What’s the best advice you ever got?

Very Inspiring!!! Must Read

“What’s the best advice you ever got?” At the end of a recent podcast interview, the host asked me, “What’s the best advice you ever got?” Before I tell you what I said allow me to rewind to 2007 when I had another career decision to make: hold on to a large, steady paycheck as the vice president of a global PR firm or commit full-time to my growing writing and public speaking business. At the time I was doing some freelance writing and I interviewed the real-life Chris Gardner, the man who actor Will Smith portrayed in the movie, The Pursuit of Happyness (‘happyness’ is purposely misspelled in the title. You’ll have to read the book or watch the movie to find out why). Gardner told me the true story of how he spent nights in the bathroom of a subway station along with his 2-year-old son. In the daytime Gardner would put on his one suit, drop off his kid at daycare and take unpaid classes to become a stockbroker. You can guess how the story ends. Gardner rose to the top of his firm and became a multi-millionaire.

The secret to happiness, in life and in business. I knew the Oakland, California subway station Gardner had slept in because I passed it each day on my train trip into San Francisco. I had plenty of time to contemplate the advice he gave, words that changed the course of my career. “How did you find the strength, the spirit, to keep going?” I asked Gardner. “Carmine, here’s the secret to success: find something you love to do so much, you can’t wait for the sun to rise to do it all over again.”

Originally Posted: http://www.forbes.com/sites/carminegallo/2012/06/11/homeless-man-turned-millionaire-offers-the-best-advice-i-ever-got/

I'm an Entrepreneur!!

I believe anything is possible


I see opportunity when others see impossibility


I take risks. I'm focused. I hustle


I know that nothing is unrealistic


I feel overwhelming love


I embrace my childlike wonder & curiosity


I take flying leaps into the unknown


I contribute to something bigger than myself


I create. I learn. I grow. I do.


I believe its never too late to start living a dream.


I am an Entrepreneur.

Courtesy: I am an Entrepreneur

Income Tax Deduction!!!

After lot of struggle, finally found some good stuff which helps newbee to understand the tax deduction with example. Enjoy :)

How can I save Taxes this year? 

Some of the Sections of Income Tax Act, 1961 are detailed below which detail few exemptions and categories of exempt income that you can take advantage of:

Section 80C: Investment in specified instruments and expenses

Section 80C gives every income tax payer up to a maximum of Rs. 1,00,000 tax free income in a year if they invest in or buy the following instruments. Please not that this is a combined total of Rs. 1,00,000 and not an individual figure for every instrument:

1. Premium for Life Insurance or ULIP

2. Provident Fund (PF) contribution

3. Public Provident Fund (PPF) - only up to Rs. 70,000 in a year

4. Repayment of home loan principal

5. Equity Linked Savings Schemes (ELSS) of Mutual Fund Companies

6. Infrastructure Bonds

7. National Savings Certificates (NSC)

8. Tax Saving Fixed Deposits with Banks

9. Tuition Fees of children

Section 80D: Health Insurance Premium

You can take advantage of an annual deduction of Rs. 15,000 from taxable income for payment of Health Insurance premium for self and dependants. For senior citizens, this deduction is Rs. 20,000. 

Section 80E: Interest paid on educational loans

You can claim a deduction on the interest paid on loans taken for higher education for yourself, your spouse and children. There is no limit on the amount of deduction you can claim. 

The only thing to keep in mind is that the program for which the loan is taken should be a graduate or post-graduate program in engineering, medicine or management or a post-graduate course in the pure or applied sciences.

Section 80G: Donations to Charitable institutions

You can claim a deduction for any donation that you might have made to a charitable fund or institution. However, please note that these donations should be made only to specified institutions. And a proper proof of payment must be provided for the same. Based on the classification of the charity , you can claim either 100% or 50% of the donated amount as deduction. The deduction might also be subject to a certain limit again based on the type of charity that you are donating money

Section 24: Interest paid on housing loan

Under Section 24, a maximum of Rs 1,50,000 can be deducted from your taxable income as interest repayment for a self occupied house. Please note that this deduction is not available if you the house is still under construction and you do not have occupation of the house.

Provisions that you should take advantage of if you are a salaried employee:

Section 10(13A) : House Rent Allowance

You can take advantage of the provisions under this section if you are renting an accommodation. These provisions will not be available to you if you stay in a rent-free accommodation or live with your family or in your own house.

Under Section 10(13A), HRA is exempt to the least of the following: i) 50/40 per cent of basic salary= Dearness Allowance (if, applicable), ii) excess of rent paid over 10 per cent of basic salary; and iii) actual HRA received. 

Lets illustrate this calculation with an example:

Assumptions

HRA per month = Rs 15,000

Basic monthly salary = Rs 30,000

Monthly rent = Rs 14,000

Rental accommodation is in Delhi.

Exemption

The HRA exemption would be the least of the following:

1. Actual amount of HRA: Rs 15,000

2. 50% of salary (basic component + dearness allowance) = 50% x (30,000 + 0) = Rs 15,000

3. Actual rent paid - 10% of salary (basic component + dearness allowance)= Rs 14,000 - [10% of (30,000 + 0)] = 14,000 – 3,000 = Rs 11,000

Rs 11,000 being the least of the three amounts will be the exemption from HRA. 

The balance HRA of Rs 4,000 (15,000-11,000) would be taxable.

Please note that HRA exemptions are only available on submission of rent receipts or the rent agreement.

Paying Rent to parents or relatives

If you want to pay rent to your parents or any relatives (like uncle/cousin) whom you are staying with. You will need to treat them as landlords. And request the owner of the house (which will be one of your parents) to declare it in his/ her personal income tax return. This will prevent any litigation in the future.

Section 10 (14) Rule 2BB(10) : Transport Allowance

Transport allowance granted for commuting between your residence and place of work is exempt up to Rs. 800 a month. You can take advantage of this provision to get a tax exemption of Rs 9600 annually by providing your employer with bills or a self declaration.

Section 17(2) : Medical Reimbursement

You can claim exemption up to Rs 15,000 annually on actual expenditure incurred on your medical treatment or for treatment of any of your dependants. Moreover, there is no restriction of approved hospitals or clinic for the same. This is exempt only on provision of actual bills.

However, if the amount is paid out as an allowance not a reimbursement then it would be fully taxable.

Courtesy: http://www.itrust.in/content/tax-planning/How-Can-I-Save-Taxes-This-Year-India

Triggr Innovation - Naruto

Team Name: Naruto

Team Members: Divyesh, Darshan, Fenil and Hitesh

Problem Statement: Inconvenience caused while travelling within the region for unplanned travels.

Solution:

1. An application will be created which will support both web and wireless devices.

2. Information will be collected from Rickshaw union, Motorman of Indian Railway, Sales person, Courier person, Taxi union.

3. By roadways our resources will be Rickshaw, Taxi, Bus, Share rickshaw, Car pooling, By walk, Lift.

4. By railways our resources will be Local trains

5. Achieving this will give rise to comforts like:

a. traffic info

b. cost info

c. distance in kms and mins

d. expected time to reach destination

e. congestion

f. I/II class cost w.r.t. railways.

6. Variables in application will consist selection of :

a. City

b. Source

c. Destination

d. Time

e. Filters – cost range, traffic, time range, comforts, etc

Business:

· Company can make money through ads for free version of ads

· For paid version company will charge 1$ a year for additional functionality and ad free app.

· Company can make money by tying up which various cab vendors such as Meru cabs, Cool cabs, Easy cabs etc. which in turn be profitable by this app suggesting them as a suggestion.


Market:

· In Mumbai,roughly around 70 lakh people travel in local trains daily and an equal number travel in Buses and rickshaw . So the market we are aiming is huge in number.


Impact:

· On successful execution of such a product will result in huge profit for an organisation.

· It will help commuters to travel with ease and they will have all the travel information on the move.

· It will help commuters save both time and money while travelling.

· It will provide commuters with more sucurity in terms of travelling and thus making an unplanned travel planned.

Triggr Innovation 2 - Avengers

Team Name: Team Avengers

Problem Statement: Inconvenience in travelling through public transport services (BEST)

Solution:

To predict the number of waiting commuters at each Bus-stop and then channelize the resources(bus routes) accordingly.
By using (LBS) swipe card application system the BEST passengers can complete their journey from the nearest respective Railway Station.


At the BEST Depot, we propose to BEST Authority to enable the swipe card system for:

1. BEST Authority to measure the number of passengers intending to move for each specific location.

2. It will empower BEST Authority to allocate the buses as per requirement of passengers.

3. This system will help people to manage their time for scheduling journey comfortably & conveniently.

4. By swipe card system BEST Authority can manage crowd in the peak hours.

5. Passengers can reach to their desired location in time.

6. Database of passengers could be collated by BEST Authority for scheduling buses according to the demand.

Triggr Innovation Ideas - Blitzkrieg

Team Name: Blitzkrieg

Team Members: Jinen, Dilip, Mandar

Problem Statement: Handling household/Office related daily utilities like fixing of household/office ware, providing grocery to the aged people.


Solution:

1. User will have to dial our customer care toll free number.

2. Lists their problem to the customer care executive.

3. The customer care executive will collate the required details from the customer and accordingly will contact the associate in that particular area as specified by the customer.

4. The responsible associate will perform required research task like getting in touch with various resources and finding the best and reasonable service provided in and around that locality and provide it to the customer.

5. There will be at least one person will be allocated in each locality.

6. A detailed feedback would be taken from the customer and also customer satisfaction chart would be maintained to better our services in the future.



Product/Service Specification:

Can have various offer packs for customers according to their subscription. For example 199 Rs/ month per user for complete.


Market Estimate:

· 6 cr. Household in India which is equivalent to 1.2mn.

· 1.2mn x 40 Dollars per head per month of service charge.

· Total turnover would be 1.5mn USD.

Triggr – Be Innovative

Introduction: In our daily life, we do travel, purchase tickets/products/groceries, read, write, walk, talk, listen, texting, and many more. And we face certain problems but generally either we ignore or abuse someone for this problem. But one person, say, 1 in 10 crore, find the solution of the problem and ease the life of others and then known as innovator/entrepreneur.

So that's my inspiration to launch Triggr – Be Innovative.  

The story behind the name “Triggr” that its trigger my mind to start something innovative event and I skip ‘e’ from it to make it creative.

I tried to explain my thoughts on Triggr by some daily found problem/solutions.

Examples:

1. Google search example: When you misspell a query on Google search, it comes back with a “Did you mean <corrected query>” and shows the results for that. How will you implement this feature on a search engine?

Answer 1:  A spell checker that will look at every query. If it finds a misspelt word, then we’ll correct it using the spell checker, and execute that query.

Answer 2: A small group of people will come up with a far more innovative answer: Let us look at the history of all searches on the site looking for the following pattern: A user searched for “x”, didn’t click on any results, and then immediately searched for “y”. If these (x,y) pairs happen frequently, then y is a corrected version of x.

The ingenuity of the second answer becomes apparent when you think of the following issues that will need to be addressed if you were to really implement this. How will you deal with 90 different languages? How to deal with proper nouns, that too in all those languages. How to deal with words like “Flickr” or “Telefone” which are mis-spellings according to the dictionary, but are valid search queries. The second answer solves all these issues elegantly.

Inspiration: http://yourstory.in/2012/05/hiring-technical-team-tips/

2. Hair coloring: The common problem while applying hair coloring is the liquid spread on the dress or floor etc. Recently, I saw a TV add with the product “Hair coloring Gel” which solves the above problem.

3. KIOSK: Financial institutions have realized that their Web sites are valuable sales and service channels. When combined with online banking and bill pay tools - the online channel delivers one of the most profitable and convenient ways for customers to maintain an ongoing relationship with a financial institution. The self-service banking kiosk was first developed to give financial institutions a more secure, attractive and reliable way to introduce their customers to their online channel offerings.

Placing KIOSK in branches is a great way to divert certain customer tasks out of crowded teller lines and into the self-service environment. Some of these tasks include:

  

• Account balance inquires

• Check reordering

• Cleared check/deposit records look up

• Money transfers

• E-statement sign up

• Loan applications

• Online banking access

• And more

4. Online purchasing/selling of products: BookMyShow, Snap Deal, Home Shop 18 are the ideas who makes our life far easier than ever.

5. Drona Mobile: 

Then to make it more clear, I organized a game called Triggr yourself.