Milepost, January 4, 2016

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Visit our website Vol II; Issue I Milepost Having trouble viewing this email? Click here to view the hosted version. Dear Jitendra We believe, you have determined with new goals to be tagged with your name both, in the professional and personal front. As the new year begins, our team is also filled with overwhelming enthusiasm to be more focused, wide and exclusive. We thank you all for your overwhelming responses, which were positive, specific and very helpful for us, till Vol. I. We are delighted to enter into Volume II. We look forward to your further suggestions and guidance! "Look up at the stars and not down at your feet. Try to make sense of what you see, and wonder about what makes the universe exists. Be curious." Corporate Laws More changes to companies law, clearer CSR norms likely in 2016 CSR norms are likely to be optimized in view of making 'Ease of Doing Business' in India. Apart from CSR norms, other important may also get affected!. Read More "Intelligence is the ability to adopt changes."   Exposure Draft on Guidance Note on Schedule II to the Companies Act, 2013 After issuing Apllication Guidance on Schedule II, Depreciation, ICAI issues exposure draft of Guidance Note. Please find here summary for the Guidance Note.. Read More "We only have to look at ourselves to see how intelligent live might develop into something we wouldn't want to meet." Rules for threshold limit for Reporting on Fraud by Auditor and Omnibus approval by Audit Committee for RPTs notified by MCA MCA has notified Section 13 to put a threshold limit on reporting of fraud by Auditors. Read More "I have noticed even people who claim everything is predestined, and that we can do nothing to change it, look before they cross the road." Accounting Treatment of Pension Liability Post-Separation Whether the scheme can be treated as defined contribution scheme and accordingly, whether it is appropriate for the company to consider the periodic contribution only as its expense for a given period in the financials. . Read More "The past, like the future, is indefinite and exists only as a spectrum of possibiliites."   Economy RBI creates Helpline for guiding Start-ups in India on Forex Matters Now even RBI has come forward with helping hands to India Start Ups by setting up help line to understand cross border tranasactions and related matters.. Read More "God not only plays the dice, but also sometimes throws them where they cannot be seen."   To encourage innovations, RBI institutes “Payment System Innovation Awards” RBI has come with 'Payment System Innovation Awards' in order to encourage innovation in ensuring smooth payment systems in India. Read More "We are all now connected by the internet, like neurons in a giant brain."   Issue of non-convertible preference shares to non-resident. What are the rules and regulations if you want to issue a preference shares without putting a condition of converting them into shares? Is it treated as loan or share capital?. Read More :"Life is 10% what happens to you and 90% how you react to it."   Direct Tax Draft POEM Guidelines - Will it soothe the frayed nerves of MNCs/India Inc? CBDT has issued guildelines for 'Place of effective Management'.The guidelines covers many aspects of management by corporate and focuses on substance over form . Read More "Keep your eyes on the stars and your feet on the ground."   CBDT makes electronic filing of appeal to CIT(A) mandatory Now you can (and have to) make online filing for appeal to Commissioner of Income Tax (Appeal).. Read More "Accept the challenges so that you can feel the exhilaration of victory."   AO must give reason for rejection of books We recently had a milestone judgement that concludes the AO has to give reasons before rejecting the books.. Read More "Your talent is god gift to you. What you do with it is your gift back to the god."   CBDT issues MAT order pertaining to foreign companies The government had earlier decided that Section 115JB of Income Tax with regard to levy of MAT will not apply to foreign companies, FIIs and foreign portfolio investors (FPIs) and a requisite amendment would be made in the Finance Bill 2016.. Read More "Problems are not stoplines, but they are guidelines."   Ind AS IND AS: Key points for First time adoption! Ind AS is knocking doors of certain corporates and will be mandatory with effects from April 1, 2016. Find out what are the major aspects you should keep in mind before converging your accounts as per previous Indian GAAP.  Read More "Start where you are, use what you have, do what you can."   Ind AS Impact - Leases In our series, 'Impact of Ind AS Implementation', find out what are the major variations in GAAPs with respect to Leases. Read More " You have to learn the rules of game. And then you have to play better than others."   Exactly The starfish story Once upon a time, there was an old man who used to go to the ocean to do his writing. He had a habit of walking on the beach every morning before he began his work. Early one morning, he was walking along the shore after a big storm had passed and found the vast beach littered with starfish as far as the eye could see, stretching in both directions. Off in the distance, the old man noticed a small boy approaching. As the boy walked, he paused every so often and as he grew closer, the man could see that he was occasionally bending down to pick up an object and throw it into the sea. The boy came closer still and the man called out, “Good Morning! May I ask what it is that you are doing?” The young oy paused, looked up, and replied “Throwing starfish into the ocean. The tide has washed them up onto the beach and they can’t return to the sea by themselves,” the your replied. “When the sun gets high, they will die, unless I throw them back into the water.” The old man replied, “But there must be tens of thousands of starfish on this beach. I am afraid you won’t be able to make much of a difference.” The boy bent down, picked up yet another starfish and threw it as far as he could into the ocean. Then he turned, smiled and said, “it made a difference to that one!” We all have opportunity to help create positive change, but if you are like me, you sometimes find yourself thinking, “I am already really busy, and how much of a difference can I really make?” I think this is especially true when we are talking about addressing massive social problems like tacking world hunger or finding a cure for cancer, but it pops up all of the time in our everyday lives, as well. So when I catch myself thinking that way, it helps to remember this story. You might not be able to change the entire world, but at least you can change a small part of it, for someone. They say that one of the most common reasons we procrastinate is because we see the challenge before us as overwhelming, and that a good way to counter that is to break the big challenge down into smaller pieces and then take those one at a time – like one starfish at a time. And to that one starfish, it can make a world of difference. Out of Box A man joined a big Multi National Company as a trainee. On his first day, he dialed the kitchen and shouted into the phone: “Get me a cup of coffee, quickly!” The voice from the other side responded: “You fool; you’ve dialled the wrong extension! Do you know who you’re talking to? “No” replied the trainee. “It’s the Managing Director of the company, you idiot!” The trainee shouted back: “And do you know who YOU are talking to, you IDIOT?” “No!” replied the Managing Director angrily. “Thank God!” replied the trainee and kept the phone down…..   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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