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Ashish Sehajpal
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Posts by Ashish Sehajpal
School with Indian kids named Britain’s best
Dec 22nd
Best School in Britain
LONDON: A primary school in Britain where the majority of students are of Indian and Asian origin has achieved the best exam results in the country.
Students at Newton Farm School in Harrow, northwest London, gained the highest average points score in their tests, The Sun reported.
More than three-quarters of pupils are from ” minority ethnic groups”, mainly Indian and other Asian backgrounds, and speak a language other than English at home, including a large number of Tamil-speaking pupils.
Over 90 percent of pupils in a class achieved a level above the standard in the age group in both maths and English. The school has 200 pupils aged four to 11.
“The school provides a really well-rounded education while the foundations are absolutely rock solid. I believe our success is down to the rigour with which we look after our children,” headteacher Rekha Bhakoo, herself of Indian origin, was quoted as saying.
NRIs can avail a reduced TDS rate on certain incomes in India
Nov 14th
Currently, India has DTAA with around 80 countries. In this article we will look at DTAA provisions that India has with UK and US. Broadly, NRIs will be able to avail a reduced TDS rate on certain incomes in India. If you are availing this lower rate, you would need to submit a tax residency certificate (issued by the country of your residence) to the payer.
Interest on bank deposits, bonds etc
What DTAA says: Interest arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State. However, such interest may also be taxed in the Contracting State in which it arises and accordingly to the law of that State, provided that where the resident of the other Contracting State is the beneficial owner of the interest the tax so charged shall not exceed 15 per cent of the gross amount of the interest.
What it means for NRIs: It means that if the interest is earned by an NRI out of deposits in India, the country in which he is resident has the right to tax this income. But TDS will be deducted on the same in India at the lower rate of 15 per cent (as against TDS rate of 30 per cent in absence of any DTAA). So the TDS rate on this income will be at 15 per cent.
As an NRI in these countries, you would have to add this income to your taxable income in the country of your residence. But you can get a tax credit for the tax paid in India.
Dividends
Dividend earned on equity shares traded on a recognized stock exchange in India are tax-free in the hands of the person earning the dividend. Therefore, there will be no tax deducted at source on your dividend earnings.
Do remember however, that dividends are taxed in the US and the UK and this income will therefore be taxed in your country of residence.
Capital gains on securities
-Equity shares and equity mutual funds (mutual funds with more than 50 per cent in equities)
Long term capital gains, that is profits made on sale after 1 year from date of purchase, on equity shares and equity mutual funds are exempt from tax. There will be no TDS applicable.
Short term capital gains, that is, profits on sale within one year of date of purchase, will be subject to a TDS of 15 per cent. There is no reduction in TDS rate available in the DTAA.
-Debt mutual funds, corporate debentures
Long term capital gains from debt mutual funds and corporate debentures (when sold in the secondary market) will be subject to TDS at 10 per cent.
Short term capital gains will be subject to a TDS of 30 per cent.
There is no reduction of TDS rate available in the DTAA with respect to these gains.
For US and UK residents, these gains will be taxed in the country of your residence. You will however, be able to claim a credit on the tax that has been deducted at source.
Capital gains on other assets like house property, gold
There is no reduction of TDS rate available in the DTAA with US and the UK. Therefore, long term capital gains will be subject to a TDS of 20 per cent and short term capital gains will be subject to a TDS of 30 per cent.
Again, for UK and US residents, these incomes need to be added to the total taxable income in the country of your residence. You will be eligible to claim a credit on the TDS paid in India.
Rent
What DTAA says: Income derived by a resident of a Contracting State from immovable property (real property), including income from agriculture or forestry, situated in the other Contracting State may be taxed in that other State.
What it means for NRIs: If you are an NRI and have given a property on rent in India, the income from rent will be charged to tax only in India. Therefore, TDS would be charged at 30 per cent. If the tenant does not deduct tax at source, you must file your tax returns and pay up the right amount of taxes as per your tax slab.
You would still have to disclose this income in your tax return in the US or UK and claim the credit of tax paid in India.
Professional services
What DTAA says on Professional Services: Income derived by a person who is an individual or firm of individuals (other than a company) who is a resident of a Contracting State from, the performance in the other Contracting State of professional services or other independent activities of a similar character shall be taxable only in the first-mentioned State except in the following circumstances when such income may also be taxed in the other
Contracting State:
(a) if such person has a fixed base regularly available to him in the other Contracting State for the purpose of performing his activities; in that case, only so much of the income as is attributable to that fixed base may be taxed in that other State; or
(b) if the person’s stay in the other Contracting State is for a period or periods amounting to or exceeding in the aggregate 90 days in the relevant taxable year.
What it means for NRIs: If you are an NRI providing professional services to a company or person in India, the income will be taxed only in your country of residence. Therefore, no tax would be deducted at source on this income.
However, you will have to submit a tax residency certificate from the tax authorities of the country that you are a resident of.
Royalty
What DTAA says on Royalty: Royalties and fees for included services arising in a Contracting State and paid to a resident of the other Contracting State may be taxed in that other State. However, such royalties and fees for included services may also be taxed in the Contracting State in which they arise and according to the laws of that State; but if the beneficial owner of the royalties or fees for included services is a resident of the other Contracting State, the tax so charged shall not exceed:
(a) in the case of royalties referred to in subparagraph (a) of paragraph 3 and fees for included services as defined in this Article (other than services described in subparagraph (b) of this paragraph):
(i) during the first five taxable years for which this Convention has effect,
(A) 15 percent of the gross amount of the royalties or fees for included services as defined in this Article, where the payer of the royalties or fees is the Government of that Contracting State, a political subdivision or a public sector company; and
(B) 20 percent of the gross amount of the royalties or fees for included services in all other cases; and
(ii) during the subsequent years, 15 percent of the gross amount of royalties or fees for included services; and
(b) in the case of royalties referred to in subparagraph (b) of paragraph 3 and fees for included services as defined in this Article that are ancillary and subsidiary to the enjoyment of the property for which payment is received under paragraph 3(b) of this Article, 10 percent of the gross amount of the royalties or fees for included services.
What it means for the NRI: If you are an NRI receiving royalty payments for services provided in India, you will be subject to TDS as per the rates mentioned above. You will however also be taxed in your country of residence but you can claim a credit of the TDS paid in India.
All other income
All other income will be subject to TDS as mentioned in the earlier article. You will be liable to tax on these incomes even in the country of your residence. However, you can claim a credit of this TDS when you file your return in your country of residence
How to unlock HDFC Bank netbanking account
Oct 5th
- Visit https://www.hdfcbank.com/applications/webforms/customersupport/mainfrm.htm
- select the Radio Button “I am a customer of the bank and have a query / Clarification on a transaction / Product”.
- Now under the section “What is the query about?”
- section select “Assistance with NetBanking Service”.
- Now under the section “Kindly classify your request:” select “Access Denied – Enable access to NetBanking” & then click on submit.
- In the following screen fill up all your details – Customer ID, First Name, Last Name, E-mail ID.
- Now comes the most important trick – select the check box “Yes I remember my IPIN and just need re-activation of the same.”. And then click submit.
After almost 24 hours visit the NetBanking page & under the “Whats New” section on the right hand side, click on the link for “Forgot Your IPIN (password), click here to generate instantly”. Now just follow the steps & re-generate a new IPIN. [taken from here]
Guidelines for NRIs – Investment in India
Sep 28th
Global mobility has become a key catalyst of the Indian economy, both due to an increase in Indian outbounds looking to attain international experience and a rise in “returning Indians”, given the recession in the west and opportunities back home.
However, such movements bring with them issues like the future state of Indian investments once an individual stays out of India long enough to become a ‘non-resident Indian’, or the question of overseas assets held by returning Indians once they resettle in India.
Investments are regulated by the Indian exchange control laws, which are set out under the Foreign Exchange Management Act (FEMA), whose approving authority is the RBI. The FEMA broadly covers all matters related to investment avenues such as investment in immovable property, foreign exchange, bank deposits, government bonds, investment in shares, units, securities, and foreign direct investment in India, and has a wide network of notifications and circulars, elucidating permissible avenues for each category of individual.
The residential status under FEMA is the basis of applicability of permissible avenues and this status is determined on the basis of the intention of the person, as also the number of days spent in India in the prior year concerned (there is a current threshold of 182 days).
The analysis of who qualifies as a resident or a non-resident Indian (NRI) is a fact-specific exercise. Transactions of residents in foreign exchange such as investment abroad are being liberalised at a very fast pace. India is still not close to full capital account convertibility, though returning Indians do enjoy certain concessions in relation to existing overseas assets. Some of the key benefits for this category of individuals are:
Foreign currency, foreign security or immovable property acquired, held or owned by an individual while he/she was abroad, or inherited from a person who was a resident outside India, can be continued to be owned even after his/her return to India for permanent settlement. There is no specific provision on movable assets like jewellery, motorcar and personal household effects.
Income earned on overseas assets needs to be repatriated to India. Credit to a resident foreign currency (RFC) account, which is an account free from all restrictions regarding utilisation of foreign currency balances, may also be considered and analysed. As regards the million-dollar question of maintaining overseas bank accounts, technically, a returning NRI would require the RBI’s approval to maintain bank accounts abroad. Another important “to-do” for returning Indians is the redesignation of bank accounts once they settle in India and thus become ‘residents’.
The bankers would typically do this once an application, along with, relevant proof of the Indian employment is submitted. For the category of Indians attaining the status of NRI on account of moving out of the country for overseas assignments or employment, a burning question is the maintenance or continuity of their erstwhile investments in India. The investment opportunities available to such NRIs are endless.
Some of them are: NRIs can freely invest in government securities, UTI, National Saving Certificates, shares and mutual funds. They are permitted to invest in the FDI scheme on a repatriation basis in equity shares/CCPS/CCDs of an Indian company. They are also permitted to make portfolio investments.
NRI, who is a citizen of India, is permitted to acquire any immovable property (residential/commercial) in India other than agricultural land/plantation/farm house. The purchase can be done out of funds remitted to India through normal banking channels or funds held in certain types of accounts in India. Loans can be taken from authorised dealers or from the Indian employer for purchase of accommodation. NRI can freely invest in any partnership or proprietorship firm (not engaged in agriculture/plantation/real estate) on a non-repatriable basis. The sale or transfer of shares and debentures to Indian residents is permissible.
Sale or transfer of any residential/commercial property in India is permitted subject to certain exceptions. An amount of $1 million per year from such sale can be remitted outside India from a nonresident ordinary account.
With the low return rates in the west, the Indian market is indeed booming and investment opportunities galore. Before venturing out, an important caution point is to keep bankers in the loop, especially for transactions out of foreign exchange, as they are the gate-keepers to the Reserve Bank of India.
what is the secret key to format or hard reset Nokia 5800?
Aug 1st
For non-touchscreen Nokia phone, like my earlier N73 that running on S60 3rd Edition UI, the so-called secret key to format or hard reset is by pressing call key, asterisk key, and the numeric key 3 while power on the device, until the Nokia logo appears.
For Nokia touchscreen phone, like Nokia 5800 and probably valid for next smart phones running on S60 5th Edition UI too, press the call key (green), cancel call key (red) and the camera shutter button while power on the device, until the Nokia logo appears.
This 3-key to format or hard reset Nokia 5800 is tested and working on firmware v20.0.012 and the latest v21.0.025.
The first symptom of successful format / hard reset is the touchscreen vibration turning on (if you’ve turned it off before hard reset).
Next, depend on your phone settings before hard reset / format, you’re prompted to enter PIN code followed by lock code (remember, the lock code remains same as what you’ve set for it).
Then, the interface request you to choose your country followed by setting the date and time for the phone.
10 ways to fight the flu
May 16th
As the days get cooler and shorter and you spend more time indoors, you’re more at risk of getting sick. It happens to us all. There you are innocently minding your own business, getting on with your life, when you notice that tell-tale little tickle at the back of your throat. But help is at hand.
Here are a few simple steps you can take to reduce the odds of getting sick.
1. WASH THOSE HANDS
Washing your hands regularly and not touching your face are the best preventative measures you can take to avoid contracting colds and flu, according to Pretoria-based family physician Dr Bets Breedt. ‘Flu viruses are often transmitted via hands touching infected surfaces, so if you wash regularly and don’t touch your mucous membranes (your nose and eyes) you lower your risk of getting infected.’ Keep a sanitising gel or alcohol-based hand wipes with you at all times so that you can reduce your exposure to germs in public places such as the supermarket and on trains or buses.
2. SLEEP IN
Allowing your body to rest and regenerate with at least eight hours of sleep a night means it will be healthy, refreshed, and ready to fight off germs. ‘Sleep has an infl uence on the health of the white blood cells that protect us against infection,’ says Dr Breedt. ‘Lack of sleep causes a suppression in T-cells and CD4 cells, which fight viruses.’
3. GET MOVING
It can be difficult to motivate yourself to venture outside in cold weather, but research shows a link between moderate, regular exercise and a strong immune system. Try to keep your usual exercise regime intact as the days grow shorter, or step it up if you have a fairly sedentary lifestyle.
4. STAY HYDRATED
Drinking enough water rids your body of toxins, keeps it hydrated and helps it to function more efficiently.
Hint: If your urine is almost colourless, you are getting enough fluids.
If not, you need to drink more. ‘It can be easy to forget to drink enough water during the cold season,’ says Cape Town dietician Lauren Pietersen, of the Heart and Stoke Foundation South Africa. ‘Luckily, a cup of rooibos tea (black, or with a little milk) with limited sugar or a sweetener counts as a cup of water.’
5. TAKE A SUPPLEMENT
This will ensure you’re getting the recommended daily amount of vitamin E and other antioxidants, including A, C and B-complex vitamins and minerals, which have properties that enhance immune response. ‘In this day and age it is almost impossible to say every one of us follows a perfectly healthy, balanced diet at all times,’ says Pietersen, ‘and therefore we may all benefit from taking a multivitamin and mineral supplement on a daily basis as a precautionary measure.’ Echinacea, taken in tincture form, will also help to boost your immune system. It is thought to encourage the production of a substance called interferon, a key part of the body’s response to viral infections.
6. PUT OUT THAT CIGARETTE
Research shows that smokers are not only more likely to pick up colds and flu, but their symptoms last longer and they are more apt to turn into serious illnesses such as pneumonia. Even if you are not a smoker, try to stay out of the way of cigarette smoke to minimise your risk of illness.
7. JUST RELAX
‘Stress has a negative effect on the immune system, as well as on sugar metabolism and the heart, due to an increase in stress hormones,’ says Dr Breedt. Pietersen adds that, apart from the damaging eff ects of these hormones, ‘some people may react to stress in such a way that they practise poor eating habits, or even abuse alcohol, amongst other factors, which will also have an eff ect on the body’s immune response’. So make time to kick back with family and friends, or just curl up with a good book – whatever helps you unwind – on a regular basis.
8. EAT YOUR VEGETABLES
Dark green, red and yellow fruits and vegetables are best as they contain phytochemicals, powerful antioxidants that can increase our resistance to disease and boost immunity. Yoghurt can also help to reduce your chances of getting sick, as it contains bacteria that is beneficial to your immune system.
9. SNEEZE INTO A TISSUE.
‘Flu viruses are transmitted by air (droplets) so keep away from people who are sneezing and coughing without covering their mouth or nose,’ says Dr Breedt. If you need to sneeze, always sneeze into a tissue and discard the tissue immediately. If you don’t have one, sneeze into the crook of your elbow, not into your hands. It may sound strange, but since your hands are a common source of germs, keeping your hands clean will prevent the germs from spreading further.
10. GET THE JAB
Getting the flu vaccine can serve as an added precaution against colds and flu. It is especially advisable for pregnant women, those younger than six or older than 65, people with certain chronic medical conditions, especially heart and/or lung disease and diabetes, and people with suppressed immune systems, like those who are HIV positive
Common cold and flu myths
MYTH: Going outside with wet hair, or ‘catching a chill’, will make you sick.
FACT: Colds and flu are caused by viruses. They do circulate during coldweather seasons, but you’re more likely to pick them up inside than out.
MYTH: Feed a cold, starve a fever.
FACT: If you have the flu (or a cold) and a fever, you need more fluids.
There’s little reason to increase or decrease how much you eat. Though you may have no appetite, ‘starving’ yourself will accomplish little. And poor nutrition will not help you get better.
MYTH: Exercise will ‘sweat out’ a cold.
FACT: A run, a gym workout or any other form of strenuous exercise is more likely to prolong or worsen a cold than to cure it. Rest is vital. In fact, exercising while you have flu can be dangerous if you have heart muscle inflammation due to the virus.
MYTH: Whisky or brandy is a good treatment for a cold and makes you feel warmer.
FACT: Alcohol can make you feel warmer, but it actually lowers your core body temperature. Not only is alcohol ineffective in warding off illness, but, in cold environments, may hasten hypothermia.
Include mangoes in your daily diet
May 5th
We all know that mangoes are called the king of all fruits. But do we really know why? Apart from the fact that it is one of the most delectable treats for the taste buds, this fruit is also loaded with vitamins, minerals and anti oxidants, all of which are good for the skin, say skin care experts.
Eat Mango, Say Bingo !!
Dr Apratim Goel, dermatologist says, “Mangoes are a rich source of beta carotene (vitamin A), which is a strong antioxidant. Apart from the rejuvenation effect, vitamin A also has dramatic effects on acne / pimples. Beta-carotene is the nutrient that’s supposed to help you see in the dark, and it’s crucial for your skin. It’s converted by your body into vitamin A and is so important that it’s often prescribed as a topical treatment (one that’s applied directly on to the skin) for acne.”
Mangoes are high in fibre but low in calories and sodium. They are also rich in vitamin A and have good amounts of vitamins B and C as well as Potassium, Calcium and Iron.
It has been found that the phenols and several enzymes in mangoes have healing as well as anti-cancer properties.
Dr Satish Bhatia, dermatologist says, “The phenols in mango and enzymes besides promoting healthy skin and hair, help in diabetes control and improve overall immunity. Vitamin B3 and B-Complex strengthen hair. Mangiferin, the enzyme, has skin and other cancer benefits.”
Mangoes are one of those fruits that have a lot of misconceptions about them. Nutritionists have often reiterated that mangoes do not have much fat in them, rather they reduce cholesterol and are a source of natural sugar. Clinical nutritionist Dr Nupur Krishnan says that mangoes are high in fibre.
Vitamin A is the greatest friend to good skin and its deficiency can cause dull skin, open pores, acne, as well as horny eruptions on the arms, elbows and knees.
Consuming mango regularly makes the complexion fair and the skin soft and shining say experts. Dr Goel says, “Mango is effective in relieving clogged pores of skin. It is high in antioxidants and low in carbohydrates. This fruit contains a lot of tryptophan, which helps in the formation of the ‘happiness-hormone’ serotonin.”
Mango has iron, so, pregnant women and people with anaemia are advised to eat this fruit. “Apart from the fruit pulp, the skin of the fruit is rich in AHA ( alpha hydroxyl acids) and is used as skin exfoliant and rejuvenator. It has a more rapid cell turnover rate,” says Dr Goel.
Aesthetician Ritu Tanwar says, “Rub the skin of a ripe mango, on your face gently, for a few minutes. This fruit has many ingredients that can help the skin to remain smooth and young. It has a rejuvenating effect.”
Vitamin C, in this fruit, helps in collagen formation, which keeps the skin firm.
So, what are you waiting for? Include those ripe and juicy mangoes in your daily diet and begin leading a healthy and beautiful life!
One medium-sized mango comprises:
Calories – 107
Protein – 0.84 g
Carbohydrate – 28 g
Total Fat – 0.45 g
Fibre – 3 g
Vitamin A – 6425 IU
Vitamin C – 45.7mg
Magnesium – 18 mg
Potassium – 300 mg
Calcium – 20 g
Cholesterol – 0 g
Saturated fat – 0 g
Traces of manganese, selenium, iron, sodium and phosphorus
Indians work 8.1 hours a day, more than many Westerners
Apr 13th
NEW DELHI: Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany.
However, the average work-hour for Indians is less than the same for people in countries like the US, China and Japan, while those in Mexico are the busiest in the world, a new global survey has found.
“Mexicans work longer days than anyone else in OECD countries, devoting 10 hours to paid and unpaid work, such as cleaning or cooking at home,” found the survey by Organisation of Economic Co-operation and Development, an international grouping of the world’s top developed nations.
The average for the OECD nations is 8 hours a day, slightly below the figure for Indians at 8.1 hours (486 minutes).
Mexico is followed by Japan (9 hours) as the second longest day of paid and non-paid work, while Belgium has been ranked lowest (7.1 hours).
In terms of unpaid work only, Mexicans again do the most (more than 3 hours per day), while Koreans the least at 1 hour and 19 minutes.
Indians spend 191 minutes (nearly 3.2 hours) on unpaid work and little below five hours on paid work every day.
Much of the unpaid work globally is spent cooking, and Americans spend the least time cooking each day (30 minutes) and Turks the most (74 minutes).
Most people spend around 50 minutes a day cooking, the survey found.
Besides cooking, shopping also makes up a big part of unpaid work. Most people in OECD countries spend 23 minutes a day shopping, with the French spending the most (32 minutes) and the Koreans the least (13 minutes).
The total work-time has been pegged at 594 minutes for Mexico, 540 minutes for Japan, 504 minutes for China, 498 minutes in New Zealand and 496 minutes for the US.
Among the countries ranked below India, those in Korea work for 484 minutes, 481 minutes in Australia, 474 minutes in Italy, 473 minutes in the UK, 451 minutes in Finland, 448 minutes in France, 445 minutes in Germany and 427 minutes in Belgium.
The OECD report also found that the value of unpaid work is considerable, equivalent to about one-third of GDP in OECD countries, ranging from a low of 19 per cent in Korea to a high of 53 per cent in Portugal.
In terms of paid work only, Japanese worked the most (6.3 hours a day), while those in Denmark worked the least (3.75 hours per day).
Apple, Android apps spying on you?
Apr 5th
NEW YORK: The US is investigating how customer data is used by some popular applications that run on the mobile platforms of Apple Inc and Google Inc.
Online radio service Pandora said in a regulatory filing that it was subpoenaed by a Federal grand jury requesting information. It believes it is not the target of the investigation and that similar subpoenas were issued on an industry-wide basis to the publishers of numerous other smartphone applications.
The company did not disclose when it received the subpoena. The information was contained in an amended filing by Pandora ahead of a public offering of around $100 million expected later this year.
The Web radio company has more than 80 million registered users some of whom use mobile apps to access the music service beyond their personal computers. Pandora, Apple and Google were not immediately available for comment.
There are concerns from privacy watchers that popular applications such as Pandora’s can disclose critical information about a user such as location, gender and age.
More than 300,000 apps are available on Apple’s App Store catalog, while Google’s Android carries over 100,000 and is growing fast. Billions of apps have been downloaded by users for everything from social networking on sites such as Facebook and Foursquare to accessing personal bank accounts.