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Dear Jitendra,
Recently we have completed 'Make in India Week' in Mumbai, an initiative that was launched during September 2014, as part of the Government of India’s renewed focus on invigorating the country’s manufacturing sector. Since its launch, the Government of India has taken several reform initiatives to create an enabling environment that has provided a push to manufacturing, design, innovation and entrepreneurship. What is your personal views? What are the areas that should be focused based on your personal experiences? Share and discuss......
Team Exactitude
Corporate Laws
Internal Financial Control - Should we worry?
The D-Day for actual implementation of Internal Financial Control has come. While many of the Company has already implemented it, a large number of companies are still looking for ensuring if their financial controls are really effective. Read More
A leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves. —Lao Tzu
Companies (Auditor’s Report) Order, 2016
The Ministry of Corporate Affairs (MCA) had set-up a Committee on 16 September 2015 to examine and recommend matter for inclusion in the statement to be attached with Auditor’s Report under Section 143(11) of the Companies Act, 2013 . Read More
Where there is no vision, the people perish. —Proverbs 29:18
Forensic Accounting
Forensic accounting has existed for many years. With the growing complexities of the business environment and the growing number of business related investigations, forensic accounting professionals are ..... Read More
I must follow the people. Am I not their leader? —Benjamin Disraeli
ISRE 2410: Review of Interim Financial Information Performed by The Independent Auditor of the Entity
This standard is aimed at providing professional guidance on the professional responsibilities where an engagement to review interim financial information of an audit client is undertaken by the auditor. Read More
You manage things; you lead people. —Rear Admiral Grace Murray Hopper
Economy
RBI rationalises FEMA Regulations
The Reserve Bank of India, in consultation with the Government of India, has revised nine regulations issued under the Foreign Exchange Management Act, 1999 (FEMA).. Read More
The first responsibility of a leader is to define reality. The last is to say thank you. In between, the leader is a servant. —Max DePree
RBI proposes Changes in Timeframe for Issue of Shares and Reporting of FDI; Invites Comments from Stakeholders
The Reserve Bank of India has proposed certain changes in respect of the time frame for issue of shares to align the provisions of Foreign Exchange Management Act, 1999. Read More
Lead me, follow me, or get out of my way. — General George Patton
Sixth Bi-monthly Monetary Policy Statement, 2015-16
On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided by the Reserve Bank of India to:. Read More
Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others. —Jack Welch
Four Easy Tips You Can Use for a Good CIBIL Score
A good CIBIL score is the first stepping stone to getting any loan sanctioned. A CIBIL score could be a deal breaker or could get you concessions and privileges - this three digit number is important.. Read More
A leader is a dealer in hope. —Napoleon Bonaparte
RBI seeks Comments on Working Group Report on introducing Interest Rate Options
The Reserve Bank of India has released the Report of the Working Group on Introduction of Interest Rate Options in India (Chairperson: Prof. P.G. Apte). The key recommendations of the Group are:. Read More
You don’t need a title to be a leader. –Multiple Attributions
Liquidity Measures for March 2016
With a view to addressing the expected tightening of liquidity conditions in March on account of advance tax payments by corporates and in order to provide flexibility to the banking system in its Read More
A leader is one who knows the way, goes the way, and shows the way. —John Maxwell
Direct Tax
CBDT develops new software for filing digitally signed income tax returns
The Central Board of Direct Taxes (CBDT) has developed a new software after taxpayers complained of problems in filing income tax (I-T) returns with digital signatures.. Read More
My own definition of leadership is this: The capacity and the will to rally men and women to a common purpose and the character which inspires confidence. —General Montgomery
Don't Forget to Claim These Income Tax Deductions This Year
You will be eligible to claim some more tax deductions for financial year 2015-16. Here is a quick update of the revised limit under various Income Tax sections that you must remember to claim this year.. Read More
Leadership is lifting a person’s vision to high sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations. —Peter Drucker
All Possible Tax Benefits of Health Insurance
The increased incidence of lifestyle-related diseases and the spiraling costs of healthcare has made it necessary for people to get health insurance coverage.. Read More
Never doubt that a small group of thoughtful, concerned citizens can change world. Indeed it is the only thing that ever has. —Margaret Mead
Karnataka HC rules on additional depreciation benefit
A recent ruling of the Karnataka High Court (HC) in the case of Rittal India Pvt. Ltd. (Taxpayer), where the issue before the HC was whether residual additional depreciation benefit is available in the second year for assets put to use in the latter half of the first year.. Read More
The nation will find it very hard to look up to the leaders who are keeping their ears to the ground. —Sir Winston Churchill
Ind AS/ IFRS
Impact of Ind AS: Related party disclosures
Ind AS: Definition of “related party” under Ind AS 24 is broader and will cover increased number of related part relationship than AS 18. Ind AS 24 uses the following broad approach to identify related parties. Read More
The most dangerous leadership myth is that leaders are born-that there is a genetic factor to leadership. That’s nonsense; in fact, the opposite is true. Leaders are made rather than born. —Warren Bennis Puttable Instruments
Ind AS 32 provides guidance on treatment of puttable instruments. Puttable instrument is a financial instrument that gives the holder right to put the instrument back to the issuer for cash or another financial . Read More
To command is to serve, nothing more and nothing less. —Andre Malraux
Exactly
The power of patience!
Like any plant, growth of the Chinese Bamboo Tree requires nurturing through water, fertile soil, and sunshine.
In its first year though, we see no visible signs of growth in spite of providing all of these things.
In the second year (again), there is no growth above the soil.
The third, fourth year…still show no signs of anything happening.
Our patience is tested, and we begin to wonder if our efforts caring for and watering the tree will ever be rewarded. We start to doubt ourselves and question the value of our efforts. Inevitably, we contemplate quitting.
But then finally in the fifth year – something amazing happens…
The Chinese Bamboo Tree grows 80 feet tall in just six weeks!
But think for a moment, does the Chinese Bamboo Tree really grow 80 feet in six weeks? Did the Chinese Bamboo Tree lie dormant for four years only to grow exponentially in the fifth?
Or, was the little tree growing underground, developing a root system strong enough to support its potential for outward growth in the fifth year and beyond?
The answer is (of course) obvious. Had the tree not developed a strong unseen foundation it could not have sustained its life as it grew. The same principle is true for people.
People, who patiently toil towards worthwhile dreams and goals, building strong character while overcoming adversity and challenge, grow the strong internal foundation to handle success. Meanwhile get-rich-quicker and lottery winners usually are unable to sustain unearned sudden wealth. They haven’t become the person they need to be to support such success.
And had the Chinese Bamboo Tree farmer dug up his little seed every year to see if it was growing, he would have stunted the tree’s growth. In other words, the actions caused by self-doubt would’ve halted the miracle from ever taking shape and cause him to go backwards.
You and I are the same. It takes faith to work while you wait. It takes belief in yourself to keep going. It takes confidence to trust that you always get paid for how hard you work – sometimes now, often times later, always eventually.
You have to keep going. You have to keep fighting. As Zig Ziglar said you have to keep pumping!
Success is always slower than we want but it’s worth it. The only questions are how bad do you want it? And how long are you willing to work for it?
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