Milepost, November 14, 2016

[xactitude]

Visit our website Volume II; Issue XX MILEPOST Having trouble viewing this email? Click here to view the hosted version. Dear Jitendra, As we are publishing this issue of Milepost, the whole world is tied up in warm discussions about two important developments - Donald Trump being elected as President of the United States and Demonetization of Rs. 500 and Rs. 1000 notes by Government of India. The two developments are certainly going to give great impact on the Economy of India than ever before. As a partner in the Nation building, we, the finance professionals are resolutely standing to support the economy when it actually need us. Let all of us respond to the situation and contribute our bit. We are happy to present you the Milepost with recent developments that are relevant to you! Please feel free to reach us for your valuable inputs, queries, clarifications or thoughts. Team Exactitude! 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 Give your personality a lift to your real being. You will then lift the whole world. Direct Tax 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 As sure as the sun rises, God's love will always be there for you. Direct Tax Update: Shri Vishnu Eatables (India) Ltd. v. DCIT, Karnal 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 Quality consciousness is important for the growth of an organization. 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 The best way to behave when crisis strike is to be brave. Economy Demonetization 2016: All you need to know   As Indian citizen happened to be in warm discussion right from 8.15 PM on November 8th and everyone seems to be in rush since the morning of November 10, 2016 pursuant to decision of the Government to withdraw Rs. 500 and Rs. 1,000 (termed as legal tender) with effect from midnight of 8th November. All what you need to know about demonetization are summarized herewith. Please feel free to reach out to us for any further clarification...Read More Self control will give you unlimited control. 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 If through some error yesterday was lost, dont lose today by keeping it in your memory. 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 One word spoken with love an soothe the sorrowful hearts of many. Ind AS/ IFRS 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 Remember! You are special. No one can play your role better than you. 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 Do not expect love and attention. Give it instead! IFRS 15 is coming.... Are you ready? IFRS 15 seems to be far right now. However, the shifts, as required by the new standards, needs you to get ready right from now....Read More To be able to smile in the face of disaster is the result of a stable mind. Proposed changes in Conceptual Framework of IFRS The vision is the most important aspect. The conceptual framework is created to ensure the standards, at the outset, meet the objectives of the mission. On its continuous efforts to keep the standards with its true objectives, IASB has issued a draft Exposure Draft on conceptual framework for IFRSs...Read More Two greatest healers are God and Time. Exactly! The great fire and the little water Among the Aztec people of Mexico, it is said that a long time ago there was a great fire in the forests that covered our Earth. People and animals started to run, trying to escape from the fire. Our brother owl, Tecolotl, was running away also when he noticed a small bird hurrying back and forth between the nearest river and the fire. He headed towards this small bird. He noticed that it was our brother the Quetzal bird, Quetzaltototl, running to the river, picking up small drops of water in his beak, then returning to the fire to throw that tiny bit of water on the flame. Owl approached Quetsal bird and yelled at him: "What are you doing brother? Are you stupid? You are not going to achieve anything by doing this. What are you trying to do? You must run for your life!" Quetzal bird stopped for a moment and looked at owl, and then answered: "I am doing the best I can with what I have." It is remembered by our Grandparents that a long time ago the forests that covered our Earth were saved from a great fire by a small Quetzal bird, an owl, and many other animals and people who got together to put out the fire. Source: "Turning To One Another" by Margaret Wheatley Moral: While our country is going through a mess in order to erode black money. Let all of us help our bit!  Out of the Box In a job interview for policemen the applicants are shown a profile picture of a man, and the interviewer says,    "The job that you're applying for requires powers of observation. Make one observation about this man." The first applicant enters and says, "This man has just one ear." "Get out!!" screams the interviewer. The second applicant enters and says, "This man has one ear." "Get out!!" screams the interviewer again. Then the third applicant gets up to go in for his interview. The first two guys are out there and they tell him, "The guy that's giving the interview doesn't like to hear that the man in the picture has one ear." "Thanks for the tip" says the third applicant. So the third applicant enters, stares at the picture for a while and finally he says, "This man wears contact lenses."  The interviewer is impressed and says, "Excellent observation. Tell me, how could you tell?"  So the guy says, "Well, this man has just one ear, how could he wear glasses?"       We love critics Got some suggestions? Do you find your ‘Milepost’ not of that much of use as you expected a best Magazine could do for you? Did you find it less relevant or less effective or a bit lengthy/ short or uninteresting on any of the part of the Magazine? Our creative team is waiting to hear from you and eager to incorporate your comments in and as our next ‘Milepost’. Call us at 01143036002 or mail us. Or just interact with us on Facebook, Website, or twitter.  Happy criticizing!

 

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