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Dear Jitendra
Here comes the new financial year 2016-17 that comes with the new beginnings in various ways including mandatory implementation of Ind AS for certain companies and a step closer for the rest of the corporates, reporting on Internal Financial Controls and various amendements in Companies Act including CARO.
Team Exactitude wishes you a successful next year to you and your team! Looking forward to discuss with you any matter related to our magazine or otherwise!
Team Exactitude!
Economy
Trade Marks (Amendment) Rules, 2015
The government has proposed to introduce new rules for Trademark Registration. The existing Trade Marks Rules 2002 are proposed to be replaced by the Trade Marks (Amendment) Rules, 2015. The proposed Trade Marks (Amendment) Rules, . Read More
Sooner throw a pearl at hazard than an idle or useless word; and do not say a little in many words, but a great deal in a few. --Pythagoras (582BC - 507BC) Greek mathemetician, pilosopher
Senior Citizens’ Welfare Fund Rules, 2016
The Central Government hereby establishes a Fund to be called the Senior Citizens Welfare Fund for promoting the welfare of the Senior Citizens and for such other purposes as specified in Chapter VII of the Act.. Read More
Short words are best and the old words when short are best of all. --Winston Churchill (1874 - 1965) English statesman, author
External Commercial Borrowings (ECB) – Revised framework
Taking into account prevailing external funding sources, particularly for long term lending and the critical needs of infrastructure sector of the country, the extant ECB guidelines have been reviewed by Reserve Bank Of India (RBI). Read More
Provoking, isn't it? that when one is most in need of sensible words, one finds them not. --Charlotte Forten Grimke (1837 - 1914) US educator, diarist
Corporate Laws
Amendments vide Finance Bill, 2016 applicable w.e.f. April 1st 2016
The Finance Bill, 2016 which was brought into by the Union Budget, 2016-17 come out with no. of amendments applicable from varied dates. Changes which were effective from the 1st day of April,. Read More
Our words have wings, but fly not where we would. --George Eliot (1819 - 1880) English novelist
The Companies (Auditor’s Report) Order, 2016
The Ministry of Corporate Affairs has notified the Companies (Auditor’s Report) Order, 2016 on March 29, 2016. The previous CARO 2015 has been superseded by this order. Read More
On a single winged word hath hung the destiny of nations. --Wendell Phillips (1811 - 1884) US abolitionist
Direct Tax
Country by Country Reporting: New Transfer Pricing documentation
Organisation for Economic Cooperation and Development (OECD) undertook the action plan called Base Erosion and Profit Shifting (BEPS) which was primarily aimed to enhance the transparency in the international transactions and provide the . Read More
Men of few words are the best men. --William Shakespeare (1564 - 1616) English dramatist, poet
SC rules on tax holiday eligibility on receipt of subsidies
In the case of Meghalaya Steels Ltd (Taxpayer), wherein the issue before the Supreme Court (SC) was whether subsidies received by the Taxpayer from the Government as reimbursement of certain running . Read More
Little said is soon amended. There is always time to add a word, never to withdraw one. --Baltasar Gracian (1601 - 1658) Spanish philosopher, writer
More details on Assets & Liabilities schedule from income tax department
A significant change in income tax return forms for financial year 2015-16 (assessment year 2016-17) forms was made via introduction of Schedule AL.. Read More
Kind words will unlock an iron door. --Kurdish Proverb
Ind AS/ IFRS
The major effects of IFRS 16
New lease accounting changes to bring US GAAP and IFRS accounting regulations for leases into line could wreak havoc on balance sheets.. Read More
It takes so little to make people happy. Just a touch, If we know how to give it, just a word fitly spoken, a slight readjustment of some bolt or pin or bearing in the delicate machinery of a soul. --Frank Crane
Here is Ind AS Knocking: Are we ready?
Come April 1, 2016, 1,000-odd companies whose net worth is at least Rs 500 crore have to mandatorily switch to the IFRS-compliant new accounting standard, Ind-AS.. 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
Exactly!
Touch of Kindness
One stormy night many years ago, an elderly man and his wife entered the lobby of a small hotel in Philadelphia, USA. Trying to get out of the rain, the couple approached the front desk hoping to get some shelter for the night.
“Could you possibly give us a room here?” – the husband asked.
The clerk, a friendly man with a winning smile, looked at the couple and explained that there were three conventions in town. “All of our rooms are taken,” the clerk said. “But I can’t send a nice couple like you out into the rain at one o’clock in the morning. Would you perhaps be willing to sleep in my room? It’s not exactly a suite, but it will be good enough to make you folks comfortable for the night.”
When the couple declined, the young man pressed on. “Don’t worry about me, I’ll make out just fine,” the clerk told them.
So the couple agreed.
As he paid his bill the next morning, the elderly man said to the clerk, “You are the kind of manager who should be the boss of the best hotel. Maybe someday I’ll build one for you.”
The clerk looked at them and smiled. The three of them had a good laugh. As they drove away, the elderly couple agreed that the helpful clerk was indeed exceptional, as finding people who are both friendly and helpful isn’t easy.
Two years passed. The clerk had almost forgotten the incident when he received a letter from the old man. It recalled that stormy night and enclosed a round-trip ticket to New York, asking the young man to pay them a visit.
The old man met him in New York, and led him to the corner of Fifth Avenue and 34th Street. He then pointed to a great new building there, a pale reddish stone, with turrets and watchtowers thrusting up to the sky.
“That,” said the older man, “is the hotel I have just built for you to manage"
“You must be joking" – the young man said.
“I can assure you I am not.” – said the older man, a sly smile playing around his mouth.
The older man’s name was William Waldorf-Aster, and that magnificent structure was the original Waldorf-Astoria Hotel. The young clerk who became its first manager was George C. Boldt. This young clerk never foresaw the turn of events that would lead him to become the manager of one of the world’s most glamorous hotel chains.
Don’t be afraid to reach and touch someone’s life, you never know who’s heart you may be touching.
Does not matter if we gain or not, we get or not, too often we underestimate the power of our touch, smile, kind word, listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around.
God wants to reach out to people through us
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