Starting this new financial year (from 1-Apr-2010) ,please quote your Permanent Account Number (PAN) in all financial transactions, where tax need to be deducted at source (for example, Interest, rent, contract work, consultancy etc.,).
What if I do not mention my PAN? - The payer will deduct tax at a higher rate at 20% !
This will be a pain for the Senior Citizens, who do not pay tax (Meaning, they are well within the taxable limit). For most of them, bank interest is the source of income. They...
Savings Account balance to get more interest - on a daily balance basis.
Good news for those who depend on the savings bank account. Currently, your savings bank account balance earns interest @ 3.5% on the lowest balance maintained between the 10th and the last date of the month. It means that if you have Rs.1.01 Crore on the 2nd day and and on the last day, you withdraw Rs.1.00 crore (leaving Rs.1 lakh in the account), you will get interest on Rs.1 lakh for that month. Now, wef 1-Apr-2010, your savings bank account will earn interest on the daily basis (based on your...
Another day in ICWA Institute - This time on IFRS
Last Monday I gave a presentation to the members of ICWAI - Bangalore Chapter, on how to go about the IFRS implementation. This was arranged as a Professional Development meeting.
I was really thrilled by the following:
The Institute president Shri.G.N.Venkatraman presided over the session
There turnout was really good. Nice to see many members interested...
CFO Forum on IFRS....organised by CII & EY
Today I attended the CFO Forum on IFRS, with a focus on Technology, Real Estate & Manufacturing.
Jayaram, Convenor - CII, Karnataka, gave the welcome address.
The speakers were the experts in the area. Yes, we had Ruth (Global IFRS Leader of EY and a member of the IFRIC).
Dolphy (IFRS Leader, India EY)
Harriet (IFRS expert)
Kaustav & Navin (EY Partners & IFRS experts)
We had the opportnity of listening to Ruth, who is an IFRIC member representing EY on the global experience.
Dolphy took...
Change your vision - A nice story
There was a millionaire who was bothered by severe eye pain. He consulted so many physicians and was getting his treatment done. He did not stop consulting galaxy of medical experts; he consumed heavy loads of drugs and underwent hundreds of injections.
But the ache persisted with great vigour than before. At last a monk who has supposed to be an expert in treating such patients was called for by the millionaire. The monk understood his problem and said that for sometime he should concentrate...
Union Budget 2010 - A discussion session @ XIME
This year also, I was fortunate to be the chairman of the panel for discussing the Union Budget. It was a tough job this time, as there were not much change in the Union Budget and not many new schemes introduced by the Finance Minister.
Myself and Sendil (my friend) reached the venue much earlier (thanks to the new Flyover)!
We met Prof.Philip, the...
Gratuity ceiling increased
This was one of the things, we were expecting in the Budget. But now the cabinet has given their approval for amending the ceiling on Gratuity from Rs.3.5 Lac to Rs.10 Lac on Thursday (4th Mar 2010). However, we need to wait and see whether the tax exemption limit will also get increased.
Below is the extract from the Financial Expresss:
The Cabinet on Thursday approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now...
Brouhaha over hike in Fuel price
Find below, one of my friends letter to the editors. Soon, you may see in the newspapers.&nb...
Budget 2010 - Hightlights
Pranab has delivered the budget in the expected lines. What the poor finance minister can do in this situation. The prime concern is the fiscal deficit and inflation. He did a good job in the budget by not making too many changes.Individuals are happy, as they have some excess funds at their disposal.
Let us look at the highlights of the Union Budget 2010:
Plan outlay
Total Receipts - 7,27,341`
Total Expenditure ...
Stock Market reaction to Budget
With an 2 hours to go for the budget, the stock market is raring to go. Many pundits say the market will crash. But i feel, the market to be range-bound around 4850 levels.
Whether the market goes up or goes down, play safely.
If the market goes down steeply, go ahead and buy good stocks, as every steep fall is a good buying opportunity.
If the market goes up, it is a good sign. If you have any open position, book profit. It may go up to 4920 levels.
April is crucial, as many publish their 4th...
Little master's great knock!
Today, it is one of the finest day in Indian cricket history, rather the ODI history. Yes, the little master ripped the SA attack with an unbeaten 200 in 147 balls to steer India a comfortable 153 run victory.
With 93 International centuries, 147 half international centuries, about 200 international wickets, highest run getter in both forms of...
Countdown to the Union Budget - our wishlist
We are just a day from the Union Budget. More focus on Pranab's strategy to
counter the fiscal deficit,
push the GDP growth,
control the inflation,
roll out plan for GST
Plan for the Direct Tax Code roll out
For individuals,
Increase in basic tax exemption
increase in medical reimbursement limit (from 15000 to atleast Rs.50,000), considering the cost of medication.
Increase in the deduction limit u/s 80D for mediclaim insurance to Rs.50,000.
With the skyrocketing education cost, there...
Railway budget highlights
Mamta presented the rail budget today. It is a plain vanila budget with some benefits to the freight, passengers, employment opportunities, more trains etc.,
Some of the benefits to passengers:
No change to the passenger fare
Cancer patients can travel free, for treatment, in third AC and sleeper classes.
Service charges on e-tickets reduced to Rs 10 for sleeper class and Rs 20 for AC classes. The present charges are Rs 15 and Rs 40, respectively.
The benefit of 50% concession to the spouse of...
Will Mamatha outsmart Lalu in the Railway budget
Stock markets are ignoring the railway related stocks (Kalindee, Texmaco, Titagargh...etc.,). Market sentiments are that Mamatha is not doing any great in terms of growth plans. These stocks were the creams when the railway budgets were presented. She has to do wonders to get the support of the market.
Tomorrow (24th Feb) is the Railway budget and India expects something from the Mamatha's team:
More faster trains
No increase in fares
More thrust to PPP (Private Public Partnership) - ACC, L&T...
ULIP - Who needs to control - SEBI or IRDA ?
IRDA questions market regulator’s show cause to insurers on conceptual, legal, structural grounds. SEBI's contention is that the insurance companies are offering products mixing Insurance and Financial Products (in the nature of Mutual fund).
What if SEBI treats it as Mutual fund and starts governing these ULIP, apart from IRDA?The accounting will be different.
The initial load will go off (GOOD NEWS), as commissions are not allowed.
Exit load (surrender value) will also come down.
More investor...
Some clarifications on the subjects to be covered in the blog!
Thank you so much for the immediate response to my move to post articles on Health, Sports and Job Market. I have received calls showing concerns that I may move out from the finance side.
Just to clarify, I just thought of posting Health and Job related articles in this blog, as it is more relevant to today's executives. With lot of stress, lack of time to exercise, irregular food habits, today's executive finds it very difficult to cope the work pressure. So, that is the reason I have started...
SBI providing seed capital to SMEs for budding entrepreneurs.
Good news for Small and Medium Enterprises (SMEs). State Bank of India is providing seed capital upto Rs.10 lakhs to budding entrepreneurs. What is so special? Here is the speciality:
The seed capital is interest free
You can repay the seed capital in 5 year
This is a good opportunity for the aspiring entrepreneurs to start their ventures. So, walk up to your nearby SBI and get more information on the requirements to avail this seed capital.
I know many bright entrepreneurs looking out for funds...
Go Green.....Gardening & Oraganic vegetables at home
Today, I was chatting with my colleagues in the cafetaria. To my surprise, I found that most of them are interested in organic foods, growing vegetables in their places. One has already attended a course on organic forming, conducted by a foreign NGO.
The topic started over a cup of tea. They asked me why I take green tea and which is the good brand. My interest level in the dicussion went up, inspite of the people cheering Shewag for his half century. I started expalaining what a...
Wheat Grass - Natural healthy food
I was discussing this with my colleague, who is also getting into the wheat grass world, on growing the grass at home.
Not many know that we can grow and have juice of wheat grass. Why suddenly wheat grass?
Yes, of late if you visit any restauarants of thematic nature, they serve you Wheat Grass juice? What is so special about it?
It has: Chlorophyll,
beta carotene,
more than 80 minerals,
18 amino acids
Vitamins - C, E, B12
Iron
Calcium
Research has shown that 1 kg of wheatgrass...
Constructive feedbacks !!
Friends,
It is really nice to get feedbacks and if you are open-minded, you will get more suggestions. I had many suggestions during the course of this one year of my blogging:
Write the blogs in a masked name
Write on something which is of recent happening
Write on the recent economic situations
Write on Stock market basics
Write on certain financial jargons (to make life easy)
I tried my best to take note of these suggestions and impelemented the same.
Recently, one of my well wishers (my...
Budget - 2010, expectations
Friends,
It is budget time again. What to expect from the Finance Minister?
Tax proposals:
Stimulus to continue
More tax benefits
Deductions
Increase Basic exemption limit
Increase the gratuity limit
Increase the medical reimbursement limit (from Rs.15,000)
Reduction in tax rates
Short term capital gains
Personal tax slabs to be widened
Controlling the inflation by tax sops to industries
The above are just to kindle the interest and may I request you to get the list ready, so that we can see...
NTPC - FPO
The NTPC Follow on Public Offere was fully subscribed (overall -1.2 times and the retail sector 0.25 times) - Thanks to LIC and SBI for pitching in to save the dignity of this issue. While the below average issues are over-subscribed, the fundamentally strong issue like NTPC is not even subscribed by the public. Why? Let me share my thoughts on the same and would like others also to share their views.
(1) French auction methodUnder this method the highest bidders get a priority on allotment. This...
Adjustment of Fringe Benefit Tax paid against Advance Income Tax for FY 2009-10
Good news to those who paid the Advance Fringe Benefit Tax (FBT) for the I Quarter of FY2009-10 and wondering how to get that back. The FBT was later on abolished in the Finance Act (2), 2009.
In a circular, the IT dept has clarified that the Advance tax in respect of FB paid by the assessee can be adjusted against the Advance Tax for the FY 2009-10. If you do not have any tax liability, then you can claim refund of the FBT in their returns.
Below is the circular for your reference.
Cheers,Gopal
CIRCULAR...
RBI hikes CRR by 75 bps to 5.75% in two stages
The Reserve Bank of India (RBI) has hiked its cash reserve ratio by 75 bps to 5.75% as against 5% at its credit policy meet today. The move will be implemented in two stages. The first 50 bps hike will come into effect on February 13 while the next 25 bps hike will be effective February 27. A CNBC-TV18 poll had forecasted a 50 bps CRR hike. The move will result in a mop-up of Rs 36,000 crore by February end.
The central bank has left unchanged the reverse repo and repo...
CA Exam results for Nov-09 exams postponed to 1-Feb-2010.
Results of the Chartered Accountants PE–II, PCE and IPCE held in November, 2009 scheduled to be announced on 29th January, 2010 will now be announced on 1st February, 2010. – (28-01-2010).
The results of the Chartered Accountants Professional Education (Examination-II), Professional Competence Examination and Integrated Professional Competence Examination held in November, 2009 scheduled to be announced on 29th January, 2010 will now be announced on 1st February, 2010.
Inconvenience caused is regretted.
(G....
Story with a message : Don't judge people by the look & act - understand them
As she stood in front of her class on the very first day of school, she told the children an untruth. Like most teachers, she looked at her students and said that she loved them all the same. However, that was impossible, because there in the front row, slumped in his seat, was a little boy named Teddy Stoddard.
Mrs.Thompson had watched Teddy the year before and noticed that he did not play well with the other children, that his clothes were messy and that he constantly needed a bath. In...
100th Post & Completion of 1 year of blogging.
Friends,
Thanks to Sendil (can say my statistician), who reminded me that I am due for my 100th posting and that can coincide with the completing of 1 year of my blog.
Yes, my first posting was on 25th Jan 2009. Time flies and today the blog is 1 year old and here is my 100th posting. I thought I won't achieve this milestone of 100 in 1 year. But thanks to the holidays, am able to spend time for blog.
Anand & Bala will shout at me for mentioning their names again. But, at the cost of their...
2 sets of Standards under Companies Act for achieving IFRS convergence
Friends,
The much awaited plans for the realistic IFRS roadmap is here. It has been decided to go in phases to facilitate smooth convergence.
Following is the press release issued by the Ministry of Corporate Affairs laying down the IFRS convergence road map, on Friday, January 22, 2010.
It is a good opportunity for the members to get into the IFRS, as we have time and also can learn from the experience of the first set of people adopting the IFRS.
Cheers,
Gopa...
Results of the Chartered Accountants Exams - Nov 2009
Here comes the notification on the Announcement of results for the CA Exams conducted during Nov-09.
Good Luck to all those who are awaiting the results. I wish you all a Successful career as a Chartered Accountant.
Cheers,
Gopal
January 21, 2010
The results of the Chartered Accountants Professional Education – II, Professional Competence Examinations and Integrated Professional Competence Examination held in November, 2009 are likely to be declared on Friday, the 29th January, 2010...
IPO - Thangamayil Jewellery Ltd - All that glitters is not gold!!!
All that glitters is not gold - Yes, here comes another Public Issue - by a Gold Jewellery business. It is not a high end business, but a well known business in the city of Madurai (in Tamil Nadu - southern part of India).
There are very many players in this industry and not many get into the Stock Market to raise funds for the business. The reasons being:1. They all operate in an unorganised sector2. Most of the purchase and sales are in Cash3. Lot of competitions and individual's taste...
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