How to decode a restaurant bill. Updated: Sun, Mar 10 2013. 11 57 PM IST Eating at air-conditioned restaurants became more expensive last week with the budget proposing a service tax on them. Until now, a service tax of 12.36% was applicable on 40% of the bill at air-conditioned restaurants having a licence to serve alcoholic beverages. However, now the service tax will be applicable even to those establishments that don’t have a liquor permit. The new levy could make it even harder for people to decipher their bills, which are already quite complicated, given the multiple charges. These include service taxes, service charges, cesses and value added tax (VAT). A further complication is that these charges are levied differently on various food and beverage items, leaving plenty of scope for errors and/or misunderstandings.
This gets so complex that sometimes even the restaurants get this stuff wrong. Dharmesh Panchal, executive director, indirect taxes, PricewaterhouseCoopers Pvt. Service charge Service tax Value-added tax. Economic Survey accepts the hard realities—finally. Updated: Wed, Feb 27 2013. 07 31 PM IST The latest Economic Survey written by economists in the finance ministry begins on the mandatory note of optimism. It predicts a mild growth recovery in the next fiscal, which is reassuring but for the fact that its 2012 edition had said something similar on the very first page: “There are signs from some high frequency indicators that the weakness in economic activity has bottomed out and a gradual upswing is imminent.” According to the latest government estimates, India will be ending this fiscal with its slowest pace of economic expansion in a decade. What is more interesting is the analysis by the finance ministry of why the Indian economy has landed in its current mess. Here is a simplified (and politically incorrect version) of this analysis.
There is little to disagree with this analysis. The big question right now is: What is to be done? Consider tax pessimism first. And now look at export pessimism. Decoding the direct tax code. DH News Service Sweeping changes: People will pay less tax but evasion will be difficult The proposed Direct Tax Code is a combination of major tax relief and removal of most tax-exempted benefits. It is expected to usher in a new tax regime of transparency and greater compliance writes Dilip Maitra. When archaic rules have to be replaced with new ones, the changes must be dramatic and path breaking. This is what Union Finance Minister Pranab Mukherjee conveyed to all taxpayers when he introduced the draft Direct Tax Code (Tax Code) last week. The Tax Code, now open to public debate, will be introduced as a Bill in Parliament’s winter session.
In the foreward to the Tax Code Mukherjee explains that the aim is to eliminate distortions in the tax structure, introduce moderate levels of taxation, expand the tax base, improve tax compliance, simplify the language and lower tax litigations. Agreed Bangalore Chamber of Industry & Commerce (BCIC) President K R Girish. Wealth tax benefits. Highlights of Kelkar panel report. New Delhi: The following are highlights of a report by the three-member panel headed by former finance secretary Vijay Kelkar, which was asked to recommend ways of improving government finances.
"We cannot overemphasize the need and urgency of fiscal consolidation. Growth is faltering and inflation seems to be embedded. The external payment situation is flashing red lights," the panel said. The global economy is likely to be more turbulent, making financing of the large external payment deficits very challenging, it said. "We are in a state of high fiscal stress, with a 'do-nothing' approach likely to result in a central government fiscal deficit of 6.1 percent of GDP in the current year 2012-13," the panel said.
This could result from a likely shortfall in gross tax revenues by around $11.3 billion and higher than budgeted expenditures on subsidies, by more than $13 billion, it added. It suggested a comprehensive review of the direct tax code bill, which is pending in parliament. Budget 2013: Very little room for populist measures. Updated: Wed, Feb 27 2013. 11 41 PM IST Mumbai: In many ways, Thursday’s national budget—independent India’s 82nd—will be the toughest for finance minister P. Chidambaram, as he will be presenting it with one eye on the electorate and another on rating agencies, which have threatened to downgrade India. This is Chidambaram’s eighth and the United Progressive Alliance government’s last budget before the nation goes to the polls next year. Traditionally, an election-eve budget tends to be a please-all accounting exercise, but in the backdrop of the high fiscal deficit and even higher current account deficit, slowing growth and persistently high retail inflation in the world’s second most populated nation, there is very little room for populist measures.
The current account deficit—the gap between domestic savings and investments—is being plugged by the flow of foreign money. By all accounts, it’s going to be a tightrope walk for Chidambaram. Finally, promises on paper will not help. Budget 2013: The balancing act between economics and politics. Updated: Tue, Feb 26 2013. 12 29 AM IST Mumbai: The economics calls for austerity while the politics demands profligacy. Finance minister P. Chidambaram will reveal how he has grappled with this fundamental dilemma when he stands up to present his new budget in Parliament on 28 February, perhaps the last one before the country goes to the polls. It was easier when Chidambaram presented his previous budget five years ago. The nature of India’s current economic troubles is well known. Chidambaram has brought a welcome focus to our economic problems since he took over as finance minister in July.
The finance minister has already promised foreign investors that he will draw a “red line” by keeping the fiscal deficit at 5.3% of gross domestic product (GDP), only a bit higher than what was budgeted for in February 2012. Of course, Chidambaram has gone one step further in his statements. Even a modest fiscal correction plan would be fine if it seems credible. European Crisis Explained. MOSPI. Interactive currency-comparison tool: The Big Mac index. The Paradox of Indispensability | The Paradox of Indispensability. Organisational behaviour The logic that shapes the first half of your career can leave you trapped in the second half. Managers make predictable mistakes that, despite their technical expertise and stellar performance, can lead high-fliers to fail to rise to the top. Along with colleagues, I have been teaching about ‘executive derailment’ for many years.
It consistently resonates with MBA students and managers alike. I have had many conversations with bitter managers berating the fact that poorer performing colleagues have advanced ahead of them. In the first half of your career, the game is straightforward. In such cases, job security is high — you have become ‘indispensable’. The curse of knowledge Such individuals rapidly move into managerial positions, where they have to overcome a universal challenge — the curse of knowledge.
Anyone who has ever been driving behind a learner driver and has found themselves becoming frustrated and critical has experienced the curse of knowledge. The Real Leadership Lessons of Steve Jobs. His saga is the entrepreneurial creation myth writ large: Steve Jobs cofounded Apple in his parents’ garage in 1976, was ousted in 1985, returned to rescue it from near bankruptcy in 1997, and by the time he died, in October 2011, had built it into the world’s most valuable company.
Along the way he helped to transform seven industries: personal computing, animated movies, music, phones, tablet computing, retail stores, and digital publishing. He thus belongs in the pantheon of America’s great innovators, along with Thomas Edison, Henry Ford, and Walt Disney. None of these men was a saint, but long after their personalities are forgotten, history will remember how they applied imagination to technology and business.
“The people who are crazy enough to think they can change the world are the ones who do.” —Apple’s “Think Different” commercial, 1997 In the months since my biography of Jobs came out, countless commentators have tried to draw management lessons from it. Focus. Top 5 ELSS schemes to invest in 2011-12 - Investing It! In our market 71 equity linked savings schemes (ELSS) are floating from various asset management companies. Most investors generally search for best performing ELSS schemes between January and March for investment and to save tax because the financial year is coming to end. Investors are in dilemma while searching the best available fund based on their goals and risk taking capability. In this article, your confusion will be reduced since performance of “Best ELSS mutual fund schemes in 2011-12”is reviewed.
SIP best way to invest in ELSS As discussed, most investors generally rush to invest in ELSS schemes with lump sum amount between January and March. However, there is a 3 year lock-in period for ELSS investments i.e. any investment that you make in ELSS schemes cannot be liquidated before 3 years. Table with top performing ELSS schemes in 2011-12 § Religare Tax Plan (G) Asset allocation: 80% in equities and 20% in debt instruments.
. § Canara Robeco Equity Tax Saver (D) Author. What You Should Know About The Stock Market. Everyone’s heard of the stock market — but few know why it works. Were you aware that each stock has two prices? That you can’t buy and sell for the same amount? That a “stock market” works better and is more open than a “stock store”? If you’re like most of us, probably not. Here’s why stock markets rock: They match buyers and sellers efficientlyAll prices are completely transparent and you see what other people have paid/sold forYou pick your own price and will get that amount if there’s a willing partner Most explanations jump into the minor details — not here.
iPods Ahoy! I’m told iPods are popular with the 18-35 demographic. Me: You, the coveted 18-35 year old demographic, want an iPod. Ok hotshot, riddle me this: what is the price, exactly? What you can buy it for? So which price is the “real one”? You see, buyers and sellers each have prices in mind. The idea of two prices for every item is key to understanding any market, not just stocks. Shopping Time Onto eBay Want Ads and Hagglers.
A Brief History of Wal-Mart. In the late 1940s, when Sam Walton was franchising a Ben Franklin's variety store in Newport, Ark., he had a simple but momentous idea. Like any retailer, Walton was always looking for deals from suppliers. Typically, though, a retailer who managed to get a bargain from a wholesaler would leave his store prices unchanged and pocket the extra money.
Walton, by contrast, realized he could do better by passing on the savings to his customers and earning his profits through volume. This insight would form a cornerstone of Walton's business strategy when he launched Wal-Mart in 1962. The quest for low prices came naturally to Walton: He was freakishly cheap. But coffee taxes only went so far. If such a regimen seems stifling, Walton's employees nevertheless accepted it. But Walton's ability to keep his staff happy also relied on a sense of when to let penny-pinching take a backseat to other priorities. And things could get downright cultish: For a while, though, it worked. 1. Tax saving options under section 80C - Understanding Taxes. As the end of financial year approaches investors are suddenly woken up to the existence of Income Tax department. If you haven’t done the tax planning in advance then this is the time to carefully select the investment products under section 80C. A wise investment will not only lessen the tax burden but also give some good returns.
What is Section 80C? Under section 80C of the Income Tax Act, certain investments are deductible (up to a maximum of Rs 1 lakh) from gross total income. (Get your lifetime free Mutual Fund account from FundsIndia to invest in top ELSS funds) Fixed Income instruments, which offer fixed returns, are suitable for risk averse investors who want to protect their investment from the uncertainties of the market. Market Linked: Market linked products are ELSS (Equity Linked Saving Scheme) and ULIPs (Unit Linked Insurance Plan). ELSS is similar to mutual fund except that it has a lock in period of 3 years. . · Lock-in period of 3 years. · Diversified equity investments.
Freakonomics. Indian Economy : Economic Indicators from 1991. The Indian economy has undergone substantial changes since the introduction of economic reforms in 1991. These reforms were a comprehensive effort consisting of three main components namely, liberalisation, privatisation and globalisation. They included various measures like deregulating the markets and encouraging private participation; trade liberalisation; dismantling the restrictions on domestic and foreign investments; reforming the financial sector and the tax system, etc.
All such policy initiatives radically changed the economic set-up of the country and integrated it with the rest of the world. Thus, India was placed in a globally competitive position so as to fully utilise its potentials and opportunities for rapid growth of the economy. Net National Product (NNP) at factor cost (at 1993-94 prices) increased from 0.5 per cent in 1991-92 to 6.3 per cent in 1999-2000. It increased to 8.8 percent in 2003-04 at 1999-2000 prices. . ^ Top. India Knowledge Centre. Mostly Economics. Indian Current Affairs. The Hindu Business Line : Wednesday, August 18, 2010. Dollar should be replaced as international standard, U.N. report.
Under proposed system, countries would not have to buy up foreign currencies, as China has done with U.S. dollar. U.S. "dollar has proved not to be a stable store of value," report saysDollar under increasing scrutiny since U.S. entered recessionU.N. report supports proposal to create standardized international systemUnder proposal, countries would no long have to buy up foreign currencies New York (CNN) -- The dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.
The use of the dollar for international trade came under increasing scrutiny when the U.S. economy fell into recession. "The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency," the report said. Many countries, in Asia in particular, have been building up massive dollar reserves. These initiatives, supported by U.N.