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New Pension Scheme (NPS)

Posted in Finance, Government, India, Investment.

PFRDA (Pension Fund Regulatory and Development Authority), India has opened New Pension Scheme (NPS) to all Indian citizens starting today, on 1st May, 2009.

Its a safe, flexible and portable scheme introduced by Indian Goverment’s cell PFRDA; to replace the existing System of Pension System in the country.

PFRDA was established by the Government of India to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds.

Initially it was decided that it will be open for public from 1st April, 2009, but the launch date has been postponed due to the model code of conduct for the general elections coming into effect.

Read Full Article Here >>


IITJEE 2009 Solutions

Posted in Education, India.

IIT (Indian Institute of Technology) JEE (Joint Entrance Examination) was held on April 12th, 2009.
Over 4 lakh students in India took examination for admission into 15 IITs, the IT-BHU and Indian School of Mines University, Dhanbad; In total all have around 8,000 seats.
As per sources, paper was bit difficult this year so cut-offs are expected to be lower than previous year.
Exam results is expected to be announced on May 25,2009.

Solutions for IITJEE exam can be found here : IITJEE  2009 Solutions

Results for the IIT-JEE can be found online at the following websites:

1. IIT Delhi JEE 2009 - Results Link : www.jee.iitd.ac.in/
2. IIT Bombay JEE 2009 – Results Link : www.jee.iitb.ac.in/result.htm
3. IIT Guwahati JEE 2009 – Results Link : www.iitg.ernet.in/jee
4. IIT Kanpur JEE 2009 – Results Link : www.jee.iitk.ac.in
5. IIT Kharagpur JEE 2009 – Results Link : www.iitkgp.ernet.in/jee
6. IIT Madras JEE 2009 – Results Link: www.jee.iitm.ac.in
7. IIT Roorkee JEE 2009 – Results Link : www.jee.iitr.ernet.in/


Income tax calculator

Posted in Finance, Income Tax, India.

Most of people like me (employed in different organizations) need to know how much tax will be deducted every month as TDS (Tax deducted as source) by their employer.

To help all of us, I have create a small but powerful income tax calculator using which one can find out how much In hand he will get, how much HRA proof he needs to provide make HRA non-taxable, whats the total tax he will have to pay for a year. After you calculate your taxes, you should also read How to file income tax return online.

2010 Budget Update (26 Feb 2010): As per budget presented on 26th Feb, 2010, Pranav Mukherjee proposed changes for income tax rate slabs as per below. Also apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if same has been invested in long term infrastructure bonds.

  Income Tax Calculator for Financial Year 2010-2011 (74.0 KiB, 6,368 hits)

Income Tax Rates for financial year 2010-2011

For Men
Upto Rs. 1,60,000/- Nil
Rs. 1,60,001/- to Rs. 5,00,000/- 10 per cent
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent
For Women
Upto Rs. 1,90,000/- Nil
Rs. 1,90,001/- to Rs. 5,00,000/- 10 per cent
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent
For resident individual of 65 years or above
Upto Rs. 2,40,000/- Nil
Rs. 2,40,001/- to Rs. 5,00,000/- 10 per cent
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent

 

2009 Budget Update: As per budget presented on 6th July, 2009, Pranav Mukherjee increased the personal income tax exemption limit by Rs 10,000 for men and women. The limit for senior citizens was raised by Rs 15,000. Besides this, the 10% surcharge on personal income tax on income over Rs 10 lakh has been abolished. The changes have been updated in income tax calculator below.

  Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 46,976 hits)

Income Tax Rates for financial year 2009-2010

For Men
Upto Rs. 1,60,000/- Nil
Rs. 1,60,001/- to Rs. 3,00,000/- 10 per cent
Rs. 3,00,001/- to Rs. 5,00,000 20 per cent
Above Rs. 5,00,000/- 30 per cent
For Women
Upto Rs. 1,90,000/- Nil
Rs. 1,90,001/- to Rs. 3,00,000/- 10 per cent
Rs. 3,00,001/- to Rs. 5,00,000 20 per cent
Above Rs. 5,00,000/- 30 per cent
For resident individual of 65 years or above
Upto Rs. 2,40,000/- Nil
Rs. 2,40,001/- to Rs. 3,00,000/- 10 per cent
Rs. 3,00,001/- to Rs. 5,00,000 20 per cent
Above Rs. 5,00,000/- 30 per cent

Layoff in Sapient India

Posted in Corporate, India.

Today heard of layoffs in Sapient Gurgaon Office.

Heard that all meeting rooms are covered with black clothes.
Doctors, ambulances and extra cabs are arranged. People were sent packing in cabs in batches.

Must be very sad mood out there. Feeling very bad about guys there.

Somebody please save this world from recession.

Stay here for more details later!


Radio Cab numbers in Delhi-NCR

Posted in India, Travel.

megacabs 011-41414141
easycabs 011-43434343
quickcabs 011-45333333
Delhi Cabs 011- 44333222, 44222222
metro radio cabs 011-29222000
Miles Travellers: 0124 – 2341545
Carz on rent: 011-41841212, 1800111212, 9971399308
Routes Car rentals: 011-44404440
Meru Cabs: 011-44224422
Smaart Cab: 011-46474647
Komfy Cabs: 0124-4777888


No need to submit LTA proofs to employer

Posted in Corporate, Finance, Income Tax, India, News.

From now on, Employee will not have to submit proofs as evidence, to their employers for getting LTA (leave travel allowance) reimbursement.

Supreme court of India gave ruling that employers, while reimbursing LTA claims of their employees, are under no statutory obligation to collect  evidence and provide them to tax authorities.

As per Income tax rules of India, if transport bills for LTA are not provided, the amount will be taxed. E.g. If an employee has LTA allowance as Rs 50,000 in his CTC(cost to company), and he provides proofs of Rs 40,000 (boarding pass, air tickets, taxi vouchers) then income tax will be deducted for rest of the Rs 10,000. Does not matter whats the amount of LTA in an employee’s package, income tax laws only permits domestic air tickets only for LTA claim.

This court order came after a hearing of case between Larsen & Toubro and income tax department of India. Income tax department had argued that employer has to collect proofs from employee for LTA. Rejecting this, the supreme court in its order said: “The beneficiary of exemption under Section 10(5) (of the Income Tax Act) is an individual employee. There is no circular of Central Board of Direct Taxes (CBDT) requiring the employer under Section 192 to collect and examine the supporting evidence to the declaration to be submitted by an employee(s).”


When Nobody Cares

Posted in Corporate, Management.

Read this article in Corporate Dossier, supplement with Economic Times. Found it too good.

Beware of becoming a scapegoat when your company hits troubled times.

Sandeep received his pink slip today. He is shattered. He has worked very hard for three years. Suddenly the market is on a downward spiral, the company is not doing so well, and he is left without a job. How will he pay his bills now? How will he repay his EMI? What will he do?

He went to his boss. The boss said, “The management said that I don’t need a 10-member team; I can do with seven. So I was asked to give pink slips to three.” “Why me?” demanded Sandeep. The boss explained, “We looked at your appraisal from last year and you were the second lowest, so I had to let you go. I am sorry.” Sandeep started raising his voice, “You were the one who said that this appraisal business is all humbug, something you really don’t believe in it. You only said that it was process and as far as you were concerned, it was just a tick mark. I believed you. And now it has cost me my job.” “I am sorry,” said boss, refusing to meet his eye.

There was one thing Sandeep’s boss did not tell him about — the managers meeting where everyone made a list of their favourites and subsequently found reasons to put the rest on the chopping block. The method of elimination — appraisal scores in some cases, insubordination in another — did not matter to the management. What mattered was the reduction in headcount. Costs had to be brought down.

The CFO does not know Sandeep’s name. For him Sandeep is but a statistic. All he told his CEO was, “We cannot pay all of them so let’s reduce headcount from 120 to110 or maybe 100.” The CEO said, “Maybe there is another option; we can reduce the salaries of the top management.” The CFO glared at the CEO and said, “You can reduce your salary but not mine.” None of the management was willing to cut their salary; so jobs had to go. Reasons were elaborately created to justify the pink slip. Now Sandeep has to fend for himself. He has no one’s patronage. He is no one’s favourite. He is a man without a leader.

Sandeep’s story has been told in the Mahabharata. His name was Sunahshepa then.
One of the several versions of the story goes that there was a king, sometime identified as Harishchandra and sometime identified Ambarisha, who had an attack of dropsy — his body swelled up with fluid. He prayed to Varuna, god of water, and said, “If I am cured, I will sacrifice my son.” As soon as he said this, he was cured. His limbs became normal. His fingers and face were no longer bloated. “My sacrifice?” asked Varuna. Now that he was cured, the king found it harder to part with his son. So he called the wise men of his kingdom, and told them to find a way out. “How can I make Varuna happy without losing my son?” he asked.

The wise men said a son is defined in many ways according to the scriptures: one is the son you produce biologically, another is the son who is adopted and finally there is another son that you can buy. On hearing this king said, “Go buy me a son.” The wise men went around the kingdom, but no man was willing to sell their son. How can our king ask us to part with a son, they wondered. Who would do such a thing?

After a long search, the wise men found a poor priest willing to sell his son for the price of 100 cows. His name was Ajigarta. He said, “I have three sons. I will not sell my eldest son because he is very dear to me, and I cannot sell the youngest because he is dear to his mother. I will sell my middle son, Sunahshepa, because I have no choice. I am very poor and I need to feed my family.”

Thus, Sunahshepa became the son of the king and was brought to the palace on a golden palanquin. He was quite excited until, after being fed and clothed and given gifts meant for princes, he was taken and tied to a sacrificial post. “You, Sunahshepa, are to be sacrificed to Varuna so that your father, the king, is free of debt,” said the wise men. Realising his hopeless situation, Sunahshepa began to cry.

The executioner was called to sacrifice the boy. “I will not sacrifice the boy; he is no criminal,” said the executioner. The butcher was called to sacrifice the boy. “I will not sacrifice the boy, he is no animal,” said the butcher. The priests were told to sacrifice the boy. “We will not sacrifice the boy. That is not part of our responsibility,” said the priests. Suddenly a voice rang across the sacrificial hall, “I will. I will. For 100 more cows.” It was Ajigarta, Sunahshepa’s father.

Aghast, everybody looked at the father, and said, “When you sold your son, your reason was poverty. What is your reason now?” “Why should I feel ashamed,” said Ajigarta, “When the king is not ashamed to sacrifice one of his subjects to save his son.”

Watching his father move towards the chopping block, axe in hand, Sunahshepa realised he had no one he could turn to, neither father nor king. In despair, he raised his head and sang prayers, begging for divine intervention. The scriptures say Varuna was moved by the prayers; he saved the boy, cured the king and all ended well. But did it actually?

There are many Sunahshepas in the corporate world – victims of greed, stripped of livelihood because someone wants to protect favourites, someone wants reduction in head count and no one wants reduction in their own salary. Sunahshepas are created when leaders refuse to make sacrifices of their own.

Points To Ponder
- Sunahshepa is one denied shelter by both father and king – His sacrifice has nothing to do with king’s health or father’s poverty but has everything to do with greed – Greed erodes the very notion of leadership


How Stock Markets work

Posted in Corporate, Stock Market.

It was autumn, and the Red Indians asked their New Chief if the winter was going to be cold or mild. Since he was a Red Indian chief in a modern society, he couldn’t tell what the weather was going to be.

Nevertheless, to be on the safe side, he replied to his Tribe that the winter was indeed going to be cold and that the members of the village should collect wood to be prepared. But also being a practical leader, after several days he got an idea. He went to the phone booth, called the National Weather Service and asked ‘Is the coming winter going to be cold?’ ‘It looks like this winter is Going to be quite cold indeed,’ the weather man Responded.

So the Chief went back to his people and told them to collect even more Wood. A week later, he called the National Weather Service again.. ‘Is it going to be a very cold winter?’ ‘Yes,’ the man at National Weather Service again replied, ‘It’s definitely going to be a very cold winter.’

The Chief again went back to his people and ordered them to collect every scrap of wood they could find. Two weeks later, he called the National Weather Service again. ‘Are you absolutely sure that the winter is going to be very cold?’ ‘Absolutely, ‘ The Man replied. ‘It’s going to be one of the coldest winters ever.’ ‘How can you be so sure?’ the Chief asked. The weatherman replied, ‘The Red Indians are collecting wood like Crazy.’

This is how stock markets work!!!

Thanks to Ritesh Srivastav for sharing this article.


Unique ID for Indians Soon

Posted in Government, India, News.

Indian government has planned to issue unique identifications to all citizens starting from 2009 End. This will be another initiative towards e-governance from Indian Govt. It will a smart card and can be a replacement for existing ration cards, voter ID cards.

There will be a seperate agency (named as UID Authority of India) created for creating/maintaining the database.

Not sure, whether Govt will be able to implement it successfully or not. There are already plenty of e-governance projects biting the dust. Problem with Indian government system is that, they just do the planning and do not act on implementation proactively.


Passport In Three Days Soon

Posted in Government, India, News, Travel.

india passport
With Online filing coming to picture, processing time will come down and it will easier and faster to get passport in India.
TATA consultancy services (TCS) has got the Passport deal from Govt beating Wipro, 3i Infotech and Spanco.

This new project is called The Passport Seva Project. There will be new passport filiing centres (Passport Seva Kendras) in country.

TCS will help in increasing operational efficiency and to scale the infrastructure using technologies from Adobe, IBM, CMC and others. All passport offices will be connected on a network, with police as well for verification status. There will also a call center for query resolution.



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