CA MEDHA KENDRA E.Y.E | August 2016...Other s have set up free phon e charging stations for players...
Transcript of CA MEDHA KENDRA E.Y.E | August 2016...Other s have set up free phon e charging stations for players...
CA MEDHA KENDRA E.Y.E | August 2016
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This 15th August marks 70 years of Independent India, what a proud feeling it is.
While wishing you a Happy Independence day, let us remembering the strife of our
forefathers, make sure that we all take the oath of allegiance to the Republic of India
and abide by its sanctity in the days to come...
National Pledge
India is my country.
All Indians are my brothers and sisters.
I love my country, and I am proud of its rich and varied heritage.
I shall always strive to be worthy of it.
I shall give respect to my parents, teachers and all elders and treat
everyone with courtesy.
To my country and all my people, I pledge my devotion.
In their well-being and prosperity alone lies my happiness.
Jai Hind!
Our Team
Editorial Board
VCAN –Team
Vedharaman Sri
Chandresekara Venkatraman
Aravind K
Nivedha Srinivasan
Neeraj Surana
Esteemed Proof readers
Akshay Kankaria
Parvathi Anantha
Rihan Abdulrahman
In this issue… Page No.
1. Editor’s desk 1
2. The Story - Pokémon Go 2
3. Legal Updates 5
4. Equalisation Levy 9
5. Career-wise: Forensic Audit 11
6. Faces in the news 14
7. The Practice Manual of Life 15
8. Statutory Compliance Calendar 17
From the Editor's Desk
Dear friends,
Subsequent to achieving 2500+ circulation in our first issue and with the backing of some more volunteers who are likewise enthusiastic about ‘’Expanding their Edges’’, we are reaching to you with our second issue of ‘EYE’.
Hearty congratulations to all those who aced their Final exams successfully and have become a “Chartered Accountant”. As well as to those who cleared the entrance and stepped into this prestigious course, good luck to you. And for those who couldn't accomplish their dream “this time”, don’t lose faith in yourself. You know what you are capable of and what you wish to see yourself as. March forward, swim forth!
I wish to share an inspiring story that I heard from Mr. T. T. Rangarajan (Founder of Alma Mater that advocates ‘Infinitheism’) about the challenges we face in our life.
“When a man is reading the ancient scriptures he finds a sentence ‘silversmith throws a piece of silver into the furnace’. He does not understand the meaning behind the quote and decides to go to the silversmith’s place to watch the processes going on there. He asked the silversmith ‘why do you throw the silver piece into the furnace’, the silversmith replied, ‘to make the silver useable and convert them by making ornaments’. Another question popped into his mind, “how will you decide whether the silver is ready to be used for ornaments”. Silversmith said, ‘when the boiling silver reflects my face, I will take it out of the furnace’.
The man finally captured the crux of the saying from the silversmiths reply. We humans are pieces of silver, the silversmith is God and the furnace is our life. We undergo lots of challenges and failures in our life similar to the silver that got melted in the furnace. As silversmith takes out the silver out of the furnace, in the same way God brings us out of our struggles that we undergo and give bliss in our life provided we never give up on the task at which we had faced failure previously. It’s all about our self confidence that we can take up the failures as challenges and succeed”
If you don’t conquer your fear, it will gain control over you and make you emotionally weak. Face what you must face. Face your fears, challenge yourself and never ever procrastinate it. Admit your failures, take lessons from it. Start practicing! Dream big, Start small, Act now! “Sweat more in practice, bleed less in war” – Spartan Warrior Credo.
I would also like to quote Robin Sharma here who said “Your unused potential turns
into pain, so use your full potential and put your full efforts. Success is yours.”
- VCAN Team
CA MEDHA KENDRA E.Y.E | August 2016 |Page 2
Pokémon Go Cashing in on the trend
By Nivedha Srinivasan
What is Pokémon Go?
Pokémon Go is a free-to-play location-based, augmented reality game for iOS and
Android devices. Released in most regions of the world in July 2016, the players use
the smart device's GPS and camera to capture, battle, and train virtual creatures,
called Pokémon, who appear on the screen as if they were in the same real-world
location as the player.
It rapidly got to be a standout amongst the most utilized mobile apps soon after
release, and was downloaded by more than 75 million individuals around the world.
Pokémon Go is more than just a gaming
craze — it's an economic one, too. People
are making and spending plenty of cash
in a new ecosystem of Pokémon-related
goods and services that has emerged less
than a month after the app's launch.
CA MEDHA KENDRA E.Y.E | August 2016 |Page 3
Who earns what?
While Pokémon Go is not developed by Nintendo, the company owns a
minority stake in the Pokémon Company and has invested in Niantic.
Nintendo makes 10% from the game, as well as an additional 10% from the
company’s investment of $30 million for the project. Since the game is free,
greater player engagement will result in more advertising and franchise
revenue for Nintendo.
Alphabet Inc. (GOOGL) profits from Pokémon Go in two distinct ways. The
game was created by Niantic, which was an in-house start up at Google.
Niantic earns 30% of the game’s revenue. Google also gets 30% of revenue
from in-app purchases on Androids. While the game is free, players are
making many in-game purchases to advance their playing experience.
Apple Inc. (AAPL) also earns 30% from in-app purchases from iPhone, iPod,
and iPad users.
Another 30% of profits go to the Pokémon Company itself, which holds all the
licensing rights of the Pokémon brand.
Investors were buoyed by the response to the initial release of Pokémon Go on July 7,
with Nintendo's share
price rising by an initial
10% and by July 14 shares
rose to as high as 50%. By
July 22, Nintendo gained
¥1.8 trillion (US$17.6
billion) in market
capitalization since the
game's launch. However,
following clarification
from Nintendo that the company did not produce Pokémon Go nor have tangible
financial gains from it, its stock fell by 18%—equating to a ¥708 billion (US$6.7
CA MEDHA KENDRA E.Y.E | August 2016 |Page 4
billion) loss in market value on July 25. This was the largest single-day decline for
Nintendo since 1990 and the maximum one-day exchange of finances allowed on the
Tokyo Stock Exchange.
Businesses embracing the trend
The fad is generating foot traffic and revenue for small businesses who are embracing
the new trend and coming up with innovative offers and discounts to monetarize the
craze.
One feature of the game is the Lure Module,
a device that anyone can buy through the
Pokémon app to attract Pokémon for 30
minutes. Lures which are a cheap investment
cost only a dollar and can be stacked on top
of each other are used by businesses to pull
in the Pokémon hunters boosting their
overall sales revenues.
Bars and other small businesses across the
UK are advertising their conveniently located Pokéstops. Plenty of other businesses
have been lucky enough to be near an important location within the game, boosting
their foot traffic.
Others have set up free phone charging stations for players as the game is a battery
hog. Bloomberg reports of Zagg Inc. (ZAGG), a company that produces battery cases
which keep your phone charged, have risen 12.5% in the past two trading sessions
since players don't want their phones to die while they are out playing.
Since the app uses the player’s actual location and draws them to certain areas, many
businesses have created marketing campaigns due to the increased foot traffic
around retail locations. Blending offline and online marketing campaigns centered
around the game, has proven to be an effective hook for many small businesses.
And that's just the start. Niantic, the creator of the app, has already said it plans to
allow companies to sponsor locations within the game which will make the Pokémon
Go’s reach being beyond the screen.
Gotta catch ‘em all, in style!!!
CA MEDHA KENDRA E.Y.E | August 2016 |Page 5
Central Board of Direct Taxes
Compiled by Vedharaman Sri
1) ICDS Applicability postponed.
ICDS shall be applicable only from previous
year 2016-17 (Assessment Year 2017-18).
Source:http://pib.nic.in/newsite/erelease.as
px?relid=146874
2) Circular No. 28/2016:
Persons born on 1st April would be
considered as attained the particular age ( 60
or 80) on 31st March for the purpose of
determining category individual as senior
citizen or super senior citizen for computing
tax liability of individuals.
In case of individual born on 1st, April 1936 /
1956 are eligible to claim themselves as
super senior citizen / senior citizen in A.Y
2016-17.
http://incometaxindia.gov.in/communicatio
ns/circular/cirularno282016.pdf
3) Income Declaration scheme:
a) Notification. No: 59/2016
New Due dates for tax, surcharge and
penalty payable in respect of undisclosed
income under Income Declaration Scheme:
-Not less than 25% - 30-Nov-2016
-Not less than 50% - 31-Mar-2017
-Whole amount – 30-Sep-2017
b) Notification No: 60/2016
Income Declaration scheme forms now can
be revised.
4) Following districts of the states are
notified as Backward areas for the section
32(1)(iia) and 32AD
Telengana:
Adilabad, Nizamabad, Karimnagar, Warangal, Medak, Mahbubnagar, Rangareddy, Nalgoda, Khammam.
West Bengal:
South 24 parganas, Bankura, Birbhum, Dhakshin dinajpur, Uttar dhinajpur, Jalpaiguri, Malda, East medinipur, West medinipur, Murshidabad, Purulia.
Bihar:
Arwal, Banka, Begusarai, Bhagalpur, Buxar, Gopalganj, Khagaria, Kishanganj, Madhepura, Munger, West champaran, East champaran, Saharsa, Saran, Sheikhpura, Sitamarhi, Siwan.
5) CBDT notified DTAA between India and
Saint Kitts and Nevis.
http://incometaxindia.gov.in/communicatio
ns/notification/notification62_2016.pdf
CA MEDHA KENDRA E.Y.E | August 2016 |Page 6
Central Board of Excise and Customs
Compiled by Chandrasekara Venkatraman
1) Invoice authentication:
Manufacturer or service provider who opts to issue invoices authenticated by digital signature may print a copy of such invoice and sign them manually and can send the customers who are unable to receive the digitally signed invoice.
Invoices authenticated by two signatures, digitally and as well as manually would be considered to be in conformity with Central Excise Rules, Service Tax rules.Such invoices would also be a valid document to avail CENVAT Credit.
Circular: http://cbec.gov.in/…/…/cx-circulars-2016/circ1038-2016cx.pdf
2) General procedures regarding excise duty
on articles of jewellery or parts of articles of
jewellery or both falling under heading 7113
http://cbec.gov.in/resources//htdocs-
cbec/excise/cx-circulars/cx-circulars-
2016/circ1043-2016cx-signed.pdf
3) Guidelines for issue of summons, visits,
search, seizure, arrest and prosecution
regarding manufacturers or principal
manufacturers of articles of jewellery or parts
of articles of jewellery or both
cbec.gov.in/resources//htdocs-cbec/excise/cx-
circulars/cx-circulars-2016/circ1044-2016cx-
signed.pdf
4) Recovery Proceedings:
Recovery proceeding in relation to an order of Hon’ble High Court or Tribunal confirming demand of duty, may be initiated only after,a period of sixty days from the date of order of the Hon’ble Tribunal or Hon’ble High Court, as the case may be, where no stay has been granted by Hon’ble High Court or Hon’ble Supreme Court against the order of Hon’ble Tribunal or Hon’ble High Court, respectively.
Circular: http://www.cbec.gov.in/…/cx-
circulars-2…/circ1035-2016cx.pdf
CA MEDHA KENDRA E.Y.E | August 2016 |Page 7
Ministry of Corporate Affairs
Compiled by Vedharaman Sri
MCA Notifed following rules during the month of July 2016
1) National Company Law Appellate Tribunal Rules, 2016
http://www.mca.gov.in/Ministry/pdf/Rules_22072016.pdf
2) National Company Law Tribunal Rules, 2016
http://www.mca.gov.in/Ministry/pdf/Rules_22072016_1.pdf
3) Companies (Share Capital and Debentures)
Third Amendment Rules, 2016
http://www.mca.gov.in/Ministry/pdf/Rules_19072016.pdf
4) Companies (Acceptance of Deposits)
Amendment Rules, 2016
http://www.mca.gov.in/Ministry/pdf/Rules_30062016.pdf
5) Companies (Incorporation) Third Amendment Rules, 2016
http://www.mca.gov.in/Ministry/pdf/CompaniesThridAmendementRules_28072016.pdf
6) Companies (Appointment and
Remuneration of Managerial Personnel)
Amendment Rules, 2016
http://www.mca.gov.in/Ministry/pdf/AmendmentRules_01072016.pdf
7) Companies (Accounts) Amendment Rules,
2016
http://www.mca.gov.in/Ministry/pdf/Compa
niesAccountsAmendmentRules_28072016.pdf
8) Companies (cost records and audit)
Amendment Rules, 2016
http://www.mca.gov.in/Ministry/pdf/Rules_15072016.pdf
(For brief analysis Companies (cost records
and audit) Amendment Rules, 2016:
https://www.facebook.com/notes/ca-medha-
kendra/a-brief-analysis-on-companies-cost-
records-and-audit-amendment-rules-
2016/265795020458975)
MERGER PROPOSALS TO BE WATCHED: VEDANTA Ltd. – CAIRN Ltd.
Vedanta Ltd., incorporated in the year 1965, is a Large Cap company (having a market
cap of Rs 50147.8 Cr.) operating in Mining sector
Cairn India Ltd., incorporated in the year 2006, is a Large Cap company (having a
market cap of Rs 36475.45 Cr.) operating in Petroleum sector.
CA MEDHA KENDRA E.Y.E | August 2016 |Page 8
ICAI UPDATES
Compiled by Vedharaman Sri
1) ICAI notified corrigendum to Study Material and Practice Manual (January 2016 Edition) for November 2016 examination.
a) Corporate and Allied laws - 12 Corrections
http://resource.cdn.icai.org/42618bos32393.pdf
b) ISCA - 2 Corrections
http://resource.cdn.icai.org/42610bos32384.pdf
2) Announcement for Campus Placement Programme for Newly Qualified Chartered Accountants August-September,2016
For Candidate who are qualified in
1)May, 2015 2) November, 2015 3) May, 2016 (Completing their articleship and GMCS latest by 31st October, 2016)
For more details: http://placement.icai.org/imgs/Announcement%20AS-16.htm
3) CA Final RTP November 2016
Financial Reporting: http://resource.cdn.icai.org/42751bos32612p1.pdf
Strategic Financial Management:
http://resource.cdn.icai.org/42752bos32612p2.pdf
Auditing and Professional Ethics: http://resource.cdn.icai.org/42753bos32612p3.pdf
Corporate Law and Allied Laws: http://resource.cdn.icai.org/42754bos32612p4.pdf
Advanced Management Accounting: http://resource.cdn.icai.org/42755bos32612p5.pdf
Information Systems and Control Audit: http://resource.cdn.icai.org/42756bos32612p6.pdf
Direct Tax Laws : http://resource.cdn.icai.org/42757bos32612p7.pdf
Indirect Tax Laws: http://resource.cdn.icai.org/42758bos32612p8.pdf
CA Exams – November, 2016
ICAI Notified exam dates of CA Final , CA IPC November 2016
Final Examination:
Group – I 1st, 3rd, 5th, 7th November, 2016
Group –II 9th, 11th, 13th & 16th November, 2016
IPC Examination:
Group – I 2nd, 4th, 6th, 8th November, 2016
Group –II 10th, 12th,& 15th November, 2016
(http://resource.cdn.icai.org/42698exam32525.pdf)
CA Exams – December, 2016
CPT – 18th December, 2016
(http://resource.cdn.icai.org/42739exam32598.pdf)
CA MEDHA KENDRA E.Y.E | August 2016 |Page 9
Equalisation Levy
Fancy commercial terms attracts our attention. And possibly this is how the Finance Ministry
wished to make a mark by using a fancy term to tax certain transactions from the AY (2017-18)
Google tax? Equalisation Levy? What is it all about?
Advent of e-commerce in the commercial market brought a significant change in the tax laws of
various countries as it created a necessity to sharpen the minds of legislators to tax those
transactions.
Absence of Permanent Establishment (‘PE’) at the source country from where the income is
earned, has always been an advantage for the e-commerce industry.
To curb this, the Indian government in the budget for the year 2016, came up with a fancy levy,
‘Equalisation levy’ for e-commerce transactions.
Finance minister budget speech 2016
In order to tap tax on income accruing to foreign e-commerce companies from India, it is proposed that a person making payment to a nonresident, who does not have a permanent establishment, exceeding in aggregate Rs 1 lakh in a year, as consideration for online advertisement, will withhold tax at 6% of gross amount paid, as Equalization levy. The levy will only apply to B2B transactions. Vide chapter VIII of the recent budget, digital B2B transactions have been brought to tax for non-residents who does not have a PE in India. It is part of separate self-contained code and is not part of Income-tax Act. How much is payable? 6% of tax is payable on gross consideration payable for a ‘Specified Service’. The ‘Specified Service’ is defined as follows:
- Online advertisement - Any provision for digital advertising space or facilities/ service for the purpose of
online advertisement - Any other service which may be notified later.
CA MEDHA KENDRA E.Y.E | August 2016 |Page 10
Onus of discharging the liability: The liability to discharge the levy is on resident person and foreign company (having a PE in India) who is required to withhold Equalisation Levy while making payment to a non-resident service provider. Further, the compliance procedure is similar to withholding tax compliances already prevalent in India. Consequences of non-compliance: Delayed payment carries a simple interest at 1% of the outstanding levy for every month or part thereof is delayed. Further, the CBDT has notified the Equalisation levy Rules, 2016 containing compliance with the provisions as introduced by Finance Act, 2016. When there is an effect, there should be a cause Why was the Equalisation Levy introduced? Before explaining the cause for equalisation levy, we need to understand two terms here. 1. OECD – Organisation for Economic Co-operation and Development – One of the organisation responsible for démonstrating the tax policies to be adopted as part of changing business environment. 2. BEPS – Base Erosion and Profit Shifting – It refers to eroding of profits from the base and shifting the profits to a low tax/ no tax country. OECD came up with an action plan to curb this. Under the BEPS Action Plan 1, the OECD considered Equalisation Levy as one of the modes of taxing the Digital transactions. India’s action on BEPS agenda relating to Digital Economy was eagerly awaited as India had played a significant role in incorporating various tax options in the Action Plan. Indian government has taken the first step as part of BEPS action plan – the Equalisation plan as it is called. Now all we have to do is wait and analyse the effectiveness of this levy.
About the Author
Name: Balachandar S
Qualification: CA Qualified
Email : [email protected]
CA MEDHA KENDRA E.Y.E | August 2016 |Page 11
FORENSIC AUDIT
Results are out and KUDOS to all those who have cleared!
Post the celebrations and the parties, getting back to the present; I am pretty sure all those who
have cleared will agree that the grass is never green on the other side. In the mind of every
fresher, amidst the happiness of qualifying, lies the inevitable worry of “WHAT NEXT?” This is
an attempt to answer such a question with one possible career choice – “FORENSIC AUDIT”.
With the upsurge of financial accounting fraud in the global economy, the daily tabloid today,
jogs the memory of every finance professional by its reports on various scandals. To a chartered
accountant, this definitely means more bread and butter. Hence, an increasing level-of
importance is being attached to FORENSIC AUDIT. The clock is ticking and the time, when
statutory audits may be replaced by Forensic Audit, is not very far.
This article is an attempt to give its readers, answers to frequently asked questions about
“FORENSIC AUDIT”; namely ‘What is it about?’, The ‘Nature and Scope of work’ involved, the
‘Attributes and qualities desired’ in a forensic accountant.
WHAT IS FORENSIC AUDIT?
FORENSIC AUDIT involves examination and evaluation of financial information for use as
evidence in a court of law. The regularity and propriety of off Balance Sheet items are examined,
while conducting a forensic audit.
CA MEDHA KENDRA E.Y.E | August 2016 |Page 12
NATURE AND SCOPE OF WORK
For a Forensic accountant the canvas is broad - some of the popular spheres of work are narrated
below.
DESIRED ATTRIBUTES AND QUALITIES
It’s a beautiful thing when career and passion come together; forensics demands an overdose of
the same. If you strongly sense a ‘Sherlock Homes’ in you and want to sniff financial statements,
then, you are on the right page; scroll down further – check your boxes – and feel relieved about
having found the remedy to your “WHAT NEXT?” anxiety. The answer being - YOU WANT TO
BE A FORENSIC ACCOUNTANT!
A Forensic accountant is not a passive watchdog, but a bloodhound, who presumes guilt unless
proven innocent. CA. Sherlock Homes works with a hunch that a fraud is lurking around the
corner and his golden rule is “Question every single document and customarily look for
inconsistencies!”
CRIMINAL INVESTIGATION
# Window dressing
INSURANCE CLAIMS
# Valuation
FRAUD INVESTIGATION
# bloodhound
PROFESSIONAL NEGLIGENCE
# Auditing the Auditor
DISPUTE SETTLEMENT
# handle disagreements, disputes, claims and infringement
LITIGATION SUPPORT
# testify as witness, assist in cross examination & formulation of questions to be asked at trail
CA MEDHA KENDRA E.Y.E | August 2016 |Page 13
The specific skills that are called for in a forensic accountant are elucidated below.
In India, the CA qualification will give you a head start. Similarly, a CPA qualification in the US
and ACCA in the UK is important at the outset. Universally, Forensic accountants are adding
further value to their brand by taking up the Certified Fraud Examiner (CFE) program or the
Certified Forensic Accountant (CrFA) exam.
PASSION is the DIFFERENCE between having a JOB or having a CAREER. In this age of crime,
every organization should proactively protect itself against fraud. So, get going, exploit this
diamond mine, because you never know what the future holds for you.
WORK HARD. PLAY HARDER.
ACCOUNTING SKILLS
ANALYTICAL SKILLS
INVESTIGATIVE INTUTION
ATTENTION TO DETAILS
LEGAL SKILLS INTERPERSONAL
SKILLS
RESEARCH SKILLS
About the Author
Name: CA. Radhika Muthuswamy
Qualification: Chartered Accountant
Email : [email protected]
CA MEDHA KENDRA E.Y.E | August 2016 |Page 14
Faces in the News
Recep Tayyip Erdoğan
*12th President of Turkey
On 15 July 2016, a coup d'état was attempted by the military, with aims to remove Erdoğan from government for his dictorship, however by the next day Erdoğan’s government managed to reassert effective control in the country
Theresa May
*Prime Minister of the United Kingdom
Following the resignation of David Cameron on 24 June 2016, May announced her candidacy for the leadership of the Conservative Party and quickly emerged as the front-runner. She was appointed Prime Minister, the second woman to hold that office, after Margaret Thatcher
John Hanke
*Founder and CEO of Niantic, Inc.
A company that creates experimental mobile, social, and local applications. The company is most widely known for its creation of Pokémon Go and Ingress.
Sushma Swaraj
*Minister of External Affairs
She is known for her quick and efficient redressal of public grivances in Twitter. This past week she stepped into help 10,000 starving Indians who became jobless in Jeddah (Saudi Arabia) due to the closure of factories
CA MEDHA KENDRA E.Y.E | August 2016 |Page 15
Gita Series – Episode 2 by Nivedha Srinivasan
In the last edition of the Gita series what lead to the Kurukshetra war was discussed and the
setting of the Gita in the battlefield amongst the rivaling Kauravas and the Pandavas was
elucidated.
This is the beginning of the 18 chapters of the Bhagavath Gita where each chapter is called a
“yoga”.
Summary :
Chapter one introduces the scene, the setting, the
circumstances and the characters involved
determining the reasons for the Bhagavad-Gita's
revelation. The scene is the sacred plain of
Kuruksetra. The setting is a battlefield. The
circumstance is war. The main characters are Lord
Krishna and Prince Arjuna, witnessed by four million
soldiers led by their respective military commanders.
After naming the principal warriors on both sides,
Arjunas growing dejection is described due to the fear of losing friends and relatives in the course
of the impending war and the subsequent sins attached to such actions. Thus this chapter is
entitled: Lamenting the Consequence of War.
Just when the opposite parties blow their
counchshells indicating the start of the war, Arjuna
expresses his desire to ride to the center of the
battlefield to place things in perspective and fix his
goals and know who is fighting him in the battle as his
enemy.
Krishna, his friend and acting as Arjuna's charioteer
rode to the midst of the huge army and stopped the
horses to let Arjuna look at all those assembled in his
cousins’ side to fight the Pandavas. On the battlefield
Arjuna could see all of his relatives. He could see
CA MEDHA KENDRA E.Y.E | August 2016 |Page 16
persons like Bhūriśravā, who were his father's contemporaries, grandfathers Bhīṣma and
Somadatta, teachers like Droṇācārya and Kṛpācārya, maternal uncles Śalya and Śakuni, brother
Duryodhana, son Lakṣmaṇa, friends like Aśvatthāmā, well-wishers like Kṛtavarmā, etc. He could
see also the armies which contained many of his friends.
Seeing his friends ready to fight him brought great sadness into Arjuna’s mind. He was confused
and sympathetic towards them making his limbs quiver and mouth dry. Their imminent death at
his hands were a sight he could foresee and shook him further making his strong hold weak,
dropping his famous bow Gāṇḍīva from his hands. His heart burned and he could feel that
sensation travelling up his skin.
Arjuna was known as Guḍākeśa. Guḍāka means sleep,
and one who conquers sleep is called guḍākeśa. Sleep
also means ignorance. He was said to be an able
warrior conquering and winning great challenges with
ease. He was knowledgeable, brave and a man of great
caliber who befriended Krishna himself.
The irony to see this man, a great warrior of his time
shaking, quivering and losing his strength and his
stability on seeing his relatives and friends waiting in
enemy quarters.
What do you think?
Have you felt helpless when certain circumstances push you to your edges and you feel like
drowning in our lonely feelings? Well that was what someone great like him was going through.
We have these feelings from time to time which only make us more humane. Accept those
feelings and we togther will look for the solution in the coming series.
**********
Statutory Guide
Compiled by Aravind K.
Due Dates of the month August 2016
DUE DATE
STATUTE COMPLIANCE REQUIRED FORM NO. / CHALLAN
NO.
5 INCOME TAX
LAST DATE FOR FILING RETURN OF INCOME FOR THE PY. 2015-16 FOR NON CORPORATE ASSESSEES WHOSE ACCOUNTS ARE NOT SUBJECT TO AUDIT UNDER THE INCOME TAX ACT,1961 (NOTIFICATION NO F.No.225/195/2016/ITA.||, Dt: 29th of July 2016)
ITR 1/2/2A/3/4/5/7
6 CENTRAL EXCISE / SERVICE
TAX
DUTY REMITTANCE – CORPORATES FOR JULY 2016
GAR-7
7 INCOME TAX
TDS/TCS REMITTANCE FOR JULY 2016
281
10 CENTRAL EXCISE
EXCISE RETURNS – MANUFACTURERS AND NON SSI FOR JULY 2016
ER1, ER2
14 STATE SALES TAX
REMITTANCE OF VAT/CST – ELECTRONIC AND RETURN FILING. TO > 200 CRORES IN PY 2015 – 2016
FORM I/FORM 1
15 E.P.F REMITTANCE OF EPF AND MONTHLY RETURN FILING FOR JULY 2016
12A, 5/10
INCOME TAX
ISSUE OF TDS CERTIFICATES – NON SALARY – GOVT DEDUCTORS JULY 2016
FORM 16A
INCOME TAX
ISSUE OF TDS CERTIFICATE IF DEDUCTOR IS A PERSON OTHER THAN OFFICE OF GOVERNMENT FOR TDS MADE FOR QUARTER ENDING JUNE 2016 EXCEPT ON SALARIES
16A
20 VAT REMITTANCE OF VAT/CST – ELECTRONIC AND RETURN FILING. TO < 200 CRORES IN PY 2015-2016
FORM I/FORM 1
21 E.S.I REMITTANCE OF ESI AND MONTHLY RETURN FOR JULY 2016
31 INCOME TAX
ANNUAL INFORMATION RETURN FOR JULY 2016
61A
JOIN US
Attention : Inviting articles for the next issue of
EYE which is set out to be released by
1st of September.
Topics: Articles revolving around finance,
accounts and economies. We encourage and
need budding writers and thinkers.
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