Invincible Spirit
June 5, 2014 Leave a comment
Sauce For The Goose Isn’t Sauce For The Gander
June 4, 2014 Leave a comment
Obviously we all agree that money now is better than the same money later.Hence,the practice of using discount rates.The government has an interesting take on discount rates.
There are various provisions in the Income Tax Act for charging of interest if a taxpayer fails to pay tax on time. Similarly, there are provisions for giving interest on a refund to taxpayers.
When a taxpayer defaults in making payment of tax, interest or penalty, he has to pay interest @ 12% p.a., (in some cases even @18% p.a.), In contrast, I-T the department pays interest only at 6% p.a. on refunds issued. The rate remains 6% even if the department delays the refund. Moreover, if there is default in paying tax, in addition to interest, the tax payer is further liable for penalty u/s 221 @ 12%. However, there is no corresponding liability on the department if it defaults in issuing refund in time to the taxpayer. Read more of this post
Passion Wit And Dreams
June 4, 2014 Leave a comment
“So, what do you go for in a girl?”
He crows, lifting a lager to his lips
Gestures where his mate sits
Downs his glass
“He prefers tits
I prefer ass.
What do you go for in a girl?”I don’t feel comfortable
The air left the room a long time ago
All eyes are on me
Well, if you must knowI want a girl who reads
Yeah. Reads.
I’m not trying to call you a chauvinist
‘Cos I know you’re not alone in this
but… Read more of this post
The Economic Reality Of Being A Gulfie
May 31, 2014 6 Comments
Many resident Indians think that by going to the Gulf, a person is probably set for life and will soon be rolling in money.This assumption is made often on the basis of the lavish houses and weddings that Gulfies go for.The truth is often very different.Sure there are well to do Indian-origin businessmen in the Gulf,and undoubtedly Indians who draw excellent salaries on par with the rest of the world,but for most Gulfies,the reality is something else……
Save, save and save. That’s the sacred mantra of most middle class Gulfies. Many sacrifice a lot to save. Some live without their families for years. Only some 10% live with their families,often in dingy apartments. The dream is to return to India to live in palatial homes.Payday is their happiest day. After drawing salaries, they rush to send money to India. Only cash for basic necessities, like food, is left behind in their wallets. The reasons for their obsession with saving are simple. While most Indians in the West do not come back, Gulf Indians want to return home and enjoy a higher standard of living and relax. Buying luxurious homes, sending their children to elite educational institutions in India or even in the West, finishing family commitments such as education and marriage of siblings,paying off loan sharks and moneylenders,amassing the massive dowries for daughters that have become a fad in Kerala and having enough money in the bank to sustain them for a long time takes precedence over everything else.Furthermore,for many,living expenses in the UAE are so high that they can’t meet all the domestic expenses in India,out of their savings.So they opt for loans whose servicing severely cuts into their disposable income. Read more of this post
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