DIRECT TAX
Direct Tax Update: Liva Healthcare Limited vs ACIT - [2016]
Do your Company's Directors make foreign business travels? Time to look at this judgement from the Mumbai Tribunal.
It held that "Expenses incurred by Assesse, a pharmaceutical company on overseas tours of Doctors to increase their sales and profitability was not an allowable expenditure as overseas trip was directed towards leisure and entertainment of Doctors and their spouses rather than being directed towards seminar for product information dissemination as no details of seminar and its course content was brought on record"....Read More
Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.
The Income Declaration Scheme, 2016- Clarifications
The Income Declaration Scheme, 2016 (the Scheme) has come into effect from 1st June, 2016 and is open for declarations up to 30.09.2016. Certain queries were raised by the tax payers to CBDT for which clarifications have been issued by CBDT.....Read More
Perfection is not attainable, but if we chase perfection we can catch excellence.
INDIRECT TAX
Model GST Law –Tax Invoice, Credit and Debit Notes (Part 8)
The Government is seen taking the steep steps to realize the date of April 1, 2017 as the implementation of the GST which the industry has also begun believing considering the pace of activities.
In our Continuous effort to bring you the updates on the several important topics, we present the write up on the Issuance of Tax Invoice, Credit Notes and Debit Notes under GST law.....Read More
I believe in living today. Not in yesterday, nor in tomorrow.
First version of FAQs on GST released
Yes, you read it right. NACEN, the apex training institution under CBEC has compiled more than 500 frequently asked questions and released in the form of booklet which is available for download from the CBEC website.
The FAQs will definitely be an effective tool in disseminating knowledge on GST to Tax officials, Trade and Public.....Read More
If I had 9 hours to chop down a tree, I’d spend the first 6 sharpening my axe.
GST Council’s first meeting: Minutes
The GST Council completed its inaugural meeting on Sep 22 and 23. Did you go through the outcomes of the meeting?
The main points agreed were:
1. Exemption limit
2. Subsume of Cesses
3. Dual system of assessment and scrutiny
4. Model for compensating the state's losses for 5 years....Read More
All differences in this world are of degree, and not of kind, because oneness is the secret of everything.
First tranche of Draft Rules under GST: Highlights
Did you go through the draft rules released in public domain?? Following are the captions for the draft rules:
A. Draft rules on Registration
B. Draft rules on Invoice
C. Draft rules on payment....Read More
A nation’s culture resides in the hearts and in the soul of its people.
Validity of Excise Duty w.e.f September 16, 2016
Model GST law is in public domain since June 2016, President has given his assent to 101st Constitution Amendment Act, 2016 giving Central and State Govts power to levy GST on 08th September, 2016. However, till then there was nobody talking about the Excise Duty and its existence.....Read More
Work like there is someone working twenty-four hours a day to take it away from you.
IND AS/ IFRS
Ind AS: Sectoral Perspectives
A KPMG analysis of quarterly results shows that all companies have been impacted, although there have been sectoral variations. Here are some of the key issues from a sectoral perspective, for companies to consider as they look to deal with the Ind AS reporting complexities going forward.....Read More
Don't get too caught up in making money or having a job, get excited about the fact that you can design your life.
After implementation effects of Ind AS
Now when Ind AS has adopted by certain classes of companies and results has been published, it is the time to analyze what are the after effects of Ind AS on macro level basis. Let's explore what surveys conducted on various companies reveals......Read More
Tell me and I forget. Teach me and I remember. Involve me and I learn.
CORPORATE LAWS
Extension of Annual General Meeting and its Process
As we all are very well aware of the fact, that the Company is required to hold its Annual General meeting (AGM) within nine months from the end of financial year in case of newly incorporated companies for its first AGM and within six months in case of other companies.and subsequent AGM. Sometime, it happens that the Company due to part of any circumstances is unable to hold the Annual General Meeting within the stipulated time prescribed by the Act.....Read More
Learning never exhausts the mind.
ECONOMY
Sources of Variation in Foreign Exchange Reserves in India during April-June 2016
The Reserve Bank of India has released balance of payments (BoP) data for April-June 2016 on its website (www.rbi.org.in). On the basis of these data, the sources of variation in foreign exchange reserves during April-June, 2016 have been compiled.....Read More
You cannot open a book without learning something.
Feedback sought on draft law to fix bankruptcy in banks, insurance companies
The government has put out a draft law proposing a mechanism to deal with bankruptcy in banks, insurance companies and financial sector entities, which when passed will complete the legal framework for dealing with failed business. The Financial Resolution and Deposit Insurance Bill, 2016 has been put out for stakeholder feedback. ....Read More
A dog is the only thing on earth that loves you more than you love yourself.
RBI releases Handbook of Statistics on the Indian Economy 2015-16
The Reserve Bank of India has released the Eighteenth volume of its annual statistical publication titled “Handbook of Statistics on the Indian Economy (HBS) 2015-16”. One of the major initiatives of the Reserve Bank, this publication is aimed at improving data dissemination to the public. Through this publication, the Reserve Bank has been providing time series data on various economic and financial indicators relating to Indian economy.....Read More
Life is 10% what happens to you and 90% how you react to it.
Exactly
Have you ever know the story of a turtle and a rabbit race when you were a child? Maybe most of you
Let’s me tell you again to revise some childhood memory
“Once upon a time a Turtle and a Rabbit had an argument about who was faster.
They decided to settle the argument with a race. They agreed on a route and started off the race. The rabbit shot ahead and ran briskly for some time. Then seeing that he was far ahead of the turtle, he thought he'd sit under a tree for some time and relax before continuing the race. He sat under the tree and soon fell asleep. The turtle plodding on overtook him and soon finished the race, emerging as the undisputed champ. The rabbit woke up and realized that he'd lost the race.”
The moral of the story is that slow and steady wins the race. This is the version of the story that we've all grown up with.
But then recently, the story still continues:
1st modern story:
The rabbit was disappointed at losing the race and he did some soul-searching. He realized that he'd lost the race only because he had been overconfident, careless and lax. If he had not taken things for granted, there's no way the turtle could have beaten him. So he challenged the turtle to another race. The turtle agreed. This time, the rabbit went all out and ran without stopping from start to finish. He won by several miles.
The moral of the story?
Fast and consistent will always beat the slow and steady. It's good to be slow and steady; but it's better to be fast and reliable.
But the story doesn't end here.
2nd modern story:
The turtle did some thinking this time, and realized that there's no way he can beat the rabbit in a race the way it was currently formatted. He thought for a while, and then challenged the rabbit to another race, but on a slightly different route. The rabbit agreed.
They started off. In keeping with his self-made commitment to be consistently fast, the rabbit took off and ran at top speed until he came to a broad river. The finishing line was a couple of kilometers on the other side of the river. The rabbit sat there wondering what to do. In the meantime the turtle trundled along, got into the river, swam to the opposite bank, continued walking and finished the race.
The moral of the story?
First identify your core competency and then change the playing field to suit your core competency.
However, the story still hasn't ended.
3rd modern story:
The rabbit and the turtle, by this time, had become pretty good friends and they did some thinking together. Both realized that the last race could have been run much better.
So they decided to do the last race again, but to run as a team this time. They started off, and this time the rabbit carried the turtle till the riverbank. There, the turtle took over and swam across with the rabbit on his back. On the opposite bank, the rabbit again carried the turtle and they reached the finishing line together. They both felt a greater sense of satisfaction than they'd felt earlier.
The moral of the story?
It's good to be individually brilliant and to have strong core competencies; but unless you're able to work in a team and harness each other's core competencies, you'll always perform below par because there will always be situations at which you'll do poorly and someone else does well. Teamwork is mainly about situational leadership, letting the person with the relevant core competency for a situation take leadership.
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