BUDGET 2017. REFORMS IN TAXATION.

The Lok Sabha on Wednesday passed the Finance Bill, completing the budgetary exercise for 2017-18. Since the Finance Bill is a Money Bill, it needs only to be cleared by the Lok Sabha. Starting from April 1, 2017, some income tax laws will change. Finance Minister Arun Jaitley had announced a number of income tax changes in Budget 2017. In addition, some amendments were also introduced in the Finance Bill that was passed by the Lok Sabha. Here are some of the changes that income tax payers should note:

1) The tax rate on income between Rs 2.5 lakh and Rs 5 lakh will get halved to 5 per cent from 10 per cent. However, rebate under Section 87A gets reduced from Rs 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs 3.5 lakh. This means tax savings of up to Rs 7,700 for those with a taxable income between Rs 3 lakh and Rs 5 lakh. And for persons with taxable income between Rs 5 lakh and Rs 50 lakh, tax savings of Rs. 12,900.

2) A 10 per cent surcharge will be applicable for individuals having income ranging from Rs 50 lakh to Rs 1 crore (existing surcharge of 15 per cent will remain the same for individuals having income above Rs 1 crore.)

3) A simple one-page form will be introduced for filing tax return for individuals having a taxable income up to Rs 5 lakh other than business income.

4) No deduction will be allowed for investment in Rajiv Gandhi Equity Saving Scheme from Assessment Year 2018-19. This tax-saving scheme, announced in the Union Budget for financial year 2012-13, was designed exclusively for the first-time individual investors in the securities market with gross total income below a certain limit.

5) Income tax officials can reopen tax cases for up to 10 years if search operations reveal undisclosed income and assets of over Rs 50 lakh. Currently, tax officers can go back up to six years to scrutinise the books of accounts of assessees. Taxpayers who do not file their returns on time will have to shell out a penalty of up to Rs 10,000 from Assessment Year 2018-19. However, if the total income of the person does not exceed Rs 5 lakh, the fee payable under this section shall not exceed Rs 1,000.

6) The holding period of a property for qualifying as long-term gains will be reduced to two years, from three years. This will help save tax if a property is sold within two years of buying. The profit from the transaction will be treated as short-term capital gains and will be taxed according to the slab rate applicable to him/her.

7) The government has cut down tax benefits borrowers enjoyed on properties let out on rent. As per current tax laws, for properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get a deduction of Rs 2 lakh on interest repayment on home loan. But on rented properties, the borrower can only claim a deduction of up to Rs 2 lakh per year after adjusting for the rental income. And the amount above Rs 2 lakh can be carried forward for eight assessment years. Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years.

8) Individuals will be required to deduct a 5 per cent TDS (tax deducted at source) for rental payments above Rs 50,000 per month. Tax experts say that the move will ensure that persons who get a large rental income come into the tax net. It will be effective from June 1, 2017.

9) Partial withdrawals from National Pension System (NPS) will not attract tax. According to the proposed changes, NPS subscribers can withdraw 25 per cent of their contribution to the corpus for emergencies before retirement. Remember that withdrawal of 40 per cent of the corpus is tax-free on retirement.

10) Aadhaar number will be a must while applying for PAN as well as filing of income tax returns from July 1. To curb black money, the limit on cash transactions has been set at Rs 2 lakh. The Finance Bill had originally proposed the cap at Rs 3 lakh. If a person receives any sum in contravention of the tax law, he/she will be liable to pay, by way of penalty, a sum equal to the amount.

13 Surprising Health Benefits of Garlic

13 Surprising Health Benefits of Garlic

 
Try garlic for these unexpected health benefits, who-knew beauty uses, and hidden home repairs.

●• Grow Beautiful Hair with garlic.

Garlic could end your hair loss problems because of its high levels of allicin, a sulfur compound similar to that found in onions, which were found to effectively treat hair loss. Rub sliced cloves of garlic on your scalp, squeezing as you go for the most benefit. You can also infuse oil with garlic and massage it into your scalp.

●• Garlic clears Acne.

It might not be a main ingredient in your drugstore acne medication, but garlic makes a great natural remedy to banish unsightly blemishes. Its antioxidants kill bacteria, so rub a sliced clove of garlic on the pimple for an effective topical treatment.

●• Garlic Prevents And Treats Colds.

Packed with antioxidants, a daily dose of garlic in your recipes could benefit your immune system. If a cold does sneak by, try sipping garlic tea: steep chopped or minced garlic in hot water for several minutes, then strain and drink. You can add a bit of honey or ginger to improve the taste.

●• Soothe psoriasis with garlic.

Since garlic has proven anti-inflammatory properties, it could be useful in relieving uncomfortable psoriasis outbreaks. Try rubbing a little garlic oil on the affected area for smooth, rash-free skin.

●• Contol Your Weight With Garlic.

Garlic could help you control your weight, according to nutritionist Cynthia Sass, who cites a study that showed mice eating a garlic-rich diet reduced their weight and fat stores. To take advantage of this benefit, try to cook with garlic daily.

●• Remove a Splinter With Garlic.

Placing a slice of garlic over the sliver and covering it with a bandage or duct tape has been a folk cure for years. As natural remedies gain in popularity, current bloggers swear this one works.

●• Treat athlete's foot With Garlic.

With its anti-fungal properties, some people swear that a benefit of garlic is its ability to relieve itchy athlete's foot. Soak your feet in a bath of warm water and crushed garlic.

●• Keep Away mosquitoes With Garlic.

Scientists aren't sure why, but mosquitoes don't seem to like garlic. One study in India found that people who rubbed a garlicky concoction on their arms and legs weren't bothered by the pesky buggers. Make a solution of garlic oil, petroleum jelly, and beeswax for a natural repellant or place cloves of garlic nearby.

●• Garlic Conquers Cold Sores.

A popular cold sore home remedy involves holding a bit of crushed garlic directly on the cold sore; its natural anti-inflammatory properties could help reduce pain and swelling. Garlic supplements may also speed up the healing process, according to ecosalon.com.

●• Garlic Works As a Natural Glue.

Have you ever noticed how sticky your fingers get after chopping garlic? That natural adhesive quality is why some people use garlic to fix hairline cracks in glass. Crush some cloves and rub the juice on the crack, wiping away any excess.

●• De-ice Your sidewalk With Garlic.

A town in Iowa used donated garlic salt to remove ice from roadways. Next time you stumble on old garlic salt in the back of your spice cabinet, save it for an icy walkway.

●• Protect Plants with Garlic.

Garden pests don't like garlic, so make a natural pesticide using garlic, mineral oil, water, and liquid soap. Pour into a spray bottle and mist your plants to keep away destructive critters.

●• Catch more fish With Garlic.

Fish are so attracted to the scent of garlic that you can buy bait with the smell built in. Or, get this benefit by making your own using food scraps and, of course, plenty of cloves.

US 'got it so wrong' on Saddam Hussein, says CIA analyst who interrogated dictator.

'We never thought about using weapons of mass destruction,' former Iraqi ruler told CIA
Will Worley Sunday 18 December 2016

Saddam Hussein was executed in 2006
The US "got it wrong" about Saddam Hussein and Iraq, the CIA analyst who interrogated the former dictator has said.

John Nixon had numerous conversations with the deposed leader and now says that America was critically mistaken about their intervention Iraq in a number of ways.

In particular, he claims, the CIA’s view of Hussein’s attitude to using chemical weapons was wrong.

Mr Nixon also criticised the conduct of George W Bush, under whose leadership America invaded Iraq, saying the former president heard “only what he wanted to hear” on the topic.

During the interrogations, Mr Nixon asked Hussein if he’d ever thought of engaging in a pre-emptive strike with WMDs against US troops based in Saudi Arabia.

According to Mr Nixon, writing in the Mail on Sunday, the former dictator’s reply was: “We never thought about using weapons of mass destruction. It was not discussed. Use chemical weapons against the world? Is there anyone with full faculties who would do this? Who would use these weapons when they had not been used against us?”

'I toppled Saddam’s statue, now I want him back'
Mr Nixon admitted this was “not what we had expected to hear”.

The main reason the American and British governments used to justify the controversial invasion of Iraq was the supposed risk posed by the WMDs possessed by the country.

Saddam Hussein was the president of Iraq from 1979 to 2003 Getty

Hussein then said America had made such a grave misjudgement because “the spirit of listening and understanding was not there” and some of the blame for this lay with himself.

The faulty intelligence surrounding WMDs wasn’t the only mistake the Americans made about Iraq.

According to Mr Nixon, Hussein warned him against the nation building the American government was attempting in the country.

“You are going to fail,” Hussein told him. “You are going to find that it is not so easy to govern Iraq.”

Hussein was executed in 2006, three years after his capture close to his home town of Tikrit at the hands of American Special Forces.

But his predictions were accurate: The country descended into chaos after he was removed from power, and nearly 200,000 people have died in the conflicts that followed.

Iraq is now widely regarded as a failed state, and still suffers from widespread violence, including from Isis, who are currently defending the city of Mosul.

Thirteen years on, at least 5,000 American troops remain in the country.

Mr Nixon also spoke out against Mr Bush, who was rude towards him and reportedly made inappropriate jokes about the missing WMDs.

Mr Bush blamed the CIA for Iraq’s failures, Mr Nixon said, adding that he “called its analysis ‘guesswork’ while hearing only what he wanted to hear”.

RTI reveals Make In India logo designed by foreign co’s Indian arm!

Going against the essence of Prime Minister Narendra Modi’s much-touted initiative to promote India as a manufacturing hub, the logo of the Make in India campaign was designed by a foreign firm’s India arm, a query under the Right to Information (RTI) Act has revealed.

'Make in India' is NDA government's ambitious initiative to attract international investment in the country. (Make in India website photo)

This information came to light after Neemuch district-based RTI activist Chandrashekhar Gaur filed an application in this regard with the Ministry of Commerce and Industries, New Delhi.

The Make in India campaign was launched by the PM just months after he assumed office to give a push to India’s economy.

However, controversy over its logo erupted soon after — first over the logo’s similarity to advertisements displayed by Zurich Cantonal Bank on local trains in Zurich and later when sections of media raised the issue of it being designed by a subsidiary of a US-based consultant firm.

The logo was designed by the Indian subsidiary of Portland, Oregon-based Wieden+Kennedy, one of the largest independently owned advertising agencies in the world.

Responding to criticism over hiring a foreign firm for the Make in India logo, Amitabh Kant, secretary of Department of Industrial Policy and Promotion (DIPP), on

Thursday tweeted, “Logo has been designed by young Indians led by an Indian creative director. This is an Indian subsidiary of W & K.”

Congress distances itself from Chidambaram’s remark on Afzal Guru’s hanging !!

Congress distances itself from Chidambaram’s remark on Afzal Guru’s hanging!!

Chidambaram has been quoted as having said in a newspaper interview that he felt it was possible to hold an “honest opinion” that the Afzal Guru case was “perhaps not correctly decided” and that there were “grave doubts about the extent of his involvement” in the Parliament attack.

Congress on Thursday distanced itself from its senior leader P Chidambaram’s remark that the case of Parliament attack convict Afzal Guru, who was hanged in 2013, “was perhaps not correctly decided”. “The decision of the honourable Supreme Court in the Afzal Guru case is final and declaratory of law and justice in the case. It is futile to reopen this debate since the matter has attained judicial finality. Every citizen and instrumentality of the government is bound in law to accept the judgment of the final court,” party spokesman Ashwani Kumar told reporters.

 Kumar, also a senior advocate like Chidambaram, said that “Congress party accepts the SC judgment in the case as final and correct”. Replying to a question, he said the Supreme Court has itself said that “we are not infallible but we are final” Chidambaram has been quoted as having said in a newspaper interview that he felt it was possible to hold an “honest opinion” that the Afzal Guru case was “perhaps not correctly decided” and that there were “grave doubts about the extent of his involvement” in the Parliament attack. Chidambaram was Union Home minister when Afzal Guru’s mercy plea was rejected by the previous UPA government in 2011. 

Startup India: Tech ventures have big expectations.

Prime Minister Narendra Modi's StartUp India, StandUp India initiative aims at giving boost to entrepreneurship and job creation in the country. As startups await the launch of the action plan on January 16, TechGig.com spoke to tech startup about their expectations from the government's new initiative. 

Natasha Jain, CEO, Ruplee, a mobile eating-out payment app

"At the roots of development is the capability of creating a social sustainability. And as we all know no organisation can run without a skilled manpower.

We are talking of this in a country where the average age is in mid-20s. My take is that more startup will lead to more infrastructure to support the entire startup ecosystem and this will create far more 'sustainable' job opportunities then the startup themselves. For example, food startups would need raw material, suppliers, small food outlets, logistics provider. Similarly, transport startups would need more vehicles on road leading to a larger workforce needed to make and maintain the vehicles; and of course drive them."

Deepak Sethi, cofounder, Pom Pom, an online recycling platform (The company is an invitee at the StartUp India event)

"The emphasis given by PM to start ups, entrepreneurship and new ideas is in itself a strong catalyst for the youth who want to set up their own enterprises. New companies will lead to more jobs and more ideas getting formalised and cemented into a corporate structure. We also hope it will give young women and entrepreneurs, more so in tier 2 and tier 3 cities, access to funding opportunities to scale up and turn their dreams into sustainable businesses."

Dhruv Chaudhari, founder and CTO, Hugefly Technologies, a machine learning startup 

"Startup India, Standup India will undoubtedly boost entrepreneurship, job creation and promote technological innovation at a large scale. Youth will get exposure to work on and develop new technologies. This will not only create jobs, but quality skill sets. Hence, jobs created by Startups will have a long-lasting socio-economic impact as well."

Puneet Kapoor, director, BigChemist, an online pharmacy 

"If early-stage startups are funded in a time-bound manner with a roadmap created for growth and sustainability, they move up the value chain. There could be issues where the startup is not yet profitable or does not have sustaining cash flows and also does not have access to more capital. In such cases, there would be job losses, to avoid such realistic scenario, an exit policy should be part of the programme wherein bigger players with the help of the fund are able to take over the startup without major hindrances to keep that startup going in one form or the other. There should be some part of the fund be marked and kept for such event to follow in future."

Amit Mittal, cofounder, Simpli5d Technologies, a digital anti-fraud tech company 

"I hope the government takes into account the constraints of a small start-up and makes policies which simplify approvals and regulatory compliance. What we need for a startup India is an agile governance."

Siddharth Rathod and Dr. Kamlesh Kothari, founders, CloneMe, a 3D printing startup 

"This initiative will definitely provide a thrust to the new generation, the so-called 25-year-old tech enthusiasts, to take up entrepreneurship. Talking about 3D Printing, in India, the technology is in a growing phase and the initial designers will have the option to freelance, join a company or become entrepreneurs. Apart from CAD designers, machine technicians who can service 3D printers will also see a great demand for their skills in coming years. The sectors in which jobs will be created would be aerospace, automobile, jewellery, medical, art, fashion and consumer sectors.

Kiran Gopinath, founder and CEO, Adadyn, an ad-tech startup 

"Any initiatives to promote Startups in India, will go a long way in creating jobs not just in the metropolitan cities, but in tier 2 and tier 3 cities as well. As we have seen in the last few years, the opening up of a startup ecosystem has improved the employment situation in India and there is room to absorb talent."

Suvro Ghosh, founder, Lazoi, an online healthcare solution platform

"The challenges that Indian start-ups are facing today are manifold -- whether in terms of reach or speed of internet or in terms of technology. Because in long term reach as well as technology advancement will be very important for start-ups to grow and flourish in India. So if we can deliver in that front and reach to farthest corner of India especially in rural areas by 2020 as planned, startups itself will put the established behemoths into shame in creating new jobs."

Ranjit Punja, CEO and cofounder, CreditMantri, a credit management services startup

"As a fintech startup, it is heartening to learn that the Prime Minister has announced an inter-ministerial body to provide innovative startups with the much needed support to scale rapidly. Great ideas coupled with superior execution and facilitated by favourable regulation, adequate financing and now government support will definitely rapidly create employment and can accelerate economic growth in the country."

Rahul Agarwal, coounder and CEO, MebelKart, an online furniture marketplace 

"The tech disruption brought about by startups will play a key role not only in the way we function but also in defining business models and generating employment across the country. We are hopeful that with the government's involvement, we can look forward to ease of policy regulations, tax exemptions and quick implementation of GST. Going forward it will be crucial for the government, trade associations and startup ecosystem to all work together to create innovative and path-breaking products and companies which can change the world."

Family refuses to stand for national anthem, forced to leave theatre.

Family refuses to stand for national anthem, forced to leave theatre

 

A family of four members was forced to leave a cinema hall after they refused to stand up when the national anthem was played just before the movie's screening. A video, which has gone viral both on YouTube and on microblogging site Twitter, shows some people arguing with the man who refused to stand when the national anthem was played. Some reports said the incident took place in a cinema hall in Kurla, Mumbai. Initially, the man refused to stand up saying that he didn't want to stand, but later changed his statement to say that he had a problem with his knee. Even as he is arguing with the rest of the audience, a woman is seen trying to pacify the agitated crowd. "India mein rahke ... national anthem baj rha...bolta main khada nahi hounga (You live in India and when the national anthem is playing you say you won't stand up?)," a man, who was sitting in front of the family, is heard saying. "You just leave the theatre. Come ... just leave," another one is heard saying. "Sir, main aapko achche se bol rha...please chale jayie," someone from the crowd is heard telling the man. The video shows the man trying to pacify the agitated crowd but to no avail. He finally leaves the cinema hall along with his family after an official of the theatre intervened and asked him to leave. In the video, people can be heard cheering and clapping when the family leaves the hall. The movie didn't start till the family left the hall. What law states From the "Prevention of Insults to National Honour Act, 1971" Section 3: PREVENTION OF SINGING OF NATIONAL ANTHEM "Whoever intentionally prevents the singing of the Indian National Anthem or causes disturbances to any assembly engaged in such singing shall be punished with imprisonment for a term, which may extend to three years, or with fine, or with both." 

Further lets hope & pray that public don't bring the religion in this matter,disrespecting the National anthem & National flag shouldn't be tolerated. Cheers to the guys who respectfully made those people go out of  theatre. Its duty of every Indian to respect National Anthem & stand together for it, irrespective of its caste & creed.

Jai Hind!!