Rose IT Solutions has seen a significant change over the past few weeks and that in terms of growth of the company, it has significant credits to its existing clienteles. One of the leading performance improvement, travel and market research services company globally has now chosen ROSE to provide additional functionality within their existing Web Application. Rose shall represent itself throughout the Project Life Cycle (PLC) of the project contributing in the areas of design, coding, testing and project management techniques. The Software development team is charged up to deliver the project with the desired quality in time.

A contract with a leading department store was signed during the month. The Department Store operates nearly 950 department stores nationwide at US and ring up some $30 billion in annual sales. This would translate into exciting opportunities for Rose. Thanks to dedicated effort of our Business Intelligence (BI) team.

Staffing and recruitment team has made great strides since the team was constituted two years back . September 05 , was a remarkable month with all recruiters chipping in with one or more JOFs, this has helped the team to pep up its performance to 50 JOF per month. We know it is just the beginning and the best is yet to come.

Rose in leap to advancement has gone for BS7799 Certification which provides a comprehensive coverage of security issues, containing a significant number of control requirements. Compliance with it is consequently a far from trivial task, even for the most security conscious of organizations. The internal audits are due in the month of October 05.

With the growing need for quality oriented professionals Rose has provided an impetus towards learning of six sigma technology and terminology which is a measure of quality that strives for near perfection. Six Sigma is a disciplined, data-driven approach and methodology for eliminating defects in any process -- from manufacturing to transactional and from product to services. With the participation of 20+ employees in the training program it certainly has quantified the need of quality oriented process.

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Section 80C at a Glance

Our Finance Minister during his budget speech this year has taken some good steps towards rationalization of the tax structure and by scrapping the Section 88CCC. Section 88, under which you were entitled to get a maximum of 20% rebate on investments such as life insurance premium, provident fund contributions, ELSS etc. will be replaced by Section 80C, which will allow you to invest up to Rs100,000/- in any of the schemes below. This investment amount of Rs100,000/- will not attract any tax.

Schemes eligible for Section 80C benefits

• Provident Fund
• Public Provident Fund
• Life insurance premium
• Pension plans
• Equity Linked Saving Schemes of mutual funds
• Infrastructure bonds
• National Savings Certificate

The payments towards the principal amount of your home loan are also eligible for an income deduction.

Section 80L used to allow deduction of interest earned on, say, a National Savings Certificate or a bank deposit up to a limit of Rs 12,000. But now all these are gone .In their place has come Section 80C -- "u/s 80CCC, & u/s 80CCD", as the Finance Bill puts it. Thus, the new Section 80C of the Income Tax Act proposed in Union Budget gives you a bigger tax break than what the current regime offers.

In the current regime, against the current maximum 20% rebate on tax payable, the amount invested (Rs 100,000 maximum) would now be deducted from your income. So for those of you in the top tax-paying bracket of 30%, the immediate saving is Rs 30,000 -- if you invest Rs 1 lakh, that is.

The joy is greater for those with a taxable income of more than Rs 500,000 because they aren't even entitled to Section 88 benefits under the present regulations.

Further, it does not possess any ceilings on specific categories. Thus you can invest the Rs100000 in all/any of the instrument and in any proportion. For all those who can take moderate risk can put the entire Rs 100,000 in an equity linked savings scheme and end up getting a 30% return upfront in the form of a tax break in the highest slab.

However, the Budget proposals do not change the savings avenues. They would remain by and large the same in the next financial year starting April 1, 2005 -- life insurance, contribution to provident fund, schemes for deferred annuities, tuition fees, repayment of principal on housing loans, ELSS and infrastructure bonds.

Learn more about Tax Reform>>

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