Direct tax code
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The document discusses India's direct tax code. It defines direct and indirect taxes, with direct taxes paid directly to the government like income tax and indirect taxes paid on goods and services. It notes that India has an established tax regime and the tax to GDP ratio has increased in recent decades. The majority of taxpayers are in the 1-5 lacs income group. The proposed direct tax code aims to benefit this group by introducing tax slabs of 10% for income from 2-5 lacs, 20% from 5-10 lacs, and 30% over 10 lacs. The code also lowers corporate tax to 30% and introduces reforms like potentially increasing income tax exemptions and abolishing securities transaction tax.
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Direct tax code
The document summarizes key aspects of the Direct Tax Code (DTC) 2010 introduced in India. Some key points:
1. The DTC 2010 aims to replace the existing Income Tax Act 1961 and simplify direct tax laws using simple language. It consolidates various direct tax laws into a single code.
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- Agricultural income refers to income generated from farming, cultivation, and sale of agricultural produce. It is tax exempt up to a certain threshold under the Income Tax Act.
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Individual income, payroll, and corporate income taxes cover about two-thirds of US government spending, with the remaining one-third financed by borrowing. In 2014, around 15% of government spending was expected to be financed through deficits. Tax expenditures, such as deductions, credits, and exclusions, have grown over time and now cost almost as much as total income tax revenue. Many tax expenditures function similarly to government spending programs.
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Taxation in india
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
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income tax
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The document discusses the basic tax formula used to calculate individual tax liability in the Philippines. It includes the following key points:
1. Gross income is reduced by deductions for adjusted gross income to arrive at adjusted gross income. Adjusted gross income is then reduced by itemized deductions or the standard deduction and personal exemptions to get taxable income.
2. Taxable income is multiplied by the applicable tax rate to determine tax liability. Tax liability is then reduced by tax credits and prepayments to determine the net tax due or refund.
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Personal financial management involves managing an individual's or family's monetary resources over time. It includes income from employment, savings and investments, expenses, taxes, and planning for life events. Effective tax planning can help reduce tax liability by taking advantage of exemptions, deductions, rebates and allowances within the law. It involves organizing one's finances to structure income and expenses to minimize taxes owed. Proper tax planning ensures taxes are paid on time while maximizing wealth accumulation for life goals and financial security.
Impact of collection of direct and indirect tax
The document contains information about Group 2 of a class which includes 10 students' roll numbers and names. It lists each student's roll number from 425 to 437 and their corresponding names. The group belongs to St. Xavier's College in Kolkata.
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Income tax
Taxes imposed on the earnings of organizations and individuals are income taxes. Marginal tax rate and flat tax rate. Marginal tax rates are harmful to the economy.
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Advance tax tds and tcs
1. Advance tax, TDS, and TCS are the major modes of collecting tax at source during or before the financial year.
2. Advance tax is paid voluntarily by taxpayers in installments over the course of the financial year based on their estimated annual income.
3. TDS involves the deduction of tax at source from certain specified payments like salaries, rent, professional fees, etc. at prescribed rates by the deductors.
4. TCS involves the collection of tax by certain buyers from sellers at the time of sale of specified goods like scrap, bullion, jewellery above a threshold limit at prescribed rates.
Lesson 16 advanced tax
This document discusses advance tax in India. Advance tax must be paid if tax liability is Rs. 5,000 or more. It is paid in installments throughout the previous year by both corporate and non-corporate assessees. For non-corporate assessees, installments are due on September 15, December 15, and March 15. For corporate assessees, installments are due on June 15, September 15, December 15, and March 15. Advance tax aims to collect tax revenue earlier and is also known as the "pay as you earn" scheme since tax is paid as income is earned in the previous year.
SET OFF AND CARRY FORWARD OF LOSSES
The document discusses various types of losses under the Indian Income Tax Act and how they can be set off and carried forward. It explains that a business loss of Rs. 200,000 can be set off against business profits of Rs. 500,000, resulting in taxable income of Rs. 300,000. It also discusses setting off losses from different heads of income, such as setting off a net business loss of Rs. 220,000 against house property income of Rs. 510,000, leaving taxable income of Rs. 290,000. The document outlines the different types of losses that can be carried forward and the number of years they can be carried forward.
80c to 80u
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
Advance tax & interest provision
Section 207 discusses advance tax, which is payable on total income chargeable to tax for the assessment year immediately following the financial year. Advance tax is paid as income is earned throughout the year.
Sections 208-211 provide more details on advance tax payment requirements. Advance tax must be paid in installments if tax liability is over Rs. 10,000. Companies must pay in 4 installments while others pay in 3 installments.
Failure to pay advance tax when required makes the taxpayer an "assessee in default" subject to interest under sections 234B, 234C and penalty under section 140A.
Direct Tax
The document discusses the key aspects of direct taxes in India such as income tax, corporation tax, wealth tax, and capital gains tax. It provides definitions and explanations of direct taxes, income tax, and compares direct taxes with indirect taxes. Some of the key points made in the document include:
- Direct taxes are taxes that are directly paid to the government by the taxpayer. They include income tax, corporation tax, and wealth tax.
- Income tax is paid based on an individual's taxable income in a given financial year after deductions and exemptions. Corporation tax is paid by companies on worldwide income.
- Direct taxes cannot be shifted to another entity while indirect taxes can be shifted from one taxpayer to another.
Privatisation
The document discusses privatization in India. It defines privatization as the process of private sector participation in ownership and management of public sector entities. It outlines two main methods of privatization: sale of the entire entity to private owners, and initial public offerings to reduce government stakes. The advantages listed are better services, use of new technology, infrastructure development, and allowing the government to focus on social issues. Disadvantages include prioritizing profitable industries over necessary ones. The document argues that further privatization is needed in India given large losses by public sector units.
Direct & indirect taxes
- Income from other sources is a residual head of income that covers any income that does not fall under the other four heads of income (salary, house property, business/profession, capital gains).
- Some examples included under this head are dividend income, interest income, rental income from machinery/furniture, winnings from lotteries, gifts received without consideration.
- Standard deductions are available for repairs, insurance, depreciation of assets let out on rent. Interest received on securities and specific exempt categories are not taxed under this head.
Tax structure in India
This document provides an overview of taxation in India. It discusses that taxes are the main source of government revenue and are divided into direct and indirect taxes. The taxation system in India has a three-tier structure at the union, state, and local levels. Direct taxes include income tax, wealth tax, and corporate tax. Indirect taxes include customs duty, excise duty, and GST. The document also outlines the current tax slabs for general individuals, senior citizens aged 60-80, and senior citizens over 80.
Privatization
Privatization refers to the transfer of ownership of public assets or services to private entities. This can increase efficiency and competition by reducing government involvement and political interference in commercial activities. Main methods of privatization include share issues, asset sales, and voucher programs. Privatization has led to improved infrastructure like toll roads and ports in some cases. However, private entities prioritize profits over community interests, and may not serve rural areas.
Service taxes india and SAP Configuration (TAXINN)
This document describes the SAP configuration required to calculate service taxes in India including service tax, education cess, and secondary education cess. The key steps are:
1. Create new condition types for the taxes and maintain tax procedure TAXINN to use the new types.
2. Create account determination procedures and assign G/L accounts for the taxes.
3. Maintain tax rates for the new condition types by linking them to the existing "ST" tax code in FV11.
4. Create a new "S1" tax code to select on invoices so postings show only the "ST" code as configured in FV11.
This allows invoices to correctly calculate total taxes
Privatisation
Privatization in key sectors like banking, insurance and education in India has led to both benefits and concerns. In banking, privatization has increased efficiency, branches and credit availability but some argue public sector banks are not truly "sick". In insurance, privatization has spurred fast growth and rising premiums with more private players. However, there are worries about profit priorities overserving needs. In education, privatization was driven by demands for improved quality and technology but there is concern it could worsen inequality. Overall, privatization's impact in India depends on balancing economic and social goals.
Income tax-ppt-revised
The Tax rate have been revised for 2013-14.
The exemption limit has been increased to 2 lakhs .
The second slab has been increased to 5laks
Types of Taxes
The document appears to contain information about various Indian taxes including income tax, sales tax, wealth tax, and service tax. It provides definitions and key details about the different types of taxes such as the tax rates, applicable entities, exemptions, and controversies in certain areas. It also summarizes the objectives and issues with some of these taxes in India.
Set off and carry forward of losses
The document discusses the rules for setting off and carrying forward of business losses under the Income Tax Act. It explains that losses can be set off against profits of the same source (section 70) or different heads of income (section 71) subject to certain restrictions. Unabsorbed losses can be carried forward for a maximum of 8 years for business losses and 4 years for speculation business losses to be set off against future profits.
Globalisation ppt 2
The document discusses various aspects of globalization including:
1) Globalization refers to the increasing integration and interaction between countries through international trade, flow of capital and technology.
2) Key drivers of globalization include multinational corporations, the WTO, World Bank and IMF.
3) Firms operate globally to access new markets, raw materials, labor and gain economies of scale. However, globalization benefits are not evenly distributed.
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Service taxes india and SAP Configuration (TAXINN)
Service taxes india and SAP Configuration (TAXINN)
Similar to Direct tax code
TAXATION IN INDIA
This document provides an overview of taxation in India. It discusses various direct and indirect taxes collected by the central and state governments. Direct taxes include personal income tax, corporate income tax, and capital gains tax. Indirect taxes previously included excise duty, service tax, customs duty, and central sales tax. Recent reforms like GST have subsumed many indirect taxes. The document also explains concepts like tax deductions, tax collected at source, minimum alternate tax, and taxes on gifts, inheritance, wealth, securities transactions, and more.
Tax
The new Direct Tax Code will replace India's 61-year old Income Tax Act and aims to simplify the tax system. It introduces easier income tax slabs of 10%, 20%, and 30% for different income levels. It expands the tax base to include various perquisites and benefits. Contributions to certain savings instruments up to Rs. 3 lacs will be allowed as a deduction. Capital gains will be taxed as ordinary income at applicable rates, with indexation to account for inflation. The Code also reforms taxation of capital markets, property income, and introduces taxes on non-profits and high net worth individuals.
Mounting_Tax_burden_on_the_middle_class.pdf
The middle class in India has been facing a growing burden due to rising taxes over the years. With the increasing cost of living and stagnant incomes, the additional financial strain has made it difficult for many to make ends meet. In recent years, the government has increased the tax rates for various goods and services, including essential commodities such as petrol and diesel, which has led to inflation and affected the middle class the most. The pandemic has only exacerbated this issue, with many middle-class families struggling to pay for healthcare and other necessities. The government must find ways to ease the burden on the middle class, such as by increasing tax exemptions and reducing tax rates for essential goods and services, to ensure that they can maintain a decent standard of living.
Tax Foundation University 2017, Part 3: Modeling Tax Changes — Which Help, Wh...
This lecture explores how the consequences of policy options can be determined and why they should guide the reform effort. The Tax Foundation's Taxes and Growth Dynamic Tax Model will be demonstrated.
Also discussed: the benefits and limitations of dynamic vs. static analysis and scoring of tax changes, which tax features harm growth the most, which potential reforms help the most, and which revenue offsets hurt the least. Differing views of how to predict the effects of tax changes on economic growth, how different models view the effect of the federal budget deficit and the Federal Reserve on the outcomes, and the proper role of monetary policy.
Register for Tax Foundation University Online here: https://taxfoundation.org/tax-foundation-university-remote/#enroll
Taxation in india
This word file contain all information regarding taxation in india, income tax returns, types of income tax , direct tax, indirect tax, wealth tax, income tax ,excise duty , which helps you to gain knowledge about taxation in brief, and also helps you in making internship report on taxation or income tax.
Indian tax system
The taxation system in India includes direct taxes like income tax and indirect taxes like goods and service tax (GST). Income tax rates vary based on an individual's age and income level, with lower rates for those below age 60 and senior citizens. Corporate tax rates were recently reduced to 22% for existing companies and 15% for new manufacturing companies. Indirect taxes include GST applied between 0.25-28% on various goods and services, as well as taxes like customs duty and excise duty. The document provides details on tax slabs, rates and policies in India.
How to invest to save tax - Linear programming
tax - definition, types, provisions under Income Tax Act to save tax, Minimization of tax using Linear Programming with examples
Micro tax system
The document discusses taxation systems. It begins by introducing the group members and topic, which is the tax system. It then defines what a tax system is and discusses the key principles of taxation, including efficiency, equity, benefits received, and ability to pay. It also outlines different tax types like direct and indirect taxes. The document then focuses on Pakistan's tax system, describing direct taxes like income tax and indirect taxes like customs, central excise, and sales tax. It provides figures on the ratio of direct to indirect taxes in Pakistan's total tax revenues.
•What is income tax –Best income tax lawyer in lucknow.pptx
Income tax is a tax that governments impose on individuals' earnings or income, including wages, salaries, dividends, interest, rental income, and other sources of income. The purpose of income tax is to generate revenue for the government to fund public services, infrastructure, and other expenditures.
Income tax is usually progressive, meaning that higher-income individuals are taxed at higher rates. Tax rates and brackets can vary significantly between countries, and some countries may also have different tax rates for different types of income (e.g., earned income vs. investment income).
Taxpayers are typically required to file tax returns annually, reporting their income and calculating the amount of tax they owe based on the applicable tax rates and deductions. Taxpayers may also be eligible for various tax credits and deductions that can reduce their taxable income or the amount of tax they owe.
Governments use various methods to collect income tax, such as withholding taxes from paychecks (pay-as-you-earn or PAYE system), estimated tax payments for self-employed individuals, and annual tax return filings for individuals and businesses.
Overall, income tax is a crucial component of a country's tax system, providing essential revenue for government operations and public services while also influencing economic behavior and wealth distribution.
There are several reasons why taxes are necessary. First and foremost, taxes provide the government with the funds needed to finance essential public services and projects that benefit society as a whole. These services include maintaining roads and bridges, funding public schools and universities, providing healthcare services, and ensuring public safety through law enforcement and emergency services.
Additionally, taxes play a crucial role in redistributing wealth and reducing economic inequality. Progressive tax systems, for instance, require higher-income individuals to pay a larger percentage of their income in taxes, while lower-income individuals pay a lower percentage. This helps ensure that wealthier individuals contribute proportionally more to society's needs and helps fund social welfare programs that support disadvantaged populations.
Furthermore, taxes can be used as a tool to influence economic behavior and achieve policy objectives. For example, governments may use tax incentives or penalties to encourage environmentally friendly practices, promote investment in specific industries or regions, or discourage harmful activities such as smoking or excessive consumption of sugary drinks.
In summary, taxes are necessary for funding public services, reducing economic inequality, and achieving various policy goals that benefit society as a whole. While they may be a source of contention for some, they are a fundamental aspect of modern governance and play a vital role in shaping the economic and social landscape of a country.
Chapter 4 Personal Taxation
This document provides an overview of personal income taxation in Malaysia. It discusses key concepts like chargeable income, taxable income, personal reliefs and deductions, rebates, tax rates, and tax payments. The objectives of tax planning are to maximize the amount kept by the individual and minimize taxes paid. Taxpayers are responsible for accurately reporting their income, maintaining records, and paying taxes owed by the deadline each year. Understanding taxation is important for effective personal financial planning and minimizing the taxes paid.
Effectiveness of Tax Deduction at Source (TDS) in India
To Study and analyses all the purposes for which
TDS in India was introduced to ensure whether they are
properly achieved for collection of more revenues to Govt.
Also study major types of tax system in the world. Study
whether Adam smith’s all the four Canon of Taxation are
satisfied by TDS mechanism and to what extent with reasons
there for. To conclude, considering major tax collection
mechanism, whether TDS mechanism is effective or not.
Government revenue(Public Fiscal Administration)
The document discusses government revenue and taxation. It defines government revenue as money received by a government from sources like taxes on income, wealth, goods, services, exports/imports, and non-tax sources like profits from state-owned corporations. Revenue is used to fund government services that benefit the public like infrastructure development. The main sources of government revenue are taxes, non-tax revenue, and capital receipts. Taxes are either direct taxes paid directly by individuals/corporations or indirect taxes paid to intermediaries and passed on to consumers. Non-tax revenue comes from sources like dividends, interest, fees, and grants. A good tax system aims to raise sufficient and equitable revenue while minimizing economic burden and incentivizing productivity
Rsm india budget_2018_key_aspects_in_a_nutshell
The key aspects of the India Budget 2018 document are:
1. GDP growth is projected to be 6.75% in the current fiscal year and rise to 7-7.5% in 2018-19 due to major reforms. Inflation has hit a 6-year low of 3.3% in 2017-18.
2. For companies with revenues up to Rs. 250 crores, the corporate tax rate has been reduced to 25%. No change in personal income tax rates.
3. Exemption on long term capital gains from equity investments is being withdrawn and such gains will be taxed at 10%. Scope of dividend distribution tax has also been expanded.
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
01. introduction to taxation ICAB, KL, Study Manual
Doc1
This document provides an introduction to direct taxes in India. It defines direct tax as a tax paid directly by an individual or organization to the imposing entity, such as income tax. It cannot be passed on to another entity. The document discusses the proposed Direct Tax Code in India, which aims to reform personal and corporate taxation. It analyzes some key aspects of the proposed code, such as reduced tax rates for most individuals but the removal of many deductions and exemptions. The document provides context on direct tax in India through discussing topics like tax slabs, exemptions, tax collections, and the roles of the Central Board of Direct Taxes and Ministry of Finance.
BUDGET_2016.PDF
The budget aims to boost investment in agriculture, social sectors, infrastructure and job creation. Total expenditure is budgeted at Rs. 19.7 lakh crores, with Rs. 10.5 lakh crores from tax receipts. Key tax proposals include increasing tax rebates for individuals earning under Rs. 5 lakhs, expanding presumptive taxation schemes for MSMEs and professionals, and providing tax exemptions for pension withdrawals and annuity funds. Measures also promote affordable housing, resource mobilization for rural development and clean environment, and reducing litigation through tax amnesty and settlement schemes.
Presentation on tax office in dhangadhi,kailali
This document provides an overview of taxation in Nepal. It discusses the introduction and types of taxes, the purpose of collecting taxes, tax rates from different sources over recent years, Permanent Account Numbers (PAN), VAT registration requirements, VAT return filing deadlines and penalties, and how the tax office investigates potential tax evasion. The overall aim of taxation is to finance government expenditures and public services.
Income Tax in India.pdf
Income Tax in India, Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens.
The first Income-tax Act in India was introduced in 1860 on account of financial stress owing to the mutiny of 1857 and was to be in force for a period of 5 years.
The Income Tax Act 1961 has been brought into force on 1 April 1962. It applies to the whole of India (including Jammu and Kashmir).
An Income Tax in India is a direct tax that a government imposes on the annual income and profits earned by individuals and entities. It is calculated on the net taxable income of a person or entity for the applicable financial/fiscal year, which starts from the 1st of April of a year and ends on the 31st of March of the next calendar year.
introduction-to-direct-indirect-tax.ppt
The document discusses key concepts related to income tax in India such as definitions of income tax, previous year, assessment year, assessee, residential status, heads of income including salary, house property, capital gains and income from other sources. It provides tax rates for individuals, senior citizens, women and examples of calculating tax liability. It also covers exempted incomes, deductions available and concepts of tax deducted at source.
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Effectiveness of Tax Deduction at Source (TDS) in India
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01. introduction to taxation ICAB, KL, Study Manual
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Something special
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Purpose of share market
The purpose of the stock market is to support business growth through mutual benefits. Companies raise capital by selling stock, which allows them to expand. For example, a young couple started a small furniture business called Super Star Furniture. After 10 years of growth, they wanted to expand to new cities but needed over 1 crore rupees. To obtain this funding, they decided to sell 40% of their company stock. This raised 2 crore rupees for expansion and increased the total value of the business. Within a year, both the couple's ownership value and total profits had increased, demonstrating how the stock market enables business growth.
Basic terms
The document provides an analogy comparing the stock market to a film production. It describes:
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2) Regulatory bodies like SEBI and RBI direct the "shooting" in the stock exchange, represented as the shooting spot.
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Capital structure defenition
The document discusses capital structure, which refers to the proportion of debt and equity used to finance a company's assets. An optimal capital structure maximizes share price value and minimizes cost of capital. Factors that affect a company's capital structure include financial risk, growth opportunities, and tax policies. Several theories on capital structure are presented, including the Net Income, Net Operating Income, and Modigliani-Miller approaches.
Web 2.0
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Direct tax code
- 1. DIRECT TAX CODE Its time to pay back…
- 3. Current Position & What we Expect Income tax Payers Slab 95.75 % of Tax Payers are in 1- 5 Lacs income group 2% -Tax payers are in 5-8lacs income group 2.2% - Tax Payers are in >8 lacs Income New Tax Code aimed at benefiting 1-5 Lacs Slab Significantly Let us c How…….
- 4. Proposed Tax Regime- As Per DTC • Tax for income between Rs. 2 lakh – Rs. 5 lakh: 10%• Tax for income between Rs. 5 lakh – Rs. 10 lakh: 20%• Tax for income over Rs. 10 lakh: 30%The limit for exemptions for salaried people is Rs. 2 lakh, while that for senior citizens is Rs. 2.5 lakh. Corporate Tax -30% Minimum Alternate Tax on book Profits -20%
- 7. An Example – DTC & Common Man Name : Ajay PatelSalary : 8 lacs per yearInvestments : Investment of 30k in Mutual funds, 30k in EPF , 20k in PPF and 20k in Insurance Policy .Home Loan : Taken a Home loan and pays 80k as Principle and 1.4 lacs as Interest .
- 8. How it works Tax as per Current System Amount Exempted = 1.4 lacs as home loan interest + 1 lac in 80C = 2.4 Lacs Taxable Income = 5.6 lacs Tax = 14k (10% from 1.6 to 3 lacs) + 40k (20% from 3 – 5 lacs) + 18k (30% on 5 – 5.6 lacs) = Rs 72,000 Tax as per New Tax Code Amount Exempted = 1 lac from (mutual funds , PPF , EPF , Insurance) + 80k as Home loan principle = 1.8 lacsTaxable Income = 6.2 lacsTax = Rs 44,000 (10% on 1.6 lacs – 6.2 lacs)
- 9. It’s a time to think Are you Coming under Middle Income Group Plan Efficiently on Basic Investment Plan Increase your Efficiency on Personal Finance Prepare yourself to utilize Government Reforms
- 10. Learn a Lot….Earn a Lot…. Thank you
- 11. All the Information are Shared from the Gained Knowledge through Internet Suggestion are Invited to tally the Errors with Correction Thanks For Valuable Information offered by http://www.jagoinvestor.com