| Dear Jitendra,
It is always great to interact with the leaders in the industry. Interactions with intellectuals with difference perspective opens up new horizons of our thoughts and we keep improvising our thoughts with several paradigm shifts. It has been great journey of Milespost with you. Let's keep this spirit continue to achieve the excellence in our field. Looking forward for a continuous interactions with you.
Team Exactitude
Corporate Laws
Audit Objectives and Management Assertions
The objective of a financial statement audit is to obtain reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes an assessment of the accounting principles used, and significant estimates made, by management as well as an evaluation of the overall financial statement presentation.....Read More
As we must account for every idle word, so we must for every idle silence. --Benjamin Franklin
MCA Acts Against 169 Companies for Not Having Women Directors
The Ministry of Corporate Affairs has initiated prosecutions against 169 companies for failure to appoint at least one woman director on their boards.....Read More
Among my most prized possessions are words that I have never spoken. --Orson Scott Card
Direct Tax
Draft FTC rules issued by CBDT
CBDT has recently issued draft rules for grant of foreign tax credit (draft FTC rules). The draft FTC rules provide for various aspects relevant to FTC claims, including the meaning of foreign taxes, year of claiming FTC, computation mechanism etc. As a measure of safeguard, the draft FTC rules also provide a list of mandatory documents to be furnished by the taxpayer for claiming FTC. Comments and suggestions on the draft FTC rules are invited from stakeholders and the general public by 2 May 2016.....Read More
All change, all production and generation are effected through the word. --Leopold Senghor
Framework for computation of book profit for the purposes of levy of MAT under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies
The CBDT has issued a press release dated 28th April 2016 based on report submitted by Committee on MAT-Ind AS on the framework for computation of book profit for the purpose of levy of MAT under Section 115JB of the Income Tax Act, 1961 for India Accounting Standards (Ind AS) Compliant Companies...Read More
All change, all production and generation are effected through the word. --Leopold Senghor
Taxability of Tips Received by Waiters: SC
Issue before the SC was under which head of income tips received by waiters of hotels from customers is taxable i.e., whether it is taxable as “Salary Income” or “Income from Other Sources”.
Brief of Delhi High Court (HC) ruling’s on the issue:....Read More
All books are either dreams or swords,/ You can cut, or you can drug, with words. --Amy Lowell (1874 - 1925) US poet
Constitutional Validity of Section 94A
Ruling of Madras High Court (HC) in the case of T. Rajkumar on the challenge of the constitutional validity of Section 94A of the Indian Tax Laws (ITL) in view of the India-Cyprus Tax Treaty:....Read More
Abuse of words has been the great instrument of sophistry and chicanery, of party, faction, and division of society. --John Adams (1767 - 1848) US president (2nd)
Finance Act 2016 – Comparison with Finance Bill 2016
The Finance Act, 2016 has been passed by the Lok Sabha on May 5, 2016. The bill which was presented on February 29, 2016 has been modified to some extent and finally passed as an Act.....Read More
A word of kindness is seldom spoken in vain, while witty sayings are as easily lost as the pearls slipping from a broken string. --George D. Prentice (1802 - 1870) US newspaperman, editor, poet
The provisions relating to the statement of deduction of tax under sub-section (3) of section 200 and the statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 (the Act) are prescribed under Rule 31A and Rule 31AA of the Income-tax Rules, 1962 (the Rules) ....Read More
A word is dead when it is said, some say./ I say it just begins to live that day. --Emily Dickinson
Economy
IDF-NBFCs allowed to raise fund through shorter tenor bonds
RBI has issued circular RBI/2015-16/381 DNBR(PD).CC.No. 079/03.10.001/2015-16 dated 21 April 2016 which allows all Infrastructure Debt Fund- Non-Banking Financial Companies (IDF-NBFCs) to raise funds through shorter tenor bonds and commercial papers (CPs) from the domestic market to the extent of up to 10 per cent of their total outstanding borrowings.....Read More
A word from the mouth is like a stone from a sling. --Spanish Proverb
Comprehensive Master Directions on Amalgamation of Private Sector Banks
The Reserve Bank of India has issued the Master Directions on Amalgamation of Private Sector Banks. The Master Directions issued consolidates all relevant instructions issued by the Reserve Bank of India (RBI) so far on the subject and will be applicable to all private sector banks licensed to operate in India by the RBI and to the extent appropriate to the Non-Banking Financial Companies (NBFC) registered with the RBI and public sector banks....Read More
A word carries far -- very far -- deals destruction through time as the bullets go flying through space. --Joseph Conrad
Master Direction - Issue and Pricing of shares by Private Sector Banks, Directions, 2016
The Reserve Bank of India has issued the Master Directions on Issue and Pricing of shares by Private Sector Banks. The Master Directions issued today consolidates all relevant instructions issued by the Reserve Bank of India (RBI) so far on the subject and will be applicable to all private sector banks licensed to operate in India by the RBI....Read More
A wise person speaks carefully and with truth, for every word that passes between one's teeth is meant for something. --Molefi Kete Asante
Concessions to startups regarding Labour Laws
In order to promote the Start-Up ecosystem in the country and incentivizing the entrepreneurs in setting up new start-up ventures and thus catalyze the creation of employment opportunities through them, the Ministry of Labour & Employment has issued an advisory to the States/UTs/Central Labour Enforcement Agencies for a compliance regime based on self-certification and regulating the inspections under various Labour Laws. ....Read More
A wise man hears one word and understands two. --Yiddish Proverb
Foreign Exchange Management (Remittance of Assets) Regulations, 2016
In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of Notification No. FEMA 13/2000-RB dated May 3, 2000, as amended from time to time, the Reserve Bank makes the following regulations in respect of remittance outside India by a person whether resident in India or not, of assets in India, namely:....Read More
A spoken word is not a sparrow. Once it flies out, you can't catch it. --Russian Proverb
Sectoral Update – Renewables, the future of power
The past decade has shown the remarkable development in the renewable energy sector. Renewable energy has become a key agenda for the global economy. As the global economy is growing and the demand and consumption is growing, the similar growth can be seen in the renewable sector development and consumption. The last year i.e. 2015 witnessed a significant jump in the consumption of renewable power especially in the countries like China and the member countries of OECD.....Read More
A man who lives right, and is right, has more power in his silence than another has by his words. --Phillips Brooks
RBI releases Discussion Paper on margin requirements for non-centrally cleared derivatives
The Reserve Bank of India has today placed on its website the Discussion Paper on margin requirements for non-centrally cleared derivatives. RBI invites feedback/comments on the policy proposals contained in this document, especially on the specific questions raised in the paper. The feedback/comments on the policy proposals contained in this document, especially on the specific questions raised in the document, ....Read More
A kind word can attract even the snake from his nest. --Saudi Arabian Proverb
RBI releases Consultation Paper on Peer to Peer Lending
he Reserve Bank of India has today placed on its website the Consultation Paper on Peer to Peer Lending , for seeking comments/views from all interested parties and general public. The suggestions/comments on the Paper may be emailed or sent by post to the Chief General Manager, Department of Non-Banking Regulation,....Read More
A cynic can chill and dishearten with a single word. --Ralph Waldo Emerson
Performance of Manufacturing Sector
According to Annual Survey of Industries, the Gross Value of Output (GVO) in manufacturing sector was Rs. 65.55 Lakh Crores in 2013-14.....Read More
A broken bone can heal, but the wound a word opens can fester forever. --Jessamyn West (1902 - 1984) US author
Ind AS/ IFRS
IFRS 9: Implementing a robust infrastructure for the new accounting regime
International Financial Reporting Standard 9 (IFRS 9) is a true game-changer for accounting. Having historically been required to analyse the past performance of financial instruments in their accounts, firms will now need to take a forward-looking approach to accounting. This change has wide-ranging operational and technical implications. With implementation set for 1 January 2018, now is the time for firms to ensure their infrastructure is ready for a new era of accounting.....Read More
A blow with a word strikes deeper than a blow with a sword. --Robert Burton (1577 - 1640) English scholar, writer, clergyman
Exactly
Karma
There were three ships which were nearby when the Titanic sunk.
One of them was known as the Sampson. It was 7 miles away from the Titanic and they saw the white flares signalling danger, but because the crew had been hunting seals illegally and didn’t want to be caught, they turned and went the opposite direction away from the Titanic. This ship represents us and people like us if we are so busy looking inward at our own sin and lives that we can’t recognize when someone else... is in need.
The next ship was the Californian. This ship was only 14 miles away from the Titanic, but they were surrounded by ice fields and the captain looked out and saw the white flares, but because the conditions weren’t favourable and it was dark, he decided to go back to bed and wait until morning. The crew tried to convince themselves that nothing was happening. This ship represents those of us who say I can’t do anything now. The conditions aren’t right for it and so we wait until conditions are perfect before going out.
The last ship was the Carpathia. This ship was actually headed in a southern direction 58 miles away from the Titanic when they heard the distress cries over the radio. The captain of this ship knelt down, prayed to God for direction and then turned the ship around and went full steam ahead through the ice fields. This was the ship that saved the 705 survivors of the Titanic.
When the captain looked back at the ice fields they had come through, he said Someone else hands must have been at the helm of this ship! This ship represents those who would pray to God for direction and then go without hesitation.
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Life whispers in your soul and speaks to your heart. We need to take time to listen and to these whispers and take heed.
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