Chartered Accountant ( 公認会計士) (공인 회계사 )(CONTABILISTAS)
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At an age when most people take rest and watch TV serials or movies to live a peaceful life at home, this 81-year-old Bagicha Singh stormed into movement like a man on a mission. He has been walking for 26 years and he has walked across the nation more than 23 times.
But why actually is he doing this? What’s his mission exactly? As many citizens in India are addicted to tobacco and are under the influence of alcohol, Bagicha Singh decided to do something extraordinary to spread awareness against tobacco and alcohol consumption. So he decided to walk. So far he has covered nearly 6,00,000 km.
He has already set high standards for himself and wouldn’t stop as long as he has enough strength. Besides this, he has also been spreading awareness against child labour, corruption, and other social issues in the country. He is a proud resident of Panipat and started this campaign (non-stop journey) from Jammu to Kanyakumari on February 22, 1993.
After finishing his Class 12 exam, he told his parents that he will never get married because he wants to dedicate his whole life to the country and to serve the nation with pride. Bagicha carries a 90 kg backpack with 2 Indian flags waving on 18 feet long poles. So far in his journey, Bagicha Singh met many people including politicians and celebrities. While speaking to TOI, he even shared some interesting stories. “Throughout my journey, I have been meeting chief ministers, governors, police commissioners and film stars. They meet me, take a picture, and move on with their lives. I never asked anything for myself, but why don’t they do something for the country?
Why are our leaders going around the world begging companies to invest in India instead of addressing the issues here? The country here seems to be on a dangerous path while our politicians only care about their next foreign trip.”
“On my way from Tezpur to Guwahati in Assam, I had to cross a forest… One has to carry dozens of bananas to cross the forest, as herds of elephants stop their human counterparts and don’t let them go unless they are given their ‘tax’. I carried six kilo bananas, and indulged the elephants. Not far ahead on this journey, I was surrounded by a group of Naga tribesmen…
They demanded that I hand over all my belongings…That’s when the elephants came to my rescue! The biggest one among them ran towards the group. The men panicked and fled. The elephant then picked up my bag with its trunk and the whole herd walked with me.
Once we reached the road, I was given my bag and the herd walked back in,” he told The Time of India in November 2015, when he was on a break in Hyderabad during his 22nd trip.
How has he been doing this for more than 2 and a half decades? He usually wakes up at 5:00 am in the morning and then he walks till 12:00 noon and takes rests for an hour, and again walks till 7:00 pm.
Bagicha Singh believes that the country’s youth will gradually understand the ill effects of tobacco and alcohol. He also hopes that the country would be free from corruption, child labour and other such social issues.
On the eve of Prime Minister Narendra Modi’s swearing- in ceremony, here I present you not one, but five major historic blunders( in short)made by our then Prime MinisterRajiv Gandhi.
Blunder no 1- The Shah Bano case
Shah Bano, a muslim woman, mother of 5 from Indore,was given triple talaq by her husband in 1978.
She filed a criminal suit against her husband in the Supreme court of India and won the right to alimony from her husband. This was considered as a historic landmark judgement made by the supreme court.
This judgement didn't go down well with the minorities, as they considered it against their religious sentiments.
Rajiv government, in order to appease the minorities, passed the Muslim woman ( protection of rights on divorce) Act, 1986 which diluted the judgement of the supreme Court and restricted the alimony to only 90 days after the divorce.
On 23 Mar 1986, Rs 1,437 crore contract was signed between the INC and Swedish arms company, Bofors for supplying the Indian army with 155mm Howitzer guns.
A broadcast by a swedish radio, revealed that huge amounts of bribes were paid by Bofore to top Indian politicians, including Rajiv Gandhi and exposed this as the biggest scam of all times.
In India, Rajiv's own Defense MinisterVP Singh exposedthis scam with the help of N Ram, a publisher of ‘The Hindu’ Newspaper.
VP Singh was sacked as expected, and the successive Congress government successfully managed to keep it under wraps.
Thousands of people died on 2nd- 3rd Dec'84 in one of the world's worst disasters, due to poisonous gas leak.
The main culprit,Andersonwas given a safe passage from Bhopal to Delhi and then to US in state airplane with full security.
The then CM of BhopalArjun Singhwrote in his autobiography that Rajiv Gandhi did this to release his childhood friend Adil Shahiyar who was in the US jail that time.
Blunder no 5- Kashmir Insurgencyand killing of Kashmiri Pandits.
In 1987, after forming alliance with the CongressFaruq Abdullahwon the state elections in Kashmir, which was openly rigged by the congress.
This win was immediately followed by many millitant activities which were sponsored and supported by Pakistan. Rajiv's “good friend”Benazir Bhuttowas the PM that time.
Kashmiri pandits were mercilessly killed in their own homeland and India , under the rule of Rajiv Gandhi failed to protect its citizens . It was a matter of shame for the Rajiv government and for India.
An immediate and strict military action was needed, but Rajiv Gandhi continued to keep a blind eye as appeasement, was more important than the lives of our citizens.
Networking of 500,000 hotspots to boost digital connectivity, bring down call drops
The project is expected to boost digital connectivity, shift a big chunk of internet traffic from mobile networks to cheaper and faster Wi-Fi networks
Prime Minister Narendra Modi is set to announce the networking of 500,000 public Wi-Fi hotspots across India’s cities and villages, two people familiar with the matter said, so users can sign up with one hotspot operator and connect to hotspots of any other operator while on the move, similar to mobile roaming.
The project is expected to boost digital connectivity, shift a big chunk of internet traffic from mobile networks to cheaper and faster Wi-Fi networks, ease network congestion and potentially bring down call drops.
“In the first phase, 500,000 hotspots will be brought under this architecture immediately and these will be inter-operable across various telecom operators, internet service providers, mobile virtual network operators and common service centres. Users can be on-boarded through a single click," said the first of the two people, both of whom spoke under condition of anonymity.
Inter-operability essentially means a mobile subscriber of Airtel can use a Wi-Fi hotspot run by Jio or any other service provider after buying a sachet-size internet voucher and opting for a one-time authentication at the Wi-Fi access point. These data sachets would work across the country but the bill would be payable to the subscriber’s own service provider. At the back-end, the service providers will settle the revenue to be share based on the data used at the hotspot.
“The PM may announce this on the oath-taking day itself. The intention is to increase the number to one million hotspots by the end of 12 months from the date of announcement of roll-out," the second person said.
Users who cannot afford monthly internet recharge packs but want to use small amounts of data for short periods will also benefit from this plan. It is also expected to create jobs as these public data offices (PDOs), similar to public call offices (PCOs), would buy bulk bandwidth from telecom service providers (TSPs) or internet service providers and resell data packs. In fact, the national digital communications policy, which was approved by the Cabinet in September, has aimed to deploy 5 million public Wi-Fi hotspots by 2020 and 10 million by 2022 through a National Broadband Mission.Globally, Wi-Fi has become central for internet access as it can be deployed at relatively low costs. The cost per megabyte of deploying Wi-Fi access infrastructure is substantially lower than for 3G or 4G mobile broadband networks.
In April 2018, the Telecom Regulatory Authority of India had submitted a report to the department of telecommunications suggesting an architecture for these hotspots, which the Telecom Commission, the highest decision making authority at the department of telecommunications, accepted in May.
The COAI since then has been working with various government agencies to put in place a framework which would be security-proof and robust.
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Himachal Futuristic Communications Limited (NSE:HFCL).
Over the last twelve months Himachal Futuristic Communications has recorded a ROE of 16%. That means that for every ₹1 worth of shareholders' equity, it generated ₹0.16 in profit.
Return on Equity = Net Profit ÷ Shareholders' Equity
Or for Himachal Futuristic Communications:
16% = ₹2.2b ÷ ₹14b (Based on the trailing twelve months to March 2019.)
It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. It is all earnings retained by the company, plus any capital paid in by shareholders. The easiest way to calculate shareholders' equity is to subtract the company's total liabilities from the total assets.
What Does Return On Equity Mean?
ROE measures a company's profitability against the profit it retains, and any outside investments. The 'return' is the amount earned after tax over the last twelve months. A higher profit will lead to a higher ROE. So, as a general rule, a high ROE is a good thing. That means it can be interesting to compare the ROE of different companies.
Does Himachal Futuristic Communications Have A Good Return On Equity?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Himachal Futuristic Communications has a superior ROE than the average (11%) company in the Telecom industry.
NSEI:HFCL Past Revenue and Net Income, May 28th 2019
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
Himachal Futuristic Communications's Debt And Its 16% ROE
While Himachal Futuristic Communications does have some debt, with debt to equity of just 0.39, we wouldn't say debt is excessive. The combination of modest debt and a very respectable ROE suggests this is a business worth watching. Conservative use of debt to boost returns is usually a good move for shareholders, though it does leave the company more exposed to interest rate rises.
But It's Just One Metric
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too.
Two people, including a child, were feared dead on Tuesday in a mass stabbing attack that also injured 17 people in Japan, emergency services said.
The rampage, which took place in the Japanese city of Kawasaki, was a rare attack in a country with one of the lowest rates of violent crime in the developed world and there was no immediate detail on the motive of the knifeman.
The attack occurred during the busy early morning commute as workers headed to their offices and children to school in Kawasaki, a city south of Tokyo.
A male suspect, likely in his 40s to 50s, reportedly began slashing at people waiting at the station and was badly hurt after stabbing himself in the shoulder. He was detained on the spot by the police later.
Footage broadcast on local television channels showed that emergency medical tents were put up to treat the wounded.
The attack comes as Japan hosts United States President Donald Trump on a state visit, which wraps up Tuesday with the US leader visiting an American military base outside of Tokyo.
With such a low crime rate, visitors to Japan are often surprised to see very young children travelling unaccompanied to school.
I’ve been working from Gabon in Africa for a year now and as I’ve lived outside India for more than 182 days, I qualify as a non-resident Indian (NRI). My employer is paying my salary in an Indian bank account. Being an NRI, will the salary received from my employer’s overseas account be taxable?
—Name withheld on request
Firstly, you should establish your residential status in India for the financial year in question. Here’s how your residential status is identified. Conditions: a) you are in India for 182 days or more in the financial year (FY); or b) you are in India for 60 days or more in the FY and 365 days or more in the four FYs immediately preceding the relevant FY. Additional conditions: you are resident in India in two of the 10 FYs immediately preceding the relevant FY; and you are in India in the seven years immediately preceding the relevant FY for 729 days or more.
If you meet any of the first set of conditions and both the additional conditions, you shall be considered a resident in India. If you meet any of the first conditions but do not meet the additional conditions, you shall be considered a resident but not ordinarily resident (RNOR) in India. If you do not meet any of the first conditions, you shall be an NRI.
However, condition b) does not apply to Indian citizens who have left India for employment abroad. Therefore, you are unlikely to meet any of the first set of conditions and you will be an NRI for tax purposes.
Indian tax laws state that income that is received in India shall be taxable in India. Whether salary directly received in an Indian bank account by an NRI for receives rendered outside India has been a matter of frequent litigation. In these cases, usually the view has been that such salary is not taxable in India since the services have not been rendered in India, and funds have been merely remitted to an Indian bank account. However, in some cases, such income is taxed in India based upon the fact that it was first received in India. It is recommended that you receive the salary locally where you are employed and then remit it as required by you. Otherwise, you may have to report it in tax returns in both the countries and take credit of taxes paid in the country where you are resident for tax paid outside based upon double tax avoidance agreement between the two countries.
I am an Australian citizen. My sister passed away recently and I want to buy a flat for my sister’s children and husband. What are the tax implications for me and my sister’s husband? Can he receive the flat as a gift? Will it be wiser to buy the flat in my father’s name?
—Adarsh Khurana
Yes, you can purchase a flat as a gift for your sister’s husband, and this will not be taxable in his hands. Gifts to specified relatives are exempt from tax. Your sister’s husband is included in the list of specified relatives, as per the Income Tax Act. However, in case there is any income from this asset, it shall be clubbed with income earned by you from India and will be taxable in your hands. Since you are likely to be a resident in Australia for tax purposes, you must also comply with local laws that may apply to such a purchase.
Archit Gupta is founder and chief executive officer, ClearTax
