Financial Management & Analysis Essay Example | Topics and Well Written Essays - 1500 words

Financial Management & Analysis - Essay Example Since a business organization is susceptible to changing economic condition, changing consumers' choice, availability of alternative products in the market, its operational and marketing aspects of performance is dynamic in nature. This non static feature of the functional activities makes capital structure planning one of the most challenging tasks. (Brealey and Myers, 2002) Debt and equity financing vary due to several factors. Since equity entitles one to ownership it demands greater degree of accountability and a much higher degree of risk appetite. On the other hand debt does not give any ownership right and demands relatively lower degree of risk. Debt financing gets some advantage from the standpoint of taxation. In real business situation due to varying degree of complexity associated with payment patterns and more importantly the paying capability, different debt instruments are constructed. A very high degree of dependence on equity financing does not allow the firm to take the advantage of tax benefit; on the other hand too much dependence on debt makes the firm vulnerable to buyout. The buyout threat can come from many ways. For instance, due to very low payment of dividend the share holders may no longer be interested in the continuation of the situation and instigate hostile takeover by other firms. The other type of threat can come in case the company faces default risk. (Brealey, and Myers, 2002) When the firm is unable to maintain a good credit history i.e. a record of timely repayment of interest and principle to the lenders - its possibility of managing a good lender becomes more and more difficult. Higher degree of uncertainty associated with the firms repayment virtually forces it to take loan with several bitter clauses like higher rate of interest, higher sensitivity of term with rate i.e. the firm has to 'buy' duration of the loan payable at a higher cost of interest. So dependence on debt also triggers the exposure to risk. This is the reason for which a leveraged firm (a highly debt dependent firm) usually have high-risk indicating parameter, commonly known as beta. Beta determines the company's risk exposure with respect to overall market. People will take additional risk if and only if they are proportionately paid i.e. paid something more than that they could have got without taking any additional risk. So more the risk involved, in repayment more will be the cos t of debt. So it is very important to determine what fraction of capital will be through equity financing and what fraction will be through debt financing. Optimum capital structure can said to be that combination of debt and equity financing that will maximize their combined positive effect and minimize the negative ones. So the importance of capital structure cannot be overstated for the sustainability of the organization. The financial health of Jessops, the photography retailer of UK is going through a critical stage due to several reasons. Entry of low cost substitute products and overall economic slowdown are the two main apparent reasons behind it. (Jessops: Reports and Accounts", 2008) It is prevalent from the financial structure of the company that it is a debt ridden company. The debt to equity ratio is found out to be around -3.67. Debt-equity ratio is measured by the following formula: total liabilities/ total assets. Here total liabilities is '

Chinese Nationalist Party Essay Example for Free

Chinese Nationalist Party Essay On 1 October 1949, Mao Zedong, leader of the Chinese Communist Party declared victory over the Nationalist Party (Guomindang) and brought an end to four brutally long years of Civil War. The Communist victory in the Civil War has however, created significant debate among historians, namely: was a Communist victory inevitable and if so is it more sensible to see the Chinese Civil War as a Communist victory or as a Nationalist defeat?When researching these questions it becomes blatantly obvious that the Guomindang government led by Chiang Kai-Shek was riddled with problems and they are very much the cause of their own downfall. Widespread government corruption, spiraling inflation, loss of public confidence and intractable poverty are just a few of the failings the Guomindang afflicted upon the Chinese people. These monumental failings make a Communist victory seem almost inevitable, in that they just happened to be there to assume power as the Nationalists lost support and drowned in their own mistakes. In this sense it is more sensible to view the Civil War as a Nationalist defeat, rather than a Communist victory. On the other hand, the Communists were able to turn dismal rural poverty and the Japanese invasion into assets, using them to convince villagers that radical change was imperative and that the Communist Party was best qualified to bring about this change. Seen in this light, superior strategy and organisational methods allowed the Communists to achieve victory and not just move into a vacuum as suggested by Barnett (Barnett, 1965: 1). There is certainly an element of inevitability with regard to the Communist victory, however, in this essay I will argue that not only was the outcome of the Chinese Civil War not preordained, but I will also critically evaluate the reasons the Guomindang lost the Civil War and explain that given their policy mistakes, the Civil War should be seen as a Nationalist defeat rather than a Communist victory. If the Nationalists had been willing to adapt and had they initiated some changes in their strategies, the Communist Party, no matter what its internal organisation or external strategies, would not have been able to bring revolution to China. This theory is not supported by Kubek, who argues that the cause of the  Nationalist defeat was due to a lack of aid from the United States, declaring sovietisation of China and Manchuria could be the only logical outcome of post-war United States policy in China (Kubek, 1965: 62). This view point is unduly simplistic and overvalues Americas role in China, an opinion supported by Chang, who believes the Guomindang governments failure was due not so much to lack of American support, but to its inherent defects (Chang, 1965: 40). Before analysing these inherent defects and the reasons that the Nationalist Party lost the Civil War, it is important to understand the fundamentals of the situation in China at the end of World War Two; specifically the consequences of the eight year war with Japan that totally exhausted the Guomindang militarily, economically and spiritually. Hsu argues that the war with Japan is the single most important cause for the downfall of the Nationalists and had there been no Japanese war, the situation in China would have been very different (Hsu, 1990: 734). Many of the Guomindangs problems such as factionalism, corruption and leadership were prevalent prior to the Sino-Japanese War; however it was during the last phases of the Sino-Japanese War that these problems reached crisis proportions and in hindsight it seems impossible that the Guomindang could have overcome these problems to defeat the Communists (Service, 1965: 29). Chang also believes that the Guomindang faced insurmountable problems prior to the Civil War, stating that the government of Chiang Kai-Shek was built on quicksand and clay. How can it stand? Is it any wonder that it fell like a house of cards when it had to face the Communist crisis? (Chang, C. 1965: 41). Westad, (2003: 7) however argues that in spite of the Guomindangs weaknesses, the outcome of the post-war conflict with the Communists was no way predetermined in 1945. At the end of the Sino-Japanese War the Guomindang held significant advantages over the Communists, with its widely recognised legitimate government controlling China, giving it the power to tax and conscript. On the other hand, the Communists could not match the Guomindangs troops in terms of training and equipment and could be  outgunned and outmanoeuvred in all major regions of the country (Westad, 2003: 8). Furthermore, the Communist party was hardly represented in the cities at all, which of course was the power base of the Guomindang. However, the Communists also had successes resulting from the war with Japan including increasing their area of control and practiced evolving their strategies of protracted guerrilla warfare against the Japanese which in turn generated public support. Despite this the partys main forces were still located in North-west China and they were not in such a powerful position that a civil war with the Guomindang would be a mere formality in securing control of the country. The Civil War is therefore simply not a case of the imminent decline of the Guomindang and the Communists irresistible rise. Rather the Sino-Japanese War provided the framework for the decisions and strategies that would ultimately lead to Nationalist defeat. The war with Japan left the Guomindang decimated and they did need to undergo reform in order to survive; however the factionalism and corruption within the Guomindang resulted in increasingly repressive controls being implemented upon the war weary Chinese people. At a time when new strategies were needed, the government instead continued its repressive controls and when war again broke out, the government lost even more support and collapsed with cataclysmic speed. This was due in no small part to the leadership of the Guomindang, whose perpetuation of their own power dominated over all other considerations (Service, 1965: 28). The arrogance and mismanagement of the Guomindang alienated the Chinese people and caused a loss of public confidence and respect. This loss of respect not only resulted in the Nationalists losing influence in their own power bases, but made it easier for the Communists to exploit this public disharmony and encourage the Chinese people to think that a change in administration would bring about a change in their fortunes. An example of the Guomindangs poor leadership strategies can be seen in their occupation of former Japanese colonies (Service, 1965: 29). The Chinese citizens within these Japanese occupied territories had waited eight  years for the return of Nationalist rule, but instead of being treated as victims of war, they were exploited. The Guomindang leaders did not return their land but acquired it as their own property; moreover, they virtually eliminated the monetary assets of these people. This was caused by the currency in the occupied territories going through extreme inflation as the government only offered the exorbitant exchange rate of two hundred to one; when a more reasonable rate would have been half that much (Phillips, 1996: 158). Furthermore, the puppet leaders that had been installed by the Japanese often kept their positions or became members of the Guomindang. Poor policy decisions such as this would lead to the downfall of the Guomindang, as it is impossible to fight a n effective war without the support of the people and the economic policies of the government alienated millions of suffering people. The Guomindangs economic problems were not limited to the territories formerly occupied by the Japanese. All over China inflation was an exceptionally large problem, for as the increases seen during the Japanese War were allowed to spiral out of control during the Civil War. Service, (1965: 29) argues that this is a direct result of corruption within the Guomindang, and that they refused to take any effective steps to check inflation or implement agricultural reforms for fear of losing the support of the landlord class in China. In view of this, the Guomindang developed urban industry at the expense of agricultural and financed this by simply printing more bank notes. Their economic mismanagement was disastrous for the majority of the Chinese people and meant that by 1948 government expenditure had become thirty times larger when compared to its pre-war level; the budget deficit had also blown out to thirty times it pre-war level and inflation was increasing at the rate of thirty per cent a month (Chang, K. 1965: 23). The Nationalist government faced imminent financial doom and the Chinese people were becoming aware of the selfish nature of their government whose economic policies and financial mismanagement destroyed the livelihood of hundreds of millions of Chinese. The failings of the Guomindang would provide the Communist party with ample opportunities to exploit the discontent of the Chinese people. This was one of the reasons for the Communist victory in that they were able to gain the support of people from the rural areas who the Guomindang had alienated. An example of this can be seen in the rural land reforms implemented in newly gained territories. In these areas the Communists promoted production and ensured supplies by creating a self-sufficient economy. To rouse the productive enthusiasm of the peasants, they launched a campaign to reduce rent and interest. Peasant associations and other organisations were urged to demand and enforce a 25 percent rent reduction, with a rent ceiling set at 37.5 percent of the crops. The interest rate on loans was limited to 1.5 percent a month, or 18 percent a year, much lower that the excessive rate formerly charged by the landlords (Westad, 2003: 11 and Fielding, 1999: 134). They were able to achieve these reforms without confiscating large amounts of land, as considerable redistribution of land to the peasants was accomplished by impo sing graduated taxes in such a way that larger landholders voluntarily sold land because it was no longer profitable. It is arguable that the Communists had no intention of eliminating the economic power of the landlords, but instead they showed the peasants that they could exercise their power locally and play an active role in the war against a government that some had come to despise. The Communists gave the peasants what they wanted: an army of friendly troops who not only did not steal their crops but helped them bring in the harvest and who implemented popular but gradual economic reforms (Ebrey, 1996: 289). This is in stark contrast to the Guomindang who did not understand the peasants and showed no interest in aiding them. They failed to see the revolutionary potential of the peasant masses and unlike the Communist Party never attempted to organise them. This situation was best summarised by Hsu: the stone that one builder had rejected became the cornerstone of the others house (Hsu, 1990: 738). However, many of the most important cause of the Nationalist defeat during the Civil War were military ones. Despite emerging from the Japanese War better equipped and trained, the Nationalist Army was a tired force (Hsu, 1990: 734). This war-weariness was felt throughout China and there was  widespread recognition that full scale civil war would be a tragedy for the country. It is therefore, not surprising that the Guomindangs persistence in military aggression towards the Communists, who were Chinese after all, failed to arouse the same patriotic loyalty as when the enemies were Japanese (Stuart, 1965: 19). Given this situation the Nationalist Army needed good leadership and to gain the support of the people; they were unsuccessful on both counts. This was largely due to the leadership system created by Chiang Kai-Shek that was a congerie of conservative political cliques concerned primarily with maintaining their own power (Service, 1965: 30). Furthermore, the highest military posts were reserved for those who like Chiang Kai-Shek had graduated from the Whampoa military academy and this often meant that more talented officers were turned away. General Barr of the United States said of the Guomindang leadership in 1949 that, their military debacles in my opinion can all be attributed to the worlds worst leadership and many other morale destroying factors that lead to a complete loss of will to fight (Barr, 1949: x quoted in Bianco, 1971: 180). In fact, many battles were lost by the Nationalists without a fight, as hundreds of thousands of troops simply defected or surrendered to the Communists (Barnett, 1965: 5). An example of this may be seen during the Huai-Huai Campaign, where poor military leadership caused the Nationalist troops to become surrounded and resulted in an irreparable loss of manpower without a fight (Phillips, 1996: 158). Rather than undertaking offensives to seek out and destroy the main mobile guerrilla units of the Communists, they holed up for the most part in isolated, vulnerable, defensive positions allowing the Communists to concentrate their forces and attack and overwhelm Nationalists positions one by one (Barnett, 1965: 5). This strategy played into the hands of the Communists whose primary goal was to reduce the numbers of the Nationalist army. They were not concerned with holding specific geographic areas and this allowed them to be a lot more flexible in their attacks. Moreover, the Communist troops were ordered to avoid large battles and to engage the enemy only when there was a high probability of victory. Mao Zedong argued that the only way guerrilla warfare could succeed  is if the army had the support of the people, and the Communists certainly had this (Mao Zedong, 1940: x cited in Bianco, 1971: 184). The Communists successfully achieved this through the use of propaganda. They portrayed themselves as defenders of the nation and the Guomindang as enemies of all levels of society, from peasant to scholar (Chang, C. 1965: 40). Chiang Kai-shek himself admitted that the Nationalists failure in propaganda was a major defect in our struggle against Communism (Kai-shek, 1965: 77). Despite this, the Nationalist army had many opportunities to seriously weaken the Communists. However, their leadership too often committed crucial tactical mistakes, which were the result of lack of communication and disputes within the party caused by the factionalism that riddled the Guomindang leadership (Westad, 2003: 11). Clique politics and factionalism would eventually lead to the situation where unified action to either solve the problems in Nationalist held territory or to fight against the Communists became virtually impossible (Barnett, 1965: 6). This is in stark contrast to the leadership of the Communist armies, whose generals were not concerned with personal gain, but instead co-operated with each other and gained the support of the Chinese people and worked towards a united goal (Westad, 2003: 9). These superior military tactics and aforementioned economic reforms brought the Communists wide spread support and ultimately victory. However, this victory would never have been achievable were it not for the military, economic and social failings of the Guomindang. Chiang Kai-Shek himself admitted major defects in organisation and technique in the Nationalists war against Communism, however he argued that these defects were remediable, so long as our strategy and policy were correct, I believe we still could have won (Kai-Shek, 1965: 82). It is in this light that the Chinese Civil War should be viewed not as a Communist victory, but as a Nationalist defeat. There is no doubt that the war against Japan was a crushing blow to the Nationalists economic and military power, however it was not fatal. The  Nationalist government could have continued to consolidate its power and authority by the sheer weight of its military strength and financial resources (Tsou, 1965: 28). Even though the Nationalist government was far from popular, it was the most powerful military and economic force in China and could have survived if it had been willing to regain the support of the people. Defeat to the Communists was therefore, far from inevitable, and the Nationalists were very much the engineers of their own demise. BIBLIOGRAPHY Barnett, A. (1965), Multiple factors, in Pichon Loh (ed.) The Kuomintang Debacle of 1949: Conquest or Collapse? D.C. Heath Company, BostonBianco, Lucien. (1971), Origins of the Chinese Revolution, 1915-1949 Stanford University Press, StanfordChang, Carsun. (1965), Chiang Kai-shek and Kuomintang dictatorship, in PichonLoh (ed.) The Kuomintang Debacle of 1949: Conquest or Collapse? D.C. Heath Company, BostonChang, Kia-Ngua. (1965) War and Inflation in Pichon Loh (ed.) The Kuomintang Debacle of 1949: Conquest or Collapse? D.C. Heath Company, BostonEbrey, Patricia. (1996), Cambridge Illustrated History: China, Cambridge University Press, Cambridge, EnglandFielding, Mark Morcombe, Margot. (1999), The Spirit of Change China in Revolution McGraw Hill Book Company, Roseville, NSWHsu, Immanuel C.Y. (1990), The Rise of Modern China Oxford University Press, New YorkKai-shek, Chiang 1965, Communist designs and Kuomintang blunders, inPichon Loh (ed.) The Kuomintang Debacle of 1949: Conquest o r Collapse?, D.C. Heath Company, BostonKubek, Anthony 1965, Communist subversion and American appeasement, inPichon Loh (ed.) The Kuomintang Debacle of 1949: Conquest or Collapse?, D.C. Heath Company, BostonPhillips, Richard. (1996) China since 1911 St Martins Press, New York. Service, John S. 1965, The enthronement of reaction, in Pichon Loh (ed.)The Kuomintang Debacle of 1949: Conquest or Collapse?, D.C. Heath Company,BostonStuart, John L. (1965), Popular Discontent and Creeping Paralysis, in Pichon Loh (ed.)The Kuomintang Debacle of 1949: Conquest or Collapse?, D.C. Heath Company,BostonTsou, Tang 1965, Contradictions between program and practise, in PichonLoh (ed.) The Kuomintang Debacle of 1949: Conquest or Collapse?, D.C. Heath Company, BostonWestad, Odd Arne 2003, Decisive Encounters: the Chinese Civil War 1946 -1950, Stanford University Press, California

Applicability of Alternate Minimum Tax

Applicability of Alternate Minimum Tax All the non-corporate income tax payers are supposed to be paying AMT. The rule for applicability is that the AMT is payable if: Tax under normal Provisions (as per income tax act) is less than AMT. In this case the adjusted total income is considered to be the total income and tax liability is calculated over it. The other rule mentions that the AMT will not be paid by the individual, HUF (Hindu Undivided Family), AOP (Association of Persons) and Artificial Juridical Person if the Adjusted Total Income is not greater than Rs.20 lakhs. Non-Applicability to LLPs incorporated under foreign Law Limited Liability Partnerships incorporated under foreign laws are not considered Firm as per the definition given under section 2(23) and are considered under the definition given in section 2(17). So, the provisions of AMT are not applicable to such LLPs. Applicability to foreign firms not incorporated under any Foreign Law Foreign firms which are not incorporated as per the foreign country law but fits into the definition of firm as per Indian Partnership Act,1932 is considered firm as under section 2(23). So, the provisions of AMT as per chapter XII-BA are applicable to such firms. The Alternate minimum tax liability is as per section 115JC for the income to be chargeable to tax under India. Rate The applicable rate of AMT is 18.5%, which is calculated on Adjusted Total Income. Further, the final AMT is calculated by calculating education and secondary education cess of 3% on 18.5% and surcharge if applicable. Surcharge is not applicable for LLP. A Table containing steps is included in annexure along with an illustration. The steps and illustration are given in Annexure- I and II respectively. As per the provisions of AMT, the final tax liability for the non-corporate assessees is greater of the tax as per normal provisions and Alternate Minimum Tax (Tax @ 18.5 percent (plus secondary and education cess as applicable) on adjusted total Income). Alternate Minimum Tax Credit Tax credit is available against future tax liability if AMT is greater than tax under normal provisions. The credit amount is the difference between the two and can be adjusted or carried forward for ten years from the year in which the credit was earned. From the assessment year 2018-19, the period will be fifteen years.The section applicable is 115JD. Set-off is available when the tax as per normal provision for LLP is more than AMT. The amount of set-off is limited to amount paid in excess of AMT. However, the rules regarding carry forward or set-off are not applicable for education and secondary education cess. Further, if the credit is not utilised within ten years then it cant be availed later on. Interest is not paid on tax credit availed. Application of other Provisions of this Act The provisions are given under section 115JE and are applicable to the non-corporate assessee to whom AMT provisions apply. This section includes advance tax, interest as per sections 234A,234B and 234C penalty. Key points with respect to the New Chapter XII-BA Finance Bill,2011 was to tax limited Liability Partnership in a different manner. The rule was applicable to LLPs which claimed deduction as per chapter VI-A(C) or Section 10AA of the Income tax act,1961. It was introduced particularly for the LLPs claiming income based deductions only. Key Points you should know. This chapter entailed some key terms, which are explained as follows: Regular Income Tax This is the income tax as under normal provisions, that is, according to the tax rate applicable to the particular assessee as per income tax act,1961. Uptil this calculation, no effect of Chapter XII-BA is given. This is defined under section 115JF(d). Adjusted Total Income Adjusted Total Income is explained under section 115JC (2). Adjusted total income is calculated over the normal tax calculated for the LLP non-corporate assessee and further giving the effect of Chapter XII-BA provisions. These adjustments include following (given under section 115JEE (1)), which are added to the normal tax: Deductions under Chapter VI-A, which are deductions on certain incomes (Section 80HH to 80RRB except 80P) Deduction as per section 10AA, applicable in special economic zones. Deduction under 35AD which is reduced by the depreciation amount as per section 32. Deductions, particularly applicable on LLPs include the following sections: 10AA, 80IA, 80IAB, 80IB, 80IC, 80ID, 80JJA, 80LA and 80Q. The assessee claiming deduction under section 35AD (with effect from 1st april,2015) cannot claim deduction under the following sections- 80IA, 80IB, 80IC and 80ID. Such an assessee does not have to pay AMT. When Alternate, Minimum Tax is calculated, then the concept of brought forward loss and unabsorbed depreciation are taken into account and set-off for them is as per the Income Tax Act,1961. If a company is converted to a Limited Liability Partnership form of organisation, then the MAT credit, which the company earned is not allowed to be set-off against AMT. Assessees Responsibility The assessees falling under the provisions of this act are required to prepare a report consisting of the details and calculations basis of adjustments done for computation of the tax liability to the CA. The books of account and relevant records pertaining to the documents regarding the furnishing of the deductions claimed under sections applicable under these sections. The information is to be further filled in form 29(C). The details of the report and form are explained as under. Report A certificate and a report regarding calculation of adjusted total income and alternate income tax, is required to be furnished before the due date of filing return as per section 139(1). The report is certified from a Chartered Accountant. The provisions for this are given under section 155JC (3). Form no. applicable is 29(C). According to the guidelines form ICAI, this report consists of three paragraphs: First paragraph should consist of the declaration about the examination of accounts and records of non-corporate assessee in order to arrive at adjusted total income and the AMT. Second paragraph should consist of certification of calculation of adjusted Total Income and AMT and the tax payable as per 115JC. The third paragraph should consist of expression of the opinion that the particulars furnished in Annexure A of form 29(c) are accurate and true. Form The form under section 29(C) requires the assessee under this act to furnish the following items: Name of the Assessee Address of the Assessee Permanent Account Number Assessment Year Total Income of the Assessee in the manner mentioned under Income Tax Act. Income Tax payable on total income computed under point 5. Deduction amount as per Part C, Chapter VI-A (except section 80P). Deduction amount as per section 10AA. Adjusted total Income (5+7+8). AMT (19.055% of Adjusted Total Income) If Tax on total income is > AMT, then AMT is considered as Not Applicable (N.A) in column 10 If Tax on total income is [1] Reasons In the year 1969, around 155 tax payers were saving taxes or paying almost nothing to the government by using deductions and tax breaks. So, AMT was introduced with the objective to reduce the incidences of tax savings by the higher income groups. But over the years it has reached to the middle-income groups as well. This is attributed to inflation as AMT is said to have never adjusted for inflation, so if income increased overtime for an assessee, it landed them in the AMT bracket. Chapter XII-BA was introduced to save revenue that arose when a company converted to LLP. This was basically done to take advantage of tax exemptions and rationalization of taxation. According to the provisions of Income Tax Act,1961, tax neutrality was provided in case of a conversion of a company to a Limited Liability Partnership. The transaction is not subject to capital gains if certain conditions are fulfilled. There was a possibility of tax saving. Advantage which was available to LLP Before the proposition of provisions of AMT, LLP was considered a tax saving form of organization as Minimum Alternate Tax and Dividend Distribution Tax. So, the companies used to convert to LLP for the benefits. The benefits are explained as under and analysis is done based on that. Benefits LLP are not levied surcharge and DDT. Capital gains are not attracted when the assets are transferred from a company to LLP. This helps in saving tax. Companies have an increased cost of maintenance of the statutory records which comes under the minimum compliance level. But LLPs does not have incur any such costs as there are no compliances to be fulfilled in terms of maintenance of records or the meetings. There is no limit on the number of partners in LLP. All the assets, movable and immovable are automatically vested in LLP and no stamp duty is applicable. Other benefits of LLP include the following- Government intervention is restrictive, easier to wind-up and audit is required to be done only in case of aggregate contribution more than Rs.25 lakhs and turnover greater than Rs.40 lakhs. Advance Tax Advance tax is to be paid as per provisions 115JE and interest is attracted if there is failure to pay it. If the assessee has income under the head PGBP on presumptions applicable as per section 44AD and 44ADA, he/she is not allowed to claim profit linked deductions. So, if the tax payer falls under the bracket of those claiming deduction under section 10AA or under Chapter VI-A, then adjusted total income will be increased by such amounts as well. Difference between MAT (Minimum Alternate Tax) and AMT (Alternate Minimum Tax) MAT AMT Applicable on Companies Applicable to non-corporates Section 115JB Section 115JC Calculated on book profit Calculated on adjusted total income Effective tax rate is 19.5% Effective tax rate is 19.05% [1] Taken from the Income Tax Department document

Regulating The Internet: Whos In Charge :: essays research papers

Regulating The Internet: Who's In Charge The internet was started by the military in the late forties, and has since grown to an incredibly large and complex web, which will no doubt effect all of us in the years to come. The press has recently taken it upon themselves to educate the public to the dark side of this web, a network which should be veiwed as a tremendous resource of information and entertainment. Instead, due to this negative image, more and more people are shying away from the internet, afraid of what they may find there. We must find a way to regulate what is there, protect ourselves from what is unregulatable, and educate the general populace on how to use this tremendous tool. "The reality exists that governance of global networks offers major challenges to the user, providers, and policy makers to define their boundaries and their system of govenment" (Harassim, p84) The intemet is a group of networks, linked together, which is capable of transmitting vast amounts of information from one network to another. The internet knows no boundaries and is not located in any single country. The potential the internet has of shaping our world in the future is inconceivable. But with all its potential the internet is surrounded by questions of its usage. The intemet was named the global village by McLuhan and Fiore in 1968, but recently the internet has been more properly renamed the global metropolis. Robert Fortner defines the internet as a place where people from all different cultures and backgrounds come together to share ideas and information. "Communication in a metropolis also reflects the ethnic, racial, and sexual inequalities that exist generally in the society. '' (Fortner, p25) When a person enters into a global metropolis to engage in communication they do not know who they will interact with nor do they know what information that they may come across. Which brings an important question to mind. If this is a community, a global metropolis, should it not be governed to protect the members of the community? But more importantly, can a community that knows no boundaries and belongs to no country, be regulated? And who can or should regulate it? With the vast amounts of information transmitted through network to network, with some information remaining at sites temporarily or disappearing within seconds, how can one regulate it? In a meeting of the Senate Select Committee on Community Standards in Australia, iiNet, an Australian intemet provider, presented facts on how much information passes through their server daily. "Our own network sees over 200,000 items of email between individuals every

Injuries in the Nfl

National Football League Injury Controversy In America sports are important but football seems to be vastly more important and more widely known as a specifically American sport. The overwhelming topic on any sports network such as ESPN and the NFL Network are the growing number of lawsuits against the National Football League concerning head injuries and lack of concern that the leaders of the NFL had about the risk players were being put in.Both sides of the lawsuits are passionate about their ideas and making sure that they are not only heard but that action will take place to resolve the situation as a whole. George Orwell states that â€Å"one can choose – not simply accept – the phrases that will best cover the meaning, and then switch around and decide what impression one’s words are likely to make on another person†. (115) The power of words can make or break an argument; the words surrounding the NFL Controversy are no different inevitable, perman ent and intentionally misleading players putting them at serious health risk.Inevitability is the strongest stance that the leaders on the National Football League have against the concussion controversy. Football is one of the most barbaric, brutal sports played in America it is a high contact sport that is known for the big hits during crucial moments in a game. Because of the nature of the game there has always been protective equipment that the players are required to wear, one of the most important being the helmet.Players are signing contracts with various teams knowing that they are involved in a contact sport and that there is a guarantee that they will be hit. (Rovell) There is no way to stop a player from the opposing team that is running at their full speed to just stop on a dime and not make contact with a player, it simply goes against physics. Rules have recently been put in place fining players for helmet to helmet contact but you cannot knock out the contact entirely without changing the dynamics of the entire game.The NFL choses to use the word inevitable to describe there is not a clear answer to stop contact all together, the players know how the game is played and what risks are involved, thus proving that the players must have had prior knowledge to the issue and the potential risk to serious injury. The entire controversy began as more and more ex-players were being diagnosed with permanent debilitating neurological disorders. (Anderson) The NFL says this is typical udging by the age range and the regression of the brain as we age, but now there are ex-players in their late 50s and early 60s being diagnosed which is out of character. So it is more or less being swept under the rug as something that is human nature and out of their hands. Most neurological problems can be treated and progression is slowed but the issues are ultimately incurable. Getting a diagnosis of a permanent injury is unimaginable. To most it would be seen as a form o f a death sentence, just biding your time before the disorder takes over and your life is cut short.Psychologically one would begin to question the life they have lived and attempt to adjust to your new normal because the fact is simply there is no going back. Ex-players and family members are using the word permanence to push the feeling of the final stage, and to realize that you’re at your peak and there is nowhere but down. Using this particular word in this context brings up a morbid feeling of looming illness and finally death do to the carelessness of the NFL.The main point in the case against the National Football League is that they intentionally mislead players and put them at a serious health risk later on in life, by not having the players properly evaluated after suffering from a head injury. Treatments were not regulated and initial baseline testing was being cheated by players so if they did suffer a head injury they would have a larger margin of error and coul d continue playing. Coaches needed star players so a debilitating injury like a concussion that has a long recovery time was not an option.Owners and coaches knew sitting a player for weeks on injury reserve would most likely cost them the season and in some cases their jobs and lively hoods so reports would be scrubbed and false information would be recorded to insure the player would return the following week. Using the phrase intentionally misleading players leads one to believe there was prior knowledge of possible serious complications with repeated blows to the head that went untreated.The power of words and make or break an argument just as it is in the NFL injury controversy. The use of words and phrases are â€Å"designed to make lies sound truthful and murder respectable, and to give an appearance of solidity to pure wind†. (Orwell,116) Language allows the audience to pick a side of the argument, align themselves and share the same ideas with one side or the other. Having the power to use these trigger words keeps an ongoing chain of support, they are words that are relatable something for an individual to grab onto and run with.If you are arguing a point you are trying to get someone on your side and to believe that you are saying so you want to appeal to their logic, emotion, and purpose in the most strait forward way which would be the use of language. Work Cited Anderson, Paul D. NFL Concussion Litigation. 2013. Web. 31 Jan. 2013. Orwell, George. â€Å"politics and the English Language. † The McGraw-Hill: Issues Across The Disciplines. 11th edition. Ed. Gilbert Muller. New York: McGraw-Hill,2011. Print. 106-116. Rovell, Darren. ESPN NFL. League files to dismiss lawsuits, 2012. Web. 31 Jan. 2013.

Free Essays on Trading Places

Trading Places: Raymond Carver’s â€Å"Neighbors† Many people would love to be someone else, but if they actually trade places are they happy with the lifestyle they are living now? In his short story, â€Å"Neighbors,† Raymond Carver provides the answer to this question. In this story, Carver shows many examples of a married couple trying to play the role of their neighbors while they’re away on a trip. Indeed, three important actions shown are: the husband Bill looks at himself in the bathroom, he nibbles on food in the kitchen, and he rummages through the closet and drawers of his neighbor’s apartment. Analysis of these elements in this short story connects with someone greatly admiring someone’s lifestyle. Readers should take heed of this important text as a bearer of admiration because it is not always good to try to portray someone else. Bill looking in the bathroom mirror of his next door neighbor is an important action of him actually thinking he’s living their lifestyle. For example, he grabs a bottle of pills that belong to the wife Harriet, reads the label directions and slips it into his pocket. But before doing so, â€Å"he looked at himself in the mirror and then closed eyes and then looked again† (Carver 64). Bill closing his eyes means that this imposing character is imagining that when he opens his eyes he will be one of the people living next door to him. As if he actually had to confirm that as long as he is in his neighbor’s home he is one of them. After looking at himself in the neighbor’s bathroom he couldn’t picture himself. He had to portray one of them or otherwise he would not be acting out his actual fantasy of doing things like his neighbor’s. The concentration drives him to actually put the pills in his pocket as if later on during the day he wou ld have to swallow the pill as if that is what the wife would do on a daily basis. Bill nibbles on food in the kitchen of the next ... Free Essays on Trading Places Free Essays on Trading Places Trading Places: Raymond Carver’s â€Å"Neighbors† Many people would love to be someone else, but if they actually trade places are they happy with the lifestyle they are living now? In his short story, â€Å"Neighbors,† Raymond Carver provides the answer to this question. In this story, Carver shows many examples of a married couple trying to play the role of their neighbors while they’re away on a trip. Indeed, three important actions shown are: the husband Bill looks at himself in the bathroom, he nibbles on food in the kitchen, and he rummages through the closet and drawers of his neighbor’s apartment. Analysis of these elements in this short story connects with someone greatly admiring someone’s lifestyle. Readers should take heed of this important text as a bearer of admiration because it is not always good to try to portray someone else. Bill looking in the bathroom mirror of his next door neighbor is an important action of him actually thinking he’s living their lifestyle. For example, he grabs a bottle of pills that belong to the wife Harriet, reads the label directions and slips it into his pocket. But before doing so, â€Å"he looked at himself in the mirror and then closed eyes and then looked again† (Carver 64). Bill closing his eyes means that this imposing character is imagining that when he opens his eyes he will be one of the people living next door to him. As if he actually had to confirm that as long as he is in his neighbor’s home he is one of them. After looking at himself in the neighbor’s bathroom he couldn’t picture himself. He had to portray one of them or otherwise he would not be acting out his actual fantasy of doing things like his neighbor’s. The concentration drives him to actually put the pills in his pocket as if later on during the day he wou ld have to swallow the pill as if that is what the wife would do on a daily basis. Bill nibbles on food in the kitchen of the next ...