Rangers focus on Old Firm, not crisis

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Microsoft Makes $300M Investment In New Barnes & Noble Subsidiary To Battle With Amazon And Apple In E-books

Barnes & Noble has found a new, major partner in its fight to get an edge over Amazon and Apple in the market for e-books and the devices being used to consume them: it is teaming up with Microsoft in what the two are calling a strategic partnership, name yet to be determined. It will come in the form of a new subsidiary of B&N that will include all of its Nook business as well as its educational College business. Microsoft is making a $300 million investment in the subsidiary, valuing the company at $1.7 billion in exchange for around 17.6 percent equity in the subsidiary. The news leaves the door open for B&N to eventually spin these off into a separate business altogether -- or even sell them to Microsoft. And it leaves a load of questions about what B&N will do next with the Nook, which is currently built on a forked version of Google's Android platform.

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Income Taxes paid by Indians [Overview, Numbers & Graphs]

2 comments

Do you know how many Indians pay Taxes and how much?

You would be surprised with some of the numbers. According to the report released by Indian Finance Ministry,? estimated number of taxpayers for financial year 2011-12 stands at just 3.24 Crore people. That means, less than 3 people in 100 pay taxes

Out of these 3.25 Crore people, 89% pay taxes in the tax slab of 0 ? 5 Lakh rupees, while on the other end of spectrum, only 1.3% of all tax payers have income about 20 Lakh!

Number of Tax Payers in India & their Slabs

Slab	Number (in lakhs)	Percentage of taxpayers
0-5 lakh	288.44	89.00%
5-10 lakh	17.88	5.50%
10-20 lakh	13.78	4.30%
>20 lakh	4.06	1.30%

?

The graph clearly shows the inequality in the earnings of Indian people ? Imagine, in a country of 120+ crore people, only 4 lakh people earn above 20 lakh rupees a month.

Now, if you consider that many cheat when it comes to taxes, even then the numbers are so skewed that it is mind-boggling.

This next graph will show you further how much wealth is concentrated amongst only a miniscule few!

Tax Collection by Tax Slabs

Slab	(Rs. in crore)	Percentage of tax collected
0-5 lakh	15,010	10.10%
5-10 lakh	21,976	14.80%
10-20 lakh	17,858	12.10%
>20 lakh	93,229	63.00%

?

The biggest surprise for me was ? although, only 1.3% of all tax-payers earn more than 20 lakhs in India, they account for a whooping 63% of all the taxes collected by Indian Government. So 4.6 lakh Indians pay a total of 93,229 crore rupees of tax. That comes to an average of roughly 23 lakh per person!

Although, I was aware of this situation to a certain extent, after looking at the numbers in the report, I was taken aback by amount of inequality we have in India!

Would love to hear your comments on this!

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Video: Telling of a Chinese murder mystery

>>> the only high-profile incident that has the u.s. concerned. and china's'o communist government on edge. q?! leadership is being shaken by a scandal that has uncovered corruption at the highest levels and perhaps even murder. nbc's chief foreign affairs correspondent andrea mitchell has more tonight.

>> reporter: it is a chinese power struggle that reads more like a tabloid sex and murder mystery . communist party bo xilai .

>> undoubtedly the largest political earthquake to hit the chinese leadership.

>> reporter: and his wife, suspected of arranging the murder of a british businessman neil haywood who worked with her husband and may have been her lover. haywood found dead at this hotel hotel. the british government is even being accused of letting china cover up the case.

>> we did offer to hold an investigation.

>> reporter: it is a stunning downfall for a power couple who traced their roots to the early leaders of the communist party .

>> the public started to question, well, if bo xilai who was a gang busting son of a revolutionary hero is this corrupt, what does it say about the rest of our top leadership.

>> reporter: adding to the scandal, the couple's son. educated at tony british schools, now at harvard's kennedy school . scandalizing the family with playboy lifestyle.

>> what seems unusual, or at least not the norm is the degree to which he flouted his privilege in perfectly observable ways.

>> reporter: corruption is widespread among chinese elites. but never talked about publicly. what may have sealed both fates is an even worse crime in the eyes of party leaders like the president. allegedly wiretapping their phones.

>> if half the allegations against the bo family, not just him but his wife as well, prove to be true, it would suggest that corruption goes right up to the top.

>> reporter: for the u.s., anything that threatens the success to china's next leader means trouble. so this is one scandal that the u.s. and china both wish would simply go away. andrea mitchell , nbc news, washington.

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Shot Russia banker 'points finger at compatriots'

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Touch of Magic

The life of 2 witches , vampires and their everyday lives

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