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[06/24/16]   This Misbehaviors cannot be corrected, unless....

An ideal world without mistakes or wrongdoings cannot be even imagined. Because, if everything is perfect, life on the Earth will be boring and unchallenging. Nature intends competition and conflicts among its subjects to decide their progress and strength. We can have any number of laws to discipline the conduct of the masses, but certain aberrations continue to exist as they cannot be eliminated in total from the society. Even the personal sufferings do not deter many people from the bad behaviors listed hereunder.

Drinking :Though aware of the effects of the excessive and indiscriminate consumption of liquors, the drinkers don’t yield. It’s true that old habits never die.

Smoking : The warnings and advisories on the ill effects of smoking are blushed aside by the smokers. Whatever be the cost, money or health, smoking thrills them.

Theft and robbery : The act of taking the possessions of others’ properties without their consent is against the law. Stealing, misappropriation, embezzlement, etc. are different versions of theft only. Robbery and dacoity are theft only done by force and threat.

Corruption breeds dishonesty in the administration and brings disrespect to the hard work and integrity. It has become a short-cut for gaining money and power. Bribery, gift, and donations are the other names of this irregularity.

Bluffing and pretension are common in daily life. Atheists pretend to deny the existence of God, but secretly pray when the fear of death strikes them. Bluffing is the essential ingredient of politics. Your
Betrayal leads to the loss of faith in life itself. Backstabbing and blaming others with selfish motives are the worst of misconducts.

Egoism. This problem arises from the self-pride of ‘ I am in no way inferior to the other fellow. Why should I respect him at the cost of my self-esteem? Actually, such self-centred attitude leads to more ruin to the self. Because, ego creates more hatred of other people and, the egoist gets isolated from the society and lives as an island cut off from the rest of the world.

Bad habits and conducts will continue even if the strictest laws with the severest punishments are enforced. People do find loopholes and excuses to deviate from the accepted ethics and norms. The misconduct will stop only when the conscience wakes up. Theft cannot be removed from the society until the thief by self realizes his folly and vows to stop it. Unless the mindset of people changes, these shameful behaviors will persist in the world. What is wrong in wishing a world without any defects.
- Mohan Thulasingam

[05/22/13]   Rape is the most morally and physically reprehensible crime in a society-------

A bench of justices B S Chauhan and Dipak Misra has observed as follows in CRIMINAL APPEAL NO. 2322 of 2010 dated 20.05.2013 :-
Rape is the most morally and physically reprehensible crime in a society, as it is an assault on the body, mind and privacy of the victim. While a murderer destroys the physical frame of the victim, a rapist degrades and defiles the soul of a helpless female.
Rape reduces a woman to an animal, as it shakes the very core of her life. By no means can a rape victim be called an accomplice. Rape leaves a permanent scar on the life of the victim, and therefore a rape victim is placed on a higher pedestal than an injured witness. Rape is a crime against the entire society and violates the human rights of the victim.
Being the most hated crime, rape tantamounts to a serious blow to the supreme honour of a woman, and offends both, her esteem and dignity. It causes psychological and physical harm to the victim, leaving upon her indelible marks.

[06/12/12]   Life insurance: How much is enough?

While the decision to buy life insurance may seem simple and straightforward, the biggest decision for most first-time insurance buyers should be ‘how much’ rather than ‘why’. The amount of cover matters even more for buyers who have dependants: too little will place these family members under pressure in unforeseen circumstances.

So, what is that ‘perfect number’ for life insurance coverage?

While there is no one-size-fits-all number, life insurance should provide enough coverage to replace the income of the insured individual in case of his death. A simple rule of the thumb that most buyers follow is to multiply their annual salary by eight.

Breaking it down

A useful method for determining the amount of coverage is to first determine their Human Life Value (HLV). This figure represents the present value of the individual’s earnings and a projection of its future value. HLV is based on three variables:

The age of dependants :

If majority of the dependants are of a relatively young age at the time of purchasing the insurance, the buyer must take into account that they will need financial support for a longer period of time.

Current and future expenses :

These include recurring as well as major expenses that the family will incur post the buyer’s demise. For instance, children’s education, regular living expenses, and so on.

Liabilities :

Existing loans including home loans and car loans, and any financial obligations the family needs to fulfill post the buyer’s death need to be factored in too.

For ease of calculation, assign a tentative figure to each variable. The total sum will reveal the buyer’s HLV, and in turn, the amount of coverage the buyer’s dependents will require. To determine an even more accurate estimate, the buyer may deduct the total of his current assets from this HLV, including existing life insurance policies and the monetary worth of his savings accounts.

While this calculation gives a comfortable approximate, it neglects to take into account the effect of inflation on the purchasing power of the coverage. A good way to counter this is to account for an annual inflation rate of 3–5 percent per annum for regular living expenses, and 8–10 percent per annum for medical and education costs while calculating HLV. Various websites have started offering free online tools to determine the HLV and, consequently, the amount of life insurance coverage required.

Complicated as this may seem, such meticulous planning can go a long way in ensuring that the buyer’s investment in life insurance fulfils the role it was intended to essay – protecting his loved ones and providing for them even after his passing.

Source- HDFC Bank

[05/09/12]   Todays Update

# Clarification on service-tax payable where invoice raised before 01.4.2012

# IT Raids on Nithyananda Madurai Adheenam

# Prosecution for dishonoured cheques possible against Company & its functionaries – SC

# Use of words on a product package, even though they may not serve as brand names, would amount to infringement, if identical or similar to prior registered trademarks

# Notional interest on deposits paid by employer to landlord cannot be considered while computing perquisite value of residential accommodation

# Portable Provident Fund A/c numbers coming soon

# Calcutta HC strictures CLB member for ‘copy and paste disease’, ‘non-application of mind

# Registration of institution u/s 12AA cannot be cancelled if its receipts from trade, commerce, etc., exceeds Rs.10Lakhs/Rs.25 Lakhs limit u/s 2(15)

# Foreign investment in Commodity Exchanges & NBFC Sector – Amendment to FDI Scheme

# Enforcement of Intellectual Property Rights on imported goods – Clarification on the issue of parallel imports

# FDI in India – Issue of equity shares under FDI scheme allowed under Government route

Value of Assets Seized in Searches Conducted by Income Tax Department Stood at Rs. 905.61 Crore in 2011-12

Non-furnishing of PAN by payee caused delay in filing of e-TDS return, penalty for such late filing not to be levied

ICSI – Applicability of Schedule VI of Companies Act, 1956 for June 2012 Examination

DVAT – Notification dated 23.03.2012 applicable only for movement of goods in pursuance of interstate sale, stock transfer & export

MVAT Notification regarding entry C-12 -Bidy & D-12

ICAI found irregularities in operations of MNC Audit firms

MVAT Notification for ECS of Refund and Mandate form to be submitted by Dealer

Exemption to notified class of investors from tax on consideration received by a closely held company in excess of the fair market value of its shares

Foreign exchange remittance limit for miscellaneous purposes without documentation raised to USD 25000

Transfer of Funds from NRO account to Non- Resident External Account

[05/09/12]   Subject: – Clarification on Rate of Tax – regarding.

1. The rate of service tax has been restored to 12% w.e.f. 1st April 2012. Representations have been received requesting clarification on the rate of tax applicable wherein invoices were raised before 1st April 2012 and the payments shall be after 1st April 2012. Clarification has been requested in case of the 8 specified services provided by individuals or proprietary firms or partnership firms, to which Rule 7 of Point of Taxation Rules 2011 was applicable and services on which tax is paid under reverse charge. 2. The rate of service tax prevalent on the date when the point of taxation occurs is rate of service tax applicable on any taxable service. In case of the 8 specified services and services wherein tax is required to be paid on reverse charge by the service receiver the point of taxation is the date of payment. Circular No 154/5/2012 – ST dated 28th March 2012 has also clarified the same. Thus in case of such 8 specified services provided by individuals or proprietary firms or partnership firms and in case of services wherein tax is required to be paid on reverse charge by the service receiver, if the payment is received or made, as the case maybe, on or after 1st April 2012, the service tax needs to be paid @12%.

3. The invoices issued before 1st April 2012 may reflect the previous rate of tax (10% and cess). In case of need, supplementary invoices may be issued to reflect the new rate of tax (12% and cess) and recover the differential amount. In case of reverse charge the service receiver pays the tax and takes the credit on the basis of the tax payment challan. Cenvat credit can be availed on such supplementary invoices and tax payment challans, subject to other restrictions and conditions as provided in the Cenvat Credit Rules 2004.

4. Trade Notice/Public Notice may be issued to the field formations accordingly.

[03/19/12]   The Institute of Chartered Accountants of India, New Delhi

BUDGET HIGHLIGHTS 2012-13

The Economy

• The Union Budget 2012-13 identifies five objectives relating to growth, investment, supply bottlenecks, governance, and removing malnutrition to be addressed effectively in the ensuing fiscal year. It is a status quo budget rather than a reformist budget.

• GDP growth to be 7.6 per cent (+ 0.25 percent) during 2012-13.

• Gross Tax Receipts estimated at Rs. 10,77,612 crore.

• Net Tax to Centre estimated at Rs. 7,71,071 crore.

• Non-tax Revenue Receipts estimated at Rs. 1,64,614 crore.

• Non-debt Capital Receipts estimated at Rs. 41,650 crore.

• Temporary arrangement to use disinvestment proceeds for capital expenditure in social sector schemes extended for one more year.

• Total expenditure for 2012-13 budgeted at Rs. 14,90,925 crore.

• Amendment to the FRBM Act proposed as part of Finance Bill. New concepts of “Effective Revenue Deficit” and “Medium Term Expenditure Framework” introduced.

• Central subsidies to be kept under 2 per cent of GDP; to be further brought down to 1.75 per cent of GDP over the next 3 years.

• Investment in 12th Plan in infrastructure to go upto Rs. 50,00,000 crore; half of this is expected from private sector.

• White Paper on Black Money to be laid in the current session of Parliament.

Tax proposals mark progress in the direction of movement towards DTC and GST

• Total expenditure budgeted at Rs. 14,90,925 crore; plan expenditure at Rs. 5,21,025 crore – 18 per cent higher than 2011-12 budget; non plan expenditure at Rs. 9,69,900 crore

• Fiscal deficit targeted at 5.1 per cent of GDP, as against 5.9 per cent in revised estimates for 2011-12

• Central Government debt at 45.5 per cent of GDP as compared to Thirteenth Finance Commission target of 50.5 per cent

• Medium-term Expenditure Framework Statement to be introduced; will set forth 3-year rolling target for expenditure indicators.

• Currrent account deficit is likely to be at 3.6%.

• Net market borrowing required to finance the deficit to be Rs. 4.79 lakh crore in 2012 -13.

• Effective Revenue Deficit to be 1.8 per cent of GDP in 2012 -13.

• Official amendment to “The Pension Fund Regulatory and Development AuthorityBill, 2011”, “The Banking Laws (Amendment) Bill, 2011” and “The InsuranceLaw (Amendment) Bill, 2008” to be moved in this session.

• Defence services get Rs. 193407 crore.

Direct Tax Proposals

I Anti-Avoidance Measures

• General Anti-Avoidance Rules (GAAR) proposed to be introduced in the Income -tax Act, 1961 to check aggressive tax planning. Earlier, the Direct Taxes Co de Bill, 2010 had proposed to introduce GAAR.

• Transfer pricing provisions proposed to be introduced in respect of specified domestic transactions exceeding the prescribed threshold.

• Clarifications in sections 9 and 195 in the context of judicial decisions to tax gains from off-shore transactions where the underlying assets are located in India.

• Introduction of compulsory reporting requirement in case of assets held abroad by residents.

• Tax Residency Certificate to be submitted by the tax payer in case he wants to claim the benefit of DTAAs under section 90 or 90A. This is a necessary condition but not sufficient for availing the benefits of the DTAA.

II Measures to prevent generation and use of unaccounted money -

• Additional onus on closely held companies to explain the source of sum credited as share capital and share premium in their accounts in the hands of the resident shareholder. Otherwise, provisions of section 68 would be attracted in the hands of the company.

• The consideration received in excess of fair market value of shares to be treated as income of a closely held company, where consideration received for issue of shares exceeds the face value of shares.

• Unexplained money, investment, cash credits to be taxed at the maximum marginal rate of 30%, without allowing basic exemption or allowance for expenditure.

• Tax to be collected at source by the seller in respect of sale of jewellery in cash, where the value exceeds Rs.2 lakh, irrespective of its ultimate use, and in respect of sale of minerals, namely, coal, iron ore and lignite, to be used for trading purposes.

• Resident having any asset outside India (including financial interest in any entity) to file return of income compulsorily, even if he does not have taxable income.

• Extended period of 16 years for reassessment, in respect of persons whose income in relation to such assets located outside India has escaped assessment.

• Undisclosed income found during the course of search and admitted at the stag e of search will attract penalty of 10% and if admitted at the stage of filing return, will attract penalty @ 20%. In other cases, penalty would range between 30% to 90% of undisclosed income.

• Prosecution mechanism strengthened by providing for constitution of special courts, application of summons trial for offences and provisions for appointment of public prosecutors.

III Transfer Pricing Provisions

• Introduction of Advance Pricing Agreements for determining arm’s length price of international transactions.

• Transfer Pricing Officer empowered to examine international transactions not reported by the assessee.

• Transfer Pricing regulations to apply to specific transactions entered into by domestic related parties where the aggregate amount of such transactions exceed the monetary threshold of Rs. 5 crores during the year.

• Due date for filing return of income in case of non corporate payers who are required to file transfer pricing report under 92E also extended to 30 th November of the assessment year. Due date for filing tax audit report in all such cases, both corporate and non corporate, is also 30th November of the assessment year.

• Definition of international transaction further amplified to clarify the scope of “intangible property” included therein and to include business restructuring or re -organisation, entered into by an enterprise with an associated enterprise, whether or not it has a bearing on the profits, income, losses or assets of such enterprises at the time of the transaction or at any future date.

• Amendments relating to DRP like appeal against its directions and its power to enhance variations are proposed to be incorporated.

IV Business Taxation

• Alternate Minimum Tax (AMT) levy extended to all persons other than companies, claiming profit linked deduction. However, if the adjusted total income does not exceed Rs.20 lakh for individuals, HUFs, AOPs, BOIs and Artificial Juridical Persons, the provisions for levy of AMT would not be applicable.

• The turnover limit for compulsory tax audit of accounts as well as for presumptive taxation proposed to be raised from Rs.60 lakhs to Rs.1 crore.

• Expenditure on agricultural extension project and expenditure on skill development project to qualify for weighted deduction @ 150%.

• Scope of definition of “specified business” to qualify for investment -linked tax deduction expanded to include setting up and operating an inland container depot or a container freight station, beekeeping and warehousing facility for storage of sugar.

• Provision of weighted investment-linked tax deduction for certain specified businesses like setting up and operating a cold chain facility, a warehousing facility for storage of agricultural produce, etc.

• Extension of sunset date for tax holiday for power sector by one more year.

• Benefit of initial depreciation @ 20% of actual cost of new machinery or plant acquired and installed in the year extended to power sector undertakings.

• Weighted deduction for in-house scientific research and development extended for a further period of five years.

• Disallowance under section 40(a)(ia) for non-deduction tax at source in respect of certain payments not to be attracted where the assessee is not deemed to be an assessee in default under section 201(1) on account of payment of the taxes by the payee.

• Daily tonnage income of Shipping Companies calculated on presumptive basis proposed to be increased.

• Net profit as per the relevant statute to be considered for computing book profit for levy of Minimum Alternate Tax in case of Banking ,Insurance companies etc which do not maintain accounts as per Schedule VI of the Companies Act, 1956. Further, reference to Part III is proposed to be removed since Revised Schedule VI does not contain Part III.

V Personal taxation

• Personal income-tax rates rationalized. Basic exemption limit to be increased to Rs.2 lakhs for both women and men, thereby removing gender discrimination. 30% rate to be attracted in respect of income over Rs.10 lakhs.

• Deduction of upto Rs.10,000 for interest on savings bank account.

• Additional deduction of upto Rs.5,000 for preventive health check -up.

• Senior citizens not having business income to be exempted from payment of advance tax.

• Age of senior citizen for availing higher deduction for medical insurance premium, medical treatment of a specified disease or ailment, etc. aligned with the reduced age of 60 years for availing higher basic exemption limit.

VI Capital Gains

• Capital gains tax on sale of residential property to be exempt if the sale consideration is used for subscription in equity of a manufacturing SME company for purchase of new plant and machinery.

• Reduction in STT rate for delivery based purchase and sale of equity shares and units of equity oriented fund by 20%.

• Benefit of exemption under section 54B in respect of transfer of agricultural land and purchase of new agricultural land extended to HUFs also.

VII Provisions for deduction of tax at source

• TDS @ 1% on transfer of certain immovable properties (other than agricultural land) if consideration exceeds specified threshold.

• TDS @ 10% on remuneration to a director, which is not in nature of salary.

• Threshold for TDS on compensation or consideration for compulsory acquisition to be increased from Rs.1 lakh to Rs.2 lakhs.

• Threshold for TDS on payment of interest on debentures increased from Rs.2,500 to Rs.5,000 and this limit would be applicable in respect of interest on unlisted debentures also.

VIII Tax Exemptions and Benefits

• Interest paid by specified company to non-resident in respect of borrowing made in foreign currency from sources outside India to be subject to concessional rate of 5%.

• Concessional rate of taxation @ 15% of gross dividends received by an Indian company from specified foreign company to be extended in respect of dividend received in F.Y. 2012-13 also.

• Cascading effect of dividend distribution tax (DDT) under section 115 -O removed in multi-tier corporate structure also.

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