Wednesday, December 30, 2009
Thursday, November 12, 2009
Sunday, October 25, 2009
Five Keys to Blazing Inspiration by Kevin Eikenberry
Everyone I know loves the feeling that comes with being inspired. They like the mental lift, the energy, the attitude, the productivity, the satisfaction and even the way it makes them feel physically.
And as wonderful and valuable as inspiration is, for most of us, it's hard to capture, expand and make last. We want the eternal flame, but far too often settle for a spark as fleeting as the flame provided by a match.
There are predictable ways you can extend the life of your inspirational flame. When you learn these ways, they become important to not just you, but also those you care about, interact with and lead. As you begin to apply these ideas in your life you can help others be inspired and internally motivated as well.
In short, these keys will help you transform your spark into an exciting, lifelong, raging bonfire.
Passion - the Fuel for the Fire
Every fire requires fuel. The more fuel you have and the higher quality of that fuel, the bigger and more powerful your fire. If you want to create lasting inspiration you must be working and living from a place of passion. You must be doing things you love! If you know today how to make money with your passion, and therefore live it 24/7, great! If not, start with tapping your passion in as many ways as you can, as much of the time as you can.
Purpose - the Big Why
Before you can make anything happen, you need to understand and clearly define your purpose. Why do you want to achieve? What is in it for you, your family and those around you? When you connect your passion to a purpose you get excited about, your fire is already roaring; the rest is channeling the flames in the proper direction. Which leads directly to . . .
Goals - the Direction of Your Dreams
Goals are an extremely important part of the inspiration equation, but they aren't the start. Have you ever set a goal and become discouraged, or perhaps even despondent, when you weren't making progress? This is much less likely to happen, when your goals are set in connection with your passion and spurred by your purpose. Goals, in order to channel your inspirational fire, must be your goals and they must be aspirational.
Inspirational Inputs - the Oxygen for Your Inspiration
The first three components can be in place, and your inspirational flames can still smolder. Why? Because life happens! Things change, setbacks occur and we fall prey to our humanness. Just like a fire needs oxygen, we all need inputs that continue to breathe life into our inspiration. Perhaps for you it's your favorite music or movie. Perhaps it is a play or poetry. Maybe it is a seminar, workshop or time spent with the most positive person you know. Maybe it is all of these and more. Whatever your inspirational inputs are recognize that they are the oxygen for your fire. You don't get upset at a fire when it needs oxygen. Neither should you expect your inspiration to tend to itself without additional inputs on a regular basis.
Action - the Small Steps that Create Momentum
Want the ultimate cure for waning inspiration? Take action! Do something! Get off the couch and get going. Lethargy breeds lethargy and will kill your inspirational fire like sand in the campfire. You can't do everything today, and you don't have to. Do something. Take a step. And then keep going. You will get there, and you will move further faster than you realize.
These five keys can give you a lifetime blazing fire of inspiration in your life. You must recognize that the spark you love will never become a raging fire without help.
Smokey the Bear says only you can prevent forest fires. He's right. And only you can create a personal fire hot enough to help you create the life you desire. Don't settle for a spark. Fan your flames every day.
Potential Pointer: Rather than searching for a spark, you should focus instead on fanning your flames. You can create lasting inspiration when you realize your inspirational sources and consciously put those sources to work in your life.
Monday, October 19, 2009
Friday, October 16, 2009
Friday, September 04, 2009
Sunday, June 07, 2009
Sunday, March 22, 2009
Thursday, March 19, 2009
Web 2.0 Tools For Project Management
Check out this SlideShare Presentation:
Web 2.0 Tools For Project Management
View more presentations from Douglas Tokuno.
Tuesday, March 10, 2009
Friday, February 27, 2009
Do You Have the 'Four As' To Be a Thought Leader?
Excellant post on thought leadership.
Becoming an industry thought leader and employing thought leadership marketing are things that many organizations aspire to. Granted, not everyone wants to be a thought leader, however, it’s safe to say that nearly everyone in a given industry would love to sit in the coveted position that the thought leader enjoys. The thought leader is certainly not always the market leader, but they are often very profitable and occupy a differentiated and defensible position in the industry. The question is, how do they get there and what sets them apart? Why can’t everyone be a thought leader?
Click here for details
Becoming an industry thought leader and employing thought leadership marketing are things that many organizations aspire to. Granted, not everyone wants to be a thought leader, however, it’s safe to say that nearly everyone in a given industry would love to sit in the coveted position that the thought leader enjoys. The thought leader is certainly not always the market leader, but they are often very profitable and occupy a differentiated and defensible position in the industry. The question is, how do they get there and what sets them apart? Why can’t everyone be a thought leader?
Click here for details
Wednesday, February 25, 2009
WSJ.com - So, You Want to Be an Entrepreneur
Thinking about starting a business? Make sure you're cut out for it first.
In this bleak economy, lots of people are contemplating striking out on their own -- whether they're frustrated job seekers or people who are already employed but getting antsy about their company's prospects.
For some people, entrepreneurship is the best option around, a way to build wealth and do something you love without answering to somebody else. But it's also a huge financial gamble -- and some people, unfortunately, will discover too late that it's not the right fit for them.
Building a successful business can take years filled with setbacks, long hours and little reward. Certain personalities thrive on the challenge and embrace the sacrifices. But it can be a hard switch for someone who has spent years sitting in a cubicle with a steady paycheck.
So, how can you figure out whether you're suited for self-employment? We spoke with entrepreneurship researchers, academics and psychologists to come up with a list of questions you should ask yourself before making a big leap. Entrepreneurs, of course, come from all sorts of backgrounds, with all sorts of personalities. But our experts agreed that certain attributes improve the odds people will be successful and happy about their decision.
Keep in mind that any self-analysis is only as useful as the truthfulness of the answers -- and most people aren't exactly the best judges of their own character. So, you might enlist a friend's help.
Clieck Here for 10 questions to ask to see whether you're up for the challenge of entrepreneurship.
Thursday, February 19, 2009
For a faulty car
There are three engineers in a car; an electrical engineer, a chemical engineer and a computer engineer.
Suddenly the car stops by the side of the road, and the three engineers look at each other wondering what could be wrong.
The electrical engineer suggests stripping down the electronics of the car and trying to trace where a fault might have occurred.
The chemical engineer, not knowing much about cars, suggests that maybe the fuel is becoming emulsified and getting blocked somewhere. Then, the computer engineer, comes up with a suggestion: “If we close all the windows, get out, get back in, then open the windows again, maybe it’ll work!?”
Suddenly the car stops by the side of the road, and the three engineers look at each other wondering what could be wrong.
The electrical engineer suggests stripping down the electronics of the car and trying to trace where a fault might have occurred.
The chemical engineer, not knowing much about cars, suggests that maybe the fuel is becoming emulsified and getting blocked somewhere. Then, the computer engineer, comes up with a suggestion: “If we close all the windows, get out, get back in, then open the windows again, maybe it’ll work!?”
Wednesday, February 18, 2009
Wednesday, February 11, 2009
Black Money in India: An analysis of its menace & growth: K V M Pai - Interview
Very Interesting Interview ...
Black Money in India: An analysis of its menace & growth: K V M Pai - Interview
Team Mangalorean
Mumbai, Feb 11: K Vasanth M Pai (retd.) Chief Commissioner of Income-Tax, Mumbai, originally hails from Mangalore. He was born to Kulyadi Panduranga Pai and Leela Pai on 26 Nov, 1941 at Mulky, in D.K District. He completed his M.Com, IRS. Presently, he is leading a retired life with his wife Mrs Gayathri Pai at Kadri Road, Mangalore. The couple has two sons K. Radhakrishna Pai and K. Prashanth Pai. Both of them are working in the SAP field in USA. Pai retired from active service in Nov. 2001.
One of the highpoints of his distinguished career as Chief IT Commissioner, Mumbai was the manner in which his team carried out a thorough probe on the assessment of tax liabilities of the accused in the Securities Scam of 1992, including those of the Harshad Mehta group. The result of the said famous case is now history. Pai has presently put forth some extra-ordinary proposals in his document titled “Black Money in India: An analysis of its menace and growth”, to counter the menace of black money in the Indian economy. The suggestions made by Pai assume greater significance in the light of the current scenario of the funding of terrorist activities in the country and abroad.
In a telephonic conversation with Mangalorean.Com, Pai talks extensively on the said topic.
M.com: Mr Pai, why are you so keen on having Indian money deposited in Swiss Banks, being thoroughly investigated?
Mr. Pai: According to a Swiss Bank Report of 2006, Indians hold money deposits over there to the tune of a staggering $1,456 billion or $ 1.4 trillion. This amount is much larger than even the total value of deposits held in Swiss accounts by other countries such as USSR, China, UK and Ukraine. These are undoubtedly monies of questionable origin, on which obviously Income-tax has not been paid in India, which the public here are by and large unaware of.
Let me inform you that this amount is about 13 times larger than our country’s foreign debt. Once these huge deposits comes back to India, our entire foreign debt can be repaid in 24 hours. In fact, after paying off the foreign debt, we will still have a surplus sum 12 times larger than the foreign debt. Moreover, if this surplus money is invested in earning interest, the entire amount of interest will be more than the annual budget of the Central Government. To give you a clearer idea, let me inform you that the Income-tax collections of the Central Government under the Annual Budgets 07-08 was Rs. 3,04,445 Crores.
As of today there is a huge pile of Indian black money lying in Swiss Bank Accounts and I personally consider this money one of the largest loots witnessed by the mankind in the entire economic history of the world since 1947. Hence my painstaking endeavor to have these monies in Swiss Banks being thoroughly investigated and action taken forthwith without any delay.
M.com: What makes you confident that the Swiss Authorities would be willing to divulge to the Indian Govt., details of all such obviously furtive accounts of Indians?
Mr. Pai: Recently due to immense international pressure after 9/11 terrorist attacks on the twin towers in US; the Swiss Government has agreed to furnish information on individual accounts in the Swiss Banks such as names of Account holders etc. This is only if the concerned governments formally ask for it. Unfortunately, our Govt. has till date not asked for any such details from its Swiss counterpart.
This task requires immediate action on part of the Govt. of India, considering the huge deposits lying there. Hence, one more significant part of my endeavor is to ensure that our Govt. acts swiftly on the matter. One other important development has come to the notice of reporters around the world, and that is about 80,000 Indians visit Switzerland every year, of which 25,000 are regular visitors to that country. This aspect too needs to be noted and thoroughly investigated.
M.com: Can you give us an idea on the extent of tax evasion in India?
Mr. Pai: According to a study made by Mumbai Income Tax charge, on the basis of results of earlier surveys and search cases, none of the taxpayers concerned declared for taxation purposes anything more than 25% of their true incomes, after 1999. This is indeed shocking. The figure arrived at was given to the press specifying the basis on which it was arrived at. Significantly not a single protest was received from any of the taxpayers, including companies.
In fact, there is every reason to believe that there is higher degree of tax evasion in the case of companies, which often resort to camouflaging their capital investments and showing it in their books as if it is explained capital for income tax purposes. The recent IT Company Satyam scam is clearly a case in point. These kinds of tax evasion devices in the accounts and such devious methods needs to be properly investigated by the Income Tax Department. Some of the companies have shown their entire capital as having come from the countries regarded as Tax Havens such as Switzerland and others.
M.com: I understand you have offered some path-breaking proposals to tighten the noose on those who stealthily siphon off money and deposit it in foreign accounts. Can you enlighten us?
You are right; I have made these proposals in my comprehensive document on the generation of black money in the Indian economy and the I-T department’s role in checking it. My suggestions made therein are of immense significance for the Indian Economy. This document I sent last week both to the office of the Prime Minister (PMO) and the Central Board of Direct Taxes (CBDT) Chairman NB Singh. I am happy to learn that CBDT, the apex body for tax matters in India, is actively considering my proposal that will allow the income-tax department to ask for information on accounts held by taxpayers in banks abroad.
My simple but most effective solution is to add a new column in I-T returns form, to seek this information. My other proposal calls for a change in regulations that will enable the I-T department to reopen the assessment beyond six years as stipulated now, in case the taxpayer is found having undisclosed accounts abroad. Omission of information or furnishing wrong information will invite penalties.
M.com: What are some of the major solutions you can offer to counter tax evasion by Indians?
Mr. Pai: Undoubtedly, I would say computerization of the entire IT Dept. and modeling it on the lines of those in the U.S. I have suggested some evolutionary measures to be undertaken in this regard in my document. The first step to be taken for evolution of computer system, as in USA, is the number to be allotted to every tax payer in India. In U.S., a Social Security Number is provided for identification of every taxpayer.
Here we have the Permanent Account Number (PAN No.) for the taxpayers. But I think the system of allotment of PAN Numbers is defective and it is to be considered whether the system should continue after making certain modifications and eliminating of errors within. In India there is a huge problem of people not filing their IT returns. With computerization it will be possible to detect such cases. However, the system of identification of the new taxpayers should be scrupulously implemented and applied for use by the IT department.
Since one of the peculiar features of the Indian economy, is the fondness of certain segment of tax payers to indulge in black money and engage in cash system of payment, there is an urgent need to regulate the same and ensure that almost all payments are carried out through cheques and bank accounts only. Our parliament needs to lay down strict guidelines and legislation for this purpose, and the implementation of the legislation should be effective and thorough. Thus by bringing together all funds of the economy under the banking system, the total success of the computerization of the IT Dept. will be definately assured.
I also proposed that adequate provision be made in the Union Budget for expenses pertaining to adoption of computerization of the entire Income Tax Dept. It should be noted that when in 1963 computers were first introduced in U.S. Income tax dept., along with that stiff penalties and punishment of 5 years imprisonment was imposed on taxpayers failing to account for any item of income as detected by the computers. Our government too must consider similar provisions and incorporate it into our tax laws. In view of all these advantages I suggest that the computer system of the U.S. be studied in detail and plans be drawn up for implementation of the same in India.
M.com: What would you like to say in conclusion?
Mr. Pai: Well, I would like to quote Prof. B.R. Shenoy, one of the leading economists of the country who very aptly remarked way back in 1962 that "The black market sector of the Indian Economy today, is well past the take off stage of development. The phenomenon is revolting to the national conscience. But there is no remedy to it other than to strike at its roots – by an abandonment of the policies of Statism."
The source of black incomes in India is now well known, as evasion of tax on normal income and incomes from crime or corruption. It is now time for active citizenship. In other words, it’s now the turn of the ordinary citizens to demand action from parliament, judiciary, executive and civil society. All of us must demand swift action from our administrators which in turn will help in checking this menace of black money to a large extent.
Mangalorean.com wishes Mr. & Mrs. Pai all the very best and a happy retired life.
Printed from http://mangalorean.com/
Black Money in India: An analysis of its menace & growth: K V M Pai - Interview
Team Mangalorean
Mumbai, Feb 11: K Vasanth M Pai (retd.) Chief Commissioner of Income-Tax, Mumbai, originally hails from Mangalore. He was born to Kulyadi Panduranga Pai and Leela Pai on 26 Nov, 1941 at Mulky, in D.K District. He completed his M.Com, IRS. Presently, he is leading a retired life with his wife Mrs Gayathri Pai at Kadri Road, Mangalore. The couple has two sons K. Radhakrishna Pai and K. Prashanth Pai. Both of them are working in the SAP field in USA. Pai retired from active service in Nov. 2001.
One of the highpoints of his distinguished career as Chief IT Commissioner, Mumbai was the manner in which his team carried out a thorough probe on the assessment of tax liabilities of the accused in the Securities Scam of 1992, including those of the Harshad Mehta group. The result of the said famous case is now history. Pai has presently put forth some extra-ordinary proposals in his document titled “Black Money in India: An analysis of its menace and growth”, to counter the menace of black money in the Indian economy. The suggestions made by Pai assume greater significance in the light of the current scenario of the funding of terrorist activities in the country and abroad.
In a telephonic conversation with Mangalorean.Com, Pai talks extensively on the said topic.
M.com: Mr Pai, why are you so keen on having Indian money deposited in Swiss Banks, being thoroughly investigated?
Mr. Pai: According to a Swiss Bank Report of 2006, Indians hold money deposits over there to the tune of a staggering $1,456 billion or $ 1.4 trillion. This amount is much larger than even the total value of deposits held in Swiss accounts by other countries such as USSR, China, UK and Ukraine. These are undoubtedly monies of questionable origin, on which obviously Income-tax has not been paid in India, which the public here are by and large unaware of.
Let me inform you that this amount is about 13 times larger than our country’s foreign debt. Once these huge deposits comes back to India, our entire foreign debt can be repaid in 24 hours. In fact, after paying off the foreign debt, we will still have a surplus sum 12 times larger than the foreign debt. Moreover, if this surplus money is invested in earning interest, the entire amount of interest will be more than the annual budget of the Central Government. To give you a clearer idea, let me inform you that the Income-tax collections of the Central Government under the Annual Budgets 07-08 was Rs. 3,04,445 Crores.
As of today there is a huge pile of Indian black money lying in Swiss Bank Accounts and I personally consider this money one of the largest loots witnessed by the mankind in the entire economic history of the world since 1947. Hence my painstaking endeavor to have these monies in Swiss Banks being thoroughly investigated and action taken forthwith without any delay.
M.com: What makes you confident that the Swiss Authorities would be willing to divulge to the Indian Govt., details of all such obviously furtive accounts of Indians?
Mr. Pai: Recently due to immense international pressure after 9/11 terrorist attacks on the twin towers in US; the Swiss Government has agreed to furnish information on individual accounts in the Swiss Banks such as names of Account holders etc. This is only if the concerned governments formally ask for it. Unfortunately, our Govt. has till date not asked for any such details from its Swiss counterpart.
This task requires immediate action on part of the Govt. of India, considering the huge deposits lying there. Hence, one more significant part of my endeavor is to ensure that our Govt. acts swiftly on the matter. One other important development has come to the notice of reporters around the world, and that is about 80,000 Indians visit Switzerland every year, of which 25,000 are regular visitors to that country. This aspect too needs to be noted and thoroughly investigated.
M.com: Can you give us an idea on the extent of tax evasion in India?
Mr. Pai: According to a study made by Mumbai Income Tax charge, on the basis of results of earlier surveys and search cases, none of the taxpayers concerned declared for taxation purposes anything more than 25% of their true incomes, after 1999. This is indeed shocking. The figure arrived at was given to the press specifying the basis on which it was arrived at. Significantly not a single protest was received from any of the taxpayers, including companies.
In fact, there is every reason to believe that there is higher degree of tax evasion in the case of companies, which often resort to camouflaging their capital investments and showing it in their books as if it is explained capital for income tax purposes. The recent IT Company Satyam scam is clearly a case in point. These kinds of tax evasion devices in the accounts and such devious methods needs to be properly investigated by the Income Tax Department. Some of the companies have shown their entire capital as having come from the countries regarded as Tax Havens such as Switzerland and others.
M.com: I understand you have offered some path-breaking proposals to tighten the noose on those who stealthily siphon off money and deposit it in foreign accounts. Can you enlighten us?
You are right; I have made these proposals in my comprehensive document on the generation of black money in the Indian economy and the I-T department’s role in checking it. My suggestions made therein are of immense significance for the Indian Economy. This document I sent last week both to the office of the Prime Minister (PMO) and the Central Board of Direct Taxes (CBDT) Chairman NB Singh. I am happy to learn that CBDT, the apex body for tax matters in India, is actively considering my proposal that will allow the income-tax department to ask for information on accounts held by taxpayers in banks abroad.
My simple but most effective solution is to add a new column in I-T returns form, to seek this information. My other proposal calls for a change in regulations that will enable the I-T department to reopen the assessment beyond six years as stipulated now, in case the taxpayer is found having undisclosed accounts abroad. Omission of information or furnishing wrong information will invite penalties.
M.com: What are some of the major solutions you can offer to counter tax evasion by Indians?
Mr. Pai: Undoubtedly, I would say computerization of the entire IT Dept. and modeling it on the lines of those in the U.S. I have suggested some evolutionary measures to be undertaken in this regard in my document. The first step to be taken for evolution of computer system, as in USA, is the number to be allotted to every tax payer in India. In U.S., a Social Security Number is provided for identification of every taxpayer.
Here we have the Permanent Account Number (PAN No.) for the taxpayers. But I think the system of allotment of PAN Numbers is defective and it is to be considered whether the system should continue after making certain modifications and eliminating of errors within. In India there is a huge problem of people not filing their IT returns. With computerization it will be possible to detect such cases. However, the system of identification of the new taxpayers should be scrupulously implemented and applied for use by the IT department.
Since one of the peculiar features of the Indian economy, is the fondness of certain segment of tax payers to indulge in black money and engage in cash system of payment, there is an urgent need to regulate the same and ensure that almost all payments are carried out through cheques and bank accounts only. Our parliament needs to lay down strict guidelines and legislation for this purpose, and the implementation of the legislation should be effective and thorough. Thus by bringing together all funds of the economy under the banking system, the total success of the computerization of the IT Dept. will be definately assured.
I also proposed that adequate provision be made in the Union Budget for expenses pertaining to adoption of computerization of the entire Income Tax Dept. It should be noted that when in 1963 computers were first introduced in U.S. Income tax dept., along with that stiff penalties and punishment of 5 years imprisonment was imposed on taxpayers failing to account for any item of income as detected by the computers. Our government too must consider similar provisions and incorporate it into our tax laws. In view of all these advantages I suggest that the computer system of the U.S. be studied in detail and plans be drawn up for implementation of the same in India.
M.com: What would you like to say in conclusion?
Mr. Pai: Well, I would like to quote Prof. B.R. Shenoy, one of the leading economists of the country who very aptly remarked way back in 1962 that "The black market sector of the Indian Economy today, is well past the take off stage of development. The phenomenon is revolting to the national conscience. But there is no remedy to it other than to strike at its roots – by an abandonment of the policies of Statism."
The source of black incomes in India is now well known, as evasion of tax on normal income and incomes from crime or corruption. It is now time for active citizenship. In other words, it’s now the turn of the ordinary citizens to demand action from parliament, judiciary, executive and civil society. All of us must demand swift action from our administrators which in turn will help in checking this menace of black money to a large extent.
Mangalorean.com wishes Mr. & Mrs. Pai all the very best and a happy retired life.
Printed from http://mangalorean.com/
Black Money in India: An analysis of its menace & growth: K V M Pai - Interview
Very Interesting Interview ...
Black Money in India: An analysis of its menace & growth: K V M Pai - Interview
Team Mangalorean
Mumbai, Feb 11: K Vasanth M Pai (retd.) Chief Commissioner of Income-Tax, Mumbai, originally hails from Mangalore. He was born to Kulyadi Panduranga Pai and Leela Pai on 26 Nov, 1941 at Mulky, in D.K District. He completed his M.Com, IRS. Presently, he is leading a retired life with his wife Mrs Gayathri Pai at Kadri Road, Mangalore. The couple has two sons K. Radhakrishna Pai and K. Prashanth Pai. Both of them are working in the SAP field in USA. Pai retired from active service in Nov. 2001.
One of the highpoints of his distinguished career as Chief IT Commissioner, Mumbai was the manner in which his team carried out a thorough probe on the assessment of tax liabilities of the accused in the Securities Scam of 1992, including those of the Harshad Mehta group. The result of the said famous case is now history. Pai has presently put forth some extra-ordinary proposals in his document titled “Black Money in India: An analysis of its menace and growth”, to counter the menace of black money in the Indian economy. The suggestions made by Pai assume greater significance in the light of the current scenario of the funding of terrorist activities in the country and abroad.
In a telephonic conversation with Mangalorean.Com, Pai talks extensively on the said topic.
M.com: Mr Pai, why are you so keen on having Indian money deposited in Swiss Banks, being thoroughly investigated?
Mr. Pai: According to a Swiss Bank Report of 2006, Indians hold money deposits over there to the tune of a staggering $1,456 billion or $ 1.4 trillion. This amount is much larger than even the total value of deposits held in Swiss accounts by other countries such as USSR, China, UK and Ukraine. These are undoubtedly monies of questionable origin, on which obviously Income-tax has not been paid in India, which the public here are by and large unaware of.
Let me inform you that this amount is about 13 times larger than our country’s foreign debt. Once these huge deposits comes back to India, our entire foreign debt can be repaid in 24 hours. In fact, after paying off the foreign debt, we will still have a surplus sum 12 times larger than the foreign debt. Moreover, if this surplus money is invested in earning interest, the entire amount of interest will be more than the annual budget of the Central Government. To give you a clearer idea, let me inform you that the Income-tax collections of the Central Government under the Annual Budgets 07-08 was Rs. 3,04,445 Crores.
As of today there is a huge pile of Indian black money lying in Swiss Bank Accounts and I personally consider this money one of the largest loots witnessed by the mankind in the entire economic history of the world since 1947. Hence my painstaking endeavor to have these monies in Swiss Banks being thoroughly investigated and action taken forthwith without any delay.
M.com: What makes you confident that the Swiss Authorities would be willing to divulge to the Indian Govt., details of all such obviously furtive accounts of Indians?
Mr. Pai: Recently due to immense international pressure after 9/11 terrorist attacks on the twin towers in US; the Swiss Government has agreed to furnish information on individual accounts in the Swiss Banks such as names of Account holders etc. This is only if the concerned governments formally ask for it. Unfortunately, our Govt. has till date not asked for any such details from its Swiss counterpart.
This task requires immediate action on part of the Govt. of India, considering the huge deposits lying there. Hence, one more significant part of my endeavor is to ensure that our Govt. acts swiftly on the matter. One other important development has come to the notice of reporters around the world, and that is about 80,000 Indians visit Switzerland every year, of which 25,000 are regular visitors to that country. This aspect too needs to be noted and thoroughly investigated.
M.com: Can you give us an idea on the extent of tax evasion in India?
Mr. Pai: According to a study made by Mumbai Income Tax charge, on the basis of results of earlier surveys and search cases, none of the taxpayers concerned declared for taxation purposes anything more than 25% of their true incomes, after 1999. This is indeed shocking. The figure arrived at was given to the press specifying the basis on which it was arrived at. Significantly not a single protest was received from any of the taxpayers, including companies.
In fact, there is every reason to believe that there is higher degree of tax evasion in the case of companies, which often resort to camouflaging their capital investments and showing it in their books as if it is explained capital for income tax purposes. The recent IT Company Satyam scam is clearly a case in point. These kinds of tax evasion devices in the accounts and such devious methods needs to be properly investigated by the Income Tax Department. Some of the companies have shown their entire capital as having come from the countries regarded as Tax Havens such as Switzerland and others.
M.com: I understand you have offered some path-breaking proposals to tighten the noose on those who stealthily siphon off money and deposit it in foreign accounts. Can you enlighten us?
You are right; I have made these proposals in my comprehensive document on the generation of black money in the Indian economy and the I-T department’s role in checking it. My suggestions made therein are of immense significance for the Indian Economy. This document I sent last week both to the office of the Prime Minister (PMO) and the Central Board of Direct Taxes (CBDT) Chairman NB Singh. I am happy to learn that CBDT, the apex body for tax matters in India, is actively considering my proposal that will allow the income-tax department to ask for information on accounts held by taxpayers in banks abroad.
My simple but most effective solution is to add a new column in I-T returns form, to seek this information. My other proposal calls for a change in regulations that will enable the I-T department to reopen the assessment beyond six years as stipulated now, in case the taxpayer is found having undisclosed accounts abroad. Omission of information or furnishing wrong information will invite penalties.
M.com: What are some of the major solutions you can offer to counter tax evasion by Indians?
Mr. Pai: Undoubtedly, I would say computerization of the entire IT Dept. and modeling it on the lines of those in the U.S. I have suggested some evolutionary measures to be undertaken in this regard in my document. The first step to be taken for evolution of computer system, as in USA, is the number to be allotted to every tax payer in India. In U.S., a Social Security Number is provided for identification of every taxpayer.
Here we have the Permanent Account Number (PAN No.) for the taxpayers. But I think the system of allotment of PAN Numbers is defective and it is to be considered whether the system should continue after making certain modifications and eliminating of errors within. In India there is a huge problem of people not filing their IT returns. With computerization it will be possible to detect such cases. However, the system of identification of the new taxpayers should be scrupulously implemented and applied for use by the IT department.
Since one of the peculiar features of the Indian economy, is the fondness of certain segment of tax payers to indulge in black money and engage in cash system of payment, there is an urgent need to regulate the same and ensure that almost all payments are carried out through cheques and bank accounts only. Our parliament needs to lay down strict guidelines and legislation for this purpose, and the implementation of the legislation should be effective and thorough. Thus by bringing together all funds of the economy under the banking system, the total success of the computerization of the IT Dept. will be definately assured.
I also proposed that adequate provision be made in the Union Budget for expenses pertaining to adoption of computerization of the entire Income Tax Dept. It should be noted that when in 1963 computers were first introduced in U.S. Income tax dept., along with that stiff penalties and punishment of 5 years imprisonment was imposed on taxpayers failing to account for any item of income as detected by the computers. Our government too must consider similar provisions and incorporate it into our tax laws. In view of all these advantages I suggest that the computer system of the U.S. be studied in detail and plans be drawn up for implementation of the same in India.
M.com: What would you like to say in conclusion?
Mr. Pai: Well, I would like to quote Prof. B.R. Shenoy, one of the leading economists of the country who very aptly remarked way back in 1962 that "The black market sector of the Indian Economy today, is well past the take off stage of development. The phenomenon is revolting to the national conscience. But there is no remedy to it other than to strike at its roots – by an abandonment of the policies of Statism."
The source of black incomes in India is now well known, as evasion of tax on normal income and incomes from crime or corruption. It is now time for active citizenship. In other words, it’s now the turn of the ordinary citizens to demand action from parliament, judiciary, executive and civil society. All of us must demand swift action from our administrators which in turn will help in checking this menace of black money to a large extent.
Mangalorean.com wishes Mr. & Mrs. Pai all the very best and a happy retired life.
Printed from www.mangalorean.com
Black Money in India: An analysis of its menace & growth: K V M Pai - Interview
Team Mangalorean
Mumbai, Feb 11: K Vasanth M Pai (retd.) Chief Commissioner of Income-Tax, Mumbai, originally hails from Mangalore. He was born to Kulyadi Panduranga Pai and Leela Pai on 26 Nov, 1941 at Mulky, in D.K District. He completed his M.Com, IRS. Presently, he is leading a retired life with his wife Mrs Gayathri Pai at Kadri Road, Mangalore. The couple has two sons K. Radhakrishna Pai and K. Prashanth Pai. Both of them are working in the SAP field in USA. Pai retired from active service in Nov. 2001.
One of the highpoints of his distinguished career as Chief IT Commissioner, Mumbai was the manner in which his team carried out a thorough probe on the assessment of tax liabilities of the accused in the Securities Scam of 1992, including those of the Harshad Mehta group. The result of the said famous case is now history. Pai has presently put forth some extra-ordinary proposals in his document titled “Black Money in India: An analysis of its menace and growth”, to counter the menace of black money in the Indian economy. The suggestions made by Pai assume greater significance in the light of the current scenario of the funding of terrorist activities in the country and abroad.
In a telephonic conversation with Mangalorean.Com, Pai talks extensively on the said topic.
M.com: Mr Pai, why are you so keen on having Indian money deposited in Swiss Banks, being thoroughly investigated?
Mr. Pai: According to a Swiss Bank Report of 2006, Indians hold money deposits over there to the tune of a staggering $1,456 billion or $ 1.4 trillion. This amount is much larger than even the total value of deposits held in Swiss accounts by other countries such as USSR, China, UK and Ukraine. These are undoubtedly monies of questionable origin, on which obviously Income-tax has not been paid in India, which the public here are by and large unaware of.
Let me inform you that this amount is about 13 times larger than our country’s foreign debt. Once these huge deposits comes back to India, our entire foreign debt can be repaid in 24 hours. In fact, after paying off the foreign debt, we will still have a surplus sum 12 times larger than the foreign debt. Moreover, if this surplus money is invested in earning interest, the entire amount of interest will be more than the annual budget of the Central Government. To give you a clearer idea, let me inform you that the Income-tax collections of the Central Government under the Annual Budgets 07-08 was Rs. 3,04,445 Crores.
As of today there is a huge pile of Indian black money lying in Swiss Bank Accounts and I personally consider this money one of the largest loots witnessed by the mankind in the entire economic history of the world since 1947. Hence my painstaking endeavor to have these monies in Swiss Banks being thoroughly investigated and action taken forthwith without any delay.
M.com: What makes you confident that the Swiss Authorities would be willing to divulge to the Indian Govt., details of all such obviously furtive accounts of Indians?
Mr. Pai: Recently due to immense international pressure after 9/11 terrorist attacks on the twin towers in US; the Swiss Government has agreed to furnish information on individual accounts in the Swiss Banks such as names of Account holders etc. This is only if the concerned governments formally ask for it. Unfortunately, our Govt. has till date not asked for any such details from its Swiss counterpart.
This task requires immediate action on part of the Govt. of India, considering the huge deposits lying there. Hence, one more significant part of my endeavor is to ensure that our Govt. acts swiftly on the matter. One other important development has come to the notice of reporters around the world, and that is about 80,000 Indians visit Switzerland every year, of which 25,000 are regular visitors to that country. This aspect too needs to be noted and thoroughly investigated.
M.com: Can you give us an idea on the extent of tax evasion in India?
Mr. Pai: According to a study made by Mumbai Income Tax charge, on the basis of results of earlier surveys and search cases, none of the taxpayers concerned declared for taxation purposes anything more than 25% of their true incomes, after 1999. This is indeed shocking. The figure arrived at was given to the press specifying the basis on which it was arrived at. Significantly not a single protest was received from any of the taxpayers, including companies.
In fact, there is every reason to believe that there is higher degree of tax evasion in the case of companies, which often resort to camouflaging their capital investments and showing it in their books as if it is explained capital for income tax purposes. The recent IT Company Satyam scam is clearly a case in point. These kinds of tax evasion devices in the accounts and such devious methods needs to be properly investigated by the Income Tax Department. Some of the companies have shown their entire capital as having come from the countries regarded as Tax Havens such as Switzerland and others.
M.com: I understand you have offered some path-breaking proposals to tighten the noose on those who stealthily siphon off money and deposit it in foreign accounts. Can you enlighten us?
You are right; I have made these proposals in my comprehensive document on the generation of black money in the Indian economy and the I-T department’s role in checking it. My suggestions made therein are of immense significance for the Indian Economy. This document I sent last week both to the office of the Prime Minister (PMO) and the Central Board of Direct Taxes (CBDT) Chairman NB Singh. I am happy to learn that CBDT, the apex body for tax matters in India, is actively considering my proposal that will allow the income-tax department to ask for information on accounts held by taxpayers in banks abroad.
My simple but most effective solution is to add a new column in I-T returns form, to seek this information. My other proposal calls for a change in regulations that will enable the I-T department to reopen the assessment beyond six years as stipulated now, in case the taxpayer is found having undisclosed accounts abroad. Omission of information or furnishing wrong information will invite penalties.
M.com: What are some of the major solutions you can offer to counter tax evasion by Indians?
Mr. Pai: Undoubtedly, I would say computerization of the entire IT Dept. and modeling it on the lines of those in the U.S. I have suggested some evolutionary measures to be undertaken in this regard in my document. The first step to be taken for evolution of computer system, as in USA, is the number to be allotted to every tax payer in India. In U.S., a Social Security Number is provided for identification of every taxpayer.
Here we have the Permanent Account Number (PAN No.) for the taxpayers. But I think the system of allotment of PAN Numbers is defective and it is to be considered whether the system should continue after making certain modifications and eliminating of errors within. In India there is a huge problem of people not filing their IT returns. With computerization it will be possible to detect such cases. However, the system of identification of the new taxpayers should be scrupulously implemented and applied for use by the IT department.
Since one of the peculiar features of the Indian economy, is the fondness of certain segment of tax payers to indulge in black money and engage in cash system of payment, there is an urgent need to regulate the same and ensure that almost all payments are carried out through cheques and bank accounts only. Our parliament needs to lay down strict guidelines and legislation for this purpose, and the implementation of the legislation should be effective and thorough. Thus by bringing together all funds of the economy under the banking system, the total success of the computerization of the IT Dept. will be definately assured.
I also proposed that adequate provision be made in the Union Budget for expenses pertaining to adoption of computerization of the entire Income Tax Dept. It should be noted that when in 1963 computers were first introduced in U.S. Income tax dept., along with that stiff penalties and punishment of 5 years imprisonment was imposed on taxpayers failing to account for any item of income as detected by the computers. Our government too must consider similar provisions and incorporate it into our tax laws. In view of all these advantages I suggest that the computer system of the U.S. be studied in detail and plans be drawn up for implementation of the same in India.
M.com: What would you like to say in conclusion?
Mr. Pai: Well, I would like to quote Prof. B.R. Shenoy, one of the leading economists of the country who very aptly remarked way back in 1962 that "The black market sector of the Indian Economy today, is well past the take off stage of development. The phenomenon is revolting to the national conscience. But there is no remedy to it other than to strike at its roots – by an abandonment of the policies of Statism."
The source of black incomes in India is now well known, as evasion of tax on normal income and incomes from crime or corruption. It is now time for active citizenship. In other words, it’s now the turn of the ordinary citizens to demand action from parliament, judiciary, executive and civil society. All of us must demand swift action from our administrators which in turn will help in checking this menace of black money to a large extent.
Mangalorean.com wishes Mr. & Mrs. Pai all the very best and a happy retired life.
Printed from www.mangalorean.com
Friday, February 06, 2009
Tips on Filling your Vehicles...
This is a Message received from a friend:
ONLY BUY OR FILL UP YOUR CAR OR BIKKIE IN THE EARLY MORNING WHEN THE GROUND TEMPERATURE IS STILL COLD. Remember that all service stations have their storage tanks buried below ground. The colder the ground, the denser the fuel, when it gets warmer petrol expands, so buying in the afternoon or in the evening.... your litre is not exactly a litre.
In the petroleum business, the specific gravity and the temperature of the petrol, diesel and jet fuel, ethanol and other petroleum products play an important role. A 1degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps.
WHEN YOU'RE FILLING UP, DO NOT SQUEEZE THE TRIGGER OF THE NOZZLE TO A FAST MODE. If you look, you will see that the trigger has three (3) stages: low, middle, and high. In slow mode, you should be pumping on low speed, thereby minimizing the vapours that are created, while you are pumping. All hoses at the pump have a vapour return. If you are pumping on the fast rate, some of the liquid that goes to your tank becomes vapour. Those vapours are being sucked up and back into the underground storage tank so you're getting less worth for your money.
ONE OF THE MOST IMPORTANT TIPS IS TO FILL UP WHEN YOUR TANK IS HALF FULL. The reason for this is, the more fuel you have in your tank, the less air occupying its empty space. Petrol evaporates faster than you can imagine. Petroleum storage tanks have an internal floating roof. This roof serves as zero clearance between the petrol and the atmosphere, so it minimizes the evaporation.
Unlike service stations, here where I work, every truck that we load is temperature compensated, so that every litre is actually the exact amount.
ANOTHER REMINDER, IF THERE IS A FUEL TRUCK PUMPING INTO THE STORAGE TANKS, WHEN YOU STOP TO BUY, DO NOT FILL UP - most likely the petrol/diesel is being stirred up as the fuel is being delivered, and you might pick up some of the dirt that normally settles on the bottom.
Hope, this will help you get the maximum value for your money.
Wednesday, February 04, 2009
Digital Experiences That Create Brand Advocates Slideshare
Check out this SlideShare Presentation:
Thursday, January 29, 2009
இலங்கை தமிழர்கள்
இலங்கை தமிழர்களை பற்றி செய்திகளை படிக்கும் போது, மிகவும் வருத்தமாகவும் வேதனையாகவும் உள்ளது. அங்கு உள்ள அனைத்து தமிழர்களும் இந்த பிரச்சனையில் இருந்து விரைவில் வெளிவந்தது, வாழக்கையில் முன்னேற இறைவனை பிராத்திக்கிறேன்.
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