Abraham Lincoln - Creative Touch

On the first day, as President Abraham Lincoln entered to give his inaugural address, just in the middle, one man stood up. He was rich aristocrat. He said, "Mr Lincoln, you should not forget that your father used to make shoes for my family". And the whole Senate laughed; they thought they had made a fool of Abraham Lincoln.

 

But Lincoln - and that type of people are made of a totally mettle, Lincoln looked at the man and said, "Sir I know that my father used to make shoes in your house for your family, and here will be many others here.... because the way he made shoes; nobody else can. He was a creator. His shoes were not just shoes, he poured his whole soul in it. I want to ask you, have you any complaint? Because i know how to make shoes myself; if you have complaint I can make another pair of shoes. But as far as I know, nobody has ever complained about my father's shoes. He was a genius, a great creator and I am proud of my father".

The whole Senate was struck dumb. They could not understand what kind of man Abraham Lincoln was. He had made shoes making an art, a creativity. And he was proud because his father did the job so well that not even a single complaint had ever been heard.

It does not matter what you do. What matters is how you do it - of our own accord. Then whatever you touch becomes gold.

Know Direct Tax Code (DTC)

Here are some of the salient features and highlights of the DTC:

The New Direct Tax Code (DTC) is said to replace the existing Income Tax Act of 1961 in India. It is expected to be passed in the monsoon session of 2010 and is expected to be enforced from 2012. During the budget 2010 presentation, the finance minister Mr. Pranab Mukherjee reiterated his commitment to bringing into fore the new direct tax code (DTC) into force from 1st of April, 2011, but same could not be fulfilled and now it will be applicable from 1st April, 2012.

DTC bill was tabled in parliament on 3oth August, 2010. There are big changes now in monsoon session and There are now much less benefits as compared to what were in the original proposal.

1. DTC removes most of the categories of exempted income. Unit Linked Insurance Plans (ULIPs), Equity Mutual Funds (ELSS), Term deposits, NSC (National Savings certificates), Long term infrastructures bonds, house loan principal repayment, stamp duty and registration fees on purchase of house property will loose tax benefits.
2. Tax saving based investment limit remains 100,000 but another 50,000 has been added just for pure life insurance (Sum insured is atleast 20 times the premium paid) , health insurance, mediclaims policies and tuition fees of children. But the one lakh investment can now only be done in provident fund, superannuation fund, gratuity fund and new pension fund.
3. The tax rates and slabs have been modified. The proposed rates and slabs are as follows:
• Up-to INR  200,000 (for both men and women, senior citizens 250,000) - Nil
• Between INR 200,000 to 500,000 - 10%
• Between INR 500,000 to 1,000,000 - 20%
• Above INR 1,000,000 - 30%
4. Exemption will remain same as 1.5 lakhs per year for interest on housing loan for self-occupied property.
5. Only half of Short-term capital gains will be taxed. e.g. if you gains 50,000, add 25,000 to your taxable income.Long term capital gains (From equities and equity mutual funds, on which STT has been paid) are still exempted from income tax.
6. As per changes on 15th June, 2010, Tax exemption at all three stages (EEE) —savings, accretions and withdrawals—to be allowed for provident funds (GPF, EPF and PPF), NPS (new pension scheme administered by PFRDA), Retirement benefits (gratuity, leave encashment, etc), pure life insurance products & annuity schemes. Earlier DTC wanted to tax withdrawals.
7. Surcharge and education cess are abolished.
8. For incomes arising of House Property: Deductions for Rent and Maintenance would be reduced from 30% to 20% of the Gross Rent. Also all interest paid on house loan for a rented house is deductible from rent.Before DTC, if you own more than one property, there was provision for taxing notional rent even if the second house was not put to rent. But, under the Direct Tax Code 2010 , such a concept has been  abolished.
9. Tax exemption on LTA (leave travel allowance) is abolished.
10. Tax exemption on Education loan to continue.
11. Corporate tax reduced from 34% to 30% including education cess and surcharge.
12. Taxation of Capital gains from property sale : For sale within one year, gain is to be added to taxable salary.For long term gain (after one year of purchase), instead of flat rate of 20% of gain after indexation benefit, new concept has been introduced. Now gain after indexation will be added to taxable income and taxed at per the tax slab.Base date for cost of acquisition has been changed to 1st April, 2000 instead of earlier 1st April, 1981.
13. Medical reimbursement : Max limit for medical reimbursements has been increased to 50,000 per year from current 15,000 limit.
14. Tax on dividends: Dividends will attract 5% tax.
15. Bad news for NRIs : As per the current laws, a NRI is liable to pay tax on global income if he is in India for a period more than 182 days in a financial year. But in new bill, this duration has been changed to just 60 days.This is very unfair to Seafarers. To avoid any income tax, an Indian sailor employed with a foreign ship will have to stay maximum for 60 days in India.

Source: pankajbatra.com

Why we read the Bhagavat Geeta

Why we read the Bhagavat Geeta, even if we can't understand it ?

An old farmer lived on a farm in the mountains with his young Grandson.

Each morning, Grandpa was up early sitting at the kitchen table reading his Bhagavat Geeta.

His grandson wanted to be just like him and tried to imitate him in every way he could.

One day the grandson asked, "Grandpa! I try to read the Bhagawat Geeta just like you but I don't understand it, and what I do understand, I forget as soon as I close the book. What good does reading the Bhagawat Geeta do?"

The Grandfather quietly turned from putting coal in the stove and replied, "Take this coal basket down to the river and bring me back a basket of water."

The boy did as he was told, but all the water leaked out before he got back to the house.

The grandfather laughed and said, "You'll have to move a little faster next time," and sent him back to  the river with the basket to try again.

This time the boy ran faster, but again the basket was empty before he returned home. Out of breath, he told his grandfather that it was impossible to carry water in a basket, and he went to get a bucket instead.

The old man said, "I don't want a bucket of water; I want a basket of water. You're just not trying hard enough," and he went out the door to watch the boy try again.

At this point, the boy knew it was impossible, but he wanted to show his grandfather that even if he ran as fast as he could, the water would leak out before he got back to the house. The boy again dipped the basket into river and ran hard, but when he reached his grandfather the basket was again empty.

Out of breath, he said, "SEE.... it is useless!"

"So you think it is useless?" The old man said, "Look at the basket."

The boy looked at the basket and for the first time realized that the basket was different. It had been transformed from a dirty old  coal basket and was now clean, inside and out.

"Son, that's what happens when you read the Bhagavat Geeta. You might not understand or remember everything, but when you read it, you will be changed, inside and out. That is the work of Lord Krishna in our lives."