Tool Kit | wealthymatters

The Strengths Of Various B-Schools

February 14, 2014 Leave a comment

wealthymatters

There are MBAs and MBA’s and most applicants don’t look beyond CAT scores,fees and location before picking an institute.A more mature way of looking at things would be to get some work experience and figure out what sort of work you like,in which industry,what you can do well,whether you really need an MBA to do well and get ahead,if so what sort specialization you would like etc, and then plan on the simplest way to get into the course of your choice.

Following is a list of the best local institutes for preparing for different corporate roles:

Strategy: IIM Ahmedabad

Sales and Marketing: ISB Hyderabad and Mohali,IIMs,IIFT,FMS,MDI Read more of this post

Filed under Tool Kit Tagged with best MBAs, postaday

Looking For A Jobby Job

February 14, 2014 Leave a comment

wealthymatters This link takes you to available jobs in India.

If you have been reading my blog for a while you have probably come across the term the Cash Flow Quadrant,else just use the search box at the top of the blog to catch up.If you wish to become wealthy,it helps to have multiple incomes,especially business incomes,to fund investments that put out passive incomes.

The general idea is that our time,energy and attention spans are limited.So instead of working at a job to earn money,it is better to build little money making machines,ie sources of largely passive income,so that we can manage to make money and accumulate wealth without much daily effort.Hence my focus on entrepreneurship and investing in this blog.Even if you are employed full-time,do acquire a part-time business to increase your income and as insurance against the perils of job loss.

So if we are all to be entrepreneurs,ie self-employed or better still employers of other employees why this post on looking for a job? Read more of this post

Filed under Tool Kit Tagged with available jobs in India, business income, Cash Flow Quadrant, employed full-time, job loss, jobby job, money making machine, multiple income, passive income, postaday, self employed, why get a job

Donating To A Political Party – Section 80GGC

February 11, 2014 Leave a comment

wealthymatters The entire amount donated by an individual to a recognized political party is allowed as deduction under Section 80GGC of the Income-Tax Act while computing gross total income.

The donation should be made to a political party registered under Section 29A of the Representation of the People Act to avail of this deduction.

With effect from FY14, cash donations to political parties don’t qualify for tax reliefs. So take care to make the payment through banking channels — cheques, demand drafts, credit or debit cards and internet banking — if you are planning to claim tax deductions.

This exemption is part of Chapter VI-A deductions. And under the law, the total deductions under Chapter VI-A cannot exceed the gross income. Other benefits under Chapter VI-A deductions include tax-saving investments under Section 80C, health insurance premium under Section 80D and interest on education loan under Section 80E, among others. These can be claimed against your income from salary and house, but not all sources of income. The Chapter VI-A deductions cannot be claimed against incomes taxed at special rates, such as long-term capital gains, short-term capital gains which are taxed at 15% under Section 111A and winning lotteries or games, which are taxed at a flat rate of 30%.

Also, most employers usually don’t factor in such donations in employees’ investment declarations and Form 16. So, while your tax-saving investments under Section 80C are taken into account to calculate your tax , exemptions related to donations don’t receive a similar treatment.Employees have to claim a refund at the time of filing their income tax returns.

Filed under Tool Kit Tagged with Chapter VI-A deductions, donating to a political party, Form 16, political funding, postaday, Section 111A, Section 29A of the Representation of the People Act, section 80C, Section 80E, Section 80GGC, tax deductions

Kick The But

February 6, 2014 1 Comment

wealthymatters Here follows a great story from Quora –

A very smart woman I worked with once told me that if I eliminated the word “but” from my professional vocabulary, I’d find greater acceptance for my ideas, and greater cooperation from my team members. She said people would have a very different perception of me if I could change this one thing.

The reason, she said, is because the word “but” negates everything that precedes it, and you cast a negative spin on anything you say when you use it.

Consider, for example, “We can do it this way, but it’ll be way too expensive given our budget,” versus “We can do it this way, and if we do, we’ll need to cut back on other important features.” The first indicates that we can’t even consider the option. The second acknowledges possibility and describes consequences.

“But” is exclusive and isolating, “and” is inclusive and welcoming.

She was absolutely right, and it’s advice I have used with great success for the past 30 years of my life.

Filed under Entrepreneurship, Tool Kit Tagged with consensus building, postaday, say and not but

Release,Relinquishment,Settlement And Partition Deeds

February 5, 2014 Leave a comment

wealthymatters A release deed is a document through which one who has limited rights to a piece of real estate (usually a Mortgagee or Lienholder) abandons those rights back to the owner of the real estate.

A relinquishment deed is used for relinquishing a person’s rights to a property.It can be used to convert a joint holding property into a single holding.

A settlement deed is a document used when any disputes amongst any persons or group of persons is settled ,say via compromise.

A partition deed is executed by the co-owners of a property when there is a partition is by mutual consent.