cash balances with banks, but instead relying on documents supplied by the company.

Satyam overstated its cash balances with banks by nearly $1 billion without being detected by PW India's auditors. "Respondents failed to exercise appropriate professional scepticism," the SEC said. After the Satyam fraud was unearthed, PW India reviewed its other companies for similar deviations, according to disclosures made by the audit firm to the SEC. It is not known how many clients PW India audited or whether it found similar deviations. PW India declined to participate in the story.

Instead, a PW India spokeswoman referred to a press release issued by the audit firm in the aftermath of the SEC findings. In the release, PW India said it "neither admits nor denies the US regulators' findings", while agreeing to pay the $7.5-million penalty demand raised against it. In a related development, the Institute of Chartered Accountants of India (ICAI) - the Indian accounting regulator that has largely been a bystander in the whole matter - has sent notices to PW India audit firms. "Price Waterhouse has paid the fine as a firm," says G Ramaswamy , president of ICAI.

"So, we have asked all PW firms to explain the order." Under the ICAI Act, a firm doesn't register with the institute, its partners do. The ICAI, therefore, can initiate action only against the partners , not against the firm that employs them. The two PW India partners who had approved Satyam's cooked books, Srinivas Talluri and Subramani Gopalakrishnan, are in jail.

April 18, 2011

Virus Scanning


To get a file scanned from a 20 antiviruses click below:-

http://virusscan.jotti.org/en/

Please note that this website scans only a specific file submitted on which you doubt to have virus. This website does not scan your entire computer from all these antiviruses.

April 16, 2011

Taxablity Exemption of Provident Funds


There are 3 types of PF schemes provided by the employer, namely Statutory PF, Recognised PF and Unrecognised PF.
However, an employee may also contribute to the Public Provident Fund scheme.

Statutory PF:
This fund set up under Provident Fund Act, 1925 is mainly meant for Govt and semi Govt employees, university/educational institutions etc.
Taxability:
Employee’s contribution: eligible for rebate u/s 80 C.
Employer’s contribution: Fully exempt from tax.
Interest on PF: fully exempt from tax
Repayment: fully exempt from tax u/s10 (11)

Recognised PF:
It is a scheme to which the Employee’s Provident Funds and Miscellaneous Provisions
Act, 1952 applies. According to this Act, any establishment, which employs 20 or more persons, is obligated to register under the Act and start a PF scheme for the employees in the organisation. Such scheme has to be approved by the Provident Fund Commissioner as well as the Commissioner of the Income Tax.

Taxability:
Employee’s contribution: Deduction u/s 80C is available
Employer’s contribution: exempt up to 12% of salary, excess of 12% to be included in gross salary.
Interest on PF: exempt u/s 10 up to 9.5% p.a Interest credited in excess of 9.5% to be included in gross salary.
Repayment: exempt u/s 10(12) in the following cases:
Rule 8 of Part A of the Fourth Schedule;
  1. In the case of an employee who has rendered continuous service with his employer for a period of 5 years or more, or
  2. In the case of an employee whose service has been terminated by reason of ill health of the employee or due to the discontinuance of the employer’s business or other cause beyond the control of the employee.
  3. In the case of an employee who obtains employment with another employer who maintains any RPF to which the accumulated balance becoming due and payable is transferred.
In all other cases, where repayment is made, an employee will be liable to be taxed on the earlier exempted amount. Even the employer contribution and interest accumulated on the entire amount shall be taxed to income under the respective heads of income.

Unrecognised PF:
A scheme started by an employer not approved by the Commissioner of Income Tax is called as an URPF.
Taxability:
Employee’s contribution: Deduction u/s 80 C is available.
Employer’s contribution: not taxable at the time of contribution
Interest on employer’s contribution: not taxable at the time of credit
Repayment: Accumulated employee’s contribution is not taxable
Interest on employee’s contribution till date is taxable as income from
Other sources.
Employer’s contribution+ interest on such contribution
is taxable as profit in lieu of salary.

An employee in a government sector need not bother about the PF scheme as in all cases it is a statutory PF and hence exempt from tax. Where as an employee and an employer of a private sector concern have to ensure that their PF scheme is approved by the concerned Income Tax Official to get the eligible exemptions. Needless to say that a recognised PF scheme is the most common and immediate investment that strikes the mind of a middle class salaried person

Withdrawal of EPF (Formed under act of 1952)

Section 10
        (11)  any payment from a provident fund to which the Provident Funds Act, 1925 (19 of 1925), applies  [or from any other provident fund set up by the Central Government and notified by it in this behalf in the Official Gazette];
        (12)  the accumulated balance due and becoming payable to an employee participating in a recognised provident fund, to the extent provided in rule 8 of Part A of the Fourth Schedule ;

Rule 8 of Part A of the Fourth Schedule;

Exclusion from total income of accumulated balance.
8.   The accumulated balance due and becoming payable to an employee participating in a recognised provident fund shall be excluded from the computation of his total income—
           (i)  if he has rendered continuous service with his employer for a period of five years or more, or
          (ii)  if, though he has not rendered such continuous service, the service has been terminated by reason of the employee’s ill-health, or by the contraction or discontinuance of the employer’s business or other cause beyond the control of the employee, [or]
       [(iii)  if, on the cessation of his employment, the employee obtains employment with any other employer, to the extent the accumulated balance due and becoming payable to him is transferred to his individual account in any recognised provident fund maintained by such other employer.
Explanation.—Where the accumulated balance due and becoming payable to an employee participating in a recognised provident fund maintained by his employer includes any amount transferred from his individual account in any other recognised provident fund or funds maintained by his former employer or employers, then, in computing the period of continuous service for the purposes of clause (i) or clause (ii) the period or periods for which such employee rendered continuous service under his former employer or employers aforesaid shall be included.]

Tax on accumulated balance.
9.   (1) Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income owing to the provi-sions of rule 8 not being applicable, the [Assessing] Officer shall calculate the total of the various sums of [tax] which would have been payable by the emp-loyee in respect of his total income for each of the years concerned if the fund had not been a recognised provident fund, and the amount by which such total exceeds the total of all sums paid by or on behalf of such employee by way of tax for such years shall be payable by the employee in addition to any other [tax] for which he may be liable for the previous year in which the accumulated balance due to him becomes payable.
(2) Where the accumulated balance due to an employee participating in a recognised provident fund which is not included in his total income under the provisions of rule 8 becomes payable, an amount equal to the aggregate of the amounts of super-tax on annual accretions that would have been payable under section 58E of the Indian Income-tax Act, 1922 (11 of 1922), for any assessment year up to and including the assessment year 1932-33, if the Indian Income-tax (Second Amendment) Act, 1933 (18 of 1933), had come into force on the 15th day of March, 1930, shall be payable by the employee in addition to any other tax payable by him for the previous year in which such balance becomes payable.

April 12, 2011

Vande Matram By A R Rehman

video



Yahan vahan saara jahan dekh liya
Ab tak bhi tere jaisa koi nahin
Main assi nahin, sau din duniya ghooma hai
Naahi kaahe tere jaisa koi nahin
Main gaya jahan bhi, bas teri yaad thi
Jo mere saath thi mujhko tadpaati rulaati
Sab se pyaari teri soorat
Pyaar hai bas tera, Pyaar hi
Maa tujhe salaam, maa tujhe salaam
Amma tujhe salaam
Vande maataram, vande maataram
Vande maataram, vande maataram
Vande maataram, vande maataram

Janam janam tera hoon deewana main
Jhoomoon naachoon gaaoon tere pyaar ka taraana
Main jeena nahin soch nahin duniya ki daulat nahin
Bas lootunga tere pyaar ka khazaana
Ek nazar jab teri hoti hai pyaar ki
Duniya tab to meri chamke damke maheke re
Tera chehra sooraj jaisa chaand si thand hai pyaar mein
Vande maataram, vande maataram
Vande maataram, vande maataram
Vande maataram, vande maataram

Tere paas hi main aa raha hoon
Apni baahein khol de
Zor se mujhko gale laga le
Mujhko phir voh pyaar de
Tu hi zindagi hai, tu hi meri mohabbat hai
Tere hi pairon mein jannat hai
Tu hi dil, tu jaan, amma
Maa tujhe salaam, maa tujhe salaam
Amma tujhe salaam, maa tujhe salaam
Vande maataram, vande maataram
Vande maataram, vande maataram
Vande maataram, vande maataram
Vande maataram, vande maataram

Vande Matram by Lata Mangeshkar

video

April 11, 2011

Tatas bag record deal to modernise Air force bases


The Rs 1,094-crore contract with Tata Power SED involves upgrading 30 airbases to handle next generation fighter aircraft.
A Tata company has won the largest-ever defence contract awarded to an Indian private sector company through a competitive global tender. On March 16, the Ministry of Defence signed a Rs 1,094-crore contract with Tata Power’s Strategic Electronics Division (Tata Power SED) for modernising 30 Indian Air Force (IAF) airbases across the country. Tata Power SED has 42 months to execute this strategically vital contract, officially called Modernization of Airfield Infrastructure, or MAFI.



Starting with the Bathinda airbase in Punjab, Tata Power SED will refurbish and modernise airfield infrastructure so that the IAF can operate its next generation of modern combat aircraft from there. State-of-the-art Air Traffic Management systems will be installed, along with Category-2 airfield lighting systems and hi-tech navigational aids that will permit flying operations at night and in adverse weather.

The 30 IAF airbases that will be modernised under MAFI include eight key airfields along the Sino-Indian border such as Chabua, Tezpur and Hashimara. The IAF has already begun deploying frontline Sukhoi-30MKI fighters to the Tezpur air base in concert with the army’s raising of two new divisions to strengthen defences along the Sino-Indian border.

This will be followed by the MAFI Phase II contract for refurbishing another 28 airbases. The current contract has an option clause, which allows the ministry to invite Tata Power SED to execute the Phase II of MAFI at a pre-determined rate.

The ministry has not yet announced the award of this contract. Approached for comments, Tata Power SED declined comment until an official announcement was made.