Hakimi Carvajal is a reference point

first_imgAchraf Hakimi, currently on loan at Borussia Dortmund from Real Madrid, has vowed to learn from Dani Carvajal’s experience.Hakimi, 20, recently opened up on the journey of Carvajal left Madrid in 2012 to spend a year at German club Bayer Leverkusen before returning to Los Blancos to become a regular starter.The young Moroccan defender was recently awarded the best young player in Africa and has been tipped to have a bright future citing his brilliant displays.“For me, Carvajal is a reference point and I can look to what he has done and is doing with his career,” Achraf told an interview with Marca.“He went to German football and thrived professionally to return to the club and become a regular, and maybe I am on the same path right now, I feel that I am growing a lot.🇲🇦 Achraf Hakimi🏆 African Youth Player of the Year#UCL pic.twitter.com/d65rbgCAr0— UEFA Champions League (@ChampionsLeague) January 9, 2019Jadon Sancho rescues Borussia Dortmund vs FC Koln Tomás Pavel Ibarra Meda – August 23, 2019 With another spectacular performance from Jadon Sancho, Borussia Dortmund took the top of the Bundesliga against Koln.The Bundesliga’s second fixture of the season started…“Why did I join Borussia? There were offers from elsewhere and in Spain but this is a historic club that I believed would allow me to grow and hopefully, I can stay on this path.“I cannot say where I will be next year or the season after, right now I am focused on my time with Dortmund and not thinking too much about what my future holds.“Marcelo’s form? I could never criticise him and anyone who does is being unfair, this is an icon of Real Madrid who has achieved everything.“Full-backs who go forward always leave themselves open to criticism and their benefit to the team does not receive its proper acknowledgement.“Real Madrid are not having their best season but I have every confidence they will come through this.”last_img read more

Glamour Uses Google to Offer Integrated Ad Buys Custom Content

first_imgThe Hangout series includes content that ranges from beauty how-tos and shopping inspiration to live music and insider tips. The Hangouts will be uploaded to Glamour’s YouTube channel, as well as the advertisers’ websites and social media outlets. Some of the Hangouts are live, enabling readers to log on and participate using the hashtag #GLAMOURHangouts, while others will be pre-recorded, allowing readers to watch and comment via Google+.The magazine began working directly with Google in January to develop this first Hangout series. Sponsors are casually folded in—SlimFast will present a comedic improv session featuring members of the comedy troupe the Upright Citizens Brigade and 30 Rock actress Sue Galloway, for example.“We’ll be promoting the hang outs across other social networks to get as much momentum as possible,” says Bowman. “We’re always trying to come up with ideas based on what our advertisers are looking for, and custom content is hugely important.”Stay updated on the latest FOLIO: news, follow us on Facebook & Twitter! It’s a cross between social advertising, content marketing and a traditional ad-buy: Glamour magazine is launching a new month-long series of custom Google+ Hangouts, giving its advertisers unique access, and exposure, to the title’s more than 1.5 million Google+ followers.Between April 10 and May 8 the magazine will roll out nine hangouts that will include a total of nine advertising partners. The online campaign is a direct extension of Glamour’s May beauty issue—the publication invited select print and digital advertisers to receive a custom Google+ Hangout that the magazine would produce on their behalf.“A lot of our advertisers were asking for custom content—things they could use across their websites and socially,” says Jenny Bowman, executive creative services director for the brand. “This is part of their commitment for running in the May issue. We produce the Hangouts, bring in talent and film it—it’s something that we’re doing as added value.”last_img read more

VWs US CEO says around 25000 would be a smart price for

first_imgVolkswagen builds pickups like the Amarok and Saveiro for other countries, but sadly, it has no official plans to bring a pickup truck to the US. If you look at what the German automaker has been up to lately, however, it certainly seems like VW is very interested in entering the market.At last year’s New York Auto Show, VW showed off its definitely-not-for-production Atlas Tanoak concept — basically its Atlas midsize SUV, but with a pickup bed out back.This year, the automaker has brought its smaller Tarok pickup (based on the MQB platform that also underpins the Volkswagen Golf and Jetta), which looks a lot closer to production, but, unfortunately, is also just a concept. Scott Keogh, Volkswagen Group of America’s CEO, revealed some insights about how a small pickup might work in the US during a Wednesday media roundtable session I attended at the NY Auto Show.”I think we can comment with an extremely, let’s say, smart price point,” Keogh said. “I don’t want to, you know, start to give away price points, but I think you could put a vehicle like that in the marketplace in, let’s say, the mid-20s with proper engine, proper everything.”Again, VW hasn’t committed to a US truck, and Keogh cautions that the company’s investigation into the idea is “all early days,” but clearly it’s putting a lot of thought into the idea. Further, its new truck and van partnership with Ford could help facilitate its developing such models more quickly and less expensively. Still, the thought of a capable, well-equipped small pickup for not a lot of money could resonate in a US market that once bought hundreds of thousands of compact pickups.Enlarge ImageA production version of the Tarok trucklet would be sweet, especially if consumers got some of this concept’s delicious interior cues. Steven Pham/Roadshow “I do see an opportunity where these trucks have all moved into the 50s and the 60s [pricing] and beyond,” Keogh added, alluding to the escalating price of full-size pickups. “That is the price of an expensive luxury car, not a normal luxury car, and I think there is an opportunity because people do need these vehicles, and I think Volkswagen’s always made cars for people who need vehicles. You know, they have families, they need safety, they need things, so you have to hit a good price point, and I think we can.”A small VW pickup could have another party trick: fuel economy. “Depending on what drivetrain we put in there, you could also get phenomenal fuel economy out of that thing,” Keogh said. A fuel-sipping trucklet would certainly stand out amid a US pickup market loaded with full-size rigs that struggle to get combined miles per gallon ratings in the high teens. Sure, there are efficient midsize trucks in the American market like the Chevy Colorado Duramax diesel at 20 miles per gallon in the city, 30 mpg highway and 23 mpg combined, but that starts at $37,675. If VW could pull off an affordable compact pickup that gets mid-20s combined fuel economy, but for around 10 grand less, that might just provide enough of a business case to build one.VW may also have some small-truck competition in the pipeline, too. Ford recently confirmed that it’s planning a sub-Ranger-sized pickup, but the jury’s out on whether the mini truck will make it to America. In addition, Hyundai is planning on bringing its small Santa Cruz pickup truck to the US “as soon as possible.” May 29 • 2020 Ford Escape: Everything there is to know 2019 Volkswagen Arteon first drive: Flagship fastback feels familiar More From Roadshow Tags New York Auto Show 2019 Volkswagen reading • Volkswagen’s US CEO says around $25,000 would be a smart price for a small pickup Share your voice New York Auto Show 2019 Comments 24 Photos 2019 Mazda CX-9 review: Losing its edge?center_img VW Atlas Tanoak pickup is still a hard maybe Apr 19 • Acura MDX PMC Edition is a hand-assembled SUV in brilliant red paint 3 VW Tarok pickup concept is in New York to gauge your reaction 2019 Honda Ridgeline review: Light duty, heavy punch Apr 19 • Check out the gory details in Honda’s IIHS crash-tested HR-V 46 Photos • Volkswagen Car Industry Trucks Concept Cars Future Cars See Alllast_img read more

Union Budget 201213 Summary

first_imgThe Union Budget 2012-13 identifies five objectives to be addressed effectively in the ensuing fiscal year.- Budget identifies five objectives relating to growth, investment, supply bottlenecks, governance, and removing malnutrition- Amendment to FRBM Act introduced as part of Finance Bill- Central subsidies to be kept under 2 per cent of GDP; to be further brought down to 1.75 per         cent of GDP over the next 3 years- Rs 30,000 crore to be raised through disinvestment- Efforts to reach broad-based consensus on FDI in multi-brand retail- Investment in 12th plan in infrastructure to go upto Rs 50,00,000 crore; half of this is expected from private sector- Target for agricultural credit raised to Rs 5,75,000 crore- National Urban Health Mission is being launched- UID-Aadhar to get adequate funds for enrolment of Rs 40 crore persons- A number of measures proposed to deter generation and use of unaccounted money- White paper on black money to be laid in current session of Parliament- Tax proposals mark progress in the direction of movement towards DTC and GST- Income tax exemption limit raised from Rs 1,80,000 to Rs 2,00,000; upper limit of 20 per cent tax slab raised from Rs 8 lakh TO Rs 10 lakh- General Anti Avoidance Rule being introduced to counter aggressive tax avoidance- Standard rate of excise duty raised from 10 per cent to 12 per cent; service tax rates raised from 10 per cent to 12 per cent; no change in peak customs duty of 10 per cent on non-agricultural goods- Fiscal deficit targeted at 5.1 per cent of GDP, as against 5.9 per cent in revised estimates for 2011-12- Central Government debt at 45.5 per cent of GDP as compared to Thirteenth Finance Commission target of 50.5 per centThe Union Budget 2012-13 presented by the Finance Minister ShriPranab Mukherjee in Lok Sabha today identifies five objectives to be addressed effectively in the ensuing fiscal year.   They include focus on domestic demand driven growth recovery; create conditions for  rapid revival of high growth in private investment;  address  supply bottlenecks  in agriculture, energy and transport sectors  particularly in coal, power, national highways , railways and civil aviation; intervene decisively  to address the problem of malnutrition  especially in the 200 high-burden districts and  expedite coordinated implementation of decisions being taken to improve delivery systems , governance, and transparency;  and address the problem of black money and corruption in public life.ShriPranab Mukherjee said that India’s GDP growth in 2012-13 is expected to be 7.6 per cent +/-0.25 per cent.  He said that in 2011-12, India’s GDP is estimated to grow at 6.9 per cent after having grown at the rate of 8.4 per cent in each of the two preceding years. He said though the global crisis had affected India, it still remains among the front runners in economic growth.  Shri Mukherjee said the slowdown is primarily due to deceleration in industrial growth.  Stating that the headline inflation remained high for most part of the year, the Finance Minister expressed hope that it will moderate further in the next few months and remain stable thereafter.Mukherjee laid emphasis on striking a balance between fiscal consolidations and strengthening macroeconomic fundamentals.  He announced introduction of amendments to the Fiscal Responsibility and Budget Management Act, 2003 (FRBM Act) as part of the Finance Bill 2012.  He said that concept of “Effective Revenue Deficit” and “Medium Term Expenditure Framework” statements are two important features of Amendment to FRBM Act in the direction of expenditure reforms. This statement shall set forth a three year rolling targets for expenditure indicators.The Finance Minister called for a need to have a close look at the growth of revenue expenditure, particularly, on subsidies.  He announced that from 2012-13 while subsidies related to food and for administering the Food Security Act will be fully provided for,  all other subsidies would be funded to the extent that they can be borne by the economy without any adverse implications.  He said that the Government will endeavor to restrict the expenditure on central subsidies under 2 per cent of GDP in 2012-13and over the next three years, it would be further brought down to 1.75 per cent of GDP.Shri Mukherjee said that based on recommendations of the Task Force headed by Shri Nandan Nilekani, a mobile-based Fertilizer Management System has been designed to provide end-to-end information on movement of fertilizers and subsidies which will be rolled out nation-wide during 2012.  He said that transfer of subsidy to the retailer and eventually to the farmers will be implemented in subsequent phases which will benefit 12 crore farmer families.On the tax reforms, the Finance Minister said that the Direct Taxes Code (DTC) Bill will be enacted at the earliest after expeditious examination of the report of the Parliamentary Standing Committee.  He said drafting of model legislation for Centre and State Goods and Services Tax (GST) in concert with States is under progress.  He added that the GST network will be set up as a National Information Utility and will become operational by August 2012.On the disinvestment policy, Mukherjee said that the Central Public Sector Enterprises (CPSEs) are being given a level playing field vis-à-vis private sector with regard to practices like buy-backs and listing at stock exchange. Stating that while in 2011-12, the Government will raise about Rs.14,000crore  from disinvestment as against a target of  Rs.40,000 crore,  the Finance Minister proposed to raise  Rs.30,000 crore through disinvestment in  2012-13.  He said at least 51 per cent ownership and management of CPSEs will remain with the Government.Calling for strengthening investment environment, Mukherjee said that efforts are on to arrive at a broad-based consensus in respect of decision to allow FDI in multi-brand retail up to 51 per cent.  He proposed to introduce a new scheme called Rajiv Gandhi Equity Savings Scheme to allow for income tax deduction of 50 per cent to new retail investors who invest up to Rs.50,000 directly in equities and whose annual income is below Rs.10 lakh.  The scheme will have a lock-in period of 3 years.  Regarding capital markets, the Finance Minister proposed to allow Qualified Foreign Investors (QFIs) to access Indian Corporate Bond market.  He also proposed simplifying the process of Initial Public Offer (IPO).Pranab Mukherjee said that the Government is committed to protect the financial health of Public Sector Banks and Financial Institutions.    He proposed to provide Rs. 15,888 crore for capitalization of Public Sector Banks, Regional Rural Banks and other financial institutions including NABARD.  He added that a Central Know Your Customer (KYC) depositary will be developed in 2012-13 to avoid multiplicity of registration and data upkeep.The Finance Minister informed that out of 73,000 identified habitations that were to be covered under “Swabhimaan” campaign for providing banking facilities by March 2012, about 70,000 habitations have been covered while the rest are likely to be covered by March 31, 2012.    He added that as a next step Ultra Small Branches are being set up at these habitations.  In 2012-13, Swabhimaan campaign will be extended to more habitations.Emphasizing on infrastructure and industrial development, Shri Mukherjee said that during the 12th Plan, infrastructure investment will go up to Rs.50 lakh crorewith half of this expected from private sector. Stating that in 2011-12 tax free bonds for Rs.30,000 crore were announced for financing infrastructure projects, he proposed to double it to raise Rs.60,000 crore in 2012-13.  The Minister proposed to allow External Commercial Borrowings (ECB) to part finance Rupee debt of existing power projects.The Finance Minister ShriPranab Mukherjee announced a  target of covering  8,800 km. under NHDP next year and increase in allocation of the Road Transport and Highways Ministry  by   14 per cent to Rs.25,360 crore in 2012-13.  He proposed to permit ECB for working capital requirements of the Airline Industry for a period of one year, subject to a total ceiling  of US dollar  1 billion to address the immediate financial concerns of the Civil Aviation Sector.   He added that a proposal to allow foreign airlines to participate up to 49 per cent in the equity of an air transport undertaking is under active consideration.Expressing concern over shortage in housing sector, the Finance Minister proposed various measures to address the shortage of housing for low income groups in major cities and towns including ECB for low cost housing projects and setting up of a Credit Guarantee Trust Fund.Regarding textile sector, the Finance Minister announced setting up of two more mega clusters, one to cover Prakasam and Guntur districts in Andhra Pradesh and other for Godda and neighboring districts in Jharkhand in addition to 4 mega handloom clusters already operationalized.  He also proposed setting up of three Weavers Service Centres, one each in Mizoram, Nagaland and Jharkhand.  The Minister proposed a Rs.500 crore pilot scheme in twelfth plan for promotion and application of Geo-textiles in the North East. A powerloom Mega Cluster will be set up in Ichalkaranji in Maharashtra.The Finance Minister proposed to set up a Rs.5000 crore India Opportunities Venture Fund with SIDBI to enhance availability of equity to Micro, Small and Medium Enterprises.Stating that agriculture will continue to be a priority for Government, Mukherjee proposed  an increase  by 18 per cent to Rs. 20,208 crore in the total Plan Outlay for the Department of Agriculture and Cooperation in 2012-13. He said that the outlay for Rashtriya Krishi Vikas Yojana (RKVY) is being increased to Rs. 9217 crore in 2012-13.Underlining importance of timely access to affordable credit for farmers, the Finance Minister proposed to raise the target for  agricultural credit to Rs.5,75,000 crore, which represents an increase of Rs. 1,00,000 crore over the target for the current year. He said that a short term RRB Credit  Refinance Fund is being set up to enhance the capacity of Regional Rural Banks to disburse short term crop loans to the small and marginal farmers. He added that Kisan Credit Card Scheme will be modified to make it a smart card which can be used at ATMs.The Financed Minister said that in order to have a better out reach of the food processing sector, a new centrally sponsored scheme titled National Mission on Food Processing will be started in cooperation with the States in 2012-13.The Finance Minister proposed an increase of 18 per cent to  Rs.37,113crore for Scheduled Castes Sub Plan and  an increase of 17.6 per cent to Rs.21,710 crore for Tribal Sub Plan during 2012-13.Regarding food security, Shri Mukherjee said that National Food Security Bill 2011 is before Parliamentary Standing Committee.   He said a multi-sectoral programme to address maternal and child malnutrition in selected 200 high burdened districts is being rolled out during 2012-13.  He further said that an allocation of Rs.15,850 crore has been made for ICDS scheme which is an increase of 58% and Rs.11,937 crore for  National Programme of Mid-Day Meals in schools for the year 2012-13.  He added that an allocation of Rs.750 crore is proposed for Rajiv Gandhi Scheme for Empowerment of Adolescent Girls, SABLA.The allocation for rural drinking water and sanitation is proposed to be increased by over 27 per cent to Rs. 14,000 crore and for PradhanMantri Road Sadak Yojana by 20 per cent to Rs. 24,000 crore in 2012-13.  He proposed to enhance the allocation under Rural Infrastructure Development Fund to Rs. 20,000 crore with Rs.5,000 crore exclusively earmarked for .creating warehousing facilities.The Finance Minister proposed an  increase in  allocation by 21.7 per cent  for Right to Education – SarvaShikshaAbhiyan to Rs.25,555 crore and by 29 per cent  for Rashtriya MadhyamikShiksha Abhiyan to Rs. 3,124 crore,   He proposed to set up a Credit Guarantee Fund to ensure better flow of funds to students.Regarding health sector he proposed an increase in allocation for NRHM to Rs.20,822 crore in 2012-13.  He also said that National Urban Health Mission is being launched.The Finance Minister said that Mahatma Gandhi National Rural Employment Guarantee Scheme has had a positive impact.  He proposed an allocation of Rs.3915 crore for National Rural Livelihood Mission (NRLM) which represents an increase of 34 per cent. He proposed to provide Rs.200 crore to enlarge the corpus to Rs.300 crore of the Women’s SHG’s Development Fund.  He said the fund will also support the objectives of Aajeevika i.e.  NRLM and will empower women SHGs to access bank credit. He also proposed to establish a Bharat Livelihoods Foundation of India through Aajeevika which will support and scale up civil society initiatives and interventions particularly in the tribal regions covering around 170 districts.Allocation under National Social Assistance Programme (NSAP) is proposed to be raised by 37 per cent to Rs. 8447 crore.  Under the Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme for BPL beneficiaries, the monthly pension amount per person is being raised from Rs. 200 to Rs.300.The Finance Minister announced a provision of Rs.1,93,407crore for Defence Services including Rs.79,579 crore for capital expenditure.  He said the allocation is based on present needs and any further requirement would be met.Addressing Governance related issues, Mukherjee said adequate funds are proposed to be allocated to complete enrolments of another 40 crore persons under UID Mission. Outlining the steps taken by the Government to address the issue of black money, the Minister proposed to lay a White Paper on Black Money in the  current session of Parliament.In the Budget Estimates for 2012-13, the Gross Tax Receipts are estimated at Rs.10, 77,612 crore which is an increase of 15.6 per cent over the Budget Estimates and 19.5 per cent over the revised estimates for 2011-12.  After devolution to States, the net tax to the Centre in 2012-13 is estimated at Rs. 7,71,071crore. The Non Tax Revenue Receipts are estimated at Rs.1,64,614 crore and Non-debt Capital Receipts  at Rs.41,650 crore.  The total expenditure for 2012-13 is budgeted at Rs.14,90,925 crore.  Of this Rs.5,21,025 crore is the Plan Expenditure while Rs.9,69,900 crore is budgeted as Non Plan Expenditure.The tax proposals are guided by the need to move towards the Direct Tax Code (DTC) in the case of direct taxes and Goods & Services Tax (GST) in the case of indirect taxes.Individual income upto Rs.2 lakh will be free from income tax; income upto Rs.1.8 lakh was exempt in 2011-12. Income above Rs.5 lakh and upto Rs.10 lakh now carries tax at the rate of 20 per cent; the 20% tax slab was from Rs.5 lakh to Rs.8 lakh in 2011-12. A deduction of upto Rs.10,000 is now available for interest from savings bank accounts. Within the existing limit for deduction allowed for health insurance, a deduction of upto  Rs.5000 is being allowed for preventive health check-up.  Senior citizens not having income from business will now not need to pay advance tax.While no changes have been made in corporate taxes, the budget proposes a number of measures to promote investment in specific sectors.  In order to provide low cost funds to some stressed infrastructure sectors, withholding tax on interest payments on external borrowings (ECBs) is being reduced from 20 percent to 5 per cent for 3 years.  These sectors are – power, airlines, roads and bridges, ports and shipyards, affordable housing, fertilizer, and dam.Investment linked deduction of capital expenditure in some businesses is proposed to be provided at 150 per cent as against the current rate of 100 per cent.  These sectors include cold chain facility, warehouses forstoring food-grains, hospitals, fertilizers and affordable housing.   Bee keeping, container freight and warehousing for storage of sugar will now also be eligible for investment linked deduction. The budget also proposes weighted deduction for R&D expenditure, agri-extension services and expenditure on skill development in the manufacturing sector.For small and medium enterprises (SMEs) the turnover limit for compulsory tax audit of accounts as well as for presumptive taxation is proposed to be raised from Rs. 60 lakh to Rs. 1 crore. In order to augment funds for SMEs, sale of residential property will be exempt from capital gains tax, if the proceeds are used for purchase of plant and machinery, etc.A General Anti-Avoidance Rule (GAAR) is being introduced in order to counter aggressive tax avoidance. Securities transaction tax (STT) is being reduced by 20 per cent on cash delivery transactions, from 0.125% to 0.1%. Alternative Minimum Tax is proposed to be levied from all persons, other than companies, claiming profit linked deductions.The Finance Minister has proposed a series of measures to deter the generation and use of unaccounted money. In the case of assets held abroad, compulsory reporting is being introduced and assessment upto 16 years will now be allowed to be re-opened. Tax will be collected at source on trading in coal, lignite and iron ore; purchase of bullion or jewellery above Rs. 2 lakh in cash; and transfer of immovable property (other than agricultural land) above a specified threshold. Unexplained money, credits, investments, expenditures etc. will be taxed at the highest rate of 30 per cent irrespective of the slab of income.The Finance Minister has made an effort to widen the service tax base, strengthen its enforcement and bring it as close as possible to the central excise. A common simplified registration form and a common return are being introduced for central excise and service tax.All services will now attract service tax, except those in the negative list. The negative list has 17 heads and includes specified services provided by the government or local authorities, and services in the fields of education, renting of residential dwellings, entertainment and amusement, public transportation, agriculture and animal husbandry. A number of other services including health care, and services provided by charities, independent journalist, sport persons, performing artists in folk and classical arts, etc are exempt from service tax. Film industry also gets tax exemption on copyrights relating to recording of cinematographic films.Service tax rate is being increased from 10 per cent to 12 per cent, with consequential change in rates for services that have individual tax rates. The standard rate of excise duty for non-petroleum goods is also being raised from 10 per cent to 12 per cent. No change is proposed in peak rate of customs duty of 10 per cent on non-agricultural goods.The Budget offers relief to different sectors of economy, especially those under stress.  Import of equipment for fertilizer projects are being fully exempted from basic customs duty of 5 per cent for 3 years.  Basic customs duty is also being lowered for a number of equipment used in agriculture and related areas. In the realm of infrastructure, customs relief is being given to power, coal and railways sectors.  While steam coal gets full customs duty exemption for 2 years (with the concessional counter-veiling duty of 1 per cent), natural gas, LNG and certain uranium fuel get full duty exemption this year. Different levels of duty concessions are being provided to help mining, railways, roads, civil aviation, manufacturing, health and nutrition and environment. So as to help modernization of the textile industry, a number of equipment are being fully exempted from basic customs duty, and lower customs duty is being proposed for some other items used by the textile industry.Customs duty is being raised for gold bars and coins of certain categories, platinum and gold ore.  Customs duty is to be imposed on coloured gem stones.  Excise duty on certain categories of cigarettes and bidis, pan masala and chewing tobacco is being increased. Customs duty is being increased on completely built large cars/ SUVs/ MUVs of value exceeding $40,000.Silver jewellery will now be fully exempt from excise duty. Unbranded precious metal jewellery will attract excise duty on the lines of branded jewellery. Operations are being simplified and measures taken to minimize impact of this provision on small artisans and goldsmiths.While direct tax proposals in the Budget will result in a net revenue loss of Rs.4,500crore, indirect taxes will result in a net revenue gain of Rs.45,940 crore. Thus, the tax proposals will lead to a net gain of Rs.41,440crore.last_img read more

SBI launches startup branch wealth management service

first_imgPublic sector lender State Bank of India (SBI) launched its first exclusive start-up bank branch, SBI InCube, and wealth management services, SBI Exclusif, in Bengaluru on Thursday.SBI Exclusif will cater to the affluent segment in India while SBI InCube will serve as a one-stop shop for budding entrepreneurs rendering services from setting up of a company to dealing with legal issues and taxation, besides guiding and counselling them. SBI Chairman Arundhati Bhattacharya said is one of the key initiatives of the bank.”Introducing wealth management has been one of the bank’s top strategic priorities, as we have a number of HNI customers in the bank and potentially many more whose banking needs are more sophisticated and who require a highly specialized service delivery mechanism,” she said.The bank will be rolling out these services to other cities in due course this year, a media statement issued by SBI said.India ranks third globally, with more than 4,200 start-ups that received funding of about $5 billion by 2015, according to software industry body, the National Association of Software and Services Companies (NASSCOM).India is also the youngest start-up nation in the world, with 72% of the founders less than 35 years of age, according to Ravi Gururaj, Chairman, NASSCOM Product Council.last_img read more

Online ads to be taxed 6 from June 1 says govt

first_imgIndian government on Monday announced the rules for taxing its digital economy. The Union Budget had introduced India’s first ever digital tax, called the equalization levy (EQL). The EQL will be a six percent tax or fee deducted at the source on payments exceeding Rs. 1 lakh a year made by every resident entity to a non-resident firm for online advertisements.Such a tax will neutralise the advantage foreign e-commerce firms, having no permanent presence in India, enjoy over India-based local competitors. Google and Facebook are reported to be among those firms that would be hit by the levy, reported Financial Express. The daily added that the rules are expected to throw more light on the levy regarding payment, time limits, account-maintenance of specified services furnished, demand notices and appeals in case of disputes, if any.”Now with rules in place, people need to start taking action, since the statement of specified services procured starting June 1, 2016 has to be reported in the statement to be furnished by June 30, 2017,” Rakesh Nangia, the Managing Partner at Nangia & Co. said. He added that the rules provide clarity as to how an assessee can appeal against the order of the assessing officer.According to the Economic Times, the idea behind EQL was to indirectly tax the internet giants for the money they make from Indian advertisers. DNA cited Rishab Parakh, chartered accountant and founder of Money Plant Consulting as saying that the revenues of most foreign internet companies are usually routed to a tax haven country. The EQL will help bring them under India’s tax net, he added.Analysts, however, added that such a tax will only mean digital services in India would get pricey as Indian advertisers will pass on their tax burden down to their customers.Meanwhile, a recent panel formed by the Indian tax authorities to study the scope of taxation of different companies operating in the Indian e-commerce space has suggested including more than a dozen digital economy services to be brought under the ambit of the proposed 6 to 8 percent EQL. However, their inclusion into the EQL taxation category is subject to government discretion going further.last_img read more

Setting the Record Straight 3 Myths of Estate Planning

first_imgBy Susan Francis, Special to the AFRO Planning for the end of life is a heavy topic. It is full of emotions, stress and uncertainties. It’s common for our volunteer attorneys to meet with a client who doesn’t think they need to do estate planning or they come with misinformation about the process. Here are three myths we hear about estate planning and the facts to provide a more accurate outlook on estate planning.Myth #1: You only need estate planning if you’re rich and have a lot of assets.It’s a common misconception to think that estate planning is only required if you’re rich and wealthy with assets. This misconception can be detrimental to low-income Marylanders, especially those who are living paycheck to paycheck. Someone who owns their own home, car, has financial accounts and benefits will need estate planning – no matter the total value of the assets.Myth #2: My house is paid for, so it will easily transfer to my family upon my death.One critical piece that is missing from all estate planning discussions is how to avoid probate. Many people do not realize that their name is not listed on the deed to the property they live in and own. This presents a significant barrier for future generations to stay in the home and keep the wealth they’ve built within their family. If a family can’t afford to pay estate administration fees to properly pass the house through probate, they often lose the home to tax sale or other unfortunate reasons.The probate process can take up to nine months to sort out and can come with hundreds of dollars in processing fees, not to mention added stress.Free resources are available through My Deed, My Home, My Legacy to better understand the deed process. The first step is to confirm your name is on the deed to your property.Myth #3:  If I write all of my wishes down on paper, everything will be taken care of after my passing. Writing down your wishes for after death is only one part of the estate planning process. While this covers your wishes, it doesn’t cover the actual legal passing (or transfer) of the property through the City or court system.Seeking the help of a volunteer attorney can help you navigate the estate planning process and put the legal pieces in place now so your family can experience a smooth transition after your passing.last_img read more