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Friday, June 30, 2017

‘Is India the most overrated country in the world?’

by Rahul Shrivastava Ambassador of India to Venezuela. Joined the Indian Foreign Service in 1999.

There was recently a world-wide competition to find out the most overrated country in the world. The judges had almost decided that no other country but India deserved this distinction. However, just before the announcement was to be made, someone brought to the notice of the judges just a few of the achievements of ancient India, which are given below:
The decimal place-value and a symbol for zero which developed in India in the 1st Century AD became the precursor of the Arabic numeral system. The practice of using a decimal mark is derived from the decimal system used in Indian mathematics.

Rulers for measuring were first used during the Indus Valley Civilisation (2600 - 1600 BC). These rulers were made from ivory, divided into units corresponding to 1.32 inches (33.5 mm) and were marked out in decimal subdivisions with accuracy to within 0.005 of an inch.

 Weighing scales were first used during the Indus Valley Civilisation, which is also when banking was first performed.
Image result for pic of indus valley civilization

Fields were first ploughed during the Indus Valley Civilisation.


     Jute plants were first cultivated in India. So was Cotton.

    Flush toilets using water were first used during the Indus Valley Civilisation around 3rd millenium BC.

    Puppetry was also used first by the people of the Indus Valley Civilisation.

   Cashmere wool or Pashmina fiber originated from Kashmir where the fiber was first used to make shawls in the 3rd Century BC.

  Indigo dye went from India to the Greeks and the Romans and thereon to other parts of the world.
 Ornamental buttons were invented in India around 2000 BC.

 Steel using the crucible technique, a method of producing high quality steel, was first produced in India around 300 BC. Around 500 BC, Wootz steel was produced by the Chera dynasty. It was exported to the Romans, Egyptians, Chinese and Arabs and was popularly known as Seric Iron.

  Iron works were developed in India around 1800 BC. In the time of Chandragupta II (375–413 AD), corrosion-resistant iron was used to erect the Iron pillar of Delhi, which has withstood corrosion for over 1,600 years.

(Image result for pic of iron pillar mehrauli india




Diamonds were first recognized and mined in central India at least 5000 years ago.
Zinc was first smelted from zinc ore in India.
Prefabricated homes and movable structures were invented in India in the 16th-century AD.

Metal seamless globe was invented in Kashmir in the 16th Century AD. Before they were rediscovered in the 1980s, it was believed by modern metallurgists to be technically impossible to produce metal globes without any seams, even with modern technology.

The first iron-cased and metal-cylinder rockets were developed by Tipu Sultan, ruler of the South Indian Kingdom of Mysore, and his father Hyder Ali, in the 1780s. After Tipu's eventual defeat and the capture of the Mysore iron rockets, they were influential in British rocket development, inspiring the Congreve rocket, and were soon put into use in the Napoleonic Wars.

Image result for pic of metal cylin rocket of tipu sultan
    The word shampoo in English is derived from the Hindi word ‘Champi’ which itself derived is from the Sanskrit root ‘Chapayati’, which means to press or knead. A variety of herbs and their extracts were used as shampoos since ancient times in India. Washing of hair and body massage (champu) was an indulgence of early colonial traders in India. When they returned to Europe, they introduced the hair treatment method they called shampoo.

   The precursor of chess originated in India during the Gupta dynasty in the 3rd Century AD. The words for ‘chess’ in Old Persian and Arabic are chatrang and shatranj respectively — terms derived from Chaturanga in Sanskrit, which means an army of four divisions.

    The game of kabaddi originated in India around 1500 BC.

   Ludo or Pachisi was invented in India in the 6th Century AD and so was the game of Snakes & Ladders.

   Yoga originated in India.

   Indian surgeon Susruta performed cataract surgery as early as 6th century BC. He was also the first to do rhinoplasty surgery.

    Ayurveda and Siddha systems of medicine originated in India in the first-millennium BC. They are the oldest systems of medicine, which are practiced even today.

     Sugar was invented in India during the Gupta dynasty in the 4th Century AD. The crystallization process was taken by Buddhist monks to China. And then the whole world learnt the technique.

 The Indian mathematician Brahmagupta presented the first instance of finite difference interpolation in 7th Century AD. He also first used algebraic abbreviations.

  The trigonometric functions sine and versine originated in Indian astronomy. They were developed in the Siddhantas, astronomical treatises of the 3rd or 4th centuries AD. Later, the 6th Century astronomer Varahamihira discovered a few basic trigonometric formulas and identities, such as sin^2(x) + cos^2(x) = 1.

    Aryabhata first identified the force to explain why objects do not fall when the earth rotates. Brahmagupta described gravity as an attractive force and used the term ‘gruhtvaakarshan’ for gravity. Aryabhata developed a geocentric solar system of gravitation, and an eccentric elliptical model of the planets, where the planets spin on their axes and follow elliptical orbits,the Sun and the moon revolving around the earth in epicycles.

     The Hindu cosmological time cycles explained in the Surya Siddhanta (around 600 AD) give the average length of the sidereal year (the length of the Earth's revolution around the Sun) as 365.2563627 days, which is only a negligible 1.4 seconds longer than the modern value of 365.256363004 days. This was the most accurate estimate for the length of the sidereal year anywhere in the world for over a thousand years.

   Way back in the 6th century AD, Indian astronomers showed that comets were celestial bodies that re-appeared periodically. In the 10th century AD, astronomer Bhattotpala listed the names and estimated periods of certain comets.

The person who brought the above to the notice of the judges wanted to present before them some of India’s recent achievements and the forecast for future. However, the judges said that they were convinced that India was a misfit at a competition to determine the most overrated countries in the world. They said that the only mistake India made was not inventing patenting system and intellectual property rights 5000 years ago.
The judges said that they were in a hurry to leave for the next competition called ‘Most Ignorant Person of the Century.’ However, they thanked the person for making their job easier in selecting the winner of their next competition, which they said they would definitely present to the person who posed the question ‘Is India the most overrated country in the world?’


43 McDonald's Delhi outlets to shut today, 1700 will lose jobs

BY 
RAJIV SINGH

Image result for mcdonalds pic



"It's unfortunate, but operation of 43 restaurants operated by CPRL has been temporarily suspended," said Vikram Bakshi, former managing director of CPRL, which operates 168 restaurants. 


Bakshi is still on the CPRL board along with his wife. McDonald's has two representatives on the CPRL board. The decision to close down the outlets was taken during a board meeting via Skype on Wednesday morning. 

While the estranged joint venture partner declined to share reasons for closure, highly-placed sources disclosed that CPRL failed to get the mandatory regulatory health licences renewed because of the infighting between Bakshi and McDonald's. The move, they point out, will render over 1,700 employees jobless. 

Bakshi, who was dramatically ousted in August 2013 as managing director of CPRL, has been embroiled in a protracted legal fight with McDonald's, dragging the world's largest fast food chain to the Company Law Board (CLB), which is yet to announce its verdict. McDonald's has been pursuing arbitration against Bakshi in the London Court of International Arbitration. Westlife DevelopmentBSE -1.52 % Ltd, through subsidiary Hardcastle Restaurants Pvt. Ltd (HRPL), owns the master rights for the west and south India operations of McDonald's and runs 242 restaurants. 

The closure, reckon marketing and branding experts, will hurt McDonald's, which has been sliding in India since it was dethroned by pizza brand Domino's from pole position in 2013 as the largest quick service restaurant (QSR) chain in the country. 
"It's a body blow for the brand," said Ashita Aggarwal, head of marketing at SP Jain Institute of Management and Research. 

It might well turn out to be precursor to the final nail in the coffin of the American fast food chain that made Indians graduate from roadside vada pavs to branded burgers, she adds. 

Brand strategist Harish Bijoor contends that unless McDonald's sorts out its legal battle, things might worsen. "Every passing day is a slur on the front-end brand," he says, adding that there is nothing really bigger than the brand. 



Here's how much GST you will pay from July 1

Illustration: Dominic Xavier/Rediff.com.

Here are the tax slabs that will come into effect after the Goods and Services Tax (GST) is introduced shortly after midnight on July 1, 2017.
1.
No tax on will be imposed on items like jute, fresh meat, fish, chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi, sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, bones and horn cores, bone grist, bone meal, etc, hoof meal, horn meal, cereal grains hulled, palmyra jaggery, salt -- all types, kaajal, children's picture, drawing or colouring books and human hair.
2.
Hotels and lodges with a tariff below Rs 1,000 will also attract no tax. Grandfathering service has also been exempted under the GST. Rough precious and semi-precious stones, however, will attract a GST rate of 0.25 per cent.
3.
Goods that will attract a tax rate of five (5) percent will include fish fillet, apparel below Rs 1000, packaged food items, footwear below Rs 500, cream, skimmed milk powder, branded paneer, frozen vegetables, coffee, tea, spices, pizza bread, rusk, sabudana, kerosene, coal, medicines, stents, lifeboats, cashew nut, cashew nut in shell, raisin, ice and snow, bio gas, insulin, agarbatti, kites, postage or revenue stamps, stamp-post marks and first-day covers.
4.
Services that will attract a tax rate of five (5) percent will include transport services (railways, air transport) and small restaurants because their main input is petroleum.
5.
Goods that will attract a tax rate of 12 percent will include apparel above Rs 1000, frozen meat products, butter, cheese, ghee, dry fruits in packaged form, animal fat, sausage, fruit juices, bhutia, namkeen, Ayurvedic medicines, tooth powder, agarbatti, colouring books, picture books, umbrella, sewing machine, cell phones, ketchup and sauces, all diagnostic kits and reagents, exercise books and note books, spoons, forks, ladles, skimmers, cake servers, fish knives, tongs, spectacles, corrective, playing cards, chess board and carom.
6.
Services that will attract a tax rate of 12 percent will include state-run lotteries, non-air conditioned hotels, business class air tickets, fertilisers and work contracts.
7.
Goods that will attract a tax rate of 18 percent will include footwear costing more than Rs 500, trademarks, goodwill, software, bidi patta, biscuits (all categories), flavoured refined sugar, pasta, cornflakes, pastries and cakes, preserved vegetables, jams, sauces, soups, ice-cream, instant food mixes, mineral water, tissues, envelopes, tampons, note books, steel products, printed circuits, camera, speakers and monitors, kaajal pencil sticks, headgear and parts thereof, aluminium foil, weighing machinery (other than electric or electronic weighing machine).
8.
Services that will attract a tax rate of 18 percent will include AC hotels that serve liquor, telecom services, IT services, branded garments and financial services will attract 18 per cent tax under GST, room tariffs between Rs 2,500 and Rs 7,500 and restaurants inside five-star hotels.
9.
Goods that will attract a tax rate of 28 percent will include bidis, chewing gum, molasses, chocolate not containing cocoa, waffles and wafers coated with chocolate, pan masala, aerated water, paint, deodorants, shaving creams, after shave, hair shampoo, dye, sunscreen, wallpaper, ceramic tiles, water heater, dishwasher, weighing machine, washing machine, ATM, vending machines, vacuum cleaner, shavers, hair clippers, automobiles, motorcycles and aircraft for personal use.
10.
Services that will attract a tax rate of 28 percent will include private-run lotteries authorised by the states, hotels with room tariffs above Rs 7,500, 5-star hotels, race club betting and cinema.

Source: ANI

PAN without Aadhaar is valid till further notice: CBDT


NEW DELHI: The income tax department has said permanent account numbers that are not linked to Aadhaar by July 1 will not be cancelled, stepping in to calm the panic caused by a notification issued on Wednesday. 

“There is no need for any panic. PAN will not become invalid after June 30,” Sushil Chandra, chairman of Central Board of Direct Taxes (CBDT) told ET. 

The board will notify a date later on when PAN without Aadhaar will not be valid, he said. 


Every person who has been allotted permanent account number as on the 1st day of July, 2017 and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the Principal Director General of Income-tax (Systems) or Director-General of Income-tax (Systems) or the person authorised by the said authorities,” a government notification earlier this week said. 


People rushed to link their Aadhaar with PAN believing that June 30 is that last date. The department will provide a date by which this linking has to be completed failing which unlinked PANs will be declared invalid. 




Government cuts PPF, NSC rate to 7.8 per cent


NEW DELHI: The government has reduced interest rates on small saving schemes, including the Public Provident Fund (PPF), NSCs and Kisan Vikas Patra by 10 basis points. PPF and NSCs will now earn 7.8%, while KVPs will fetch only 7.5%. Prior to this rate cut, PPF, NSC and KVP were offering 7.9 percent, 7.9 percent and 7.6 percent respectively. 

The Senior Citizen’s Savings Scheme and Sukanya Samriddhi Yojana will now offer 8.3%. Both Senior Citizen’s Savings Scheme and Sukanya Samriddh were earlier offering 8.4 percent. 

Interest rates on small savings are linked to the benchmark 10-year government bond yields and are revised every three months. The last revision took place in March, when the rates for all schemes had been reduced by 10 basis points. 

Observers say the government is not going by the Gopinath panel formula in fixing rates. According to that formula, PPF rate should be 50 basis point above the benchmark bond yield. Given that the 10-year bond yield is hovering around 6.5%, the PPF rates should be not more than 7%. “Now the formula is to reduce the rates by 10 basis points every quarter,” says Manoj Nagpal, CEO of Outlook Asia Capital. This calibrated approach has been taken to reduce the political impact of the rate cut. 


Though the rate cut will definitely hurt savers, keep in mind that the real rate of interest is still quite attractive. Retail inflation has come down in recent quarters, declining to 2.1% in May from 2.99% in April. May's retail inflation is the lowest since the government began issuing data based on the consumer price index (CPI) in 2012. “In that context, the real rate of interest offered by small savings schemes is still quite attractive,” says Nagpal. 


JULY 1 WILL CHANGE YOUR WORLD: BE PREPARED FOR CHANGES OTHER THAN GST

Economic times | Jun 28, 2017, 03.30 PM IST
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NEW DELHI: July 1 is set to enter into history books, and not just for the Goods and Services Tax (GST). A number of other major changes will happen from this date. 
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Here is a list of changes that are coming into effect on July 1: 
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1=> *No filing of I-T return without Aadhaar*: 
The government has made it compulsory to mention Aadhaar for filing of income tax return. Without Aadhaar, you won't be able to file your return after July 1. 
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2=> *Linking of Aadhaar with PAN becomes mandatory*: 
The government has also made it compulsory to link Aadhaar with PAN to stop people using multiple PANs to evade taxes. If a person does not link PAN and Aadhaar as mandated by Section 139AA of the Income Tax Act, his PAN could become invalid. 
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3=> *No PAN card without Aadhaar*: 
Aadhaar becomes must for getting new PAN. You won't be able to get a PAN card after Saturday without your Aadhaar card. 
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4=> *No passport without Aadhaar card*: 
Ministry of External Affairs has listed Aadhaar card as one of the mandatory documents for applying for a passport. So you won't be able to get your passport without Aadhaar from July 1. 
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5=> *Aadhaar-PAN linking made mandatory from July 1*: 
Here's all you need to know
Aadhaar-PAN linking made mandatory from July 1.
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6=> *Linking PF account with Aadhaar*: 
Employees' Provident Fund Organisation (EPFO) has made it compulsory to link PF account with Aadhaar by June 30. Pensioners are also asked to furnish Aadhaar details. According to EPFO, Aadhaar linking is expected to make the withdrawal and settlement process time much shorter, from existing 20 days to 10 days. 
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7=> *No concession on railway tickets*: 
To plug misuse and leakages, Indian Railways have made it mandatory to quote Aadhaar from July 1 to avail concessions on railway tickets. 
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8=> *Scholarships for schools and colleges*: 
HRD ministry has also issued a notification that school and college students, who want to get government scholarship or are already getting it, should furnish Aadhaar details by June 30. After that, scholarships would not be given to any student who doesn't have Aadhaar. 
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9=> *No PDS benefit without Aadhaar*: 
Public distribution benefits have been linked to Aadhaar. Individuals will have to link Aadhaar with ration cards before July 1 to get all the PDS subsidy benefits. 
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10=> *No departure form for flyers from July 1*: 
Indians flying abroad will not be required to fill departure cards from July 1. The move is aimed at ensuring hassle-free movement and reducing the time required to complete immigration formalities. 
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11=> *Expat tax in Saudi Arabia from July 1*: 
Saudi Arabia is introducing a monthly expatriate levy on the dependents of expatriates from July 1. The fee will be 100 riyals (around Rs 1,721) per dependent this year. It will be doubled to 200 riyals per dependent from July next year, tripled to 300 riyals in 2019 and quadrupled to 400 riyals from July 2020. 
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12=> *New curriculum for CA*: 
Prime Minister Narendra Modi will launch on July 1 a new syllabus for those studying to become chartered accountants. The new syllabus is in accordance with International education standards of the International Federation of Accountants and also includes new taxation system, the GST. 
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13=> *Online visitor visa for Indians flying to Australia*: 
The Australian government has announced that Indian visitors can apply for a visitor's visa online starting July 1. The online visa facility is expected to fasten the approval process.

by CA fellow

Thursday, June 29, 2017

No e-ITR filing without Aadhaar from July 1; PAN to be valid

PTI|
Updated: Jun 29, 2017, 09.17 PM IST

A senior Income Tax Department official clarified that people who are not able to link their Aadhaar and Permanent Account Number (PAN) by July 1.

NEW DELHI: Taxpayers without Aadhaar number or its enrolment ID will not be able to e-file their Income Tax returns (ITRs) from July 1 even as the tax department has said that in no case any PAN will be invalidated. 

The senior tax official addressed the two major concerns of taxpayers in this context: 

"It has been made abundantly clear that no PAN, which is not linked to Aadhaar, will be cancelled from July 1. However, any person who wants to e-file their ITRs will either have to have an Aadhaar number or the enrolment id to be mentioned in their ITR or prior link it over the e-filing portal of the department. 



"If Aadhaar credentials are not linked with PAN or mentioned in the ITR, then such a person will not be able to e-file," the official said. 

E-filing of ITR is mandatory for all individuals except whose income is less than Rs 5 lakh per annum and those who are above 80 years of age. 

The Supreme Court had earlier this month upheld the validity of an Income Tax Act provision making Aadhaar mandatory for allotment of PAN cards and ITR filing, but had put a partial stay on its implementation till a Constitution bench addressed the issue of right to privacy. 


The Central Board of Direct Taxes (CBDT), the policy- making body for the I-T department, had said on June 10 that the apex court's order had only given a "partial relief" to those who do not have an Aadhaar or an Aadhaar enrolment ID, and the taxman, hence, "will not cancel" the PAN of such individuals. 

Aadhaar has also been made mandatory for applying for PAN with effect from July 1. The department, till now, has linked over 2.16 crore Aadhaar numbers with its PAN database. 

While Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, PAN is a ten-digit alphanumeric number alloted in the by the I-T Department to a person, firm or entity. 

There are over 25 crore PAN numbers allotted, Aadhaar has been alloted to about 115 crore people. 

Linking Aadhaar to PAN: Income Tax website www.incometaxindiaefiling.gov.in crashes as people rush to link PAN with Aadhaar before June 30

Users reported that the Income Tax website was taking very long to open the Aadhaar-Pan linking page. Moreover, when the page opened, the captcha which is mandatory to finish the linking exercise would not show up.