making good food isn’t the end of the job. The utensils have to be cleaned and the kitchen has to be left spic and span
Making mistakes is far better than faking perfection.
Never Ever Underestimate the Power of ZERO DEBT
“Together Each One Achieves More”.
(Thareja, Priyavrat, Teams, Traits and Tasks [QT]3 for Total Quality. ‘Teams, Traits And Tasks [QT3] For Total Quality’, Quality World, Vol V, April 2007, Available at SSRN: https://ssrn.com/abstract=2595587)
“The ratio of We’s to I’s is the best indicator of the development of a team”.
The right approach of a team leader is management of commitment and not management of control.
“You’re always one decision away from a totally different life.”
“Change starts in your thoughts.”
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.
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.
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.
CA Fortnight Celebration (25.6.19 to 8.7.19)
Day 5 Activity – 29-June-2019
*Saplings & Tree Plantation*
Venue : ICAI Bhawan, Jpr
Time : 7.00AM
* Please Join for this Noble Cause*
*Chief Guest: Shri Vishnu Lamba (Tree Man)*
CA Shishir Agrawal
CA Rohit Pradhan
CA Om Rupani
CA Hiranand Khatri
CA Rohit Sharma
CA Komal Agrawal #9829524263
*Jaipur Branch of CIRC of ICAI*
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…
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”
Don’t remember the past.
Even do not think the future.
Live in present.
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.
INCOME TAX CASES:- JUDGEMENT ON PENNY STOCK IN THE FAVOUR OF ASSESSEE
1. *Amar Nath Goenka and ors v. ACIT (ITA No. 5882/D/18) (ITAT, Delhi) (12/12/2018)
SECTION 10(38) AND SECTION 68 – LONG TERM CAPITAL – PENNY STOCK ASSESSEE DISCHARGING THE ONUS BY PLACING ON RECORD VARIOUS DOCUMENTARY EVIDENCES – AO DID NOT MAKE ANY INDEPENDENT ENQUIRY – STATEMENT OF THIRD PARTY WHICH WAS NOT SUBJECTED TO CROSS EXAMINATION IS INADMISSIBLE EVIDENCE – ADDITION DELETED
2. Mukta Gupta v. ITO (ITA No. 2766/D/18, 2767/D/18) (ITAT, Delhi) (Dated 26/11/2018)
SECTION 10(38) & 68 – PENNY STOCK – ADDITION ON ACCOUNT OF PROFIT ARISING FROM SALE OF SHARES, ALLEGED AS PENNY STOCK CANNOT BE MADE UNDER SECTION 68 – SUFFICIENT EVIDENCES WERE ON RECORD TO PROVE VERACITY OF THE TRANSACTION – SEBI REPORT BY ITSELF WAS NOT SUFFICIENT TO DENY THE TRANSACTION ENTERED BY THE ASSESSE.
3. Veena Gupta v. ACIT (ITA No. 5662/D/2018) (ITAT, Delhi) (27/11/2018)
SECTION 10(38) AND SECTION 68 – LONG TERM CAPITAL – PENNY STOCK ADDITION BASED ON STATEMENT OF THIRD PARTIES- NO OPPORTUNITY OF CROSS EXAMINATION – ADDITION LIABLE TO DELETED
4. Ajay Goel and ors v. ITO (ITA No. 4481 – 84/D/18) (ITAT, Delhi) (03/12/2018)
SECTION 10(38) & 68 – LONG TERM CAPITAL GAIN ON SALE OF PENNY STOCKS – ADDITION ON THE BASIS OF INFORMATION FROM INVESTIGATION WING WITHOUT AFFORDING OPPORTUN ITY OF CROSS EXAMINATION – ADDITION NOT SUSTAINABLE*
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.
- No. Description of Goods Chapter / Heading / Sub-heading / Tariff item
- Molasses 1703
- Pan Masala 2106 90 20
- All goods [including aerated waters], containing added sugar or other sweetening matter or flavoured 2202 10
- Unmanufactured tobacco; tobacco refuse [other than tobacco leaves] 2401
- Cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes 2402
- Other manufactured tobacco and manufactured tobacco substitutes; “homogenised” or “reconstituted” tobacco; tobacco extracts and essences [including biris] 2403
- Portland cement, aluminous cement, slag cement, super sulphate cement and similar hydraulic cements, whether or not coloured or in the form of clinkers 2523
- 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
- Spark-ignition reciprocating or rotary internal combustion piston engine [other than aircraft engines] 8407
- Compression-ignition internal combustion piston engines (diesel or semi-diesel engines) 8408
- Parts suitable for use solely or principally with the engines of heading 8407 or 8408 8409
- 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
- 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
- Dish washing machines, household [8422 11 00] and other [8422 19 00] 8422
- 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
- Road tractors for semi-trailers of engine capacity more than 1800 cc 8701
- 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
- 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
- Motor vehicles for the transport of goods [other than Refrigerated motor vehicles] 8704
- Chassis fitted with engines, for the motor vehicles of headings 8701 to 8705 8706
- Bodies (including cabs), for the motor vehicles of headings 8701 to 8705 8707
- Parts and accessories of the motor vehicles of headings 8701 to 8705 [other than specified parts of tractors] 8708
- Motorcycles (including mopeds) and cycles fitted with an auxiliary motor, with or without side-cars; side-cars 8711
- Parts and accessories of vehicles of headings 8711 8714
- Aircrafts for personal use 8802
- Yachts and other vessels for pleasure or sports; rowing boats and canoes 8903
- Revolvers and pistols, other than those of heading 9303 or 9304 9302
- Smoking pipes (including pipe bowls) and cigar or cigarette holders, and parts thereof 9614
- All dutiable articles intended for personal use 9804
- 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:
- 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.
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