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Assets Over Rs. 1 Billion Detected During IT Raids

Friday, March 16th, 2007

Patna: Mar. 15, 2007

Income Tax officials, on Thursday, raided four business establishments and residences owned by one of the most prominent jeweler’s family in Patna and Patna City and unearthed a combined assets of Rs. 1,000 crore including Rs. 40 lakh in cash, 13 lockers, and 26 bank accounts that were immediately sealed until further investigation. The raids were conducted simultaneously at the group’s showrooms on Boring Road crossing, Sumati Palace, Ashok Rajpath, and Hathua Market and their palatial residences on Boring Road and Patna City during which large amount of cash, unaccounted jewelries valued at several crore rupees, bank accounts, bank lockers, and Reserve Bank of India gold bonds were recovered, Income Tax official S. D. Jha said. The investigators recovered Rs. 17 lakh in cash from the shop of the eldest brother in the family, Rs. 2 lakh from the second brother, Rs. 18 lakh from the third brother, and Rs. 1.5 lakh from the fourth brother besides documents revealing information about bank lockers and accounts, Jha said. “It will take several days before the actual extent of tax evasion is determined,” he said.

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Disclaimer: The mail is general information and may be the compilation of statutes, circulars, notifications and case laws. Care has been taken to make the contents of this mail error free. However, we expressly disclaim all liability of whatsoever. Information are purely an opinion and in any case it should not be construed as statement of law, and always referred relevant the Act & Rule in this regards. Since, the contents in this mail are dynamic in nature, members are advised to go in for periodical updates in their own interest. To subscribe the group send mail to aaykarbhavan- subscribe at yahoogroups. com Tags:

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Sacked Pak Chief Justice asks for open trial

Sunday, March 11th, 2007
K J M Varma
Islamabad, Mar 11 (PTI) Sacked Chief Justice of Pakistan Iftakar Muhammad Chaudhry today asked for an open trial by the Supreme Judicial Council to adjudicate the allegations of misconduct and misuse of authority leveled against him by President Pervez Musharraf. Chaudhry, who has been kept incommunicado by the government after he was sacked on Friday and sent home with police escort, was permitted to meet this evening retired Air Marshal Asgha Ali Khan. Khan told the media after meeting the sacked Chief Justice that Chaudhry firmly denied allegations against him and asked SJC to conduct an open trial by permitting media and lawyers’ fraternity. SJC has asked Chaudhry to appear before it to contest the charges. Khan said Chaudhry has been confined to his house for the past two days and denied access to telephone, TV and newspapers. He was totally kept under incommunicado, he said. Earlier Chaudhry told Supreme Court Bar Association President Munir A Malik yesterday on phone that he would contest the allegations against him. “I will never resign voluntarily. I have done nothing wrong,” Chaudhry responded when he was contacted on phone by Malik during a press conference. PTI
Universal News
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BIN LADIN 50 TODAY ?

Saturday, March 10th, 2007
  SPIN BOLDAK, Afghanistan (Reuters) - Osama bin Laden, if he’s alive, celebrates his 50th birthday on Saturday, and his friends in the Taliban prayed for his long life. The al Qaeda leader’s long silence has fueled speculation that the world’s most-wanted fugitive may have died, though many in the international intelligence community reckon Islamist militant Web sites would circulate word of his death. “He is alive. I am 100 percent sure,” Taliban spokesman Mullah Hayatullah Khan told Reuters, adding that senior leaders were in touch with bin Laden, reinforcing a widely held view that he is hiding near the rugged Pakistan-Afghanistan border.
Khan said special prayers were offered by Taliban fighters in camps in Afghanistan to mark bin Laden’s birth on March 10, 1957, in the Saudi Arabian city of Jeddah. “We prayed that Allah may give him 200 years to live,” Khan said,” by satellite telephone from an undisclosed location. “When we woke up today, we offered collective and long prayers for him because he is a great mujahid (holy warrior).” The most recent videotape of bin Laden was released in late 2004 — subsequent tapes released were identified as old footage — and around half a dozen audio tapes surfaced in the first half of 2006. source : REUTERS http://blogs.mindbodynsoul.com http://www.mindbodynsoul.com Tags:

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ESOP Havoc In India Budget Proposal

Thursday, March 8th, 2007
The E`sob’story
March, 08th 2007
The incongruity of the tax basis arises largely from the fact that, unlike in any other country, India now seeks to tax the employer for a benefit/income which accrues to the employee, most of it without the employer having granted it or having any control over it.
      The recent proposal in the Budget for levying Fringe Benefit Tax (FBT) on employers Employees Stock Option Plans (ESOPs) is a complete reversal of the policy on the issue in place over the last 5-6 years. The current scheme exempts employees from taxation if they sell the scrips got in an ESOP plan within one year from exercise. The proposed amendment throws up issues of technical interpretations and the tax impact for the employer. Some of these may become clearer once the rules prescribing the Fair Market Value (FMV) for the purpose of valuing fringe benefits are notified. But till such time employers are saddled with a problem they never bargained for and will have to work out solutions to mitigate the unexpected problems. This article aims to briefly list out the harshness or multiple-wammy created by the introduction of this new provision. It also looks at the reasons which seem to be prompting the Finance Minister to introduce such changes and suggest some alternatives which may lead to a more rational way of taxation, should the Finance Minister wish to take away the concessional tax treatment granted to ESOPs. Key concerns   The key concerns from the employer’s perspective are: To start with, the employer suffers a hit to its Profit and Loss Account of the notional benefits to the employee at the time of the grant of the ESOP, equal to the discount in relation to the prevailing market value. While the P&L takes a hit, there is a question mark on the deductibility of such “expense” for the purposes of computing employer’s taxable income. On top of that, the employer is required to pay the FBT not only on the discount at the time of the grant but also in the appreciation of the value of shares in future (over which the employer has no control). To compound matters, such FBT paid by the employer is not tax-deductible and effectively equal to much higher post-tax expenditure. Further, as a lot of these employees who receive ESOPs may be mobile and render services in different tax jurisdictions between the grant and exercise of the stock option, they may end up having tax obligation abroad on some part of the benefits arising out of the ESOPs. While they may not themselves suffer double taxation, there would be an economic double taxation on account of the FBT paid by the employer not being creditable against the tax paid by the employee abroad. Lastly, foreign companies having presence in India by way of a branch/Permanent Establishment/ presence of employees may also end up having additional burden of tax by way of FBT on ESOPs, thereby substantially raising their effective tax in India. Interpretational issues   Apart from the above, quite a few interpretational issues are being debated in industrial/professi onal circles, andinclude: Will the FBT for employer be 33.99 per cent or a lower rate, based on valuation rules to be prescribed? What is the cost basis for employee for the purposes of determining capital gains when the options are sold at a later date? In fact, some quarters are also debating whether the proposed amendments will take away the obligation of the employees for payment of taxes on the stock option. Can the employer contractually/ tax-efficiently recover the FBT from the employee? Leaving aside the interpretation issues for the moment, it is suggested that, at a conceptual level, if the benefits of stock options are to be taxable, the levy must fall on the person deriving the benefit. Even where the benefit is sought to be taxed in the hands of the giver, it should be limited to the extent of the benefit granted and not beyond that. Such a scheme of taxation should also provide for matching deduction and credits so that economic double/multiple taxation is avoided. Unless such equity is bought about in the taxation, the concept of stock option may have a premature demise.               Suggested changes   In the light of the above, conceptually, the following changes should be considered by the Government in the scheme of stock option taxation: The FBT on the employer, if at all, should be limited to the discount to the market value on the date of the grant, as is required to be debited in the books of accounts under the accounting standards/guideline s applicable. Correspondingly, such expenditure should be clearly allowable as a deduction against the taxable income of the employer. Any forfeiture of such options resulting in disentitlement for the employee and reversal of such benefits should culminate in a corresponding deduction in the FBT obligations in future. The benefit to the employee in the appreciation of the share price over the exercise price may, if at all, be taxed in the hands of the employee at the time of the exercise. However, ideally, as the employee does not realise any gain at that stage, there should be no taxation then, but only post ultimate sale of shares. When such profit, which is in the nature of capital gains, accrues, it should be treated just like capital gains on shares, as applicable to any other investor. Given the importance of stock options to the growing economy of India, which is competing to reward its human resource, the industry should make a strong representation to the Finance Minister to withdraw the proposed amendments or to introduce a grand-father clause which seeks to apply the changes in law only prospectively. Nikhil Bhatia
(The author is Partner, BSR & Co, Mumbai.) Observations Nikhil Bhatia has rightly said Given the importance of stock options to the growing economy of India, which is competing to reward its human resource, the industry should make a strong representation to the Finance Minister to withdraw the proposed amendments or to introduce a grand-father clause which seeks to apply the changes in law only prospectively. Industry must protect the interests of the new generastion as the ESOPs are by and large given in the high tech areas of business . I f these are not protected there is a possibilty of more talent migrating from India to those countries where such taxes are not imposed . The August body of Parliament must DISAAPROVE this proposal of the Honourable FM to allow the wealth creation by those who help companies create intellectual and physical properties which are the present and future wealth of our nation . EVERYONE must read INDIA DEBATES-WHY SHOULD INDIA NOT GET THE PATENT OF “ARYABHATS” “ZERO   at http://blogs.mindbodynsoul.com/wp-admin/edit.php?paged=4 If you can’t support the R & D at least donot disturb whatever is going on . Be Blessed Her Holiness Maha Maya Ananta http://www.mindbodynsoul.com  
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Networks and film makers accuse Google of encouraging pirates

Monday, February 19th, 2007
• Claims that search engine advised illicit websites
• Row follows fears about You Tube’s content Andrew Clark in New York
The Guardian America’s biggest media companies have accused Google of knowingly encouraging copyright theft by suggesting to illegal movie download sites that they place adverts to appear in response to search terms such as “pirated” and “bootleg”.
 
Rupert Murdoch’s News Corporation, Viacom, Walt Disney and Time Warner are among a group of leading television and film producers that has complained about a lack of controls at Google.
Their anger centers on a case going through the courts in New York state surrounding five defunct movie download websites with names such as TheDownloadPlace.com, MoviesAdvance.com and EasyDownloadCenter.com. Run until last year by two 26-year olds in Missouri, the sites allowed users to download Hollywood hits such The Incredibles, Charlie and the Chocolate Factory, Meet the Fockers and Mr. & Mrs. Smith in their entirety.
 
Legal documents allege that Google accepted adverts and endorsed “sponsored links” from the websites’ operators, Brandon Drury and Luke Sample. The company even offered credit on payments from the duo. Google is accused of suggesting to the pair that their adverts appear when people enter various movie titles on its search page - or when terms are entered such as “bootleg movie download”, “pirated” and “download Harry potter movie”.
 
The row is a sign of deteriorating relations between media companies and Google. For months television companies and film studios have been struggling to agree deals to control the way their content is used on You Tube - the video-sharing site acquired by Google last year.
Google’s main source of income is a fee paid by advertisers whenever anyone clicks on a sponsored link. The company routinely helps clients choose suitable search terms to prompt their links.
The firm, which trades under the slogan “don’t be evil”, assured the media companies on Friday that it would tighten its systems to prevent a recurrence of sponsored links to bootlegging sites.
A Google spokesman said: “We prohibit advertisers from using our advertising program to promote the sale of copyright-infringing materials. Hundreds of thousands of advertisers responsibly abide by our ad content policies and we’re committed to preventing those who don’t from using our program.”
The broader question of controlling content on Google’s network of websites remains contentious. You Tube users routinely upload clips from popular shows.
 
News Corp’s Fox network last month got tough with You Tube by filing a subpoena demanding the name of a subscriber who posted entire episodes of the television series 24 and The Simpsons on the site. You Tube has since complied.
 
The media firms would prefer to use You Tube as a shop window offering a controlled selection of tasters from their movies and television shows.
In a step towards such control, News Corp’s MySpace social networking site yesterday announced plans to block unauthorized music and videos using technology from a company called Audible Magic. The software allows MySpace to compare uploads with a database of copyrighted material and to block content that shows a match.
 
In a pilot, MySpace intends to use the technology to filter out any clips by Universal Music’s roster of artists - which includes the Black Eyed Peas, Miss Dynamite and Snow Patrol.
Steve Weinstein, an analyst at Pacific Crest Securities, said neither the media firms nor Google wanted to get into the kind of bitter copyright face-off that led to the downfall of the once ubiquitous music sharing site Napster. But he said a solution to the problem was elusive: “The studios don’t know and Google doesn’t know how best to make this work yet.” Back story Downloading films has never been easier, thanks to the sheer number of services available. The most prominent is BitTorrent. Users download software and find a “tracker” site which tells them where the movies they are looking for are stored. Despite some high-profile closures, web services continue to act with impunity. One of the most famous is The Pirate Bay, run by a Swedish group that believes copyright is wrong. After police raids, it announced that it was raising funds to buy its own island.
Bobbie Johnson   http://currentnewsaffairs.com Tags:

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Thousands rally against Bush’s Iraq war

Sunday, January 28th, 2007
Washington, Jan 28 (PTI) Thousands of protestors, including Hollywood stars and civil rights leaders, came out on to the streets here opposing the war in Iraq ahead of a crucial debate and vote in the US Senate on the issue. The protestors, roughly estimated around 100,000, were addressed by several Hollywood stars, leaders of the civil rights movement and Congressmen critical of the manner in which President George w. Bush took America into the war in Iraq and the decision to send an additional 21,000 plus troops to the troubled country. “Thank you so much for the courage to stand up against this mean-spirited, vengeful administration. Your ongoing commitment to ending this war allows people in other parts of the world to remain hopeful that America has the stuff to become again a country that they can love and respect,” said actress Jane Fonda, a key Vietnam war era protestor. “Silence is no longer an option,” the 69-year old actress said to cheers The event, sponsored by the umbrella group ‘United For Peace and Justice’, started with a rally yesterday on the Mall and later marching towards the Capitol Hill. “George Bush has a habit of firing military leaders who tell him the Iraq war is failing. He can’t fire you. He can’t fire us. But we can fire him,” remarked senior House Democrat John Conyers, one of the speakers at the event with California Democrat Lynn Woolsey making the point that Bush’s request for additional troops is a waste of taxpayers money. PTI
source PTI. http://blogs.mindbodynsoul.com http://www.mindbodynsoul.com   Tags:

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A current newsPHILOSOPHY WHICH ENVELOPES

Tuesday, January 23rd, 2007

Dear Children of GOD ,
Blessings of the Universal Soul the Universal Father .
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HER HOLINESS MAHA MAYA ANANTA Tags:

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Pranab to visit Afghanistan tomorrow

Monday, January 22nd, 2007
New Delhi, Jan 22 (PTI) Security of Indians in Afghanistan, a matter of concern here, will be among the issues of discussion when External Affairs Minister Pranab Mukherjee travels to Kabul tomorrow for two days. Mukherjee, visiting Afghanistan primarily to invite President Hamid Karzai for the 14th SAARC Summit to be held here in April, will hold talks with Foreign Minister Rangin Dadfar Spanta to review the entire gamut of bilateral relations. Discussions will also be held on ways in which India can step up its assistance in reconstruction and development of the war-ravaged country. New Delhi has already announced an increase of US $100 million in assistance from the present level of US $650 million. With Taliban witnessing resurgence of Taliban forces, security issues are expected to dominate the talks. “We would like to hear from President Karzai and other Afghan leaders as to how they see the situation developing,” an official said here. Security for Indians working in Afghanistan on various reconstruction and developmental projects remains a matter of concern, particularly in view of killing of three of their compatriots by Taliban in the last one year, he said. A number of steps have been taken to ensure their safety but discussions will be held to see if there is need for improving it. “The Afghan government has done enough for their security. We will assess if we can do anything to improve it,” the official said. PTI
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CITIZEN JOURNALISTS FREELANCE

Sunday, January 21st, 2007

BE A PROUD HINDU – Announce to the world that we have arrived with rejuvinated energy and Super Power. We are the largest Democracy in the Universe Human Beings know of.

Hinduworldtoday.com is being launched very shortly as a news portal of the Hindus for the Hindus by the Hindus.

Hindus are world’s foremost democratic, secular and spiritual society and welcomes the whole Universe.

We are looking for free lance Hindu citizen journalists, reporters, correspondents, bureau chiefs and country heads from all parts olf the world to participate and to contribute their thoughts and environments around them to highlight the achievements of Hindus. Suggestions for making the Hindus  in the world as the most dynamic ,vibrating ,abundant and affluent society which can help create peace ,love , unity ,brotherhood in the world and erase poverty and disease from the face of the heavenly planet mother earth.

Hindus constitute a billion plus approximately, fifth of the world’s population today and with the fertile technology minds combined with the universal, spiritual, vibrating, dancing, life force energy are in a position to change the shape of the world for betterment of the generations to come.

When you have so much of the GOD\S energy and power then it is our duty to help the Creator Create a world full of his love and grace.

Join the huge stream flowing from the universal soul our father .Freedom and self respect is our birth right and we have it. We want every human being to be a free person in the world as we all come from the same father.

 

Maha Maya Ananta,

 

Visit: http://www.hinduworldtoday.com

          

Apply with bio-data to pfcl2@yahoo.co.in 

P .S.  You can also have a free listing in the directory at www.hinduworldtoday.com 

 

Press Release by http://blogs.mindbodynsoul.com      

 

THE LARGEST DEMOCRACY IN THE UNIVERSE INVITES ONE AND ALL WHOLE HEARTEDLY  TO JOIN AND SHAPE A NEW WORLD FOR OUR CHILDREN WHICH IS FULL OF PEACE , PROSPERITY , ABUNDANCE AND AFFLUENCE OF THE UNIVERSAL SOUL OUR ORIGIN AND FATHER ,

                                                                                                             

                             

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America cannot win a war

Friday, January 19th, 2007
The hard core truth is that America can not win a war
in today’s time of disunion . Importantly America can not
fight the ground level wars without which even Alexander
the GREAT could not have conquered Babylon and other
countries .
Today is Now which is the time of technology and the seperiority
can not remain one sided .
We now live in a Global Village created by Dear Bill Gates and we
must all appreciate every one’s contribution to the Heavenly Planet
Mother Earth .
Let us rise above the religions , politics of greed , power , ego ,
selfishness and have a FAMILY REUNION OF THE WHOLE PLANET HEAVENLY MOTHER EARTH .
Do not wait for some extra terrestrial civilisation or comet power to descend and threaten and force us to be one to fight them in unity . Preserve the UN and the Planet and it’s civilisation which has a history
older than the Historians were born to document what they were dictated
by the Victors of their times . Time is ripe for the world policeman to unite the whole world or else his
title will shortly become meaningless and powerless . HER HOLINESS MAHA MAYA ANANTA http://commonwealthtv.tv Tags:

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