ADDENDUM : How to deal with anxiety ? [-]
"Worrying is carrying tomorrow's load with today's strength- carrying two days at once. It is moving into tomorrow ahead of time. Worrying doesn't empty tomorrow of its sorrow, it empties today of its strength." - Corrie ten Boom

"Man is not worried by real problems so much as by his imagined anxieties about real problems" - Epictetus

"Okay, so, flying," I started, taking a deep breath and focusing on the thing I loved most in the world. "Flying is … great. It feels great when you're doing it. It's fun. Pure freedom. There's nothing better." Dylan smiled, a slow, easy smile that seemed to light up his whole face. "So the first thing we're going to do," I told him, "is push you off the roof." - James Patterson, Fang

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A professional book keeper

  • Imposition
  • "Public life is debased because it's only the nice people who are worried about imposing their views on others." - Alain de Botton
    "We must go down to the very fundamentals of life. For any merely superficial ordering of life that leaves its deepest needs unsatisfied is as ineffectual as if no attempt at order had ever been made." - I-Ching
    "Saddling another person with a book he did not ask for has always seemed to me like a huge psychological imposition, like forcing someone to eat a chicken biryani without so much as inquiring whether they like cilantro." Author: Joe Queenan
    Fashion is an imposition, a reign on freedom.- Golda Meir
    Knowledge & understanding mixed with ones convictions of 'experience' is hardly impositional". ~R. Alan Woods [2012]" Author: R. Alan Woods
    Freedom has become a commodity whose availability, paradoxically, keeps society in check. The threat of its loss seems to enable us to tolerate its imposition." -Andrzej Stasiuk
    "If the program goes off track again due to recession, this should not become a pretext for the imposition of more austerity measures."- Antonis Samaras
    A truly scientific philosophy will be more humble, more piecemeal, more arduous, offering less glitter of outward mirage to flatterfallacious hopes, but more indifferent to fate, and more capable of accepting the world without the tyrannous imposition of our human and temporary demands." - Bertrand Russell
    . "If we admit instrumental musick in the worship of God, how can we resist the imposition of all the instruments used among the ancient Jews?—yea, dancing as well as playing, and several other Judaic actions? or, how can we decline a whole rabble of church-officers, necessary to be introduced for instrumental musick, whereof our Lord Jesus Christ hath left us no manner of direction?" - Cotton Mather
    "Discipline is all about the imposition of control-the belief that, by following a precise regime and avoiding distractions, you can somehow keep the disorder of life at bay." - Douglas Kennedy
    "The very thought of such people's intolerant worldview, their inflated sense of self superiority, and their callous imposition of their own beliefs on others was enough to fill her with rage." - Haruki Murakami

     

    Emergency

    In an emergency, one often learns that one's companions can be of even less help in extraordinary circumstances than they are during an average evening." ? Lemony Snicket, Horseradish

    That men do not learn very much from the lessons of history is the most important of all the lessons that history has to teach." - Aldous Huxley, Collected Essays

    killer

    Only a demon would prevent a person from saving lives or fulfilling their life mission. There is no reasoning with the devil. Stand with pride because your heart is filled with the goodness of helping others, while theirs is filled with helping themselves." ? Shannon L. Alder

    "Oh, I wanted this killer stopped, brought to justice, yes, certainly - but did it have to be so soon?" ? Jeff Lindsay, Darkly Dreaming Dexter

    "Justice is rendering each killer that which is his due." - Mark M. DeRobertis, Killer of Killers

    Sitting in the shadows, with a killer,

    "Sitting in the shadows, with a killer, in an empty building, gazing at the corpse of another killer. When had her life grown so strange?" - Lindsay Buroker, The Emperor's Edge

    You can include any content you want inside an accordion item. Here's a bullet list:

    • "I'm always angry about the death of people who are still alive, their eyes are opened, yet they can't see anything...the spell of ignorance"
    • "A soldier is a killer pardoned."
    • The writer dreams awake. The killer nightmares awake.

    Torture

    "I'm not in the torturing business, but I am in the monster-killing business." - Reyna Pryde, Unique: A New Breed

     

     

     

     

    A journey of grit and glory

     

    ''Provide waiver on unintentional mistakes
    in compliance of GST during transition’

    Thesynergyonline Economics Bureau
     

    NEW DELHI, AUGUST 26 : 1
    ASSOCHAM will bring forth before the Empowered Committee (EC) of State Finance Ministers certain concerns and areas of uncertainties while pleading for waiver of any penalties on unintentional compliance errors which may occur during the transition period of Goods and Services Tax (GST) said at an ASSOCHAM Managing Committee meeting held in New Delhi today.
     
    Seeking adequate time for preparation of the required compliance systems for the industry, the ASSOCHAM memorandum to the empowered panel on GST, has listed issues for the state finance ministers’ meeting on August 30.
     
    “While the industry wants the GST to be introduced at the earliest in view of its benefits to all stake holders, the Government and Empowered Committee (EC) should give adequate time for preparation for its smooth transition. Considering significant increase in documentary requirement and digitisation of the entire GST process, industry has to gear up and change their accounting and computer system after the GST Rules are released,” said Mr. Sunil Kanoria President ASSOCHAM after discussing the issue at its Managing Committee, the top policy making and governing body of the chamber.
     
    It said in such a mega tax reform, there will be requirement to issue clarification on various GST provisions and hence the Governments at Centre and States should gear up for such facility. “Moreover, the penal provisions for unintended mistake during the transition phase should not be applied as was done in the case of service tax for few years”.
     
    The chamber also highlighted concerns over the administrative machinery for implementation of the GST.  While the tax base is same for Central GST and SGST, the administration by two authorities may lead to harassment if there is difference of opinion. It is recommended that there should be only one administrative authority. Centre and state can form joint team for such purpose.
     
    There is also concern about the multiple audits and investigations provided in the draft GST Bill spanning over a long period of 3 to 5 years whereas the entire GST process will be fully computerised and each transaction is required to be recorded in the monthly return. These excessive administrative provisions need to critically examine to avoid inspector raj which may be counter-productive to the objective of GST to provide ease of doing business.
     
    There are issues regarding the construction industry as well. Input Tax Credit is not available for inputs/ input services utilised in the construction of immovable property. Tax paid on inputs/ input services would become a cost for the builders/ developers. Services like fees, user charge or rent or any other manner from use of such buildings or infrastructure would be subject to GST. This will make huge investment required in infrastructure development unattractive. The Draft Legislation does not provide for the abatement of the value of land for levy of GST. “Need clarity on the taxability of the development rights under the Draft GST Legislation”. 
     
    As regards banking and financial issues, there is no clarity on exclusion of interest from levy of GST. Interest is excluded from the taxable value the world over including in India under the service tax. It is suggested that draft GST law should make it clear. The recipient of service is not clearly defined for taxation of banking and insurance services. This may lead to tax dispute on jurisdiction for SGST purpose. Likewise, the valuation of services like currency conversion which forms part of pricing is not provided in draft GST Bill or Valuation Rules.
     
    The chamber would seek clarifications on all these issues from the Empowered Committee (EC) of State Finance Ministers.   

     

     

    Click to hide. Click to show/hide. Trust

    Need for tax administrators to engender
    trust in the system : PM

    Thesynergyonline Economics Bureau

    NEW DELHI, JUNE 16 : Prime Minister, Mr Narendra Modi, on Thursday addressed tax administrators at the Rajasva Gyan Sangam. This is the first time that the two revenue boards – the Central Board of Direct Taxes (CBDT), and the Central Board of Excise and Customs (CBEC), are holding a simultaneous conference.

    The Prime Minister began by inviting suggestions from officers. Some of the officers present, expressed their views on diverse subjects such as digitization, voluntary tax compliance, facilitation for taxpayers, increasing the tax base, upgradation of digital and physical infrastructure for tax administrators etc.

    Highlights

    Trust

    PM stressed on the need for tax administrators to engender trust in the system. Citing the example of the "Give it up" initiative for voluntarily giving up gas subsidy, he said that the tax base too could be increased significantly, provided the tax administrators can demonstrate the leadership to bring about a change.

    5- point charter for tax administrators

    The Prime Minister outlined a five-point charter for tax administrators – RAPID: R for Revenue, A for Accountability, P for Probity, I for Information and D for Digitization. He urged the officers to turn the Gyan Sangam into a Karma Sangam, so that the ideas generated from this conference lead to concrete action on the ground

     

    He encouraged the officers for a free and frank exchange of ideas at the Rajasva Gyan Sangam. He stressed that while there should be respect for the rule of law among all citizens, and even fear of the long arm of the law for those who evade taxes, people should not fear tax administrators.

    He said that India is today at a unique stage in its history, and the high aspirations of its people need to be nurtured by the Government, so that they translate into the nation's development.

    He stressed on the need for tax administrators to engender trust in the system. Citing the example of the "Give it up" initiative for voluntarily giving up gas subsidy, he said that the tax base too could be increased significantly, provided the tax administrators can demonstrate the leadership to bring about a change.

    The Prime Minister outlined a five-point charter for tax administrators – RAPID: R for Revenue, A for Accountability, P for Probity, I for Information and D for Digitization. He urged the officers to turn the Gyan Sangam into a Karma Sangam, so that the ideas generated from this conference lead to concrete action on the ground.

    The Minister for Finance Mr Arun Jaitley, the Minister of State for Finance Mr Jayant Sinha, the Principal Secretary to the Prime Minister Mr Nripendra Misra, the Revenue Secretary Mr Hasmukh Adhia, and the Chairmen of CBDT and CBEC were present on the occasion.

     

    PM to inaugurate two- day annual
    conference of tax administrators

    Thesynergyonline Economics Bureau

    NEW DELHI, JUNE 12 : The Prime Minister of India, Mr Narendra Modi , will inaugurate the two day Annual Conference of Senior Tax Administrators of Central Board of Direct Taxes (CBDT) & Central Board of Excise & Customs (CBEC) on June 16 morning in the plenary Hall of Vigyan Bhavan in the national capital.

    He is expected to motivate the Revenue officers towards achieving high standards in taxpayer friendly services in view of fast paced changes in the world economy and to address some of the challenges that these Departments face in this scenario. It is for the First time that two Revenue Boards are holding the conference simultaneously. The Annual Conference has been given the brand name "राजस्व ज्ञानसंगम– Annual Conference of Tax Administrators".

    The Union Finance Minister, Mr Arun Jaitley will also be interacting extensively with the officers of the two Boards at various Sessions on June 16, 2016. The Minister of State for Finance, Mr Jayant Sinha will deliver the valedictory address on the afternoon of June 17, 2016.

    The Annual Conference of Senior Tax Administrators of Central Board of Direct Taxes (CBDT) & Central Board of Excise & Customs (CBEC) is scheduled to be held on June 16 and 17, 2016 at Vigyan Bhawan in the national capital. The conference will be attended by officers of the rank of Principal Chief Commissioners, Chief Commissioners and Principal Commissioners of CBDT and CBEC.

    The conference provides a platform to assess the performance of the year gone by and to deliberate on emerging issues without any hierarchical barriers. 251 officers of the rank of Principal Chief Commissioners, Chief Commissioners and Principal Commissioners from CBDT and 170 from CBEC are expected to participate in the two day Conference.

    The Technical Sessions of CBDT would over the two day period cover wide ranging subjects like Tax Payer Services, New Initiatives in E- Governance, Exchange of Information with foreign jurisdictions, Investigation into Undisclosed Foreign Assets, Litigation Management & Dispute Resolution, Scheme for Paperless Assessments, Promoting Accountability & Service Orientation etc. On the CBEC side, the deliberations will cover subjects like Business Process Standardization & Knowledge dissemination, WTO Agreement on Trade Facilitation and Best Practices, Dispute Management etc. A Taxpayer Perception Survey will also be released

    In addition to the Technical Sessions, eminent guest speakers will also be addressing the Conference. While Author, Columnist, Screenplay writer & TV personality. Mr Chetan Bhagat will speak on "Taxing with Love", a panel discussion on "Initiatives to improve Taxpayer Services, leveraging social media and Brand building" will see Shri Adil Zainulbhai, DG, Quality Council of India, Ms Rama Bijapurkar, Market Research Consultant and Ms Shalini Narayanan, Social Media Expert as panelists.

    You don't pay taxes-they take taxes."
    - Chris Rock

    Ensure Indian firms not subjected to
    double taxation : ASSOCHAM to CBDT

    Thesynergyonline Economics Bureau

    NEW DELHI, MAY 26 :
    In the backdrop of the government fine-tuning tax regime with the countries which have the Double Taxation Avoidance Agreement (DTAA) with India, the ASSOCHAM has made a presentation to the Central Board of Direct Taxes (CBDT) suggesting changes in the proposed Foreign Tax Credit rules to ensure the Indian tax payer is subjected to double tax incidence on income.

    The chamber has said difference in accounting practices followed by different countries would lead to a double taxation on the income of an Indian taxpayer.

    A high level delegation led by Chairman of the ASSOCHAM National Council on Direct Taxes Mr Rajesh Garg, recently called on the CBDT Member Mrs Rani Singh Nair and had detailed discussion on the issue threadbare.

    A committee was set up by CBDT to suggest the methodology for grant of Foreign Tax Credit (FTC). The committee has since submitted its report, following which the CBDT has come out with the draft rules seeking comments of the stakeholders.

    As per the draft Rules, Foreign Tax Credit (FTC) is allowed to the extent of the Indian tax. Enumerating its concerns the ASSOCHAM delegation pointed out that it may be possible that in the initial years, FTC exceeds the amount of Indian taxes, whereas in the subsequent years, the Indian taxes exceed FTC.

    "In such a scenario, where, in the initial years, the foreign taxes, in excess of the Indian taxes is a dead loss to the company; if carry forward is not allowed in the subsequent years, the Company would be required to pay higher taxes," it said.

    In addition there may be difference in accounting mechanism followed by different countries. For instance, source country may follow cash basis accounting, whereas, India follows accrual basis. Accordingly, in India, foreign income may be subject to tax in Year 1, whereas such income may be taxable in the source country in Year 4.

    "In order to address this use, it is suggested that carry forward provision be introduced in the rules and the timeline for revision of the tax return of earlier years be appropriately amended for claiming FTC in the given situations".

     

    • "Nobody should be whipped. Remember that, once and for all. Neither man nor animal can be influenced by anything but suggestion." - Mikhail Bulgakov, Heart of a Dog

    Introduce `equalisation levy` as part of I-T Act rather than as separate levy under Finance Act: Assocham plea

    Thesynergyonline Economics Bureau


    NEW DELHI, MRCH 30 :
    Stipulation for taxing 60 per cent of commuted amount and financial limit of Rs 1.50 lakh in terms of taxability of employer's contribution in superannuation fund be withdrawn

    Apex industry body ASSOCHAM ON Wednesday suggested the government to introduce the 'equalisation levy' as part of Indian Income-tax Act itself and not as a separate chapter in the Finance Act.

    • "Introducing equalization levy separately under the Finance Act and not incorporating it as a part of the existing Income-tax Act would only increase cost of doing business for Indian companies, as foreign companies would insist that this being a domestic levy should not affect payments made to them, as such domestic companies would be required to gross up equalization levy while making payments, thereby adding to the cost," highlighted The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in its post-Budget memorandum submitted to the Centre. 

    Whereas, if this levy is introduced as part of the Income-tax Act itself, it would not add to the cost of business to Indian company as it would be in nature of regular withholding, it said.

    Besides, the Organisation for Economic Co-operation and Development (OECD) had explicitly communicated that countries could introduce 'equalisation levy,' provided they respect their existing treaty obligations.

    Thus, introducing 'equalisation levy' as a chapter in the Finance Act, could undermine treaty eligibility and it should therefore be brought within the ambit of income-tax law.

    Further, ASSOCHAM has also suggested that it should be clarified that the term 'true and fair inventor,' would include a company that acquires patent or right to apply for patent from its employees who have developed such invention during the course of their employment.

    On the issue of retiral funds, ASSOCHAM has recommended that all stipulations relating to taxability of accumulated balance/annuity for recognised provident fund and superannuation fund as well as the financial limit of Rs 1.50 lakhs for employer's contribution to Superannuation Fund be withdrawn.

    As per a recent government clarification in respect of the accumulated balance in the recognised provident fund, the taxability of stipulated 60 per cent balance will not apply in case the same is invested in an annuity.

    "This is an extremely controversial suggestion since money (lump sum) is generally utilised from the provident fund for various important purposes like construction of house, wedding and others and the salaried class cannot be forced to invest in any annuity scheme for tax saving purpose when lump sum money is required post-retirement," highlighted ASSOCHAM post-budget memorandum.

    It may be noted that it is an individual's call for deciding on utilization of the said lumpsum amount post retirement and the Government should not interfere in that area.

    Further, getting a cash salary and contribution to PF becomes tax neutral, then it would be preferable to obtain cash salary rather than paying tax in current year and getting the money after a long gestation period.

    Moreover, this would result in mixing up the entire retiral benefits schemes since the Provident Fund would effectively get converted into a pension scheme.

    PF for Government employees continue to get a completely tax free status by virtue of section 10(11). Consequently, it would result in providing preferential treatment with regard to taxability of PF for Government sector vis-à-vis private sector employees.

    In respect of commutation of pension, the same logic would equally apply because the commuted lumpsum amount is utilized for various important purposes for the salaried class and therefore historically the 100% tax incentive was provided in the Income Tax Law.

    This also will result in discrimination vis-à-vis Government Employees who continue to get the commuted annuity totally tax free. As such, it is suggested that the stipulation for taxing 60% of the commuted amount is withdrawn.

    Further, the taxability of Employer's contribution in the Superannuation Fund beyond Rs 1.50 lakhs is an extremely arbitrary measure since Superannuation benefits are only given post – retirement and therefore employees would be required to pay income tax immediately for a retirement benefit which will only be available after his superannuation.

    Moreover, Superannuation benefits are of a contingent nature which are available only if various conditions are complied with like certain number of years of service, the individual remaining alive at that stage etc.

    In fact, in CIT vs. L W Russel [2002-TIOL-686-SC-IT-LB], the Supreme Court had held that no tax can be levied in respect of a contingent interest in future which is not certain.

    Also, there is no monetary limit in the NPS scheme of the Government. As such it is recommended that the financial limit of Rs 1.50 lakhs be withdrawn.


     

     

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