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Dear Jitendra
Democratic election for our Institute is over and results are expected to be declared by January 9, 2016; we wish all the best to the whole CA fraternity! We trust, new leaders will take our profession to a new height!
We are delighted to share with you XVth Milepost! Please feel free to contact us for any concerns!
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CORPORATE LAW
SEBI (Listing Obligation and Disclosure Requirements) (Listing Obligations) related circular
 The SEBI has prescribed format for below listed reporting requirements:
- Formats for publishing financial results.
- Format for statements or reports to be submitted to Stock Exchanges by listed entity which have listed their debt securities and/or non-cumulative redeemable preference shares.
 Read More
| ["Remember that failure is an event, not a person"] |
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Relaxation of Regulation 33(1)(c) of SEBI (Listing obligations and Disclosure Requirement
 The SEBI has granted one-time relaxation to listed entities, which have exercised the option of preparing consolidated financial statements under IFRS in the first quarter of the FY 2015-16,
Read More |
| ["People don't buy for logical reasons. They buy for emotional reasons"] |
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Indication of further amendment in CSR laws
 Government is likely to make further amendments in the Companies Act along with changes in certain rules as part of its efforts to provide more clarity on Corporate Social Responsibility (CSR) provisions.
A government-appointed high level panel recently submitted recommendations on CSR norms to the Corporate Affairs Ministry, which is implementing the Act. Read More
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| ["Formal education will make you a living; self-education will make you a fortune"] |
ECONOMY
How to make sense of your credit score
Credit services companies have made the perfect pitch by giving your credit score out for free. But are you well-versed to read the fine-print?
Last week, PaisaBazaar.com and CreditMantri tied up with credit bureau Equifax to offer free and online credit reports to their consumers. You have to simply register and get your credit status & score in your in box with in 24 hours. While PaisaBazaar will be mailing you the credit report as it is, CreditMantri will send you only the relevant data in an easy-to-understand format. Read More
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| ["We must all suffer one of two things: the pain of discipline or the pain of regret or disappointment."] |
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RBI grants ‘in-principle’ approval to NPCI to function as Bhart Bill Payment System (BBPS)
 The Reserve Bank of India has on 24th November, 2015 decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as the Bharat Bill Payment Central Unit (BBPCU) in BBPS.
Read More |
| ["For a tiger to walk Alone, Strong, Confident, and fearless, is not Bravery. It is outing. It is what it is. It is its nature. It possible cannot be anything else except that"] |
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Gold monetisation, bond schemes: Will they work?
 Prime Minister Narendra Modi has announced that on Dhanteras (Diwali eve), the government will launch two gold-related schemes to tap household stocks of over 22,000 tonnes and reduce imports. The gold monetisation schemes (GMS) will tap household gold stocks and the sovereign bond scheme would help reduce the physical demand of gold for investment. Read More
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| ["It is better to be honourable than be honoured"] |
RBI opens door for banking M&As, allows individuals to own more than 10% in banks
 The Reserve Bank of India RBI has thrown open the doors for mergers and acquisitions in the banking industry by signaling that it is open to persons owning more than 10 percent stake in a bank.
Read More |
| ["There is no traffic Jams in the extra miles"] |
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RBI issues Directions for obtaining Prior Approval for Acquisition of shares/voting right in Private Sector Bank
The Reserve Bank of India today issued revised Directions necessitating prior approval for acquisition of shares or voting rights in private sector banks.
These Directions contain two major changes: Read More
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| ["The way you see the people is the way you treat them"] |
Web Outsourcing: Increase in business opportunity
Web systems have always been popular operations to outsource and it remains so today. After recovering from the recession, the percentage of companies that outsource at least some of their web and e-commerce operations has remained flat, to slightly rising, during the recovery period. Read More
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| ["Every choice you make have an end result"] |
DIRECT TAX
Technical Guide on Royalty and Fee for technical service- Insight (Part-1)
Web systems have always been popular operations to outsource and it remains so today. After recovering from the recession, the percentage of companies that outsource at least some of their web and e-commerce operations has remained flat, to slightly rising, during the recovery period. Read More
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| ["Effective communication is 20% what you know and 80% what you feel what you know"] |
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Relevance of change in Voting Power on Income Tax - Karnataka High court Decision
We are pleased to share the extracts of another important Karnataka High Court ruling on allowance of set-off of losses on change in voting power and no change in shareholding is relevant under section 79 of the Income Tax Act ("Act"). Read More
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| ["The walls we build around us to keep sadness out also keeps out the Joy"] |
INDIRECT TAX
"Clarification on Swachh Bharat Cess (SBC)"
As per notification number 21/2015-ST, read with Section 119 of the Finance Act, 2015 and notification number 22/2015-ST, Swachh Bharat Cess (SBC) will come into effect from 15th November 2015, at the rate of 0.5% on all services except services covered under Negative List and services exempt from payment of tax. As such SBC translate into a tax of 50 paisa only on every one hundred rupees worth of taxable services. Introduction of this new levy has raised doubts in industry regarding its applicability and allied matters. Team Exactitude has made an attempt to clarify these doubts. Read More
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| ["If you don't like how things are. Change it! You are not a tree"] |
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IND AS
India Inc braces itself for IND-AS, performance of companies to change dramatically
Beginning April 2016 India Inc would undergo its first litmus test and many companies would look different as their profit, loss, assets and liabilities will be treated as per the new accounting standards. Read More
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| ["In the midst of chaos, there is also opportunity"] |
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Impact on Ind AS implementations: PPE, intangible assets, inventories and imapairment
Ind AS 16 Property, Plant and Equipment mandates component accounting. AS 10 Accounting for Fixed Assets recommends, but does not require it. However, the Act requires companies to apply component accounting mandatorily from the financial years commencing 1 April 2015. Read More
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| ["What would you do, if you weren't afraid"] |
PROFESSION
Should we apologize?
 Scenarios involving the captioned above question are too common in an organizational context. At some points, every organization makes a mistake that requires an apology—to an individual; a group of customers, employees, or business partners; or the public at large.
Read More
| ["Done is better than perfect"] |
EXACTLY!
Perfect failures........
We rarely find examples of constant persistence for success, like those of Abraham Lincoln. If anyone wants the inspiration of how many efforts a human can make, here’s his life sketch.
Born in poverty, he had to face defeat throughout his life. He lost eight elections, twice failed in business, suffered nervous breakdown and was bedridden for six months. He could have quit many times, but he didn’t quit and became one of the greatest presidents in America.
Here is a sketch of Lincoln’s road to White House
- His family was forced out of their home AND He had to work to support them
- Ran for State legislature –lost
- Also lost his job-wanted to go to law school but couldn’t get in.
- Borrowed some money from a friend to begin a business and by the end of the year
- He was bankrupt. He spent the next 17 years of his life paying off this debt.
- Ran for state legislature again—won
- Was engaged to be married, sweetheart died and his heart was broken
- Had a total nervous breakdown and was in bed for six months
- Sought to become speaker of the state legislature – defeated.
- Sought to become elector – defeated
- Ran for Congress again – this time he won-went to Washington and did a good job
- Ran for re-election to Congress-lost
- Sought the job of land officer in his home state-rejected
- Ran for Senate of the United States-lost
- Sought the Vice Presidential nomination at his party’s national convention – got less than 100 votes
- Ran for U.S. Senate again- again he lost *
- Elected President of the United States.
- The part was worn and slippery. My foot slipped from under me, knocking the other out of the way, but I recovered and said to myself," It’s a slip and not a fall". Abraham Lincoln –After losing a senate race-1858
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Out of the bOx!
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A young businessman had just started his own firm. He had just rented a beautiful office and had it furnished with antiques.
Sitting there, he saw a man come into the outer office. Wishing to appear the hot shot, the businessman picked up the phone and started to pretend he had a big deal working.
He threw huge figures around and made giant commitments. Finally he hung up and asked the visitor, "Can I help you?"
"Yeah, I've come to activate your phone lines."
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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 www.facebook.com/xactitude.in, or www.xactitude.in
Happy criticizing! |
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