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Dear Jitendra,
Merry Cristmas to you and your family! I hope you are enjoying your holidays after completing a successful year 2015 and setting up goals, meanwhile, for the promising 2016. We hope you would enjoy the journey of Milepost (issue XVI). Team Exactitude would be looking forward to hear from you!
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Publication of Doing business in India: 2016 - We are delighted to publish 'Doing Business in India: 2016. We hope the document shall be of great help in having an overview of the laws and regulation, economy, business climate and accounting and business practices to the investors/ start up looking for a successful business in India.Click the link below to download the documents. Download
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ECONOMY
Revised Framework for ECB Policy announced
 Keeping in view the macro-economic developments and the experience gained in administering the External Commercial Borrowing (ECB) regime over the last 10 years, the Reserve Bank of India,  Read More
[Formal education will make you a living; self-education will make you a fortune.]
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RBI cancels Certificate of Registration of 56 NBFCs
The Reserve Bank of India has cancelled a bulk of non-banking financial companies as those mostly little-known local lenders may have either violated regulatory norms or surrendered licence of their own. Read More
[Discipline is the bridge between goals and accomplishment.]
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Survey on Computer Software & Information Technology Enabled Services Exports: 2014-15 – Data Release
The Reserve Bank of India has released the data related to the 2014-15 round of the ‘Survey on Computer Software and Information Technology Enabled Services Exports’. Read More
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[If you are not willing to risk the unusual, you will have to settle for the ordinary.]
RBI announces Marginal Cost of Funds Methodology for Interest Rate on Advances
The Reserve Bank of India has released the final guidelines on computing interest rates on advances based on the marginal cost of funds.
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[Either you run the day, or the day runs you.]
RBI introduces Cross Currency Futures and Exchange Traded Cross Currency Option Contracts
The Reserve Bank of India has issued guidelines for introduction of cross currency futures and exchange traded cross currency option contracts in the currency pairs of Euro (EUR)-US Dollar (USD), Read More
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| [Success is nothing more than a few simple disciplines, practiced every day.] |
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INDIRECT TAX
Delhi VAT: Reward Scheme to encourage market
Value Added Tax is one of the major sources of revenue of the Government of Delhi which is an indirect tax collected by traders from customers on sale of goods and then deposited with the Government. Read More
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[If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much.]
Clarity on the implication of DVAT (3rd Amendment) Bill, 2015
This Article provide you clarity on the implementation of DVAT (3rd Amendment) Bill, 2015 which was introduced in the Delhi Legislative Assembly on 04th day of December 2015.
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[You cannot change your destination overnight, but you can change your direction overnight.]
DIRECT TAX
Milestone Judgement: Sumitomo Corporation v. DCIT [2014] 43
The taxpayer, a Japanese company, was engaged in supplying equipment to various companies in India. The taxpayer established an LO in India to act as a communication channel between the Head Office (HO) of the taxpayer and the Indian companies. Read More
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[If you don't like how things are, change it! You're not a tree.]
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CBDT spells out procedure for digitized filing of Form 15G/15H by deductors.
Recently, CBDT specifies procedure, formats and standards pursuant to simplifying procedure and submission process for self-declarations in Form 15G/15H (which is required to be submitted by taxpayers seeking non-deduction of TDS from certain incomes). Read More
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CBDT Enhances Monetary Limits For Filing Appeals By The Dept & Gives It Retrospective Effect
Please find herewith relevant notification through which CBDT enhances Monetary limits for filing appeals by the department and gives it retrospective effect Read More
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[Happiness is not something you postpone for the future; it is something you design for the present.]
India - Japan Tax Treaty - CBDT releases the press note on Signing of Amended Convention between India and Japan
India - Japan Tax Treaty - CBDT releases the press note on Signing of Amended Convention between India and Japan: Read More
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[Work harder on yourself than you do on your job.Work harder on yourself than you do on your job]
CBDT Notification Amending Safe Harbour Rule For Purposes Of Transfer Pricing Law
The CBDT has issued Notification No. 90/2015 F.No. 142/7/2014-TPL dated 14.12.2015 by which it has amended the Safe Harbour Rule specified in Rule 10D(2A) and specified the information and documents required to be maintained by an eligible assessee.
The said notification can be found on the Income Tax Website.
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We must all suffer one of two things: the pain of discipline or the pain of regret or disappointment.
CBDT has taken significant steps for improving the ease of doing business and reducing the burden of compliance on tax payers in the last three months.
CBDT has taken significant steps for improving the ease of doing business and reducing the burden of compliance on tax payers in the last three months. The important changes are listed below:. Read More
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You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of.
CBDT Relaxes in 15CB requirement
The Central Board of Direct Taxes has eased rules for furnishing information on payments to non-residents in its efforts to project an investor-friendly image.
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Ideas can be life-changing. Sometimes all you need to open the door is just one more good idea.
Notification on rule 37BB
Recently, the CBDT has amended the existing Rule 37BB of the Income Tax Rules, 1962 which prescribes the manner and forms for furnishing information electronically by a person responsible for making any payment to a non-resident. Read More
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If someone is going down the wrong road, he doesn't need motivation to speed him up. What he needs is education to turn him around.
ITAT Directive Regarding Disposal Of Dept Appeals With Low Tax Effect In Wake Of CBDT Circular
With a view to implement Circular No. 21/2015 dated 10th December 2015 issued by the CBDT (which states that even pending appeals of the department with a monetary tax effect of Rs. 10,00,000 or less should be withdrawn/ not pressed),
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Success is not to be pursued; it is to be attracted by the person you become.
IND AS
Benefits of IFRS would start to flow in 2018: Ian Mackintosh
The International Accounting Standards Board (IASB), the independent standard-setting body, has put out a single set of accounting standards under the International Financial Reporting Standards (IFRS). Read More
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Impact on provisions, contingent liabilities and contingent assets on Ind AS implementation!
nd AS 37 Provisions, Contingent Liabilities and Contingent Assets does not apply to all financial instruments (including financial guarantees) that are within the scope of Ind AS 109 Financial Instruments. Read More
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| Take care of your body, it is the only place you have to live. |
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EXACTLY
The power of words
A group of frogs was traveling through the woods, and two of them fell into a deep pit.
All the other frogs gathered around the pit. When they saw how deep the pit was, they told the two frogs that they were as good as dead.
The two frogs ignored the comments and tried to jump out of the pit with all of their might.
The other frogs kept telling them to stop, that they were as good as dead.
Finally, one of the frogs took heed to what the other frogs were saying and gave up. He fell down and died.
The other frog continued to jump as hard as he could. Once again, the crowd of frogs yelled at him to stop the pain and just die.
He jumped even harder this time and finally made it out. When he got out, the other frogs said, “Did you not hear us?”
The frog explained to them that he was deaf. He thought they were encouraging him the entire time.fc
- There is power of life and death in the tongue. An encouraging word to someone who is down can lift them up and help them make it through the day.
- A destructing word to someone who is down can be what it takes to kill him or her!
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Out of the Box
Private Jones was assigned to the Army induction center, where he was to advise new about their government benefits, especially their Serviceman's Group Life Insurance (SGLI). It wasn't long before the center's Lieutenant noticed that Private Jones had almost a 100% record for insurance sales, which had never happened before. Rather than ask about this, the Lt. stood in the back of the room and listened to Jones's sales pitch.
Jones explained the basics of the SGLI to the new recruits, and then said. "If you have SGLI and go into battle and are killed, the government has to pay $200,000 to your beneficiaries recruits. If you don't have SGLI, and you go into battle and get killed, the government has to pay only a maximum of $6000."
"Now," he concluded, "which bunch do you think they are going to send into battle first?" |
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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 onwww.facebook.com/xactitude.in, orwww.xactitude.in
Happy criticizing! |
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