Jalebee Cartel - Music Review

Jalebee Cartel - Music Review

Last weekend, I went shopping for an Adidas Originals sports jacket both to keep me warm from the icy winds and to appear cool. Adidas Originals has a different logo from Adidas Performance clothing. While Adidas performance sportswear is meant for sports professionals, Adidas Originals clothing with their older logo is used by hip hop, rock and pop music artists such as Robbie Williams, Limp Bizkit, Missy Elliot, Korn and DMC. Their exclusive store in New Delhi is located in F Block Connaught Place, New Delhi.

When I bought the Adidas Originals jacket, I was presented with a free music CD of the electronic dance music group Jalebee Cartel. Their album 'Regathering', is the first full length mix album compiled and mixed by them. Jalebee Cartel consists of a group of five DJ's who have performed at pubs and discotheques around India and a few foreign countries.

Featuring 11 tracks, 'Regathering' consists of techno songs which would be fun to listen to while driving. The music album is also useful for any editor who needs background music to add to a promo, television advertisement and so on. I remember, when I was working with a top television production house in New Delhi, we were always in search of such music.

The tracks that I liked the most of Jalebee Cartel are Track Number.2 - Beautiful Rising Nature Club Remix and Track Number No.10 Matt Rowan Self Inflicted. A minus point of the album - it came with a list where each member DJ thanked 'all aunties, uncles, cousins and relatives' for funding the album in true 'Indian' fashion. C'mon guys, this looked so amateurish. Next time, keep your list shorter.

Ever heard of Jalebee Cartel? Are you a fan of Electronic Dance Music?

Happy Valentines Day - Still Dateless

Happy Valentines Day 2008

Well, Valentines Day is here again and here is wishing everyone in my blogging community a very Happy Valentines Day.
Just like last year and every year before that, I find myself dateless on Valentines Day. For anyone in a similar situation, here is a post I wrote last year called Tips for Lonely Folks on Valentines Day. However, the day is still young and I am hoping things विल get better by dusk.

कशिश होनी चाहिए किसी को याद करने की,
लम्हे तो अपने आप मिल जायेंगे,
वक्त होना चाहिए किसी को मिलने का,
बहाने तो अपने आप ही मिल जायेंगे.

If you are not lonely - just alone, then it's better to continue with your life as it is. Anyway, here in India, most people get freaked out to even talk to a girl/guy on Valentines Day as they maybe teased for a lifetime if things don't work out. There is no specific time for falling in love, it can happen anywhere, anytime with the most unlikely person - that's why they say that love is blind.

Until then, here is some Hindi/Urdu Sher Shayari for some lucky dudes whom I have a 'thing' for-

Mr.J - an ex colleague whom I always had lunch with in a previous office. Other lunch companions may come and go, but I still miss those amazing conversations we used to have-

सभी नगमे साज़ में गाये नही जाते,
सभी लोग महफिल में बुलाए नही जाते,
कुछ पास रह कर भी याद नही आते,
कुछ दूर रह कर भी भूलाये नही जाते…

Mr.P - The sexy athlete in the bus who always offers me his seat, tries to say something but then doesn't seem to have the courage. He keeps humming songs to himself, till others make him stop-

इकरार में शब्दों की एहमियत नही होती,
दिल के जज़्बात की आवाज़ नही होती,
आँखें बयान कर देती हैं दिल की दास्ताँ,
मोहब्बत लफ़्ज़ों की मोह्ताज़ नही होती!

Mr.H - The liar who once tried to pay for my bus ticket...he keeps turning up unexpectedly in the least likely of places.....colony, crossroads, bus... my dreams-

कितना भी चाहूँ न भूल पाओंगे
हम से जितना दूर जाओ नजदीक पाओगे
हमें मिटा सकते हो तो मिटा दो यादें मेरी, मगर..
क्या सपनो से जुदा कर पाओगे?

I recently noticed the Hindi typing feature on blogger and couldn't help trying it out...it's quite good, except for the fact that the choti 'e' ki matra comes on the other side. If you enjoy reading hindi or urdu sher shayari, I'll post some more of it in my next posts.

How was your Valentines Day?

Solution to Boat Crossing Puzzle

I came across this new Boat Crossing puzzle on Ankur's blog. As it was a real slow day at the office, I thought I'd give my brains a workout.


More at FunGloo.com
It took me around 12 minutes to figure it out, but here is the solution-

1. First the policeman and criminal cross the stream.
2. The policeman comes back alone
3. Second, the policeman and one of the daughters cross the river.
4. The policeman comes back with the criminal
5. Third, the mother and the other daughter go across the stream.
6. The mother returns alone
7. Fourth, the mother crosses the stream with the father. She stays there.
8. The father returns alone
9. Fifth, the prisoner and the policeman go across.
10. The mother returns in the boat alone.
11. Sixth, the mother and father go across the stream again.
12. The father returns in the boat alone.
13. Next, the father and one of the sons goes across. They both stay there.
14. The prisoner and policeman return in the boat.
15. Lastly, the policeman takes one of the boys across. He leaves him with his family and returns to pick up the prisoner.
16. The policeman and the prisoner cross the stream. Game Over!!

There may be other solutions to this puzzle too. Let's see if someone can do it in fewer moves ???

Income Tax for Salaried People in India - Tax Slabs

Income tax calculation for salaried individuals in India - Tax Slabs

This is my third post and provides information about the final tax calculation and tax slabs after deduction of eligible investments and expenses for men, women and senior citizens of India. According to the income tax department, only individuals (both men and women) who are of the age of 65 years and above are considered to be senior citizens.

Slab 1 - Rs. 1,10,000 and below - Zero Tax
Salaried individuals who are men have to pay zero tax if their net taxable income is Rs.1,10,000 and below. For women the zero tax limit is Rs. 1,45,000 while for senior citizens it is Rs. 1,95,000. By investing prudently and using salary allowances, it is possible to bring down even very high incomes to this level.

Slab 2 - Rs. 1,10,001 to 1,50,000: Ten Percent Tax
Men have to pay 10 percent of the amount greater than Rs. 110,000 while women have to pay 10 percent of the amount between 145,001 and 1,50,000. Senior Citizens pay zero tax in this income tax slab.

Slab 3 - Rs. 1,50,001 to 2,50,000: Twenty Percent Tax
In this bracket, salaried men have to pay Rs 4,000 plus 20 percent of the amount between Rs. 1,50,001 to 2,50,000. Women pay Rs. 500 + 20 percent of the slab amount while senior citizens pay 20 percent of the amount above 1,95,000. The Rs.4000 for men and Rs.500 for women is the amount for the previous 10 % tax slab.

Slab 4 - Above Rs. 2,50,000: Thirty Percent Tax
Men have to pay Rs.24,000 plus 30 percent of the amount greater than Rs. 250,000. Women salaried taxpayers have to pay Rs. 20,500 + 30 % of the income more than Rs.2,50,00 while for senior citizens is it Rs. 11,000 plus 30 percent of the income above the tax slab.

Surcharge
A 10 percent surcharge (tax on tax) is applicable if the taxable income after taking into consideration all the deductions is above Rs. 10 lakh.

Education Cess
All taxes in India are subject to an education cess, which is 3 percent of the total tax payable.

These are the current income tax slabs and rates for the financial year April 2007 - March 2008. After the Annual Budget is announced at the end of this month, the Finance Minister Mr.P.Chidambaram may come out with a new system of taxation, tax slabs, investment and expense deductions. If he does so, I will surely keep you informed.

Here are my other posts on calculating Income Tax in India
-Tax Slabs in 2009
- Deducting Office Allowances and Reimbursements
- Deducting Investments and Expenses

Best Tax Saving Investments For Deductions

Saving tax for salaried individuals in India – Top Tax Saving Investments

I am writing about how to avoid paying tax or paying as little as possible tax in three blog posts – calculating taxable income, deductions before tax and tax slabs. This section is about a few common ways to save tax by reducing your net taxable income through investments, expenses and loans.

Tax Deductions Through Investments

According to Section 80C of the Income Tax Act, you can reduce your taxable income by Rs.1 lakh by investing in certain investments. These investment can be from any one source or a combination of sources such as Public provident fund, national savings certificate, tax saving mutual funds, pension plans, fixed deposits and life insurance policies. Since, the returns on investment, risk factors, term of deposit and entry load or commissions vary for each type of investment, here is some information about each type to help you select the best according to your needs. They are arranged as the best investments for young salaried tax payers in India according to the ones which I prefer the most –

1. Equity Linked Savings Scheme (ELSS) – High Risk. Also known as tax saving mutual funds, an ELSS has the lowest lock in period of 3 years. As the money invested in an ELSS is invested by mutual funds in diversified stocks in the stock market, there is no guaranteed return. Dividends and profits from redemption of units after the term period is tax free. If you buy directly from the mutual fund instead of a broker/distributor, then you pay zero entry load, else entry load is around two percent. Remember, in the long run, the stock markets always see a rise.

2. Bank or Post Office Fixed Deposits – Low Risk. Only investments made in scheduled banks for a period of five years or more can be counted as a Bank Fixed Deposit. The interest on such fixed deposits is around 8-9 percent. Income from interest is taxable. Forms are available at bank and post office counters.

3. National Savings Certificate – Low Risk. It comes in denominations of Rs.100, 500, 1000, 5000 and 10,000. The forms are available at any post office. The maturity period is six years while the interest rate is 8 percent compounded half yearly. If you pay in cash, you will be given the National Savings Certificate then and there. If you pay by cheque, you will have to wait a week before you can collect the NSC certificate from the post office. Interest is taxable.

4. Life Insurance Policy – If you are looking for life insurance cover along with investment, then you should choose one such policy that offers a guaranteed return on maturity. If you have a huge loan to pay off and a family it is better to go for a cheap traditional term insurance where you don't get the premium back but have a huge insurance cover in case of any untoward incident. Premiums can vary and may be paid monthly, quarterly, annually or in a lump sum depending on the policy you choose. Term of the policy can vary from five years till twenty years and more. Money received from an insurance company as proceeds of an insurance policy (by way of an insurance claim, or by maturity) is generally exempt from tax.

5. Government Infrastructure Bonds – Low Risk. The main problem about these tax saving bonds are that they are open and available only for a fixed period. As many bonds open around February, they miss the January 31 deadline of submitting investment proof prevalent in most offices. The major institutions that offer these bonds are ICICI, IDBI and Rural Electrification Corporation. Term periods can range from five to seven years and interest may vary from 6 to 9 percent per annum. Forms for Tax Saving bonds are available at local distributors that sit on the pavement outside major banks. Companies like ICICI have not come out with tax saving infrastructure bonds for a long period now.

6. Public Provident Fund – Low Risk. The investment limit is Rs.500 to Rs.70,000 per year - in multiples of Rs.5. The main problem about this scheme, is that you have to remember to invest an amount of at least Rs.500 annually for 15 years or your account will become defunct. Interest rate is 8 percent per annum compounded while the lock in time period is15 years. Another negative point is that as interest rates are on the downside and they are routinely changed by the government they may see a further fall. As interest for the financial year is calculated on the lowest balance after March 5th, make sure you invest before that date. PPF Accounts may also be made in name of your spouse or kids for tax benefit. You can open a Public Provident Fund Account at main post offices, branches of the State Bank of India and some nationalised banks.

7. Pension Plans – High Risk. Life insurance companies such as LIC, Tata AIG Life, Aviva, ICICI Prudential and Bharti Axa Life offer such pension plans. On maturity, the investor receives one-third of the amount while the remaining 2/3rd goes into an annuity that provides regular income in the form of pension. Only premiums till Rs.10,000 per year are eligible for deductions from total income. Like Unit Linked Insurance Plans (ULIP’s), a substantial amount of the money invested into Pension Plans goes into paying ‘fund charges’ and commissions. Plus, the annuity received by the insured investor is taxable. Terms can extend from 10 years upwards. Though some return may be guaranteed – a large part depends on the debt market, share market and inflation.


8. Unit Linked Insurance Plan – Very High Risk. This is by far the worst tax saving instrument to invest your money in. A huge amount of commission, charges and entry load is deducted from the amount you have invested. The remainder is invested in a set of funds that invest in the debt and share market in different proportions. In some cases, this commission may be around 50 per cent of the amount invested. Most telecallers sell this type of policy, and if you ask them how much will actually be invested, they pretend they don’t understand the question. An ICICI Prudential executive however told me that one third would go in extra charges – that is a whopping 33.3 percent. Term period is usually five years and above while returns are not guaranteed.

7. Senior Citizens Saving Scheme – Only people over the age of 60 years and retired personnel over 55 years are allowed to invest in this scheme. This scheme is available at all public sector banks in the country. Investments have to be made in multiples of Rs.1000 till a maximum of 15 lakhs for a period of five years. The deposit made gets an interest of 9 percent per year from the date of deposit which is computed quarterly. Interest is taxable and is deducted at source.

You can also check out Prem Arora's post for more information on tax saving schemes.

Tax Deductions For Expenses

Other than the investments above that qualify for a deduction from total income, there are also certain expenses that are tax deductible such as home loans, education loans, tuition fees, medical insurance premium and treatment for specified terminal diseases. Here is some information about the most common expenses which are tax deductible in India.

1. Home Loan – If you are repaying such a home loan, the principal amount of the loan taken can be counted as a deduction under Section 80C of the Income Tax Act.

2. Tuition Fees of Children – The tuition fees of upto two children at school, college and university level may also be taken as a deduction from total income thus reducing the amount on which tax will be calculated.

3. Interest on Home Loan - According to Section 24, a tax exemption of up to Rs. 1,50,000 is allowed on the interest paid for a home loan in the current financial year.

4. Medical Insurance Premium - Section 80 D - An amount of up to Rs.15,000 for individuals and Rs.20,000 for senior citizens as premium towards a medical insurance or mediclaim policy is tax deductible. This also includes medical insurance for dependents such as spouse, children or parents on the condition that you paid the premium.

5. Education Loan – Section 80E - The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying the education loan.

6. Donations to a charity - Section 80G – All donations to specific charitable organizations such as the Prime Minister's Relief Fund, CARE and Help Age India are eligible for a 100 percent tax relief. Donations to other charitable institutions and trusts get only 50 per cent tax relief.

7. Other Deductions - Under Chapter VI , there are also other deductions available for handicapped people and medical treatment of disabled dependents (up to Rs.50,000). Also, deduction for medical treatment for specified diseases such as neurological diseases, cancer, AIDS and hemophilia are allowed up to Rs.40,000 for individuals and Rs. 60,000 for senior citizens.

There are other deductions also available on certain other expenses, but since they are not applicable to most tax payers in India, I have not mentioned them. After deducting all the above mentioned investments and expenses from your total gross income, you are left with your 'Net Taxable Income'. The next post will provide information on the tax slabs and tax calculation on net taxable income for different categories of people such as male salaried individuals, women and senior citizens.

Did you find this section on the best deductions to reduce income tax for salaried individuals in India helpful? Do you have any other tips or information to add?

Here are my other posts on calculating Income Tax in India

Deducting Office Allowances and Reimbursements
Deducting Investments and Expenses
Tax Slabs

Saving tax for salaried individuals – Calculating Taxable Income

Paying zero tax for salaried individuals in India – Calculating Taxable Income

I am writing this article on how to avoid paying tax or paying as little tax as possible in three blog posts – calculating taxable income, deductions before tax and tax slabs. I have always found it very confusing to calculate tax and have lost a bundle of cash through past oversights. Here, I have posted all the information I know about saving income tax for salaried people in India, so that it is a ready reference whenever I need to calculate tax.

Calculating Taxable Income in India
First, you need to calculate your gross income from salary. This includes house rent allowance and provident fund contribution which are paid monthly. If you are a new employee, it depends on how many months you have worked with your current employer. Other than basic pay, dearness allowance and commissions that are fully taxable, most Indians have the following major component allowances included as part of their salary. If you have not been provided a few of these benefits in office, just skip to the next step.

1. House Rent Allowance – If a portion of your salary is marked as House Rent Allowance or HRA and you are paying rent, then submit rent receipts. The house should not be in your kids, spouses or your own name. As this is the biggest saving from the tax burden, it helps if you exchange houses with relatives/friends whose house is in the name of a non-earning member.

The total amount of rent paid or the amount earmarked as House Rent Allowance in your payslip, whichever is less, will be deducted from your gross income from salary. However, it should not be more than 50 percent of salary for those living in metro cities or 40 percent of salary for others. If you are paying more than Rs.5000 per month as house rent, you will have to submit a lease document and your rent receipts should have a revenue stamp. Rent receipt books are available at any stationary shop for around Rs.15.

2. Medical Reimbursement: Up to Rs. 15,000 per year is tax free if supported by bills. (Company pays Fringe Benefit Tax on this amount of 6.8 percent of 20 percent of the amount). If you don’t claim it, it is taken as part of your income and is taxable. There are some spurious chemists and doctors who take cash bribes to make fake medical bills. These are the same folks who make excuses to give bills to legitimate customers buying medicine for illnesses. However, it is better to invest an extra Rs.15,000 in deductible investments than to use this method, as you will earn more in the long term.

3. Conveyance allowance: Up to Rs. 800 per month (Rs. 9,600 per year) is tax free if it is mentioned in your salary as conveyance allowance. No bills are required for this amount.

4. Phone Bills: You can claim the amount allocated to you in your Cost to Company (CTC).
(Company pays Fringe Benefit Tax on this amount of 6.8 percent of 20 percent of the amount). If you don’t claim it, it is taken as part of your income and is taxable.

5. Employee Stock Options: The company has to pay Fringe Benefit Tax of 33.99 percent on the difference between market value and purchase price on the vesting date.

6. Leave Travel Allowance – This is tax free for the salaried individuals and family and can be claimed for only two journeys in every four years. The current year block for which LTA is non taxable is 2006-2009. Also, mode of travel should be –
- Airline - economy fare of the national airlines ‘Indian’
- Railway - first class AC fare
- Road - deluxe/first class public transport buses.

After deducting all the allowances that you have claimed and including the unclaimed portions, you also need to include taxable income other sources. This income could consist of any or all of the following such as – salary from previous employer, bonuses, income from house property, sale of paintings, other capital gains and freelancing. This gives you your ‘Gross Total Income’.

Information about deductions from ‘Gross Total Income’ is given in the next post called ‘Deductions’. Did you find this section on how to save income tax for salaried individuals in India helpful? Do you have any other tips or information to add?

Here are my other posts on calculating Income Tax in India -

Deducting Office Allowances and Reimbursements
Deducting Investments and Expenses
Tax Slabs

Albert Bierstadt - Wild Wild West

Albert Bierstadt - Hudson River School

"The magnificent beauty of the natural world is a manifestation of the mysterious natural laws that will be forever obscured from us." - Albert Bierstadt.

Albert Bierstadt is an artist best known for his naturalistic paintings of waterfalls, mountains, lakes and other landscapes of the American West. He was born in January 7, 1830 in the town of Solingen, Germany. Around two years later, he emigrated to America with his parents and brothers. They settled in the town of New Bedford, Massachusetts, where he became very interested in painting and photography.

Buffalo Trail (The Impending Storm) - 1869

He went back to Germany from 1853 to 1857 to study painting with the members of the Düsseldorf Art Academy in Düsseldorf, Germany. He was a painting teacher for a while before he became a full-fledged artist.

In The Mountains - 1867

On his return to New Bedford, he held an exhibition of paintings and garnered national attention as an artist. He made more money than his contemporaries and became famous in a short while. Albert Bierstadt’s paintings can be classified as the Luminist style of the Hudson River School. This style consists of detailed paintings with romantic, almost glowing lighting aka luminism.

Mountain Lake

In 1859, Albert Bierstadt travelled westward in the company of a Land Surveyor for the U.S. government. Along the way, he made small sketches of landscapes that he passed. When he returned back to New England, he made large paintings of his sketches, sometimes spanning a full room. Most were around six feet by ten feet in size. He went on two more trips to the West and later married Rosalie, the wife of one the people he travelled with – a writer called Mr. Fitz Hugh Ludlow.

The Shore of the Turquoise Sea - 1878

His paintings emphasized atmospheric elements like fog, clouds and mist. Sometimes Albert Bierstadt changed details in the landscape to make it more interesting. He also used different colors to make things look better. For example, water was painted ultramarine while grass was always lush green.

Nassau Harbour - 1877

In his later years, his popularity fell because he refused to make paintings according to newly emerging art trends such as French Impressionism. He moved to the Bahamas where his sick wife was hospitalized. Later on, his mansion burned down, he wife passed away and he ran up a large debt coz of his extravagant lifestyle. Albert Bierstadt painted more than a thousand paintings in his lifetime that sold for a fortune. However, he died a poor man on February 18, 1902, forgotten by the art world. As an honour to him, a mountain in Colorado - Mount Bierstadt was named after him.

These are photographs of some of the artists paintings which I particularly like. To view a list of all artworks of Albert Bierstadt, click here.

Salman Khan on Bol Baby Bol

Salman Khan on Bol Baby Bol with Adnan Sami

Yesterday, I had a fun evening watching Sallu Bhai singing on Adnan Sami's programme 'Bol Baby Bol' telecast on Star One. Bol Baby Bol is a reality music show where contestants have to sing karaoke and guess the lyrics of a string of missing words to win cash.

Salman Khan with Adnan Sami

The Salman Khan Bol Baby Bol show was shot on one day but shown as two episodes a week apart. He was wearing a white shirt and for some reason did not take off his shirt even once :(

Salman picked fans from his audience to sing with him on stage - how sweet!! Wish I could have been one of those lucky girls!! He sang some of the lyrics, danced well and was so gentlemanly! What a great sport!!


Some of the songs he sang -
Ud Jaana - Jaaneman
O O Jaane Jaana - Pyar Kiya To Darna Kya
Hum Hain Tum ParAtke Yaara - Pyar Kiya To Darna Kya
Tumse Milne Ki Tamanna Hain - Saajan
Ye Mera Dil - Don (Helen version not Shahrukh Kareena one)
Sun Zara - Lucky No Time For Love

Since the lyrics of his songs were his "bread and butter" as he said, he couldn't possibly forget any of them, except for the 'Don' song in which he pretended to be prompted!! Ha Ha!! He probably had to 'ratto' all lyrics and do many retakes when scenes were being shot... how could he ever possibly forget them! Snapped the last two pics with my sister's cameraphone from the television set - just couldn't resist!

At the end, Salman Khan won 25 lakh rupees, which he said will go to this new charity called 'Being Human'. I suppose that's the charity he was talking about when he won on KBC with Shahrukh Khan.