LONG ROAD AHEAD FOR COMMON MAN

Budget 2010 -11 can be compared with unique blend of Sweet, Sour, Spicyness .....for individuals and consumers

Individuals, Professionals & Consumers:

-Personal tax liability to go down across the board...

-Tax exempt saving limit to go up from current 1lakh to 1.2 lakh (20k only for Infrastructure bonds)

-Professionals need hot have to get their accounts audited up to earning limit of Rs. 15 lakh

-Service tax on Mediclaim premium...Health insurance costs to raise

-Fridges, cars, Gold....all to become dearer

- Simplified Saral form for tax returns

- Cigar prices are set to go up

PS:

- Increasing limit from 3-5lakh is a gr8 relief....if basic exemption limit was also enhanced more salaried       employees would have got benefited....DISAPPOINTED MAJOR CHUNK OF SALARIED PEOPLE .

- Infrastructure bonds are not a gr8 product with interest rate as low as 5.5-6%(Lockin 5-10yrs) ANY BODY STILL INTERESTED??? instead, investors must have allowed to invest their hard earned in a much more convenient way

- It does make some sense to enhance ceiling limit for professionals  to get their books audited.....FULL MARKS

- In a country like India clamping service tax on mediclaim how far is it reasonable?? Over and above nearly 89% of Indians don't have mediclaim policies ....instead he should have brought down prices drastically so that its ambit got widened....MY ADVISE  DO YOGA ' nd ' JOGGING DAILY :)

- Hiking excise duty on Car's  at a time when companies are facing rising in raw material costs... NO PLAN TO BUY CAR THIS YEAR SO NO WORRIES

-For individuals hurting from a sharp spike in prices the concessions should compensate the anticipated increase in the cost of living after steep raise in the prices of petroleum products, excise....WHICH WAS ABSENT IN THIS BUDGET

-  Simplified Saral forms will definitely improve compliance levels........GETTING RELIEVED FROM MIXUP'S :)

- Already ITC (Cigar manufacturer) Share price has  fallen 6%..........ITS TIME TO QUIT SMOKING (FOR SMOKERS)

PS:

FROM INVESTORS AND CONSUMERS POINT OF VIEW IT WAS NOT A FINE BALANCING ACT BETWEEN GROWTH AND EXPECTATIONS

THOSE WERE BEST DAYS OF MY LIFE

I really miss those days....where:

- During Dhanurmasam(Margaseersham) even though i was 7 years boy used to wake up at 4'O'Clock in the morning, have head bath and attend Sri Vaishnava Sathghosthi to celebrate Dhanurmasa Mahotsavam(also used to read Tiruppavai).....Now its next to impossible to wakeup at 4:00AM and hardly find anybody in the (so called) CITY celebrating Mahotsavam...

- Used to wait for the Sunday eagerly to watch Chandrakanta Serial and Telugu movie scheduled sunday eve...but now everyday you get movies to watch (through net or any other means)soaps like big boss to watch but no interest to watch ....

- Used to attend RSS Shakhas regularly to improve civic sense, social service, community living, Physical fitness and patriotism ofcourse ...now no Shakhas found anywhere(atleast near our locality)

- Used to enjoy the sweet company of relatives, friends during week ends(incl Sunday) now no body bothers about others....Sunday is there to relax before TV(bloody)

-Used to devote at least one hour for learning new slokas, padyas, suktas....but now too busy yaar don't even bother about them

- Used to play cricket daily.......now also playing cricket (its stagnant)but before my desktop....

- Used to enjoy Sir Arthur Conan Doyle(Sherlock Holmes) and Sidney Sheldon novels with empathy.....now no time to read the novels with that enthusiasm and empathy of course...

what a piety of myself :(

10 THINGS IAM PASSIONATE ABOUT IN MY LIFE

Every one when they are young knows what their destiny is and at that point of time every damn thing is clear and is possible without any afraid to dream and to yearn for everything one would like to see happen to them in their lives. But, as time passes a mysterious force begins to convince them that it is impossible for them to realise their destiny. Does this holds good in my case?? 

Following were my lifetime goals 3years ago. I would like to revisit them to see whether aforesaid statement holds good in my case: :

1. To earn multiple Professional degrees along with MBA Degree from reputed business school(Former Accomplished - But not satisfied - Hope latter will be accomplished very soon)

2. To become millionaire ( Meraa time aayegaa)

3. To become a good singer(Hope it's not a wild goose chase)

4. Travel all round the world (not in 80days unlike Philaes Fogg in "Around the World in 80 days" )

5. To taste delicious Vegetarian dishes all round the world( Dropped after listening to the speeches of Mantena Satyanarayana Rajugaru)

6. To become healthy and fit(working out some exercises)

7. Marriage (Not now)

8. Contributing to the Nation Building Activities either joining politics or some other way(Not now)

9. Travel to space(At least once in my life time)

10.To become CEO of a Listed Company having huge(no hard and fast rule defining the word huge) turn over ( Not possible as of now)

So, hereby conclude saying that for accomplishing all these myself requires lot of patience which i am trying to inculcate.

Party with differences

Iam totally surprised with Bjp's mark of handling Karnataka crisis. In its journey of 25 years this entire issue adds one more color to its GLORY.

Congress Party in Andhra Pradesh post YSR 's death have not bowed before pressures from YSR allies to make Jagan as CM even though majority MLA'S are supporting Jagan's candidature on the presumption that if it bows then it has to compromise in lot more states.....

But contrary to that Party with difference totally bowed before GJR by compromising its core ideologies with out any hesitation on the arrangement that government will not interrupt the menaces of Mr. GJR if he allow Mr. BYeddy to continue as CM which is pinnacle of shameless ness.....

I feel that BJP has totally left its core ideology much behind and is travelling to the path of self destruction with rapid pace..

If this is the case then BJP is going to be representative of past in the books of history.................MAY SHRIKRISHNA TAKE BJP TO POWER JUST LIKE SHRIRAMA ......

NOBLE PEOPLE WITH NOBLE THOUGHTS AND ACTIONS

I am one among the millions of Indians who appreciate the dynamic move of Infy Narayana Murthy.........this signify's his commitment towards the nationbuilding.

Creation of Venture Capital fund will definitely encourage the young entrepreneurs having brilliant business ideas....including me of course!

Our Country saw over 71% drop in Venture investments this year. In the first nine months our economy saw over 71% drop out for the corresponding period last year........this move will definitely revive the venture capital investment position and encourage new entrepreneur's .....Now Mr. Narayana Murthy has joined long list of Indian technology entrepreneurs turned investors Azim Premji,NS Raghavan......... Long live noble people with noble thoughts......

What should be the India's stand against pakistan ?

Its not at all surprising to note that Pakistan has misused its US Aid fund against India. Its a well known fact that even US is not unaware of the above scenario.When compared to the rest of the world Americans are considered as more self absorbed and they can go to any extent for fulfilling their never ending desires.

They need an ally(Muslim nation) to combat so called war on terrorism.We have already witnessed the truth that US has channeled funds through Pakistan's ISI to the native Afgan Mujahedeen fighting the Soviet occupation in an CIA program called "Operation Cyclone".

Now they are combating against the same terrorists. It definitely amounts to foolishness to rely on American's assurances, negative sanctions ( i don't think they do so),wait and watch tactics normally resorted by the Indian government.

Time has come to act. Indian government should take concrete steps by developing a model agency like MOSSAD(National intelligence agency of Israel) in the best interest of Nation. If necessary should take assistance from the Israel government which has successfully constrained the menaces of the Hama's Millitants.

Not only that India should explore diplomatic, economic and strategic alliances with rest of the world (except US & China which i consider as never reliable). We have lost 1962 war because of downplaying reports of illegal intrusions by China not this time if war comes.

We have to prove this entire world that the India which this world has witnessed during 1962 war is totally different from the one in the year 2009.

Well said by a learned person:

"nation born out of non violence shouldn't resort to violence but, i say should not stick to at the cost of life of fellow Indians".

IS NEW TAX CODE AGGRESSIVE ATTEMPT TO HAVE AN EQUITABLE TAX SYSTEM?

Hello readers,

Does the new tax code which is going to get implemented from the financial year 2011 is going to lead us to the equitable , progressive and balanced economy?Does it going to reduce the ambivalence which was prevailing under current Income Tax Act, 1961? Its the million dollar question ruling in the minds of millions of Indians.

First Let us consider the proposed changes and its impact on average individual under new tax code:

• The first slab continues to start at Rs. 1.6k(unchanged) and extends upto 10lakhs which is a welcome step but with the abolition of various exemptions, deductions and most of the tax payers who will end up paying higher taxes than they pay right now. On the other side of the coin persons falling under slab rate of 25 lakh will end up in paying less tax bills. Is it justifiable?

• People falling under low income category will also be hit by the proposal to abolish the exemption on HRA , home loan benefits and home loan interest...and other soaps.

• House hold savings which accounts for more than 35% are also going to be adversely affected by the introduction of Exempt Exempt Tax(EET) and over the above taxing capital gains which is definitely going to discourage domestic savings.

• I am unable to understand how Indian economy is going to catch the growth track without higher savings and investments.

• The tax payers falling in the Rs. 5-6 lakhs are going to get effected adversely where people in the highest income bracket are going to reap the maximum gains.....which may be good for certain companies operating in retail, financial services and entertainment but is going to effect realty, non banking finance companies.

• Considering the restricted scope of tax exempted savings, an average tax payer will be forced to invest in Public Provident fund or EPF but ......PAR PICTURE ABHI BAAKI HEIGH MEREY DOST.......interest earned on investment in EPF or PPF at the time of maturity or withdrawal will be taxable at the time of withdrawal or maturity.

• One of the major incentives for equity investors at present is tax exemption on capital gains earned on investments in equities or equity oriented fund for more than one year. However as per the proposed draft long term capital gains on equity shares could be taxable!

So, i hereby conclude by saying that tax liability on individual is going to become an influential factor in the future days to come.

CS N.ch Rangakrishna