Proposal:
Minimum Alternate Tax rate increased to 15% of book profits from existing 10%.
Impact:
This will increase the cash outflow burden for companies that are liable to tax under MAT.
Proposal:
The period allowed to carry forward the tax credit under MAT to be extended to 10 years from 7 years.
Impact:
This should provide some relief to companies that pay MAT for any assessment year 2006-07 onwards, by allowing them to carry forward and utilize the MAT credit up to 10 years.
Proposal:
Fringe Benefit Tax abolished.
Impact:
This should come as a big boost as FBT was perceived as unnecessary. However, such expenses should now be liable as perquisites in the hands of the employees and may result in a higher tax outflow for the employees.
Proposal:
Extension of sunset clause for units operating in free trade zones, export-oriented units and set up for reconstruction or revival of a power-generating unit to assessment year 2011-12.
Impact:
Extension of tax incentives to industries falling under this sector to aid them during the meltdown, thereby reducing the net tax outflow for such companies, and provide stimulus to service exports and the power sector.
Proposal:
100% deduction in respect of capital expenditure (excluding land, goodwill and financing expenditure) for the business of setting up and operating cold chain facility for specified products, warehousing facility for storage of agricultural produce, laying and operating a cross-country natural gas, crude or petroleum oil pipeline network for distribution.
Impact:
Incentive-linked deductions under Section 35AD should provide the much-needed boost to the creation of supply chain infrastructure, rural infrastructure and environment-friendly means of transportation for bulk goods.
Proposal:
Definition of firm under Section 2(23) has been amended to include limited liability partnership (LLP).
Impact:
In certain other countries, such as UK and Singapore, LLP is treated as a pass-through entity and partners are taxed (instead of LLP). However, in India, LLP will be taxed as a corporate entity and will not be a pass-through. It will be treated on a par with the partnership tax mechanism.
Proposal:
Weighted deduction of 150% for in-house research expenditure (except land and building) incurred under Section 35(2AB) for selected industries extended to almost all sectors of the economy.
Impact:
This means weighted deduction for scientific research to any business incurring eligible research and development expenditure. This should promote research and development in all sectors of industry.
Proposal:
Rules for Safe Harbour and Alternative Dispute Resolution mechanism to be provided by CBDT.
Impact:
Safe Harbour Rules shall provide for the circumstances in which the income-tax authorities shall accept the transfer price declared by the tax payer. The Alternative Dispute Resolution mechanism is aimed to reduce prolonged litigation. These measures are intended to showcase India as an investment-friendly country and provide clarity up front to tax payers, and reduce litigation.
Proposal:
Clarificatory amendment in relation to the reassessment proceedings under Section 147 provides that where the case has been reopened after recording rightful reasons, the assessing authorities can assess or reassess other such income, which has escaped assessment and which comes to their notice subsequently in the course of proceedings under this section.
Impact:
This proposal intends to overrule certain judicial precedents, which restricted the reassessment proceedings to issues in respect of which the reasons have been recorded for reopening the assessment. Now, reassessment can be done even for income escaping tax in respect of issues for which reasons had not been recorded at the time of initiating reassessment proceedings. This proposal is intended to have retrospective effect from assessment year 1989-90 onwards.
Proposal:
Chapter VI-A deductions to be allowed only if claimed in the return of income for profits and gains of a company falling under Sections 10A, 10AA, 10B or 10BB (free trade zones, special economic zones, export-oriented undertakings).
Impact:
Absence of claim in the return of income would lead to non-allowance of deduction. Also, introducing this with retrospective effect (assessment year 2003-04), would lead to hardship for the companies.
Proposal:
The rates of TDS in respect of rentals have undergone a welcome revision from the existing 10% (on plant and machinery) and 15%/20% (land, building and furniture) to 2% and 10%, respectively.
Impact:
This would help optimize cash flow in the hands of the recipient.
Proposal:
Donations made to electoral trusts eligible for 100% deductions provided the trust is approved by the prescribed authorities
Impact:
This should help streamline the flow of donations to political parties and thereby result in clear visibility and transparency.
Monday, July 6, 2009
Guide To Corporate Tax
MAT demon haunts India Inc
India Inc got a jolt in the form of a hike in rates for Minimum Alternate Tax (MAT). Companies paying MAT—instead of the regular corporate tax—could soon see a higher outgo under this he ad as the finance minister hiked rates from the earlier 10% to 15% After including the different surcharges, the effective rate would now be nearly 17%, tax experts said.
MAT is the tax that a cor porate compulsorily pays in case its corporate tax outgo—after accounting for all the ex emptions—is below a thresh old limit. In taxman’s parlance it is the tax that a corporate pays on its ‘book profit’, which is different from its profit in ‘the profit & loss’ account.
In India, MAT was intro duced about 15 years ago af ter the government found that despite substantial profits, a large number of corporates were not paying any tax.
Often MAT is criticised as an antithesis to any conces sion or exemption. Even if there is some justification for MAT, in a slowing economy it is more important for a com pany to have immediate cash flow, said Nishith Desai, in ternational tax and corporate law expert. “When more and more developed countries are reducing their tax rates to a level below 30%, a MAT rate of 15% definitely looks high er,’’ Desai added.
In India, a number of IT and infrastructure companies pay MAT instead of the regu lar corporate tax. “These (co mpanies paying MAT now) may end up paying a higher tax now,’’ said Sanjay Kapa dia, executive director , Price Waterhouse Coopers. For the corporates, there’s little cho ice but to accept the higher rates. “There’s nothing much one can do about it except ab sorb it,’’ said Venugopal Dho ot, chairman, Videocon gro up. A case of grin and bear it.
Relater Article: Check If It Smells Right
GUIDE TO PERSONAL TAX
Proposal:
The basic threshold limits for income-tax trigger are proposed to be changed marginally. However, there is no change in the number of slabs or the tax rates for every slab (which remain at 10%, 20% and 30%) or education cess (3%).
Impact:
Now those having taxable income of Rs 1,60,000 (earlier Rs 1,50,000) or less are out of I-T ambit. For women and senior citizens, the basic threshold exemption limit would be at Rs 1,90,000 (earlier Rs 1,80,000) and Rs 2,40,000 (earlier Rs 2,25,000) respectively. This results in an effective tax savings of at least Rs 1,030 (Rs 1,545 for senior citizens) for small and marginal tax payers.
Proposal:
Surcharge at 10% on amount of tax is proposed to be abolished.
Impact:
This means substantial savings for those with high incomes (over Rs 10,00,000).
Proposal:
Deduction for expenditure incurred on medical treatment of dependents with severe disability under Section 80DD up from Rs 75,000 to Rs 1,00,000.
Impact:
The taxpayer would be able to claim a higher deduction of Rs 1,00,000 from his taxable income (irrespective of the amount spent), if he has incurred any expenditure for medical treatment of such dependents or has deposited any sum with prescribed insurance companies.
Proposal:
Investments under the New Pension Scheme (NPS) is also proposed to be covered for deduction from taxable income under Section 80CCD, within the overall limit of Rs 1,00,000.
Impact:
This will also enable selfemployed persons to contribute to the NPS and opens another avenue for investments available for taxpayers. However, the overall cap for investments remains the same. Further, re-investments during the year (ie amounts not actually received) into the NPS also qualify for deduction.
Proposal:
Fringe Benefit Tax (FBT) is proposed to be abolished and fringe benefits are proposed to be taxed in the hands of the employees.
Impact:
This will result in benefits presently liable to FBT being taxed as perquisites in the hands of employees. Accordingly, the employer would be required to deduct tax on such fringe benefits from the employee’s salary, and not pay FBT on the same. The taxable fringe benefits and the valuation mechanism in respect of the stock incentive schemes are expected to be notified in due course.
Proposal:
Definition of higher education for the purpose of deduction of interest on loans borrowed under Section 80E substituted now includes studies in any field (including vocational fields) pursued immediately after schooling.
Impact:
While the present provision covered only specified fields of study (graduate or PG courses in engineering, medicine, etc), the extended scope would enable larger number of taxpayers to avail deduction for interest on loans borrowed for pursuing studies even after schooling (Standard X).
Proposal:
Individuals/ HUFs receiving property (whether immovable or not) exceeding Rs 50,000 in value after October 1, 2009 without any consideration or with inadequate consideration are proposed to be taxed, except when received from relative or on marriage, under will/inheritance, etc.
Impact:
Now all gifts-in-kind would also be liable to income-tax in hands of the recipient. The value to be considered for immovable property is the value as per prevailing stamp duty laws and for other properties, the fair market value would be considered. Even if the transfer document for the immovable property is not registered with a stamp valuation authority, the value assessable for the purpose of payment of stamp duty would need to be considered.
EVERY RUPEE SAVED IS A RUPEE EARNED
Most tax-saving schemes provide both high returns and high security. So, it makes sense to use all the provisions available to save tax while earning money The single most important provision is Section 80c. Under it, one can invest up to Rs 1 lakh in approved schemes and save taxes up to Rs 30,900. The investment of up to Rs 1 lakh is deducted from taxable income and tax liability reduced accordingly.
Public provident fund (PPF):
Investment up to Rs 70,000 allowed. Part of overall limit of Rs 1 lakh under section 80C. The return, fixed every year, is currently at 8%. This is the only instrument which is completely tax free. Lock-in period: 15 years. Effective posttax return for a person who pays tax at the rate of 30% is 15.36%.
Insurance premia:
Investment up to Rs 1 lakh allowed. But annual premium amount should be at least 20% of the sum assured. Lock-in period: 3 years. Returns depend on market. Money received on maturity after three years will be tax free in the case of equity-linked savings schemes (ELSS). But for general insurance schemes, it will be treated as income of that year and taxed accordingly.
Mutual funds:
Investment up to Rs 1 lakh allowed in ELSS. Lock-in period: 3 years. Return from these instruments is completely tax-free. But investors are subject to market risks.
Tuition fee:
Amount of up to Rs 1 lakh paid as tuition fee for education of two children of an assessee can be deducted from total income. Part of overall Rs 1 lakh limit under section 80C.
Repayment of home loan: Repayment of principal up to Rs 1 lakh in a year gets tax benefit under 80C. Amount is deducted from taxable income. Payment up to Rs 1.50 lakh as interest on loan taken to buy house for self-use also exempt from income tax. Along with provision of repayment of principal, a housing loan can enable an assessee to get income
up to Rs 2.50 lakh exempted.
Pension fund:
Investment up to Rs 1 lakh in pension fund of an insurance company can be deducted from taxable income. One can also invest in the new pension scheme to get this benefit. Part of overall limit of Rs 1 lakh under 80C. However, it’s taxable on withdrawal.
Repayment of educational loan:
Interest paid while repaying education loan for own, or kin’s, higher studies exempt from I-T. Repayment of principal does not qualify for exemption. Not part of cap of Rs 1 lakh under Section 80C.
Premium for mediclaim policy:
You can claim deduction of upto Rs 20,000 for the purchase of mediclaim policy for your parents if they are senior citizens or otherwise upto Rs 15,000. This is besides Rs 15,000 deduction you can claim against purchase of mediclaim policy for yourself.
Medical treatment for disabled dependent:
Deduction from taxable income up to Rs 50,000 under section 80DD is allowed for treatment and rehabilitation of one or more dependent with disability. The amount can also be deposited with an approved scheme of an insurance company or UTI for the dependents’ benefit. In case of severe disability, the exception can go up to Rs 1,00,000.
Wednesday, June 17, 2009
Interesting FAQs
What is mobile elbow?
The mobile elbow results from using the mobile for long hours. Called the ‘cubital tunnel syndrome’, it is also called ‘cell phone elbow’. The problem occurs when the ulnar nerve, which runs across the elbow, down to the ring and little fingers, gets over-stretched and blood supply is restricted, sparked by holding a phone to the ear for long periods.
Why does steel glow when it’s hot?
Hot steel glows red when hot because its atoms vibrate with a lot of energy. The amount of energy varies in atoms resulting in a range of colours.
What does January mean?
The original Roman calendar had 10 named months from March to December and two unnamed months during winter. These two months were named January and February by Numa Pompilius, the second king of Rome circa 700 BC. January is named after Janus, the Roman ‘god of gates, doors and the beginnings’.
What’s the Aafbau principle?
The physical and chemical properties of elements are determined by the atomic structure. This, in turn, is determined by electrons and the shells, sub-shells and orbitals they reside in. The rules of placing electrons within shells is known as the Aafbau principle, which originally means ‘building up’.
What is Chapter 11 bankruptcy in the US?
A case filed under Chapter 11 bankruptcy protection is commonly referred to as a ‘reorganization or restructuring bankruptcy’. Chapter 11 is a part of the US Bankruptcy Code under which an insolvent company is allowed to reorganize and is not liquidated. It is not shut down and sold off.
Why does the jasmine bloom only at night?
Like all other flowering plants, jasmine also produces a flowerinducing hormone in its leaves when exposed to bright sunlight. This hormone is called florigen (flower-generating hormone) and it migrates from the leaves to flowering shoots during the day. It accumulates in the flowering shoots of the jasmine plant and induces flowering during the night.
What is a Roman circus?
It was an open air stadium used for public events in the Roman empire. empire. The events usually held in such a circus were chariot and horse races and performances commemorating historical events. The performance space would be rectangular or oval surrounded by several tiers of seats for spectators. The circus would be decorated with ornate columns, obelisks and statues. The first circus built in Rome was the Circus Maximus which also happened to be its largest.
What does the phrase ‘chicken out’ mean?
To chicken out is to stop doing something because of fear or lose courage while doing something. Sometimes, it is also used to ask a person, “Are you chicken?” or even as “Jack chickened out...”. The chicken is a timid bird, which also gave rise to ‘chicken-hearted’.
ANY ANSWERS?
Why are cellphones switched off while travelling in flights?
How is the mass of heavenly bodies measured?
What is an electron gun?
Who invented the speech bubble and when was it first used?
What is a dirty bomb?
How do ears help balance the body?
Friday, June 5, 2009
What is the meaning for assalamu alaikum?
According to the Islamic Dictionary, it literally means: "Peace be upon you." It is a shortened form of a phrase that translates to "Peace be unto you and so may the mercy of Allah and His blessings."
There were no fist bumps, but there were many interesting moments during Obama's speech in Cairo. The moment that got the most attention, in Search anyway, was Obama's use of "assalamu alaikum." Said the President: "I'm also proud to carry with me the goodwill of the American people, and a greeting of peace from Muslim communities in my country: Assalaamu alaykum."
The President quoted from the Holy Koran several times, including this key quote that drew big applause: "The Holy Koran teaches that whoever kills an innocent, it is as if he has killed all mankind; and whoever saves a person, it is as if he has saved all mankind."
Monday, April 20, 2009
How did the term ‘yorker’ originate?
What is a prebituary?
A prebituary is an obituary composed or published prior to a person’s death — it is a writeup of the lifetime achievements of famous personalities to mark their 65th birthdays. Most newspapers and media networks keep such obituaries of famous people ready.
What is passive immunity?
There are two types of immunity for infectious microorganisms: active immunity and passive immunity. Passive immunity is provided by artificial means such as injections of antibodies and vaccines. The agents used for passive immunity include antibodies from humans or animals.
Why are viruses at the borderline of living and non-living things?
A virus has a very simple composition. It has a protein sheath inside which there is a strand of DNA. A virus shows some properties akin to living organisms. However, unlike other organisms, they show some properties that are akin to non-living things. They can undergo crystallization and in that form, survive for billions of years. They can survive high temperatures, freezing cold and UV radiation in space vacuum, in crystallized form.
How did the term ‘yorker’ originate?
‘Yorker’ is a cricketing term for a straight ball that passes underneath the striker’s bat, especially by pitching it right up to or just inside the popping crease. To ‘york’ means to cheat, trick or over-reach a person. It is also called so because its aim is to ‘entice’ the batsman, who, in moving forward to play it as a full toss, may be yorked as the ball passes under the bat.
If the density of gold is more than that of iron, why is gold softer than iron?
All metals have specific crystalline structures. There exist line defects and plane defects in a crystal system. The more these defects, the more easily the metal deforms. Noble metals like platinum, gold and silver have a high density of such defects and they deform easily, making them soft metals.
What is Burundanga?
Burundanga is the other name of the drug Scopolamine, used for criminal activities like rape or robbery. The drug is passed on to the victim through business cards, pamphlets, etc. Even if the skin, through touch, absorbs just a very small quantity of the drug it has the desired effect. The drug is also administered through tablets added to drinks. This is known as the ‘dating drug’.
What is a cobblestone race?
It is part of the Paris-Roubaix cycling race over 257 km, from Paris to Roubaix, near the Belgium border. Of this distance, nearly 53 km is over cobblestones, which is the most dangerous part. The winner gets a mounted gravel cobblestone as a trophy.
How are sunrise and sunset determined for a place?
Sunset occurs when the upper edge of the sun — called the upper limb — sinks just under the horizon; sunrise occurs when the upper limb rises just above the horizon.
ANY ANSWERS?
Why are danger signals in red, when the eye is most sensitive to yellow and green?
Which is the oldest dance form?
How is doldrum pressure formed?
What is ratware?
Where did the phrase ‘throw in the towel’ originate?
What is bio-amplification?
Monday, April 6, 2009
JOB PLACEMENTS TO BE DELAYED FOR ENGG STUDENTS
Don’t be surprised if your campus recruitment scheduled for sixth semester gets cancelled. Many engineering colleges are contemplating shifting placements to the eighth semester. The move is in response to letters recommending this from the National Association of Software and Service Companies (NASSCOM) to Visvesvaraya Technological University (VTU) and affiliated engineering colleges.
NASSCOM president Som Mittal told Bangalore Mirror, “We have written to 1,000 odd colleges across the country. Even other industry bodies like CII and FICCI are likely to follow suit.
“According to the new schedule, the companies flocking to campuses from April to June will re-visit them in February next” he said. Citing the reasons, Mittal said, “For the last few years, the IT industry has been the largest recruiter with over two million students. Given the increasing rate of growth and high demand for engineers, the recruitment process till now commenced from sixth semester itself and even the fifth semester in some colleges. This has resulted in students having a job offer on hand even though they still have over one year left to complete studies. Though this does give an assurance to passing out students, it also brings in a certain degree of complacency among students and in some manner impacts the education process. It also inhibits student from taking up post-graduate studies which has its own cascading impact on the quality of research.”
INDUSTRY AGREES
From the industry perspective as well, this move bodes well. Companies have to make an estimate of their requirements almost 18 to 24 months prior to their need. This worked well in the past with some degree of certainty of growth but is increasingly difficult given the current economic environment. In many cases, it has also led to joining dates of students getting staggered and deferred, Mittal said, adding, “We have discussed this amongst our member companies and the consensus is that the campus recruitment process should be rescheduled to the middle of the eighth semester or may be even towards the end of the eighth semester. We would like to implement this from the 2009-10 academic session onwards.”
BREEDING COMPLACENCY
VTU registrar A Balaji said, “It is a good move. We have numerous examples where students after getting offer letters in sixth semester stop attending classes subsequently. There are also examples where they have also failed in the coming exams. But, the more shocking development is that many students display arrogance which is perceptible in the campus. We know they are the best talent but they should never forget they are students of this university.”
M S Ramaiah Institute of Technology placement officer M Vijayadev said, “During last year, scores of 25 per cent to 30 per cent students dropped considerably after getting offer letters.” Acharya College principal Prabhu Kumar concurred. “After getting placements, these students tend to take college life very casually. Students who would score 80 per cent in pre-placements would score below 60. They start bunking classes and also show less respect for teachers as their jobs are secured,” he said.
COLLEGES TO COMPLY
MSRIT principal K Rajanikant said, “Following the NASSCOM suggestion, companies like TCS have not visited our campus for sixth semester students and have announced that they will come only next year.” Reva college principal Rana Pratap Reddy said, “Students are only 50 per cent trained by sixth semester. Hence, it is a good move.”
MAKES SENSE
Former VTU vice-chancellor K Balaveera Reddy explained the genesis of the current issue.“A few decades earlier, campus placements used to take place only in the eighth semester. However, with the IT boom, companies were vying with each other for the best brains from best colleges. Hence, they used to flock to colleges during the fifth or sixth semesters.”
From the students’ point of view, the eighth semester is always a better bet as there are only four theory subjects and one project work in that semester, while they have six theory subjects (except in first semester where there are five subjects) in other years.
Friday, April 3, 2009
E-networking at work ups productivity
The University of Melbourne study showed that people who use the internet for personal reasons at work are about 9% more productive that those who do not. Study author Brent Coker, from the department of management and marketing, said “workplace internet leisure browsing”, or WILB, helped to sharpened workers’ concentration.
Monday, March 23, 2009
Ford’s small car next year
Michael Boneham, MD and president of Ford India, told that the company's expansion plans were going ahead "as scheduled". The US auto major - that posted a record $14.7 billion net loss in 2008 globally - had announced the half-a-billion dollar investment for India last year to double annual production capacity to 2 lakh units and make 2.5 lakh petrol and diesel engines.
FORDS STEPS IN
"The last six months have been tough for the auto industry.... and we maintain a cautious outlook for the rest of 2009,"Boneham said, adding that he expected a turnaround only by 2010." And this will be the time when we bring in our small car. Thus, we are confident it will get a good response," he added.
TOUGH COMPETITION
The company is making efforts to ensure that its new small car, that is being designed and engineered for the Indian market, is attractively priced considering it faces tough competition from players like Maruti Suzuki, Hyundai and Tata. "It will be the first offering from Ford in the mass market segment and we are making efforts to keep it cost-competitive while making it a great value proposition," he said.
Ford currently sells sedans like Ikon and Fiesta in India apart from the SUV Endeavour and has seen sales shrinking 19 per cent in April-February 2009 period at 24,849 units (year-on-year). Boneham said he expected numbers to turn positive once the small car hits the market.
Ford's car would come with petrol and diesel engines, both falling within the small car definition of the government to avail lower excise benefits-petrol engine under 1200cc and diesel under 1500cc with overall length below four metres.
KEEN ON DOMESTIC MARKET
Asked whether the company had plans to export the model, Boneham said it would certainly be sold abroad, though the initial focus would be on the domestic market. "Yes, we would look at markets beyond India and these would be countries in the Asian region, South Africa as well as Asia-Pacific area," Boneham said.
And in the run-up to the car's launch, the American company is beefing up sales and service network in Tier-2 and Tier-3 cities while also working on relationships with banks for broadening retail finance options.
Sunday, February 8, 2009
Only love is real
IT was going to be a busy day, I thought, as I drove to office that morning. Our executive director was making a pre-retirement visit to all the offices in the country and I was expected to sit through a day of presentations, speeches and reports. It was a delightful surprise when, after being introduced to his wife, we were told that the visit doubled up as an India Dekho trip for the American couple. This could be their last trip to India and the big man wanted to keep his wife occupied while he took care of business.
My boss raised a questioning eyebrow at me, asking if I wanted to do the honours of showing her the sights and sounds of Chennai. “No!” I gestured frantically to him. At that moment, the prospect of sitting through dull and boring speeches seemed more attractive than showing a foreigner the smelly Koovam and the littered Marina Beach. In spite of my protests, I was shooed out and hastily bundled into a taxi to Mahabalipuram with the lady, whom I will call Mary.
As we got chatting, I realised that Mary had been forewarned by her friends who, in their eagerness to visit the land of spirituality and yoga, had not taken enough precaution against our friendly mosquitoes and flies. She conspiratorially confided her fear of the ‘green chutney’ in the bhel puri and the mineral water sold at tea shops. I stole one glance at her bulging bag and was reassured to see it packed with bottles from the five-star hotel she was staying in.
We reached Mahabalipuram and pulled into the parking lot. Even before we could get out of the car, 10 grimy little faces with running noses were staring up at us. One little girl with a baby on her hip, put out her hand cheerfully, and asked blatantly for phoren money. We approached the ticket counter leading a trail that had by then grown to about 20 of these openly fascinated kids. I looked at the entry fare on the chart and gasped. I turned to Mary, hoping to distract her from seeing the hopelessly exorbitant charges that only a foreigner was expected to pay, but I was too late.
As we drove back to the city, I bristled silently. Defensive and protective about my country, I thought up excuses for the deplorable state of our tourist spots. I was irritable and depressed as I bid Mary goodbye, cringing at the thought of her visit to other cities like Agra and Jaipur.
A month later, I received an email from Mary in my inbox. With great trepidation, I opened it, expecting to hear her disappointment with the whole India.
Dekho trip, with our lack of amenities, civic sense and goodness knows what else.
Instead, I found my eyes misting over as I read her description of the greatest symbol of love, the Taj Mahal. Mary and her husband, it seems, were so taken by the romance of the monument that they had gone back to see it again and again, extending their stay at Agra. Their marriage, she wrote, in that characteristically candid way of Americans, had taken a rocky turn a little while ago. The time they had spent in India, especially at the Taj Mahal, had turned it around. They were in love with India and couldn’t wait to return. After all, they still had to experience the spirituality that their friends had spoken so much of!
I broke into a jig in my living room. I was euphoric and ecstatic as I imagined the many monuments of my country and their stories, which would touch the lives of so many people around the world.
What is a slumpometer?
What is a slumpometer?
The global slumpometer is a yardstick economists use to measure the severity of the recession in various economies across the world. It takes into account unemployment, Gross Domestic Product (GDP) and Gross Domestic Income (GDI). To the average person, rising unemployment and pink slips mean a recession. While for many economists, a recession has arrived when there’s a dip in GDP for two successive quarters. For others, a recession is when the GDI begins to dip, and is a more reliable factor than GDP.
What is a surgical strike?
A surgical strike is an attack using missiles, bombers or on the ground against certain specific targets. The strike is planned with surgical precision so that they cause damage only to the planned targets and cause minimum damage to their surroundings. These attacks are usually carried out against terrorist camps or facilities such as power stations, armouries, etc.
How did the term ‘window dressing’ originate?
Textile and readymade shops dress mannequins (models of human bodies) with attractive clothing they sell and place them in display windows. Likewise, mutual funds and banks add more temporary assets and liabilities on year ends to ensure their balance sheets remain attractive to the public, especially to investors. As their intention is to dress up their balance sheets to make them attractive like a shopper does to the mannequins, the term ‘window dressing’ is used to mean artificial inflation of assets which will wear off after the year-end.
What are ‘first serve’ and ‘second serve’ in tennis?
In tennis, there is a specified boundary marked on the court behind which the ball should fall as a player serves. So, if the ball hits the net and falls back to the server’s court or goes beyond the marked boundary on the opponent’s court, it is a wrong serve. As a rule, a player is allowed to serve again if the ‘first serve’ is wrong; this serve is called ‘second serve’.
At what speed does electricity travel compared to light?
Electrical fields in theory do transmit at the speed of light. In real systems, wires have capacitance and other effects that slow the propagation. Typical propagation speeds are 0.3 to 0.7 times the speed of light.
What is a stalemate in chess?
When a player has no legal moves, it is not possible to proceed further in the game. This results in a stalemate, provided his king is not in check. The game is declared a draw when such a situation arises, no matter what advantage one side has over the other.
How do clouds move?
Clouds are formed when water evaporates from rivers, ponds, oceans, and lakes. High cirrus clouds are moved by a jet stream and sometimes travel at 100 kmph. When clouds are a part of a thunderstorm, they usually travel at 30-40 kmph.
What is the Jagd and Hund fair?
It is the ‘Hunting and Hounds’ fair where exhibitors present the latest trends in fishing
and hunting.
ANY ANSWERS?
What is a google bomb?
Why is the empty space in a car measured in litres?
What is a delta triangle?
What is the significance of concentric circles on boards in metro stations?
Which is the first GPRSenabled cellphone in the world?
What gives sunrise and sunset an orange glow?
Tuesday, January 20, 2009
Bizarre world of inaugurations
The shortest inauguration speech was delivered by George Washington in 1793 (133 words) and the longest by William H Harrison in 1841 (nearly two hours long and 10,000 words). He delivered the speech without a coat or hat on a bitterly cold day and died a month later from pneumonia while in office.
The great poet Robert Frost, then aged 86, was unable to read the new poem he had written for John Kennedy’s inauguration in 1961. He was blinded by the bright sunlight. Instead he recited a poem which he had written years before and, thankfully, had memorised.
Richard Nixon took the oath of office with his hand on two Bibles, while Teddy Roosevelt didn’t put his hand on anything.
Lyndon B Johnson was the only president to take the oath of office from a woman, the Federal District Judge, Sarah Hughes. He was also the only president to be sworn in on an aeroplane, taking office immediately after John Kennedy’s assassination.
The swearing-in ceremony in 1857 was delayed for 20 minutes because officials forgot to pick outgoing President Franklin Pierce up at his hotel and had to go and fetch him.
Dwight Eisenhower’s 1953 parade was covered by a 24-year-old reporter on the Washington Times-Herald as the “Inquiring Camera Girl”. Her name was Jacqueline Bouvier, eventually to become Jackie Kennedy.
Know BAMA
He collects Spider-Man and Conan the Barbarian comics
He was known as “O’Bomber” at high school for his skill at basketball
His name means “one who is blessed” in Swahili
He is left-handed – the 6th post-war president to be left-handed
He has read every Harry Potter book
He owns a set of red boxing gloves autographed by Muhammad Ali
He worked in a Baskin-Robbins ice cream shop as a teenager and now can’t stand ice cream
His favourite snacks are chocolate-peanut protein bars
He ate dog meat, snake meat, and roasted grasshopper while living in Indonesia
He promised Michelle he would quit smoking before running for president – he didn’t
He kept a pet ape called Tata while in Indonesia
He carries a tiny Madonna and child statue and a bracelet belonging to a soldier in Iraq for good luck
He applied to appear in a black pin-up calendar while at Harvard but was rejected by the all-female committee.
His favourite films are Casablanca and One Flew Over the Cuckoo’s Nest
As a teenager he took drugs including marijuana and cocaine
His favourite music includes Miles Davis, Bob Dylan, Bach and The Fugees
He enjoys Scrabble and poker
He hates the youth trend for trousers which sag beneath the backside
He repaid his student loan only four years ago after signing his book deal
Daughter Malia’s godmother is Jesse Jackson’s daughter Santita
He says his worst habit is constantly checking his BlackBerry
He owns four identical pairs of black size 11 shoes
He was given the code name “Renegade” by his Secret Service handlers
He plans to install a basketball court in the White House grounds
