Manoj Bhargava, richest Indian in US commits 90% earnings to charity

[killerx]

Really appreciate it but which charity is getting the money and how much?

 

[Developereo]

Lol. Salary is paid not from taxes An employee gets salary, an owner (shareholder) get dividend which is already taxed at company level.

Very hard to you to digest, not your fault...it is the basics of accounting principles.
Check with any of our friends who has some knowledge in these matters.

Either you didn't read my example property or didn't understand it. Read it again. Whether you take out money as salary or dividend, you have to pay taxes on it as an individual. That is the 100,000 in the example; that is out of the picture. It is the remaining 900,000 left in the company that we are talking about here.

Whats your qualification? I'm a finance professional working for in this damn SOX, IFRS taxation matrix more than a decade.

I don't know how things work in India -- I suspect not too differently from the US or Australia. What I have stated is the predominant setup for private companies, including the tax deductions.

Nowhere does the article talk about Mr. B's or his corporation's Earnings before taxes and Earning's after taxes.

He specifically says the charity will come from his earnings not his bank account or his other assets.

This is the way all corporate charities work. No company does charity work with after-tax earnings.

Trying to belittle even a good human endeavour form a person of the enemy country

I am putting the microscope on tall Indian claims of doing good to America. The man is actually taking money from American taxes and giving it to India.

 

[The HBS Guy]

He specifically says the charity will come from his earnings not his bank account or his other assets

...and where did the money in his bank account come from if not his salary.

How can you accuse this money to be before tax i.e. siphoned off and not after teax i.e. legitimate?

Am I talking to a guy who doesn't know the difference between a personal bank a/c and a commercial bank a/c?

Before I further waste my time with you and not choose to ignore your half-knowldge conjectures, it would be beneficial of you just concisely stated your experience in financial matters.

I would very much like to confirm that I'm not wasting my time on a half-witted internet fanboy before I decide to do it.

I am putting the microscope on tall Indian claims of doing good to America. The man is actually taking money from American taxes and giving it to India.

Again an assumption. Anyways, I have already made clear what I want you to do before I proceed further.

This is the way all corporate charities work. No company does charity work with after-tax earnings.

How can you call charity from 'his earnings', a corporate charity?

 

[Developereo]

...and where did the money in his bank account come from if not his salary.

How can you accuse this money to be before tax i.e. siphoned off and not after teax i.e. legitimate?

Am I talking to a guy who doesn't know the difference between a personal bank a/c and a commercial bank a/c?

Before I further waste my time with you and not choose to ignore your half-knowldge conjectures, it would be beneficial of you just concisely stated your experience in financial matters.

I would very much like to confirm that I'm not wasting my time on a half-witted internet fanboy before I decide to do it.



Again an assumption. Anyways, I have already made clear what I want you to do before I proceed further.

All your questions are answered in the original article. It talks specifically about spending 90% of earnings -- not bank accounts, not golf courses, not real estate -- earnings.

I suggest you read the article.

I am guessing you went to HBS on a football scholarship, because your grasp of English and basic business structure is sadly inadequate.

 

[The HBS Guy]

All your questions are answered in the original article. It talks specifically about spending 90% of earnings -- not bank accounts, not golf courses, not real estate -- earnings.

I suggest you read the article.

Again failed to decouple 'earnings' from 'personal' and again failed to link 'earnings' to 'corporate'.

I am guessing you went to HBS on a football scholarship, because your grasp of English and basic business structure is sadly inadequate.

No I went on Kabaddi scholarship.

 

[Roybot]

Do some research before starting your tirade against everything Indian. He has donated a lot in America too, am sure that takes care of all the tax money that he has "siphoned" away from America to India.

 

[Developereo]

He says 90% of what he earns will go into doing charity in India.
[...]
"Next ten years we would probably do about Rs 5,000 crore in charity," he says.
[...]
Living Essentials, which is owned by Innovation Ventures, another privately-held company, does not report its financials, but media reports have estimated that it grossed more than $600 million and netted some $300 million last year.

He will spend INR 5k crore = USD 1 billion in 10 years = 100 million dollars/year.

Are you saying he is spending that 100 million/year from personal earnings; that he is paying himself a salary of 100 million dollars/year?

Again failed to decouple 'earnings' from 'personal' and again failed to link 'earnings' to 'corporate'.

Sure. Try picking an English book and a calculator before reading the article again.

No I went on Kabaddi scholarship.

More and more, it is looking more like Haryana Business School.

Do some research before starting your tirade against everything Indian. He has donated a lot in America too, am sure that takes care of all the tax money that he has "siphoned" away from America to India.

The issue is his charity announcement here. Do try to stay on topic.

 

[newdelhinsa]

Bill Gates should be hanged for donating his hard earned money to Asian and African countries [sarcasm].

 

[The HBS Guy]

He will spend INR 5k crore = USD 1 billion in 10 years = 100 million dollars/year.

Are you saying he is spending that 100 million/year from personal earnings; that he is paying himself a salary of 100 million dollars/year?

Oh God not again!

He says 90% of what he earns from now on will go to charity - agreed.

Will that 90 % total 5K crore? or will that 5k crore be made up partially from both 90% of his future earning and a major chunk of his past saving.

a + b = c

Is the only solution to this equation, b=0 and a=c?

Is it not possible that a=0.5 c and b= 0.5 c (Say!) and together both add up to c?

You really need math lessons, my friend.

EPIC FAIL!

BTW, I'm still waiting for you to:

1. decouple 'earnings' from 'personal' and to link 'earnings' to 'corporate'.

2. Prove how this will not go down well with the American public and thereby help Indians' standing in America.

 

[Roybot]

The issue is his charity announcement here. Do try to stay on topic.

Oh so you going on about tax and what not is so related to topic right? I a man is donating in India as well as in America I would very much like that image of Indians projected.

So how about you stay on the topic, which is Bhargava's philanthropy, not you usual "Indians are the biggest scamsters in the world bs"

 

[The HBS Guy]

More and more, it is looking more like Haryana Business School.

LMAO That was a good one! Thanked your post just for that..

Haryana Business School...

 

[Developereo]

He says 90% of what he earns from now on will go to charity - agreed.

Will that 90 % total 5K crore? or will that 5k crore be made up partially from both 90% of his future earning and a major chunk of his past saving.

His past savings is not "what he earns". What he earns is what his company brings in.

It is very plain English. If you insist on contortions to interpret it some roundabout way, I can't help you.

P.S. I am going by what's written in the article without invoking unspecified additional factors.

1. decouple 'earnings' from 'personal' and to link 'earnings' to 'corporate'.

Already done. The man does not pay himself a salary of USD 100 million/year. When he talks of spending USD 100 million of earnings, he is talking about corporate earnings.

2. Prove how this will not go down well with the American public and thereby help Indians' standing in America.

Again, already done. No one looks kindly on someone who has was nurtured by the US for 50+ (40 if you take out the return visit) years, continues to make his fortune there, but gives 90% of his charity to someone else.

Oh so you going on about tax and what not is so related to topic right?

That is the topic: his charity. Examining the details of how he will fund his charity is very much on topic.

 

[The HBS Guy]

His past savings is not "what he earns". What he earns is what his company brings in.

FAIL!

1. What his company brings in, is what his company deposits into 'its' (not 'his') commercial a/c.

From there, the company pays him his salary.

2. a+b = c does not necessarily mean b = 0 and a=c. FAIL AGAIN!

The man does not pay himself a salary of USD 100 million/year.

Neither can you prove it, nor can you disprove it. The article doesn't mention it.

It remains your conjecture since you started your slander campaign against the man on this thread.

Again, already done. No one looks kindly on someone who has was nurtured by the US for 50+ (40 if you take out the return visit) years, continues to make his fortune there, but gives 90% of his charity to someone else.

I have ,fortunately, met better and saner Americans than the waylayers in NYC.

That is your assumption. FAIL AGAIN!

@ Developreo, One simple question for you, my friend.

Does a private company's profit mean its owner's salary? All of it, all of the time?

Think before you answer.

 

[newdelhinsa]

One must ask Pakistanis living in Australia or elsewhere if they are sending money back to Pakistan or not ? By the same logic money earned from Australian source should be spent in Australia ?

I am earning money and at times sending back to my parents and at time doing charity for Indian organization or Royal Flying Doctor Service i.e. to place where I live. A good share of Pakistani economy constitutes money sent by overseas Pakistanis back home. Some Pakistani may be sending money for charity as well; earned from foreign sources ?

 

[The HBS Guy]

One must ask Pakistanis living in Australia or elsewhere if they are sending money back to Pakistan or not ?

That is Remittance. This is charity.

...BTW, even in remittance, Indians are on the top of the world