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Mock Test Solutions for CA, CS and CWA

Posted in Education, Finance, Income Tax, India, Investment.


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
Yo Cabs: 011-44664466
Mango Cabs (Rs. 9 per Km.) : 011-63636363, 9211785759-62-56


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).”

Here is the link to court appeal


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 separate 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 pro-actively.

The Unique ID number will now be known by its new brand name Aadhaar (आधार). Its logo has also been unveiled. The logo creator, Atul Sudhakarrao Pande, a Mumbai resident was given a cheque of Rs one lakh after his design was selected among over 2,000 entries.

As per Nandan Nilekani -“Name UID itself is very confusing. Some people call it DUI, somebody calls it IUD and so forth. So it was getting a little difficult to explain all this various permutations, combinations of this acronym, Therefore, we wanted a name that could effectively communicate its transformational potential and its promise to residents. Something that had a national appeal that could be recognised across the country, could resonate in different languages and easy to remember and speak.”

People living below the poverty line will get Rs 100 each as they are allotted the Aadhar number.
UIDAI is in talks with banks to make sure that the Rs 100 is directly credited to peoples bank accounts. This way,people who are not financially included will also be allotted a bank account number.

Aadhaar (Unique ID) Logo


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.


Caller information in Javascript

Posted in Javascript, Technology.

Caller - Returns the function that invoked the specified function.

Not a standard javascript function but implemented in Mozilla engine and JScript.

If the function f was invoked by the top level code, the value of f.caller is null, otherwise it’s the function that called f.

Example: Checking the value of a function’s caller property

The following code checks the value a function’s caller property.

function myFunc() {
if (myFunc.caller == null)
{
return (“The function was called from the top!”);
}
else return (“This function’s caller was ” + myFunc.caller);
}