| Dear Jitendra,
This is the time when you are totally involved with the closure of books of accounts for the Financial Year just completed; however, this financial year has come with some new challenges. While some of us has already implemented Ind AS, rest of us are in the process of evaluation and implementation of the same. For all of us, the new outcome is yet to be witnessed as the year moves ahead. Team Exactitude wishes you all the best for the new challenges.
Looking forward to hear from you for any specific conecens.
Team Exactitude!
Ind AS
Ind AS, the new Accounting Norms for India
From April 1, the new accounting standards (Ind-AS) kicked in for Indian firms. The transition from Indian GAAP to Ind AS is aimed at helping companies migrate to international accounting regime . Read More
It makes little difference how many university courses or degrees a person may own. If he cannot use words to move an idea from one point to another, his education is incomplete. --Norman Cousins
Ind AS to increase Tax Liabilities for June Quarter
Indian companies that have moved to the new accounting standards for the June quarter could be staring at an increased tax liability of about 20% under minimum alternate tax, or MAT.. Read More
In prayer it is better to have a heart without words than words with out a heart. --John Bunyan (1628 - 1688) English clergyman, author
SEBI Directions for Ind AS
Securities market regulator SEBI has mandated that all draft offer documents filed between April 1, 2017 and March 31, 2019 will have to state accounts according to the Ind AS for the latest three years and according to Indian GAAP for the next two years. Read More
In conversation the game is, to say something new with old words. And you shall observe a man of the people picking his way along, step by step, using every time an old boulder, yet never setting his foot on an old place. --Ralph Waldo Emerson (1803 - 1882) US philosopher, poet, essayist
Economy
Casual workers covered in employee under ESI Act 1948- SC
Case Name: Royal Western India Turf Club Ltd. vs. E.S.I. Corporation & Ors. (Supreme Court).Read More
If your strength is small, don't carry heavy burdens. If your words are worthless, don't give advice. --Chinese Proverb
Things you should never do while Investing
So many articles written by many elite experts will tell you how to create wealth and reach the goal of financial planning. We read all those things more or less everyone will tell you same kind of things or some may be there with unique ideas.Read More
If you would be pungent, be brief; for it is with words as with sunbeams -- the more they are condensed, the deeper they burn. --Robert Southey (1774 - 1843) English author
Proposal to ease documentation requirements on residents for hedging of currency risk arising out of trade transactions under the Contracted Exposure route
The extant regulatory framework under the Foreign Exchange Management Act, 1999 requires clients to submit documentary evidence of underlying foreign currency exposure to Authorized Dealer Category-I banks at the time of booking of derivative contracts.Read More
If a word be worth one shekel, silence is worth two. --Hebrew Proverb
Direct Tax
CBDT Instruction no. 3/2016: A game changer in the transfer pricing regime
The CBDT has issued Instruction No. 3/2016 dated 10th March 2016 by which it has issued detailed guidelines for implementation of transfer pricing provisions. The CBDT has pointed out that due to a number of legislative, procedural and structural changes carried out over the last few years.. Read More
I think one's feelings waste themselves in words; they ought all to be distilled into actions which bring results. --Florence Nightingale (1820 - 1910) English nurse, reformer
Understanding Form 24Q TDS return for quarter 4
A common query that companies have is regarding the filling out Form 24Q at the end of a financial year. There is always some ambiguity regarding how much information has to be submitted with Form 24Q in the different quarters. Read More
Here comes the orator with his flood of words and his drop of reason. --Benjamin Franklin (1706 - 1790) US statesman, diplomat, inventor, printer
Reduced numbers of Advance Pricing Agreements in FY16 under Transfer Pricing
The Advance Pricing Agreements (APA) was a welcome step by the Government. The concept of Advance Pricing Agreement (“the APAs”) was given by the Finance Act, 2012. Given the numerous transfer pricing cases in dispute, introduction of APAs was expected to considerably alleviate the uncertainty regarding arm’s length pricing of international transactions.. Read More
Good manners and soft words have brought many a difficult thing to pass. --John Vanbrugh (1664 - 1726) English dramatist, architect
Exactly
The Japanese have always loved fresh fish but the water close to Japan has not held many fish for decades. So to feed the Japanese population, fishing boats got bigger and went farther than ever.
The further the fishermen went, the longer it took to bring the fish
If the return trip took more time, the fish were not fresh.
To solve this problem, fish companies installed freezers on their boats.
They would catch the fish and freeze them at sea.
Freezers allowed the boats to go farther and stay longer.
However, the Japanese could taste the difference between fresh and frozen fish and they did not like the taste of frozen fish.
The frozen fish brought a lower price.
So, fishing companies installed fish tanks.
They would catch the fish and stuff them in the tanks, fin to fin.
After a little thrashing around, they were tired, dull, and lost their fresh-fish taste. The fishing industry faced an impending crisis!
But today, they get fresh-tasting fish to Japan.
How did they manage...?
To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks but with a small shark
The fish are challenged and hence are constantly on the move.
The challenge they face keeps them alive and fresh!
Have you realized that some of us are also living in a pond but most of the time tired and dull....?
Basically in our lives, sharks are new challenges to keep us active.
If you are steadily conquering challenges, you are happy.Your challenges keep you energized. Don’t create Success and revel in it in a state of inertia.You have the resources, skills and abilities to make a difference.
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