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Dear Jitendra
As Indian young entrepreneures has started trending on the world economy with full energy, enthusiasm and bright mind innovations, the Government of India has come forward to move with them with hands in hand, leaving no stone unturned to encourage them. Let us move forward with the same spirit and work together to make all the economies more compatible with each other.Lets have a quick look on the recent news and updates. Looking forward to hear from you!
Team Exactitude!
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Lord, make my words as sweet as honey, for tomorrow I may have to eat them! --Anonymous; Submitted by Amanda O.
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Corporate Laws
Companies (Audit and auditors) Amendment Rules, 2015
There is some important amendment in the rules related to Audit and Auditors of the companies. Read More |
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Help me guard my lips, O Saviour, Keep me sweet when sorely tried, Answers soft to others giving, meekly swallowing my pride. --Basch; Submitted by Amanda O.
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Economy
Start ups trending
Indian economy is going to witness revolutions in terms of start-ups. India has emerged as the fastest growing base of startups worldwide. India is one among the first five largest start-up communities in the world with the number of startups crossing 4,200.. Read More |
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A kind word is never lost. It keeps going on and on, from one person to another, until at last it comes back to you again. --Anonymous
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RBI places Medium-Term Debt Management Strategy in Public Domain
The Reserve Bank of India, in consultation with the Government of India, has placed in public domain Medium-Term Debt Management Strategy (MTDS).. Read More |
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No man has a prosperity so high or firm, but that two or three words can dishearten it; and there is no calamity which right words will not begin to redress. --Ralph
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RBI simplifies Communication Process: Issues Comprehensive Master Directions, to begin with on Forex
The Reserve Bank of India has issued 17 Master Directions covering foreign exchange transactions. Master Directions on foreign exchange being issued today consolidate relevant A.P (DIR Series). Read More |
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Words are the coins making up the currency of sentences, and there are always too many small coins. -- Jules Renard
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Two New Subsidies for Grid Conned Rooftop Solar Power Projects and Textile Industry
The present government ushers 2016 with all round developments in the country – from more and more renewable sources of energy to better quality of homemade garments.. Read More |
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A thousand words will not leave so deep an impression as one deed. -- Henrik Ibsen
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Sovereign Gold Bond Scheme 2016
The Reserve Bank of India, in consultation with the Government of India, has decided to issue second tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from January 18, 2016 to January 22, 2016. The Bonds will be issued on February 8, 2016. . Read More |
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Words are tools which automatically carve concepts out of experience. -- Julian Sorrell Huxley
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RBI launches Quarterly Order Books, Inventories and Capacity Utilisation Survey:October-December 2015 (Round 32)
The Reserve Bank of India has launched the 32nd round of its Order Books, Inventories and Capacity Utilisation Survey (OBICUS). The survey is for the reference period October-December 2015 (Q3:2015-16).. Read More |
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It is with words as with sunbeams--the more they are condensed, the deeper they burn. -- Robert Southey
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RBI releases Primary (Urban) Co-operative Banks’ Outlook 2014-15
The Reserve Bank of India has released the 2nd volume of the annual publication titled ‘Primary (Urban) Co-operative Banks’ Outlook 2014-15’.. Read More |
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"The question is," said Alice, "whether you can make words mean so many different things." "The question is," said Humpty Dumpty, "which is to be master -- that's all." -- Lewis Carroll
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Direct Tax
Compensation for loss of income-generating asset is not revenue in nature
CIT Vs. Sharda Sinha (Delhi High Court), Appeal No. ITA 471/2003, Date of Pronouncement-22.12.2015. Read More |
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Words without actions are the assassins of idealism. -- Herbert Hoover
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CBDT clarifies law On S. 271(1)(c) penalty where S. 115JB Book Profits are more than normal income
The CBDT has issued Circular No. 25/2015 dated 31.12.2015 pointing out that pursuant to the judgement of the Delhi High Court in Nalwa Sons Investment Ltd 327 ITR 543 (Delhi) Read More |
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We speak little if not egged on by vanity. -- François de La Rochefoucauld
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Hero Cycles (P) Ltd vs. CIT (Supreme Court) - Law on when interest expenditure on loans diverted to sister concerns and directors can be allowed as business expenditure explained [Section 36(1)(iii)]
Insofar as loans to the sister concern / subsidiary company are concerned, law in this behalf is recapitulated by this Court in the case of ‘S.A. Builders Ltd. v. Commissioner of Income Tax (Appeals) and Another’ [2007 (288) ITR 1 (SC)].. Read More |
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Half the world is composed of people who have something to say and can't, and the other half who have nothing to say and keep on saying it. -- Robert Frost
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Case law update : Hiralal Chunilal Jain vs. ITO (ITAT Mumbai)
The Assessing Officer received information from the investigation wing of Sales Tax Department, Maharashtra that the assessee was one of the beneficiaries of accommodation entries, that Shiv Sagar the supplier of the goods was. Read More |
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Better pointed bullets than pointed speeches. -- Otto von Bismarck
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Assessee cannot claim refund of duty paid merely on the basis of different stand of SC in another assessee's case
Duty paid on manufacturing activity in earlier settled proceedings cannot be claimed as refund merely on the ground of the Supreme Court taking different stand in another assessees case Read More |
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Speak clearly, if you speak at all; carve every word before you let it fall. -- Oliver Wendell Holmes
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Ind AS/ IFRS
FAQ on impact of transition to IND AS
Considering many companies did IND AS transition efforts in 2011 or report under IFRS for the purpose of cross border listing or group reporting purpose, is it fair to assume that transition efforts will be minimal for such Indian companies?. Read More |
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When you have spoken the word, it reigns over you. When it is unspoken you reign over it.-- Arabian Proverb
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Introduction of IFRS 16: Highlighting importance of lease
The International Accounting Standards Board today issued a new accounting Standard, called IFRS 16 Leases.. Read More |
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A still tongue makes a wise head. --Traditional Proverb
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Ind AS Impact: Effects of changes in foreign currency exchange rates.
Ind AS 21 The Effects of Changes in Foreign Exchange Rates is based on the concept of functional currency. It defines the ‘functional currency’ as the currency of the primary economic environment in which an entity operates.. Read More |
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Falsehood often lurks upon the tongue of him, who, by self-praise, seeks to enhance his value in the eyes of others. --James Gordon Bennett
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Exactly
A group of scientists placed five monkeys in a cage, and in the middle, a ladder with bananas on top.
Every time a monkey went up the ladder, the scientists soaked the rest of the monkeys with cold water.
After a while, every time a monkey would start up the ladder, the others would pull it down and beat it up. After a time, no monkey would dare try climbing the ladder, no matter how great the temptation.
The scientists then decided to replace one of the monkeys. The first thing this new monkey did was start to climb the ladder. Immediately, the others pulled him down and beat him up.
After several beatings, the new monkey learned never to go up the ladder, even though there was no evident reason not to, aside from the beatings.
The second monkey was substituted and the same occurred. The first monkey participated in the beating of the second monkey. A third monkey was changed and the same was repeated. The fourth monkey was changed, resulting in the same, before the fifth was finally replaced as well.
What was left was a group of five monkeys that – without ever having received a cold shower – continued to beat up any monkey who attempted to climb the ladder.
If it was possible to ask the monkeys why they beat up on all those who attempted to climb the ladder, their most likely answer would be “I don’t know. It’s just how things are done around here.”
Does that sound at all familiar?
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| Out of the box
A businessman was interviewing applicants for the position of divisional manager. He devised a simple test to select the most suitable person for the job. He asked each applicant the question, "What is two and two?" The first interviewee was a journalist. His answer was "Twenty-two." The second was a social worker. She said, "I don't know the answer but I'm glad we had time to discuss this important question." The third applicant was an engineer. He pulled out a slide rule and showed the answer to be between 3.999 and 4.001. The next person was a lawyer. He stated that in the case of Jenkins v. Commr of Stamp Duties (Qld), two and two was proven to be four. The last applicant was an accountant. The business man asked him, "How much is two and two?" The accountant got up from his chair, went over to the door and closed it, then came back and sat down. He leaned across the desk and said in a low voice, "How much do you want it to be?" He got the job.
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