Milepost, February 1, 2016

[xactitude]

Visit our website Vol. II; Issue III MILEPOST Having trouble viewing this email? Click here to view the hosted version.   Dear Jitendra, As young India is going towards a revolutionary mark on the India's business landscape, we, the finance professionals need to gear up towards adoption and implementation of right set of policies and procedure to cop up with the mind set of the nation as a whole. We look forward for your ideas and feedback's which we can share and implement to achieve a common goal of achieving right attitutude of professionalism and helping the nation grow at right direction. Let's us have a quick look on the updates and articles of the fortnight with 3rd Milepost of 2016. Looking forward for your ideas and feedback! He got a corporation mind. He don't believe in nature; he puts his trust and distrust in man. - Norman Mailer Direct Tax Start up India: Who all are eligible for tax benefits? Many entrepreneurs were excited by the announcements made by Prime Minister as part of the Startup India Action Plan. There’s no doubt the measures were significant, but they do beg the question, are all the startups really eligible for the benefits that were announced?  Read More Education is what remains after one has forgotten what one has learned in school. - Albert Einstein Whether the transfer of shares of an Indian company upon re-organization would amount to tax avoidant transaction ? Here is summary of a recent important decision of Authority for Advance Rulings (AAR) in the case of Dow AgroSciences Agricultural Products Ltd. (Applicant), on the issue of whether the transfer of shares of an Indian company  Read More Nothing is more dangerous than an idea, when it's the only one we have. – Alain Important deduction to claim this year. You will be eligible to claim some more tax deductions for financial year 2015-16. Here is a quick update of the revised limit under various Income Tax sections that you must remember to claim this year. Read More Many books require no thought from those who read them, and for a very simple reason; they made no such demand upon those who wrote them. - Charles Caleb Colson Corporate Laws ISRS 4400: Engagements To Perform Agreed-Upon Procedures Regarding Financial Information This standard is aimed at providing professional guidance on the professional responsibilities where an engagement to perform an agreed upon procedure regarding financial information is undertaken and also with the form and content of the report that the auditor issues in connection with such engagement..  Read More Old age is fifteen years older than I am.- Oliver Wendell Holmes Companies (Incorporation) Amendment Rules, 2016 As per Companies incorporation Rules, 2014 following names which were earlier not allowed to be applied or considered undesired  for incorporation of Companies under Companies Act, 2013 are now allowed to be applied vide relaxation given vide Notification No. G.S.R.  (E).- dated 22.01.2016..  Read More Great talent finds happiness in execution.- Johann Wolfgang von Goethe Economy Amended circular on Gold Monetisation Scheme, 2015 In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India has directed that the Reserve Bank of India (Gold Monetisation Scheme, 2015).  Read More Find the seed at the bottom of your heart and bring forth a flower.- Shigenori Kameoka Sale of India Gold Coin (IGC) In a press release, Reserve Bank of India (RBI) has stated that, MMTC has been authorized by the Central Government to manufacture India Gold Coins (IGC) with Ashok Chakra and supply these coins to the domestic market.  Read More It may be true that the government that governs best governs least. Unfortunately, the same is also true of the government that governs worst.- Jane Elizabeth Auer RBI launches Quarterly Industrial Outlook Survey (IOS): January - March 2016 (Round 73) The Reserve Bank of India has launched the 73rd round of the quarterly Industrial Outlook Survey (IOS) for reference period January-March 2016 (Q4:2015-16)..  Read More Literature is an occupation in which you have to keep proving your talent to people who have none.- Jules Renard RBI launches Eighth Pilot Round of Quarterly Services and Infrastructure Outlook Survey (SIOS) – Q4:2015-16 The services and Infrastructure sector plays a pivotal role in the economic development. Considering the increasing importance of this sector.  Read More You'll be free or die!- Harriet Tubman Data on ECB/FCCB for the month of December 2015 The Reserve Bank of India has released the data on External Commercial Borrowings (ECB's) and Foreign Currency Convertible Bonds (FCCB's) for the month of December 2015..  Read More Love, I find, is like singing. Everybody can do enough to satisfy themselves, though it may not impress the neighbors as being very much.- Zora Neale Hurston Understanding the economy of negative interest rate Normally, we have known borrowers pay lenders a rate, typically as an annual percentage, on the amount borrowed. So, if we deposit money in a bank, we normally expect to get back some form of interest on the account.  Read More Be not afraid of life. Believe that life is worth living, and your belief will help create the fact.- Henry James Ind AS/ IFRS Ind AS Impact: Presentation of financial statements Ind AS 1 Presentation of Financial Statements is significantly different from the corresponding AS 1 Disclosure of Accounting Policies. Read More If you see a whole thing - it seems that it's always beautiful. Planets, lives.... But close up a world's all dirt and rocks. And day to day, life's a hard job, you get tired, you lose the pattern. - Ursula K. Le Guin Ind AS Roadmap for SCB, NBFS and Insurance Companies In pursuance to the Budget Announcement by the Union Finance Minister, after consultations with Reserve Bank of India (RBI), Insurance Regulatory and Development Authority(IRDA) and Pension Fund Regulatory and Development Authority (PFRDA),..Read More No one can make you feel inferior without your consent.― Eleanor Roosevelt Financial Sector gearing up for Ind AS As the banking sector gets its act in place to clean up the non-performing assets from the balance sheets, it would simultaneously have to prepare a loan risk assessment policy within the next two years in keeping with the requirements of the new accounting standards...Read More “It is better to remain silent at the risk of being thought a fool, than to talk and remove all doubt of it.”  ― Maurice Switzer Exactly A man was lost while driving through the country. As he tried to reach for the map, he accidentally drove off the road into a ditch. Though he wasn’t injured, his car was stuck deep in the mud. So the man walked to a nearby farm to ask for help. “Warwick can get you out of that ditch,” said the farmer, pointing to an old mule standing in a field. The man looked at the decrepit old mule and looked at the farmer who just stood there repeating, “Yep, old Warwick can do the job.” The man figured he had nothing to lose. The two men and the mule made their way back to the ditch. The farmer hitched the mule to the car. With a snap of the reins he shouted,   “Pull, Fred! Pull, Jack! Pull, Ted! Pull, Warwick!”   And the mule pulled that car right out of the ditch.   The man was amazed. He thanked the farmer, patted the mule, and asked, “Why did you call out all those names before you called Warwick?” The farmer grinned and said, “Old Warwick is just about blind. As long as he believes he’s part of a team, he doesn’t mind pulling.” Adapted from Some Folks Feel the Rain: Others Just Get Wet. Teamwork is the ability to work together toward a common vision. The ability to direct individual accomplishment toward organizational objectives. It is the fuel that allows common people to obtain uncommon results.   Out of the box   A man is flying in a hot air balloon and realizes he is lost. He reduces height and spots a man down below. He lowers the balloon further and shouts: "Excuse me, can you tell me where I am?" The man below says: "Yes, you're in a hot air balloon, hovering 30 feet above this field." "You must be an engineer" says the balloonist. "I am" replies the man. "How did you know." "Well," says the balloonist, "everything you have told me is technically correct, but it's no use to anyone." The man below says "you must be in management." "I am" replies the balloonist, "but how did you know?" "Well," says the man, "you don't know where you are, or where you're going, but you expect me to be able to help. You're in the same position you were before we met, but now it's my fault."   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!

Sincerely,

Team ‘Exactitude Advisors’

Accounts Outsourcing| Taxation| GAAP Advisory| India Entry
Call us (B) +91 - 11 4303 6002/ (M) +91 987 1540 789/ +91 9560 444 584
+ B – 8, Ansal Chamber – 1, Bhikaji Cama Place, New Delhi – 66

www.xactitude.in|