Direct Tax
Income Declaration Scheme 2016 – Government issues Clarifications in the form of Sixth Set of Frequently Asked Questions (FAQs)
The Income Declaration Scheme, 2016 (the Scheme) provides an opportunity to persons who have not paid full taxes in the past to come forward and declare their undisclosed income and assets. The Scheme has come into effect from 1.6.2016 and is open for declarations up to 30.9.2016.
In order to address concerns of the stakeholders and to clarify the queries relating to the provisions of the Scheme, the Rules have been amended from time to time and six set of circulars (FAQs) have been issued.
Refer the link below for major issues addressed through Rules and FAQs:....Read More
The biggest mistake a small business can make is to think like a small business.
Did you get Limited Scrutiny Letter from Income Tax Department?
Did you get notice from Income Tax Department that reads a Limited Scrutiny? You are not alone. Recently, 7 hundred thousand letters have been issued by the IT Department.
Let us understand it…..Read More
If you want to shine like a sun. First burn like a sun.
Indirect Tax
Model GST Law – Registration (Part 7)
GST has been a buzz word over the last fortnight. The GST Council was notified and GST council has started the works and responsibilities assigned to it.
Our issue on GST this weekend is on Registration aspects. click on the link for more....Read More
Don't waste your time with explanations, people only hear what they want to hear.
Cabinet approves creation of GST Council and its Secretariat
As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A. The notification for bringing into force Article 279A with effect from 12th September, 2016 was issued on 10th September, 2016.
Now, with September 12, 2016, being notified as the appointed date for Section 12 of the Constitutional Amendment Act, GST Council shall be constituted within 60 days from September 12, 2016....Read More
The future belongs to those who prepare for it today.
GST Council in action, proposes to bring petrol and petroleum under GST
One of the important responsibility given to GST council was to bring the petrol and petroleum products to GST gradually. The newly constituted GST Council is in action now and has started the deliberations to bring the petroleum under GST. The move is expected to benefit the industry.
Read more at......Read More
If today were the last day of your life, would you want to do what you are about to do today?
Ind AS/IFRS
Amendment in IFRS 4
To ensure IFRS 4 does not contradict with forthcoming Standard IFRS 9, IASB issues amendments to existing IFRS 4: Insurance Contract. However, the new standard will be coming by 2020...Read More
Well done is better than well said.
Ind AS: Impact on Mergers & Acquisitions
As Ind AS has become reality and making an impact on various spheres of transactions, would you like to know how will it impact merger and acquisitions?
Will these be same as earlier or we need to see it from totally different perspectives? Find herewith the different perspectives through which Ind AS is going to impact the forthcoming business combinations....Read More
When words make noise, silence can talk.
Economy
Free Annual Credit Report to Individuals
Given the importance of the credit report in an individual’s financial matters, the Reserve Bank of India (RBI) has recommended that each customer of a credit institution should be provided one base level consumer Credit Information Report (CIR) free of cost every year by each Credit Information Company (CIC). Each individual is entitled to have a copy of the report upon request one time during the year free of cost. This facility will be started from January 1, 2017....Read More
Humour is the most engaging cowardice.
Auction for Sale of New Government Stock maturing on December 19, 2022
Government of India has notified sale of New Government Stock (Securities) of ‘6 years, 3 months and 7 days’ for an aggregate amount of ₹ 2,000 crore (nominal). This sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The coupon rate for the securities will be set at the cut-off yield to maturity rate decided in the auction. The broken period interest from September 12, 2016 to December 18, 2016 will be paid on December 19, 2016 and the interest thereafter will be payable half-yearly on June 19 and December 19....Read More
Either you run the day or the day runs you.
Master Direction- Non-Banking Financial Company - Account Aggregator (Reserve Bank) Directions, 2016
The Reserve Bank of India has issued directions for compliance to be ensured by NBFC which are undertaking the business of "Account Aggregator". “Account Aggregator” means a non-banking financial company, that undertakes the business of an account aggregator, for a fee or otherwise.....Read More
Accept the challenges so that you can feel the exhilaration of victory.
RBI releases Data on India’s International Trade in Services
The Reserve Bank releases monthly data on India’s international trade in services. The data for the months April 2016 to July 2016 for Export and import of services shows that services amounting to US$ 52,465 Million were exported while services amounting to US$ 30,903 Million were imported....Read More
You cannot believe in God until you believe in yourself.
Exactly
Interesting Deadlock
Many years ago, a Law teacher came across a student who was willing to learn but was unable to pay the fees.
The student struck a deal saying, "I will pay your fee the day I win my first case in the court".
Teacher agreed and proceeded with the law course.
When the course was finished and teacher started pestering the student to pay up the fee, the student reminded him of the deal and pushed days.
Fed up with this, the teacher decided to sue the student in the court of law and both of them decided to argue for themselves.
The teacher put forward his argument saying:
"If I win this case, as per the court of law, the student has to pay me as the case is about his non-payment of dues.
And if I lose the case, the student will still pay me because he would have won his first case...
So either way I will get the money".
Equally brilliant, the student argued back saying:
"If I win the case, as per the court of law, I don't have to pay anything to the teacher as the case is about my non-payment of dues.
And if I lose the case, I don't have to pay him because I haven't won my first case yet....
So either way, I am not going to pay the teacher anything".
This is one of the greatest paradoxes ever recorded.
Who is right and who is the winner?
This is part of ancient Greek history. The lawyer teacher was Protagoras (c.485-415 BCE) and the student was Euthalos.
This is known as Protagoras's Paradox.
This case was not solved. The most interesting part - this is still debated (even today) in law schools as a logic problem...
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