Jun 26, 2010

Message




Fisher…seeking new horizons…promised not to write anymore…will miss u all…Good-bye!


UPDATE (10/10/2010):

First, a thank you to the readers who wrote in asking me to continue…my special thanks to Hari. Yes, I’m back and finally decided to continue writing. However, I’ll not be able to write more than two or at the most three posts in a month.

Jun 25, 2010

Answers: Money Teaser #5


The answers are based on the Original version of DTC and not the revised one:

Ans 1: Taxman assumes that house rentals in Delhi are still a lot higher than Gurgaon and Noida.

Similarly, according to government, cost of living is higher in Kolkata as compared to Pune, Bangalore, Gurgaon and other such non-metros.


Ans2: To compensate for the extra expenses incurred by women to make themselves look presentable for office.


Ans 3: To encourage
daily commuters to use public transport (or start cycling) thereby reducing traffic congestion and pollution levels and also saving money in the process.


Ans 4: So that CAs and Lawyers can make a living out of it. And, Fisher can blog about it.


Ans 5: To simplify the tax laws for a CA student who was finding it difficult to comprehend the complex provisions of current tax laws. Now he can have a sigh of relief because probability of his passing the examination increases manifold.


Ans 6: Because it contains so many secrets.


Ans 7: Now there won’t be any need to submit fake bills (Rent bills, LTA vouchers, Medical bills etc.) to claim the tax benefits. It was particularly a big headache to arrange bogus travel tickets and fake medical bills.
Further as the number of choices for investments for tax saving purposes stands reduced, the tax planning will become a lot easier. After depositing some amount in PPF, the balance will go to life insurance. In other words, DTC will make it easier for individuals to invest in life insurance. However, there’s one pitfall also: you might have to run after your insurance agent because they will get too busy (now there won’t be any need for agents to convince you any more regarding the importance of investing in life insurance product). It might also reverse the maxim “the insurance is sold and not bought”.


Ans 8: The DTC will help companies reduce the work of HR & Accounts department because now there will not be any need to bifurcate your pay package into different components such as HRA, LTA, Medical reimbursement etc. And there won’t be any need to collect all the evidence (rent receipts, LTA & medical claim vouchers) from the employees.


Ans 9: Because it is one of the best long term saving instrument available for your retirement.


Ans 10: Every transaction of purchase, sale or expenses exceeding Rs 50 need to be supported by a serially numbered bill / receipt containing the name, address and such other particulars as may be prescribed. And for expenditure less than Rs 50, payment vouchers shall be required.


Also see:

1. Money Teaser # 5 – Tax
2. How to live a Purposeful Life

Jun 19, 2010

How to live a purposeful life


Most gulls don’t bother to learn more than the simplest facts of flight – how to get from shore to food and back again. For most gulls, it is not flying that matters, but eating.

--Quote from Jonathan Livingston Seagull by Richard Bach

The message from this truly inspiring book is that you can follow your passion to seek a higher purpose in life despite opposition from your family and society. It says, wake up Sid! Don’t be content with just eating, sleeping, making money and spending it. There is more to life...you can always strive to make yourself better.

A purposeful life is one which
makes you feel alive, and also make this world a better place to live. So here is a list of 5 ways to live a life worth living:

1. Find your calling
The tragedy of life is not death, the tragedy of life is what we allow to die inside us while we live.

--Dr. Normal Cousins

Have you ever asked yourself: Am I living the life I want to live? If yes, then ok, otherwise read on: To make your life fulfilling, you need to find your true calling where your talent can be put to best use. But it’s easier said than done. It may take you years to find it and that too if you really want to (even though it’s already inside you).

This is the most important and most difficult task in living a purposeful life and which can make all the difference to your life. You should also read this wonderful post about finding your calling by Hunter Nuttall.


2. Never stop dreaming
When we talk of dreams, the first thought which comes to mind is the quote from the bestselling book The Alchemist by Paulo Coelho

“It is the possibility of having a dream come true that makes life interesting.”

However, to make your dream a reality you need to be obsessively passionate because it’s usually a lonely journey. You also require lots of self-belief, patience, and ability to take criticism in your face (because others will sometimes let you down).

But remember, it is indeed possible to turn your dreams into a reality. Again The Alchemist says,

“When you want something, all the universe conspires in helping you achieve it.”


3. Learn to take risks
“When you move beyond your fear, you feel free”

--A quote from Who Moved My Cheese

To try new things and take on new challenges, one needs to come out of the comfort zone. This concept of coming out of your comfort zone and embracing new changes in life is best described by Spencer Johnson in the short story Who Moved my Cheese.

What if someone fails?...nothing to worry about because failure does not mean that you’ve accomplished nothing, rather it means you’ve learned something. Failure doesn’t mean that you can never make it, rather it means that you’ve an excuse to start over again.


4. Be ethical
Never compromise on integrity. It will give you inner peace.


5. Become Environment friendly
Living a life with purpose also means showing concern for the environmental consequences of our mass consumption lifestyles. Understand that every one of us can contribute towards the environment in small ways. The best way in which you can contribute towards environment is to use fewer resources and not to waste anything. Put simply, use anything and everything until it wears out.


6. Contribute towards social Justice by Living a simple life
Life is simple but we insist on making it complicated.

--Confuscious

Simple living is about frugality, about non-consumerist lifestyle, being environmental friendly and also about social justice… What? Social Justice!! Yes, read Richard Gregg’s views:

“ The first step I can take to cut down my share in exploitation is to live simply. All luxuries require unnecessary labour, as John Woolman so clearly showed. The production and consumption of luxuries divert labor and capital from tasks which are socially more productive and beneficial; they often take land away from wise use; and they waste raw materials which might be used to better advantage.”


I hope this time you’ll surely write a few words telling me how did you like this post?


Also see:

1. How to live a simple life
2.
4 other ways to live a simple life
3.
Savings: A step towards sustainable living
4.
My new year resolutions for 2010