freshseasons
King of my own Castle
Source: The Hindu : Sci-Tech : Apple now has more cash than the U.S. government
Apple richer than US Govt...
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Source: The Hindu : Sci-Tech : Apple now has more cash than the U.S. government
Nipun
Whompy Whomperson
xtremevicky
Manc
I bet Kalmadi is richer than both 
d6bmg
BMG ftw!!
I bet Kalmadi is richer than both
Nice joke!!
Is this info provided by some of those Hazare activists? Hard to believe, those who are actually intelligent enough to evade taxes and all to garner this amount would allow it to remain idle at 1-2% return when the vibrant Indian stock market can fetch a lot lot more. Heck, even our own savings bank account provide more.
Sarath
iDota
Lol with so much money who would care about investment. The way its been earned, I wont be surprised to hear that they pay the banks in return to keep this humongous stash safe.
Total misconception. If they would not care for their money, they would not evade tax in the first place. They would rather earn x crore, give Govt. .3x crore and be happy with .7x crore. They do care about investments, more than you and I do.
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Sarath
iDota
Umm...aren't we talking about black money? black money= unaccounted for money.
How can they even think about paying taxes on it?
Its like a thief stealing the Mona Lisa and then opening an art gallery.
It's not stealing, buddy. It's like earning from your painting and not disclosing it or disclosing lesser income. The money earned is from one's own hard work. It's become black when they are not showing that income, apparently to avoid taxes. But the income is their for sure. We need to get our taxes properly.
Sarath
iDota
Most of that money is made by corruption. Thats nobody's hardwork.
The businessmen etc who disclose lesser amounts well they constitute into what you are saying. However they combined cant beat scams such as the 2G and Adarsh ones.
KDroid
Cyborg Agent
Sarath
iDota
^^^If you have ever bought a house you will know that most of them are undervalued so as to pay less tax. Now that falls into the category you are thinking of.
So is paying the "traffic policewallah" which falls out of his income and thus remains undisclosed.
But when we talk about swiss banks. Guess how much of it is needed to actually stash it out there. Its mostly the bureaucrats who mint more than they can chew.
So is paying the "traffic policewallah" which falls out of his income and thus remains undisclosed.
But when we talk about swiss banks. Guess how much of it is needed to actually stash it out there. Its mostly the bureaucrats who mint more than they can chew.
hmmmmm...
I agree with Skud here!!
Actually when people start to make huge money, they start thinking of keeping the most part of it with them, and either paying a small amount of tax or simply paying no tax.
In most cases, people do pay the tax but a lesser amount.
Now the question is Why would you pay the TAX for ? heck, I know all of you will say, govt. collects taxes to build good roads, give good facilities for rural education, etc, etc.
But tell how good our govt. actually is, do they actually make roads ?
The answer is NO, we are forced to live in hell!!
Hence, the person(say business man) who earn a huge amount of money by doing his hard work, does not feel to give a penny to this idiot govt. (he is justified in his dicission I guess!
). And that's how "black money" gets created.
I will never pay tax to this govt. which actually eats my money and does nothing, so I am better off to put it in swiss bank then. 
So, that's the concept of "Black Money" if I am not wrong.
I agree with Skud here!!
Actually when people start to make huge money, they start thinking of keeping the most part of it with them, and either paying a small amount of tax or simply paying no tax.
In most cases, people do pay the tax but a lesser amount.
Now the question is Why would you pay the TAX for ? heck, I know all of you will say, govt. collects taxes to build good roads, give good facilities for rural education, etc, etc.
But tell how good our govt. actually is, do they actually make roads ?
The answer is NO, we are forced to live in hell!!
Hence, the person(say business man) who earn a huge amount of money by doing his hard work, does not feel to give a penny to this idiot govt. (he is justified in his dicission I guess!
). And that's how "black money" gets created.I will never pay tax to this govt. which actually eats my money and does nothing, so I am better off to put it in swiss bank then.
So, that's the concept of "Black Money" if I am not wrong.
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hmmmmm...
I agree with Skud here!!
Actually when people start to make huge money, they start thinking of keeping the most part of it with them, and either paying a small amount of tax or simply paying no tax.
In most cases, people do pay the tax but a lesser amount.
Now the question is Why would you pay the TAX for ? heck, I know all of you will say, govt. collects taxes to build good roads, give good facilities for rural education, etc, etc.
But tell how good our govt. actually is, do they actually make roads ?
The answer is NO, we are forced to live in hell!!
Hence, the person(say business man) who earn a huge amount of money by doing his hard work, does not feel to give a penny to this idiot govt. (he is justified in his dicission I guess!
I will never pay tax to this govt. which actually eats my money and does nothing, so I am better off to put it in swiss bank then.
So, that's the concept of "Black Money" if I am not wrong.
If you are into business, then you might, although you have to feed quite a few people for that.
If you are into job, your employer will simply deduct the TDS from your salary. And the problem is not in the taxes, but in its lower collection. Remember, whatever the country in doing, be it space programme or whatever, it's from our money only. If nobody was paying taxes, probably you and I would not have accessing this forum today right now. Lets just say Govt. stops collecting taxes and also stops giving subsidies and all. Do you have any idea how much a cylinder of gas or oil would cost? Govt. is there to collect taxes, and every country does it and they have to. Otherwise, economy would simply stop. The problem as stated earlier, is its lower collection. As per FRBM Act, GoI had to reduce it Revenue deficit to 0% and Fiscal Deficit to 3% by the end of FY 2007-08. And guess what have happened since. Newer targets every year with the goal nowhere nearer.
Enough OT I guess.
If you are into business, then you might, although you have to feed quite a few people for that.
True, but what to do with our babu's ? They are eating 75% of the tax payers money!!!!
Lets just say Govt. stops collecting taxes and also stops giving subsidies and all. Do you have any idea how much a cylinder of gas or oil would cost? Govt. is there to collect taxes, and every country does it and they have to. Otherwise, economy would simply stop. The problem as stated earlier, is its lower collection. As per FRBM Act, GoI had to reduce it Revenue deficit to 0% and Fiscal Deficit to 3% by the end of FY 2007-08. And guess what have happened since. Newer targets every year with the goal nowhere nearer.
Enough OT I guess.
That was shocking!!
0% ?America is in regular Revenue deficit of 5% + and so does every other country on this planet. Why ?
Because our govt. takes loans to build roads, etc, etc and the babu's eat them up!!! :laugh:
Regarding Subsidy: I think that is a major tool of corruption. First you pay bribe to the babu's to get subsidy for your factory or business!!
And with regard to Gas and Oil price, According to America and Mr. Obama in particular the higher price of Oil is due to India's policies!! Heck, he is correct this time!!
Reasons :
1. We donot have a good relationship with Gulf Countries.
2. With most of this country who supply Oil to India, India has not signed any treaties with them.
3. So, what ever price they ask, India has to oblige.
MetalheadGautham
AFK
India has never been a country for the poor OR for the honest rich actually. I mean the poor are made to suffer and barely get enough opportunities, while the honest rich are milked to feed politicians. So what we end up with is a bunch of voiceless poor, honest rich who never get enough returns proportional to the taxes they pay, bunch of babus who eat the honest rich's money, bunch of rich who prefer illegally hiding their money in swiss bank, and a rather well-voiced middle class which is indifferent to any of the aforementioned groups and only cares about pension plans, tax-saving schemes, the Indian cricket team, wider roads and 24/7 electricity supply and decides to blame everything on everyone else.