From 01-04-2020, the following banks are getting amalgamated.

1. Oriental Bank of Commerce and United Bank of India with Punjab National Bank.

2. Andhra Bank and Corporation Bank with Union Bank of India.

3. Syndicate Bank with Canara Bank.

4. Allahabad Bank with Indian Bank.

Thus, 10 Banks will become 4 Banks.

I suggest that you approach your bank before 24th of this month and take necessary action for these purposes.

(a) Find out the formalities to be completed, if any

(b) Issuance of Form 16-A for F.Y.2019-20 (A.Y. 2020-21)

(c) Change of ECS arrangements for Utility Payments and receiving credits into your running account.

(d) Find out if your existing ATM cum Debit card will be functional from 01-04-2020.

(e) Link your new account with your Demat Account for Shares & Mutual Funds.

(f) If you have a Credit Card issued by any of the banks now being merged with another, apply for a new one immediately because already the credit cards you hold are getting disabled.

(g) If you receive your Salary or Pension through any of the banks merged, make alternate arrangements.

(h) If have given any Standing Instructions for Utility Payments, Loan EMIs, RD Instalments, Credit Card payments etc., make alternate arrangements within 10 days.

(i) If your have a Safe Deposit Deposit Locker with the bank being merged, then you may have to approach the Acquiring Bank for allotment of a fresh locker.

(j) Your Service Charges will vary.

(k) I understand the existing interest rates on your Deposits and Loans will continue, for the rest of their contracted term, without any change. Nevertheless, check and get it confirmed.

(l) In case of Mortgage of immovable properties, assignment of shares/LIC policies, enquire their future fate.

(m) If you have taken any Insurance Policy through your bank for Life/Health, enquire with regard to their further validity and future servicing.

Before visiting your bank, list out the jobs to be done and take necessary papers/documents/passbooks/cards with you and visit the bank in the post lunch session.

Do not postpone your work till the last moment.

On 27th of this month, there may be a Bank strike.

28th and 29th are bank holidays in view of 4th Saturday and Sunday.

30th and 31st, bank staff will be busy with their annual closing of accounts and will be under immense pressure for recovery of loans.
Some banks & branches may have different procedures according to their convenience and instruction.

New Se7en Rules by bank

Many bank rules were changed from 1st September 2019, which may have a direct impact on your life. The new set of rules has come with many benefits for the bank customers including cheap home loans and Kisan Credit Card within 15 days. In addition, the bank timings were also changed for the benefit of the general public.

Bank Timings:
In general, banks in India open at 10 am for the general public but from 1st September 2019, these timings may change for the PSBs. Now, the PSBs may have to start banking functions for consumers from 9 am. The Ministry of Finance has already issued directives to the PSBs to begin banking operations at 9 in the morning from September onwards.

Kisan Credit Card within 15 days:
From 1st September 2019, it is easy for the farmers to get Kisan Credit Card (KCC). Banks will now issue KCC within 15 days to farmers. The Central Government has already issued a notice to different Indian banks in this regard.

SBI Home Loans will be cheaper:
From 1st September 2019, State Bank of India home loans will become cheaper. This is because the repo linked lending rate (RLLR) of SBI has changed the pattern of the home loan industry. SBI has cut home loan interest rate by 0.20%. From September 1, the interest rate on home loan will be 8.05 %.

Lower interest on SBI Fixed Deposit:
From 1st September 2019, SBI will cut the rate of interest on retail fixed deposits (FDs) and bulk deposits. The bank, however, did not make any changes in the savings bank interest rate. SBI customers with deposits up to Rs 1 lakh will continue to get 3.5 per cent interest on savings account while customers with above 1 lakh deposits will get 3 per cent only. SBI has reduced the rate of retail term deposits from 0.1 to 0.5 per cent. Also, the bulk deposit rate has been cut from 0.3 to 0.7 per cent.

Auto, personal loan within 59 minutes:
To give some relief to its customers, banks will disburse auto and personal loans within 59 minutes. From 1st September, many banks in India are going to introduce ‘psbloansin59minutes’ services at its branches across the country. According to a source, Oriental Bank of Commerce would begin.

Repo Rate linked retail loans:
Bank of Maharashtra said that they will link their retail loans with the RBI’s Repo Rate. This step would make its retail loans economical.

KYC compulsory for mobile wallet use:
If you use mobile wallets such as Paytm, PhonePay, etc. then make sure that your Know Your Customer (KYC) is completed by 31st August or else you won’t be allowed to use your mobile wallet. The step has been taken after the RBI notice to mobile wallet companies asking them to finish the customers KYC by 31st August 2019. It must be noted that mobile wallet accounts without KYC will be closed by RBI.

Multiple Streams of Income

Jet_Airways…. 20000+ employees lost their job due to sudden shut down of the company.


1. Many Employees would have EMIs Running for Personal Loans, Home Loans and so on.
2. Few might be struggling with meeting the ends in life. And have to join whatever job they get even with low salary and low level.
3. Many Women employees or Men Employees wife might be Pregnant and will be terrified with this. And they have to find the second Job in Quick time.
4. Many wouldn’t have enough savings to survive till they find the new Job.
5. Many people might have planned so many things for the bright future.
But you know what? One such incident and you are nowhere!

You laterally feel sucked!!


1. Never ever depend on Single Source of Income or Company. Or I would say never ever depend on just 1 thing in Life. Have Multiple Sources of Income.
2. Always work towards Building Yourself. Invest money in Making Yourself Irreplaceable. Make yourself such that it’s difficult to replace you.
3. Do not feel secure at Job.
Job is always a Rented House.
Rented House is good till the time you Buy your Own. Don’t misunderstand between these

Live_Free_Live_Happy – Multiple_Streams_of_Income…

Practice is boring but that’s what makes your performance interesting

If you are demotivated because you are not getting good opportunities… then this story will motivate you…

It will rain only after 12 years

Once, Lord Indra got upset with Farmers, he announced there will be No rain for 12 years & you won’t be able to produce crops

Farmers begged for clemency from Lord Indra, who then said, Rain will be possible only if Lord Shiva plays his Damru, but he secretly requested Lord Shiva not to agree to these Farmers & when Farmers reached Lord Shiva he repeated the same thing that he will play Damru after 12 years

Disappointed Farmers decided to wait till 12 years but one Farmer regularly was digging treating & putting manure in the soil & sowing the seeds even with no crop emerging

Other Farmers were making fun of that Farmer. After 3 years all Farmers asked that Farmer why are you wasting your time n energy when you know that rains will not come before 12 years

He replied ” I know that crop won’t come out but I’m doing it as a matter of “practice”. After 12 years I will forget the process of growing crops n working in the field so I must keep it doing so that I’m fit to produce the crop, the moment there is rain after 12 years

Hearing his argument Goddess Parvati praised his version before Lord Shiva & said You may also lose the practice of playing the Damru after 12 years
The innocent Lord Shiva in his anxiety just tried to play the Damru, if he could, and hearing the sound of Damru immediately there was rain n the farmer who was regularly working in the field got his crop emerged immediately and others were disappointed.

Debriefing of this story

The game is won during the practice, not during the performance. If you are waiting for the good opportunity before you start practicing, then you have lost the race.

“Practice is boring but that’s what makes your performance interesting”

ICAI UDIN : Negative List

ICAI-UDIN : Negative List

1. Auditor’s Opinion/Reports issued by the Practicing Chartered Accountant under any Statute w.r.t. any entity or any person (e.g.: Tax Audit, Transfer Price Audit, VAT Audit, GST Audit, Company Audit, Trust Audit, Society Audit, etc.,

2. Valuation Reports,

3. Quarterly Review Reports,

4. Limited Review Report,

5. Information System Audit,

6. Forensic Audit,

7. Revenue / Credit / Stock Audit,

8. Borrower Monitoring Assignments,

9. Concurrent / Internal Audit and like,

10. Any report of what so ever nature issued including Transfer Price Study Report, Viability Study Report, Diligence Report, Due Diligence Report, Management Report, etc.



1. *Amar Nath Goenka and ors v. ACIT (ITA No. 5882/D/18) (ITAT, Delhi) (12/12/2018)

2. Mukta Gupta v. ITO (ITA No. 2766/D/18, 2767/D/18) (ITAT, Delhi) (Dated 26/11/2018)

3. Veena Gupta v. ACIT (ITA No. 5662/D/2018) (ITAT, Delhi) (27/11/2018)

4. Ajay Goel and ors v. ITO (ITA No. 4481 – 84/D/18) (ITAT, Delhi) (03/12/2018)

List of goods which attracts GST 28% rate with HSN codes:

List of goods which attracts GST 28% rate with HSN codes:

Many goods and services has changed since the time it was introduced. For example when GST was introduced, near 229 were having GST rate of 28%. Whereas now only 31 items net are having GST rate of 28%. Below is the list of 31 items having GST Rate of 28%.

This list updated upto 1st January 2018 and incorporates all the changes notified by government on the basis of suggestion given by GST council in the 31st meeting.

  1. No. Description of Goods Chapter / Heading / Sub-heading / Tariff item
  2. Molasses 1703
  3. Pan Masala 2106 90 20
  4. All goods [including aerated waters], containing added sugar or other sweetening matter or flavoured 2202 10
  5. Unmanufactured tobacco; tobacco refuse [other than tobacco leaves] 2401
  6. Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes 2402
  7. Other manufactured tobacco and manufactured tobacco substitutes; “homogenised” or “reconstituted” tobacco; tobacco extracts and essences [including biris] 2403
  8. Portland cement, aluminous cement, slag cement, super sulphate cement and similar hydraulic cements, whether or not coloured or in the form of clinkers 2523
  9. New pneumatic tyres, of rubber [other than of a kind used on/in bicycles, cycle-rickshaws and three wheeled powered cycle rickshaws; and Rear Tractor tyres; and of a kind used on aircraft] 4011
  10. Spark-ignition reciprocating or rotary internal combustion piston engine [other than aircraft engines] 8407
  11. Compression-ignition internal combustion piston engines (diesel or semi-diesel engines) 8408
  12. Parts suitable for use solely or principally with the engines of heading 8407 or 8408 8409
  13. Pumps for dispensing fuel or lubricants of the type used in filling stations or garages [8413 11], Fuel, lubricating or cooling medium pumps for internal combustion piston engines [8413 30] 8413
  14. Air-conditioning machines, comprising a motor-driven fan and elements for changing the temperature and humidity, including those machines in which the humidity cannot be separately regulated 8415
  15. Dish washing machines, household [8422 11 00] and other [8422 19 00] 8422
  16. Electrical  ignition  or  starting  equipment  of a kind  used  for  spark-ignition  or  compression- ignition internal combustion engines (for example, ignition magnetos, magneto- dynamos, ignition coils, sparking plugs and glow plugs, starter motors); generators (for example, dynamos, alternators) and cut-outs of a kind used in conjunction with such engines 8511
  17. Road tractors for semi-trailers of engine capacity more than 1800 cc 8701
  18. Motor vehicles for the transport of ten or more persons, including the driver [other than buses for use in public transport, which exclusively run on Bio-fuels] 8702
  19. Motor cars and other motor vehicles principally designed for the transport of persons (other than those of heading 8702), including station wagons and racing cars [other than Cars for physically handicapped persons] 8703
  20. Motor vehicles for the transport of goods [other than Refrigerated motor vehicles] 8704
  21. Chassis fitted with engines, for the motor vehicles of headings 8701 to 8705 8706
  22. Bodies (including cabs), for the motor vehicles of headings 8701 to 8705 8707
  23. Parts and accessories of the motor vehicles of headings 8701 to 8705 [other than specified parts of tractors] 8708
  24. Motorcycles (including mopeds) and cycles fitted with an auxiliary motor, with or without side-cars; side-cars 8711
  25. Parts and accessories of vehicles of headings 8711 8714
  26. Aircrafts for personal use 8802
  27. Yachts and other vessels for pleasure or sports; rowing boats and canoes 8903
  28. Revolvers and pistols, other than those of heading 9303 or 9304 9302
  29. Smoking pipes (including pipe bowls) and cigar or cigarette holders, and parts thereof 9614
  30. All dutiable articles intended for personal use 9804
  31. Lottery authorized by State Governments

Explanation 1.- For the purposes of this entry, value of supply of lottery under sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 shall be deemed to be 100/128 of the face value of ticket or of the price as notified in the Official Gazette by the organising State, whichever is higher.

Explanation 2.- (1) “Lottery authorized by State Governments” means a lottery which is authorized to be sold in State(s) other than the organising state also. (2) Organising state has the same meaning as assigned to it in clause (f) of sub-rule (1) of rule 2 of the Lotteries (Regulation) Rules, 2010 Any chapter 31 Actionable claim in the form of chance to win in betting, gambling, or horse racing in race club Any Chapter

4 golden rules of fundamental analysis

4 golden rules of fundamental analysis:

  • Golden Rule 1: Growth in earnings, learn how to study companies earning growth yearly growth and quarterly growth.
  • Golden Rule 2: Management Efficiency and Efficient Business, learn how to analyze the management efficiency.
  • Golden Rule 3: Performing Sectors, Companies MOAT & Competitive Advantage, learn how to identify top performing sector and competitor analysis of the company.
  • Golden Rule 4: Favorable Valuation, learn how to value the target price of the stock and check whether it is under price or overpriced.
  • At last SWOT Analysis.


People, who are working in government services or those working with government departments get pensions after retirement from their services. In addition to above those who have contributed towards Employee Provident Fund (EPF) also get pension under Employee Pension Scheme (EPS), 1995. Even after the death of the employee, their family members are also entitled to get the pension from the employer as well as under EPS.

Taxable Amount = Received Amount – Exempt Amount

Some employers contribute towards superannuation fund of employees so that they get pension after their retirement. From 2004, the government has shifted all its new joiners to New Pension System (NPS) where the amount of pension received by them is dependent on the amount contributed by them along with the employer to the NPS. Even self-employed can also contribute towards NPS account and get annuity after their retirement.

Generally the words pension and annuity are used interchangeably but strictly speaking the monthly amount received by an employee after retirement from his ex-employer or in connection with employment is called pension and periodical payments received from an insurance company on annuity policy is called annuity but such annuity is also referred to as pension.

Income Tax rules for such pension and annuity

  1. Pension received from ex-Employer

For those employees who receive pension from their ex-employer is taxable under the head salaries. Therefore, it is not only the active employees whose salary are taxable under the head Salaries but also the pension receive by ex-employee is tax under the same head. Like Salaried employees, the pensioners are also entitled to the benefit of standard deduction available upto Rs. 40000/- every year, which has been introduced from this year, against the pension received by them.

You are entitled to commute certain portion of your pension and receive the present value of such commuted value of pension at the time of your retirement. For government employees and those working with government companies the entire value of commute pension is exempt. However, for other employees commuted value of 1/3 of pension is exempt in case the employee receives any gratuity. In case the employee does not receive any gratuity, he can commute pension upto 50% of the pension and claim the same as exempt.

  1. Pension received under superannuation policy or employee pension scheme

In case your employer had contributed towards superannuation fund or ha purchased superannuation policy for you, the pension received by your from the insurance company is taxable under the head Salary as it is received as a result of your employment. Even for the 1/3 of the commuted portion of pension receivable under the superannuation is fully exempt.

Likewise, the pension received by you under the EPS based on your contribution towards EPF is taxable in your hand. Since this pension is received because of your employment, you are entitled to claim standard deduction as discussed above.

  1. Family pension

Pension received by the dependent of an employee is called family pension and is taxable in the hands of the dependent recipient/s. However as the pension is not received due to services rendered by the dependent the same is taxable under the head “Income From Other Source”. However, the dependent person who receives the pension is entitled to claim a deduction of 1/3 of the pension received subject to a maximum of Rs. 15000/- against the deduction of Rs. 40000/- available to retired employees.

  1. Annuity received from insurance company on the annuity policy purchased by you

In order to ensure that you receive a certain sum at a fixed period, you can buy an annuity plan from an insurance company, which in turn will pay the agreed amount at the agreed interval, which is annuity but loosely, called pension. The amount of pension received under an annuity plan is taxable under the head “income from other Sources.” Since this amount does not have any co-relation with any employment, you are not entitled to claim standard deduction against this amount.

  1. Annuity received from annuity policy purchased on maturity of the NPS account.

The employees who have opted for NPS instead of EPF account have to mandatorily buy an annuity plan from an Indian insurance company for 40% of the accumulated corpus. The pension received by these employee should be taxable under the head Salaries but since the employee can continue to contribute to his NPS account even after he leaves his employment or even when he turns self-employed, it is doubtful whether in such situation the annuity received will become taxable under the head Salaries or it should be taxable under the head “Income From other Sources”. Likewise even a self-employed person can also contribute towards the NPS account and receive pension. Presently the income tax law does not have any clear-cut provision as to the head under which the annuity received for annuity policy bough on retirement should be taxed. In my opinion for the salaried, the pension should be taxable under the head Salaries and should be entitled for standard deduction upto Forty thousand rupees. However, since the law is silent on this aspect it is risky to offer it under the head Salaries for claiming the standard deduction. Additionally salaried and self-employed both can contribute additional fifty thousand to claim deduction under Section 80 CCD(1B) so the head under which the pension received will become taxable and whether one will be entitled to claim standard deduction is a grey area and clarificatory amendment of the law is needed to clear the clouds.

Decision in favor of Assessee on penny stock

Some of them are as under:
i.  Mumbai ITAT in the case of Ramprasad Agrawal Vs. ITO, ITA No. 1228/m/2018 & ITA No. 4843/M/2018 wherein the Addition was rightly dropped by the Tribunal.
ii.  Rajasthan High Court pronouncement in the case of CIT Vs. Pooja Agrawal, DB ITA No. 385/2011
iii.  Jaipur Tribunal in the case of Pramod Kumar Lodha Vs. ITO, ITA No. 826/JP/2014
iv.  Kolkata Tribunal in the case of Shri Shreyan Chopra Vs. ACIT, Circle 36, Kolkata – ITA No. 661/Kol/201
v.  Smt. Shikha Dhawan, C-101, Centre Park, Sector-42, Gurgaon. PAN-CCBPS1718L Vs. ITO, Gurgao in ITA No.3035/Del/2018
vi.  Sarojbala A.Jain, Pune vs Acit Cen Cir 11, Mumbai on 6 April, 2018 vide ITA No.6360/MUM/2009.

Main Points of CMA

Some points which are generally considered while preparing CMA Data

  1. The current ratio should be greater than 1.33.
  2. The sales should be generally 4 or 5 times of the amount of loan.
  3. There should be sufficient stock to act as collaterally to the loan amount.
  4. In case, there is another loan, the bank requires the status of the loan and defaults made, if any.
  5. The loan payback capacity of the firm identified by the cash and bank balance, debtors collection period etc.
  6. Various ratios are to be computed related to working capital and assets.
  7. The capital contribution in relation to the loans and liabilities.


CMA means Credit Monitoring Arrangements. This full form of CMA is as given by Reserve Bank of India. For arranging working capital finance information about income, expenses, assets & liabilities is required to be given in a specific format to the bank by applicant. This specific format is referred to as CMA Report / CMA Data. Audited P & L A/c & Balance Sheet of at least last 1 year, estimates of current year & projections of next at least 2 years are provided to bank by the applicant along with Funds Flow Statement, Ratio Analysis, Comparative Statement of Current Assets & Current Liabilites & Statement of Maximum Permissible Bank Finance. Number of years for which data is required may vary from bank to bank. Even after getting the finance such data is required to be submitted to the bank periodically.

Trademark Classes List

Trademark registration that works to protects your business reputation and goodwill around the world. With the trademark; one can easily make his or her business familiar to the target market. Trademark can be representing as graphic, text, words or combination of these elements. It can be use over the letter pad of the company, banners of services and products, marketing pamphlets, visiting cards and many more. All these worthy materials and the exact use of trademark would bring the business on the mark efficiently. Well, during the process of trademark registration there is one of the fields where you need to specify about the trademark classes like the category of products and services in respect of which the proposed trademark is being used.

Trademark Classes of Goods and Services

If we concern varied goods and services there are total of 45 classes out of which 34 classes are for products and 11 are stated for services category. The main aim of classification of trademark goods and services is to prepare a complete hierarchy which trademark is being used under which category. While following this strategy; it will be easy for the govern bodies to handle the trademark classes list at domestic and international level.

Trademark Classes List of Goods and Services:

Class 1: is for Chemicals, Resins, and Plastics.)
Class 2: is for Varnishes, Paints, and Anti-corrosion substances
Class 3: is for Cosmetics, Hair Oils and Lotions, and Cleaning Preparations
Class 4: is for Greases, Lubricants, and Fuels
Class 5: is for Pharmaceutical, Medical, and Sanitary Preparations
Class 6: is for Goods of Metals and Alloys, Ironmongery and Hardware Products
Class 7: is for Equipment and Machinery
Class 8: is for Hand-operated Devices and Tools
Class 9: is for Scientific, Electrical, and Technological Apparatus
Class 10: is for Medical and Surgical Instruments and Apparatus
Class 11: is for Heating, Cooling, Drying, and Refrigerating Apparatus
Class 12: is for Land, Air, and Water Vehicles
Class 13: is for Explosives and Firearms
Class 14: is for Precious Metals and Stones, and Jewelry Items
Class 15: is for Diverse Musical Instruments
Class 16: is for Paper Goods, Stationery Products, and Printed Materials
Class 17: is for Rubber and Plastic Goods and Products
Class 18: is for Products made of Hides and Leathers
Class 19: is for Various Non-Metallic Building Materials)
Class 20: is for Furniture, and other precious household Articles
Class 21: is for Kitchen Utensils, Household Appliances and Glass products
Class 22: is for Ropes and Cordage, Fibers, and Stuffing materials
Class 23: is for Threads and Yarns for uses in textiles
Class 24: is for Textiles and Fabrics
Class 25: is for Apparels and Clothing
Class 26: is for Fringes and Fancy Goods and Products
Class 27: is for Floor Coverings and Wall Hangings
Class 28: is for Toys, Sporting, and Sports Goods
Class 29: is for Meats and Processed Food Items
Class 30: is for Auxiliary Food and Beverage Items
Class 31: is for Agricultural and Horticultural Products
Class 32: is for Beers, Light Beverages, and Fruit Juices
Class 33: is for Wines and Spirits
Class 34: is for Tobacco Products and Smokers’ Articles


Class 35: is for Advertising and Business Services
Class 36: is for Insurance and Financial Services
Class 37: is for Building, Construction and Repair Services
Class 38: is for Telecommunication Services
Class 39: is for Transportation and Storage Services
Class 40: is for Treatment of Materials Services
Class 41: is for Education and Entertainment Services
Class 42: is for Computer, Scientific and Legal Services
Class 43: is for Hotels and Restaurants Services
Class 44: is for Medical, Beauty, and Agricultural Services
Class 45: is for Personal and Social Services Services

GST – Composition Return Questionaire.

(i). Do you want to file Nil return?
Note:Nil return can be filed by you if you have not made any outward supply (commonly known as sale) AND have NOT received (commonly known as purchase) any goods/services AND do not have any liability.

(ii). Have you made inward supplies (other than reverse charge supplies) during the period (Table 4A):
(iii). Have you made inward supplies (attracting reverse charge) during the period (Table 4B):
(iv). Have you received any supplies from un-registered suppliers) during the period (Table 4C):
(v). Have you imported any service (Table 4D):
(vi). Do you intend to amend inward supplies reported in Table 4A (other than reverse charge) (Table 5):
(vii). Do you intend to amend inward supplies reported in Table 4B (reverse charge) (Table 5):
(viii). Do you intend to amend inward supplies reported in Table 4C (supplies received from un-regd. persons): (Table 5)
(ix). Do you intend to amend import of services reported in Table 4D (Table 5):
(x).Have you received any debit/credit note (Table 5B):
(xi). Do you intend to amend debit/credit note reported in Table 5B (Table 5C):
(xii). Have you made any outward supply during the Qtr (Table 6):
(xiii). Do you intend to amend outward supplies reported in Table 6 in earlier quarters (Table 7):
(xiv). Have you paid any advance amount for reverse charge inward supplies or made adjustment there to [Table 8A(1) / 8A(2)/8B(1)/8B(2)]:
(xv). Do you intend to amend advance amount received for reverse charge supplies [Table 8A(1) / 8A(2)/8B(1)/8B(2)]:
(xvi). Do you intend to claim refund from cash ledger (Table 12):
(xvii). Previous period(s) / return(s) liability, if any: Previous period (s) / return (s) liability would be system determined.