Buddha, one day, was on deep thought about the worldly activities and the ways of instilling goodness in human. The following is the text of conversation between him and his disciple.
One of the disciples approached him and said humbly “Oh my teacher! While you are so much concerned about the world and others, why don’t you look into the welfare and needs of your own disciples also”.
Buddha: OK…Tell me how I can help you?
Disciple: Master, My attire is worn out and is beyond the decency to wear the same. Can I get a new one please?
Buddha found the robe indeed was in a bad condition which needed replacement. He asked the store keeper to give the disciple a new robe to wear on. The disciple thanked Buddha and retired to his room. Though he met his disciple’s requirement, Buddha was not all that contended on his decision. He realized he missed out some point. A while after, he realized, what he should have asked the disciple? He went to his disciple’s place and asked him “Is your new attire comfortable? Do you need anything more?”
Disciple: Thank you my Master. The attire is indeed very comfortable. I need nothing more.Buddha: Having got the new one, what did you do with your old attire?Disciple: I am using it as my bedspread.Buddha: Then…hope you have disposed off your bed spread.Disciple: No…no…Master. I am using my old bedspread as my window curtain.Buddha: What about your old curtain?Disciple: Being used to handle hot utensils in the kitchenBuddha: Oh…I see…Can you tell me what they did with the old cloth they used in Kitchen?Disciple: They are being used to wash the floor.Buddha: Then, the old rug being used to wash the floor…????Disciple: Master, since they were torn off so much, we could not find any better use, but to use as a twig in the oil lamp, which is right now lit in your study room….
Buddha smiled in contentment and left for his room.
Moral: If not to this degree of utilization, can we at least attempt to find the best use of all our resources at home and at office….?? It becomes imperative in the critical time of Recession…..
Author unknown....
Monday, July 27, 2009
Wednesday, July 08, 2009
Budget 2009 - Income T(axe)
It was interesting to read through various posts in the print and electronic media praising the govt for a “growth budget” for “aam aadmi”. Is it the actual scene?
The exemption limit being raised to 10K from 150k translates into a potential savings for 1000+ – Wowwww….cheerful isn’t it? But the smile will not last for long when the actual tax implications comes through in the form of abolishment of FBT. Most of the employees (including me) were/are enjoying the FBT being managed/paid by the respective employer, with some breathing space for lesser taxation at the employees’ hands. the situation is taking tangent to move to employee direction to pay the taxes. This is akin to revoke the regime prior to FBT implementation in 2005. The components other than specified exemption limits would be treated as perquisites at the employees hands and taxed accordingly. It is also noted that more items would be falling part of the perquisites where employee would be taxed leaving lesser disposable income at the end.
Much to surprise, the surcharge had been abolished which is never an aam aadmi’s a area of concern. the surcharge is meant for people having taxaable income of over 10 lacs and it would be shameful to think on people proclaiming this to be an aam aadmi budget.
effectively, the FBT is passed over to employee. The implications are
Employees – though the exemption limit is raised, the perqusities value (or adding most of the re-imbursement components as special allowance/other allwance) wil l be taxed. At the beginning of every month, payslip might be looking fatter but the net take home would tend to have a shrinkage. The bleeding to aam aadmi to continue…..
Govt (MoF) – will not loose any revenue on this account as the the tax is just routed from one party to another. The revenue continues and at the expense of aam aadmi…………..
Employers – the FBT loss is to get balanced by virtue of increased MAT payable by companies.
Who is benefitted in the whole schema of new tax proposition? perhaps, the high level income people who used to forego a decent sum on the surcharge, would still be remaining with them. Senior citizens are expected to welcome this and might be bringing some sunshine in their lives.
intriguingly, the underlying factors (rationale) for a such propositions are still unearthed (might be in dark forever, i guess). If the idea was to improve savings (by virtue of increased disposable income) the limits should be have been increased or exemtpion should have been raised. Is it that, govt. thought of helping the industry segment to stop bleeding and decided to part away with FBT so as to improve their financial positions? In the event, MAT should have been also kept under the scanner, with no alterations.
Wondering the rationales and underlying principles behind such propositions….i guess that needs more contemplation and deliberation
The exemption limit being raised to 10K from 150k translates into a potential savings for 1000+ – Wowwww….cheerful isn’t it? But the smile will not last for long when the actual tax implications comes through in the form of abolishment of FBT. Most of the employees (including me) were/are enjoying the FBT being managed/paid by the respective employer, with some breathing space for lesser taxation at the employees’ hands. the situation is taking tangent to move to employee direction to pay the taxes. This is akin to revoke the regime prior to FBT implementation in 2005. The components other than specified exemption limits would be treated as perquisites at the employees hands and taxed accordingly. It is also noted that more items would be falling part of the perquisites where employee would be taxed leaving lesser disposable income at the end.
Much to surprise, the surcharge had been abolished which is never an aam aadmi’s a area of concern. the surcharge is meant for people having taxaable income of over 10 lacs and it would be shameful to think on people proclaiming this to be an aam aadmi budget.
effectively, the FBT is passed over to employee. The implications are
Employees – though the exemption limit is raised, the perqusities value (or adding most of the re-imbursement components as special allowance/other allwance) wil l be taxed. At the beginning of every month, payslip might be looking fatter but the net take home would tend to have a shrinkage. The bleeding to aam aadmi to continue…..
Govt (MoF) – will not loose any revenue on this account as the the tax is just routed from one party to another. The revenue continues and at the expense of aam aadmi…………..
Employers – the FBT loss is to get balanced by virtue of increased MAT payable by companies.
Who is benefitted in the whole schema of new tax proposition? perhaps, the high level income people who used to forego a decent sum on the surcharge, would still be remaining with them. Senior citizens are expected to welcome this and might be bringing some sunshine in their lives.
intriguingly, the underlying factors (rationale) for a such propositions are still unearthed (might be in dark forever, i guess). If the idea was to improve savings (by virtue of increased disposable income) the limits should be have been increased or exemtpion should have been raised. Is it that, govt. thought of helping the industry segment to stop bleeding and decided to part away with FBT so as to improve their financial positions? In the event, MAT should have been also kept under the scanner, with no alterations.
Wondering the rationales and underlying principles behind such propositions….i guess that needs more contemplation and deliberation
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