www.csrajivbajaj.com

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THOUGHT OF THE DAY “One who gains strength by overcoming obstacles possesses the

only strength which can overcome adversity."

Law Updates:

Right To Information or RTI applicants must give reasons for

seeking information, the Madras High Court has said, while giving

relief to its Registry from disclosing file notings on a complaint

against a Chief Metropolitan Magistrate.

The ministry of corporate affairs (MCA) is planning to give a

clarification in a few months to bring coherence between accounting

standards and the new companies law regarding related-party

transactions. Companies are apprehensive that unless this is done,

these will have to keep separate records for the Companies Act and

the accounting standard concerned.

There are about 3.7 crore tax payers, while the officials from

Central Board of Direct Taxes (CBDT) are able to scrutinise only

one per cent of the returns. So roughly about 3-3.5 lakh returns are

being scrutinised. In a taxpayer-friendly move, the revenue

department has directed its officials to fix meetings with assessees

in such a manner so that they do not have to wait.

PROFESSIONALS INPUTS:

Web commerce giant Alibaba had the largest IPO in U.S. history on

Friday, making its founder Jack Ma the richest man in China.

Shares started at $68 and balooned to $92 before the closing bell.

Why CBDT has not extended the Due Date of Income Tax Return?

The central Board of Direct taxes has extended the date of obtaining

and furnishing the Tax audit report to 30/11/2014 though the Date

of filing of Income tax returns is still 30/09/2014 and it is very

unfortunate situation troubling the whole trade and Industry which

is a very big part of the total tax paying fraternity.

MARKET WATCH:

SENSEX: 26997.09 91.48 NIFTY: 8086.10 35.05

SILVER:39032.00 1.49 GOLD (MCX): 26380.00 116.00

USD/INR: 60.78 .09 CRUDE OIL: 5588.00 0.43

CS Rajiv Bajaj

9811453353

Bajajr66@gmail.com

youtube.com/csrajivbajaj

https://www.facebook.com/Rajiv1Bajaj

http://www.csrajivbajaj.com

Date: 22nd September 2014

www.csrajivbajaj.com

Alibaba

The story of Jack Ma, chairman of Alibaba, the Chinese internet giant that just raised $21.8 billion in the US

initial public offering, is the stuff that dreams are made of.

Ma started his career as an English teacher and failed in many ventures, including to land a job in KFC, before

he started Alibaba in 1999. Today, he is China's richest man with a net worth of $21.8 billion, according to the

Bloomberg Billionaire's Index.

The company was started with support from 18 friends in Ma's apartment in Hangzhou. After 15 years, when

the company is making waves in the business world for the biggest IPO in the history, Ma’s life serves as an

inspiration to all entrepreneurs, young and old, across the world.

1) Learning English: Ma started learning English at the age of 13, from foreign tourists who had then just

started trickling into China. He would wake up at 5 am, walk to the Shangri-La hotel and hang around there,

chatting up with the tourists and taking them for sightseeing. That was how he practised spoken English. He did

this for nine years. But, as he told Xiao-Ping Chen of University of Washington in an interview, he learned not

only English, but also the “Western people’s system, ways, methods and techniques”.

2) Teaching English: He started off his career as an English teacher. But he admits he was only a good teacher

and not the best. “I knew I couldn’t be the best in China, so I decided to step into the business world,” he says.

So he set up a translation company. On one of his trips to the US in 1995, he found out the magic world of

Internet through a friend. And that made all the difference.

3) Tryst with the Net: On the internet, which his friend showed him, he searched the word 'beer'. Curiously for

him, all beers – American beer, German beer -- threw up but no Chinese beer. “So I was curious. I searched

‘China,’ and all search engines said no China, no data,” a Bloomberg report quotes Ma as saying in a a

documentary. This prompted him to create a home page in Chinese. According to the Bloomberg report, in

about five hours of posting the page, he got five emails from various countries, including the US and Germany.

The power of the Net world surprised him.

4) China Pages: This was his first internet company, a yellow pages site. Ma invested 7,000 yuan of his

personal savings in the company and also took a loan from his sister, the Bloomberg report said citing a book in

Chinese by Ma’s personal assistant Chen Wei. However, this was not successful and so he joined the commerce

ministry in Beijing. He quit the job and went back to his home province Hangzhou. Alibaba happened in 1999,

which Ma hopes will last for 102 more years.

5) Mad Ma: Thus, he believed in the power of internet, while nobody else in China did and so he was dubbed

crazy, this USA Today report says. But then Alibaba is Alibaba because there are many more like him in the

company. “I gave a speech at Harvard in 2002. After my talk, a CEO from a foreign company said that I was a

mad man. He said he had been in China for many years, and didn’t believe that my way of managing a company

would work. I invited him to visit Alibaba. After a three-day stay, he said “Now I understand. Here you have

100 mad men just like you”,” he told Xiao-Ping.

7) His management philosophy: It is a mix of Tai Chi, Taoism, and Buddhism. “In Taoism, the best leadership

is not leading at all,” he says in the interview with Xiao-Ping. “If someone warns me about an employee who is

trying to overstep me, I reply that I’m a teacher and that’s the way it should be,” he says. According to him, a

real leader’s responsibility is to give his or her team overall guidance and principles and be the source of your

company’s culture.