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Dear Jitendra,
Let's cheer with the great news of India becoming fastest growing large economy with growth of our GDP at 7.9% in the previous quarter and hence making it 7.6 % for the year 2015-16 along with downfall of fiscal deficit from 4.7% during 2013-14 to 3.9% in the previous year. Along with the cheering numbers, there are series of reforms and developments which have collectively helped in the upward movement of our nation in the Ease of Doing Business index. These reforms and developments brought about by the legislature have been widely welcomed by the stakeholders at large in domestic and international arena.
In our continued effort to keep you abreast of all these major developments, we present here the series of developments in the key sectors of economy, taxation and financial reporting.
Looking forward for your valuable comments!
Sincerely,
Team Exactitude!
Economy
RBI invites Comments on allowing FPIs in Unlisted Debt Securities and Securitised Debt Instruments
The Reserve Bank of India, in consultation with the Ministry of Finance, Government of India proposes to permit investment by foreign portfolio investors (FPIs) in unlisted debt securities and securitised debt instruments.. Read More
What looks like the end of the road is more often just a bend in the road.
Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) in India by foreign entities - procedural guidelines
Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to Notification No. FEMA 22(R) /2016-RB dated March 31, 2016. Read More
Luck is the meeting poing of the alertness of your mind and the opportunities passing by.
National Capital Goods Policy.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for National Capital Goods Policy.. Read More
As a boss, try not to find a fault but remedy.
8 NBFCs surrender their Certificate of Registration to RBI
The following NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank of India. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has therefore cancelled their Certificate of Registration.. Read More
Real temperature control is to extinguish the heat of anger.
RBI cancels Certificate of Registration of 7 NBFCs
The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following non-banking financial companies (NBFCs) in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.. Read More
The four things that have spoiled your life are I, Mine, You and Yours. Forget them.
RBI aligns Rules for Investment in Credit Information Companies (CICs)
The Reserve Bank of India has, in supersession of its directive dated November 29, 2013, revised its directions (DBR. CID. BC. No.98/20.16.042/2015-16 dated May 19, 2016),. Read More
Very fortunate is the one who has learnd to admire, but not to envy.
Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note
Government Invites Comments and Inputs of the Stakeholders on Implementation of General Anti Avoidance Rule Provisions-Issuance of Guidance Note. Read More
Imagination is like a ferocious lion, do not allow to run it wild.
Direct Tax
Income Declaration Scheme 2016
The Income Declaration Scheme, 2016 incorporated as Chapter IX of the Finance Act 2016 provides an opportunity to all persons who have not declared income correctly in earlier years to come forward and declare such undisclosed income(s). Read More
You cannot make fool of the one who keeps cool.
Relaxation of UIN norms for TDS statements for Q1 2016
TDS Deductors must issue a UIN (Unique Identification Number) to those who submit Form 15G and Form 15H to them. . Read More
Toleration is the greatest gift of the mind.
CBDT extends the time limit for e-filing of appeals before the CIT(A)
E-filing of appeals before CIT(A) was made mandatory with effect from 1 March 2016 in respect of taxpayers who are required to e-file their tax returns. Read More
Discontent is the first step in the progress of man or a nation.
Indirect Tax
DVAT – Registration through Mobile App (CIRCULAR NO.6 OF 2016-17 dated 17th May 2016)
DVAT – Registration through Mobile App (CIRCULAR NO.6 OF 2016-17 dated 17th May 2016). Read More
Try not to become a man of success but rather to become a man of value.
Service Tax Circular: Accounting code for payment of Krishi Kalyan Cess
The Government has Come up with a new Circular to prescribe the accounting code for payment of Krishi Kalyan Cess which is applicable on service tax chargeable on or after June 1, 2016 (Chapter VI of Finance Act, 2016 will come into effect from this date). Read More
A wise man will make a more opportunities than he finds.
Ind AS
Ind AS implementation - Keynotes
Indian Government has moved swiftly to fulfil the commitment made by the Hon’ble finance minister in July 2014. After months of active and engaging deliberation, the Ministry of Corporate Affairs (MCA) has come out with the Companies (Indian Accounting Standards) Rules, 2015, which mandates certain classes of companies to prepare financial statements as per IFRS converged Indian Accounting Standards (Ind AS).. Read More
Adversity is the diamond dust that heavens polishes its jewels with.
India Ind AS Implementation Alert
The Reserve Bank of India, via notification no. RBI/2015- 16/315, DBR.BP.BC.No.76 /21.07.001/2015-16, dated February 11, 2016, had notified that scheduled commercial banks (excluding Regional Rural Banks) shall follow the Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015. Read More
Even with a small bank account the one who is contented finds himsef with great wealth.
3000 Disclosures for Companies to have fair presentation..
To provide a "fair picture" of a company's financial position, more than 3,000 disclosures will be required under the Indian Accounting Standards, according to chartered accountants' apex body ICAI.. Read More
Great spirits have always encountered violent opposition from mediocre minds.
Exactly
Wolf Pack Leadership
A lesson of leadership can be taken from the structure of the movement of wolf pack.
The first 3 are the old or sick, they give the pace to the entire pack. If it was the other way round, they would be left behind, losing contact with the pack. In case of an ambush they would be sacrificed.
Then come 5 strong ones, the front line. In the center are the rest of the pack members, then the 5 strongest following.
Last is alone, the alpha. He controls everything from the rear. In that position he can see everything, decide the direction. He sees all of the pack. The pack moves according to the elders pace and help each other, watch each other.
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