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Dear Jitendra
While preparing for the final entries for closing of the accounts for the financial year ending March 31, 2016, we have come across a lots of happening across the world related to finance that includes at one side the stressed huge loans of bankers to many success stories of entrepreneurs. While there is no black and white rules for success, we need to introspect the far vision embedded in each of the steps and decisions we take on daily basis to inculcate excellence in our habit. We are what we repeatedly do!
We are happy to share with you updates and articles for last fortnight. Please feel free to discuss, comment and give feedbacks!
Looking forward to hear from you!
Team Exactitude!
Corporate Laws
Internal Financial Control: Bird's eye view
Clause (e) of Section 134(5) of the Companies Act, 2013 requires that The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) shall state that—. Read More
Speak softly. It is far better to rule by love than fear./ Speak softly. Let no harsh words mar the good we may do here. --Isaac Watts (1674 - 1748) English minister
The Companies (Amendment) Bill, 2016
With a view to improve the ease of doing business and resolving the various stakeholders’ concerns, the Government tabled a praiseworthy bill to amend the existing provisions of the Companies Act, 2013.. Read More
Talking much is a sign of vanity, for the one who is lavish with words is cheap in deeds. --Sir Walter Raleigh (1552 - 1618) English navigator, historian, courtier
ECONOMY
Article: Carbon Credits
The greenhouse effect refers to the change in the thermal equilibrium temperature of a planet or moon by the presence of an atmosphere containing gas that absorbs and emits infrared radiation. Greenhouse gases, which include water vapor, carbon dioxide and methane, . Read More
The bitterest tears shed over graves are for words left unsaid and deeds left undone. --Harriet Beecher Stowe (1811 - 1896) US author
RBI releases Basic Statistical Returns of Scheduled Commercial Banks in India - Volume 44
The Reserve Bank of India has placed on its website the publication ‘Basic Statistical Returns of Scheduled Commercial Banks in India – Volume 44’.. Read More
The difference between the almost right word and the right word is really a large matter -- 'tis the difference between the lightning bug and the lightning. --Mark Twain
Sovereign Gold Bond Scheme 2016 – Series II
The Reserve Bank of India, in consultation with the Government of India, has decided to issue third tranche of Sovereign Gold Bonds. Applications for the bond will be accepted from March 8, 2016 to March 14, 2016. Read More
The fewer the words, the better the prayer. --Martin Luther (1483 - 1546) German religious reformer
Infibeam to be first India e-commerce firm to go public
Infibeam Incorporation is set to become the first ecommerce company in the country to be listed with capital markets regulator Securities and Exchange Board of India (Sebi) as it sells shares next week in the sector's first initial public offering.. Read More
The more you say, the less people remember, the fewer the words, the deeper the impression. --Francois de Salignac Fenelon (1651 - 1715) French theologian, author
RBI Announces OMO Purchase of Government of India Dated Securities
Based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations for an aggregate amount of ₹ 150 billion on March 17, 2016 (Thursday) through multi-security auction using the multiple price method:. Read More
The most ordinary word, when put into place, suddenly acquires brilliance. That is the brilliance with which your images must shine. --Robert Bresson, French film director
RBI Seeks Feedback on Concept Paper on Card Acceptance Infrastructure
The Reserve Bank of India has today placed on its website the Concept Paper on Card Acceptance Infrastructure. Comments may be emailed or sent by post to the Chief General Manager,. Read More
The most valuable of all talents is that of never using two words when one will do. --James Jeans (1877 - 1946) English Mathematician, astronomer
Direct Tax
FM withdraws proposal to tax EPF/Superannuation Fund
In View of pressure from all quarters Finance Mister Arun Jaitley has withdrawn the Proposal to Tax 60% of EPF/Superannuation Fund Proposed in Union Budget 2016 and which was to come into effect from 01.04.2016.. Read More
The word "no" carries a lot more meaning when spoken by a parent who also knows how to say yes. --Joyce Maynard (1876 - 1958) US historian, writer
CBDT Circular on clarification of the taxability of the consortium partners executing an EPC Contract
A consortium of contractors is often formed to implement large infrastructure projects particularly in Engineering. Procurement and Construction (“EPC’) contracts and Turnkey Projects. The tax authorities, . Read More
The wound of words is worse than the wound of swords. --Saudi Arabian Proverb
Clarification on benefits of the India-UK DTAA to UK partnership firms
Recently, in respect of captioned subject, we have summarised the circular issued by the CBDT on the captioned subject. It has been sought from the CBDT that whether the provisions of tax treaty.. . Read More
There's a great power in words, if you don't hitch too many of them together. --Josh Billings (1818 - 1885) US writer
Tax treatment on ESOPS as salary package..
Start-ups jobs are fairly common in India and have given ESOPs immense popularity. Several large American organisations with employees in India also offer ESOPs. Let’s understand how ESOPs are taxed.. Read More
Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have the potential to turn a life around. --Leo Buscaglia (1925 - 1998) US author, educator
Ind AS/ IFRS
Implementation of Indian Accounting Standards (Ind AS) in insurance sector
In accordance with the press release issued by MCA, the IRDAI has advised that Insurers will follow the Ind AS as notified under the Companies (Indian Accounting Standards) Rules, 2015, subject to any guideline or direction issued by the IRDAI in this regard, in the following manner: . Read More
Uttering a word is like striking a note on the keyboard of the imagination. --Ludwig Wittgenstein (1889 - 1951) Austrian-English philosopher
Ready for Ind AS?
Indian corporates are gearing up to understand and implement the new accounting framework called Indian Accounting Standards (Ind AS). The Ind AS is almost the same as the International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS), which is followed by more than 100 countries.. Read More
We cannot always control our thoughts, but we can control our words, and repetition impresses the subconscious, and we are then master of the situation. --Florence Scovel Shinn
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