CARE IPO - Invest

Afraid of income tax scrutiny?

File AIR for high-value deals; ensure that bank statements and transaction records are in place.

A scrutiny letter from the income tax (I-T) department is always a scary proposition. But, you can receive it even if there is no major problem with your return. For instance, there can be a scrutiny call if the returns are filed past the due date, there is a refund on the revision of returns, or, if the refund is a significant amount.

“Typically, a random check by the department comes up due to a mismatch between income and transactions,” says Kaushik Mukherjee, executive director, PricewaterhouseCoopers

KEEP IN MIND
The following AIR transactions need to be reported when filing returns:

• Cash deposits of Rs 10 lakh and above 
• Credit card bills of Rs 2 lakh and above 
• Mutual fund investment of Rs 2 lakh and above 
• Purchase of bonds/ debentures worth Rs 5 lakh and above 
• Purchase of stocks worth Rs 1 lakh and above 
• Purchase of immovable property worth Rs 30 lakh and more
• Sale of immovable property worth Rs 30 lakh and above 
• Purchase of RBI bonds worth Rs 5 lakh and above

Let’s say, you bought a property and made the down payment from your father's  account. If the amount is significantly higher than your income, the taxman can start digging into your statements. Usually, scrutiny notices are issued due to high-value credit card payments (for example, using your card to buy jewellery worth Rs 10 lakh or more, international business class tickets), property transactions and, sometimes, international travel.

To be prepared for being scrutinised, you should keep all bank statements and transaction records in place. Also, there has be clarity about the source of income. If unsatisfied, you’ll be asked to produce more documents supporting your case.

The Central Board of Direct Taxes (CBDT) issues a list of high-value transactions every year, which can land you in the scrutiny net. These transactions constitute the Annual Information Report (AIR) under Section 285BA, rule 114E, which requires certain 'specified person(s)' to file the report every year.

When you make high-value transactions — investment in property and/or mutual funds — your bank or the respective financial institution (mutual fund house, for example) reports this to the I-T department through an AIR. The department keeps track of such transactions through your permanent account number ( PAN).

You need to report it to the I-T department at the time of filing returns. “You should disclose all information related to your income or expense, as the department is aware of all the transactions in advance through financial institutions,” says Homi Mistry, tax partner, Deloitte, Haskins and Sells. 

Remember that you can file only one AIR for a financial year. However, if you want to rectify a mistake or want to furnish additional information in the report, you can file ‘supplementary information'.

“There are three situations when you may need to file supplementary information. (a) When you respond to a notice from the I-T commissioner (central information branch) within the time allowed by the commissioner. (b) To furnish additional details not submitted in the original AIR (c) In response to any deficiency indicated by the tax information network (TIN) in the provisional receipt,” said a Pune-based chartered accountant.

Supplementary information should be furnished according to the data structure specified by the I-T department and should be incremental, that is, contain information only on reported transactions which have to be revised. It should be filed at the same TIN facility centre where the original was filed. If the latter was filed online, supplementary information also should be filed online.

You have to pay (service tax additional) for the AIR and supplementary information. the charges are Rs 25 for 100 records, Rs 150 for 100-1,000 records and Rs 500 for more than 1,000.

In March this year, CBDT issued a circular to streamline the scrutiny procedure. “Scrutiny of returns has evoked concern from small taxpayers and senior citizens about prolonged enquiries and the same cases year after year,” said the circular.

For the financial year 2011-12, the CBDT decided that senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2, will be subject to scrutiny only when the department has credible information.

“For this purpose, senior citizens would be individuals who are 60 years or more. Small taxpayers would be individual and HUF (Hindu undivided family) taxpayers whose gross total income, before availing deductions under Chapter VIA, does not exceed Rs 10 lakh,” the circular said.

Neha Pandey / Mumbai Jun 29, 2011, 00:38 IST

ISRO’s 100th space mission

SRIHARIKOTA (ANDHRA PRADESH), September 9, 2012

The Indian Space Research Organization’s (ISRO) PSLV-C21 launch vehicle, carrying two satellites, blasted off from the first launch pad at the Satish Dhawan Space Centre in Sriharikota on Sunday, with the launch being witnessed by Prime Minister Manmohan Singh.

The rocket carried two foreign satellites — SPOT 6, a French satellite and a Japanese micro satellite called PROITERES.

Dr Manmohan Singh along with Minister of State in Prime Minister Office, V Narayanasamy, were present to witness the launch at the Indian Space Research Organisation (ISRO) here. Sriharikota is around 80 km north of Chennai.

Exactly at 9.51 a.m., the rocket — Polar Satellite Launch Vehicle-C21 (PSLV-C21), standing around 44 metres tall and weighing around 230 tonne, with a one way ticket — hurtled towards the skies ferrying the two foreign satellites — SPOT 6, a French earth observation satellite weighing 712 kg and 15 kg micro satellite PROITERES of Japan.

The cost of the rocket is around Rs. 75 crores.

PROITERES is intended to study powered flight of a small satellite by an electric thruster and observe Japan’s Kansai district with a high resolution camera.

Dr Manmohan Singh watched the historic 100th mission of the Indian space agency and scientists at Indian Space Research Organisation’s (ISRO) rocket’s mission control room kept an eye on the rocket that escaped the earth’s gravitational pull.

ISRO officials are hoping that the agency’s 100th space mission will turn out to be a grand success.

The PSLV-C21 rocket is expected to deliver SPOT 6 and PROITERES into a 655 km polar orbit.

Remote sensing satellites send back pictures and other data. The SPOT and Indian remote sensing satellites are the two leading earth observation satellite series.

Interestingly SPOT 6 is the heaviest foreign satellite to be carried by a PSLV rocket since 1999 when ISRO started launching satellites owned by foreign agencies.

ISRO has been carrying foreign satellites since 1999 initially as an add-on luggage to its own satellite.

It was with Agile, a 350 kg Italian satellite, that ISRO started flying a full commercial rocket. Till date ISRO has launched 27 foreign satellites successfully and the Sunday mission would take the tally to 29.

The successful launch of SPOT-6 would make ISRO’s PSLV rocket a strong contender to carry SPOT-7 planned by French company Astrium SAS soon.

According to ISRO, the satellite launch agreement between Antrix and Astrium is part of the long-term agreement signed between the two agencies in September 2008.

The space agency has also jointly built two heavy satellites — 3,453 kg W2M and 2,541 kg Hylas — for the French agency.

India has the largest constellation of remote sensing satellites in the world providing imagery in a variety of spatial resolutions, from more than a metre ranging up to 500 metres, and is a major player in vending such data in the global market.

With 12 remote sensing/earth observation satellites orbiting in the space, India is a world leader in the remote sensing data market. The 12 satellites are TES, Resourcesat-1, Cartosat-1, -2, -2A and -2B, IMS-1, Risat-2, Oceansat-2, Resourcesat-2, Megha-Tropiques and Risat-1.

100 years for Jana Gana Mana

The Indian National anthem, originally composed  in Bengali by Rabindranath Tagore, was adopted in its Hindi version by the Constituent Assembly as the National Anthem of India on 24 January 1950. It was first sung on 27 December 1911 at the Calcutta session of the Indian National Congress. Playing time of full version of the National Anthem is  approximately 52 seconds. The complete song consists of five stanzas. 

-१-
जन-गण-मन अधिनायक जय हे
भारत भाग्य-विधाता,
पंजाब-सिन्धु-गुजरात-मरठा-
द्राविधू-उत्कल-बन्ग
विन्ध्य-हिमाचल-यमुना-गन्गा
उच्छल-जलधि-तरंग
तव शुभ नामे जागे
तव शुभ आशीष मांगे,
गाहे तव जय-गाथा
जन-गण-मन-मंगलदायक जय हे
भारत-भाग्य-विधता
जय हे, जय हे, जय हे,
जय जय जय जय हे
-२-
अहरह तव आह्नान प्रचारित,
शुनि तव उदार वाणी-
हिन्दु-बौद्ध-शिख-जैन-पारसिक-
मुसलमान-खृष्टानि
पूरब-पश्चिम आसे
तव सिहांसनपाशे
प्रेमहार, हय गाथा,
जन-गण-ऐक्य-विधायक जय हे
भारत-भाग्य-विधाता
जय हे, जय हे, जय हे,
जय जय जय जय हे
-३-
पतन-अभ्युदय-वन्धुर-पंथा,
युगयुग धावित यात्री,
हे चिर-सारथी,
तव रथ चक्रेमुखरित पथ दिन-रात्रि
दारुण विप्लव-माझे
तव शंखध्वनि बाजे,
सन्कट-दुख-श्राता,
जन-गण-पथ-परिचायक जय हे
भारत-भाग्य-विधाता,
जय हे, जय हे, जय हे,
जय जय जय जय हे
-४-
घोर-तिमिर-घन-निविङ-निशीथ
पीङित मुर्च्छित-देशे
जाग्रत दिल तव अविचल मंगल
नत नत-नयने अनिमेष
दुस्वप्ने आतंके
रक्षा करिजे अंके
स्नेहमयी तुमि माता,
जन-गण-दुखत्रायक जय हे
भारत-भाग्य-विधाता,
जय हे, जय हे, जय हे,
जय जय जय जय हे
-५-
रात्रि प्रभातिल उदिल रविच्छवि
पूरब-उदय-गिरि-भाले,
साहे विहन्गम, पूएय समीरण
नव-जीवन-रस ढाले,
तव करुणारुण-रागे
निद्रित भारत जागे
तव चरणे नत माथा,
जय जय जय हे, जय राजेश्वर,
भारत-भाग्य-विधाता,
जय हे, जय हे, जय हे,
जय जय जय जय हे

100 years for Jana Gana Mana

నందన నామ సంవత్సర శుభాకాంక్షలు

MCX IPO - Invest

Swami Vivekananda - 150 years

INTRODUCTION OUR MASTER AND HIS MESSAGE

In the four volumes (Now in nine volumes — Ed.) of the works of the Swami Vivekananda which are to compose the present edition, we have what is not only a gospel to the world at large, but also to its own children, the Charter of the Hindu Faith. What Hinduism needed, amidst the general disintegration of the modern era, was a rock where she could lie at anchor, an authoritative utterance in which she might recognise her self. And this was given to her, in these words and writings of the Swami Vivekananda.

For the first time in history, as has been said elsewhere, Hinduism itself forms here the subject of generalisation of a Hindu mind of the highest order. For ages to come the Hindu man who would verify, the Hindu mother who would teach her children, what was the faith of their ancestors will turn to the pages of these books for assurance and light. Long after the English language has disappeared from India, the gift that has here been made, through that language, to the world, will remain and bear its fruit in East and West alike. What Hinduism had needed, was the organising and consolidating of its own idea. What the world had needed was a faith that had no fear of truth. Both these are found here. Nor could any greater proof have been given of the eternal vigour of the Sanâtana Dharma, of the fact that India is as great in the present as ever in the past, than this rise of the individual who, at the critical moment, gathers up and voices the communal consciousness.

That India should have found her own need satisfied only in carrying to the humanity outside her borders the bread of life is what might have been foreseen. Nor did it happen on this occasion for the first time. It was once before in sending out to the sister lands the message of a nation-making faith that India learnt as a whole to understand the greatness of her own thought — a self-unification that gave birth to modern Hinduism itself. Never may we allow it to be forgotten that on Indian soil first was heard the command from a Teacher to His disciples: "Go ye out into all the world, and preach the Gospel to every creature!" It is the same thought, the same impulse of love, taking to itself a new shape, that is uttered by the lips of the Swami Vivekananda, when to a great gathering in the West he says: "If one religion true, then all the others also must be true. Thus the Hindu faith is yours as much as mine." And again, in amplification of the same idea: "We Hindus do not merely tolerate, we unite ourselves with every religion, praying in the mosque of the Mohammedan, worshipping before the fire of the Zoroastrian, and kneeling to the cross of the Christian. We know that all religions alike, from the lowest fetishism to the highest absolutism, are but so many attempts of the human soul to grasp and realise the Infinite. So we gather all these flowers, and, binding them together with the cord of love, make them into a wonderful bouquet of worship." To the heart of this speaker, none was foreign or alien. For him, there existed only Humanity and Truth.

Of the Swami's address before the Parliament of Religions, it may be said that when he began to speak it was of "the religious ideas of the Hindus", but when he ended, Hinduism had been created. The moment was ripe with this potentiality. The vast audience that faced him represented exclusively the occidental mind, but included some development of all that in this was most distinctive. Every nation in Europe has poured in its human contribution upon America, and notably upon Chicago, where the Parliament was held. Much of the best, as well as some of the worst, of modern effort and struggle, is at all times to be met with, within the frontiers of that Western Civic Queen, whose feet are upon the shores of Lake Michigan, as she sits and broods, with the light of the North in her eyes. There is very little in the modern consciousness, very little inherited from the past of Europe, that does not hold some outpost in the city of Chicago. And while the teeming life and eager interests of that centre may seem to some of us for the present largely a chaos, yet they are undoubtedly making for the revealing of some noble and slow-wrought ideal of human unity, when the days of their ripening shall be fully accomplished.

Such was the psychological area, such the sea of mind, young, tumultuous, overflowing with its own energy and self-assurance, yet inquisitive and alert withal, which confronted Vivekananda when he rose to speak. Behind him, on the contrary, lay an ocean, calm with long ages of spiritual development. Behind him lay a world that dated itself from the Vedas, and remembered itself in the Upanishads, a world to which Buddhism was almost modern; a world that was filled with religious systems of faiths and creeds; a quiet land, steeped in the sunlight of the tropics, the dust of whose roads had been trodden by the feet of the saints for ages upon ages. Behind him, in short, lay India, with her thousands of years of national development, in which she had sounded many things, proved many things, and realised almost all, save only her own perfect unanimity, from end to end of her great expanse of time and space, as to certain fundamental and essential truths, held by all her people in common.

These, then, were the two mind-floods, two immense rivers of thought, as it were, Eastern and modern, of which the yellow-clad wanderer on the platform of the Parliament of Religions formed for a moment the point of confluence. The formulation of the common bases of Hinduism was the inevitable result of the shock of theircontact, in a personality, so impersonal. For it was no experience of his own that rose to the lips of the Swami Vivekananda there. He did not even take advantage of the occasion to tell the story of his Master. Instead of either of these, it was the religious consciousness of India that spoke through him, the message of his whole people, as determined by their whole past. And as he spoke, in the youth and noonday of the West, a nation, sleeping in the shadows of the darkened half of earth, on the far side of the Pacific, waited in spirit for the words that would be borne on the dawn that was travelling towards them, to reveal to them the secret of their own greatness and strength.

Others stood beside the Swami Vivekananda, on the same platform as he, as apostles of particular creeds and churches. But it was his glory that he came to preach a religion to which each of these was, in his own words, "only a travelling, a coming up, of different men, and women, through various conditions and circumstances to the same goal". He stood there, as he declared, to tell of One who had said of them all, not that one or another was true, in this or that respect, or for this or that reason, but that "All these are threaded upon Me, as pearls upon a string. Wherever thou seest extraordinary holiness and extraordinary power, raising and purifying humanity, know thou that I am there." To the Hindu, says Vivekananda, "Man is not travelling from error to truth, but climbing up from truth to truth, from truth that is lower to truth that is higher." This, and the teaching of Mukti — the doctrine that "man is to become divine by realising the divine," that religion is perfected in us only when it has led us to "Him who is the one life in a universe of death, Him who is the constant basis of an ever-changing world, that One who is the only soul, of which all souls are but delusive manifestations" — may be taken as the two great outstanding truths which, authenticated by the longest and most complex experience in human history, India proclaimed through him to the modern world of the West.

For India herself, the short address forms, as has been said, a brief Charter of Enfranchisement. Hinduism in its wholeness the speaker bases on the Vedas, but he spiritualises our conception of the word, even while he utters it. To him, all that is true is Veda. "By the Vedas," he says, "no books are meant. They mean the accumulated treasury of spiritual laws discovered by different persons in different times." Incidentally, he discloses his conception of the Sanatana Dharma. "From the high spiritual flights of the Vedanta philosophy, of which the latest discoveries of science seem like echoes, to the lowest ideas of idolatry with its multifarious mythology, the agnosticism of the Buddhists, and the atheism of the Jains, each and all have a place in the Hindu's religion." To his mind, there could be no sect, no school, no sincere religious experience of the Indian people — however like an aberration it might seem to the individual — that might rightly be excluded from the embrace of Hinduism. And of this Indian Mother-Church, according to him, the distinctive doctrine is that of the Ishta Devatâ, the right of each soul to choose its own path, and to seek God in its own way. No army, then, carries the banner of so wide an Empire as that of Hinduism, thus defined. For as her spiritual goal is the finding of God, even so is her spiritual rule the perfect freedom of every soul to be itself.

Yet would not this inclusion of all, this freedom of each, be the glory of Hinduism that it is, were it not for her supreme call, of sweetest promise: "Hear, ye children of immortal bliss! Even ye that dwell in higher spheres! For I have found that Ancient One who is beyond all darkness, all delusion. And knowing Him, ye also shall be saved from death." Here is the word for the sake of which all the rest exists and has existed. Here is the crowning realisation, into which all others are resolvable. When, in his lecture on "The Work Before Us," the Swami adjures all to aid him in the building of a temple wherein every worshipper in the land can worship, a temple whose shrine shall contain only the word Om, there are some of us who catch in the utterance the glimpse of a still greater temple — India herself, the Motherland, as she already exists — and see the paths, not of the Indian churches alone, but of all Humanity, converging there, at the foot of that sacred place wherein is set the symbol that is no symbol, the name that is beyond all sound. It is to this, and not away from it, that all the paths of all the worships and all the religious systems lead. India is at one with the most puritan faiths of the world in her declaration that progress is from seen to unseen, from the many to the One, from the low to the high, from the form to the formless, and never in the reverse direction. She differs only in having a word of sympathy and promise for every sincere conviction, wherever and whatever it may be, as constituting a step in the great ascent.

The Swami Vivekananda would have been less than he was, had anything in this Evangel of Hinduism been his own. Like the Krishna of the Gitâ, like Buddha, like Shankarâchârya, like every great teacher that Indian thought has known, his sentences are laden with quotations from the Vedas and Upanishads. He stands merely as the Revealer, the Interpreter to India of the treasures that she herself possesses in herself. The truths he preaches would have been as true, had he never been born. Nay more, they would have been equally authentic. The difference would have lain in their difficulty of access, in their want of modern clearness and incisiveness of statement, and in their loss of mutual coherence and unity. Had he not lived, texts that today will carry the bread of life to thousands might have remained the obscure disputes of scholars. He taught with authority, and not as one of the Pandits. For he himself had plunged to the depths of the realisation which he preached, and he came back like Ramanuja only to tell its secrets to the pariah, the outcast, and the foreigner.

And yet this statement that his teaching holds nothing new is not absolutely true. It must never be forgotten that it was the Swami Vivekananda who, while proclaiming the sovereignty of the Advaita Philosophy, as including that experience in which all is one, without a second, also added to Hinduism the doctrine that Dvaita, Vishishtâdvaita, and Advaita are but three phases or stages in a single development, of which the last-named constitutes the goal. This is part and parcel of the still greater and more simple doctrine that the many and the One are the same Reality, perceived by the mind at different times and in different attitudes; or as Sri Ramakrishna expressed the same thing, "God is both with form and without form. And He is that which includes both form and formlessness."

It is this which adds its crowning significance to our Master's life, for here he becomes the meeting-point, not only of East and West, but also of past and future. If the many and the One be indeed the same Reality, then it is not all modes of worship alone, but equally all modes of work, all modes of struggle, all modes of creation, which are paths of realisation. No distinction, henceforth, between sacred and secular. To labour is to pray. To conquer is to renounce. Life is itself religion. To have and to hold is as stern a trust as to quit and to avoid.

This is the realisation which makes Vivekananda the great preacher of Karma, not as divorced from, but as expressing Jnâna and Bhakti. To him, the workshop, the study, the farmyard, and the field are as true and fit scenes for the meeting of God with man as the cell of the monk or the door of the temple. To him, there is no difference between service of man and worship of God, between manliness and faith, between true righteousness and spirituality. All his words, from one point of view, read as a commentary upon this central conviction. "Art, science, and religion", he said once, "are but three different ways of expressing a single truth. But in order to understand this we must have the theory of Advaita."

The formative influence that went to the determining of his vision may perhaps be regarded as threefold. There was, first, his literary education, in Sanskrit and English. The contrast between the two worlds thus opened to him carried with it a strong impression of that particular experience which formed the theme of the Indian sacred books. It was evident that this, if true at all, had not been stumbled upon by Indian sages, as by some others, in a kind of accident. Rather was it the subject-matter of a science, the object of a logical analysis that shrank from no sacrifice which the pursuit of truth demanded.

In his Master, Ramakrishna Paramahamsa, living and teaching in the temple-garden at Dakshineshwar, the Swami Vivekananda — "Naren" as he then was — found that verification of the ancient texts which his heart and his reason had demanded. Here was the reality which the books only brokenly described. Here was one to whom Samâdhi was a constant mode of knowledge. Every hour saw the swing of the mind from the many to the One. Every moment heard the utterance of wisdom gathered superconsciously. Everyone about him caught the vision of the divine. Upon the disciple came the desire for supreme knowledge "as if it had been a fever". Yet he who was thus the living embodiment of the books was so unconsciously, for he had read none of them! In his Guru, Ramakrishna Paramahamsa, Vivekananda found the key to life.

Even now, however, the preparation for his own task was not complete. He had yet to wander throughout the length and breadth of India, from the Himalayas to Cape Comorin, mixing with saints and scholars and simple souls alike, learning from all, teaching to all, and living with all, seeing India as she was and is, and so grasping in its comprehensiveness that vast whole, of which his Master's life and personality had been a brief and intense epitome.

These, then — the Shâstras, the Guru, and the Mother­land — are the three notes that mingle themselves to form the music of the works of Vivekananda. These are the treasure which it is his to offer. These furnish him with the ingredients whereof he compounds the world's heal-all of his spiritual bounty. These are the three lights burning within that single lamp which India by his hand lighted and set up, for the guidance of her own children and of the world in the few years of work between September 19, 1893 and July 4, 1902. And some of us there are, who, for the sake of that lighting, and of this record that he has left behind him, bless the land that bore him and the hands of those who sent him forth, and believe that not even yet has it been given to us to understand the vastness and significance of the message that he spoke.

N. of Rk — V.
July 4, 1907