Taxes:From Ancient Past Till Date

Have you ever wondered as to what is it that regulates the society you are living in?? Have you ever thought as to how do you get morsels for your mouth and clothes to wear even if you neither grow food grains nor do you grow cotton?? What is it because of which you get pitched roads to walk, banyan tree to take shelter and cold water to drink while you have to go somewhere distant even if that road is not yours, that banyan tree was not planted by you or your ancestors and even the tap which quenched your thirst didn’t belong to you. Wherefrom does the government get the money to launch chandrayana and all and how does it pay those serviceman?? Where is that treasury of the government??What is it that maintains the equilibrium between the rich and the poor??How exactly does the entire system function?? No doubt its taxes but then how come a single concept be robust enough to regulate the entire species of human being across the globe.

Here’s a simple bottom-up layman’s approach to explore the myths of this common yet uncommon term called “Taxes”. Ever since the beginning of the human civilization people had accepted the hard truth that they cannot live in isolation and that they have to depend on each other even to survive for their existence. This realization coupled with the fact that necessity is the mother of invention gave birth to a unique concept called “Society”. As time passed by and people began to realize the importance of others in the society, a new concept called the concept of a “Welfare Society” gradually began to germinate into the minds of many. This concept of welfare society, which remained virtual unless it was first mentioned clearly in Kautilya’s Arthashastra, envisaged a society where the bottom-line was nothing but welfare and only welfare of the entire society irrespective of any possible adversities. Even though men had a yearning desire to live in an ideal society but Greed, The Unofficial Trademark of the entire human species which always triggered an unending desire to amass as much resources as possible, be it at the cost of anyone’s livelihood also, became the biggest stumbling block in the realization of the so called vision of “Welfare Society”. It was under these circumstances when for the first time the need of a system which could safeguard the interest of each individual irrespective of any constraints was felt for the first time in the history of human civilization and it is this need which gave birth to the peculiar concept of “Taxation”.Continue Reading

Investing Basics:I

Money is the root of all evil, and yet it is such a useful root that we cannot get on without it any more than we can without potatoes……………………….. Loisa MayAlcott(1832-1888)……..Who doesn’t nourish a desire to ride on a Mercedes Car and sleep on the bed of roses!! But then hardly a few of them are able to transcend. It’s all because people never know where to park their money and add values to it as time passes. Making money is in itself an art too easy to be mastered.

The flow of Money is cyclic and the only thing true about it is that it keeps rotating from one hand to the other thus meeting the needs of all. Income, in general is of two types: Earned and Unearned. Earned income is that what you get as wages or rewards for your work and Unearned Income is the one which you get not as a reward of some work but because you park it to a place which adds value to it and offers liquidity. Liquidity means the property by virtue of which a particular sum of money which for the time being is of no use to a particular person can be used by someone else to trade goods and services and meet their needs. Value addition means the cost charged for lending a particular sum of money to a person too needy at that time copmpared to the other. This article is to explore the myths of mechanism which adds value to your “Money” and helps you grow richer and richer.Continue Reading

Types Of Business Entities In India

Often there had been several stages in your life when you would have thought of starting a business of yours and even though you had sufficient capital at your disposition, you failed to take a productive initiative because of the clumsy legal procedures and several jargons of this field. If your head nods in affirmative then here I take you to a real roller-coaster ride to the mystery of entrepreneurship

To own a business, the first thing that needs to be clarified is what exactly is the type of business that you want to own. There are basically two types of business entities basing upon several factors such as the capital, no of partners, the purpose, the longevity etc. If you have a minimal capital and you don’t want to scratch your head in all those legal procedures and want to do it solely to earn profit and you have no specific purpose to serve in the market then you can opt to start a business firm of yours. A firm can be opened with sole proprietorship or under partnership and it has no specific legal procedures and involves not much of the paperwork to be carried out and hence it is as easy to disintegrate as to start.Continue Reading

Wal Mart Stores:The Story Of Numero Uno

Sam Walton, the former chairman and founder member of world’s largest retail giant Wal-Mart was born of of Thomas Gibson Walton and Nancy Lee Lawrence near Kingfisher Oklahoma in March 1918. His father who was a mortgage man later moved to Missouri with his younger son in 1923 where Sam completed his schooling and Colleges studies and also excelled as a good sportsperson. Having not been born from a well-to-do family he used to do anything to meet the financial needs of his family which included milking the family cow and selling the surplus in bottles to the customer and also hawking newspapers on the streets. The passion to make something out of each moment of his life voted him as “The Most Versatile Boy” during his graduation years. He also served as the president of the Student Body during his senior year of his college. Later he majored in Economics from University of Missouri and also served in “Rserved Officer’s Training Corps “which is a college based officer commissioning program to focus on leadership qualities and strategic management and was voted as the permanent president of the class upon graduating. Three days after graduating from college, he joined the J.C Penny’s which is a mid-ranged chain of Department Stores in Plano as a Management-Trainee. He resigned Penny’s in 1942 with expectation to be inducted into the the U.S Military Academy during World War II. Midway he joined Du Pont Munitions Plant, An American Chemical Company in Oklahama which was soon by followed by the post of Supervising Security of the Aircraft Plants and Prisoner Of War Camps in U.S Army Intelligence Corps and later reached to the highs of the rank of Captain. Continue Reading.