Public Speaking

Public speaking is one of the major skill which has to be enriched with us.It may cause the new speakers to get sweat and frightening at the time of speaking.All of us has to realise that,it is the verymuch needed communication skill.Speakers attempting to speak persuasively are to learn about and apply organisational patterns of public speaking.The audience may respond with enthusiasm when the speaker provide a speech that brings the message in an understandable manner.Students should develop this communication skill throughwhich the students can achieve a lot in their future.There are certain books that provides the technics to speak among the public.Eventhough,the books cannot entirely qualifies the students to become a good speaker.The quality of a good speach will appear infront of the students only because of excessive practise.

'Practice makes Perfect'-this proverb is well suited for students in this occasion.The areas of public speaking such as Topic research,Audience analysis etc where which certain skills are to be introduced.People are likely to change their behaviours if a small change is made.Most of the careers have direct relation to the public speaking.For jobs such as the salesman,manager,some communication techniques are required.The communication skills changes our lifestyle to a better garden in the world.All of us has to think and collect our essential words and sentences that provide a better gateway to attain the success in our attempt everytime.
There are some points through which the speaker to bear in minds while starting the speech.The speaker should try to establish a good relation with the audience,starting with the merits of the topic before speaking the demerits.We are living in the world of persuasion.So we had to boost ourselves to be a good communicator among the public.If the audience have different beliefs or behaviours,then we should try to persuade them.This ia a Co-active approach.The art of Publicspeech is a gallery and we should try to increase in us.

Avoiding Being Taxed Second Time

When a person earns money the source of which is located outside the country and it becomes liable to tax in two countries. The country in which the income is earned and the one in which he is the resident. This is situation is very for multinational and trans-national corporate entities and double taxation on their incomes is a distinct possibility. Which is hardly just and desirable and to take care of this anomaly many countries enter into bilateral agreements for avoidance of double taxation. or granting relief in respect of the income on which tax has already been paid in both countries. This mechanism also proves greatly useful for the tax authorities of the countries to interact and exchange information for the prevention and investigation of tax evasion and avoidance of taxes and also assistance in recovery of taxes levied on them.

International trade necessitates cross-border movement of goods, services, capital and human resources and determining the tax jurisdiction of a country over a particular person assumes particular significance. It is necessary to decide whether a particular income is to be taxed in the country where the particular income arise. In the case of immovable property or intellectual property it is an important aspect to decide if the tax jurisdiction lies with the country of residence of the property or with the country where the property is situated or where the intellectual property is utilized. Both the countries may have tax jurisdiction viz., the residence or the home country and the source or the host country , over the same income of the same assessee. The principal objective behind a Double Taxation Avoidance Treaty is to provide a rational and equitable basis of allocation between two countries of income over which both have jurisdictions.

This mechanism of a treaty is basically designed to promote trade between two countries on the basis of revenue sharing between them arising out of the bilateral trade. There are two models of treaties in this regard, viz., OECD model and UN model. The OECD model follows the principle that the foreign income should also be taxed in the country of residence of the taxpayer. The UN model on the other hand, is a compromise between the residence and the sourced rules. Unlike the USA or UK or most of the Commonwealth countries, such treaties are not an act of legislation. In India under Article 253 of the Constitution Parliament has power to make any law for the whole or any part of the territory of India for implementing any treaty or convention with any other country. The Central Government has enacted the provisions for dealing with double tax being empowered under the afore-mentioned constitutional provisions.

Thus the Central Government can enter into an agreement with the government of any country outside India for granting relief in respect of income on which taxes have been paid in both the countries; for avoidance of double taxation of income under this Act and under the corresponding law in force in that country to promote mutual economic relations, trade and investment; for exchange of information for the purposes outlined earlier; for recovery of income tax under the corresponding law in force in that country.

Capital and Revenue Receipt

There are two types of receipts in Income Tax. They are Capital Receipts and Revenue Receipts. It is very difficult to make the distinction between these two kinds of receipts. However, the following rules may be applied in making the distinction between them.

They are:-

1. Fixed and Circulating Capital

2. Source of income and income itself

3. Compensation against fixed asset and trading asset and

4. Motive in an isolated transaction.

1. Fixed and Circulating Capital

The receipt on account of a fixed capital is a capital receipt.

Eg:- Sale proceeds of machinery by a textile mill, is a capital receipt to the company because machinery is a fixed asset in the case.

The receipt on account of circulating capital is a revenue receipt.

Eg:- sale proceeds of machinery by a dealer in machinery is a revenue, because machinery is a circulating asset in his case.

2. Source of income and income itself

A receipt in substitution of source of income is a capital receipt.

Eg:- Compensation for loss of employment is a capital receipt as it is in lieu of source of income.

A receipt in substitution of the income itself is a revenue receipt.

Eg:- Compensation for temporary disablement is a revenue receipt, as it is for loss of income during the period of temporary disablement.

3. Compensation against fixed asset and trading asset

Compensation recevied against fixed asset is a capital receipt. Whereas compensation received against a trading asset is a revenue receipt.

4. Motive in an isolated transaction

If the property purchased is held as an investment to earn income, the receipt from sale of such property is a capital receipt.

If any property is purchased with motive of selling it at aprofit and the receipt by ale of such property is a revenue receipt.

Moreover, capital receipts are exemped from tax, unless they are expressely taxable, whereas revenue receipts are taxable unless they are expressely exempted from tax. So, the distinction between capital receipts and revenue receipts is vital for income tax purposes.

Confiscation and Penality

* Ceasing of goods from the manufacturer

* If the production or goods produced is illegal but latter on the government will be banned by the manufacturer

* Legal production is prepared abd it is ceased when the documents are not prepared and not maintained properly, so then the goods should be stopped

Various grounds for confiscation

* Personal ledger account (PLA)

* Wrong information has been maintained

* Daily stock account

* If the documents are prepared but false entries are made

* Confiscation can go along with penalty

* It is the higher of the two limits

Depreciation Under Income Tax Act

The term "Depreciation" has not been defined on the INcome Tax Act. For practical purpose depreciation means decrease in the value of property through wear and tear or obsolescence. Depreciation allowance is allowed in respect of building, machinery, plant or furniture owned by the assessee and used for the purpose of business or profession. In orde to claim depreciation on assests, the following conditions must be satisfied by the assessee.

1. Asset must be owned by assessee

2. Asset must be actually used for the purpose of business or profession and

3. Asset should be used during the relevant previous year.

Method of Computation of Depreciation

To understand the method of computation of depreciation, one must know the meaning of following terms :-

1. Block of Assets

2. Actual Cost and

3. Written Down Value.

1. Block of Assets

"Block of Assets" maens a group of assets falling within a class of assets comprising -

i. tangible assets like being building, machinery, plant or furniture.

ii. intangible assests like being know-how, patents, copy rights, trademarks, licenses, franchises or any other business or commercial rights of similar nature, in respect of which the same percentage of depreciation is prescribed. In simple words, assets falling within a class of assets in respect of which the same rate of depreciation is admissible will form "Block of Assets".

2. Actual Cost

Section 43(1) of the Act defines the term "Actual Cost". Actual Cost of an asset means its actual cost to the assessee including the expenses on installation, etc., If the part of the cost is met directly or indirectly by the third person, the cost to the assessee will be reduced by such amount borne by that person.

Moreover

i . If an asset is acqiured by the assessee by way of gift or inheritance, its actual cost to the assessee shall be its actual cost to the previous owner as reduced by a depreciation actually allowed in respect of this asset for any assessment year up to the assessment year 1988-89. The depreciation that would be allowable as if that asset was the only asset in the relevant block of assets.

ii. If any amount if paid or payable as interest in connection with the acquisition of any asset, the ampunt of interest related to the period after the asset has been first put to use, shall not be included in the cost of the assets.

3. Written Down Value

Written Down Value means, in the case of assets acquired in the previous year the actual cost of the assessee.In the case of assets acquired before the previous year the actual cost to the assessee less depreciation actually allowed to him.

In the case of any block of assets the written down value shall be computed in the following manner:

i) The aggregate of the written down value of all the assets falling within a block at the beginning of the year shall be calculated.

ii) The aggregate of written down value of assets shall be increased by actual cost of assets falling in block which was acquired during the previous year.

iii) The sum so arrived, shall be reduced by the money payable in regard to any asset which is sold, discarded or destroyed during the previous year.

iv) In case, if the Written down value, of any block shall be reduced

Classification of goods

There are 4 major classification. They are :

1. Excisable goods - Those which have been included in the tariff which are subject to the excise duty.

2. Non-Excisable goods - Those goods which have not been included in the tariff under central excise duty before the production process begins.

3. Dutiable goods - The goods which have been included in the tariff but particularly exempted in the central excise tariff

4. Non-Dutiable goods - The goods which have been included in the tariff which are exempted goods. 0% duty goods and are subjected to excise duty.

In a nut shell any excisable goods need not be necessarily dutiable, but all dutiable goods are necessarily exciseable.

PAN - Permanent Account Number

* It is the form of identity

* For filling tax returns it is mandatory

* For opening bank accounts, for any transactions, any transfer of funds exceeding rs.25000 and withdrawal of rs.50000 requires PAN card.

Exemptions of PAN

* Submit form 60 and 61 can be used instead of PAN

* Service tax is very compulsory even for gettig Phone Connection and for Pass Book

Format

Form 49A is hte prescribed form of PAN, and this can be downloaded from the net.

Proof to be submitted

* Voters ID card

* Photo

* Bank PassBook

* Birth Certificate

* Credit Card Statement