A Source Of Power
February 3, 2014 Leave a comment
“When you realize that life as we know it was just made up by a bunch of people no smarter than you, you’ll realize that you have the power to change it.”- Steve Jobs
The Dangers Of Not Filing IT Returns
January 31, 2014 Leave a comment
AIADMK chief and Tamil Nadu Chief Minister J Jayalalithaa’s political future is now under a cloud, with the Supreme Court ruling that she would have to face trial for not filing her I-T returns as a partner in a firm.
As partners i n M/s Sasi Enterprises, a registered firm, Jayalalithaa and her close aide N Sasikala were accused of not filing I-T returns for 1991-92 and 1992-93. They will now be prosecuted for the offence under the I-T Act, which mandates a punishment of not less than six months and a maximum of seven years and a fine.
The trial is to be completed within four months, portending trouble for the CM who is expected to be a key player in the post-2014 political scenario.Any conviction would come right after the elections and may possibly even disqualify her from her seat immediately like Lalu . As per an SC ruling on July 10, 2013, any conviction would immediately disqualify an elected member of a House.
Assistant Commissioner of I-T, Chennai, had in 1997 filed a complaint with the Additional Chief Metropolitan Magistrate (Egmore) against the duo for wilful and deliberate failure to file returns for these years. Jaya and Sasikala filed two discharge applications, but these were dismissed by the lower court. The HC also dismissed their appeals on December 2, 2006. Read more of this post
Distributing Assets-Gift, Release And Transfer Deeds
January 30, 2014 Leave a comment
Often when a person dies-intestate,the legal heirs have to decide how to mutually distribute the assets of the deceased.Going to court is the least productive way.Negotiation is better and the courts are best approached only in case of a denial of one’s rights.The following acts may be done to have a property which is jointly owned by the many heirs transferred in the name of one or few of them:
1) The heirs may execute a gift deed in favour of one or more of them, gifting away their share/interest in the said property inherited by them;
2) The heirs may execute a release deed in favour of one or more of them , releasing their share/interest in the said property, inherited by them .
3) One or more of the heirs may purchase the other’s shares/interest in the said property from the other/others by executing a deed of transfer and on the payment of consideration for the same.
No sale can take place and no deed of transfer can be executed without payment of consideration .Stamp duty is payable on gift deeds, release deeds and deeds of transfer. These documents have to be stamped in accordance with the provisions of the Indian Stamp Act applicable in the state where the property is situated.Further, as laid down in section 17 of the Registration Act, 1908, gift deeds, release deeds and deeds of transfer are all compulsorily registerable documents. Thus, on execution of any of these deeds, they have to be registered with the office of the sub-registrar of assurances within whose sub-district the whole or some portion of the property is situated, within a period of four months from the date of execution of the said document.
Focus On Resilience Not Short Term Perfomance
January 30, 2014 Leave a comment
Here is a great article I came across in a back issue of the HBR on what we can learn from family businesses.Link
Personally I have always been inclined to family businesses,despite the contempt that they are often held in by many professional managers and financiers.
I have always found their long term focus,caution and frugality appealing.I’m happy to find a HBR article supporting my views.Pity the authors couldn’t add Asian companies to the list.
Quick Cash In The US
January 29, 2014 2 Comments
Unless you have a rich family back home in India,funding your US education and living expenses,you are at one time or another in your student days,likely to find yourself in a jam lacking money. Whether it be to cover an overdue utility bill, medical bill or credit card charge, getting access to cash when it is needed can sometimes be difficult.A bit of hustle,a small freelance assignment etc,could net you these dollars you need. Alternatively,there are several loan options you could take advantage of. Read on to learn more about three common loan solutions:-
Payday Loans
A payday loan is very easy to qualify for. All a person needs is proof of income, an active checking account, a valid ID stating that he or she is at least 18 years of age, and a working telephone number. The application process for a payday loan can usually be completed in less than five minutes, and approval can be determined in only a few seconds. The great thing about a payday loan is there is no need for an applicant to go through a credit check. In fact, the person’s credit history will in no way affect his or her chances of qualifying. Read more of this post
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