Direct Tax
MFN clause is an integral part of DTAA and self-operational, Delhi HC sets aside the decision of AAR in case of Steria India Limited-2014
The assessee filed application with High Court challenging the ruling of AAR that MFN Clause should be appliable as DTAA provisions should be automatically attracted and does not require a separate notification. ... Read More
There was never a night or problem that could defeat sunrise or hope.
CBDT issues draft norms for taxing buy back of unlisted shares
To avoid tax planning for the unlisted companies that resort to buy back of shares instead of paying dividends, CBDT has come with the draft norm for such transactions... Read More
Blessed are those who can give without remembering and take without forgetting.
Indirect Tax
GST Bill Passed in Rajya Sabha, The way ahead
Now when the Constitutional Amendment Bill has been passed by Rajya Sabha, a positive momentum was created among the stakeholders and general public with a hope to witness the GST into reality in near future. Among the momentum, let us look at the steps which are left upto the implementation of the Bill..... Read More
Let me plant only good, pure seeds so that the fruit will be the best.
Model GST Law – Time of Supply of goods and services (Part 4)
Continuing with step wise understanding of the new laws for refomation of the our tax system, which is knocking our doors, please read the mechanism of time and supply of Goods and Services, as proposed by the new bill.... Read More
Very fortunate is the one who has learned to admire, but not to envy.
Ind AS/IFRS
Ind AS: Whats new and why?
As India Inc is gearing up with the smooth implementation of new International Standards (Ind AS), some of us are still facing challenges in implementations. SEBI has come forward with some relaxations for the quarterly reports.... Read More
The less you speak, the more you are listened to.
What IFRS 15 offers beyond accounting…
There has always been different opinion on recognition of revenue and related matters. What IFRS 15 trying to bring is to look on the various aspects of the revenue recognition and address many of the concerns of the stakeholders.What do you say? ... Read More
There are two kinds of men: the ones who make history and the ones who endure it.
Corporate Laws
Impact of Companies Incorporation Third Amendment Rules, 2016
MCA is still striving to remove all conflicts, make the provisions of Companies Act more simplified and reduce the unwanted provisions. With this spirit, MCA has come forward with new amendments relating to incorporation of Companies.... Read More
Good manners will open doors that best education cannot.
Economy
Retail Participation by Demat Account Holders in the Government Securities Market: Access to NDS-OM Platform
A specific measures was taken to enable seamless movement of securities from Subsidiary General Ledger (SGL) form to demat form and vice versa and to provide demat account holders a functionality to put through trades on Negotiated Dealing System – Order Matching ... Read More
It is fortune, and not wisdom, that rules a man's life.
Central Bank Independence Necessary for Stable Sustainable Growth: RBI Governor
“Criticism of the central bank using arguments unsupported by evidence is widespread." Read the views of Raghuram Rajan while addressing RBI ... Read More
It is good for a person to earn money for his needs. It is the hunger for wealth is bad.
Master Direction – Reserve Bank of India [Lending to Micro, Small & Medium Enterprises (MSME) Sector] - Directions, 2016
RBI has recently issued master direction on lending to MSME by Scheduled Banks. Please refer the link to read the full Direction.... Read More
Before performing any task, stop for a moment, think of the effect it will have, and then begin.
RBI releases Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector
The Reserve Bank of India has released on its website, “Guidelines for ‘on tap’ Licensing of Universal Banks in the Private Sector”.... Read More
Remember! The conduct of the parents is an education to the children.
Exactly
Excerpt of an Interview of Dr. APJ Abdul kalam
Question: Could you give an example, from your own experience, of how leaders should manage failure?
Kalam: Let me tell you about my experience. In 1973 I became the project director of India’s satellite launch vehicle program, commonly called the SLV-3. Our goal was to put India’s “Rohini” satellite into orbit by 1980. I was given funds and human resources — but was told clearly that by 1980 we had to launch the satellite into space. Thousands of people worked together in scientific and technical teams towards that goal.
By 1979 — I think the month was August — we thought we were ready. As the project director, I went to the control center for the launch. At four minutes before the satellite launch, the computer began to go through the checklist of items that needed to be checked. One minute later, the computer program put the launch on hold; the display showed that some control components were not in order. My experts — I had four or five of them with me — told me not to worry; they had done their calculations and there was enough reserve fuel. So I bypassed the computer, switched to manual mode, and launched the rocket. In the first stage, everything worked fine. In the second stage, a problem developed. Instead of the satellite going into orbit, the whole rocket system plunged into the Bay of Bengal. It was a big failure.
That day, the chairman of the Indian Space Research Organization, Prof. Satish Dhawan, had called a press conference. The launch was at 7:00 am, and the press conference — where journalists from around the world were present — was at 7:45 am at ISRO’s satellite launch range in Sriharikota. Prof. Dhawan, the leader of the organization, conducted the press conference himself. He took responsibility for the failure — he said that the team had worked very hard, but that it needed more technological support. He assured the media that in another year, the team would definitely succeed. Now, I was the project director, and it was my failure, but instead, he took responsibility for the failure as chairman of the organization.
The next year, in July 1980, we tried again to launch the satellite — and this time we succeeded. The whole nation was jubilant. Again, there was a press conference. Prof. Dhawan called me aside and told me, “You conduct the press conference today.”
I learned a very important lesson that day. When failure occurred, the leader of the organization owned that failure. When success came, he gave it to his team. The best management lesson I have learned did not come to me from reading a book; it came from that experience.
|
