DIRECT TAX
Direct Tax Update: Shri Vishnu Eatables (India) Ltd. v. DCIT, Karnal
Failure to supply satisfaction note to assessee before making reference of international transaction to TPO is at highest a mere irregularity which does not itself make reference void ab initio.
The said judgement is in the favor of assessee and would restrict the assessing officers to refer the matter to TPO unless satisifaction note on the reference to TPO has been served....Read More
Aim for the moon. If you miss, you may hit a star.
INDIRECT TAX
Model GST Law –Returns under GST (Part 9)
Have you wondered what will be the types of returns and frequency of returns to be filed under the GST regime? Whether the life will be easy or difficult under the much awaited economic reform?
We have brought the types of returns and the compliances to be made as a part of our continued effort of keeping you updated on the matters of GST....Read More
Problems are not stop signs, they are guidelines.
Guidelines for arrest in relation to offences punishable under the Finance Act, 1994 and Central Excise Act, 1944
CBEC has issued revised guidelines for arrest in relation to Service Tax offences punishable under the Finance Act 1994 and Central Excise Act 1944. The power of arrest in Service Tax is available only if a person collects any amount as service tax but fails to pay the amount so collected to the credit of the Central Government beyond the period of six months from the date on which such payment becomes due and the amount exceeds rupees two crore....Read More
In order to carry a positive action, we must develop here a positive vision.
IND AS/IFRS
Are IFRSs serving the promises? A review after 10 years!
IFRSs was promoted and encouraged for implementation world wide aggressively. After 10 years of its implementation over many jurisdiction, it's time to check whether the International Standards serving it's purposes?
Prof. Ray Ball revisits the question. What are your thoughts?...Read More
You cannot have a positive life and a negative mind.
The Changes after Ind AS
As the first set of Indian Corporate have already implemented the global standards, let's us analyze the impacts on various key figures of Balance Sheet and Statement of Profit and Loss for first set of larger corporate.
The analysis shall also work as the guide for the 2nd set for corporate for whom the implementation is schedule with effect from April 1, 2017....Read More
A smile is happiness you’ll find right under your nose.
CORPORATE LAWS
Companies (Incorporation) Fourth Amendment Rules, 2016
Effect of the MCA Notification dated 01.10.2016 pertaining to Companies (Incorporation) Fourth Amendment Rules, 2016...Read More
No matter what people tell you, words and ideas can change the world.
ECONOMY
India’s International Investment Position (IIP), June 2016
International Investment Position (IIP) is a statistical statement that shows, at a point in time, the value and the composition of financial assets of residents of an economy that are claims on non-residents, and gold bullion held as reserve assets; and liabilities of residents of an economy to non-residents.
The difference between an economy's external financial assets and liabilities is its net IIP, which may be positive or negative. Such balance sheet analysis of international accounts is an important input for understanding external sustainability and vulnerability, and is also useful in analysing the economic structure....Read More
Motivation is when your dreams put on work clothes.
Operating Guidelines for Payments Banks
The Reserve Bank of India had released the Guidelines for Licensing of Payments Banks (‘Licensing Guidelines’) on November 27, 2014, under which in-principle approvals/ licences were issued to the applicants for setting up of the payments banks. The need for separate Operating Guidelines for payments banks was examined, considering the differentiated nature of business and financial inclusion focus of these banks....Read More
Work hard in silence, let your success be your noise.
Exactly
"I remember a mini-paradigm shift I experienced one morning on a subway in New York. People were sitting quietly - some reading newspapers, some lost in thought, some resting with their eyes closed. It was a calm, peaceful scene.
Then suddenly, a man and his children entered the subway. The children were so loud and rambunctious that instantly the whole climate changed.
The man sat down next to me and closed his eyes, apparently oblivious to the situation. The children were yelling back and forth, throwing things, even grabbing people's papers. It was very disturbing. And yet, the man sitting next to me did nothing.
It was difficult not to feel irritated. I could not believe that he could be so insensitive as to let his children run wild like that and do nothing about it, taking no responsibility at all. It was easy to see that everyone else on the subway felt irritated, too. So finally, with what I felt was unusual patience and restraint, I turned to him and said, "Sir, your children are really disturbing a lot of people. I wonder if you couldn't control them a little more?"
The man lifted his gaze as if to come to a consciousness of the situation for the first time and said softly, "Oh, you're right. I guess I should do something about it. We just came from the hospital where their mother died about an hour ago. I don't know what to think, and I guess they don't know how to handle it either."
Can you imagine what I felt at that moment? My paradigm shifted. Suddenly I saw things differently, and because I saw differently, I thought differently, I felt differently, I behaved differently. My irritation vanished. I didn't have to worry about controlling my attitude or my behavior; my heart was filled with the man's pain. Feelings of sympathy and compassion flowed freely. "Your wife just died? Oh, I'm so sorry! Can you tell me about it? What can I do to help?" Everything changed in an instant.”
- An excerpts from the book "Seven Habits of Highly Efffective People" by Stephen Covey.
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