The Facts about TAN
I found this on the Labnol blog TAN - Facts you should know which describe why you need a TAN or Tax Deduction and Collection account number (a unique ten digit alpha-numeric number) that is required to be obtained by anyone responsible for deducting or collecting tax. Unlike PAN, the TAN card is used to by persons responsible for collecting or deducting your tax at the source of said collection whereas PAN is to be obtained by the individual to track his/her own taxes.
Most Politically Incorrect Item of the Week
One will never get away with this statement in the US or Europe, and especially if done by a Government organization, which is why I was amused or dismayed to see the following:
“Q3. Who can apply on behalf of minor, lunatic, idiot, mentally retarded, deceased and wards of court? Ans. Section 160 of IT Act, 1961 provides that a minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons…..“
I found this statement here - Well, I’m not a politically correct person, but this seems a little harsh considering that it’s coming from a Government organization in India. Especially so when the subject pertains to collecting money from people with the descriptions above.
Is a Strong Rupee Good or Bad for India?
The India Street has written on the Rupee and how we predict the stronger valuation vs. the dollar to continue. FDI is streaming into India at an unprecedented rate. In fact July’s inflow will be over $6 billion. Some attribute the Sensex plunge this week to the RBI’s attempt to moderate the Rupee from strengthening. While a stronger Rupee makes Indian exports more expensive, it also allows Indian companies to set up outside of India at a less expensive rate. It also forces Indian companies to be more competitive and thus more profitable over the long run.
Jhunjhunwala Involved in Tops Security Investment?
For our latest Jhunjhunwala watch for the week, The India Street noticed that ICICI Venture Funds and Indivision picked up nearly a 20% stake in Tops Security. You should know that Rakesh Jhunjhunwala owns 16% in the company. There’s a lot of smart people invested in this company now, one should take notice.
Corruption in India
Retired academic Robert Priddy (Philosophy and Social Sciences, University of Oslo) was the chief of Norway’s Sathya Sai Organization (Wikipedia reference). His article Avoidance of the law in India discusses how difficult it is for those in power or those that have wealth to be brought to justice in India.
When I was growing up, I often tried to understand how the wealthy got wealthy and was brought up to believe it was done through smarts and hard work. It pains me to see some that have achieved wealth did so nefariously or worse, those that have achieved power or wealth are still cheating.
The India Street condones fair play in India and we will use our platform to expose corruption that is hurting investors that play by the rules. We have noticed that there are not a lot of articles or stories in the mainstream press about corruption yet we know it takes place frequently. In fact India has been improving as late in the global rankings, but still stands far behind Western Nations. Corruption has been directly linked to poverty “Corruption traps millions in poverty,” said Transparency International Chair Huguette Labelle. “Despite a decade of progress in establishing anti-corruption laws and regulations, today’s results indicate that much remains to be done before we see meaningful improvements in the lives of the world’s poorest citizens.”
Thus there are even more reasons to expose corruption. By exposing it you embarrass and bring shame to those that knowingly cheat you and me. Maybe they won’t be prosecuted in today’s India, but we see a future where all Indian citizens will be treated equally.
- The Editor
Recent Editor Articles = o ns = "urn:schemas-microsoft-com:office:office" /> |
· The India Street Editor Musings – Deal Tracker · Chennai Real Estate to Appreciate by 10% over the next 12 months · Editor Musings – India High Net Worth Individuals, New Videos and Other Updates |
0 comments:
Post a Comment