tag:blogger.com,1999:blog-32172671065994876382024-03-16T11:51:32.395-07:00PROMETRICS Finance charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comBlogger127125tag:blogger.com,1999:blog-3217267106599487638.post-63085421796344536622023-11-02T09:04:00.000-07:002023-12-26T09:01:56.874-08:00Accountants and Auditors Jokes <div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: left;"><iframe allowfullscreen="" class="BLOG_video_class" height="297" src="https://www.youtube.com/embed/tVh-2C63AtE" width="452" youtube-src-id="tVh-2C63AtE"></iframe></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><br /></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a>
<u><b>How Accountants and Auditors feel about each other</b></u><br />
<u><b><br /></b></u>
<a href="http://3.bp.blogspot.com/-uF3cAcq-YlE/VKisNoGxaMI/AAAAAAAAAtM/lr0Ju2A4jF4/s1600/Accounts%2BAUDIT.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="336" src="https://3.bp.blogspot.com/-uF3cAcq-YlE/VKisNoGxaMI/AAAAAAAAAtM/lr0Ju2A4jF4/s1600/Accounts%2BAUDIT.jpg" width="400" /></a><br />
<b><u></u></b><br />
<b><u><b><div class="separator" style="clear: both; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZnL2Cbky-9dkw3tHa9KKOzfM9cJmQ2gDBcGbDn-aYBYIre--gVDU8i5qLttL8wAHJs7XVH-zBaGx_QNk1P6Ro4YfsfCpaHY_ycaMe-YbpE9Y_lKH8oG0kDzdNELPprSKEZgDKA5ud04d_tvuXhCvnOVmzQBnz1OFxGII9QyOS2l17mePujtwqzVP3RA/s1080/venn%20diagram%20of%20career%20choices.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="578" data-original-width="1080" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZnL2Cbky-9dkw3tHa9KKOzfM9cJmQ2gDBcGbDn-aYBYIre--gVDU8i5qLttL8wAHJs7XVH-zBaGx_QNk1P6Ro4YfsfCpaHY_ycaMe-YbpE9Y_lKH8oG0kDzdNELPprSKEZgDKA5ud04d_tvuXhCvnOVmzQBnz1OFxGII9QyOS2l17mePujtwqzVP3RA/w400-h214/venn%20diagram%20of%20career%20choices.jpg" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div></b></u></b><div class="MsoNormal"><div class="separator" style="clear: both; text-align: center;"><u style="text-align: left;"><b>Accountant Joke :Interview Question : two plus two</b></u></div>
<br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">A businessman was interviewing job applications for the position of manager of a large division. He quickly devised a test for choosing the most suitable candidate. He simply asked each applicant this question, "What is two plus two?"</span><br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;"><br /></span>
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">The first interviewee was a journalist. His answer was, "Twenty-two".</span><br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">The second was a social worker. She said, "I don't know the answer but I'm very glad that we had the opportunity to discuss it."</span><br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">The third applicant was an engineer. He pulled out a slide rule and came up with an answer "somewhere between 3.999 and 4.001."</span><br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">Next came an attorney. He stated that "in the case of Jenkins vs. the Department of the Treasury, two plus two was proven to be four."</span><br />
<a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><br /></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;"><br /></span>
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">Finally, the businessman interviewed an accountant. When he asked him what two plus two was, the accountant got up from his chair, went over to the door, closed it, came back and sat down. Leaning across the desk, he said in a low voice, "How much do you want it to be?" He got the job.</span></div><div class="MsoNormal"><span style="font-size: 13px;"><br /></span>
<u style="font-family: verdana, sans-serif; font-size: 10pt;"><b>Window Dressing </b></u><br />
<br />
<span face=""verdana" , sans-serif" style="background-color: white; font-size: 10pt; line-height: 115%;">A
lady goes to see her doctor with some very worrisome symptoms. After
examining her, he says, "I'm terribly sorry to tell you this, but you
only have six months to live." The lady is very distraught, "Oh doctor,
what should I do", she asks. The doctor says, "I advise you to marry a
CPA.""Will that make me live longer?", she asks, hopefully. "No, " says
the doctor. "But it will<span class="apple-converted-space"> </span></span><b>seem</b><span class="apple-converted-space"> longer."</span></div>
<div class="MsoNormal">
<span class="apple-converted-space"><br /></span>
<span class="apple-converted-space"><br /><b><u>Audit Report</u></b><br /><br /><a href="http://3.bp.blogspot.com/-XMZe0RCUsTc/Vausj5Esv9I/AAAAAAAABms/PbybMF1lqF0/s1600/Audit%2Breport%2BIvin%2B%2526%2BHobbes.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="247" src="https://3.bp.blogspot.com/-XMZe0RCUsTc/Vausj5Esv9I/AAAAAAAABms/PbybMF1lqF0/s400/Audit%2Breport%2BIvin%2B%2526%2BHobbes.png" width="400" /></a></span>
<span class="apple-converted-space"><br /></span>
<u><b><span class="apple-converted-space"><br /></span></b></u></div><div class="MsoNormal"><u><b><span class="apple-converted-space">Auditors Jokes : Time sheets</span></b></u><br />
<span class="apple-converted-space"><br /></span>
<br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">An
accountant dies and goes to heaven (no, that's not the joke). St.
Peter, of course, is there, looking through the files and asking a few
quick questions. "What sort of accountant were you?" "Oh, I was a CPA",
was the reply. "Name?" asks St. Pete. The accountant gives his name and
St. Peter finds his file. "Oh yes, we've been expecting you. You've
reached your allotted time span." The accountant says, "I don't get it.
How can that be? I'm only 48 years old." Pete looks again at the file
and says, "Well, that's impossible." "Why do you say that?" asks the
accountant. "Well," says St. Peter, "we've been looking over your time
sheets and the hours you've charged your clients. By our reckoning, you
must be at least93 years old!"</span><br />
<br />
<b><u><br /></u></b>
<b><u>Documentation</u></b><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-PA4exqCXkMg/Vqy18PuNghI/AAAAAAAACDE/Czf1jbodZyY/s1600/ca%2Bdocumentation.jpg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="240" src="https://2.bp.blogspot.com/-PA4exqCXkMg/Vqy18PuNghI/AAAAAAAACDE/Czf1jbodZyY/s320/ca%2Bdocumentation.jpg" width="320" /></a></div>
<br />
<br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;"><u><b>Tax Jokes</b></u> </span><br />
<br />
<br />
<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;">An
accountant is walking along the beach (also, not the joke) and he finds
an old lamp. He picks it up, rubs it and of course, a genie appears.
The genie says "I am the most powerful genie that has ever lived. I can
do great and wonderful things and I can grant you your dearest wish. But
only one." Well, this accountant is a deeply caring individual. He
pulls out a map of the Mediterranean area and says, "My dearest wish is
that you solve the Arab-Israeli conflict in the Middle East. The genie
strokes his beard and looks worried. "Oh dear, " he says , staring at
the map. "That's a tough one. Those people have been fighting for eons.
No one has been able to come up with a successful solution. I'm not sure
if I could do any better. You should probably make another wish." The
accountant is understanding and says, "All right. Listen, the IRS has
asked me to re-design their 1040 form so that </span><b style="background-color: white; font-family: Verdana, Geneva, sans-serif; font-size: 13px; line-height: 16.9px;">everyone</b><span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;"> can
understand it. Can you help me with that?" There's a long silence and
finally the genie says, "Let's have another look at that map."</span><br />
<br />
<b><u>Tax Deductions</u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-qqjrkq1sESI/V3e7yaJ8aiI/AAAAAAAACe8/3mOr_rhh_v4xt6FMB_lD_qaUzNjL0XTvgCLcB/s1600/income_tax_deduction_cartoon_520.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://4.bp.blogspot.com/-qqjrkq1sESI/V3e7yaJ8aiI/AAAAAAAACe8/3mOr_rhh_v4xt6FMB_lD_qaUzNjL0XTvgCLcB/s320/income_tax_deduction_cartoon_520.jpg" width="320" /></a></div>
<b><u>Auditors _matters of interest</u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-t-AXvYOrgww/VqT4LFgvmZI/AAAAAAAACB8/CVm-oLysezE/s1600/accountants%2Bjokes.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://1.bp.blogspot.com/-t-AXvYOrgww/VqT4LFgvmZI/AAAAAAAACB8/CVm-oLysezE/s400/accountants%2Bjokes.jpg" width="299" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-EasXiG9hfJU/Xzbfh_14NjI/AAAAAAAANp8/95ZQMMkYwbIRoBGkqOFQEhcSh31CHc8vACLcBGAsYHQ/s1600/year.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="244" data-original-width="325" height="240" src="https://1.bp.blogspot.com/-EasXiG9hfJU/Xzbfh_14NjI/AAAAAAAANp8/95ZQMMkYwbIRoBGkqOFQEhcSh31CHc8vACLcBGAsYHQ/s320/year.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<b style="text-align: left;"><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b style="text-align: left;"><u>Twisting the Generally Accepted Accounting Practices (GAAP)</u></b></div><div class="separator" style="clear: both; text-align: center;"><b style="text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-gYJy883hQGo/X9Rit_fEm2I/AAAAAAAAN4I/TTCCBbi3xd8zwUFMFi6Hh4B9OwsD3SvGACLcBGAsYHQ/s275/creative%2Baccounting.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="275" data-original-width="236" src="https://1.bp.blogspot.com/-gYJy883hQGo/X9Rit_fEm2I/AAAAAAAAN4I/TTCCBbi3xd8zwUFMFi6Hh4B9OwsD3SvGACLcBGAsYHQ/s0/creative%2Baccounting.jpg" /></a></div><br /><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-ZGuExUNjCGk/W_lA1-NPxrI/AAAAAAAALLg/VInncfJ5a607o_GZok-VEzNJ6BOPowsWgCLcBGAs/s1600/GAAP.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="532" data-original-width="451" height="640" src="https://1.bp.blogspot.com/-ZGuExUNjCGk/W_lA1-NPxrI/AAAAAAAALLg/VInncfJ5a607o_GZok-VEzNJ6BOPowsWgCLcBGAs/s640/GAAP.png" width="536" /></a></div><div class="separator" style="clear: both; text-align: center;"><b><u>Personal life of consultants</u></b></div><div class="separator" style="clear: both; text-align: center;"><b><u><br /></u></b></div><div class="separator" style="clear: both; text-align: center;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-1jVo_X1-MhQ/X9-gZCYK_iI/AAAAAAAAN6s/CAzoIqJPHbkOPDFBIanbdemNETshrrHjACLcBGAsYHQ/s1140/ca%2Bjokes.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1140" data-original-width="1080" height="320" src="https://1.bp.blogspot.com/-1jVo_X1-MhQ/X9-gZCYK_iI/AAAAAAAAN6s/CAzoIqJPHbkOPDFBIanbdemNETshrrHjACLcBGAsYHQ/s320/ca%2Bjokes.jpg" /></a></div><br /><u><br /></u></b></div><div class="separator" style="clear: both; text-align: center;"><b><u><br /></u></b></div><div class="separator" style="clear: both; text-align: center;"><b><u>Typical Bed time worry -Convergence of GAAP</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-1eZwplFXoeY/XvStwEY4etI/AAAAAAAANeI/Q7iA6A0XJGkZQpzzUBX97IlPwf1mwQnEQCK4BGAYYCw/s1600/FB_IMG_1560434319690-763227.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6842284775206058706" src="https://3.bp.blogspot.com/-1eZwplFXoeY/XvStwEY4etI/AAAAAAAANeI/Q7iA6A0XJGkZQpzzUBX97IlPwf1mwQnEQCK4BGAYYCw/s320/FB_IMG_1560434319690-763227.jpg" /></a></div><div class="separator" style="clear: both; text-align: center;"><b><u>Typical Bed time worry -Which tax rule</u></b></div><div class="separator" style="clear: both; text-align: center;"><b><u><br /></u></b></div><div class="separator" style="clear: both; text-align: center;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-bUhDhlUpvYo/YAbxCGcIT2I/AAAAAAAAOAk/GIyvYgr0E14I1MqcTeRh3HvUxf0NjIDTQCLcBGAsYHQ/s980/GSTR%2B2A%2Bor%2B2B.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="880" data-original-width="980" src="https://1.bp.blogspot.com/-bUhDhlUpvYo/YAbxCGcIT2I/AAAAAAAAOAk/GIyvYgr0E14I1MqcTeRh3HvUxf0NjIDTQCLcBGAsYHQ/s320/GSTR%2B2A%2Bor%2B2B.jpg" width="320" /></a></div><br /><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>Clients with Auditor</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-AzA8WRNorF8/VqT4MKEMOsI/AAAAAAAACCA/6uVEhivOQG4/s1600/auditors.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-AzA8WRNorF8/VqT4MKEMOsI/AAAAAAAACCA/6uVEhivOQG4/s1600/auditors.jpg" /></a></div>
<div class="MsoNormal">BEST WISHES FROM A CA</div><div class="MsoNormal"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-f85BPjpvwzg/X_CBimT3IPI/AAAAAAAAN8o/Ac2hyU4yCYM5pRqw1hooHCcBooUWafUOgCLcBGAsYHQ/s325/CA%2Bwishes.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="325" data-original-width="318" height="320" src="https://1.bp.blogspot.com/-f85BPjpvwzg/X_CBimT3IPI/AAAAAAAAN8o/Ac2hyU4yCYM5pRqw1hooHCcBooUWafUOgCLcBGAsYHQ/s320/CA%2Bwishes.jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="MsoNormal"><br /></div><br />
<b><u>Audit of Sheep</u></b><br />
<br />
Once upon a time there was a shepherd looking after his sheep on the side of a deserted road. <br />
<br />
Suddenly a brand new Porsche screeches to a halt. <br />
<br />
The driver, a man dressed in an Armani suit, Cerutti shoes, Ray-Ban <br />
sunglasses, TAG-Heuer wrist-watch, and a Pierre Cardin tie gets out and asks the shepherd, <br />
<br />
'If I can tell you how many sheep you have, will you give me one of them?' <br />
<br />
The shepherd looks at the young man, then looks at the large flock of grazing sheep and replies, 'Okay.' <br />
<br />
The young man parks the car, connects his laptop to the mobile-fax, enters a NASA Website, scans the ground using his GPS,<br />
<br />
opens a database and 60 Excel tables filled with algorithms and pivot tables. <br />
<br />
He then prints out a 150-page report on his high-tech mini-printer, turns to the shepherd and says, <br />
<br />
'You have exactly 1,586 sheep.' <br />
<br />
The shepherd cheers, 'That's correct, you can have your sheep.' <br />
<br />
The young man takes one of the animals from the flock and puts it in the back of his Porsche. <br />
<br />
The shepherd looks at him and asks, 'If I guess your profession, will you return my animal to me?' <br />
<br />
The young man answers, 'Yes, why not?' <br />
<br />
The shepherd says, 'you are an auditor.’ <br />
<br />
'How did you know?' asks the young man. <br />
<br />
'Very simple,' answers the shepherd. ‘<br />
<br />
Firstly, you came here without being wanted. <br />
<br />
Secondly, you charged me a fee to tell me something I already knew.. <br />
<br />
Thirdly, you don't understand anything about my business... <br />
<br />
'.....Now Can I have my dog back?'<span face=""verdana" , "geneva" , sans-serif" style="background-color: white; font-size: 13px; line-height: 16.9px;"> </span><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-uac8197K-Kg/VqT4LEfPNZI/AAAAAAAACB4/mLicT_wBjhY/s1600/accountants%2Bauditors%2Bjokes.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="187" src="https://3.bp.blogspot.com/-uac8197K-Kg/VqT4LEfPNZI/AAAAAAAACB4/mLicT_wBjhY/w640-h187/accountants%2Bauditors%2Bjokes.jpg" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
<div style="background-repeat: initial initial;">
<br />
<b><span style="font-size: large;">Annual Report Drafting</span></b><br />
<br />
<a href="http://2.bp.blogspot.com/-WY_kFRv3YVw/XTBUbI9_daI/AAAAAAAAMVg/7u0SRcGdFWs_CrwGsaIab9SRFQORpV6mwCK4BGAYYCw/s1600/annual%2Breport-724563.jpg"><img alt="" border="0" height="276" id="BLOGGER_PHOTO_ID_6714959869650105762" src="https://2.bp.blogspot.com/-WY_kFRv3YVw/XTBUbI9_daI/AAAAAAAAMVg/7u0SRcGdFWs_CrwGsaIab9SRFQORpV6mwCK4BGAYYCw/w400-h276/annual%2Breport-724563.jpg" width="400" /></a><br />
<br />
<b><u>Accounting Standards</u></b><br />
<b><u><br /></u></b><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-VO1qDvE8K6k/XzbeXeJZlZI/AAAAAAAANp0/fpMYt_ZWArA70qhfxpTWlUD8mcCBiY0XACLcBGAsYHQ/s1600/standards.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="214" data-original-width="184" height="400" src="https://1.bp.blogspot.com/-VO1qDvE8K6k/XzbeXeJZlZI/AAAAAAAANp0/fpMYt_ZWArA70qhfxpTWlUD8mcCBiY0XACLcBGAsYHQ/s400/standards.png" width="343" /></a></div>
<b><u><br /></u></b>
<b><u><br /></u></b>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u><br /></u></b></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><b><u>Economist Joke : How will economists be used in hell</u></b></span><br />
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"><br /></span>
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;">A man was sent to Hell for his sins. As he was being processed, he passed a room where an economist he knew was having an intimate conversation with a beautiful woman.</span><br />
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;">"What a crummy deal!" the man complained. "I have to burn for all eternity and that economist spends it with that gorgeous woman."</span><br />
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;">An escorting demon jabs the man with his pitchfork and shouts, "Who are you to question that woman's punishment?"</span><br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
Drafting an Agreement</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-HcltpC7EeEg/WmwcS8OzrGI/AAAAAAAAFF8/zwxkoXVNkPQv3kiTmp135gic2MHuWP2OACLcBGAs/s1600/Win-win.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="432" data-original-width="400" height="320" src="https://2.bp.blogspot.com/-HcltpC7EeEg/WmwcS8OzrGI/AAAAAAAAFF8/zwxkoXVNkPQv3kiTmp135gic2MHuWP2OACLcBGAs/s320/Win-win.jpg" width="296" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
Difference between Merger and Acquisition</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-QBikLPMC4rU/Wmwco747rkI/AAAAAAAAFGA/UK0ipxZWyJgWI8q9VvZUvpTh6_sJYdsgACLcBGAs/s1600/merger-aqisittion.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="320" data-original-width="400" height="256" src="https://2.bp.blogspot.com/-QBikLPMC4rU/Wmwco747rkI/AAAAAAAAFGA/UK0ipxZWyJgWI8q9VvZUvpTh6_sJYdsgACLcBGAs/s320/merger-aqisittion.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><span style="font-size: large;">Corporate Culture related Jokes</span></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>Strategy</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-CTinAGD4FXY/Wn20TFG8c2I/AAAAAAAAFNI/boF32BSOI9Ad9OIam4usMuefi5_oNzNVwCLcBGAs/s1600/strategy.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="544" data-original-width="750" height="290" src="https://3.bp.blogspot.com/-CTinAGD4FXY/Wn20TFG8c2I/AAAAAAAAFNI/boF32BSOI9Ad9OIam4usMuefi5_oNzNVwCLcBGAs/w400-h290/strategy.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>Process Orientation</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-SWqUmgQ_oeE/Xk_DRLeNVEI/AAAAAAAANL8/xbf-n1Y7CZE4D9-j3WhOCm8XWPUS8DQzACK4BGAYYCw/s1600/FB_IMG_1582173518582-732627.jpg" style="text-align: left;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6795865062630052930" src="https://3.bp.blogspot.com/-SWqUmgQ_oeE/Xk_DRLeNVEI/AAAAAAAANL8/xbf-n1Y7CZE4D9-j3WhOCm8XWPUS8DQzACK4BGAYYCw/s320/FB_IMG_1582173518582-732627.jpg" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>Venture Capitalists</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-4RGyMMYKPKo/Wn224BDtehI/AAAAAAAAFNY/JOe1PEGPGlwoj-znhgl5immZ88HSKNd_wCLcBGAs/s1600/venture%2Bcapital-capital1.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="230" data-original-width="600" height="153" src="https://1.bp.blogspot.com/-4RGyMMYKPKo/Wn224BDtehI/AAAAAAAAFNY/JOe1PEGPGlwoj-znhgl5immZ88HSKNd_wCLcBGAs/w400-h153/venture%2Bcapital-capital1.gif" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-jxowKaIkgmg/Wn224Gy6ZMI/AAAAAAAAFNU/tYFZEq4ce0g-IcZIEBfob-IwGd05ZVmmQCLcBGAs/s1600/venture%2Bcapitalits-buzzword.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="600" height="150" src="https://2.bp.blogspot.com/-jxowKaIkgmg/Wn224Gy6ZMI/AAAAAAAAFNU/tYFZEq4ce0g-IcZIEBfob-IwGd05ZVmmQCLcBGAs/w400-h150/venture%2Bcapitalits-buzzword.gif" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>Reading in between lines</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-WT2XEs_n6w0/XlpXvOJ9qcI/AAAAAAAANNo/weVl5tVasPEOAjV139_CFV8rP5bH9iwsgCK4BGAYYCw/s1600/IMG-20200229-WA0001-700773.jpg" style="text-align: left;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6798843056234539458" src="https://2.bp.blogspot.com/-WT2XEs_n6w0/XlpXvOJ9qcI/AAAAAAAANNo/weVl5tVasPEOAjV139_CFV8rP5bH9iwsgCK4BGAYYCw/s320/IMG-20200229-WA0001-700773.jpg" /></a></div>
<div style="margin-bottom: .0001pt; margin: 0cm;"><b><u><span style="font-size: 13.5pt;"><br /></span></u></b></div><div style="margin-bottom: .0001pt; margin: 0cm; text-align: center;"><b><u><span style="font-size: 13.5pt;">Statistics</span></u></b></div><div style="margin-bottom: .0001pt; margin: 0cm;"><b><u><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-Q2jYYiXRz4Q/X2cHJplMM-I/AAAAAAAANts/Jka8RrMZZj0YbV3TTfc71PfKQTYvcHfhACLcBGAsYHQ/s900/Curve%2Bfitting.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="567" height="640" src="https://1.bp.blogspot.com/-Q2jYYiXRz4Q/X2cHJplMM-I/AAAAAAAANts/Jka8RrMZZj0YbV3TTfc71PfKQTYvcHfhACLcBGAsYHQ/w403-h640/Curve%2Bfitting.png" width="403" /></a></div><br /><span style="font-size: 13.5pt;"><br /></span></u></b></div><div style="margin-bottom: .0001pt; margin: 0cm; text-align: center;">
<b><u><span style="font-size: 13.5pt;">Analytics</span></u></b></div><div style="margin-bottom: .0001pt; margin: 0cm;"><b><u><span style="font-size: 13.5pt;"><br /></span></u></b></div><div style="margin-bottom: .0001pt; margin: 0cm;"><div class="separator" style="background-color: white; clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-8wFBRiZxdCA/VWdkZlWvCvI/AAAAAAAABSg/TrzsYWgXh1g/s1600/Big-Data-cartoon.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-8wFBRiZxdCA/VWdkZlWvCvI/AAAAAAAABSg/TrzsYWgXh1g/s320/Big-Data-cartoon.png" width="320" /></a></div><div style="background-color: white;"><br /></div><div class="separator" style="background-color: white; clear: both; text-align: center;"><a href="http://1.bp.blogspot.com/-NmuH_SFRbN8/VWdkaAqmlqI/AAAAAAAABSk/l4BhPTSmwBM/s1600/bigdata.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="228" src="https://1.bp.blogspot.com/-NmuH_SFRbN8/VWdkaAqmlqI/AAAAAAAABSk/l4BhPTSmwBM/s320/bigdata.jpg" width="320" /></a></div><div><br /></div>
<br />
<div style="background-repeat: initial initial;">
<b><i>DO U ASPIRE FOR A C.A. WIFE ??</i></b><span face=""arial" , sans-serif" style="font-size: 10pt;"> <b><i>READ AND THEN THINK</i></b></span><br />
<span face=""arial" , sans-serif" style="font-size: 10pt;"><b><i><br /></i></b></span><a href="http://1.bp.blogspot.com/-_9ZkJRqj76A/VQrw89vitbI/AAAAAAAABFk/UPKxZCFQvM4/s1600/ca%2Bwife.jpg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="295" src="https://1.bp.blogspot.com/-_9ZkJRqj76A/VQrw89vitbI/AAAAAAAABFk/UPKxZCFQvM4/s1600/ca%2Bwife.jpg" width="400" /></a><span face=""arial" , sans-serif" style="font-size: 10pt;"><b><i><br /></i></b>When I told my mom that I wanted a professional woman as my wife, she got me one; a Chartered Accountant.She uses LIFO method while taking out the refrigerated food. She thinks I am no good at figure work. Fine with me, for now she handles the budget of the house.</span></div>
<div style="background-repeat: initial initial;">
<br /></div>
<div style="margin-bottom: 12pt;">
Initially she used to send me a bill at the month end, but when I told her that I am not her client but her husband, she asks for the money in advance. The expenses had been rising steadily over the months, so one day I snooped into the papers maintained in a current file. No wonder! She was charging conveyance and overtime to the house budget. She is crazy, I tell her but she corrects me. No my darling, I am the auditor. I fail to see the light.<span face=""arial" , sans-serif" style="font-size: 10pt;"></span></div>
<div style="background-repeat: initial initial;">
Every scrap of the paper in our house is filed. She tells me as per some Ordinance she must keep a copy of every thing for at least ten years before destroying<br />
it. I am worried. The other day we had an hour-long fight. Later, I got to know that she had charged that hour to a client of hers, in the time sheet. My time was put down as unoccupied.<br />
She says that she loves me and I tell her that I love her too. However, she never believes me. She says that there is susceptibility of it being a misstatement. Duh! She wants my representation on this!<br />
Last year our house accounts got a qualified opinion I had not kept the supporting etc. of my purchases. Not a long time back my brother's wedding was to be solemnized. Wedding cards had been sent. After some time I started receiving a steady trickle of letters. I was puzzled until my wife was explained that external evidence was more reliable. She had called for confirmations from all those to whom cards were sent.<br />
<span face=""arial" , sans-serif" style="font-size: 10pt;"></span></div>
<div style="background-repeat: initial initial;">
<br /></div>
<div style="background-repeat: initial initial;">
When she cooks, my wife at times does not go by recipe. Where the recipe says add half-teaspoon vinegar, one tsp black salt or one teacup of water, she ignores them. She says that they are not material when taken in context of whole meal being prepared.<span face=""arial" , sans-serif" style="font-size: 10pt;"></span></div>
<div style="background-repeat: initial initial;">
<br /></div>
<div style="background-repeat: initial initial;">
She is crazy, I tell you. Surprisingly everybody calls her an auditor, instead. I checked the dictionary and it did not state that auditor is a synonym for crazy.<br />
The dictionary must be outdated.<br />
When we got married, she had given me an Engagement Letter and I Had said how cute-how sweet. Now she gives it to me every year saying that her standards state that it must be sent anew if there is any indication that I have misunderstood the objective and scope of engagement. Huh!<span face=""arial" , sans-serif" style="font-size: 10pt;"></span></div>
<div style="background-repeat: initial initial;">
<br /></div>
<div style="background-repeat: initial initial;">
Apart from sending me the engagement letter once again she says I can't get rid off her just like that. She says that she has the right of being heard before I appoint some one else. It seems I must keep reading one local and another English newspaper published and circulated in the vicinity of our house for more details.<br />
Phew! For a minute, I thought that we had jeopardized our going concern status. Duh! Dare I say so??<span face=""arial" , sans-serif" style="font-size: 10pt;"></span></div>
<div style="background-repeat: initial initial;">
<br /></div>
<div style="background-repeat: initial initial;">
i am told by one of my female colleagues who is married to a CA that the scenario is even worse when the guy is a CA. Apparently he capitalized the wedding expenses as preliminary expenses and is writing it off every year. Also the time he spent dating hiswife before marrying her is still under consideration for valuation under AS-26...valuation of intangible assets.<span face=""arial" , sans-serif" style="font-size: 10pt;"></span></div>
<div style="background-repeat: initial initial;">
<br />
So guyz please think twice....should u really marry a CA? and yes please discount it by the appropriate rate to arrive at the present value of the risk of doing so !!!!!!!<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<b><u><br /></u></b><b><u>Be careful while delaing with Chartered Accountant</u></b><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Once a Chartered accountant was travelling by train in A/c class. He was traveling from Manmad to Bangalore! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
He was traveling alone! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Some time later, a Beautiful lady came and sat in the opposite berth! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Chartered accountant was pleasantly Happy!</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
The lady kept smiling at him! This made d chartered accountant even more Happy!</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Then she went and sat next to him! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
The chartered accountant was bubbling with Joy! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
She then leant towards him and whispered in his ear " Hand over all your valuables, cash, cards, mobile phone to me </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
else I will shout and tell everybody that you are harassing and misbehaving with me" </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
The chartered accountant stared blankly at her!</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
He took out a paper and a pen from his bag and wrote " I can not hear or speak. You write on this paper whatever you want to say" </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
The lady wrote everything what she said earlier and gave it to him! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Chartered accountant took her note, kept it in his pocket! </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
He got up and told her in clear tones..."Now shout & scream!!"</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
MORAL OF THE STORY : *DOCUMENTATION IS VERY IMPORTANT*😜</div>
</div>
</div>
<b><u><span style="font-size: 13.5pt;"><br /></span></u></b>
<b><u><span style="font-size: 13.5pt;">Grass</span></u></b><span style="font-size: 13.5pt;"><o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">A highly successful MD of MNC was going home in his car when he
saw two men along the roadside eating grass.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;"> Disturbed by the sight, he ordered his driver to stop and
got out to investigate.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-size: 13.5pt;">He asked one man </span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;"><span style="font-size: 13.5pt;"><br /></span></div><div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">"Why are you eating grass?"<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">"We don't have any money for food," the poor man
replied. "We have to eat grass."<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">"Well, then, you can come with me to my house and I'll feed
you" the MD said.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">"But sir, I have a wife and two children with me. They
are over there, under that tree".<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">"Bring them along," the MD replied. <o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">Turning to the other poor man he stated, "You come with us
also."<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">The second man, in a pitiful voice then said, "But sir, I
also have a wife and three children with me!"<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">"Bring them all, as well," the MD answered.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">They all entered the car, which was no easy task, even for a car
as large as it was.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">One of the poor fellows turned to the MD and said, "Sir, you
are too kind. Thank you for taking all of us with you."<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">The MD replied, "Glad to do it. You'll really love my place;
the grass is almost 1 meter high!"<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<b><u><span style="font-size: 13.5pt;">Lesson :<o:p></o:p></span></u></b></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">* Never trust Higher Management ... They will go to any
extreme to finish their job._<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">*And there is none like a KIND Management * </span><span face=""segoe ui symbol" , sans-serif" style="font-size: 13.5pt;">😜</span><span style="font-size: 13.5pt;"><o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<span style="font-size: 13.5pt;">Dedicated to all successful Managers and upcoming General Managers
....._😀😀<o:p></o:p></span><br />
<span style="font-size: 13.5pt;"><br /></span>
<span style="font-size: 13.5pt;"><div dir="auto"><b><u>Corporate Ways and Means</u></b></div><div dir="auto">A king had 10 wild dogs.<div dir="auto">He used them to torture and kill any minister that angered him.</div><div dir="auto"><br /></div><div dir="auto">A minister once gave an opinion which was wrong and which the king didn't like at all… </div><div dir="auto">So he ordered that the minister to be thrown to the dogs.</div><div dir="auto"><br /></div><div dir="auto">The minister said, </div><div dir="auto">"I served you loyally 10 years and you do this..?</div><div dir="auto"><br /></div><div dir="auto">The king was unrelenting.</div><div dir="auto"><br /></div><div dir="auto">Minister pleaded"Please give me 10 days before you throw me to the dogs"</div><div dir="auto">The king agreed. </div><div dir="auto"><br /></div><div dir="auto">In those 10 days the minister went to the keeper of the dogs and told him he wanted to serve the dogs for the next 10 days… </div><div dir="auto"><br /></div><div dir="auto">The guard was baffled… </div><div dir="auto">But he agreed. </div><div dir="auto">So the minister started feeding the dogs, caring for them, washing them, providing all sorts of comfort for them.</div><div dir="auto"><br /></div><div dir="auto">So when the 10 days were up… </div><div dir="auto"><br /></div><div dir="auto">The king ordered that the minister be thrown to the dogs as sentenced . </div><div dir="auto"><br /></div><div dir="auto">When he was thrown in, </div><div dir="auto">everyone was amazed at what they saw..</div><div dir="auto">The dogs were wagging their tails playing with the condemned minister..licking his feet.</div><div dir="auto"><br /></div><div dir="auto">The king was baffled at what he saw. " what happened to the dogs? !!!" He growled.</div><div dir="auto"><br /></div><div dir="auto">The minister then said;" </div><div dir="auto">I served the dogs for only 10 days and they didn't forget my service…</div><div dir="auto"><br /></div><div dir="auto">Yet I served you for 10 years and you forgot all at the first mistake!"… </div><div dir="auto"><br /></div><div dir="auto">The king realised his mistake </div><div dir="auto"><br /></div><div dir="auto">and </div><div dir="auto"><br /></div><div dir="auto">Replaced the dogs with crocodiles !!</div><div dir="auto"><br /></div><div dir="auto"><u>Moral : Once Management has targeted you ... That's Final... They will find ways </u></div><div dir="auto"><br /></div><div dir="auto"><br style="font-size: medium;" /></div></div></span><br />
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 18pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<b><u><span style="font-family: "times new roman" , serif; font-size: 12pt;">Well prepared answers for an interview is ok but pre-prepared answers are dangerous</span></u></b><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 18pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0066ff;">One young man</span><span face=""arial" , sans-serif" style="color: #0d0d0d;"> went for an IAS Interview.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"><br /></span><span face=""arial" , sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: red;">"When did India get independence? " He was asked.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"><br /></span><span face=""arial" , sans-serif" style="color: #2f5597;">"The efforts began a few years earlier and final result was in 1947" He replied.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: red;">"Who was responsible for our independence? "</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"><br />"There were so many. Whom to mention? If I name one, it will be a injustice to another. " He replied.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: red;"><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">"Is corruption the number one enemy in our country?"</span></span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"><br />"Some research is going on the subject and I can answer with certainly only after seeing the report" He replied. </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"><br /></span><span face=""arial" , sans-serif" style="color: #0066ff;">The interview board was very pleased with his original and thoughtful answers</span><span face=""arial" , sans-serif" style="color: #0d0d0d;"> and asked him not to reveal the questions to others, since they were planning to ask the same questions.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;">When he went out naturally others were curious to know what was asked. He politely declined, but one persistent Santa would not leave him. <b><i><u>"At least tell me the answers"</u></i></b> he pleaded, and our friend obliged. </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"><br />Then it was the turn of this Santa. When he went inside, since his resume was slightly illegible, the board member asked him.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;">" By the way, what is your date of birth?"<br />He replied, " The effort began a few years earlier and final result was in 1947."<br />Somewhat puzzled, they asked another clarification.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;"> "What is your fathers name?"<br />He replied, "There were so many. Whom to mention". If I name one, it will be injustice to another".</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #0d0d0d;">The interviewer was incensed.<br />" Hey! Are you mad or what?"<br />He replied. "Some research is going on the subject. I can answer with certainty only after seeing the report ."</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 14.4pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span><b style="color: black; font-family: "Times New Roman"; font-size: medium;"><u>How Various People think about Auditor</u></b></div>
<div align="center" class="MsoNormal" style="color: #222222; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 18pt; margin: 0in 0in 0.0001pt; vertical-align: baseline;">
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><br /></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a> <a href="https://4.bp.blogspot.com/-K8grIWSoMO0/V3e9DsW3hoI/AAAAAAAACfI/9ZYHDG6B2sIdcFgxUJoZIoP44TQoGvnNQCLcB/s1600/what%2Bis%2Bca.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="236" src="https://4.bp.blogspot.com/-K8grIWSoMO0/V3e9DsW3hoI/AAAAAAAACfI/9ZYHDG6B2sIdcFgxUJoZIoP44TQoGvnNQCLcB/s400/what%2Bis%2Bca.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium;">
<u style="text-align: left;"><b>Difference between a Good CA and a Great CA</b></u></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
Question : What is the difference between a Good CA and a Great CA</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
Answer : A Good CA knows the Income Tax Act and A Great CA knows the Income Tax Officer</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<b><u>LIFE AS PER ACCOUNTANT</u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<b><u><br /></u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/fRBWMEmQu_g/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/fRBWMEmQu_g?feature=player_embedded" width="320"></iframe></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/GsauujJjte0/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/GsauujJjte0?feature=player_embedded" width="320"></iframe></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div>
<br /></div>
</div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<span style="font-family: "times new roman" , "serif";"><b><u><span style="font-size: large;">Struggles
of CA students</span></u></b><span style="font-size: 12pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span>
<br />
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8wzmi90" height="147" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.1&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8ERksM2UrW3bwyfynApw1HqP7j_6Re8GMQhnie34CcCzhQifxypsie-u9xTTou4jkSun82jYpV9R3nPcGGO6Ju-p955farXPz6tLIF0vX5XHBIwDDwsy_-Sjc&disp=emb&realattid=ii_jn8wzmi90" width="472" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;">
<br /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x0wot1" height="210" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.2&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-sfsnGHkU7aV2dQdxD-cZuCDlDI3q0ChEylB3zbI1EzUqMjdBKDIpaQFjdc8OBvnTd-CKtn8ApNtKFd4TKzAJVpjC8TS50D4TX0uxBovzeKvrv2EsMPwyTQgQ&disp=emb&realattid=ii_jn8x0wot1" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; text-align: center;">
<br /></div>
</div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><u><span face=""arial" , "sans-serif"" style="background: white; color: blue; font-size: 10.5pt;"> Study
Material Collection</span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x15s52" height="288" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.3&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ9cIrEN8sPHUMCRNQUF1WV7eRBN5grYVg84HRMBDitGQH90CR74Go9ce71rHM9MJ6W0HR5Z8AqSq7U_n02TZ_w89D-MSHePyiHWX9uRe05BJfvTuwOv29ngvSg&disp=emb&realattid=ii_jn8x15s52" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x1eqd3" height="275" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.4&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ9rrbbX-sYGcayT0z8dMXdUtx5hGafvVaVkkrEoC3-GqTy-vx_2L5Ztdx8iThZyEZGaO1YHyJY1QQuIDhxTcUDflWLAsWqRQuOlhX_CXd8rNqYcsIogONLsDwo&disp=emb&realattid=ii_jn8x1eqd3" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<br />
<b style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><u><span style="color: blue; font-family: "times new roman" , "serif"; font-size: 12pt;">Attending Classes</span></u></b><br />
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x1oek4" height="273" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.5&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8znC0J63r-V_g3UUntWLgwKnOFQ4z1K0nppJ0PfiJ4XcTemRKU3ujdflCxcqSbSYMRQmQ86fqtbUACWQ0enZvsgLOTB0mHmFk0lsEYFppUVOW2T1r8x8WLfk4&disp=emb&realattid=ii_jn8x1oek4" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<br />
<div align="center" class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin-bottom: 0in; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<a href="http://1.bp.blogspot.com/-g-Qg9fOqrRI/VauwIYO51kI/AAAAAAAABnQ/m4C2rSB1sAo/s1600/CA+exam+prep.png"><span style="color: blue; font-family: "times new roman" , serif; font-size: 12pt;"></span></a><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
</div>
<div align="center" class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin-bottom: 0in; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
</div>
<br />
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin-bottom: 0in; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<b><u><span style="color: blue; font-family: "times new roman" , "serif"; font-size: 12pt;">Exam Preparation</span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
</div>
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x1xwc5" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.6&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8B3x4BLP_e7IVpEKr93LNv45MnmhgJhZbli2lpdlMojh7eP17Jr64A-6GGUVDJDnYU2Sr2WJ_HdFf5VNtcc79BF9pQfUiqwc9tCa2Lt3ccNlKgjt3D9-pQ7dg&disp=emb&realattid=ii_jn8x1xwc5" width="289" /><br />
<b style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><u><span style="background: blue; color: white; font-family: "times new roman" , "serif"; font-size: 12pt;">Answering Theory Papers</span></u></b></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x2gf76" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.7&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_4i_G-B-tgQtsgXy8xscnpUPFd62triIPVJJ3tqweAA2aP1VEZzZH7-5jnQyeT-lfHW_ltO7QAs_r8GU54JHipmeDaPkSlSjR_iJzqM1ix3MALX75Z4vEyoGI&disp=emb&realattid=ii_jn8x2gf76" width="237" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x2q1s7" height="307" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.8&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-_aGAT-E92ieMwy7-EhHrsl1Bg4Im9VDnqtQRA6OwciQjLzh5q4SnC3_no0kXQnzwIsOStyqNCGgdqPpDSUzafy7pN5en5nJTiGC9n22C3yNBMznxCCgHwxog&disp=emb&realattid=ii_jn8x2q1s7" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<b style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><u><span style="color: blue; font-family: "times new roman" , "serif"; font-size: 12pt;">CA is not course it is a way of life</span></u></b><br />
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x32a98" height="404" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.9&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8SCTgKEI3dC1IK1xMd9PIZrveMLFZ3D2cm95a0eB46kaZmhJ7aR-YbCU4VTnJtjstJ-lwcpmZB24fm2Bj-W8ryWiDfAhHVUgSWII7ozL5Kaeq8yEp8dvsCpeM&disp=emb&realattid=ii_jn8x32a98" width="336" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x3cpz9" height="253" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.10&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-bpD95WCSP0b_gZUWzIwixpCs-ODRF8nLtRhRhV74LaSwTiZp02ENy4rXW-OJn3QuukoA-ep6dnBIlaYMPy_E_9TyKpVUxZg2XGYKAH3VXm8QIhUVQ1GSlKro&disp=emb&realattid=ii_jn8x3cpz9" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x3rol10" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.11&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-310dgNVX6UCWtN01WeJd0C-X5IriezFly86D_GK0LjKFejpCiE_dhpJE1pUpID2AXL-UTWTnjSZFtX6Q22-XvYuIh7RE87bPHrbheD47AaiEPdsjXuffZ9bs&disp=emb&realattid=ii_jn8x3rol10" width="239" /><br />
<br />
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin-bottom: 0in; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
</div>
<div style="text-align: left;">
<b><u>REVISION OF STUDY MATERIAL</u></b></div>
<div style="text-align: left;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-vkEd5ikk7sk/Xr_zRRXeEZI/AAAAAAAANWI/EfHOQT0ZnPAGlXiqXe5s_SbM8hy5GS4BQCLcBGAsYHQ/s1600/CA%2Bpreparation.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="199" data-original-width="187" height="320" src="https://1.bp.blogspot.com/-vkEd5ikk7sk/Xr_zRRXeEZI/AAAAAAAANWI/EfHOQT0ZnPAGlXiqXe5s_SbM8hy5GS4BQCLcBGAsYHQ/s320/CA%2Bpreparation.jpg" width="300" /></a></div>
<div style="text-align: left;">
<b><u><br /></u></b></div>
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin-bottom: 0in; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">How a CA Student thinks<o:p></o:p></span></div>
</div>
</div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x407911" height="304" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.12&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-kSB6VXPCpKiA3i0mF5o-3dsFXCQsLbaxY_QHYIuT7BoN5XaEpNw0d-bT3IoGhtmUsDCk7dcIvZ9cJ8Qm6q6O2v6hUKmIdesTK0woRXCGR9XLYKwh9TaIxgsk&disp=emb&realattid=ii_jn8x407911" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x491t12" height="166" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.13&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8gnVHY4Uhixzs9zR9QTZpGgz6siZauX6cZEmQWpPlCAFpc5IWxHw3hOfiPmK6PwaO5l83mHjiqoMklboW6CspAxwfh8PEkniI3xOoTF2iuN94FzLifbTyxrvU&disp=emb&realattid=ii_jn8x491t12" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x4efr13" height="250" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.14&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_LbpSlPSI_FrKiukVL2oHKmhJ6-nLeufWURefKhK48E1ARDEpJ0nZizc84H_odx9OY3Pp6CN13HhO-8d_fdAnc_vQi0s0LOLbyG-2e-5EASLkBJSe7uf7S18Y&disp=emb&realattid=ii_jn8x4efr13" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x4mnl14" height="216" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.15&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ9tiCrXGp87oI78SuS1Y4Sl9PVLI6Slq4fcdQFdZcNjICsbJcNUStWZT6f7-P_7c2WQEDqwINySsGCa_n8nnzMxQesLlVu-tdbLQw8ShxY6v-OZciEcCrMEPec&disp=emb&realattid=ii_jn8x4mnl14" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x4t5r15" height="314" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.16&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_QXXzEwDFGW9zl6okRMyOz4_53BzjRuf-Q3an3aAXf2SfvGfSKSkoU8EPcO0viDtV7xRPyRhoiRkYS_Cbsvd6mzMAmUlsi4nT4C50xw07dQa_7YVnIpNlA7A0&disp=emb&realattid=ii_jn8x4t5r15" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x519c16" height="311" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.17&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-zZI9XQo94VIKVRD2UIwgSfYiLe-Q4pnI9jSAH5-ixFzm_wzlYoot-CNra8wqRZzay1PrraWfeBnBKHIMZCvPisGDywcnUirOncGKsg0uh2DgpIdym3h9hx8c&disp=emb&realattid=ii_jn8x519c16" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x585o17" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.18&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_b36HFh5rqAonriAzo0wQn1HPx2WOjU8yv-Pmk8pupO2aqqQwyYpwt6gmA7ml1B1ukl1j8c-cKHwvPs4RJv3-Dj2aftVWcmgosGppM0jlmysmgykuAD1SpmKw&disp=emb&realattid=ii_jn8x585o17" width="249" /><br />
<b style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Competetion Among Friends</span></u></b></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x5g4718" height="308" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.19&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_EOU2LyHhVxqs9rqHRN2fQ4rIMoWPCDmKFkl7ndkB2Ubs-3roH2dM2cuKgX8slhXGd_l5TeSaW7lnJltaZ7UObLU6IQR4HviL_1CES0y5Vp7TWphMkQ9d4jzU&disp=emb&realattid=ii_jn8x5g4718" width="324" /><br />
<b style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Two types of subjects in CA-Dilemna</span></u></b></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x5pc219" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.20&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_t9gBfJ-UsPgFDg9n66skN3OtpW4nGSfRDkPg3xEpoX4kZtBoYzLFUSXoQXLPHJTNACUlRiWvrFhDMz-Wmm8rA-SLg4jP09Ofg120wd2XMVofJnT3_pNFhEMY&disp=emb&realattid=ii_jn8x5pc219" width="324" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x5ywu20" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.21&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ-Zf1JtPOypLnK-xsfs2DdnvG-gQsEO5R2l0zBD1DWctjAPSSx-x0fnzbqhARn6udS7QusdU_ire3gRPMfM9G6DFcHQj_EDgr9QHL0nO1fKc1FbhrxEs0sARds&disp=emb&realattid=ii_jn8x5ywu20" width="217" /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<br /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<br /></div>
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x6tb724" height="324" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.25&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8jbb-vQF1CRtkwwx9aP3eEetQAt7lCXQWot3dvg6WycqdojlbqzKRtfjJkuxmoINaov4K_vuhcwpMgqhyD_rE5am8AyojADN0pYjZlKdXZlC8Jpd5nGk_jdKg&disp=emb&realattid=ii_jn8x6tb724" width="322" /></div>
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span><b><u><br />
Ramayan For Others - MindMap model for CA Students</u></b><br />
<a href="https://1.bp.blogspot.com/-8n-rx487g7A/XvTAFzg9OZI/AAAAAAAANeQ/gFruC8YXfFwuOO78wjuuaPAZTGM5yQyQwCLcBGAsYHQ/s1600/Ramayana%2BMind%2BMaps.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="348" data-original-width="302" height="320" src="https://1.bp.blogspot.com/-8n-rx487g7A/XvTAFzg9OZI/AAAAAAAANeQ/gFruC8YXfFwuOO78wjuuaPAZTGM5yQyQwCLcBGAsYHQ/s320/Ramayana%2BMind%2BMaps.jpg" width="277" /></a><br />
<span style="font-family: "times new roman" , serif; font-size: 16px; font-weight: 700; text-align: left;">Why CA course commands so much attention</span><br />
<div style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x796225" height="169" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.26&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_3LzqrLnqTPjZeVgQjVNRdF2HwNfN5Imu1jj6pRBlaI6gtHavXtb6j_YMDtgH7DRZcDc39aq5dk6Sk2HoQsSDGJqYMiaw7752nm-zZQSnnCBR2OxVbjxJUtB0&disp=emb&realattid=ii_jn8x796225" width="224" /></div>
</div>
<br />
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
</div>
<br />
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin-bottom: 0in; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<br /></div>
</div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<div class="separator" style="clear: both; text-align: center;">
</div>
<u><span face=""arial" , "sans-serif"" style="background: white; color: blue; font-size: 10.5pt;">Difference
between B. Com & CA</span><span face=""arial" , "sans-serif"" style="background: white; color: #141823; font-size: 10.5pt;"> - Question Paper Pattern</span></u></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<span face=""arial" , "sans-serif"" style="background: white; color: #141823; font-size: 10.5pt;">Question
in B. Com exam: How many balls are there in an over?</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"" style="background: white; color: #141823; font-size: 10.5pt;">Answer:
6</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"" style="background: white; color: #141823; font-size: 10.5pt;">Full
Marks!!!</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"" style="background: white; color: #141823; font-size: 10.5pt;">If
this was given in CA exam, then,<br />
The answer would be WRONG and the examiner’s comment in the suggested answers
would be -<br />
"Most of the students answered the question. However, students have not
understood the question correctly. Answer points to a lack of in-depth
understanding and conceptual clarity on the subject. Correct answer is 1 (one)
ball which is delivered 6 times, if the umpire (as defined under bye law 19 of
Rule 2) did not declare any no ball in all those deliveries.<br />
Incase the umpire, as defined above, declares a No Ball as defined in the
byelaw 24 Rule 3 of the Laws of Cricket (Lords), then there will be an
additional ball delivered, using the same ball, for every no ball declared by
the umpire.<br />
Note that such additional balls (deliveries) will not be counted towards the
number of actual balls (deliveries)."<br />
Similarly for a wide ball, under byelaw 25 Rule 3 of the Laws of Cricket
(Lords) an additional ball will be delivered for every wide ball declared by
the umpire.<br />
Thus keeping in view the Rules 19, 24 & 25 of the Laws of Cricket(Lords)
the answer is 1 ball.<br />
However, if the ball used for the said deliveries suffers or undergoes such
transformation or such other changes which, the umpire, on an appeal being made
by the bowler, deems unfit for use, the ball may be changed/replaced with
another one. Only in such a case, will there be use of multiple balls in an
over.<br />
(The student may assume that the batsmen did not hit a sixer, thereby forcing
the ball to go out of the park causing another ball to be used)''</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<a href="https://2.bp.blogspot.com/-alSoOf8iiQM/V4IJwEi-EaI/AAAAAAAACh0/ZbijW6MN8uwJ2p6OD0ClnSElL5lO94JrgCLcB/s1600/CA+Certificate_n.jpg"><span style="color: blue; font-family: "times new roman" , serif; font-size: 12pt;"><!--[if gte vml 1]><v:shape id="Picture_x0020_23" o:spid="_x0000_i1030"
type="#_x0000_t75" alt="https://2.bp.blogspot.com/-alSoOf8iiQM/V4IJwEi-EaI/AAAAAAAACh0/ZbijW6MN8uwJ2p6OD0ClnSElL5lO94JrgCLcB/s320/CA%2BCertificate_n.jpg"
href="https://2.bp.blogspot.com/-alSoOf8iiQM/V4IJwEi-EaI/AAAAAAAACh0/ZbijW6MN8uwJ2p6OD0ClnSElL5lO94JrgCLcB/s1600/CA+Certificate_n.jpg"
style='width:159.75pt;height:240pt;visibility:visible;mso-wrap-style:square'
o:button="t">
<v:fill o:detectmouseclick="t"/>
<v:imagedata src="file:///C:\Users\user\AppData\Local\Temp\msohtmlclip1\01\clip_image028.jpg"
o:title="CA%2BCertificate_n"/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span></a><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "" serif "" , "serif"; font-size: 25.5pt;">Life of a CA
Article Student</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<a href="https://1.bp.blogspot.com/-PFIDRe7dMyc/V4H1qZHEzjI/AAAAAAAAChI/jQ9yUWMWANkJXoM-pNN-pCugMPtrWsf0QCLcB/s1600/audit+work_n.jpg"><span style="color: blue; font-family: "times new roman" , serif; font-size: 12pt;"><!--[if gte vml 1]><v:shape id="Picture_x0020_24" o:spid="_x0000_i1029"
type="#_x0000_t75" alt="https://1.bp.blogspot.com/-PFIDRe7dMyc/V4H1qZHEzjI/AAAAAAAAChI/jQ9yUWMWANkJXoM-pNN-pCugMPtrWsf0QCLcB/s320/audit%2Bwork_n.jpg"
href="https://1.bp.blogspot.com/-PFIDRe7dMyc/V4H1qZHEzjI/AAAAAAAAChI/jQ9yUWMWANkJXoM-pNN-pCugMPtrWsf0QCLcB/s1600/audit+work_n.jpg"
style='width:240pt;height:138pt;visibility:visible;mso-wrap-style:square'
o:button="t">
<v:fill o:detectmouseclick="t"/>
<v:imagedata src="file:///C:\Users\user\AppData\Local\Temp\msohtmlclip1\01\clip_image029.jpg"
o:title="audit%2Bwork_n"/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span></a><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<a href="http://1.bp.blogspot.com/-GRV22emflPQ/V4UtrOm9vjI/AAAAAAAAClk/hKmSKWA698gshWZuheP3il35rq8fvw_3wCK4B/s1600/image1-771202.jpeg"><span style="color: blue; font-family: "times new roman" , serif; font-size: 12pt;"><!--[if gte vml 1]><v:shape id="BLOGGER_PHOTO_ID_6306497073881398834"
o:spid="_x0000_i1028" type="#_x0000_t75" alt="https://1.bp.blogspot.com/-GRV22emflPQ/V4UtrOm9vjI/AAAAAAAAClk/hKmSKWA698gshWZuheP3il35rq8fvw_3wCK4B/s320/image1-771202.jpeg"
href="http://1.bp.blogspot.com/-GRV22emflPQ/V4UtrOm9vjI/AAAAAAAAClk/hKmSKWA698gshWZuheP3il35rq8fvw_3wCK4B/s1600/image1-771202.jpeg"
style='width:240pt;height:218.25pt;visibility:visible;mso-wrap-style:square'
o:button="t">
<v:fill o:detectmouseclick="t"/>
<v:imagedata src="file:///C:\Users\user\AppData\Local\Temp\msohtmlclip1\01\clip_image030.jpg"
o:title="image1-771202"/>
</v:shape><![endif]--><!--[if !vml]--><!--[endif]--></span></a><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">I
have time for friends </span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">In my three years of internship I have made some very
valuable friends. One of them is “the laptop” which is with me through thick
and thin, come rain or terrible heat, no matter how the long journey is to
client’s place. No</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "" serif "" , "serif"; font-size: 13pt;">wonder that after a
few months I end up suffering from back ache... “ahhh..well, the things people
endure for their friends”</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">Now
I know each coin has two sides</span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">Just as in the Corporate world a
Company Secretary is the Link between the shareholders and the company, In the
audit world I am the link between the client and audit team. The client bitches
tom me about how unrealistic the audit team demands are and the team bitches
about how uncooperative the client is.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">Now
I am grateful to all scientists who made our life easy</span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">Within days of
starting my internship I was equipped with tools which would ensure my success
in this field. The tools being “Ctrl+C” Ctrl+V” Alt+Tab”I don’t know when or
who invented the calculator but god bless him/her for the invention that helps
me survive tracing.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">Now
I appreciate how a voucher is made </span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">My main goal in life during the three
years of internship is to get my expense reports signed which sometimes may be
inflated; adhering to the old adage “Aim Higher in case you fall short”.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">Now
iam a better Team player </span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">I consider it my duty to remind members
of my audit team to have lunch, order for snacks and try to enjoy their life in
general lest audit consume their life.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">My
suggestions are always valued</span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">. When I say I don’t want to go to any
outstation audit. I immediately get sent to one. When I say I want a small
client I immediately get a big MNC client to audit.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">Now
I appreciate my teachers better</span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;"> Along with doing audit
many-a-times I end up having to play the role of a tutor .i.e. teaching excel
shortcuts to the client and then watch as they keep forgetting to use it….*new
found respect for my school and college teachers*.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">I
have improved my English skills</span></b><b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;"> </span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">I have learnt more
about punctuation doing Call and Compare than I Have learnt in school.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">The
process is as important as result </span></b><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">My work efficiency is most often than
not measured by what I actually do but by how late I sit every day and how well
presented my work papers are irrespective of whether they have any observations
or not.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">Now
I use my sleep time also for career My mind is so full of office
work </span></b><span style="font-family: "" serif "" , "serif"; font-size: 14pt;">I
get dreams relating to it.Sometimes </span><span style="font-family: "" serif "" , "serif"; font-size: 13pt;">I have recurring nightmares where in my
hard earned comp-offs get rejected based on the “actual productive working
hours” principle.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br />
<div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
</div>
<br />
<div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x65lq21" height="188" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.22&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ8m4TTrasRYfGUdsw04x7qWZ6hyE11x4-aP-GKC91OxyXFUNqD2ye31BOP6r6CLQdPeYDFrkMCH0y1OAOLdRbNqWgiGarO9eargJ9IcdShM0QXLEhO7n7qfMa8&disp=emb&realattid=ii_jn8x65lq21" style="cursor: move;" width="324" /></div>
</div>
</div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="margin-left: 1em; margin-right: 1em;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x6bav22" height="295" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.23&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ_V2K64uFXozGJrHzIopFkczjR9P-yCrE5siLHbf2wAM3ejCUriGWd147RJ5d5Gr4FmxE-E9Ian1i5UuRJTPeJM60PUL2WjMZCMkCA8cqSlMwmDMHyACCIoowI&disp=emb&realattid=ii_jn8x6bav22" style="background-color: white; color: #222222; font-family: arial, helvetica, sans-serif; font-size: small; text-align: center;" width="324" /></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12pt;">
</div>
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<img alt="image.png" data-image-whitelisted="" data-surl="cid:ii_jn8x6kxm23" height="298" src="https://mail.google.com/mail/u/0/?ui=2&ik=2e5706c0a5&attid=0.24&permmsgid=msg-a%3Ar8398994925323892514&th=16672d1a17063ad1&view=fimg&sz=s0-l75-ft&attbid=ANGjdJ9bW9TmrgF2ye0Q_tuLCi-iW3zreyAvenHXLIkTkE825-dQ_slL0p8AdDvicb0Y5_qQYVPiKgVnYX_yHieAu4dfrBkCIa9GnSSf-cH8giXcZ4LEjk75N6rWjIA&disp=emb&realattid=ii_jn8x6kxm23" style="background-color: white; color: #222222; font-family: arial, helvetica, sans-serif; font-size: small;" width="324" /></div>
<span style="font-size: 13.5pt;">
</span><br />
<div class="MsoNormal">
<b>Doctor vs engineer</b><br />
<br />
<div class="MsoNormal">
An Engineer was unemployed for long time. He could not find
a job so he opened a medical clinic and puts a sign up outside: "Get your
treatment for $500, if not healed get back $1,000."<br />
<br />
One Doctor thinks this is a
good opportunity to earn $1,000 and goes to his clinic.<br />
<br />
Doctor: "I have lost
taste in my mouth."<br />
Engineer: "Nurse, please
bring medicine from box 22 and put 3 drops in the patient's mouth."<br />
Doctor: "This is
Gasoline!"<br />
Engineer:
"Congratulations! You've got your taste back. That will be $500."<br />
<br />
The Doctor gets annoyed and
goes back after a couple of days later to recover his money.<br />
<br />
Doctor: "I have lost my
memory, I cannot remember anything."<br />
Engineer: "Nurse, please
bring medicine from box 22 and put 3 drops in the patient's mouth."<br />
Doctor: "But that is
Gasoline!"<br />
Engineer:
"Congratulations! You've got your memory back. That will be $500."<br />
<br />
The Doctor leaves angrily and
comes back after several more days.<br />
<br />
Doctor: "My eyesight has
become weak."<br />
Engineer: "Well, I don't
have any medicine for this. Take this $1,000."<br />
Doctor: "But this is
$500..."<br />
Engineer:
"Congratulations! You got your vision back! That will be $500." </div>
</div>
</div>
<div style="text-align: right;">
<span face=""lucida grande" , "tahoma" , "verdana" , "arial" , sans-serif" style="background-color: white; color: #333333; font-size: 13px; line-height: 18px;"></span></div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-59986522142942845162023-10-02T11:13:00.000-07:002024-01-20T06:18:37.184-08:00Gratuity Trust for Gratuity Funding - Compliance requirements in India<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal">
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Gratuity has various implications at the time of planning CTC, accruing the estimated cost incurred for the year (actuarial valuation), funding ( setting aside funds for the ultimate payment at the time of exit) and the actual payout at the time of exit. While doing all this, organisations to follow the process specified by Gratuity Act, consider the beneficial tax treatment for contribution to Gratuity Fund under Income tax Act and accrue the cost as prescribed by Accounting Standards.<o:p></o:p></span></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in;">
<div class="MsoListParagraphCxSpFirst" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="font-family: "symbol";"><span>·</span><span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> </span><span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> </span></span><span><!--[endif]--><span><span face=""arial" , sans-serif" style="color: #548dd4;">Labour Law Compliance: Compulsory under Gratuity Act to the extent of specified cap. Employment contractual terms may specify over and above law, then it is to be honoured</span></span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span face=""arial" , sans-serif" style="color: #548dd4;">Approval of the
Gratuity Trust to be eligible for tax deduction : Income tax Act</span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> <span style="color: #3d85c6;">C</span></span></span><span face=""arial" , sans-serif" style="color: #548dd4;">ontribution made by sponsor to Trust eligible as expenditure: Income tax Act </span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span face=""arial" , sans-serif" style="color: #548dd4;">Eligible investments
by Trust, Subscribing to Gratuity Fund /Insurance Scheme</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> <span style="color: #3d85c6;">Tax </span></span></span><span face=""arial" , sans-serif" style="color: #548dd4;">Compliance for
Gratuity Trust: Accounts, IT Return, other compliance : Trust Act</span></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><span><!--[if !supportLists]--></span><span><span><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--></span><span face=""arial" , sans-serif" style="color: #548dd4;"><span>Accounting Standard –
AS 15/IND AS 19 - Accounting for Employee Benefits</span>
</span><span style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></span></div>
<div class="MsoListParagraphCxSpLast" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span><span style="font-family: "symbol";">·<span style="font-family: "times new roman"; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , sans-serif" style="color: #548dd4; text-indent: -0.25in;">Payroll :DS deduction on Gratuity
Payment to employees if not falling under exemption</span></span></div><div class="MsoListParagraphCxSpLast" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt 19.25pt; text-indent: -0.25in;"><br /></div>
</div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<b><u><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">GRATUITY AS A DEFINED RETIRAL BENEFIT<o:p></o:p></span></u></b></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">In India, due to the
enactment of Payment of Gratuity Act, 1972 (the Gratuity Act), it has become a
statutory liability to be paid by all organisations covered under the Gratuity
Act.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">The Gratuity Act,
inter alia, specifies: <o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(i) “Employees”
eligible for receiving Gratuity<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(ii) the method for
computing the gratuity amount <o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(iii) the time when
gratuity becomes payable <o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(iv) the maximum
amount which is protected under the Act <o:p></o:p></span></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">The new labour code 2020 has similar provisions on Gratuity except the definition of wage goes beyond Basic and Dearness allowance.</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<b><u><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">GRATUITY FUNDING <o:p></o:p></span></u></b></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">The Gratuity Act
further states the manner in which the gratuity liability of an organisation
should be provided for. Under section 4A of the Gratuity Act, the following
methods have been prescribed:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(i) Obtain a Gratuity
Insurance from Life Insurance Corporation of India or other approved insurer
[Sec. 4A(1)]<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(ii) Establish an
Approved Gratuity Fund and contribute periodically [Sec. 4A(2)]<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Section 4A has only
been notified only in few states and remains un-notified for rest of India. It
is, therefore, clarified that an organisation may opt for neither purchasing a
Gratuity Insurance nor establishing an Approved Gratuity Fund. It may simply
create Provision for Gratuity in its books of accounts. However, this does not
affect the employer’s liability to pay Gratuity when it becomes payable.<o:p></o:p></span></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Considering Gratuity Act and Income Tax the following scenarios arise :</span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Option 1:</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> Insurance : Purchase a Gratuity Insurance from LIC or other approved
insurer.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Option 2:</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> Fund : Establish a gratuity fund, get it approved under
provisions of Income Tax Act and contribute to it on a periodic basis. This
fund invests the contribution in accordance with the conditions laid down in
the Income Tax Act, 1961.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><b>Option 3: </b>Accrue<b> :</b></span><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> Neither opt for Gratuity Insurance nor establish Approved
Fund. Simply create a Provision for Gratuity in its books of accounts and pay as when payout requirement arises<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Analysis of Option 2:
Establish a Gratuity Trust and get approval.</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Section 2(5) of the
Income Tax Act, 1961 defines an approved gratuity fund as a gratuity fund which
has been and continues to be approved by the Principal Chief Commissioner or
Chief Commissioner or Principal Commissioner or Commissioner in accordance with
the rules contained in Part C of the Fourth Schedule.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Under this option, ABC
Ltd. (the Employer) is required to:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">1. Establish “ABC Ltd.
Employee Gratuity Fund Trust (the Trust)”exclusively for meeting the Gratuity
liability of its employees by executing a duly registered Trust Deed. The Trust
should be an irrevocable trust.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">2. Appoint atleast two
Trustees. A Company can be appointed as a Trustee only on approval of Chief
Commissioner or Commissioner.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">3. Make all employees
member/beneficiary of the Trust. Not less than 90% of the employees should be
employed in India. A director may be admitted as a member/beneficiary of the
Trust only if he is a Whole Time Director or Managing Director and does not
hold shares in the Company carrying more than 5% of the total voting power.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">4. Make an application
to the Income Tax Authority appointed for granting approval. The form for application
is specified in Rule 109 of Part C of Fourth Schedule to Income Tax Act, 1961.
This application has to be made in the name of the Trust.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">5. Start contributing
to the Trust once approval has been granted in writing.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">6. In case the
approval has been refused, an appeal may be made to CBDT in Form 44.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">An approved gratuity
fund has been accorded a separate legal entity under the Income Tax Act. This
would imply that:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">1. The trust must have
its own PAN card.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">2. The trust must have
a separate bank account preferably with a scheduled bank (See rule 101 of
Income Tax Rules, 1962).<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">3. The trust must
maintain its own books of accounts (see rule 109(1)(c) of Income Tax Rules,
1962).<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Since an approved
gratuity fund is a private discretionary trust, it would be assessable as an
AOP for Income Tax purpose – Clause (iv) of first proviso to section 164(1).<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><b><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";"><br /></span></b></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><b><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Taxability of
Transaction 1:</span></b></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in; mso-list: l6 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol";">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">In hands of ABC Ltd. –
This is a contribution by an employer to an Approved Gratuity Fund for
exclusive benefit of its employees and is an allowable deduction u/s 36(1)(v)
of Income Tax Act, 1961.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in; mso-list: l6 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol";">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">In hands of ABC Ltd.
Employee Gratuity Fund Trust – The contribution by employer must be received by
the trustees on behalf the Trust in a separate bank account. This is a capital
receipt in the hands of the Trust and not liable to tax. For the sake of
argument, even if it held as revenue in nature, this income will be exempt from
tax u/s 10(25)(iv).<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Taxability of
Transaction 2:</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">As per Rule 101 of
Income Tax Rules, 1962, the trustees have the following options:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(i) Keep the
contribution in the bank account opened with Scheduled Bank.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(ii) Invests the
contribution on behalf of the Trust in LIC Group Gratuity Scheme<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(iii) Invest the
contribution in manner specified under Rule 67(2) of Income Tax Rules.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">No taxability arises
in any of the above-mentioned investments.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Taxability of
Transaction 3:</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">The funds invested
with LIC or other securities mentioned in rule 67(2) fetch returns in the form
of dividend, interest, appreciation in NAV etc.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">This income will again
be exempt in the hands of the Trust u/s 10(25)(iv).<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><b style="font-size: large;"><u><span><br /></span></u></b></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><b style="font-size: large;"><u><span>T</span>erms of Gratuity Trust</u></b></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #475055; line-height: normal; margin-left: 0.5in; text-indent: -0.25in;"><span style="font-size: medium;"><span face="Arial, sans-serif" style="color: black;">1.<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span face="Arial, sans-serif" style="color: black;">It</span><span face="Arial, sans-serif" style="color: black;"> must be set up as an irrevocable trust<o:p></o:p></span></span></p><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #475055; line-height: normal; margin-left: 0.5in; text-indent: -0.25in;"><span style="font-size: medium;"><span face="Arial, sans-serif" style="color: black;">2.<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span face="Arial, sans-serif" style="color: black;">It must be set up for providing gratuity benefits to the employees trust to act as a separate legal entity.<o:p></o:p></span></span></p><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #475055; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif"><span style="font-size: medium;"></span></span></p><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #475055; line-height: normal; margin-left: 0.5in; text-indent: -0.25in;"><span style="font-size: medium;"><span face="Arial, sans-serif" style="color: black;">3.<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span face="Arial, sans-serif" style="color: black;">Employer can appoint trustees for monitoring and administration of the fund</span></span></p></div><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";"><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><u><span face="Arial, sans-serif">Process for Gratuity Trust<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif"><span>The Board has to pass
a board resolution to create a Gratuity Trust and Appoint at-least 2 trustees
as per rules of Income Tax Rules, 1962. An Authorization Letter may be issued
by the Management for Formation of An Approved & Registered Gratuity Trust
to the Gratuity Trust Fund Consultant to outsource the process of setting up
the An Approved and Registered Gratuity Trust.<o:p></o:p></span></span></p><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 21.6pt;"><span>Once the Board
Resolution is passed and 2 trustees are appointed by the Management of the
company then the process continue with the following steps: –</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"></p><ul><li><span><span face="Arial, sans-serif">Gratuity Trust Deed
and Trust Rules executed and Registered with the Sub Registrar of the
Jurisdiction of the Company.<o:p></o:p></span></span></li><li><span><span style="font-family: Symbol;"><span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif">Once the Trust is registered then Trustees apply for
PAN and TAN of the Gratuity Trust.<o:p></o:p></span></span></li><li><span><span style="font-family: Symbol;"><span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span face="Arial, sans-serif">After getting
the PAN and TAN of the Registered Gratuity Trust then an Bank Account
is opened in a Scheduled Bank as mentioned in Rules of the Income Tax Rules,
1962.<o:p></o:p></span></span></li><li><span><span style="font-family: Symbol;"><span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif">Once the Bank Account
of the Registered Gratuity Trust is Formed then Company pay the Initial
Contribution into the Bank Account .<o:p></o:p></span></span></li></ul><!--[if !supportLists]--><p></p>
</span></div></div></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><div dir="ltr" style="text-align: left;" trbidi="on"><div class="MsoNormal"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><span style="font-size: medium;"><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif">On receipt of Initial
Contribution from the Company in the Registered Gratuity Trust, Trustees
decides to Invest this amount into a Group Gratuity Scheme of Insurer (LIC,
SBI, KOTAK, HDFC, etc.) or they invest the money as per rules of
Income Tax Rules, 1962.<o:p></o:p></span></span></p></span></div></div></div></blockquote><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><div dir="ltr" style="text-align: left;" trbidi="on"><div class="MsoNormal"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><span style="font-size: medium;"><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span face="Arial, sans-serif">Once the Investment is
done then trustees of the registered Gratuity Trust apply for Approval of
Gratuity Trust in Terms of Part C of Fourth Schedule of the Income Tax Act,
1961 with following documents: –<o:p></o:p></span></span></p></span></div></div></div></blockquote><div dir="ltr" style="text-align: left;" trbidi="on"><div class="MsoNormal"><div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">
<ul style="margin-top: 0in;" type="disc">
<ul><li class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;"><span face="Arial, sans-serif"><span>Board
Resolution of Management/Company</span></span></li><li class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;"><span face="Arial, sans-serif"><span>Registered
Gratuity Trust Deed and Trust Rules</span></span></li><li class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;"><span face="Arial, sans-serif"><span>PAN and
TAN of Trust Deed</span></span></li><li class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;"><span face="Arial, sans-serif"><span>Bank
Account Details of Gratuity Trust</span></span></li><li class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;"><span face="Arial, sans-serif"><span>Premium
Receipt of Investment made by the Trustees into Group Gratuity Scheme of
Insurer (LIC etc.) or Investment Portfolio of Investment as per rules of
Income Tax Rules, 1962.</span></span></li><li class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;"><span face="Arial, sans-serif"><span>Application
to CIT for Approval and other relevant documents</span><span>.</span></span></li></ul>
</ul>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif"><o:p><span> </span></o:p></span><span face="Arial, sans-serif"> Once the </span><span face="Arial, sans-serif">Approval from the
Income Tax Department is received</span><span face="Arial, sans-serif"> then </span><span face="Arial, sans-serif">Registered Gratuity Trust</span><span face="Arial, sans-serif"> becomes </span><span face="Arial, sans-serif">an Approved Gratuity Trust</span><span face="Arial, sans-serif"> until it continues to satisfy the conditions specified in
the Part C of fourth Schedule of Income Tax Act, 1961.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span><span face="Arial, sans-serif">Approval for the
Gratuity Trust becomes void, if Approval is not received from </span><span face="Arial, sans-serif">the Income Tax Department (CIT) in </span><span face="Arial, sans-serif">following cases: <o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif">Variation is made in
Original Trust Deed.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif">Variation is made in
Original Trust Rules.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif">Appointment of New
Trustees.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><!--[endif]--><span face="Arial, sans-serif">Variation in Original
Benefits of Gratuity given by the Company in Trust Rules (i.e. Change in
Ceiling Limit, Change in Vesting Condition for Gratuity Benefits etc.)<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif">Changes in Insurer of
Group Gratuity Scheme.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif">Merger & De-merger
of Company<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif">Winding up of Group
Gratuity Scheme.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif"><o:p><span> </span></o:p></span><span face="Arial, sans-serif"> </span><span face="Arial, sans-serif">An Approved Gratuity Trust is a separate
entity in the eyes of Income Tax Department; hence Annual Audit of Gratuity
Trust is done and ITR is filed. Cost of Audit is borne by the Company.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif"><span> Actuarial Report under Gratuity Plan from
Actuary is needed by the Company at the end of each Financial Year for
compliance AS 15 (Revised 2005) & Ind AS 19 and assessment of Annual
Contribution to be made by the Company into the Approved Gratuity Trust for
getting tax benefits available under Section 36 (1) (v).</span><span><o:p></o:p></span></span></p>
<p class="MsoNormal"><o:p> </o:p><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Liability to file Income Tax Return by the Trust: Alternative view</span></b></p></span><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">A Gratuity Fund is created with the sole purpose of providing for an employer’s gratuity liability towards its employees. It can have no additional purpose. This is a primary condition which the Commissioner of Income Tax would check before giving approval to the Gratuity Fund [Rule 3(b) of part C of Schedule IV to Income Tax Act, 1961].<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">As per interpretation of relevant sections and circulars, an Approved Gratuity Fund would not be liable to file Return of Income. The basis of this opinion is given below:<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">(a) Section 139(1) reads as under<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">“Every person,—</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">(a) being a company or a firm; or</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">(b) <b>being a person other than a company or a firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax</b>,</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed.”</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Since entire income of an Approved Gratuity Fund is exempted from tax u/s 10(25)(iv), total income does not exceed the maximum amount not chargeable to tax. Hence, there is no liability to file a Return of Income.<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">CBDT has notified list of TDS Exempt entities (funds or authorities or Boards or bodies, by whatever name called) which are eligible for unconditional tax exemption u/s 10 as well as ITR filing exemption u/s 139, in view of the fact that income of these entities is anyway exempt under the IT Act</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">, which inter alia include:</span><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> (xi) Provident fund to which the Provident Funds Act, 1925 (19 of 1925) referred to in sub-clause (i), recognized provident fund referred to in sub-clause (ii), approved superannuation funds referred to in sub-clause (iii), <b>approved gratuity fund referred to in sub-clause (iv)</b> and funds referred to in sub-clause (v) of clause (25);</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> (xvii) New Pension System Trust referred to in clause (44).</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Hence it is opined that an Approved Gratuity Fund enjoys unconditional tax exemption and hence not liable to file Return of Income.</span></div></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Clarifications of
delay in Approved Gratuity Fund /Payment not routing through Fund</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">1. Commissioner has
the power to accord approval to Gratuity Fund with retrospective effect from
the date from which the Fund satisfied the requirements of rule 3 of Part C of
the Fourth Schedule. – Clarification 3 in Circular No. 14 [F. No.
19/4/69-IT(A-II)], dated 23-4-1969.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">2. Where an assessee
company has made payment directly to Life Insurance Corporation of Indian
towards premium for Group Gratuity Scheme held in the name of Approved Gratuity
Fund instead of first contributing to Approved Gratuity Fund and Approved
Gratuity Fund making the payment of premium, deduction u/s 36(1)(v) will be
allowable – CIT vs. Textool Co. Ltd. [2013] 35 taxmann.com 639 (Supreme Court)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">3. Where an assessee
had filed application to competent authority for approval of a Gratuity Scheme
and had duly complied with conditions laid down for approval, Assessing Officer
cannot disallow assessee’s claim for deduction under section 36(1)(v) merely
because the application for approval was pending before the Commissioner. The
Commissioner should have either rejected or approved the Gratuity Scheme – CIT
vs Jaipur Thar Gramin Bank [2017] 81 taxmann.com 126 (Rajasthan)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">4. Payment on a date
after the creation of Trust but prior to date of approval of Gratuity Fund will
be allowed as deduction u/s 36(1)(v). An approval for a fund which is already
set up is in the nature of <i>post facto </i>approval and it relates
back to the date on which it is set up in accordance with the scheme of the law
– Prakash Software Solution (P.) Ltd. v. Income-tax Officer [2018] 89
taxmann.com 130 (Ahmedabad – Trib.)<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;"><span style="font-size: medium;"><b><span style="color: #475055;">Various sections related
to Gratuity under the Income Tax Act, 1961:</span></b><span style="color: #475055;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> 1. </span></b><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Section 40A(7) </span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">(a) Subject to the
provisions of clause (b), no deduction shall be allowed in respect of any
provision (whether called as such or by any other name) made by the assessee
for the payment of gratuity to his employees on their retirement or on
termination of their employment for any reason.</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">(b) Nothing
in clause (a) shall apply in relation to any provision made by the assessee for
the purpose of payment of a sum by way of any contribution towards an approved
gratuity fund, or for the purpose of payment of any gratuity, that has become
payable during the previous year.</span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Comment:</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> This section will apply to those assessee who opt for
option 1 or option 3 i.e. do not have an approved gratuity fund. An assessee
will not get deduction for provision made for gratuity unless it is for
contribution to Approved Gratuity Fund or unless the Provision is for Gratuity
that has become payable to employees during the year. Therefore, if an assessee
creates a mere Provision for Gratuity that is not for contribution towards
Approved Gratuity Fund or not for Gratuity that has actually become payable, no
deduction will be available irrespective of the fact that Provision has been
made on the basis of Actuarial Valuation Report – </span><b><span style="color: #337ab7; mso-fareast-font-family: "Times New Roman";">Circular No. 169, dated 23-6-1975</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<ol start="2" type="1">
<li class="MsoNormal" style="background: white; color: #444444; line-height: normal; mso-list: l5 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-size: medium;"><i><span style="mso-fareast-font-family: "Times New Roman";">Section 40(a)(iv)</span></i><span style="mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></li>
</ol>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";"> Contribution to
Approved Gratuity Fund allowable as deduction u/s 36(1)(v) would not be allowed
if the Employer has not made necessary arrangements for deduction of TDS from
the Gratuity payable from the Approved Gratuity Fund.<o:p></o:p></span></div>
<ol start="3" type="1">
<li class="MsoNormal" style="background: white; color: #444444; line-height: normal; mso-list: l2 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-size: medium;"><i><span style="mso-fareast-font-family: "Times New Roman";">Section 40A(9)</span></i><span style="mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></li>
</ol>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">No deduction shall be
allowed in respect of any sum paid by the assessee as an employer towards the
setting up or formation of, or as contribution to, any fund, trust, company,
association of persons, body of individuals, society registered under the
Societies Registration Act, 1860 (21 of 1860), or other institution for any
purpose, except where such sum is so paid, for the purposes and to the extent
provided by or under clause (iv) or clause (iva) or clause (v) of sub-section
(1) of </span></i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">section 36<i>, or as
required by or under any other law for the time being in force.</i><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="font-size: medium;"><i><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> </span></i><b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Comment:</span></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> Suppose assessee
pays –<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in; mso-list: l1 level1 lfo5; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol";">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Rs. 1,00,000 to a CA
who helped in drafting of Gratuity Trust Deed.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in; mso-list: l1 level1 lfo5; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol";">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Rs. 50,000 to
sub-registrar to register the Trust Deed under The Registration Act, 1908.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in; mso-list: l1 level1 lfo5; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol";">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Rs. 50,000 to a LIC
consultant who helped in obtaining Group Gratuity Scheme.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in; mso-list: l1 level1 lfo5; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol";">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"> </span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Assessee can claim a
deduction of Rs. 2,00,000 u/s 37 of Income Tax Act, 1961. However, in case the
amount is spent towards setting up of a fund or trust other than an approved
gratuity fund, approved provident fund or approved superannuation fund, the
amount of Rs. 2,00,000 will be disallowed u/s 40A(9).<o:p></o:p></span></div>
<ol start="4" type="1">
<li class="MsoNormal" style="background: white; color: #475055; line-height: normal; mso-list: l0 level1 lfo6; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-size: medium;"><i><span style="color: #444444; mso-fareast-font-family: "Times New Roman";">Section 43B(b) :
Time limit for payment of contribution</span></i><b><span style="mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></span></li>
</ol>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">The assessee must make the contribution to Approved Gratuity
Fund on of before the due date of furnishing the return in order to claim
deduction u/s 36(1)(v) else it will be disallowed u/s 43B.<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: center;">
<span style="font-size: medium;"><b><u><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Accounting Treatment
as per AS 15 and Ind AS 19</span></u></b><span style="color: #475055; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 9.35pt; text-align: justify;">
<span style="color: #475055; font-size: medium; mso-fareast-font-family: "Times New Roman";">Gratuity is a defined
benefit plan under AS 15 and Ind AS 19. Treatment under both standards is that
of defined benefit scheme involving disclosure on <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="background: white; line-height: normal; margin-bottom: 9.35pt; mso-add-space: auto; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Actuarial valuation of
Defined benefit obligation<o:p></o:p></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="background: white; line-height: normal; margin-bottom: 9.35pt; mso-add-space: auto; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">Planned Asset movement<o:p></o:p></span></span></div>
<span style="font-size: medium;"><br />
</span><div class="MsoListParagraphCxSpLast" style="background: white; line-height: normal; margin-bottom: 9.35pt; mso-add-space: auto; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -0.25in;">
<span style="font-size: medium;"><!--[if !supportLists]--><span style="color: #475055; font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;">·<span style="font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span style="color: #475055; mso-fareast-font-family: "Times New Roman";">IND AS 19 additionally
involves disclosure of “Remeasurement gain/loss”
in other comprehensive income instead of clubbing it with P&L charge.<o:p></o:p></span></span></div>
<span style="background: white; color: #333333; line-height: 107%;"><span style="color: black; font-size: medium; line-height: normal;"><br /></span></span></div>
<div class="MsoNormal">
<span style="color: #333333;"><span style="background-color: white; font-size: medium; line-height: 14.98px;"><b>The following summary may be noted in respect of such Gratuity Fund</b></span></span></div>
<span style="font-size: medium;"><span style="background-color: white;"></span><br />
</span><div>
<span style="background-color: white;"><span style="background-color: white; font-size: medium;"><br /></span></span></div>
<span style="font-size: medium;"><span style="background-color: white;">
Employers contribution to an approved gratuity fund is allowable as a deduction under Section 36(1)(v) while computing business Income</span><br />
</span><ul style="text-align: left;">
<li><span style="background-color: white; color: #333333; font-size: medium; line-height: 18px;">IT Act specifies Gratuity fund on;y, but such fund is generally established in the form of a trust. A few employees become the trustees of such fund.</span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-size: medium;"><span style="background-color: white; color: #333333; line-height: 107%;">The contributions made towards the Gratuity fund generally depends
on the Actuarial Valuation. However, an employer may approach a life insurer in
order to purchase a group gratuity plan. The Gratuity trust can invest its
funds by making a contribution under a Group Gratuity Scheme of an insurer.
Thus, the employer has to pay annual contributions to the insurance
company as decided by the insurance company. The gratuity will be paid by the
insurance company to Trust and Trust will pay to respective employee.</span><span style="background-color: white; color: #333333; line-height: 107%;"> </span></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="font-size: medium;"><span style="background-color: white; color: #333333; line-height: 107%;">Approved Gratuity Funds : Section
2(5) of the Act defines an ‘approved gratuity fund’ as ‘a gratuity fund which
has been and continues to be approved by the Chief Commissioner or
Commissioner in accordance with the rules contained in Part C of the Fourth
Schedule’. In order to get the approval of the chief commissioner or
commissioner, an application needs to be made under Rule 109, including prescribed
particulars regarding the employer, nature of business of the employer,
employees eligible to participate in the fund and verified in the prescribed
manner. </span><span style="background-color: white; color: #333333; line-height: 107%;"> </span></span></li>
</ul>
<ul style="text-align: left;">
<li><span style="background-color: white; color: #333333; font-size: medium; line-height: 107%;">If your gratuity fund
registered u/s under rule 2 (1) part 'c' of part 'C' Schedule of It act than
---- Income of an approved gratuity fund is exempt under Section 10(25)(iv).</span></li>
<li><span style="background-color: white; color: #333333; font-size: medium; line-height: 107%;">Further it should maintain books of account and audited annually, IT return of gratuity fund may be treated as exempt as per interpretation/expert opinion or if not treated as exempt them it will be
filled in ITR -7. </span></li>
</ul>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-27z2tMbL7ZQ/WXSNE-PKziI/AAAAAAAADi0/ciW3bV1ti_M4CO50HTWpsB0wyv3vRRORACLcBGAs/s1600/Gratuity%2BTrust-page-032.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://2.bp.blogspot.com/-27z2tMbL7ZQ/WXSNE-PKziI/AAAAAAAADi0/ciW3bV1ti_M4CO50HTWpsB0wyv3vRRORACLcBGAs/s320/Gratuity%2BTrust-page-032.jpg" width="226" /></span></a></div>
<span style="color: #333333;"><span style="font-size: medium; line-height: 14.98px;"><br /></span></span></div>
<div>
<span style="font-size: medium;"><span style="color: #333333;"><span style="line-height: 14.98px;"></span></span><br />
</span><a name='more'></a><span style="font-size: medium;"><span style="color: #333333;"><span style="line-height: 14.98px;"><b><u><br /></u></b></span></span><span style="color: #333333;"><span style="line-height: 14.98px;"><b><u>Creation of Gratuity Trust by company vide a trust deed</u></b></span></span><br />
<span style="color: #333333;"><span style="line-height: 14.98px;"><b><u><br /></u></b></span></span>
<br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-c1BmnvqPqso/WXSPtl4znaI/AAAAAAAADjY/pL1t3qeGFQwrZ-qhPl3jNBrslWkKSsR6QCLcBGAs/s1600/Gratuity%2BTrust-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://2.bp.blogspot.com/-c1BmnvqPqso/WXSPtl4znaI/AAAAAAAADjY/pL1t3qeGFQwrZ-qhPl3jNBrslWkKSsR6QCLcBGAs/s320/Gratuity%2BTrust-page-002.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-otsB2jm3KPM/WXSPtfBSvAI/AAAAAAAADjU/v6hd4to2jGUTljKe36mPUAMzc7R9SPw6ACLcBGAs/s1600/Gratuity%2BTrust-page-003.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://2.bp.blogspot.com/-otsB2jm3KPM/WXSPtfBSvAI/AAAAAAAADjU/v6hd4to2jGUTljKe36mPUAMzc7R9SPw6ACLcBGAs/s320/Gratuity%2BTrust-page-003.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-aJpmJsKlCMk/WXSPtjLet0I/AAAAAAAADjc/4GjYh29whiA1QKFySfGSFd3M3N3Um0O5wCLcBGAs/s1600/Gratuity%2BTrust-page-004.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-aJpmJsKlCMk/WXSPtjLet0I/AAAAAAAADjc/4GjYh29whiA1QKFySfGSFd3M3N3Um0O5wCLcBGAs/s320/Gratuity%2BTrust-page-004.jpg" width="226" /></span></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-pduz09GLbZU/WXSQFG6t7WI/AAAAAAAADjg/7M0lddpwA9QtTImXkxfRwbm7svu9wzwZwCLcBGAs/s1600/Gratuity%2BTrust-page-005.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://4.bp.blogspot.com/-pduz09GLbZU/WXSQFG6t7WI/AAAAAAAADjg/7M0lddpwA9QtTImXkxfRwbm7svu9wzwZwCLcBGAs/s320/Gratuity%2BTrust-page-005.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><span style="color: #333333;"><span style="line-height: 14.98px;"><b><u><br /></u></b></span></span>
<span style="color: #333333;"><span style="line-height: 14.98px;"><b><u><br /></u></b></span></span>
<span style="color: #333333;"><span style="line-height: 14.98px;"><b><u><br /></u></b></span></span>
<span style="color: #333333;"><span style="line-height: 14.98px;"><b><u>Amendments to Trust deed based on observations of Income tax Department</u></b></span></span><br />
<span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span>
<br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-aQW1AjdBSdE/WXSOyGqduNI/AAAAAAAADjA/JT13p7u50-Qj2aVAe_FEBzWnQO91-aCAACLcBGAs/s1600/Gratuity%2BTrust-page-025.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://2.bp.blogspot.com/-aQW1AjdBSdE/WXSOyGqduNI/AAAAAAAADjA/JT13p7u50-Qj2aVAe_FEBzWnQO91-aCAACLcBGAs/s320/Gratuity%2BTrust-page-025.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-fFR9E48Bh1A/WXSOyVxheBI/AAAAAAAADjI/AXryMuhnDNAamqp6JDTQHKtowvmPi6Z2QCLcBGAs/s1600/Gratuity%2BTrust-page-026.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://3.bp.blogspot.com/-fFR9E48Bh1A/WXSOyVxheBI/AAAAAAAADjI/AXryMuhnDNAamqp6JDTQHKtowvmPi6Z2QCLcBGAs/s320/Gratuity%2BTrust-page-026.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-Cd7Sn_MUFpE/WXSOyXOMmcI/AAAAAAAADjE/PTNCTmdNaMAS-CfhTwGi_XDYGCqr8LLCQCLcBGAs/s1600/Gratuity%2BTrust-page-027.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-Cd7Sn_MUFpE/WXSOyXOMmcI/AAAAAAAADjE/PTNCTmdNaMAS-CfhTwGi_XDYGCqr8LLCQCLcBGAs/s320/Gratuity%2BTrust-page-027.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-KoDG0p2OVJc/WXSRQ6pWq4I/AAAAAAAADjs/7GX064xh4mo96JS8sxK7G9DugLYtUOv-QCLcBGAs/s1600/Gratuity%2BTrust-page-011.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-KoDG0p2OVJc/WXSRQ6pWq4I/AAAAAAAADjs/7GX064xh4mo96JS8sxK7G9DugLYtUOv-QCLcBGAs/s320/Gratuity%2BTrust-page-011.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
<b style="color: #333333; font-family: arial, sans-serif;"><u>Gratuity Trust Rules & Regulations</u></b><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-Rl2G4g5wWOs/WXSRQx9RRMI/AAAAAAAADjo/61bUwnX8jHQEIeiMsZL7ZTz5qIdEBifCwCLcBGAs/s1600/Gratuity%2BTrust-page-012.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://4.bp.blogspot.com/-Rl2G4g5wWOs/WXSRQx9RRMI/AAAAAAAADjo/61bUwnX8jHQEIeiMsZL7ZTz5qIdEBifCwCLcBGAs/s320/Gratuity%2BTrust-page-012.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-yu7TdAuPQ7s/WXSRQhnwKLI/AAAAAAAADjk/pfhBHsRokm0RhLEhPpnvw8jIUS5w3uZzwCLcBGAs/s1600/Gratuity%2BTrust-page-013.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://4.bp.blogspot.com/-yu7TdAuPQ7s/WXSRQhnwKLI/AAAAAAAADjk/pfhBHsRokm0RhLEhPpnvw8jIUS5w3uZzwCLcBGAs/s320/Gratuity%2BTrust-page-013.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-DqWumXk9J9I/WXSRRYrNYDI/AAAAAAAADj4/MVjhjCL504wXrd7xPSfnF3xl9yhOZkX-gCLcBGAs/s1600/Gratuity%2BTrust-page-014.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://4.bp.blogspot.com/-DqWumXk9J9I/WXSRRYrNYDI/AAAAAAAADj4/MVjhjCL504wXrd7xPSfnF3xl9yhOZkX-gCLcBGAs/s320/Gratuity%2BTrust-page-014.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-ulYavpUIS-M/WXSRRaze2mI/AAAAAAAADjw/jkz5XM1vkkU6hOSbvFCUvBJIYxTuu8f7QCLcBGAs/s1600/Gratuity%2BTrust-page-015.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://3.bp.blogspot.com/-ulYavpUIS-M/WXSRRaze2mI/AAAAAAAADjw/jkz5XM1vkkU6hOSbvFCUvBJIYxTuu8f7QCLcBGAs/s320/Gratuity%2BTrust-page-015.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-Qgg1R4uywn4/WXSRSFp3kVI/AAAAAAAADj8/vJAY8rJelaAFbiVGTU8Ps1ZjQgzmcKYMQCLcBGAs/s1600/Gratuity%2BTrust-page-016.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://3.bp.blogspot.com/-Qgg1R4uywn4/WXSRSFp3kVI/AAAAAAAADj8/vJAY8rJelaAFbiVGTU8Ps1ZjQgzmcKYMQCLcBGAs/s320/Gratuity%2BTrust-page-016.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-Pw63PDUJlcI/WXSRSo0o6BI/AAAAAAAADkA/TpMF2v-O4JY8HBzKruJDrHpPX0UMhz2oACLcBGAs/s1600/Gratuity%2BTrust-page-017.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://2.bp.blogspot.com/-Pw63PDUJlcI/WXSRSo0o6BI/AAAAAAAADkA/TpMF2v-O4JY8HBzKruJDrHpPX0UMhz2oACLcBGAs/s320/Gratuity%2BTrust-page-017.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-pxqUi_HyQ88/WXSRSpHEIgI/AAAAAAAADkE/L5wCVQzk1TEGBe5aJN_ys9rbU16rXpIegCLcBGAs/s1600/Gratuity%2BTrust-page-018.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-pxqUi_HyQ88/WXSRSpHEIgI/AAAAAAAADkE/L5wCVQzk1TEGBe5aJN_ys9rbU16rXpIegCLcBGAs/s320/Gratuity%2BTrust-page-018.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-4YqBxfc2LN0/WXSRTAYtbLI/AAAAAAAADkI/WZlfar7DItMH7oASA5rdRe1eY57vTFntwCLcBGAs/s1600/Gratuity%2BTrust-page-019.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-4YqBxfc2LN0/WXSRTAYtbLI/AAAAAAAADkI/WZlfar7DItMH7oASA5rdRe1eY57vTFntwCLcBGAs/s320/Gratuity%2BTrust-page-019.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-8HmbIlNbrh0/WXSRTJlRcUI/AAAAAAAADkM/KWrhF0NcNVs7OI1U1orifSwlxgD6uGLwwCLcBGAs/s1600/Gratuity%2BTrust-page-020.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-8HmbIlNbrh0/WXSRTJlRcUI/AAAAAAAADkM/KWrhF0NcNVs7OI1U1orifSwlxgD6uGLwwCLcBGAs/s320/Gratuity%2BTrust-page-020.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-sZU7dpsVau4/WXSRTa6EmfI/AAAAAAAADkQ/3bAyD26PZGIh45iXX6iEqtH5mLQUJ0BlgCLcBGAs/s1600/Gratuity%2BTrust-page-021.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://3.bp.blogspot.com/-sZU7dpsVau4/WXSRTa6EmfI/AAAAAAAADkQ/3bAyD26PZGIh45iXX6iEqtH5mLQUJ0BlgCLcBGAs/s320/Gratuity%2BTrust-page-021.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-6Bu0Ka3EJrk/WXSRTp2G8xI/AAAAAAAADkU/A-JlamLiK3wm8vqxSYUPIJQFgvALF3CBACLcBGAs/s1600/Gratuity%2BTrust-page-022.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://1.bp.blogspot.com/-6Bu0Ka3EJrk/WXSRTp2G8xI/AAAAAAAADkU/A-JlamLiK3wm8vqxSYUPIJQFgvALF3CBACLcBGAs/s320/Gratuity%2BTrust-page-022.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-Ow1RAAAvzSU/WXSRUagoRMI/AAAAAAAADkY/xVi6JjwnOUc1Sm5in0yJos-qURHVOmBYgCLcBGAs/s1600/Gratuity%2BTrust-page-023.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="1600" data-original-width="1133" height="320" src="https://4.bp.blogspot.com/-Ow1RAAAvzSU/WXSRUagoRMI/AAAAAAAADkY/xVi6JjwnOUc1Sm5in0yJos-qURHVOmBYgCLcBGAs/s320/Gratuity%2BTrust-page-023.jpg" width="226" /></span></a></div>
<span style="font-size: medium;"><span style="color: #333333;"><span style="line-height: 14.98px;"><b><u><br /></u></b></span></span><b><u><span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span><span style="color: #333333;"><span style="line-height: 14.98px;">Taxation of Gratuity Trust as an Assessee</span></span></u></b><br />
<span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span>
<span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span>
<br />
</span><div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "poppins"; font-size: medium; font-weight: 600;"><u style="box-sizing: border-box;">Status of Approved Gratuity Fund</u></span></span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">A Separate PAN number is required to file income tax return of approved gratuity fund. In the application, it has to be mentioned as trust which amounts to body of individuals under Income Tax Act.</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">To conclude in eyes of Income Tax, approved gratuity fund is Body of Individuals.</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "poppins"; font-size: medium; font-weight: 600;"><u style="box-sizing: border-box;">What will be the treatment of Income Earned under Income Tax Act 1961?</u></span></span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">Section 10(25) (iv) of Income Tax Act says any income received on behalf of the approved gratuity fund is exempt from tax. But again there is some confusion whether income received by trustee is only exempt? Or income such as interest accrued on gratuity funds is also exempt?</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">In our opinion, any income earned by approved gratuity fund is exempt under Income Tax Act, as the gratuity fund is represented by trustees. The same thing is there in definition of representational assesse. Below is the extract of the definition of representational assesse</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">For the purposes of this Act, “representative assessee” means in respect of income which a trustee appointed under a trust declared by a duly executed instrument in writing whether testamentary or otherwise [including any wakf deed which is valid under the Mussalman Wakf Validating Act, 1913 (6 of 1913),] receives or is entitled to receive on behalf or for the benefit of any person, such trustee or trustees</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;"><span style="box-sizing: border-box; font-family: "poppins"; font-weight: 600;">Point to be noted</span>: Every representative assessee shall be deemed to be an assessee for the purposes of this Act</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">To conclude: Whether income is accrued in gratuity fund or received by trustee, such income is exempt from tax</span></div>
<div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box;"><span style="box-sizing: border-box; font-family: "poppins"; font-size: medium; font-weight: 600;"><u style="box-sizing: border-box;">How to File the Income Tax Return of Approved Gratuity Fund?</u></span></span></div>
<span style="font-size: medium;"><span style="color: #333333;"><span style="line-height: 14.98px;"></span></span><br />
</span><div style="background-color: white; box-sizing: border-box; font-family: "open sans"; line-height: 26px; margin-bottom: 15px;">
<span style="box-sizing: border-box; font-size: medium;">Even though income is exempt from tax, the details of such income have to be shown in relevant ITR and then exemption under section 10 should be claimed. </span></div>
<span style="font-size: medium;"><span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span>
<span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span>
<span style="color: #333333;"><span style="line-height: 14.98px;"><br /></span></span></span></div>
<div>
<div class="MsoNormal">
<span style="font-size: medium;"><span style="color: #555555;"><b><u>Group Gratuity Scheme from Insurance company </u></b></span><br />
<span style="color: #555555;"><br /></span>
<span style="color: #555555;">Life Insurance Corporation of India offers its Group Gratuity Cash Accumulation scheme to enable employers to meet their gratuity liability in a very simple and efficient manner. The scheme is formulated in compliance with Part C of the IV schedule of Income Tax Act and tax benefits are available as provided in Income Tax rules<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-size: medium;"><b><span style="color: #555555;">The gratuity arrangement with LIC provides the following services to the company</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
<ul type="disc">
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Fund management under interest accumulation system<o:p></o:p></span></li>
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Claim settlement on exit as per company rules/gratuity act<o:p></o:p></span></li>
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Built in Insurance arrangement for the employees for future service<o:p></o:p></span></li>
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">MIS related to Income Tax and trusts accounts and Actuarial valuation<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<span style="font-size: medium;"><b><span style="color: #555555;">Fund management: Critical issues</span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-size: medium;"><b><span style="color: #555555;">Safety: </span></b><span style="color: #555555;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Liability on account of gratuity experiences sharp increase every year due to its nature of its computation. Apart from increase in service, increase in salary also contributes to increase in liability substantially as the benefits are payable on last drawn salary. Hence funds have to be invested in a conservative way with a consistent growth and insulated from market risks<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">The unique advantage with LIC is the contributions made by the company and interests credited by LIC are irreversible. This ensures highest level of safety for the total corpus and consistency in future contributions. As the gratuity payments are statutory and LIC gratuity scheme being the only investment tool which enjoys sovereign guarantee, gives a greater comfort to employer.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Liquidity: Funds available with LIC is a single account for investment and claim settlement. Hence 100% liquidity is ensured for the purpose of claim settlement<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Yield: LIC has been offering very competitive and consistent interest rates over the years. For the year 2009-10, LIC has offered 9.00% - 9.65% depending on fund size. The interest declared is net of administrative expenses incurred, hence no separate charges are charged after crediting the interest.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Interest rate offered by LIC is on daily balancing method. Hence, there is no idle time for earning interest, hence effective rate of interest is much higher. Another significant aspect is interest gets compounded annually, hence no reinvestment issues and no time lags.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">No responsibility on trustees on Investment decisions: Trustees are free from all investment risks and hassles in cash accumulation system. Advantage of ‘real outsourcing’ can be derived by associating with LIC<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">No hidden charges: The scheme is focused on a long term association in compliance with investment regulations and statutory payment obligations and no charges are levied on the transactions for which the fund is meant for.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Funding can also be in a staggered pattern during the year, but no charges at entry level for any number of payments. No charges on withdrawals for resignation or retirement or death. Total corpus comprising of money contributed by the company and interest credited by LIC is available for claim settlement up to 100% subject to availability of funds.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Actuarial recommendations: On annual basis, LIC provides this information to the trustees and recommends the level of contributions.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Claim settlement: On the exit of an employee due to retirement / death/ resignation, trust may prefer a claim from LIC by sending a claim form. Claim amount will be made available to trustees. Trustees can have the following options<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Preferring a claim from LIC and paying to employee<o:p></o:p></span></li>
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Paying the money to employees and seek reimbursement<o:p></o:p></span></li>
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Paying claims to employees at their end and seeking annual reimbursement<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">MIS: LIC provides statement of receipts and payments and actuarial valuation certificate and certificate of balance for the trust account.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;">Besides the above said advantages, the scheme also provides for employee welfare measures with built in insurance cover.<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;">Insurance cover for future service gratuity<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<span style="color: #555555; font-size: medium;"> Another salient feature of the Gratuity Scheme with LIC is that it provides for insurance coverage to the employees to the tune of future service gratuity subject to certain limits. The insurance cover can be flexible depending on the requirements of the Trust. The Group Insurance premium will be commensurate to the cover provided.<o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="color: #555555;"><span style="font-size: medium;"><b><span>Income Tax Benefit on Insurance Premium</span></b><span><o:p></o:p></span></span></li>
</ul>
<div class="MsoNormal">
<span style="font-size: medium;"><span style="color: #555555;">The insurance premium paid towards the above said benefits is treated as deductible business expenses to the company.</span>The premium is not treated as perks in the hands of the employees</span></div>
<div class="MsoNormal">
<span style="font-size: medium;"><span style="color: #555555; line-height: 12.84px;"><br /></span><span style="text-indent: 0in;"></span>
<br />
<br />
</span><div class="WordSection1">
<div align="left" class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-indent: 0in;">
<span style="font-size: medium;"><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 2.3pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="background: rgb(191, 191, 191); margin: 0in -0.75pt 1.5pt 0.5pt;">
<span style="font-size: medium;"><span>ICICI Prudential Group Gratuity Plan</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0.5pt 1.6pt 6.35pt;"><span style="font-size: medium;">
ICICI Prudential Life Insurance offers a unit-linke d group gratuity plan that helps you to fund the statutory gratuity obligation in a scientific manner and also avail of the tax benefits as applicable to approved gratuity funds. <o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 2.3pt 0.25in; text-indent: 0in;"><span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="background: rgb(191, 191, 191); margin: 0in -0.75pt 1.5pt 0.5pt;">
<span style="font-size: medium;"><span>What is the gratuity benefit payable?</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0.5pt 1.6pt 6.3pt;"><span style="font-size: medium;">
The employer can provide gratuity benefits as per the rules of the schemes framed with reference to the Gratuity Act or on better terms as decided by the company. The benefit payable will be the accrued gratuity amount for the employee and the bundled life cover (in case of death)<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.8pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.45pt; text-indent: 0in;">
<span style="font-size: medium;"><span>Bundled life cover</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
</div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
Our plan provides greater value to your employees by packaging gratuity with life insurance. This cover can be extended in any of the following ways:<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.8pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0in 6.9pt 0.5in; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>as a flat/graded cover which can be a minimum of Rs. 1000 per employee, or,<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 6.35pt 0.5in; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>on the basis of Anticipated Gratuity which is the amount paid over and above the Accrued Gratuity of an employee in the event of his premature death before retirement age, for the balance years of his service.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
The premiums for the bundled life cover are payable annually in advance. The same is stated explicitly over and above the gratuity contributions payable.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;"><span style="font-size: medium;">
<span style="text-indent: 0in;"> </span></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 0.0001pt; text-indent: 0in;">
<span style="font-size: medium;"><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in -0.75pt 1.65pt -0.25pt;">
<span style="font-size: medium;"><span>How would contributions be made?</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 2.3pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
The contributions made towards the Gratuity liability will depend on the Actuarial Valuation<span style="line-height: 14.96px;">. </span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
You can estimate your gratuity liability based on an actuarial valuation provided by a qualified actuary by way of an AS-15 Certification.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0.5pt 1.6pt 6.3pt;"><span style="font-size: medium;">
For a newly set up gratuity trust, the Past Service Gratuity Liability payment can be made over a period of five years. The annual contributions can be made in annually/ quarterly/monthly installments.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 2.25pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="background: rgb(191, 191, 191); margin: 0in -0.75pt 1.5pt 0.5pt;">
<span style="font-size: medium;"><span>Product Offering</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.45pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
ICICI Prudential offers a market linked plan that offers higher flexibility and transparency than any other traditional or self-administered fund. We offer multiple fund options under the Group Gratuity Plan to meet your diverse financial goals. The investments will be made in accordance with the fund objectives.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.05pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="TableGrid" style="border-collapse: collapse; margin-left: 2.3pt; mso-padding-alt: 0in 2.55pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 570px;"><tbody>
<tr style="height: 14.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background: rgb(204, 204, 204); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 14.35pt; padding: 0in 2.55pt 0in 5.4pt; width: 116.2pt;" valign="top" width="155"><div align="center" class="MsoNormal" style="line-height: 18.4px; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-size: medium;"><span style="line-height: 16.8667px;">Fund Option</span><o:p></o:p></span></div>
</td><td style="background: rgb(204, 204, 204); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 14.35pt; padding: 0in 2.55pt 0in 5.4pt; width: 1.9in;" valign="top" width="182"><div align="center" class="MsoNormal" style="line-height: 18.4px; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-size: medium;"><span style="line-height: 16.8667px;">Asset Allocation</span><o:p></o:p></span></div>
</td><td style="background: rgb(204, 204, 204); border: none; height: 14.35pt; padding: 0in 2.55pt 0in 5.4pt; width: 174.45pt;" valign="top" width="233"><div align="center" class="MsoNormal" style="line-height: 18.4px; margin: 0in; text-align: center; text-indent: 0in;">
<span style="font-size: medium;"><span style="line-height: 16.8667px;">Objective</span><o:p></o:p></span></div>
</td></tr>
<tr style="height: 74.15pt; mso-yfti-irow: 1;"><td style="background: rgb(243, 243, 243); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 74.15pt; padding: 0in 2.55pt 0in 5.4pt; width: 116.2pt;" valign="top" width="155"><div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;"><span style="font-size: medium;">
Group Short Term<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt; text-indent: 0in;"><span style="font-size: medium;">
Debt Fund<o:p></o:p></span></div>
</td><td style="background: rgb(243, 243, 243); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 74.15pt; padding: 0in 2.55pt 0in 5.4pt; width: 1.9in;" valign="top" width="182"><div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
100%: Debt securities,<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Money market Instruments<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
& Cash (including Debt<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Schemes of Mutual Fund) <o:p></o:p></span></div>
</td><td style="background: rgb(243, 243, 243); border: none; height: 74.15pt; padding: 0in 2.55pt 0in 5.4pt; width: 174.45pt;" valign="top" width="233"><div class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0in 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
To provide suitable returns through low risk investments in debt and money market instruments with an underlying objective to attempt to protect the capital deployed in the fund.<o:p></o:p></span></div>
</td></tr>
<tr style="height: 86.15pt; mso-yfti-irow: 2;"><td style="background: rgb(204, 204, 204); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 86.15pt; padding: 0in 2.55pt 0in 5.4pt; width: 116.2pt;" valign="top" width="155"><div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt; text-indent: 0in;"><span style="font-size: medium;">
Group Debt Fund<o:p></o:p></span></div>
</td><td style="background: rgb(204, 204, 204); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 86.15pt; padding: 0in 2.55pt 0in 5.4pt; width: 1.9in;" valign="top" width="182"><div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
100%: Debt securities,<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Money market Instruments<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
& Cash (including Debt<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Schemes of Mutual Fund) <o:p></o:p></span></div>
</td><td style="background: rgb(204, 204, 204); border: none; height: 86.15pt; padding: 0in 2.55pt 0in 5.4pt; width: 174.45pt;" valign="top" width="233"><div class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0in 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
To provide accumulation of income through investment in various fixed income securities. The Plan seeks to provide capital appreciation while maintaining suitable balance between return, safety and liquidity.<o:p></o:p></span></div>
</td></tr>
<tr style="height: 122.1pt; mso-yfti-irow: 3;"><td style="background: rgb(243, 243, 243); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 122.1pt; padding: 0in 2.55pt 0in 5.4pt; width: 116.2pt;" valign="top" width="155"><div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt; text-indent: 0in;"><span style="font-size: medium;">
Group Balanced Fund <o:p></o:p></span></div>
</td><td style="background: rgb(243, 243, 243); border-bottom: 2.25pt solid white; border-left-style: none; border-right: 2.25pt solid white; border-top-style: none; height: 122.1pt; padding: 0in 2.55pt 0in 5.4pt; width: 1.9in;" valign="top" width="182"><div align="left" class="MsoNormal" style="line-height: 16.16px; margin: 0in 0.05pt 1.4pt 1.4pt; text-indent: 0in;"><span style="font-size: medium;">
Minimum 80%: For Debt securities, Money market Instruments & Cash (including Debt Schemes of Mutual Fund)<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Maximum 20%: For Equity<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
and equity related<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
securities<o:p></o:p></span></div>
</td><td style="background: rgb(243, 243, 243); border: none; height: 122.1pt; padding: 0in 2.55pt 0in 5.4pt; width: 174.45pt;" valign="top" width="233"><div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Balanced Plan is aimed at<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0in 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
generating a healthy mix of longterm capital appreciation along with current income. The strategy is to invest in equity as well as fixed income instruments in optimum proportions as derived from the analysis of prevalent market conditions from time to time.<o:p></o:p></span></div>
</td></tr>
<tr style="height: 121pt;"><td style="background: rgb(204, 204, 204); border: none; height: 121pt; padding: 0in 2.55pt 0in 5.4pt; width: 116.2pt;" valign="top" width="155"><div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt; text-indent: 0in;"><span style="font-size: medium;">
Group Growth Fund<o:p></o:p></span></div>
</td><td style="background: rgb(204, 204, 204); border: none; height: 121pt; padding: 0in 2.55pt 0in 5.4pt; width: 1.9in;" valign="top" width="182"><div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Maximum 60%: For Equity<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
& Equity related securities <o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.05pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0.0001pt 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
Minimum 40%: For Debt securities, Money market Instruments & Cash (including Debt Schemes of Mutual Fund)<o:p></o:p></span></div>
</td><td style="background: rgb(204, 204, 204); border: none; height: 121pt; padding: 0in 2.55pt 0in 5.4pt; width: 174.45pt;" valign="top" width="233"><div class="MsoNormal" style="line-height: 18.4px; margin: 0in 0in 0in 0.05pt; text-indent: 0in;"><span style="font-size: medium;">
To primarily generate long-term capital appreciation through investment in equity and equity related securities and complement it with current income through investment in fixed income instruments in appropriate proportions depending on market conditions prevalent from time to time.<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div align="left" class="MsoNormal" style="margin: 0in -0.75pt 1.65pt -0.25pt;"><span style="font-size: medium;"><br /></span></div><div align="left" class="MsoNormal" style="margin: 0in -0.75pt 1.65pt -0.25pt;">
<b><u><span style="font-size: medium;"><span>Benefits of our Market Linked Plan</span><o:p></o:p></span></u></b></div>
<div align="left" class="MsoNormal" style="margin-left: 0in; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="margin: 0in -0.75pt 1.75pt -0.25pt;">
<span style="font-size: medium;"><u><span>Flexibility</span></u><span></span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.45pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
Multiple Investment Options –<span style="line-height: 14.96px;"> </span>Choice of multiple funds with a flexible investment pattern<span style="line-height: 14.96px;"></span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.5in; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0.5pt 1.6pt 6.4pt;"><span style="font-size: medium;">
Switching Option -<span style="line-height: 14.96px;"> </span>While you have chosen a fund option, you have the flexibility of switching between our various funds at any time. Switching between the various funds is allowed depending upon your requirements. We allow unlimited switches free of cost every year.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.45pt 0.5in; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
Contribution Redirection – The contributions can be redirected for investments into a fund of your choice and need not adhere to the initial investment pattern.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.65pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="margin: 0in -0.75pt 1.75pt -0.25pt;">
<span style="font-size: medium;"><u><span>Transparency</span></u><span> </span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.45pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
Portfolio Disclosure – Quarterly disclosure of the funds, enables you to achieve better fund management. <o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
NAV* declaration- NAVs declared daily, enabling you to track the performance of the fund chosen by you. <o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.2pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="line-height: 16.16px; margin: 0in 0in 1.4pt 1.5in; text-indent: -1.5in;">
<span style="font-size: medium;"><span style="line-height: 12.12px;">*NAV =<u>(Market / Fair value of scheme’s investments+ Current Assets – Current Liabilities</u></span></span></div><div align="left" class="MsoNormal" style="line-height: 16.16px; margin: 0in 0in 1.4pt 1.5in; text-indent: -1.5in;"><span style="font-size: medium;"><span style="line-height: 12.12px;"><u> & Provisions)</u> </span></span></div><div align="left" class="MsoNormal" style="line-height: 16.16px; margin: 0in 0in 1.4pt 1.5in; text-indent: -1.5in;"><span style="font-size: medium;"><span style="line-height: 12.12px;"> No. Of units Outstanding under the relevant plan</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5pt;"><span style="font-size: medium;">
Unit Pricing- The contribution received in respect of the client is converted into number of units based on the Net Asset Value (NAV) per unit at that point of time.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt; text-indent: 0in;"><span style="font-size: large;">Explicit charge structure – The charges for our Group Gratuity plan are categorized into the following </span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.5in; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0.25in 1.6pt 6.35pt; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="font-stretch: normal;"> </span></span>Annual Recurring Charges - ICICI Prudential Life Insurance shall charge fund management fee for assets under fund management. This fee will be based on the size of the fund and type of investment option chosen.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin: 0in 0.25in 1.6pt 6.35pt; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="font-stretch: normal;"> </span></span>Exit Load – In the event a company wants to surrender / exit their gratuity fund with ICICI Prudential; an exit charge would apply based on the year of exit. These charges will not be applicable if he Policy is in existence for more than 3 years. <span style="line-height: 19.04px;"> </span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="background: rgb(191, 191, 191); margin: 0in -0.75pt 1.5pt 0.5pt;">
<span style="font-size: medium;"><span>Services</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.85pt 0.25in; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l0 level2 lfo2; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>Dedicated account manager<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l0 level2 lfo2; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>Settle Claims and payouts within specified turn around times<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l0 level2 lfo2; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>Assistance in setting up of a new trust and transfer of existing schemes.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l0 level2 lfo2; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>Legal & Taxation helpdesk for your gratuity fund<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l0 level2 lfo2; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>Financial planning for your employees<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 2.3pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div align="left" class="MsoNormal" style="background: rgb(191, 191, 191); margin: 0in -0.75pt 6.9pt 0.5pt;">
<span style="font-size: medium;"><span>What happens when employees join or leave the scheme?</span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l0 level2 lfo2; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>All new joinees become a part of the group, if they meet the eligibility criteria. The life cover starts from the date of joining the company.<o:p></o:p></span></div>
</div>
<span style="font-size: medium;"><span style="color: #555555; line-height: 12.84px;"><span style="line-height: 13.6px;"><br clear="all" style="break-before: page;" /></span></span></span><div class="MsoNormal" style="margin: 0in 0in 11.8pt 0.5in; text-indent: -0.25in;"><span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>The particulars of the new joinees may be submitted by the Employer on a monthly basis. The term premiums are payable annually in advance (on a pro-rata basis) and the annual contribution can be paid in the specified installments.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 11.8pt 0.5in; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>In case of an individual leaving service or the group, life cover will cease immediately. The proportionate premium will be refunded for the employees leaving the scheme. The gratuity accrued will be paid to the employee if eligible.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0.1in 0.5in; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="mso-fareast-font-family: Arial;">•<span style="font-stretch: normal;"> </span></span>For all death claims the life cover along with the accrued gratuity will be payable to the beneficiary.<span style="line-height: 19.04px;"></span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="background: rgb(191, 191, 191); margin: 0in -0.75pt 1.5pt 0.5pt;">
<span style="font-size: medium;"><span>Taxation Implications*</span><o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Under Payment of Gratuity Act, 1972, on completion of 5 years of service, for every completed year of service or part thereof in excess of 6 months, the employer shall normally pay gratuity to an employee at the rate of15 days’ wages based on the rate of wages last drawn by the employee concerned.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 18.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Employer may make an Initial Contribution in respect of past service<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Past service liability if funded by payment of single or in installments not exceeding FIVE, then the whole of contribution will be eligible for tax relief in the year of payment<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt 36.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Contribution paid to the trust fund by an employer is treated as an business expenses. (Sec 36 (1)(v))<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 18.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Amount allowed as deduction shall not exceed 8.33% of the salary (Generally Basic Plus D.A.).<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.05pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><span> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Under Sec 40 A (7) no deduction shall be allowed in respect of any provision made by the employer for the payment of gratuity to his employees on retirement or termination of their employment. Deduction in computing the income of the assessee for any assessment year is available only on actual contribution of the liability to an approved gratuity fund<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>For the Gratuity fund to be approved by the Income Tax Commissioner it is necessary to set up an irrevocable Trust<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>The Gratuity trust can invest its funds by making a contribution under a Group Gratuity Scheme of an insurer.<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.35pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>The income of an approved gratuity fund is exempt under Section 10(25) (iv) <o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.4pt 18.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span>Gratuity payable to an employee is taxed as part of the employee’s salary income under Section 17 (i) (iii). However, Gratuity is tax free up to half months (15/26) average salary (of last 10 months) for each year of service, subject to a maximum of Rs. 3, 50,000 under Section 10(10)<o:p></o:p></span></div>
<div align="left" class="MsoNormal" style="margin: 0in 0in 1.5pt 0.75pt; text-indent: 0in;">
<span style="font-size: medium;"><br /></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<span style="font-size: medium;"><span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">¾<span style="font-stretch: normal;"> </span></span><span style="line-height: 10.88px;">Al</span>l claims paid out from bundled life cover are eligible for tax deductions under Section</span></div><div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;"><span style="font-size: medium; text-indent: -0.25in;"> 10(10)D</span></div><div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;"><span style="font-size: medium; text-indent: -0.25in;"><br /></span></div><div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;"><span style="font-size: medium; text-indent: -0.25in;"><br /></span></div><div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-indent: -0.25in;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-Jiy8sGMmnNM/XtO9TzyXlgI/AAAAAAAANZw/jwSEVfOFRloojPfJzq2wIoxsdigXkOfPACLcBGAsYHQ/s1600/Gratuity%2Bscheme.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="300" data-original-width="525" height="365" src="https://1.bp.blogspot.com/-Jiy8sGMmnNM/XtO9TzyXlgI/AAAAAAAANZw/jwSEVfOFRloojPfJzq2wIoxsdigXkOfPACLcBGAsYHQ/w640-h365/Gratuity%2Bscheme.jpg" width="640" /></span></a></div>
<span style="font-size: medium;"><br />
<b><u><br /></u></b>
<br />
</span><div class="separator" style="clear: both; text-align: center; text-indent: 0px;">
<b><u><span style="font-size: medium;">The contribution to gratuity fund is usually based on actuarial valuation report </span></u></b></div>
<div class="separator" style="clear: both; text-align: center; text-indent: 0px;"><span style="font-size: medium;">
Actuarial Valuation Report for AS 15 - Accounting for Retirement Benefits</span></div>
<div class="separator" style="clear: both; text-align: center; text-indent: 0px;">
<span style="font-size: medium;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center; text-indent: 0px;">
<a href="http://3.bp.blogspot.com/-9As5rkGpBlo/VM9TUnAFb7I/AAAAAAAAAxg/ehJiC6ZrtrE/s1600/Actuarial%2Bvaluation%2Bfor%2Bthe%2BFY%2B13-14-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" height="320" src="https://3.bp.blogspot.com/-9As5rkGpBlo/VM9TUnAFb7I/AAAAAAAAAxg/ehJiC6ZrtrE/s1600/Actuarial%2Bvaluation%2Bfor%2Bthe%2BFY%2B13-14-page-001.jpg" width="226" /></span></a></div>
<div style="text-indent: 0px;">
<span style="font-size: medium;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center; text-indent: 0px;">
<a href="http://1.bp.blogspot.com/-qPcvAGzMmsk/VM9TWy2tLmI/AAAAAAAAAxo/m0LYPv2lMl4/s1600/Actuarial%2Bvaluation%2Bfor%2Bthe%2BFY%2B13-14-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" height="320" src="https://1.bp.blogspot.com/-qPcvAGzMmsk/VM9TWy2tLmI/AAAAAAAAAxo/m0LYPv2lMl4/s1600/Actuarial%2Bvaluation%2Bfor%2Bthe%2BFY%2B13-14-page-002.jpg" width="226" /></span></a></div>
<div style="text-indent: 0px;">
<span style="font-size: medium;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center; text-indent: 0px;">
<a href="http://3.bp.blogspot.com/-RF8vhxT96Mk/VM9TYoJKGSI/AAAAAAAAAxw/7AuuIQdiELo/s1600/Actuarial%2Bvaluation%2Bfor%2Bthe%2BFY%2B13-14-page-003.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" height="320" src="https://3.bp.blogspot.com/-RF8vhxT96Mk/VM9TYoJKGSI/AAAAAAAAAxw/7AuuIQdiELo/s1600/Actuarial%2Bvaluation%2Bfor%2Bthe%2BFY%2B13-14-page-003.jpg" width="226" /></span></a></div>
<div>
<span style="font-size: medium; text-indent: -0.25in;"><br /></span></div>
</div></div></div><div style="text-align: center;"><span style="font-size: medium;"><br />
<br />
<b><u>Rule 101 of the Income-tax Rules,1962</u></b><o:p></o:p><br />
<br />
Monies
contributed to approved gratuity funds are required to be deposited in a Post
Office Savings Bank Account or a current account with any scheduled bank, or
are required to be utilised for the purpose of making contributions under Group
Gratuity Scheme entered into with the Life Insurance Corporation of India. To
the extent such monies are not so deposited or utilised, they are required to
be invested in the modes of investment specified in rule 67(2) of the Income-tax
Rules, 1962.<o:p></o:p><br />
<br />
<br />
</span><div style="background: rgb(249, 249, 249); margin: 0in; text-align: justify;">
<strong><span style="color: #475055; font-size: medium;">INVESTMENT PATTERN ALLOWED under Rule 67 </span></strong></div>
<div style="background: rgb(249, 249, 249); margin: 0in; text-align: justify;">
<span style="font-size: medium;"><strong><span style="color: #475055;">AMENDMENT
IN RULE 67 NOTIFICATION NO. 24/2009, DATED 12-3-2009</span></strong><span style="color: #475055;"><o:p></o:p></span></span></div>
<div style="background: white; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-size: medium;"><br /></span></div>
<div style="background: white; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #475055; font-size: medium;">The tax-free status would allow more of
retirement savings to flow into shares The Central Board of Direct Taxes
(CBDT), the apex direct taxes body has now issued a notification, aligning the
investment pattern prescribed in its rules with the new one given out by the
Department of Economic Affairs, to allow these funds’ equity investments
tax-free status. The DEA, under the finance ministry had announced the new
investment formula for these funds in August, 2008, permitting them to invest
up to 15% of their corpus in the stock market instead of the earlier 5%. The
new investment pattern comes into effect from April 1, 2009. Therefore,
aligning the CBDT investment pattern with the one prescribed by DEA was very
crucial for these entities to retain their tax-free status.<o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #475055; font-size: medium;">Income-tax
rule 67 prescribes an investment pattern for private provident funds and
superannuation funds which is to be followed mandatorily to avail tax benefits.
Income earned on investments not in line with the pattern prescribed by tax
body face tax.<o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="color: #475055; font-size: medium;">As
per the new patter, equity investments can made in shares of companies on which
derivatives are available in BSE/NSE.<o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; margin: 0in 0in 7.5pt; text-align: justify;">
<span style="font-size: medium;"><span style="color: #475055;">The
funds would also be able to channelise up to 55% of their funds in central and
state government securities and units of mutual funds investing in such
securities. The new pattern also allows these entities to park their funds to
the tune of 40% in debt securities with maturity of not less than three years
tenure issued by companies, banks and public financial institutions, term deposits
of scheduled commercial banks and rupee bonds having an outstanding maturity of
at least three years issued by multilateral institutions such as the
International Bank for Reconstruction and Development, International Finance
Corporation and the Asian Development Bank. Investments in money market mutual
funds has been capped at 5% of the total corpus<o:p></o:p></span><br />
<span style="color: #475055;"><br /></span>
<span style="color: #475055;"><br /></span>
<br />
</span><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; box-sizing: border-box; margin: 0in 0in 7.5pt;">
<span style="color: #475055; font-size: medium;"><br /></span></div>
<span style="font-size: medium;"><span style="color: #475055;"></span><br />
</span><table border="1" cellpadding="0" cellspacing="5" class="MsoNormalTable" style="-webkit-text-stroke-width: 0px; background: white; border: 1pt solid; font-family: "times new roman"; letter-spacing: normal; orphans: 2; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; widows: 2; width: 720px; word-spacing: 0px;"><tbody>
<tr><td style="border: 1pt solid; padding: 0.75pt;" valign="top"><div style="border: 1pt solid; padding: 0in 0in 0in 4pt;">
<div align="center" class="MsoNormal" style="border: none; line-height: normal; margin: 0px 0px 0.0001pt; padding: 0in; text-align: center;">
<b><span style="font-size: medium;">APPROVED GRATUITY FUNDS - Income-tax Rules, 1962<o:p></o:p></span></b></div>
</div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0.75pt;" valign="top"><div align="center" class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt; text-align: center;">
<span style="font-size: medium;"><b><span>APPROVED GRATUITY FUNDS</span></b><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0.75pt;" valign="top"><table border="0" cellpadding="0" class="MsoNormalTable" style="width: 100%;"><tbody>
<tr style="height: 0.2in;"><td style="height: 0.2in; padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 98<o:p></o:p></span></div>
</td><td style="height: 0.2in; padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="height: 0.2in; padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Definitions</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 99<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Establishment of fund and trust</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 100<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Conditions regarding trustees</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 101<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Investment of fund moneys</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 101A<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Nomination</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 102<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Admission of directors to a fund</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 103<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Ordinary annual contributions</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 104<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Initial contributions</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 105<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Penalty if employee assigns or charges interest in fund</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 106<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Employer not to have interest in fund moneys</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 107<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Arrangements for winding up, etc., of business</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 108<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Arrangements for winding up of the fund</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 109<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Application for approval</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 110<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Amendment of rules, etc., of fund</span></u><span><o:p></o:p></span></span></div>
</td></tr>
<tr><td style="padding: 7.5pt; width: 78.75pt;" valign="top" width="105"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">Rule 111<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;">:<o:p></o:p></span></div>
</td><td style="padding: 7.5pt;" valign="top"><div class="MsoNormal" style="line-height: normal; margin: 0px 0px 0.0001pt;">
<span style="font-size: medium;"><u><span style="color: blue;">Appeal</span></u><span><o:p></o:p></span></span></div>
</td></tr>
</tbody></table>
</td></tr>
</tbody></table>
<span style="font-size: medium;"><span style="color: #475055;"><br /></span>
<br />
</span><div class="MsoNormal">
<b><u><span style="color: #333333; font-size: medium; line-height: 115%;">Summary of Rules applicable for Gratuity Fund<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">1.Gratuity refers to
the gracious payments made to the employee in appreciation of the prolonged
services rendered by the employee to the employer and is normally payable at
the time of termination of employment or retirement or death of employee.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">2. Gratuity
funds Gratuity fund is generally established in the form of a trust. A
few employees become the trustees of such fund. The contributions made
towards the Gratuity fund generally depends on the Actuarial Valuation.
However, an employer may approach a life insurer in order to purchase a group
gratuity plan. The Gratuity trust can invest its funds by making a contribution
under a Group Gratuity Scheme of an insurer. Thus, the employer has to
pay annual contributions to the insurance company as decided by the insurance
company. The gratuity will be paid by the insurance company based upon the
terms of the group gratuity scheme.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">3. Approved
Gratuity Funds Section 2(5) of the Act defines an ‘approved gratuity
fund’ as ‘a gratuity fund which has been and continues to be approved by the
Chief Commissioner or Commissioner in accordance with the rules contained
in Part C of the Fourth Schedule’. In order to get the approval of the chief
commissioner or commissioner, an application needs to be made under Rule 109,
including prescribed particulars regarding the employer, nature of business of
the employer, employees eligible to participate in the fund and verified in the
prescribed manner. However, as per circular dated 3-11-1951 if the rules
of a gratuity fund, duly constituted under an irrevocable trust, satisfy
certain prescribed conditions (mentioned in table below), the contributions
made by the employers may be allowed as a deduction in their income-tax
assessments and the rules need not be forwarded for approval. A the
benefit of the fund shall be open to only those persons who are whole-time bona
fide employees of the employer, having no substantial shareholding interest; B
the trust money shall be invested in such trusted securities as are payable
both as regards capital and interest in India; C the gratuity shall be made
payable and shall be paid only in India; D the trustees shall be responsible
for deduction of tax from the gratuities and crediting the tax so deducted to
the Government revenue; E the contributions shall be made on a reasonable basis
acceptable to the Income-tax Department, i.e., either on actuarial basis or any
other basis having regard to the length of service of each employee concerned;
F so much of the contribution as cannot properly be treated as ordinary annual
contributions shall be treated by the Commissioner of Income-tax in the same
manner as is adopted by the Central Board of Revenue to deal with similar
contributions to an approved superannuation fund. Rule 4(1) of
Part C of the Fourth Schedule to the Income Tax Rules specifically lays down
that an application for approval of a gratuity fund shall be accompanied by two
copies of the accounts of the fund for the last three years for which such
accounts have been made up. This provision contemplates that an application for
approval may be made 3 years after the establishment of a gratuity fund.
However the board has clarified that, in order that the benefits of approval
for the intervening period may not be denied to bona fide gratuity funds, the
Commissioners may, after considering all the relevant facts of the case, accord
approval to a gratuity fund with effect from the date from which it satisfies
the conditions laid down in rule 3 of Part C of the Fourth Schedule. Hence if
the fund satisfies the conditions for approval laid down in Rule 3 than such a
fund can make an application for approval. Rule 2(2) of Part C of the
Fourth Schedule to the Income-tax Act, provides that the Commissioner shall
communicate to the trustees of a gratuity fund the grant of approval with the
date on which the approval is to take effect.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">4.Appeal against the
order of chief commissioner or commissioner refusing approval An
employer, objecting to an order of the Chief Commissioner or Commissioner
refusing to accord approval to a gratuity fund or an order withdrawing such
approval may appeal, within sixty days of such order, to the Board in Form No.
44 verified in prescribed manner and accompanied with a fee of one hundred
rupees.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">5. Contributions
to the Fund<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">Initial Contributions
When a new fund has been formed and approved, the employer may make
contribution to such fund in respect of the services rendered in the past years
by the existing employees. Such contribution however shall not exceed 81/3 per
cent of the employees’ salary for each year of his past service with the
employer.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">Annual contributions
The ordinary annual contribution by the employer to a fund shall be made
on a reasonable basis as may be approved by the Chief Commissioner or
Commissioner having regard to the length of service of each employee concerned
so, however, that such contribution shall not exceed 81/3 per cent of the
salary of each employee during each year.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">6. Contributions by
employer, when deemed to be income of employer. Where any contributions by an
employer (including the interest thereon, if any) are repaid to the employer,
the amount so repaid shall be deemed for the purposes of income-tax to be the
income of the employer of the previous year in which they are so repaid.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">7.Winding up or
amalgamation of the fund Winding up or amalgamation of the fund with another
fund shall require the prior approval of the Chief Commissioner or
commissioner.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">8.Winding up of
business of employer At the time of winding up of the business of the employer,
the employer shall make satisfactory arrangements for payment of benefits to
existing beneficiaries of the fund.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">9.Variation to the
rules of the fund Rule 110 of the Income tax rules lays down that any
amendment to the rules of the fund requires the prior approval of the Chief
commissioner or commissioner.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">10. Deduction of
contribution made to approved gratuity funds Under section 36(1)(v) of
the Act, any sum paid by the assessee as an employer by way of contribution
towards an approved gratuity fund created by him for the benefit of his
employees under an irrevocable trust is allowable as a deduction in the
computation of income from business/profession. However, no allowance
shall be made in respect of a payment to a provident or other fund established
for the benefit of employees unless the employer has made effective
arrangements to secure that tax shall be deducted at source from any payment
made from the fund which are taxable under the head “Salaries”.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">11. Deduction of contribution made to other than approved gratuity funds
Section 40(A)(7) places a bar on deduction of any provision made for payment of
gratuity by the employer except where the same is for contribution to approved
gratuity fund or if the gratuity is payable in the previous year in which such
provision is made.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: #333333; font-size: medium; line-height: 115%;">12 Income
of an approved Gratuity Fund Income of an approved gratuity fund is
exempt under Section 10(25)(iv).<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: medium;"><span style="color: #333333; line-height: 115%;">13 Taxability of
gratuity in the hands of employees Gratuity payable to an employee is
taxed as part of the employee’s salary income under Section 17 (i) (iii).
However, Gratuity is tax free up to half months’ (15/26 of last drawn salary
for each year of service for employees covered by payment of gratuity Act) average
salary of last 10 months for each completed year of service, subject to a
maximum of Rs. 3, 50,000 (in both cases) under Section 10(10).</span><span style="color: #333333; line-height: 115%;"><br style="box-sizing: border-box; text-align: start;" />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--></span><span style="line-height: 115%;"><o:p></o:p></span></span></div>
<span style="font-size: medium;"><span style="color: #475055;">
</span><br />
</span><div class="MsoNormal"><span style="font-size: medium;">
GRATUITY CEILING LIMIT</span></div><div class="MsoNormal"><span style="font-size: medium;"><br /></span></div><div class="MsoNormal"><div class="MsoNormal" style="margin-left: 0.5in; mso-list: l2 level2 lfo3; text-align: left; text-indent: -0.25in;"><span style="font-size: medium; text-indent: -0.25in;"><b>Gratuity Ceiling, upto which it is a statutory right under the Act, is Rs 20 lacs</b></span></div><div><span style="font-size: medium; text-indent: -0.25in;"><b><br /></b></span></div><span style="color: #555555; font-size: medium; line-height: 12.84px; text-align: left;"></span></div><div class="MsoNormal"><span style="font-size: medium;"><br /></span></div><div class="MsoNormal">
<span style="font-size: medium;"><br />
</span><div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-vCDOqSqxcLs/Xk-5xnTTbqI/AAAAAAAANLw/Xv3Af9KHL24thO9x2a63sunXB7HrZaD1wCLcBGAsYHQ/s1600/gratuity.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="750" data-original-width="576" height="527" src="https://1.bp.blogspot.com/-vCDOqSqxcLs/Xk-5xnTTbqI/AAAAAAAANLw/Xv3Af9KHL24thO9x2a63sunXB7HrZaD1wCLcBGAsYHQ/w403-h527/gratuity.png" width="403" /></span></a></div>
<b><u><span style="font-size: medium;">Gratuity Payment provisions under Gratuity Act Vs Labour code 2020</span></u></b></div><div class="MsoNormal"><b><u><span style="font-size: medium;"><br /></span></u></b></div><div class="MsoNormal"><span style="font-size: medium;"><span face="Lato, sans-serif" style="background-color: #fefefe; color: #555555; text-align: left;">The new wages code makes it compulsory for organisations to make sure that 50 per cent of employees’ CTC is basic pay, while the remaining 50 per cent comprises other employee allowances, including house rent, overtime, etc.</span><span face="Lato, sans-serif" style="background-color: #fefefe; color: #555555; text-align: left;">Under the new wages code, the gratuity amount will be calculated on a larger salary base, which will include basic pay plus allowances such as a special allowance on wages. This is expected to increase gratuity cost</span><span face="Lato, sans-serif" style="background-color: #fefefe; color: #555555; text-align: left;"> of companies.</span></span></div><div class="MsoNormal"><b><u><span style="font-size: medium;"><br /></span></u></b></div><div class="MsoNormal"><b><span style="font-size: medium;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAMNbubIn8l6NkblTKz--sppfrxGTHHkW0c3YhNYJLo6IvSG2U9d-RowlefP7ljZKuHXJ0HVXpPjnzHsejRB_43q2xvyvyrmbBkDnxxbIRDSpHMzRJpFRpeevNtb4xE9S9aM2VmgYnq1mu4bZe5NqmPL3jwxwGLW-fEcj7aISShcc8GiQi3Axozomgeg/s700/Gratuity-new-labour-code.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="648" data-original-width="700" height="296" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAMNbubIn8l6NkblTKz--sppfrxGTHHkW0c3YhNYJLo6IvSG2U9d-RowlefP7ljZKuHXJ0HVXpPjnzHsejRB_43q2xvyvyrmbBkDnxxbIRDSpHMzRJpFRpeevNtb4xE9S9aM2VmgYnq1mu4bZe5NqmPL3jwxwGLW-fEcj7aISShcc8GiQi3Axozomgeg/s320/Gratuity-new-labour-code.png" width="320" /></a></div><br /><u><br /></u></span></b><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMB7JtiDGy4E7tnghXnXz9wLNd9kPaVrcpOuN6NNX_aOctf884THdiDodr01QfgFb6zTxIThb85_MBT16--sd6Bs-EhyTzRMWUJYbAjqJ3V7bnZ_zBoxSZXA5Gey658vcAQrF20OxcyZquLW3kSb2l5eBm8e-W-jk3wfvQu2F6VfD0XRonxW4jmYnhXw/s670/Change-in-wages%20deginition.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="434" data-original-width="670" height="207" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMB7JtiDGy4E7tnghXnXz9wLNd9kPaVrcpOuN6NNX_aOctf884THdiDodr01QfgFb6zTxIThb85_MBT16--sd6Bs-EhyTzRMWUJYbAjqJ3V7bnZ_zBoxSZXA5Gey658vcAQrF20OxcyZquLW3kSb2l5eBm8e-W-jk3wfvQu2F6VfD0XRonxW4jmYnhXw/s320/Change-in-wages%20deginition.png" width="320" /></span></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><span face="Lato, sans-serif" style="background-color: #fefefe; color: #555555; text-align: left;"><span style="font-size: medium;">With the increasing the social security (including gratuity) components of wages under the new laws, organisations are likely to adjust pay structures and this will result in decrease the take-home salary of employees.</span></span></div>
</div>
</div>
<div class="MsoNormal">
<o:p></o:p></div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-76463226937475918052023-04-02T22:00:00.000-07:002023-12-16T22:42:18.166-08:00Stock Market Anecdotes<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-LZKmMpRf9bM/XzANKetzGwI/AAAAAAAANnE/qha5afZBongICPcWPtsHzF4grm_smq-CgCLcBGAsYHQ/s1600/stock%2Bmarket%2Btrend.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="626" data-original-width="1080" height="371" src="https://1.bp.blogspot.com/-LZKmMpRf9bM/XzANKetzGwI/AAAAAAAANnE/qha5afZBongICPcWPtsHzF4grm_smq-CgCLcBGAsYHQ/w640-h371/stock%2Bmarket%2Btrend.jpg" width="640" /></a></div>
<h1 class="headline" data-mob="KKR’s premium for JB Chemicals stake is not attractive enough, say analysts" data-reg="KKR’s premium for JB Chemicals stake is not enthusing for a good growth franchise" id="headline_11593754640634" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; background-color: white; color: #212121; font-family: "Lato Black", sans-serif; font-size: 28px; line-height: 32px; list-style-type: none; margin: 0px 0px 5px; outline: none; overflow-wrap: break-word; padding: 10px 20px 0px; user-select: auto;"><b style="background-color: transparent; font-size: x-large; text-decoration-line: underline;"><u><span style="font-size: large;"><br /></span></u></b></h1><h1 class="headline" data-mob="KKR’s premium for JB Chemicals stake is not attractive enough, say analysts" data-reg="KKR’s premium for JB Chemicals stake is not enthusing for a good growth franchise" id="headline_11593754640634" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; background-color: white; color: #212121; font-family: "Lato Black", sans-serif; font-size: 28px; line-height: 32px; list-style-type: none; margin: 0px 0px 5px; outline: none; overflow-wrap: break-word; padding: 10px 20px 0px; user-select: auto;"><b style="background-color: transparent; font-size: x-large; text-decoration-line: underline;"><u><span style="font-size: large;">Sectoral Rotation </span></u></b></h1><b><u><span style="font-size: large;"><div dir="ltr" style="text-align: left;" trbidi="on"><a href="http://4.bp.blogspot.com/-CeBoyyiYXVw/YODPZ83KRCI/AAAAAAAAOVU/xWPTgjSPkIEMWINfnEvXlmGCDQftAZXTgCK4BGAYYCw/s1600/IMG-20210703-WA0005-792838.jpg" style="font-size: medium; font-weight: 400;"><img alt="" border="0" height="386" id="BLOGGER_PHOTO_ID_6980807467165434914" src="http://4.bp.blogspot.com/-CeBoyyiYXVw/YODPZ83KRCI/AAAAAAAAOVU/xWPTgjSPkIEMWINfnEvXlmGCDQftAZXTgCK4BGAYYCw/w640-h386/IMG-20210703-WA0005-792838.jpg" width="640" /></a></div><div dir="ltr" style="text-align: left;" trbidi="on"><b><u><span style="font-size: large;"><br /></span></u></b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b><u><span style="font-size: large;"><br /></span></u></b></div><br /></span></u></b>
<b><u><span style="font-size: large;">Technical Analysis</span></u></b></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: large;"><b><u><br /></u></b></span></div><div dir="ltr" style="text-align: left;" trbidi="on"><span style="font-size: large;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-DNM1Av9icQQ/YDRpoyxELaI/AAAAAAAAOGM/yWZJ6JhlXowx2gtoBOtKD9vFFVdIWDvogCLcBGAsYHQ/s1828/charts2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="968" data-original-width="1828" src="https://1.bp.blogspot.com/-DNM1Av9icQQ/YDRpoyxELaI/AAAAAAAAOGM/yWZJ6JhlXowx2gtoBOtKD9vFFVdIWDvogCLcBGAsYHQ/s320/charts2.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-7vQ8BR42TbI/YDRpohaif9I/AAAAAAAAOGE/P_r2A_DGVn4JdGDmZZbjVq3I2MV-n-2FgCLcBGAsYHQ/s1076/charts3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1076" data-original-width="720" height="320" src="https://1.bp.blogspot.com/-7vQ8BR42TbI/YDRpohaif9I/AAAAAAAAOGE/P_r2A_DGVn4JdGDmZZbjVq3I2MV-n-2FgCLcBGAsYHQ/s320/charts3.jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-KiI0GhRJL6M/YDRppeLimfI/AAAAAAAAOGQ/vAVWLZc7ZOUFAqzSv0oUbzpUwvr9MOoMACLcBGAsYHQ/s1024/charts4.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1024" data-original-width="807" height="320" src="https://1.bp.blogspot.com/-KiI0GhRJL6M/YDRppeLimfI/AAAAAAAAOGQ/vAVWLZc7ZOUFAqzSv0oUbzpUwvr9MOoMACLcBGAsYHQ/s320/charts4.jpg" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-wrAcm0F3glg/YDRpo3HnjdI/AAAAAAAAOGI/FcYmcK9y9NkMtW3yAHnjOTQJd9ExoZBVgCLcBGAsYHQ/s2048/charts.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2048" data-original-width="1392" height="320" src="https://1.bp.blogspot.com/-wrAcm0F3glg/YDRpo3HnjdI/AAAAAAAAOGI/FcYmcK9y9NkMtW3yAHnjOTQJd9ExoZBVgCLcBGAsYHQ/s320/charts.jpg" /></a></div></b><p class="mobile-photo" style="font-size: medium; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjsDid9xjvbZzx3l5XxtRL_y9-IZHXgWHDoSWETNPEqPEm1nX5qps2qUMEVpeiu5_VvBi_6dLK6sUIyCOPkxvtZtJdfq6GTXunkdL8lR7ESSxJcMEpUQSIOnNM27IxnL3xj_GlzWyoRd1G1AbbjHITvdEWw4W4lvAGVsrn4ww31WXN4DQeWesqXD-LFAdhR"><img alt="" border="0" id="BLOGGER_PHOTO_ID_7269445767004123874" src="https://blogger.googleusercontent.com/img/a/AVvXsEjsDid9xjvbZzx3l5XxtRL_y9-IZHXgWHDoSWETNPEqPEm1nX5qps2qUMEVpeiu5_VvBi_6dLK6sUIyCOPkxvtZtJdfq6GTXunkdL8lR7ESSxJcMEpUQSIOnNM27IxnL3xj_GlzWyoRd1G1AbbjHITvdEWw4W4lvAGVsrn4ww31WXN4DQeWesqXD-LFAdhR=s320" /></a></p><p class="mobile-photo" style="font-size: medium; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjE1wESgxy_1RUlIVxkiWdifSdRo27cAyOdkOIQnoOspwtSGbeHdXU6MA4t18-N_Qng1n8THFrxY6qGHvnR_gjK1kT55OKGkOrkoY-z_nbSKiBbBoU4utoA7QQw04Tg6RxDX7YdMeJDwEa6ooiU0FqVPt3aP7T2Tsur-wQf5tpFp15dKzhmlBXdMYFQHeNv"><img alt="" border="0" id="BLOGGER_PHOTO_ID_7269446339293160146" src="https://blogger.googleusercontent.com/img/a/AVvXsEjE1wESgxy_1RUlIVxkiWdifSdRo27cAyOdkOIQnoOspwtSGbeHdXU6MA4t18-N_Qng1n8THFrxY6qGHvnR_gjK1kT55OKGkOrkoY-z_nbSKiBbBoU4utoA7QQw04Tg6RxDX7YdMeJDwEa6ooiU0FqVPt3aP7T2Tsur-wQf5tpFp15dKzhmlBXdMYFQHeNv=s320" /></a></p><b><u><br /></u></b><div dir="auto" style="font-size: medium;"><b><u>Trading : method in madness</u></b></div><div dir="auto" style="font-size: medium;"><br /></div><div dir="auto" style="font-size: medium;">Two possible trading methods</div><div dir="auto" style="font-size: medium;"><br /></div><div dir="auto" style="font-size: medium;">1. Swing Trading – Buy at support and sell at resistance and vice versa</div><div dir="auto" style="font-size: medium;">2. Breakout Trading – Buy when resistance level is breached and sell when support is broken</div><div dir="auto" style="font-size: medium;"><br /></div><div dir="auto" style="font-size: medium;">One may note both of the above are dependent on support and resistance </div></span>
<span><b><u><div dir="ltr" style="text-align: left;" trbidi="on"><span><b><u><br /></u></b></span></div>Most of the times graphs can be intrepreted both ways</u></b></span><br />
<span style="font-size: large;"><b><u><br /></u></b></span><div class="separator" style="clear: both; text-align: center;"><img border="0" data-original-height="698" data-original-width="1600" height="171" src="https://1.bp.blogspot.com/-YmEpySdcZks/XwszsoxPMWI/AAAAAAAANh0/vaL6EhYha8EeK8g-ndBWt4JTFw_CLnoLgCLcBGAsYHQ/s400/technical%2Banalysis.png" width="400" /></div>
<span style="font-size: large;"><b><u><br /></u></b></span>
<b><u><span style="font-size: large;"><br /></span></u></b>
<b><u><span style="font-size: large;"><br /></span></u></b>
<b><u><span style="font-size: large;">Volume and Price Relation</span></u></b><br />
<b><u><span style="font-size: large;"><br /></span></u></b>
Volume along with price as indicator</div><div dir="ltr" style="text-align: left;" trbidi="on"><br /></div><div dir="ltr" style="text-align: left;" trbidi="on"><div dir="auto">Price increases + Volume increases = Bulls have strength</div><div dir="auto"><br /></div><div dir="auto">Price decreases + Volume increases = Bears have strength</div><div dir="auto"><br /></div><div dir="auto">Price increases + volume decreases = Bulls don't have strength, won't sustain higher levels</div><div dir="auto"><br /></div><div dir="auto">Price decreases + volume decreases = Bears don't have strength.</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-1CZtqABgQ2Q/XuUzIEHiATI/AAAAAAAANbg/VpPXi1nqNIE0tZZVf4n3a5nU6ANL2TOYgCLcBGAsYHQ/s1600/market%2Bdata.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="540" data-original-width="832" height="258" src="https://1.bp.blogspot.com/-1CZtqABgQ2Q/XuUzIEHiATI/AAAAAAAANbg/VpPXi1nqNIE0tZZVf4n3a5nU6ANL2TOYgCLcBGAsYHQ/w400-h258/market%2Bdata.png" width="400" /></a></div>
<span><div dir="ltr" style="text-align: left;" trbidi="on"><p class="MsoNormal"><b style="font-size: x-large; font-weight: bold; text-decoration-line: underline;"><u><span face=""Segoe UI", "sans-serif"" style="background: white; font-size: 15pt; line-height: 115%;">Hero MotoCorp Vs Bajaj Auto: Goldman Sachs’ Pick</span>
: Differences in Firms with in a Industry March 2022</u></b><span face=""Segoe UI", "sans-serif"" style="line-height: 115%;"><br />
<br style="box-sizing: border-box;" />
<span style="background: white;">Goldman Sachs initiated coverage on Hero MotoCorp
Ltd. with a ‘sell’, but suggested a ‘buy’ for peer Bajaj Auto Ltd. “We
see the risk reward on Hero as unfavourable given high dependency (94% of
volumes) on domestic two-wheeler market where demand remains subdued,
concentrated portfolio in entry-level sub-110 cc segments where customers are
more vulnerable to the present wave of raw material-led price hikes, and higher
loan losses than peer at captive financing subsidiary,” the financial services
provider said in a</span> March 3 report. <o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Segoe UI", "sans-serif"" style="background: white; line-height: 115%;">These factors, it said,
drive its 3.1% FY19 to FY25E top line CAGR at Hero MotoCorp versus 8% median
growth for India two-wheeler coverage. “Our FY24E EPS is 20% below consensus.”
“Diversification away from the entry-level segment, an increase in exports
penetration and the nature of response to Hero’s upcoming fixed and swappable
battery electric scooter launches are the key eve</span>nts that we would watch
to see success on in order to turn more optimistic.” On the other hand, Bajaj
Auto’s “meaningful export market exposure in two-wheelers, offsetting ongoing
domestic demand weakness, upcoming cyclical recovery in higher margin
three-wheeler demand, its industry leading dividend yield of 5.4%” prompts
Goldman Sachs to bet on the Pune-based company. “These factors underline
our FY22E-FY25E EPS CAGR of 21%, with FY24E EPS 6% above consensus.” Goldman
Sachs, however, cautioned that the ongoing geopolitical uncertainties,
associated volatility in raw material costs and transition toward electric
two-wheelers could impact margin of the industry.<span face=""Segoe UI", "sans-serif"" style="font-size: 15pt; font-weight: bold; line-height: 115%; text-decoration-line: underline;"><br style="box-sizing: border-box;" />
<br style="box-sizing: border-box;" />
<b><u><span style="background: white;">Hero MotoCorp<o:p></o:p></span></u></b></span></p>
<p class="MsoNormal"><span face=""Segoe UI", "sans-serif"" style="background: white; line-height: 115%;"><b style="font-size: 15pt; text-decoration-line: underline;"> </b>Initiates coverage with a ‘sell’ rating and a
price target of Rs 2,080 apiece, indicating a downside of 13.8%. Hero
MotoCorp’s high domestic business mix is sensitive to recent price hikes and
could take longer to start showing revenue growth compared to peers. Witnessed
lowest Ebitda growth and the highest margin compression among its listed mass
market two-wheeler peers (Bajaj Aut</span>o and TVS Motor Co. Ltd.) Missed out
on the two key market shifts in the motorcycles segment—exports market
development and premium motorcycles growth. Lost market share in 11 of the past
12 years since split with Honda. Non-performing assets at Hero FinCorp could
weigh on capital allocation flexibility. Slower to market in the
electric scooter space versus Bajaj and TVS, both of which have already
launched their electric scooters and have been competing for more than 12
months.<span face=""Segoe UI", "sans-serif"" style="font-size: 15pt; font-weight: bold; line-height: 115%; text-decoration-line: underline;"><br style="box-sizing: border-box;" />
<br style="box-sizing: border-box;" />
<b><u><span style="background: white;">Bajaj Auto</span></u></b><span style="background: white;"> <o:p></o:p></span></span></p>
<p class="MsoNormal"><span face=""Segoe UI", "sans-serif"" style="background: white; line-height: 115%;">Initiates coverage with a
‘buy’ and a price target of Rs 4,270 apiece, indicating an upside of 27%.
Benefit of exports market exposure where emission-related price hikes have been
less of a challenge. CNG network expansion by the Indian government to further
support Bajaj’s three-wheeler volumes. Upside optionality from plans to set up
captive financing arm.</span> Expected recovery in domestic three-wheeler
market to benefit Bajaj more than peers. Low exposure to scooters and mopeds
which are more at risk from EV-led disruption.<span face=""Segoe UI", "sans-serif"" style="font-size: 15pt; font-weight: bold; line-height: 115%; text-decoration-line: underline;"><br style="box-sizing: border-box;" />
<br style="box-sizing: border-box;" /></span></p></div></span>
<a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><b><u><span style="font-size: large;">share turnover velocity(ratio of traded turnover to market capitalisation) </span></u></b><br />
<a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a>If share turnover velocity is an indicator of the breadth of activity and liquidity in the market. Share turnover velocity is the ratio of traded turnover to market capitalisation. Higher the ratio, better the liquidity and more widespread the activity in the market. Globally, investors are attracted to markets with high share turnover velocity as it means lower impact costs (the cost of entering and exiting a stock). In stock markets across the globe, share turnover velocity has been on the rise over the past, one-and-a-half years. In India, the trend has been the opposite, with share turnover velocity declining steadily. Experts attribute factors like concentration of trading in few stocks and high-promoter holding in companies to this trend.<br />
<br /> As per World Federation of Exchanges’ data. Share turnover velocity in some of the developed world stock exchanges like Nasdaq, NYSE, Shenzhen Stock Exchange, Taiwan Stock Exchange, BME Spanish, Borsa Italiana, Tokyo Stock Exchange and Deutchse Borse is very high and in many cases runs to over 100%. If there is very low market participation, trading is concentrated to a few players. <br />
<br />
<b><u>5/12/2007</u></b><br />
<b><u>Mutual funds exposure to equity compared to debt is a good indicator of perceived riskiness of market.(But there could be other reasons for changes in ratios)</u></b><br />
<br />
The equity exposure of Indian mutual funds (MFs) in the secondary market has come down by 37% in FY07 as compared to FY06. The MFs invested Rs 9,062 crore in FY07 as compared to Rs 14,302.20 crore a year earlier. The trend has continued even in the first month of the new financial year. In April 2007, MFs exposure to equity was at Rs 1,022 crore while in April 2006 it stood at Rs 2,850 crore.<br />
MFs' net exposure to debt segment grew 43% in FY07 to Rs 52,543.46 crore from the previous year's Rs 36,801.24 crore.<br />
<br />
This sharp rise in MFs' exposure to debt segment in FY07 can be mostly attributed to the fact that fixed maturity plans (FMPs) have gained popularity among the investors during the period. The MFs' exposure to equity in FY06 was higher as during the year, there were large number of equity new fund offerings (NFOs) mobilising resources from the retail investors.<br />
<br />
<br />
<div style="font-size: 15px;">
An indicator is anything that can be used to predict future financial or economic trends. For example, the social and economic statistics published by accredited sources such as U.S. government departments are indicators. Popular indicators include unemployment rates, housing starts, inflationary indexes and consumer confidence. Official indicators must meet certain set criteria; there are three categories of indicators, classified according to the types of predictions they make.</div>
<div style="font-size: 15px;">
<br /></div><div><b><u><span style="font-size: medium;">New Fund launches data by AMFI</span></u></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-aglTWMnU18c/YRFTh5aNimI/AAAAAAAAOco/2hYJcKUATTkMolANUqMXwZLsiUaadZpPACLcBGAsYHQ/s1079/AMFI%2Bdata.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="429" data-original-width="1079" height="254" src="https://1.bp.blogspot.com/-aglTWMnU18c/YRFTh5aNimI/AAAAAAAAOco/2hYJcKUATTkMolANUqMXwZLsiUaadZpPACLcBGAsYHQ/w640-h254/AMFI%2Bdata.png" width="640" /></a></div><br /><div style="font-size: 15px;"><br /></div><div style="font-size: 15px;"><b><u>SIZE OF INDIAN STOCK MARKET</u></b></div><div style="font-size: 15px;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-jKiKt25dJ6U/YT4J2iYs0gI/AAAAAAAAOec/9_rBxi0MH0wUN9QmR6PFSNdKRtBD32sTACLcBGAsYHQ/s1020/INDIA%2527S%2BNSE%2BIN%2BTOP%2B10.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="976" data-original-width="1020" height="306" src="https://1.bp.blogspot.com/-jKiKt25dJ6U/YT4J2iYs0gI/AAAAAAAAOec/9_rBxi0MH0wUN9QmR6PFSNdKRtBD32sTACLcBGAsYHQ/s320/INDIA%2527S%2BNSE%2BIN%2BTOP%2B10.jpg" width="320" /></a></div><br /><div style="font-size: 15px;"><br /></div><div style="font-size: 15px;"><br /></div>
<div style="-webkit-text-stroke-width: 0.150000005960464px; font-family: gandhiserif-regular-webfont, Helvetica, Arial, Verdana, sans-serif; font-size: 15px;">
<span style="font-size: 15px;"><b><u>Economic Indicators followed by stock market analysts </u></b></span><br />
<div style="font-size: 15px;">
<b><u><br /></u></b></div>
<div style="font-size: 15px;">
<b><u>Lead Indicators</u></b> - These types of indicators signal future events. Think of how the amber traffic light indicates the coming of the red light. In the world of finance, leading indicators work the same way but are less accurate than the street light. Bond yeilds are thought to be a good leading indicator of the stock market because bond traders anticipate and speculate trends in the economy (even though they aren't always right).</div>
</div>
<span face=", "helvetica" , "arial" , "verdana" , sans-serif" style="font-size: 15px;"><br /></span><b style="font-size: 15px;"><u>Lag Indicators :</u></b><span face=", "helvetica" , "arial" , "verdana" , sans-serif" style="background-color: white; font-size: 15px;">A lagging indicator is one that follows an event. Back to our traffic light example: the amber light is a lagging indicator for the green light because amber trails green. The importance of a lagging indicator is its ability to confirm that a pattern is occurring or about to occur. Unemployment is one of the most popular lagging indicators. If the unemployment rate is rising, it indicates that the economy has been doing poorly.</span><br />
<span face=", "helvetica" , "arial" , "verdana" , sans-serif" style="font-size: 15px;"><br /></span><span style="background-color: white; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; line-height: 22px;"><b><u>Major Indicators followed by stock markets in India are</u></b></span><br />
<span style="background-color: white; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; line-height: 22px;"><b><u><br /></u></b></span><span style="background-color: white; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; line-height: 22px;"><b><u> Index of industrial production (IIP)</u></b></span><br />
<span style="background-color: white; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; line-height: 22px;">Industrial output figures are released by </span><span style="background-color: white; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; line-height: 22px;">the Ministry of Statistics and Programme Implementation every month within 40 days from end of month.They are one the important lag indicator</span><br />
<br style="background-color: white; font-family: tahoma, arial, georgia; font-size: 14px; line-height: 22px;" />
<b><u>Advance tax numbers</u></b><br />
<div>
Advance tax numbers 15th June, 15th Sep 15th Dec and 15th march give indication of the upcoming Quarterly results<br />
<br />
<b><u>Auto Sales Numbers</u></b><br />
Auto companies release their sales data every month. That allows volatility in auto stocks every month even before quarterly results<br />
<br />
<u><br /><b>US Payroll numbers : </b></u></div><div><u><b>Payroll data impact can be both ways as below : </b></u></div><div><b style="font-size: 16px;"><u>Stocks climb on Weak Jobs Data </u></b></div><div><div dir="auto"><span face="roboto,sans-serif" style="background-color: white; font-size: 16px;">Surprisingly weak jobs data eased fears about higher inflation and a stimulus cutback. The dollar slumped toward the lowest since February and stocks climbed.</span></div>
<br />
<div style="text-align: center;">
<span style="font-size: large;"><b><u>Moving Averages</u></b></span></div>
<br />
Moving averages allow traders the ability to quantify trends and act as signals for entries, exits, and trailing stops. They can become support and resistance, and give the trader levels to trade around. Below are examples of the specific moving averages with time frames.<br />
<br />
5 Day EMA: Measures the short term time frame. This is support in the strongest up trends. This line can only be used in low volatility trends.<br />
<br />
10 day EMA: “The 10 day exponential moving average (EMA) is my favorite indicator to determine the major trend. I call this ‘red light, green light’ because it is imperative in trading to remain on the correct side of a moving average to give yourself the best probability of success. When you are trading above the 10 day, you have the green light, and you should be thinking buy. Conversely, trading below the average is a red light. The market is in a negative mode, and you should be thinking sell.” – Marty Schwartz<br />
<br />
21 day EMA: This is the intermediate term moving average. It is generally the last line of support in a volatile up trend.<br />
<br />
50 day SMA: This is the line that strong leading stocks typically pull back to. This is usually the support level for strong up trends. Use 50 Day Average For Trading Signals<br />
<br />
100 day SMA: This is the line that provides the support between the 50 day and the 200 day. If it does not hold as support, the 200 day generally is the next stop.<br />
<br />
200 day SMA: Bulls like to buy dips above the 200-day moving average, while bears sell rallies short below it. Bears usually win and sell into rallies below this line as the 200 day becomes resistance, and bulls buy into deep pullbacks to the 200 day when the price is above it. This line is one of the biggest signals in the market telling you which side to be on. Bull above, Bear below. Bad things happen to stocks and markets when this line is lost.<br />
<span style="font-size: large;"><br /></span>
<br />
<div style="text-align: center;">
<b><u><span style="font-size: large;">Rollovers in F&O market- As an indicator</span></u></b></div>
<br />
<br />
<div class="MsoNormal" style="background: white; margin-bottom: 0cm;">
<span style="color: black; font-family: "georgia" , "serif"; font-size: 20pt;"></span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; margin-bottom: 0cm; text-align: justify;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">WHAT IS A ROLLOVER?</span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">Rollover involves carrying forward of futures positions from one series, which is nearing expiry date, to the next one. On expiry, traders can either let a position lapse or enter into a similar contract expiring at a future date. Rollovers happen only in futures and not in options.</span></div><div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;"><span style="font-size: large; text-indent: 21.6pt;">HOW ARE CONTRACTS ROLLED OVER IN INDIA? HOW DOES IT WORK?</span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">Equity derivatives contracts in India are settled on the last Thursday of every month (if Thursday is a holiday, the settlement happens on a Wednes day). While rollovers are done till the close of trading hours on that day, a chunk of the rollovers begin a week before expiry. Positions are rolled over to the next month through a spread window on the trading terminal. For instance, if a trader holds one futures contract of Nifty expiring in June, he would enter the `carry-forward this position to June' by keying in the spread at which he desires to rollover the positions to July. The spread window has made it easier for traders to rollover, which was a two-step process earlier.</span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">HOW TO INTERPRET ROLLOVERS?</span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">Rollover is expressed as a percentage of total positions. There are no benchmarks for rollovers but they are compared on the basis of historical data, especially the trailing three-month average.</span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">Rollover is an indicator of traders' willingness to carry forward the bets on the market. But, the figures will not tell you in which direction traders have bet. On most occasions, lower-thanaverage rollovers signal uncertainty while higher rollovers show that sentiment is strong. Hypothetically, if rollover in Nifty futures from May series to June is at 70% and three-month av erage is 65%, it means traders are more con vinced about their views on the market and are willing to build more positions.</span></div>
<div class="MsoNormal" style="background: white; line-height: 21.6pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify; text-indent: 21.6pt;">
<span face=""verdana" , "sans-serif"" style="color: black; font-size: medium;">However, at times, rollover trends can be misleading. For instance, 70% roll over may have taken place at a lower base of open interest -number of outstanding positions -while the average of 65% rolls would have happened at a relatively higher open interest base. Savvy traders also analyse rollover trends on the basis of rollover cost. “Usually, high rollover costs signal that the mood is upbeat in the market,“ said K Anant Rao, an independent derivatives analyst.</span></div>
<table border="0" cellpadding="0" class="MsoNormalTable" style="mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0; mso-yfti-lastrow: yes;"><td style="padding: 0.75pt;"><div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;">
<span style="font-family: "times new roman" , "serif"; font-size: medium;">Nishanth Vasudevan</span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal">
ECONOMICTIMES.COM 27.6.14</div>
<br />
<br />
<span style="font-size: large;"><b><u>Technical Analysis on Stock Market : Reading the charts</u></b></span><br />
<br />
<br />
<a href="http://1.bp.blogspot.com/-8n7DqE-TLZQ/VW6ULYAHkHI/AAAAAAAABU4/ILKDbY0yRW8/s1600/market%2Bexpert-753413.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6156020663804465266" src="https://1.bp.blogspot.com/-8n7DqE-TLZQ/VW6ULYAHkHI/AAAAAAAABU4/ILKDbY0yRW8/s320/market%2Bexpert-753413.jpg" /></a><br />
<br />
<div>
<span face=""arial" , "helvetica" , sans-serif"><b><u>Technical analysis on stock market</u></b></span></div>
<ul type="disc">
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Technical analysis</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is a method of evaluating securities by analyzing the statistics generated by market activity. It is based on three assumptions: 1) the market discounts everything, 2) price moves in trends and 3) history tends to repeat itself.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span face=""arial" , "helvetica" , sans-serif">Technicians believe that all the information they need about a stock can be found in its charts.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span face=""arial" , "helvetica" , sans-serif">Technical traders take a short-term approach to analyzing the market.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Criticism of technical analysis stems from the</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">efficient market hypothesis</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">, which states that the market price is always the correct one, making any historical analysis useless.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">One of the most important concepts in technical analysis is that of a</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">trend</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">, which is the general direction that a security is headed. There are three types of trends:</span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">uptrends</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">,</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">downtrends</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">sideways/horizontal trends</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">trendline</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is a simple charting technique that adds a line to a chart to represent the trend in the market or a stock.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">channel</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">, or channel lines, is the addition of two parallel trendlines that act as strong areas of support and resistance.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Support</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is the price level through which a stock or market seldom falls.</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Resistance</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is the price level that a stock or market seldom surpasses.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Volume</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is the number of shares or contracts that trade over a given period of time, usually a day. The higher the volume, the more active the security.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span face=""arial" , "helvetica" , sans-serif">A chart is a graphical representation of a series of prices over a set time frame.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The time scale refers to the range of dates at the bottom of the chart, which can vary from decades to seconds. The most frequently used time scales are</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">intraday</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">, daily, weekly, monthly,</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">quarterly</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and annually.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The price scale is on the right-hand side of the chart. It shows a stock's current price and compares it to past data points. It can be either</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">linear</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">or</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">logarithmic</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">There are four main types of charts used by investors and traders:</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">line charts</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">,</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">bar charts</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">,</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">candlestick charts</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">point and figure charts</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A chart pattern is a distinct formation on a stock chart that creates a trading signal, or a sign of future price movements. There are two types:</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">reversal</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">continuation</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">head and shoulders pattern</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is reversal pattern that signals a security is likely to move against its previous trend.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">cup and handle pattern</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is a bullish continuation pattern in which the upward trend has paused but will continue in an upward direction once the pattern is confirmed.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Double tops</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">double bottoms</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">are formed after a sustained trend and signal to chartists that the trend is about to reverse. The pattern is created when a price movement tests support or resistance levels twice and is unable to break through.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">triangle</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is a technical analysis pattern created by drawing trendlines along a price range that gets narrower over time because of lower tops and higher bottoms. Variations of a triangle include</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">ascending</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">descending</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">triangles.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Flags</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">pennants</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">are short-term continuation patterns that are formed when there is a sharp price movement followed by a sideways price movement.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">wedge</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">chart pattern can be either a continuation or reversal pattern. It is similar to a symmetrical triangle except that the wedge pattern slants in an upward or downward direction.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">gap</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">in a chart is an empty space between a trading period and the following trading period. This occurs when there is a large difference in prices between two sequential trading periods.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 12pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Triple tops</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">triple bottoms</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">are reversal patterns that are formed when the price movement tests a level of support or resistance three times and is unable to break through, signaling a trend reversal.</span></span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span face=""arial" , "helvetica" , sans-serif"></span></span></li>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">rounding bottom</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(or saucer bottom) is a long-term reversal pattern that signals a shift from a downward trend to an upward trend.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">A</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">moving average</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is the average price of a security over a set amount of time. There are three types:</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">simple</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">, linear and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">exponential</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Moving averages help technical traders smooth out some of the</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">noise</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">that is found in day-to-day price movements, giving traders a clearer view of the price trend.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Indicators</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">are calculations based on the price and the volume of a security that measure such things as money flow, trends, volatility and momentum. There are two types:</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">leading</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">and</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">lagging</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">accumulation/distribution</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">line is a volume indicator that attempts to measure the ratio of buying to selling of a security.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">average directional index</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(ADX) is a trend indicator that is used to measure the strength of a current trend.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Aroon indicator</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">is a trending indicator used to measure whether a security is in an uptrend or downtrend and the magnitude of that trend.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><span face=""arial" , "helvetica" , sans-serif">The Aroon oscillator plots the difference between the Aroon up and down lines by subtracting the two lines.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">moving average convergence divergence</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(MACD) is comprised of two exponential moving averages, which help to measure a security's</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">momentum</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">relative strength index</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(RSI) helps to signal overbought and oversold conditions in a security.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">on-balance volume</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">(OBV) indicator is one of the most well-known technical indicators that reflects movements in volume.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span>
<li class="MsoNormal" style="color: #111111; line-height: 16.9pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "helvetica" , sans-serif"><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="color: #0066cc; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">stochastic oscillator</span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><span face=""verdana" , "sans-serif"" style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">compares a security's closing price to its price range over a given time period.<o:p></o:p></span></span></li>
<span face=""arial" , "helvetica" , sans-serif"></span></ul>
<div>
<u><b>Retracement</b><b> Or Reversal: Know The Difference</b></u></div>
<div>
<div dir="ltr">
<u><b><br /></b></u></div>
<div dir="ltr">
<b>Most of us have wondered, at some point, whether a decline in the price of a stock we're holding is long term or a mere market hiccup. Some of us have sold our stock in such a situation, only to see it rise to new highs just days later. This is a frustrating and all too common scenario, but it can be avoided if you know how to identify and trade </b><b>retracements</b><b> properly.</b></div>
<div dir="ltr">
<img src="https://4.bp.blogspot.com/-Xf_BZe4AFvk/VpDTZ0gKV7I/AAAAAAAABcY/scgIeLxXJEo/s280/nifty-may18-12.gif" /><a href="http://4.bp.blogspot.com/-Xf_BZe4AFvk/VpDTZ0gKV7I/AAAAAAAABcY/scgIeLxXJEo/s1600/nifty-may18-12.gif" target="_blank"></a></div>
<div dir="ltr">
<br /></div>
<div dir="ltr">
<b>What Are </b><b>Retracements</b><b>?</b>Retracements are temporary price reversals that take place within a larger trend. The key here is that these price reversals are temporary, and do not indicate a change in the larger trend.</div>
<div dir="ltr">
<b>The Importance of Recognizing </b><b>Retracements</b>It is important to know how to distinguish a retracement from a reversal.<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -0.25pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 553px;"><tbody>
<tr style="height: 15pt;"><td style="border: 1pt solid; height: 15pt; padding: 0cm 5.4pt; width: 79pt;" valign="bottom" width="105"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Factor<o:p></o:p></b></div>
</td><td style="border: 1pt solid; height: 15pt; padding: 0cm 5.4pt; width: 151pt;" valign="bottom" width="201"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Retracement<o:p></o:p></b></div>
</td><td style="border: 1pt solid; height: 15pt; padding: 0cm 5.4pt; width: 185pt;" valign="bottom" width="247"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Reversal<o:p></o:p></b></div>
</td></tr>
<tr style="height: 30pt;"><td style="border: 1pt solid; height: 30pt; padding: 0cm 5.4pt; width: 79pt;" valign="bottom" width="105"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Volume<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 151pt;" valign="bottom" width="201"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Profit taking by retail traders (small block trades)<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 185pt;" valign="bottom" width="247"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Institutional selling (large block trades<o:p></o:p></div>
</td></tr>
<tr style="height: 30pt;"><td style="border: 1pt solid; height: 30pt; padding: 0cm 5.4pt; width: 79pt;" valign="bottom" width="105"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Short Interest<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 151pt;" valign="bottom" width="201"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
*No change in short interest<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 185pt;" valign="bottom" width="247"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Increasing short interest<o:p></o:p></div>
</td></tr>
<tr style="height: 30pt;"><td style="border: 1pt solid; height: 30pt; padding: 0cm 5.4pt; width: 79pt;" valign="bottom" width="105"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b>Time Frame<o:p></o:p></b></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 151pt;" valign="bottom" width="201"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Short-term reversal, lasting no longer than one to two weeks<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 185pt;" valign="bottom" width="247"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Long-term reversal, lasting longer than a couple of weeks<o:p></o:p></div>
</td></tr>
<tr style="height: 30pt;"><td style="border: 1pt solid; height: 30pt; padding: 0cm 5.4pt; width: 79pt;" valign="bottom" width="105"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Fundamentals<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 151pt;" valign="bottom" width="201"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
No change in fundamentals<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 185pt;" valign="bottom" width="247"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Change or speculation of change in fundamentals<o:p></o:p></div>
</td></tr>
<tr style="height: 30pt;"><td style="border: 1pt solid; height: 30pt; padding: 0cm 5.4pt; width: 79pt;" valign="bottom" width="105"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Recent Activity<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 151pt;" valign="bottom" width="201"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Usually occurs right after large gains<o:p></o:p></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 30pt; padding: 0cm 5.4pt; width: 185pt;" valign="bottom" width="247"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
Can happen at any time, even during otherwise regular trading<o:p></o:p></div>
</td></tr>
</tbody></table>
<br /></div>
<div dir="ltr">
<br />
<div style="text-align: center;">
<b><u>Psychology in Stock Markets</u></b></div>
<b><u><br /></u></b>
<br />
<div>
<span face=""helvetica neue" , "helvetica" , "nimbus sans l" , "arial" , "liberation sans" , sans-serif" style="color: #222222;"><b><u>Positive and negative feedback loop</u></b></span></div>
<div>
<span face=""helvetica neue" , "helvetica" , "nimbus sans l" , "arial" , "liberation sans" , sans-serif" style="color: #222222;"><b><u><br /></u></b></span></div>
<div>
<span face=""helvetica neue" , "helvetica" , "nimbus sans l" , "arial" , "liberation sans" , sans-serif" style="color: #222222;"><b><u><br /></u></b></span></div>
<span face=""arial" , "helvetica" , sans-serif"></span><br />
<br />
<br />
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; background: white; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: normal; margin: 0px 0px 0.0001pt; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="color: #222222; font-family: inherit , serif; font-size: 12pt;">When stocks are rising (a <a href="https://en.m.wikipedia.org/wiki/Bull_market"><span style="color: #5a3696;">bull market</span></a>), the belief that further rises are probable gives investors an incentive to buy (positive feedback—reinforcing the rise, see also <a href="https://en.m.wikipedia.org/wiki/Stock_market_bubble"><span style="color: #5a3696;">stock market bubble</span></a> and <a href="https://en.m.wikipedia.org/wiki/Momentum_investing"><span style="color: #5a3696;">momentum investing</span></a>); but the increased price of the <a href="https://en.m.wikipedia.org/wiki/Stock"><span style="color: #5a3696;">shares</span></a>, and the <a href="https://en.m.wikipedia.org/wiki/Knowledge"><span style="color: #5a3696;">knowledge</span></a> that there must be a peak after which the market falls, ends up deterring buyers (negative feedback—stabilizing the rise).<o:p></o:p></span></div>
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 509px;"><colgroup><col style="width: 48pt;" width="64"></col><col style="width: 149pt;" width="199"></col><col style="width: 185pt;" width="246"></col></colgroup><tbody>
<tr height="40" style="height: 30pt;"><td class="xl63" height="40" style="height: 30pt; width: 48pt;" width="64"><br />
<b><u>Industry Weightages In Nifty</u></b><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-9WvlOtGo0Ug/WlsyXmWp48I/AAAAAAAADvw/iZkf32SgRu86pRz396hGZ7EPkERa1-TxQCLcBGAs/s1600/Nifty-Weightages-industry%2Bwise.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="697" data-original-width="1024" height="379" src="https://2.bp.blogspot.com/-9WvlOtGo0Ug/WlsyXmWp48I/AAAAAAAADvw/iZkf32SgRu86pRz396hGZ7EPkERa1-TxQCLcBGAs/w560-h379/Nifty-Weightages-industry%2Bwise.png" width="560" /></a></div>
<br />
<br />
<br /><article style="-webkit-text-stroke-width: 0px; background: transparent; color: black; font-family: "open sans", arial, sans-serif; font-size: 16.0016px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin: 0px; orphans: 2; outline: 0px; padding: 0px; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; vertical-align: baseline; white-space: normal; widows: 2; word-spacing: 0px;"><h1 style="background: transparent; font-family: "open sans bold"; font-size: 1.35em; line-height: 1.2em; margin: 0px; outline: 0px; padding: 0px 10.7969px 12px; vertical-align: baseline;"><span style="font-weight: normal;"><u>Domestic Investors (DII) buying more than FII in India in 2017</u></span></h1>
<div style="background: transparent; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="margin: 0px;">
</div>
<br /><br />
<figure style="background: transparent; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><img alt="" src="http://img.etimg.com/thumb/height-480,width-640,msid-59928829/.jpg" style="background: transparent; border: 0px; cursor: move; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; width: 360px;" /><figcaption style="background: transparent; border-bottom: 1px solid rgb(178, 178, 178); font-size: 0.85em; margin: 0px 10.7969px; outline: 0px; padding: 5px 0px 9px; vertical-align: baseline;">To clear the situation, we delve deeper and find out how analysts are placed on each of these stocks where the big investors have taken a contrasting stand.</figcaption></figure><br />
<div style="margin: 0px;">
</div>
</div>
<div style="background: transparent; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background: transparent; font-size: 0.98em; line-height: 1.6em; margin: 0px; outline: 0px; padding: 15px 10.7969px 0px; vertical-align: baseline;">
<div style="background: transparent; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background: transparent; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="margin: 0px;">
The <a href="http://m.economictimes.com/topic/stock-market" style="background: transparent; color: #0b89d1; font-family: "open sans semibold"; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">stock market</a> is soaring high with abundant liquidity keeping the market buoyant even as companies have struggled to put on a good show. Both foreign and domestic investors have pumped in truck-loads of money over the past one year. However, contrary to the past trends, this time, domestic investors have taken the lead in boosting the market. While <a href="http://m.economictimes.com/topic/foreign-institutional-investors" style="background: transparent; color: #0b89d1; font-family: "open sans semibold"; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">foreign institutional investors</a> (FIIs) have bought equities worth Rs 58,268 since July last year,<a href="http://m.economictimes.com/topic/domestic-institutional-investors" style="background: transparent; color: #0b89d1; font-family: "open sans semibold"; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">domestic institutional investors</a> (DIIs) have made a bigger splash in the market with net inflows of Rs 84,825 crore. In fact, DIIs have emerged net buyers in the <a href="http://m.economictimes.com/topic/equity-market" style="background: transparent; color: #0b89d1; font-family: "open sans semibold"; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">equity market</a> for each month since August last year.</div>
<div style="margin: 0px;">
<br style="background: transparent; color: white; display: block; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="margin: 0px;">
For 196 of the 200 firms in the <a href="http://m.economictimes.com/topic/BSE200-Index" style="background: transparent; color: #0b89d1; font-family: "open sans semibold"; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">BSE200 Index</a>, non-promoter foreign institutional ownership increased marginally from 19.18% in June last year to 19.56% at the end of June 2017. Meanwhile, DII holding in the same basket rose from 10.71% to 11.48% during this period.</div>
<div style="margin: 0px;">
<br style="background: transparent; color: white; display: block; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="margin: 0px;">
More interestingly, both sets of investors have taken different paths while buying and selling<a href="http://m.economictimes.com/topic/stocks" style="background: transparent; color: #0b89d1; font-family: "open sans semibold"; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">stocks</a>. Our study of the shareholding pattern of the BSE200 basket of companies shows that there is not a single company in which both DIIs and FIIs have simultaneously shored up holdings or cut their stake over the past four quarters.</div>
<div style="background: transparent; font-size: 15.6816px; margin: 5px 0px; outline: 0px; padding: 0px; text-align: center; vertical-align: baseline;">
</div>
<div style="margin: 0px;">
<br style="background: transparent; color: white; display: block; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="margin: 0px;">
Meanwhile, there are eight companies where the two have taken a sharply divergent view—where one set has increased stake consistently, the other has simultaneously pared down ownership. To clear the situation, we delve deeper and find out how analysts are placed on each of these stocks where the big investors have taken a contrasting stand.</div>
<div style="margin: 0px;">
<br style="background: transparent; color: white; display: block; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="margin: 0px;">
<img src="http://img.etimg.com/photo/59928562/contrarian-views-on-reliance-ind-crompton-tata-communications-5-other-stocks-should-you-invest.jpg" style="background: transparent; border: 0px; cursor: move; display: inherit; font-size: 15.6816px; margin: 0px auto; max-width: 100%; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="background: transparent; font-size: 15.6816px; height: 108px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
<div style="margin: 0px;">
<br style="background: transparent; color: white; display: block; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="margin: 0px;"><br /></div>
<div style="background: transparent; font-size: 15.6816px; margin: 5px 0px 0px; outline: 0px; padding: 0px; text-align: center; vertical-align: baseline;">
<div style="background: transparent; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background: transparent; border: 0pt none; display: inline-block; font-size: 15.6816px; height: 250px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; width: 300px;">
</div>
</div>
</div>
<div style="margin: 0px;">
<br /></div>
<div style="margin: 0px;">
<br style="background: transparent; color: white; display: block; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="margin: 0px;"><br /></div></div></div></div></div></article></td><td class="xl63" style="border-left-style: none; width: 149pt;" width="199"></td><td class="xl63" style="border-left-style: none; width: 185pt;" width="246"></td></tr></tbody></table></div><div><br /></div><div><b><u>Known - Unknown Framework</u></b></div><div><br /></div><div><a href="https://blogger.googleusercontent.com/img/a/AVvXsEg7CobgVbHW5vWWCUl2vj_gWtvF8nW1LG6Fxrb8_RBnANjySRDHbB5ajILhJ8NYsMBObgGPnsFne8JtTQXAO6OMDtgBfh9GzMHFeLPdfx38wTC3I8mgZ8OEqFDfC-VnYarGuPAX4khklBO3Axa40SqH06aVtGfqOeplht0i_Dtydol8fojOm8Q4uYjxjw"><img alt="" border="0" height="296" id="BLOGGER_PHOTO_ID_7069601905350874626" src="https://blogger.googleusercontent.com/img/a/AVvXsEg7CobgVbHW5vWWCUl2vj_gWtvF8nW1LG6Fxrb8_RBnANjySRDHbB5ajILhJ8NYsMBObgGPnsFne8JtTQXAO6OMDtgBfh9GzMHFeLPdfx38wTC3I8mgZ8OEqFDfC-VnYarGuPAX4khklBO3Axa40SqH06aVtGfqOeplht0i_Dtydol8fojOm8Q4uYjxjw=w400-h296" width="400" /></a></div><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; mso-outline-level: 1; vertical-align: baseline;">
<b><span face=""arial" , sans-serif"><span style="font-size: large;">SECTOR SPECIFIC VS STOCK SPECIFIC</span><span style="font-size: 9pt;"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; mso-outline-level: 1; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; mso-outline-level: 1; vertical-align: baseline;">
<b><span face=""arial" , sans-serif" style="font-size: 9pt;">Buy pharma as a bucket, be stock-specific
in auto: Sudip Bandyopadhyay, Inditrade Capital<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: 12pt; margin-bottom: 0in; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #7a7a7a; font-size: 8.5pt;">ET Now</span><span face=""arial" , "sans-serif"" style="color: #7a7a7a; font-size: 8.5pt;">|</span><span face=""arial" , "sans-serif"" style="color: #7a7a7a; font-size: 8.5pt;">Updated: Sep 09, 2018, 10.28<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face=""arial" , sans-serif" style="font-size: 9pt;"><br />
</span><u>What is your assessment of the pharma pack as a whole? Could factors
like the currency and improvement in US business prove to be tailwinds for the
sector as a whole? <o:p></o:p></u></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
Absolutely. We have been positive for some time on the pharma sector
and this is one sector where investors should start moving money definitely.
There are always some uncertainties with pharma companies because of the
regulatory action and the consequences thereof, like we have seen in Sun Pharma
today. But our strategy has been very clearly to buy a basket of pharma
companies so that you avoid the vagaries of individual company related
regulatory action. We have been recommending a basket buy in pharma which
includes Sun, Aurobindo, Natco Pharma, Cadila and Torrent Pharma. For an
investor in a volatile market with depreciating currency, pharma definitely is
a good bet. It has not performed as a sector for quite some time. The valuation
looks attractive. As you rightly pointed out US business is improving and to a
great extent the regulatory action is also behind the industry. Most of the
companies have tried to get their act together. Yes, there may be sporadic
action here and there from US FDA but by and large things have improved
significantly from what it was couple of years back. </div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<u>How are you looking at the auto space? We have been bullish on auto.
<o:p></o:p></u></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
We have been particularly bullish on the commercial vehicle segment and
Ashok Leyland is one company on which we
have been recommending a buy. The commercial vehicle cycle has clearly turned
and that ensures that companies like Ashok Leyland continues to outperform the
expectations. It happened in the first quarter of the current fiscal. They came
up with excellent results. Post that. there was a bit of a correction in prices
due to that government changing the axle load factor but that was a temporary
blip. The larger issue is the vehicle scrappage policy which is being
circulated and which is being talked about. It is a matter of time before the
vehicle scrappage policy comes and that policy is going to help companies like
Ashok Leyland in a big way. We have to keep that in mind. You talked about
environment-friendly vehicles and electric vehicles. Ashok Leyland in the
commercial vehicle space is working on that and they have the capacity to
deliver electronic vehicles as well and that is excellent. Also, they have
started getting a lot of export orders including in double-decker buses where
they have the skill sets. The valuation after correction looks attractive and
we definitely recommend a buy there. In the two-wheeler space, Hero MotoCorp is
definitely a stand out with the rural market getting a lot of attention as this
is an election year. Farm income is expected to increase significantly with
good monsoon. Hero with its outstanding reach in the rural market should
benefit and they should be the outperformers amongst the two-wheeler companies.
There has been some announcements in Bajaj regarding their capacity to deliver
electrical three-wheelers and for that they will not require any licenses. They
are expecting large sales and they have got the export market working for them.
It is a good company to buy into but between the two-wheeler companies, we will
go for Hero MotoCorp.</div>
<br />
<h1 class="title" style="background-color: white; margin: 0px 0px 10px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span style="font-size: medium;"><span face=""arial" , "helvetica" , sans-serif" style="color: #353535;"><span face=""arial" , "helvetica" , sans-serif" style="color: #353535; line-height: 36px;"><u style="font-size: x-large;">Nifty & Sensex VS Mid-cap and Small-cap Index - Both to be considered for making any analysis </u></span></span></span></h1>
<div style="background-color: white; margin-bottom: 10px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span style="font-size: medium;"><span face=""arial" , "helvetica" , sans-serif" style="color: #353535;"><span face=""arial" , "helvetica" , sans-serif" style="color: #353535; font-size: small; line-height: 36px;"><i>Sensex not the real picture, India's growth story scripted by small entrepreneurs - to be gauged from mid-cap and small-cap index</i></span></span></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span face=""arial" , sans-serif" style="font-size: 12pt;"><span style="background: white;">As this paper recently argued, the mid-cap- and small-cap indices — the barometer of the real economy — have dived in the past six months, signalling that all's not well with India Inc.</span><br /><br /><span style="background: white;">After ET front-paged the article (</span><i>Is This An Uneasy Lull Before The Crash</i><span style="background: white;">, Aug 6) that showed the</span> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span face=""arial" , sans-serif" style="text-decoration: none;">Sensex</span></span><span face=""arial" , sans-serif" style="font-size: 12pt;"> <span style="background: white;">holding at fairly high levels despite the crash in mid- and small-caps, the markets have lost some of their steam. After all, this had to happen because the Sensex — comprising of only 30</span> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span face=""arial" , sans-serif" style="text-decoration: none;">stocks</span></span><span face=""arial" , sans-serif" style="font-size: 12pt;"> <span style="background: white;">— is in many ways not a clear indicator of the India Story.</span><br /><br /><b>REAL INDIA STORY </b><br /><br /><span style="background: white;">The real India Story is being scripted by small entrepreneurs, not the big boys. The big boys anyway have the wherewithal to ride out economic turbulence. It's the small entrepreneurs who are being squeezed dry by the rising cost of funds and plunging order books.</span><br /><br /><span style="background: white;">It's the small companies which are becoming uncompetitive because of erratic power supply, dismal infrastructure and rampant corruption. The big boys can take it on the chin and move on, but it's the small companies that are getting hit badly by these bouncers the dismal economy is throwing at a ferocious pace.</span></span><span face=""arial" , sans-serif" style="background-color: white; font-size: 12pt; line-height: 18.4px;">"The environment is not conducive for startups. The odds against a small manufacturer are very high," said Anil Bhardwaj, the secretary-general of the Federation of Indian Micro & Medium Enterprises (FISME). The contrasting fortunes of India's big and small companies are best reflected in stock market data. Policymakers in Delhi gloat over the fact that the market hasn't tanked despite GDP growth slowing down from 9% to 6.5%, and almost 5% now.</span></div>
<div class="MsoNormal">
<span face=""arial" , sans-serif" style="font-size: 12pt; line-height: 18.4px;"><br /><span style="background-color: white;">The firmness in the market is being seen, perhaps wrongly, as a proof of investor confidence in the India Story, and a steady Dalal Street is being flogged as a sign that global funds think India's troubles are temporary.</span><br /><br /><span style="background-color: white;">This faulty theory has lost some sheen in recent times since it solely focuses on the share-price performance of the 30 big companies that comprise the BSE Sensex, and conveniently ignores the larger market . The same largely can be said of the Nifty 50, where top blue chips determine the perception of the broader economy.</span><br /><br /><span style="background-color: white;">In the past 12 months, the Sensex companies generated a 7.45% return while the BSE mid-cap- and small-cap indices lost more than 10% and 19%, respectively. And from January 1 this year, the Sensex has fallen by just 2.5%, but the mid-cap- and small-cap indices have taken a battering of 23% and 28%, respectively. Contrary to the perception that the markets have held firm, there has actually been mayhem in the markets.</span></span></div>
<div class="MsoNormal">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"> </span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #044e99; font-size: 12px; font-style: italic; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rajesh Mascarenhas & Javed Sayed</span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;">, ET Bureau | 13 Aug, 2013</span><br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"></span><br />
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 537px;"><colgroup><col style="mso-width-alt: 8411; mso-width-source: userset; width: 173pt;" width="230"></col><col style="mso-width-alt: 11227; mso-width-source: userset; width: 230pt;" width="307"></col></colgroup><tbody>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="background: rgb(221, 235, 247); border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt; width: 173pt;" width="230">Industry</td><td class="xl63" style="background: rgb(221, 235, 247); border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; width: 230pt;" width="307">Company Name</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">AUTOMOBILE</td><td class="xl63" style="border-left: none; border-top: none;">Bajaj Auto Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Bosch Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Hero MotoCorp Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Mahindra & Mahindra Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Maruti Suzuki India Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Tata Motors Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">CEMENT & CEMENT PRODUCTS</td><td class="xl63" style="border-left: none; border-top: none;">ACC Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Ambuja Cements Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Grasim Industries Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">UltraTech Cement Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">CONSTRUCTION</td><td class="xl63" style="border-left: none; border-top: none;">Larsen & Toubro Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">CONSUMER GOODS</td><td class="xl63" style="border-left: none; border-top: none;">Asian Paints Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Hindustan Unilever Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">I T C Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">ENERGY</td><td class="xl63" style="border-left: none; border-top: none;">Bharat Petroleum Corporation Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Cairn India Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">GAIL (India) Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">NTPC Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Oil & Natural Gas Corporation Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Power Grid Corporation of India Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Reliance Industries Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Tata Power Co. Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">FINANCIAL SERVICES</td><td class="xl63" style="border-left: none; border-top: none;">Axis Bank Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Bank of Baroda</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">HDFC Bank Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Housing Development Finance Corporation </td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">ICICI Bank Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">IndusInd Bank Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Kotak Mahindra Bank Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Punjab National Bank</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">State Bank of India</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Yes Bank Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">INDUSTRIAL MANUFACTURING</td><td class="xl63" style="border-left: none; border-top: none;">Bharat Heavy Electricals Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">IT</td><td class="xl63" style="border-left: none; border-top: none;">HCL Technologies Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Infosys Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Tata Consultancy Services Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Tech Mahindra Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Wipro Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">MEDIA & ENTERTAINMENT</td><td class="xl63" style="border-left: none; border-top: none;">Zee Entertainment Enterprises Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">METALS</td><td class="xl63" style="border-left: none; border-top: none;">Coal India Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Hindalco Industries Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Tata Steel Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Vedanta Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">PHARMA</td><td class="xl63" style="border-left: none; border-top: none;">Cipla Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Dr. Reddy's Laboratories Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Lupin Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Sun Pharmaceutical Industries Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">SERVICES</td><td class="xl63" style="border-left: none; border-top: none;">Adani Ports and Special Economic Zone Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;">TELECOM</td><td class="xl63" style="border-left: none; border-top: none;">Bharti Airtel Ltd.</td></tr>
<tr height="20" style="height: 15pt;"><td class="xl63" height="20" style="border: 0.5pt solid windowtext; font-family: Calibri; font-size: 11pt; font-weight: 700; height: 15pt;"></td><td class="xl63" style="border-left: none; border-top: none;">Idea Cellular Ltd.</td></tr>
</tbody></table>
</div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="separator" style="clear: both; text-align: center;">
<b><u><span style="font-size: large;">Stock Market Anecdotes</span></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<b><u>Irrational Markets</u></b><br />
<br />
while the irrationality of markets offers opportunities, just remember<br />
<br />
<span face=""lucida sans" , sans-serif" style="background-color: white; color: #242024; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 21px;">John Maynard Keynes “the market can stay irrational longer than you can stay solvent.”</span><br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-Ig7NK1qt27M/VLoxLCqb4XI/AAAAAAAAAus/jCnRWznQZrs/s1600/stock_market_cycle_bull_to_bear.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="426" src="https://4.bp.blogspot.com/-Ig7NK1qt27M/VLoxLCqb4XI/AAAAAAAAAus/jCnRWznQZrs/s1600/stock_market_cycle_bull_to_bear.jpg" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-DoJTwyyJwjw/VLoxvxDUeyI/AAAAAAAAAu0/8eDawEN7pro/s1600/Emotions%2Bin%2Bmarket%2Bcycles.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="608" src="https://4.bp.blogspot.com/-DoJTwyyJwjw/VLoxvxDUeyI/AAAAAAAAAu0/8eDawEN7pro/s1600/Emotions%2Bin%2Bmarket%2Bcycles.jpg" width="640" /></a></div>
<br />
<br />
<b><u><span style="font-size: large;">How long an Event will impact Market</span></u></b></div><div class="MsoNormal"><br /></div><div class="MsoNormal"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhCIbcxmEJQnEbYKjVM0W7RKPnBTTN2dzAyjoq1s5q_1OhKa1dJeyefiK5vQU2E9WM60TPg0nEwYoA63ylsqJwI_0nRWJZf2l4hehcURBYcq3VipYeX6v0tHAYCTsEwKwyRU-zbWWYiT94xJLgYy9nIESfCw8q0OQH0_a9jcVubT6uniwvo6LC-UZiB7A"><img alt="" border="0" height="626" id="BLOGGER_PHOTO_ID_7069396319330010578" src="https://blogger.googleusercontent.com/img/a/AVvXsEhCIbcxmEJQnEbYKjVM0W7RKPnBTTN2dzAyjoq1s5q_1OhKa1dJeyefiK5vQU2E9WM60TPg0nEwYoA63ylsqJwI_0nRWJZf2l4hehcURBYcq3VipYeX6v0tHAYCTsEwKwyRU-zbWWYiT94xJLgYy9nIESfCw8q0OQH0_a9jcVubT6uniwvo6LC-UZiB7A=w640-h626" width="640" /></a><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: white; color: black;"><span style="color: blue;"><b>Monkey Story on Stock Markets</b></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="background: white; color: black;">Once Upon A Time In A Village, A Man Appeared And Announced To The Villagers That He Would Buy Monkeys For $10/-</span><span style="color: black; mso-bidi-font-family: Arial;"><br style="text-transform: capitalize;" /><br style="text-transform: capitalize;" /><span style="background: white;"><span style="float: none; text-transform: capitalize;">The Villagers Seeing That There Were Many Monkeys Around, Went Out To The Forest And Started Catching Them. The Man Bought Thousands At $10/- And As Supply Started To Diminish, The Villagers Stopped Their Effort. He Further Announced That He Would Now Buy At $20/- This Renewed The Efforts Of The Villagers And They Started Catching Monkeys Again.</span></span><br style="text-transform: capitalize;" /><br style="text-transform: capitalize;" /><span style="background: white;"><span style="float: none; text-transform: capitalize;">Soon The Supply Diminished Even Further And People Started Going Back To Their Farms. The Offer Rate Increased To $25/- And The Supply Of Monkeys Became So Little That It Was An Effort To Even See A Monkey, Let Alone Catch It! The Man Now Announced That He Would Buy Monkeys At $50! However, Since He Had To Go To The City On Some Business, His Assistant Would Now Buy On Behalf Of Him.</span></span><br style="text-transform: capitalize;" /><br style="text-transform: capitalize;" /><span style="background: white;"><span style="float: none; text-transform: capitalize;">In The Absence Of The Man, The Assistant Told The Villagers. Look At All These Monkeys In The Big Cage That The Man Has Collected. I Will Sell Them To You At $35 And When The Man Returns From The City, You Can Sell It To Him For $50/-</span></span><br style="text-transform: capitalize;" /><br style="text-transform: capitalize;" /><span style="background: white;"><span style="float: none; text-transform: capitalize;">The Villagers Squeezed Up With All Their Savings And Bought All The Monkeys.</span></span><br style="text-transform: capitalize;" /><br style="text-transform: capitalize;" /><span style="background: white;"><span style="float: none; text-transform: capitalize;">Then They Never Saw The Man Nor His Assistant, Only Monkeys Everywhere!! !</span></span><br style="text-transform: capitalize;" /><br style="text-transform: capitalize;" /><span style="background: white;">Welcome To The 'Stock' Market!!!!!</span></span><br />
<span style="color: black; mso-bidi-font-family: Arial;"><span style="background: white;"><br /></span></span><span style="color: black; mso-bidi-font-family: Arial;"><span style="background: white;"><br /></span></span><br />
<span style="color: black; mso-bidi-font-family: Arial;"><span style="background: white;"><br /></span></span>
<br />
<div class="mceTemp" style="clear: both; font-family: Arial, Helvetica, sans-serif; line-height: 10px; margin: 0px; padding: 0px;">
<br />
<dl class="wp-caption aligncenter caption-centered" style="margin: 0px auto 12px; padding: 0px; width: 553px;">
<dt class="wp-caption-dt" style="margin: 0px; padding: 0px;"><img alt="" class="size-full wp-image-5" height="369" src="http://s.wsj.net/public/resources/images/OB-YJ833_istock_G_20130801034224.jpg" style="border: none; margin: 8px 0px 0px;" width="553" /></dt>
<dd class="wp-caption-dd wp-cite-dd" style="color: #666666; line-height: normal; margin: 2px 0px; padding: 2px 0px 0px; text-align: right;">Ashutosh Joshi/The Wall Street Journal</dd><dd class="wp-caption-dd" style="color: #333333; line-height: normal; margin: 0px; padding: 2px 0px 0px;"><span style="color: black; font-family: "georgia" , "century schoolbook" , "times new roman" , "times" , serif; letter-spacing: 0px; line-height: 1em;"><span style="font-size: large;"><br /></span></span></dd><dd class="wp-caption-dd" style="color: #333333; line-height: normal; margin: 0px; padding: 2px 0px 0px;"><span style="color: black; font-family: "georgia" , "century schoolbook" , "times new roman" , "times" , serif; letter-spacing: 0px; line-height: 1em;"><span style="font-size: large;">The Grandmother With Faith in Indian Stocks</span></span></dd><dd class="wp-caption-dd" style="color: #333333; line-height: normal; margin: 0px; padding: 2px 0px 0px;"><br /></dd><dd class="wp-caption-dd" style="color: #333333; line-height: normal; margin: 0px; padding: 2px 0px 0px;">Ashalata Maheshwari, right, at her residence in Mumbai. </dd></dl>
</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
At a time when individuals in India are disenchanted with the stock market, Mumbai resident Ashalata Maheshwari, 77 years old, is a rare champion for stocks.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari has been investing in Indian companies for five decades, and though many have gone bust over the years, shares in others have gained enough value to give her confidence that equities are the best investments over the long term.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
“Stocks have given me the best returns because I have rarely sold them,” Ms. Maheshwari told The Wall Street Journal in an interview at her Mumbai home. “Patience is key to stock market investments,” she said.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
The Reserve Bank of India says stocks comprise <a href="http://www.rbi.org.in/scripts/AnnualReportPublications.aspx?Id=1055" style="color: #f98d21; outline: none;">less than 5%</a> of the savings of Indian households, which have traditionally invested in gold and real estate.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Many individuals turned to the stock market for the first time between 2007 and 2009 when India was booming and people had plenty of disposable income. But the financial downturn has hurt. India’s benchmark BSE S&P Sensex is off about 9% from record levels seen in early 2008.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari is unfazed because stocks have risen over the long term. In the last 20 years, the BSE S&P Sensex has gained 11.4% on average annually. The gains are much higher if dividend income and bonus shares are taken into account. Over the same period, the value of gold has risen about 10% a year.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari says her portfolio of 1,500 stocks is worth around 40 million rupees ($660,000). She says she owns most of the stocks for the dividends they pay, and plans to hold on to them for years.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari says she is a hands-on investor who wades through companies’ financial statements. She has become a regular fixture at the annual general meetings of India’s largest firms, such as Reliance Industries Ltd. and Tata group companies, where she often asks for higher dividends and updates on planned projects.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
To get her message across at these meetings, Ms. Maheshwari has occasionally burst into poem or song about a chief executive or directors. This has left a mark on many.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
“[She] has been among those shareholders of Tata companies who, though individuals, are an institution,” Ratan Tata, the former chairman of the Tata group told The Wall Street Journal. “For as long as I can remember, she would be the most vocal lady shareholder-speaker in a bastion of men at AGMs. I believe she has inspired many women and youngsters to become engaged investors,” Mr. Tata said.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
At Reliance Industry’s annual meeting in June, Ms. Maheshwari <a href="http://blogs.wsj.com/indiarealtime/2013/06/06/tough-questions-for-mukesh-ambani/" style="color: #f98d21; outline: none;">had a question</a> for chief executive Mukesh Ambani, who earlier this year got Z-level security, the second-highest level of security in India.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Standing before an audience of around 1,000 Reliance shareholders and executives, Ms. Maheshwari said that if Mr. Ambani got “Z” security, shareholders should at least get “ABCD,” with A representing appreciation, B for bonus, C for cash, and D for dividends.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
A Reliance spokesman said in June that Ms. Maheshwari’s and other investors’ demands were pending with the board. He didn’t respond to a recent call for comment. For last fiscal year, Reliance Industries paid a dividend of nine rupees a share.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari says Reliance Industries is one of the best performing stocks in her portfolio, along with Tata Motors Ltd., software firm Tata Consultancy Ltd., engineering firm Larsen & Toubro Ltd. and toothpaste maker Colgate-Palmolive (India) Ltd. She says these stocks have risen by 10 times to 25 times since she bought them.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
She says returns on stocks helped her to buy her home in Santacruz, a posh Mumbai neighborhood, for 80,000 rupees in 1972. “Today this house should be worth 50 million to 60 million rupees,” she said.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari, a high school graduate, was introduced to stocks when she was 21. Her father-in-law gave her 1,000 shares of Grasim Industries Ltd., then a textile company, as a wedding gift in 1954.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
“That time I didn’t even know what these pieces of paper meant,” she said, referring to the stock certificates.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari says she realized their value after she started getting dividend checks regularly. “I decided to put more of my savings into stocks and made it a habit,” she said.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Over the years, her husband J.P. Maheshwari, who used to run a plastic products manufacturing business, started helping her.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Now, the two of them spend their days monitoring financial TV channels to get news on companies, stock markets and the economy, regularly trading on a pool of 100 to 200 stocks in Ms. Maheshwari’s portfolio.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
She says she doesn’t always believe in analyst commentary and instead studies companies’ financial statements, annual reports, and dividend and bonus history before deciding on whether to invest in a stock or not.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
“Balance sheets will always reveal the truth,” she said.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
Ms. Maheshwari plans to be an active shareholder for many more years, and rues that there aren’t enough investors asking companies tough questions, especially at shareholder meetings.</div>
<div style="font-family: Arial, Helvetica, sans-serif; line-height: 1.5em; margin-bottom: 1em; margin-left: 8px; margin-right: 8px; padding: 0px;">
“Investors should come prepared and throw valid questions to company managements… I don’t see that happening,” she said.</div>
<a href="http://4.bp.blogspot.com/-sgDCO69rHnk/WYdAq12fQTI/AAAAAAAADoc/KpPg_InYgu45D5Y5Q8BtPlGqNvcM_lkBwCK4BGAYYCw/s1600/IMG-20170801-WA0009-737444.jpg"><img alt="" border="0" height="640" id="BLOGGER_PHOTO_ID_6451196095985828146" src="https://4.bp.blogspot.com/-sgDCO69rHnk/WYdAq12fQTI/AAAAAAAADoc/KpPg_InYgu45D5Y5Q8BtPlGqNvcM_lkBwCK4BGAYYCw/w504-h640/IMG-20170801-WA0009-737444.jpg" width="504" /></a><br />
<br />
<b><u>Seemingly Simple Strategy of "Buy and Hold a blue chip forever" is also risky. </u></b><br />
<br />
<br />
<div class="MsoNormal" style="background: white; line-height: 27pt; margin-bottom: 7.5pt; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #353535; font-size: 27pt;">Why holding a blue chip stock forever a very risky investing strategy</span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0in; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 12pt;"><br />There are people who are keen to over simplify equity investing. Buy blue chips and hold on to them forever, they would say. As long as you have bought a good stock, you don't have to worry — you will get a great return. Such advice is a huge dis-service to keen new investors. Much as we love to hear it, there is no sure-fire way to make money in stocks. Think about it: if the return is higher than all other choices, how can it be easy? To assume that you can buy and hold and be rewarded for sheer laziness is preposterous.<br /><br />I will take you back to 1985, the first stock <a href="http://economictimes.indiatimes.com/topic/market" target="_blank"><span style="color: #024d99;">market</span></a> boom that I watched. The market leader was Century Mills. It was the largest single-unit textile mill in the country, located in the heart of the mill district of Parel-Worli in Mumbai. Set up in 1897 and run by the Birla family, it was the darling of the markets. Then there was Gujarat Narmada Valley Fertilisers. A revolutionary company that roped in farmers as shareholders to completely modify how fertilisers were made and sold. Scindia Shipping, with its debt and cyclical revenue was also a blue-chip. There were respectful references to Mukund Iron from the Bajaj family, for being an efficient steel maker. The 1980s belonged to the Indian companies that made it big in manufacturing.<br /><br />Of the 30 bluest of blue chips included in the <a href="http://economictimes.indiatimes.com/topic/BSE-Sensitive-Index" target="_blank"><span style="color: #024d99;">BSE Sensitive Index</span></a> which was constructed in 1984 (back calculated to 1980) only seven remain today. Century mills stopped manufacturing in 2006 and the land is now being redeveloped commercially. GSFC, Scindia and 23 other blue chips of those days are significantly bruised or have closed shop.<br /><br />An investor who bought these blue chips in 1980 held on to them for 35 long years will find that he is now left with a few duds. The biggest problem in equity investing is the hindsight bias. We all like to think that somehow we would have foreseen the decline of these companies and gotten out of them at the right time, and moved on to the new blue chips.<br /><br />The truth is that we would have been clueless. Either we would have failed to see that our stocks are declining, given their illustrious past. Or we would be wary of the new claimants to the blue chip title and unwilling to buy them. It is a fallacy that we would have remained on top of the league by design.<br /><br />I always dismiss the success stories about buying few stocks and making a pile on it, as luck. It is a piece of irrelevant and useless information to a new investor, when his uncle tells him how he bought the shares of Colgate at Rs 11 and is earning a fat dividend, or how his investment in Reliance Industries has paid for itself over the years. What matters is a replicable strategy.<br /><br />Since no one has seen the future, even the best stock picking strategy can go wrong. It can only be a matter of chance that something picked up and held for years still remains good.<br /><br />Then how is it that people talk of returns of 16-17 per cent per annum on equity? How do they use the <a href="http://economictimes.indiatimes.com/topic/Sensex" target="_blank"><span style="color: #024d99;">Sensex</span></a> to show how it has grown over a period of time, to deliver fantastic returns?<br /><br />Two key differences here. One, Sensex is not a stock, it is a portfolio. Two, Sensex components have been consistently revised. When you do not stop at simply picking a stock, but picking many stocks to make a portfolio, you build in the benefit of diversification.</span></div>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 7.5pt; vertical-align: baseline;">
<div style="font-family: "times new roman"; margin: 0px;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 12pt;">A portfolio is the first cushion for wrong selection. And then, you build in a discipline for revision. You admit that you could have gone wrong, or you accept that circumstances may change to make your today's blue chip tomorrow's dud. You therefore put in place the rules for throwing out what is not working and replacing it with what is working.<br /><br />That is how the index revision committees work. When they hear about a scandal, as in case of Satyam, they throw it out of the index. When they find the new technology, telecom and banking stocks growing big in size and posting consistent profits, they replace them for the steel, auto, and shipping stocks in the index. So the idea of passively buying something and holding on it to for life, is actually a very risky investing strategy.<br /><br />It is not a sure-fire way to equity riches, since the real process is one where you have to make decisions about what goes out and what comes in, and allow for errors while you do all that.<br /><br />Should one invest in blue chips at all? Yes, the core portfolio of an investor should be made up of solid profit-making companies that are market leaders. This buffers the decisions you may make with new and unknown stocks. Such a portfolio of blue chips, also enables you to capture the equity returns over a long term. Buy the index itself (ETFs and index funds are the cheapest routes to buying blue chip equity portfolios) or trust diversified large cap equity funds to do the job for you (every fund house has this product). When you do so, allow yourself to appreciate that someone else is modifying the large cap portfolio to a discipline or a process, on your behalf. Money is not being made by simply sitting around.<br /><br />If you do insist that you will build your own equity portfolio, blue chips is a good place to begin. However, be sure that the criterion for including them in your portfolio are written down like golden rules. When a stock in your portfolio slips, you have to make a decision. You can get one or both ends of the decision wrong — the stock you sold could get better, and the stock you bought could become worse. But those are the risks in equity investing, and you have to be sure that you enjoy the journey of analysis, observation, harsh lessons of failure, and fun moments of magic.<br /><br />The next time you hear someone tell you his old story of a multi-bagger, unless it was a company he promoted and built with his own hands, it might be a good idea to simply snigger.<br /><br /><b>By Uma Shashikant</b><br /><i><span style="mso-spacerun: yes;"> </span>(The author is Managing Director, Centre for Investment Education and Learning)</i></span></div>
<div style="font-family: "times new roman"; margin: 0px;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: black; display: inline; float: none; font-size: 12px; line-height: normal;">9 Feb, 2015 Economic Times</span></div>
<div style="margin: 0px;">
<div style="font-family: "times new roman";">
<br /></div>
<span style="font-family: "times new roman"; font-size: large;"><i><b><u>Model of surviving on dividends and sticking to Blue Chips Vs Pitfalls in Buy and Hold forever strategy</u></b></i></span></div>
<h3 class="post-title entry-title" itemprop="name" style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
Stocks that have fallen down and not recovered while market has fallen and recovered between 2008 and 2013</h3>
<div style="font-family: "times new roman"; margin: 0px;">
<br /></div>
<div class="separator" style="clear: both; font-family: "times new roman"; text-align: center;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 12pt;"><i><a href="http://3.bp.blogspot.com/-e-K3ykfMjLE/VSYErPsmMUI/AAAAAAAABMY/PaM8MCsVxKo/s1600/10-stocks-that-destroyed-rs-686559-crore.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="230" src="https://3.bp.blogspot.com/-e-K3ykfMjLE/VSYErPsmMUI/AAAAAAAABMY/PaM8MCsVxKo/s1600/10-stocks-that-destroyed-rs-686559-crore.jpg" style="cursor: move;" width="320" /></a></i></span></div>
<div style="font-family: "times new roman"; margin: 0px;">
<br /></div>
<div style="font-family: "times new roman"; margin: 0px;">
<div style="margin-bottom: 12pt;">
<div style="line-height: normal;">
<div style="text-align: center;">
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; background: white;"><span face=""arial" , sans-serif" style="color: #333333; font-size: 14px; line-height: 16.1px;"><b>Warren Buffett </b></span></span></div>
<h4 style="text-align: left;">
<span face=""arial" , sans-serif" style="background: white; line-height: 18.4px;"><span style="color: #333333; font-size: 10.5pt; font-weight: normal; line-height: 16.1px;">Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share was quoting at around $18 at that time. Forty-eight years later, the same share traded for $134,060, compounding investor capital at just under 21% per year -- a multiplier of 7,448 times</span></span></h4>
<span face=""arial" , sans-serif" style="background: white; font-size: x-small; line-height: 18.4px;"><b><u>Warren Buffett annual letter : The latest one to include a section on investing advice</u></b></span></div>
<div style="line-height: normal;">
<span face=""arial" , "sans-serif"" style="background: white; color: black; line-height: 18.4px;"><br /></span></div>
<div style="line-height: normal;">
<span face=""arial" , "sans-serif"" style="background: white; color: black; line-height: 18.4px;">Berkshire Hathaway Inc. investors will be looking for details of how the conglomerate performed and the best advice chief executive Warren Buffett, a prominent American businessman, has to offer in his annual letter this Saturday. </span><span face=""arial" , "sans-serif"" style="color: black; line-height: 18.4px;"><br /><br /><span face=""arial" , sans-serif" style="background-color: white; font-size: 11pt; line-height: 16.8667px;">Investors follow Berkshire because of Buffett's remarkable investing track record and </span><span face=""arial" , sans-serif" style="background-color: white; color: black; font-size: 11pt; line-height: 16.8667px;"><span style="font-size: small;">because the conglomerate's results offer a glimpse into a variety of industries</span></span></span></div>
<div style="line-height: normal;">
<span face=""arial" , "sans-serif"" style="color: black; line-height: 18.4px;"><span style="background: white;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 11pt; line-height: 16.8667px;"><span face=""arial" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black;"><span style="font-size: small;">.</span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 9pt; line-height: 13.8px;"> <o:p></o:p></span><br /><span style="font-family: "times new roman"; font-size: small;"></span></span></span><span style="background: white;">Buffett's letter is always well-read because of his track record, but this year he released a section focused on investing advice early so there may not be many surprises. </span><br /><br />The shareholders letters from 1977 to date are available for dowload at<br /><a href="http://www.berkshirehathaway.com/letters/letters.html">http://www.berkshirehathaway.com/letters/letters.html</a></span></div>
<div style="line-height: 18pt;">
<span style="font-size: medium;"><br /></span></div>
<div style="line-height: 18pt;">
<br /></div>
<div style="line-height: 18pt;">
<span style="font-size: medium;"><b>Buffett Vs. Soros: Investment Strategies</b></span><span style="font-family: "times new roman" , serif; font-size: 10pt;"></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<span style="font-size: x-small; line-height: 24px;"><i><u>Warren Buffett seeks out a firm's intrinsic value and waits for the market to adjust accordingly over time, George Soros relies on short-term volatility and highly leveraged transactions</u></i></span><br />
<span style="font-size: x-small; line-height: 24px;"><i><u><br /></u></i></span>
<br />
<div style="line-height: 18pt;">
<span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 18pt;">In the short run, investment success can be accomplished in a myriad of ways. Speculators and day traders often deliver extraordinary high rates of return, sometimes within a few hours. Generating a superior rate of return consistently over a further time horizon, however, requires a masterful understanding of the market mechanisms and a definitive investment strategy. Two such market players fit the bill: Warren Buffett and George Soros.</span></div>
</div>
<div style="line-height: 18pt; margin-bottom: 12pt;">
<span style="font-family: "times new roman" , serif; font-size: 10pt;"><br /></span><b><span style="font-family: "times new roman" , serif; font-size: 10pt;">Warren Buffett</span></b><span style="font-family: "times new roman" , serif; font-size: 10pt;"><br />Known as "the Oracle of Omaha," Warren Buffett made his first investment at the tender age of 11. In his early 20s, the young prodigy would study at Columbia University, under the father of </span><span style="font-family: "times new roman" , serif; font-size: 10pt;">value investing</span><span style="font-family: "times new roman" , serif; font-size: 10pt;"> and his personal mentor, Benjamin Graham. Graham argued that every security had an </span><span style="font-family: "times new roman" , serif; font-size: 10pt;">intrinsic value</span><span style="font-family: "times new roman" , serif; font-size: 10pt;"> that was independent of its market price, instilling in Buffett the knowledge with which he would build his conglomerate empire. Shortly after graduating he formed "Buffett Partnership" and never looked back. Over time, the firm evolved into "</span><span style="font-family: "times new roman" , serif; font-size: 10pt;">Berkshire Hathaway</span><span style="font-family: "times new roman" , serif; font-size: 10pt;">," with a market capitalization over $200 billion. Each stock share is valued at near $130,000, as Buffett refuses to perform a stock split on his company's ownership shares.<br /><br />Warren Buffett is a <a href="http://www.investopedia.com/terms/v/valueinvesting.asp"><span style="text-decoration-line: none;">value investor</span></a>. He is constantly on the lookout for investment opportunities </span><span style="font-family: "times new roman" , serif; font-size: 10pt;">where he can exploit price imbalances over an extended time horizon</span><span style="font-family: "times new roman" , serif; font-size: 10pt;">.<br /><br />Buffett is an arbitrageur who is known to instruct his followers to "be fearful when others are greedy, and be greedy when others are fearful." Much of his success can be attributed to Graham's three cardinal rules: invest with a </span><span style="font-family: "times new roman" , serif; font-size: 10pt;">margin of safety</span><span style="font-family: "times new roman" , serif; font-size: 10pt;">, profit from volatility and know yourself. As such, Warren Buffett has the ability to suppress his emotion and execute these rules in the face of economic fluctuations.</span></div>
<div style="font-family: "Times New Roman";">
<b><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">George Soros</span></b><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;"><br />Another 21st century financial titan, George Soros was born in Budapest in 1930, fleeing the country after WWII to escape communism. Fittingly, Soros subscribes to the concept of "</span><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">reflexivity</span><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">" social theory, adopting a "a set of ideas that seeks to explain how a feedback mechanism can skew how participants in a market value assets on that market."<br /><br />Graduating from the London School of Economics some years later, Soros would go on to create the Quantum Fund. Managing this fund from 1973 to 2011, Soros returned roughly 20% to investors annually. The Quantum Fund decided to shut down based on "new financial regulations requiring hedge funds to register with the Securities and Exchange Commission." Soros continues to take an active role in the administration of Soros Fund Management, another hedge fund he founded.<br /><br />Where Buffett seeks out a firm's intrinsic value and waits for the market to adjust accordingly over time, Soros relies on short-term volatility and highly leveraged transactions. In short, Soros is a </span><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">speculator</span><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">. The fundamentals of a prospective investment, while important at times, play a minor role in his decision-making.<br /><br />In fact, in the early 1990s, Soros made a multi-billion dollar bet </span><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">that the British pound would significantly depreciate in value</span><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;"> over the course of a single day of trading. In essence, he was directly battling the British central banking system in its attempt to keep the pound artificially competitive in foreign exchange markets. Soros, of course, made a tidy $1 billion off the deal. As a result, we know him today as the man "who broke the bank of England."</span><b><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;">The Bottom Line</span></b><span style="font-family: "times new roman" , serif; font-size: 10pt; line-height: 15.3333px;"><br />Warren Buffett and George Soros are contemporary examples of the some of the most brilliant minds in the history of investing. While they employ markedly different investing strategies, both men have achieved great success. Investors can learn much from even a basic understanding of their investment strategies and techniques.</span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span lang="EN" style="color: black; font-size: 18pt; line-height: 27.6px;"><span style="font-family: "calibri";">Bill Gross: I’m not a great investor and Warren Buffett, George Soros may not be either<o:p></o:p></span></span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 12px; line-height: 21.3333px;"><u><i>Warren Buffett was in market at the right.He used simple principles.If his track was extra-ordnianry it has to do with the time he entered than his skills.Perhaps it was the epoch that made the man as opposed to the man that made the epoch</i></u></span></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;"><br /></span><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">“Am I a great investor? No, not yet.”</span><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt; line-height: 16pt;">So writes Bill Gross, manager of the world’s largest mutual fund, in his </span><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt; line-height: 16pt;">latest investment outlook</span><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt; line-height: 16pt;">.</span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;">Gross also said the most renowned investors from Warren Buffett to George Soros may owe their reputations to a favorable era for money management as expanding credit fueled gains in asset prices across markets.</span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">The real test of greatness for investors is not how they navigated market cycles during that time, but whether they can adapt to historical changes occurring over half a century or longer, Gross, 67, wrote in the outlook entitled “A Man in the Mirror,” which is the name of a song by Michael Jackson.<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="background: rgb(238, 238, 238); line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">Buffett, Soros, Fuss, yeah – me too, have cut our teeth during perhaps a most advantageous period of time . . . an investor could experience<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">“All of us, even the old guys like Buffett, Soros, Fuss, yeah – me too, have cut our teeth during perhaps a most advantageous period of time, the most attractive epoch, that an investor could experience,” Gross wrote. “Perhaps it was the epoch that made the man as opposed to the man that made the epoch.”<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">Gross, one of the co-founders in 1971 of Pacific Investment Management Co (PIMCO), is often referred to in the media as “the bond king.” He runs the US$289-billion Pimco Total Return Fund, which has advanced 7.9% over the past five years to beat 94% of peers.<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt;"> </span><span face=""helvetica" , sans-serif" style="font-size: 9pt;">Gross is examining his legacy as the bond shop he built over four decades is seeking to adapt to an environment that looks very different from the bull market that fueled Pimco’s growth to one of the largest money managers in the world. The prospect of elevated market volatility, an aging population and climate change could make investing far more challenging in the coming decades, Gross said.</span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<b><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">‘New Normal’</span></b><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;"><o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;">Pimco in 2009 started an expansion into equities to prepare for an eventual end of the decades-long bond rally. Gross, whose firm coined the term “new normal” that year to describe an economic environment characterized by below-average growth, elevated unemployment and a declining role for the U.S. in the global economy, suggested those changes could potentially be part of a longer-lasting shift.</span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">“What if zero-bound interest rates define the end of a total return epoch that began in the 1970s, accelerated in 1981 and has come to a mathematical dead-end for bonds in 2012/2013 and commonsensically for other conjoined asset classes as well?” Gross wrote. “What if quantitative easing policies eventually collapse instead of elevate asset prices?”<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;">Soros is the legendary hedge-fund manager best known for a 1992 bet that the Bank of England would be forced to devalue the pound. Buffett is the chief executive officer of Berkshire Hathaway Inc. who built the firm over almost five decades through takeovers and prescient stock picks, and Daniel Fuss is a bond manager who runs the top-performing Loomis Sayles Bond Fund.</span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<b><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">‘Achilles Heel’</span></b><span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;"><o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="MsoNormal" style="line-height: 16pt; margin: 0cm 0cm 9.95pt;">
<span face=""helvetica" , "sans-serif"" lang="EN" style="color: black; font-size: 9pt;">Gross said investors such as Bill Miller, the stock picker who beat the Standard & Poor’s 500 Index for a record 15 years before his streak ended in 2005, are prone to exposing their “Achilles heel” the longer they stay in the money-management business. Miller may, in fact, be a great investor, although he would need five or six more years on top to prove it, Gross said. Peter Lynch, the Fidelity Investments manager who ran the Magellan fund, made a smart move by leaving when the “gettin’ was good,” according to Gross. Lynch earned the highest returns in the industry from 1977 to 1990, averaging annual gains of 29% before stepping down.<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;">“There is not a Bond King or a Stock King or an Investor Sovereign alive that can claim title to a throne,” Gross said.</span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;"><br /></span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;"><br /></span><span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;"><br /></span></div>
<div style="line-height: 13.5pt; margin-bottom: 18pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"><b><u>The Equity Cult is dead PIMCO Bill Gross and the Counter argument: Long Live Equities</u></b></span><br />
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"><br /></span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The cult of equity is dying. Like a once bright green aspen turning to subtle shades of yellow then red in the Colorado fall, investors' impressions of "stocks for the long run" or any run have mellowed as well. I "tweeted" last month that the souring attitude might be a generational thing: "Boomers can't take risk. Gen X and Y believe in Facebook but not its stock. Gen Z has no money." True enough, but my tweetering 95-character message still didn't answer the question as to where the love or the aspen-like green went, and why it seemed to disappear so quickly. Several generations were weaned and in fact grew wealthier believing that pieces of paper representing "shares" of future profits were something more than a conditional IOU that came with risk. Hadn't history confirmed it? Jeremy Siegel's rather ill-timed book affirming the equity cult, published in the late 1990s, allowed for brief cyclical bear markets, but showered scorn on any heretic willing to question the inevitability of a decade-long period of upside stock market performance compared to the alternatives. Now in 2012, however, an investor can periodically compare the return of stocks for the past 10, 20 and 30 years, and find that long-term Treasury bonds have been the higher returning and obviously "safer" investment than a diversified portfolio of equities. In turn it would show that higher risk is usually, but not</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">always</span></u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">, rewarded with excess return.</span><b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Got Stocks?</span></b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"><br />Chart 1 displays a rather different storyline, one which overwhelmingly favors stocks over a century's time – truly the long run. This long-term history of inflation adjusted returns from stocks shows a persistent but recently fading 6.6% real return (known as the Siegel constant) since 1912 that Generations X and Y perhaps should study more closely. Had they been alive in 1912 and lived to the ripe old age of 100, they would have turned what on the graph appears to be a $1 investment into more than $500 (inflation adjusted) over the interim. No wonder today's Boomers became Siegel disciples. Letting money do the hard work instead of working hard for the money was an historical inevitability it seemed.</span></div>
<div align="center" style="line-height: 13.5pt; margin-bottom: 0.0001pt; text-align: center;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"><img alt="http://media.pimco.com/PublishingImages/IO_August2012_Fig1.JPG" height="368" src="file:///C:\Users\TPL5884\AppData\Local\Temp\msohtmlclip1\01\clip_image001.jpg" width="412" /></span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"></span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Yet the 6.6% real return belied a commonsensical flaw much like that of a chain letter or yes – a Ponzi scheme.</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> <b>If wealth or real GDP was only being created at an annual rate of 3.5% over the same period of time, then somehow stockholders must be skimming 3% off the top each and every year. If an economy's GDP could only provide 3.5% more goods and services per year, then how could one segment (stockholders) so consistently profit at the expense of the others (lenders, laborers and government)?</b> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The commonsensical "illogic" of such an arrangement when carried forward another century to 2112 seems obvious as well. If stocks continue to appreciate at a 3% higher rate than the economy itself, then stockholders will command not only a disproportionate share of wealth but nearly all of the money in the world! Owners of "shares" using the rather simple "rule of 72" would double their advantage every 24 years and in another century's time would have 16 times as much as the sceptics who decided to skip class and play hooky from the stock market.<br /><br />Cult followers, despite this logic, still have the argument of history on their side and it deserves an explanation. Has the past 100-year experience shown in Chart 1 really been comparable to a chain letter which eventually exhausts its momentum due to a lack of willing players? In part, but not entirely.</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> <b>Common sense would argue that appropriately priced stocks <u>should</u> return more than bonds. Their dividends are variable, their cash flows less certain and therefore an equity risk premium should exist which compensates stockholders for their junior position in the capital structure. </b></span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders. If GDP and wealth grew at 3.5% per year then it seems only reasonable that the bondholder should have gotten a little bit less and the stockholder something more than that. Long-term historical returns for Treasury bill and government/corporate bondholders validate that logic, and it seems sensible to assume that same relationship for the next 100 years. "Stocks for the<u>really</u></span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">long run" would have been a better Siegel book title.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div align="center" style="line-height: 13.5pt; margin-bottom: 0.0001pt; text-align: center;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"><img alt="http://media.pimco.com/PublishingImages/IO_August2012_Fig2.JPG" height="301" src="file:///C:\Users\TPL5884\AppData\Local\Temp\msohtmlclip1\01\clip_image002.jpg" width="408" /></span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"></span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Yet despite the past 30-year history of stock and bond returns that belie the</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">really</span></u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">long term, it is not the future win/place perfecta order of finish that I quarrel with, but its 6.6% "constant" real return assumption and the huge historical advantage that stocks presumably command. Chart 2 points out one of the additional reasons why equities have done so well compared to GNP/wealth creation. Economists will confirm that not only the return differentials within capital itself (bonds versus stocks to keep it simple) but the division of GDP between capital, labor and government can significantly advantage one sector versus the other. Chart 2 confirms that real wage gains for labor have been declining as a percentage of GDP since the early 1970s, a 40-year stretch which has yielded the majority of the past century's real return advantage to stocks. Labor gaveth, capital tooketh away in part due to the significant shift to globalization and the utilization of cheaper emerging market labor. In addition, government has conceded a piece of their GDP share via lower taxes over the same time period. Corporate tax rates are now at 30-year lows as a percentage of GDP and it is therefore not too surprising that those 6.6% historical real returns were 3% higher than actual wealth creation for such a long period.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The legitimate question that market analysts, government forecasters and pension consultants should answer is how that 6.6% real return can possibly be duplicated in the future given today's initial conditions which historically have never been more favorable for corporate profits.</span></b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">If labor and indeed government must demand some recompense for the four decade's long downward tilting teeter-totter of wealth creation, and if GDP growth itself is slowing significantly due to deleveraging in a New Normal economy, then how can stocks appreciate at 6.6% real? They cannot, absent a productivity miracle that resembles Apple's wizardry.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Got Bonds?</span></b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"></span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">My ultimate destination in this</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> <i>Investment Outlook</i> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">lies a few paragraphs ahead so let me lay its foundation by dissing and dismissing the past 30 years' experience of the bond market as well.</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> <b>With long Treasuries currently yielding 2.55%, it is even more of a stretch to assume that long-term bonds – and the bond market – will replicate the performance of decades past.</b> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The Barclay's U.S. Aggregate Bond Index – a composite of investment grade bonds and mortgages – today yields only 1.8% with an average maturity of 6–7 years. Capital gains legitimately emanate from singular starting points of 14½%, as in 1981, not the current level in 2012. What you see is what you get more often than not in the bond market, so momentum-following investors are bound to be disappointed if they look to the bond market's past 30-year history for future salvation, instead of mere survival at the current level of interest rates.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Together then, a presumed 2% return for bonds and an historically low percentage</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">nominal</span></u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">return for stocks – call it 4%, when combined in a diversified portfolio produce a</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">nominal</span></u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">return of 3% and an expected inflation adjusted return near</span><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span></u><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">zero</span></u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">.</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> <b>The Siegel <u>constant</u> of 6.6% <u>real</u>appreciation, therefore, is an historical freak, a mutation likely never to be seen again as far as we mortals are concerned.</b> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The simple point though whether approached in real</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> </span><u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">or</span></u><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">nominal space is that U.S. and global economies will undergo substantial change if they mistakenly expect asset price appreciation to do the heavy lifting over the next few decades. Private pension funds, government budgets and household savings balances have in many cases been predicated and justified on the basis of 7–8% minimum asset appreciation annually. One of the country's largest state pension funds for instance recently assumed that its diversified portfolio would appreciate at a real rate of 4.75%. Assuming a goodly portion of that is in bonds yielding at 1–2% real, then stocks must do some very heavy lifting at 7–8% after adjusting for inflation. That is unlikely. If/when that does not happen, then the economy's wheels start spinning like a two-wheel-drive sedan on a sandy beach. Instead of thrusting forward, spending patterns flatline or reverse; instead of thriving, a growing number of households and corporations experience a haircut of wealth and/or default; instead of returning to old norms, economies begin to resemble the lost decades of Japan.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Some of the adjustments are already occurring. Recent elections in San Jose and San Diego, California, have mandated haircuts to pensions for government employees. Wisconsin's failed gubernational recall validated the same sentiment. Voided private pensions of auto and auto parts suppliers following Lehman 2008 may be a forerunner as well for private corporations.</span><b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The commonsensical conclusion is clear: If financial assets no longer work for <u>you</u> at a rate far and above the rate of true wealth creation, then <u>you</u> must work <u>longer</u> for your money, suffer a <u>haircut</u> on your existing holdings and entitlements, or <u>both</u>. </span></b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">There are still tricks to be played and gimmicks to be employed. For example – the accounting legislation just passed into law by the Congress and signed by the President allows corporations to discount liabilities at an average yield for the past 25 years! But accounting acts of magic aside, this and other developed countries have for too long made promises they can't keep, especially if asset markets fail to respond as they have historically.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Reflating to Prosperity</span></b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"></span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">The primary magic potion that policymakers have always applied in such a predicament is to inflate their way out of the corner. The easiest way to produce 7–8% yields for bonds over the next 30 years is to inflate them as quickly as possible to 7–8%! </span></b><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Woe to the holder of long-term bonds in the process! Similarly for stocks because they fare poorly as well in inflationary periods. Yet if profits can be reflated to 5–10% annual growth rates, if the U.S. economy can grow nominally at 6–7% as it did in the 70s and 80s, then America's and indeed the global economy's liabilities can be "reflated" away. The problem with all of that of course is that inflation doesn't create real wealth and it doesn't fairly distribute its pain and benefits to labor/government/or corporate interests.</span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;"> <b>Unfair though it may be, an investor should continue to expect an attempted inflationary solution in almost all developed economies over the next few years and even decades.</b> </span><span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Financial repression, QEs of all sorts and sizes, and even negative nominal interest rates now experienced in Switzerland and five other Euroland countries may dominate the timescape. The cult of equity may be dying, but the cult of inflation may only have just begun.</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">William H. Gross</span></div>
<div style="line-height: 13.5pt; margin-bottom: 0.0001pt;">
<span face=""verdana" , sans-serif" style="color: #333333; font-size: 9pt;">Managing Director</span></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div style="font-family: "Times New Roman";">
<span style="color: red; font-size: 20pt; line-height: 30.6667px;">The counter Argument</span></div>
<div style="margin-bottom: 7.5pt;">
<b><span face=""arial" , sans-serif" style="color: black; font-size: 19.5pt;">DEAR PIMCO: Would Bill Gross Maybe Like To Update His Analysis Of Stocks?</span></b></div>
<div style="line-height: 19.2pt; margin-bottom: 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Even brilliant people occasionally make boneheaded mistakes, and one of the world's most prominent investors appears to have made a big one.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Yesterday,</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> </span><span style="color: #005790; font-family: "georgia" , serif; font-size: 10.5pt;">Bill Gross</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">, the bond king at bond giant</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> </span><span style="color: #005790; font-family: "georgia" , serif; font-size: 10.5pt;">PIMCO</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">,</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> </span><span style="color: #005790; font-family: "georgia" , serif; font-size: 10.5pt;">published an analysis of of the stock market that instantly grabbed everyone's attention</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Arguing that the "cult of equities" is dying or dead (true--and, ironically, a bullish observation), Gross went on to ridicule the idea that stocks will have the same long-term returns in the future as they have had in the past--for one simple reason:</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">If stocks appreciate at ~7% a year forever, while GDP only grows at ~3%, the stock market will soon be worth more than the entire world.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">At first blush, this seems like an obvious but profound observation, one that would make every equity strategist, scholar, and financial advisor who has ever cited the ~7% long-term stock return (after adjusting for inflation) look and feel like a moron.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Alas, it's wrong.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">And after chewing through the analysis, in fact, most observers came away thinking that Bill Gross should probably stick to bonds.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Why is Gross wrong?</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Because stocks actually have</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> <i>not</i> </span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">"appreciated" at ~7% a year.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Stocks have</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> <i>returned</i> </span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">~7% a year.</span></div>
<div style="line-height: 19.2pt; margin-bottom: 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Why is this distinction important? Because there is a big difference between "appreciate" and "return." And Bill Gross, importantly, used the word "appreciate":</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">If stocks continue to</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> <b>appreciate</b> </span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">at a 3% higher rate than the economy itself, then stockholders will command not only a disproportionate share of wealth but nearly all of the money in the world! Owners of "shares" using the rather simple "rule of 72" would double their advantage every 24 years and in another century's time would have 16 times as much as the sceptics who decided to skip class and play hooky from the stock market.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Again, stocks have not, in fact, "appreciated" at ~7% per year for the past couple hundred years. Stocks have only "appreciated" about 2% per year.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">That is to say, the prices of stocks, after adjusting for inflation, have only risen about 2% per year for the past couple of centuries.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">So where has the rest of the return come from?</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<i><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Dividends.</span></i><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"></span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Over the past century, about 4 points of the ~7% annual return of stocks has come from dividends.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Companies have paid out cash to their shareholders, and these shareholders have either used the cash to buy more shares (from someone else--not usually from the company) or used the cash to buy other stuff. Either way, the dividend part of the stock "return" is then recycled back into the economy.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">This is a very fundamental mistake. And for an investor with Gross's stature, responsibilities, and following, it's highly embarrassing. Here's hoping he acknowledges and corrects it.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 0.0001pt;">
<b><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Addendum:</span></b><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> </span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">By the way, Bill Gross is probably absolutely right that stocks will return less in the future than they have in the past, but not for the reason he suggests. The reason stocks will likely return less in the future is that 1) stocks are still overvalued relative to historical averages, 2) dividends are much lower than historical averages, and 3) profit margins are much higher than average, suggesting that they will soon drop. All of these factors suggest that equities will return about ~2%-3% real over the next decade instead of the ~7% average. But this has nothing to do with the flawed idea that stocks can't return more than GDP.</span></div>
<div style="line-height: 19.2pt; margin: 8.25pt 0cm 3.75pt;">
<span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;">Bill Gross also makes another very important point about how corporations and shareholders have become greedy in recent years and now pay an all-time-low percent of GDP as wages. This is a big problem, one that will have to change if the economy is to heal itself. I've discussed this issue frequently:</span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> </span><span style="color: black; font-family: "georgia" , serif; font-size: 10.5pt;"> As companies pay employees more, margins will drop, which will hurt stock performance (see point 3 above). But, again, this has nothing to do with the claim that stocks can't return more than GDP.</span></div>
<div style="font-family: "Times New Roman";">
<span face=""helvetica" , sans-serif" style="font-size: 9pt; line-height: 16pt;"></span><br /></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , sans-serif" style="color: #777777; font-size: 8.5pt; line-height: 13.0333px;">By<span> </span></span><span>Henry Blodget<span> </span>|<span> </span></span><span>Daily Ticker – </span><abbr style="border: 0px; color: #777777; font-size: 11px; line-height: 13px;" title="2012-08-01T14:01:55Z">Wed, Aug 1, 2012</abbr><br />
<abbr style="border: 0px; color: #777777; font-size: 11px; line-height: 13px;" title="2012-08-01T14:01:55Z"><br /></abbr><abbr style="border: 0px; color: #777777; font-size: 11px; line-height: 13px;" title="2012-08-01T14:01:55Z"><br /></abbr><span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;"><b><u>East India company shares crash on London stock Exchange on news of attack by Hyder Ali, Sultan of Mysore</u></b></span></span><br />
<span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;"><br /></span></span><span style="font-family: "georgia" , "times new roman" , serif;"></span><span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;">For almost ten years following Plassey, East India Company shares had become the focus of intense international </span></span><span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;">speculative activity, pumped up by successive announcements of ever-grander acquisitions in the East.<o:p></o:p></span></span><br />
<span style="font-family: "georgia" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><o:p><span style="font-family: "georgia" , "times new roman" , serif;"> </span></o:p></span><span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;">Between February 1758 when news of the victory at Plassey reached London and December 1768, when the Company bought the land for the Bengal Warehouse, the Company’s shares had doubled to stand at £276. But this was to be</span></span><span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;">the peak of the boom.</span></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="font-family: "stoneserif" , "serif"; mso-bidi-font-family: StoneSerif;"><span style="font-family: "georgia" , "times new roman" , serif;">Five months later, in May 1769, news reached London that not only had a French fleet entered the Indian Ocean, but that Hyder Ali, Sultan of Mysore, had invaded the Company’s possessions in south India. The share price fell 16 per cent in a single month, and would continue a downward course for the next 15 years, reaching the depths of £122 in July 1784, a fall of 55 percent.<o:p></o:p></span></span></div>
<span style="font-family: "georgia" , "times new roman" , serif;"><br /></span><span style="font-family: "georgia";">Eventhough East India company emerged stronger after Hyder Ali attack, the fall triggered by it could not be reversed for next 40 years until 1824.</span><br />
<span style="font-family: "georgia";"><br /></span>
<br />
<h1 style="font-size: 1.35em; line-height: 1.2em; margin: 0px; outline: 0px; padding: 0px 10.7969px 15px; vertical-align: baseline; width: 338.391px;">
MULTI BAGEERS</h1>
<div dir="auto" style="color: #818181; font-size: 0.75em; margin: 0px; outline: 0px; padding: 0px 10.7969px 15px; vertical-align: baseline; width: 338.391px;">
<time style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12.0012px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Aug 04, 2017, ET.COM</time></div>
<div dir="auto" style="background: rgb(255, 255, 255); float: left; font-size: 16.0016px; margin: 0px 10.7969px 15px; outline: 0px; padding: 0px; vertical-align: baseline; width: 338.391px;">
<ul style="background: transparent; font-size: 16.0016px; list-style: none; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<li style="background: transparent; float: left; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px 3.375px 0px 0px; vertical-align: baseline;"></li>
<li style="background: transparent; float: left; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px 3.375px 0px 0px; vertical-align: baseline;"></li>
<li style="background: transparent; float: left; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px 3.375px 0px 0px; vertical-align: baseline;"></li>
<li style="background: transparent; float: left; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px 3.375px 0px 0px; vertical-align: baseline;"></li>
<li style="background: transparent; float: left; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px 3.375px 0px 0px; vertical-align: baseline;"></li>
<li style="background: transparent; float: left; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px 3.375px 0px 0px; vertical-align: baseline;"></li>
</ul>
</div>
<div dir="auto" style="font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
<div dir="auto" style="font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<figure style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 16.0016px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"></figure></div>
<span style="font-family: "georgia";"></span><br />
<div dir="auto" style="font-size: 0.98em; line-height: 1.6em; margin: 0px; outline: 0px; padding: 15px 10.7969px; vertical-align: baseline;">
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> For years, these two </span><a href="http://m.economictimes.com/topic/Lucknow" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Lucknow</a> <span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">men burnt their fingers in the stock market: they picked wrong companies in their desperate hunt for </span><a href="http://m.economictimes.com/topic/multibagger" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">multibagger</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> returns, and the ones on which they got it right, they sold out too early! </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Today, the Mittal brothers laugh when they talk about that phase; they look at it as learning. Over time, they have grown as investors and made far more money than what they lost back then. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<a href="http://m.economictimes.com/topic/Ayush-Mittal" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Ayush Mittal</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> is just 33 and his brother</span><a href="http://m.economictimes.com/topic/Pratyush-Mittal" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Pratyush Mittal</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">, 29. Over the past decade or so, they have developed a flair for spotting potential value bets among smaller companies and made big money on them. </span><br />
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background: rgba(199, 199, 199, 0.047); font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
</div>
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Their father SP Mittal, now 60, has been a full-time stock investor since 1980s. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Based in Lucknow, a hot bed for Mughlai cuisine consisting of dishes developed in Medieval India at the centre of the Mughal Empire, the Mittal brothers picked sea food manufacturing company </span><a href="http://m.economictimes.com/avanti-feeds-lim/stocks/companyid-6724.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Avanti Feeds</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> in 2011 at Rs 7 (adjusted price). Today, that stock trades at Rs 1,700, indicating a 24,185 per cent rise in just six years. And it is still part of their portfolio. </span><br />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Mittals believe collaborative research can guarantee extraordinary returns in the </span><a href="http://m.economictimes.com/topic/stock-market" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">stock market</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">. Anyone with investing discipline and hard work can generate good returns on Dalal Street, they claim. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">The two have since created a tool, named <a href="http://www.screener.in/" target="_blank">www.screener.in</a>, for investors to do their own research before betting on a stock. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Their father S P Mittal himself made it big in his heydays: picking </span><a href="http://m.economictimes.com/cipla-ltd/stocks/companyid-13917.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Cipla</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> in 1985 and DLF in the 1990s. He sold DLF in 2007 after its listing on BSE but still holds Cipla in his portfolio. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Ayush and Pratyush are CA by qualification. They have been investing in stocks since their early 20s. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Besides Avanti Feeds, their portfolio consists of stocks like </span><a href="http://m.economictimes.com/ajanta-pharma-ltd/stocks/companyid-3723.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Ajanta Pharma</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">, </span><a href="http://m.economictimes.com/poly-medicure-ltd/stocks/companyid-4586.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Poly Medicure</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">,</span><a href="http://m.economictimes.com/shilpa-medicare-ltd/stocks/companyid-7974.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Shilpa Medicare</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">, </span><a href="http://m.economictimes.com/oriental-carbon-and-chemicals-ltd/stocks/companyid-13320.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Oriental Carbon</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> and others (see table). </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">They invested in </span><a href="http://m.economictimes.com/astral-poly-technik-ltd/stocks/companyid-15686.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">Astral Poly</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> at about Rs 25 in 2011 and exited it a few months back at about Rs 425. Today, the stock trades at over Rs 600. The company is a leader in CPVC plumbing pipes and has been a big beneficiary of the switch from GI pipes to CPVC pipes. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">ETMarkets.com could not independently verify Mittal brothers' holdings at present or back then. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Investment strategy</strong><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Mittal brothers say they prefer midcap and smallcap companies. They burn midnight oil, trying to identify stocks that can grow at above-normal pace and multiply </span><a href="http://m.economictimes.com/topic/wealth" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" target="_blank">wealth</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> over time. Usually, such names are not very popular, they claim. </span><br />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">investors looking for quality business, fundamentals and past track record are important, says Ayush Mittal. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">"One has to do some bit of homework, and it is possible to come across promising companies run by some fantastic entrepreneurs," he said. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">And to spot multibaggers, it is essential to understand the underlying business model of a company. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">"An investor should look at them like a part owner and try to understand the business and the unique proposition that can drive the company to success," Ayush said. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Sometimes it is possible to get a quality company at throwaway price due to wrong perception or bad mood of the market, he smirks. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Multibagger returns</strong><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">The Mittal brothers claim a number of stocks delivered them multibagger returns over the years. Here is a list of stocks that they are still holding in their portfolio. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Advice for new investors</strong><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">The stock market is like an ocean; it will give you what you seek, says Ayush Mittal. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">"You can seek quick money by trading or you can create a lot of wealth by focusing on the longer term and partnering with good companies early. Doing the latter is easier, more knowledgeable and more rewarding," he insists. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">He has a simple tip for new investors. Look around you; most of the products you are using are sold by listed companies. A look at their long-term price charts would tell you that they are massive wealth creators. Look at</span><a href="http://m.economictimes.com/maruti-suzuki-india-ltd/stocks/companyid-11890.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Maruti Suzuki</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">, </span><a href="http://m.economictimes.com/hero-moto-corp-ltd/stocks/companyid-13636.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Hero MotoCorp</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">, Jockey (Page Industries), Eicher (Royal Enfield) and </span><a href="http://m.economictimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms" style="background: rgb(255, 255, 255); color: #0b89d1; font-family: "open sans", sans-serif; font-size: 15.6816px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">HDFC Bank</a><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> – names they grew bigger right in front of you. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">"Try to observe good products, businesses around you, check out their financials and if it makes sense, become a part owner when things are in your favour," says he. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">"Don't come to market with the intention of buying today and selling in a few days, weeks or months. Try to invest in companies for years," advises Ayush Mittal. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Mittal brothers believe big wealth creation happens when a small or mid-sized company transitions into its next phase. Usually, it happens due to a differentiated business model, focused management and high growth rates. This all can lead to huge re-rating in valuations and create multibagger returns. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">One crucial element to look out for is cash flow. Participate in companies that throw out cash. The Mittals prefer companies that have a smaller equity base, do not raise capital from market and have low debt-equity ratios. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">For new investors, they strongly recommend Prof Sanjay Bakshi's blogs at <a href="https://fundooprofessor.wordpress.com/">https://fundooprofessor.wordpress.com/</a> </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Lessons from failure</strong><span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;"> </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">They say they met with failure early in life for picking wrong companies that looked great in terms of various valuation ratios, but all of that turned out to be fraudulent or manipulated. </span><br />
<br style="background: rgb(255, 255, 255); font-family: "open sans", sans-serif; font-size: 15.6816px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""open sans" , sans-serif" style="background-color: white; font-size: 15.6816px;">Not allocating enough capital to a stock was another mistake we kept on making in many instances. "In some cases, we sold some excellent ideas too early," Ayush recalls.</span></div>
</div>
</div>
</div>
</div>
</div>
<u style="font-family: "times new roman";"><span style="font-size: large;">Sector wise views and Analysis of stock Market moves</span></u><br />
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: xx-small;"><div class="MsoNormal" style="margin-bottom: 0.0001pt; vertical-align: baseline;">
<div style="font-family: "times new roman";">
<u><br /></u></div>
<div style="font-family: "times new roman"; font-size: medium;">
<u>USFDA observations :</u></div>
<div class="MsoNormal" style="font-family: "times new roman"; font-size: medium; font-weight: normal; line-height: normal; margin-bottom: 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="background: white; border: 1pt none; color: #222222; font-size: 12pt; padding: 0cm;"><u style="background-color: transparent; color: black; font-family: "times new roman"; font-size: medium;"> Dec 2016 : </u>Divi's Laboratories received form 483 with five observations during its routine Visakhapatnam (Unit-II) inspection which was carried out between November 29- December 6 by US Food and Drug Administration (USFDA). </span><span face=""arial" , sans-serif" style="border: 1pt none; color: #222222; font-size: 12.5pt; padding: 0cm;"><br /></span><span face=""arial" , sans-serif" style="background: white; border: 1pt none; color: #222222; font-size: 12pt; padding: 0cm;">Divi's Laboratories ended 21.87% per cent lower at Rs 866.10. It hit a 52-week low of 821.35 and a high of Rs 1,109.50 on Friday.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
</div>
<div class="MsoNormal" style="font-family: "times new roman"; font-size: medium; font-weight: normal; line-height: normal; margin-bottom: 0.0001pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="border: 1pt none; color: #222222; font-size: 12.5pt; padding: 0cm;"><br /></span><span face=""arial" , sans-serif" style="background: white; border: 1pt none; color: #222222; font-size: 12pt; padding: 0cm;">The five observations are explained by the USFDA highlighted that no proper control was exercised over a computer system, facility equipment were not maintained to ensure purity quality strength, and documentation and records are not maintained or were inaccurate falsified. </span><span face=""arial" , sans-serif" style="border: 1pt none; color: #222222; font-size: 12.5pt; padding: 0cm;"><br /></span><span face=""arial" , sans-serif" style="background: white; border: 1pt none; color: #222222; font-size: 12pt; padding: 0cm;">Divi's set up its second manufacturing facility at Visakhapatnam (Unit-II) in the year 2002 on a 350- acre site. The site has 14 multi-purpose production blocks. The company manufactures </span><span style="border: 1pt none; font-family: "times new roman" , serif; font-size: 15pt; padding: 0cm;"><a href="http://m.economictimes.com/apis-india-ltd/stocks/companyid-4065.cms" target="_blank"><b><span style="background: white; color: #0b89d1; font-family: "open sans semibold" , serif; font-size: 12.5pt;">APIs</span></b></a></span><span face=""arial" , sans-serif" style="background: white; border: 1pt none; color: #222222; font-size: 12pt; padding: 0cm;"> and intermediates for generics among others at the manufacturing plant. </span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
</div>
</span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small;"><div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin-bottom: 0.0001pt; vertical-align: baseline;">
<span style="border: 1pt none; font-family: inherit , serif; font-size: 20px; padding: 0in;"><i><b><u><br /></u></b></i></span><span style="border: 1pt none; font-family: inherit , serif; font-size: 20px; padding: 0in;"><i><b><u>Leveraged Companies stocks wakeup to reality suddenly,once in a while : Aug 2015</u></b></i></span><br />
<i><span style="border: 1pt none; font-family: "inherit" , "serif"; font-size: 15pt; padding: 0in;"><br /></span></i><i><span style="border: 1pt none; font-family: "inherit" , "serif"; font-size: 15pt; padding: 0in;">Amtek Auto’s market capitalization fell by Rs. 3,000 crores in 1 month during Aug 2015</span></i><span style="font-family: "helvetica neue" , "serif"; font-size: 15pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin-bottom: 6pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin-bottom: 6pt; vertical-align: baseline;">
<span style="font-family: "helvetica neue" , "serif"; font-size: 15pt;">Leverage Effect</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin-bottom: 6pt; vertical-align: baseline;">
<span style="font-family: "helvetica neue" , "serif"; font-size: 15pt;">While Amtek Auto was profitable, in none of the historical years since 2005 did the company generate enough cash flows for the bond and the equity shareholders. For example: In FY 2014, the company generated cash flow from operations (CFO) of Rs. 1,119 crores and had debt of Rs. 7,789 crores on its Balance Sheet.</span><span style="font-family: "helvetica neue" , serif; font-size: 15pt;">A</span><span style="color: #232629; font-family: "georgia" , serif; font-size: 13.5pt; line-height: 24pt;">mtek Auto’s Debt increased from Rs. 1,274 crores in FY 2007 to Rs. 7,779 crores in FY 2014, 30% CAGR in the last 7 years.</span><span style="font-family: "helvetica neue" , serif; font-size: 15pt;"> Assuming a 5 year loan, repayment of 20% of the principal and 12% p.a. interest rate translates to Rs. 2,489 crores cash flow to debt holders for the captioned year. This translates to a shortfall of Rs. 1,370 crores (1,119 - 2,489) for the providers of debt. When principal and interest repayment to debt-holders is circumspect, the question of providing cash flow to equity shareholders is at best illusory.</span></div>
</span></h2>
<h2 style="line-height: normal;">
</h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small;"><u>Dismal May IIP: <span style="background-color: red;">Capital goods shares</span> falter after a strong 1-month rally : 13th July 2015</u></span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small; font-weight: normal;">Shares of capital goods firms eased in early trade Monday following a disappointing performance from the segment in the recently released May IIP numbers.</span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small;"><span style="font-weight: normal;">As per the data released by the government on Friday post market close, capital goods segment grew at a dismal 1.8 percent in May compared with 6.8 percent in April, an indication that revival in investments has been inconsistant.</span></span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small; font-weight: normal;">This lends credence to the belief that presently these projects are isolated and confined to specific companies,” said rating agency CARE in a note last week.</span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small;"><span style="font-weight: normal;">Amid concerns of a slow pick-up in projects, investors seemed to be trimming their exposure to some of the listed companies which had sizzled in past one month on hopes of continuing revival in the segment.</span></span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small; font-weight: normal;">While the benchmark Sensex was almost flat with a positive bias, the BSE Capital Goods index was down 0.6 percent at 18,317.96.</span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small;"><span style="font-weight: normal;">At 10.25 am, shares of engineering & construction major L&T fell 1.2 percent to Rs 1,848.45, BHEL also declined 1.2 percent to Rs 265.60, Kalpatru Power eased 0.7 percent to Rs 269.70 and Suzlon Energy was down 0.2 percent at Rs 23.15.</span><br /><span style="font-weight: normal;">Others such as Havells India, Bharat Electronics and Sadbhav Engineering were trading a tad lower.</span><br /><span style="font-weight: normal;">Several of the stocks in the capital goods space clocked significant gains in the past one month, with the BSE Capital Goods Index surging nearly 9 percent as against 3 percent rise in the benchmark Sensex.</span><br /><br /><u>ET Now 12th Aug 2015 : Q&A on<span style="background-color: red;"> Metal Stocks</span></u></span></h2>
<h2 style="line-height: normal;">
<span face=""verdana" , sans-serif" style="font-size: x-small;"><u><br /></u><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">A few argument started to come about may be looking from a really long term perspective at the commodity plays, NMDC 100, so much of cash on the books, dividend yield of 8 per cent or 6 per cent or 5 per cent as the case may be depending on what you believe will do, these arguments have been thrown out of the window by some of the crashes that have happened in the last one month. At every level people have come in and said let us go out and buy some of these names with a two year-three <span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">year perspective and then the stocks have become cheaper by 10-15 per cent they are at fresh 52-week lows or life lows as the case may be right now. What would your advice be to people who are listening in the conversation right now and wondering whether or not to buy into some of the metal names?</span> </span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Daljeet Singh Kohli: </span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px;">There are two ways of buying metal stocks, one way is that you buy them as a contrarian when everything is going wrong for them and when you buy you have to wait that it might go down further 10 per cent after your purchase. Additionally, in that case you have to have a very long patient period of investment where you will not know when this cycle will turnaround. </span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px;"><br /></span><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px;">Therefore, you have to stay with it and know that I have taken something at Rs 100 but before it moves to 100 plus it will first probably go to 55 or 60; therefore, if you are prepared mentally then only you do this. </span><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: arial, helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><span face=""arial" , "helvetica" , sans-serif" style="color: black; font-size: 12px;">The other way is that when this commodity cycle turns around, at the time of inflection, at that time if you buy then the patience is much lesser, then the holding period requirement is much lesser and you get a faster appreciation.</span><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: arial, helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><span style="font-weight: normal;">How will you know when that time has come, that time will come when you will get all the positive news on the sector flowing in. Right now it is only on the negative news which is flowing in. Both the ways are correct, there is nothing wrong in any of these ways; it depends upon your appetite and which way you want to go. </span><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><span style="font-weight: normal;">Normally, what we advice our clients, because they do not have too much of patience, is that the commodity cycle normally will take three to five years to turnaround, and the bull period will be much shorter than the bear period. Therefore, you have to be very very clear when to get out of it. Therefore, the best way to do this is when they are running, at that time you latch on to the momentum and and stay with that momentum, and move out. Therefore, I always say that commodities are a trading play, more of a trading play and less of an opportunistic play, less of an investment or portfolio investment stocks. </span></span></h2>
<span style="color: black; mso-bidi-font-family: Arial;"><span style="background: white;"></span></span><br />
<div>
<div style="color: #333333; line-height: 28px; outline: 0px; padding: 0px 0px 15px;">
<div>
</div>
<div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: arial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="font-family: "times new roman"; line-height: normal;">
<div style="font-size: medium;">
<b><u>18th Aug 2015 <span style="background-color: red;">: Agri</span></u></b></div>
<div class="MsoNormal" style="vertical-align: baseline;">
<i><span face=""arial" , sans-serif" style="background: white; font-size: 9pt; line-height: 12.84px;">In a chat with ET Now, Mayuresh Joshi, Fund Manager, Angel Broking, shares his views on the agri space.</span></i><span face=""arial" , sans-serif" style="font-size: 9pt; line-height: 12.84px;"><br /><br /><b><span style="background: white;">ET Now: A host of experts believe that the agri theme is making a comeback. What according to your mind is working for the agricultural sector right now? Which agri stocks could be good buying bets in the next 12 months?</span></b><br /><br /><b><span style="background: white;">Agri Chem: </span></b><span style="background: white;">Something like United PhosphorusBSE 1.01 % is what we liked a few quarters back. It has moved up substantially. </span><span style="background: white;">Chemical companies too are dependent on a lot of macro and micro data.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="vertical-align: baseline;">
<span face=""arial" , sans-serif" style="font-size: 9pt; line-height: 12.84px;"><span style="background: white;"><br /></span></span></div>
<div class="MsoNormal" style="vertical-align: baseline;">
<b><u><span face=""arial" , sans-serif" style="background: white; font-size: 9pt; line-height: 12.84px;">Seed </span></u></b><span face=""arial" , sans-serif" style="background: white; font-size: 9pt; line-height: 12.84px;">:For example, seed companies are clearly struggling with the monsoon not expected to come through at least for this year.As pre-buying takes place before monsoon season begins, the possibility of lower seed sales coming through is not ruled out.</span><span face=""arial" , sans-serif" style="font-size: 9pt; line-height: 12.84px;"><br /><br /><span style="background: white;"><o:p></o:p></span></span></div>
<div style="background-color: transparent; font-size: medium;">
<br /></div>
<div class="MsoNormal" style="vertical-align: baseline;">
<div style="background-color: transparent; font-size: medium;">
<b><u><span face=""arial" , sans-serif" style="background: white; font-size: 9pt; line-height: 12.84px;">Others </span></u></b><span face=""arial" , sans-serif" style="background: white; font-size: 9pt; line-height: 12.84px;">:For all other agri players, one really needs to understand how growth dynamics are panning out.Companies like Jain IrrigationBSE 3.05 %, though the management is very hopeful of debt-equity ratio coming down, one really needs to understand how their micro irrigation system business is shaping up. </span><span face=""arial" , sans-serif" style="font-size: 9pt; line-height: 12.84px;">The receivables from governments have come down substantially and there is lack of clarity on stake sale food processing unit. Therefore, a lot of these aspects need to be looked at. There is no definitive buy call still on these food stocks yet.<o:p></o:p></span></div>
<div style="background-color: transparent; font-size: medium;">
<span face=""arial" , sans-serif" style="font-size: 9pt; line-height: 12.84px;"><br /></span></div>
<div>
<span face=""arial" , "helvetica" , sans-serif"><b><u style="background-color: red;">Indian companies benefited by fall in crude prices</u></b></span></div>
<div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"><br /></span></div>
<div style="background-color: transparent; font-size: medium;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;">Although fall in crude oil prices benefits the entire economy, let's take a closer look at some sectors and stocks which will be directly boosted:</span></div>
<div style="background-color: transparent; font-size: medium;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-OCo5cVy5ifw/VaTosFnEznI/AAAAAAAABic/DeJ8rjW7L1A/s1600/fall%2Bin%2Bcrude%2Bprices.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://2.bp.blogspot.com/-OCo5cVy5ifw/VaTosFnEznI/AAAAAAAABic/DeJ8rjW7L1A/s1600/fall%2Bin%2Bcrude%2Bprices.jpg" /></a></div>
<div style="background-color: transparent; font-size: medium;">
<br /></div>
<div style="background-color: transparent;">
<div style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; outline: 0px; padding: 0px; vertical-align: baseline;">
However, investors need to be careful while analysing this broad segment and the most important factor is to see whether these companies are catering to the retail consumers (b2c) or to other industries (b2b).</div>
<div style="font-size: medium;">
<strong style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"></strong><br /></div>
<div style="font-size: medium;">
<strong style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br /></strong></div>
<div style="font-size: medium;">
<strong style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Paints: (Berger Paints, Kansai Nerolac, Akzo NobelBSE -0.77 %, Asian Paints)</strong></div>
<div style="font-size: medium;">
<br style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-size: medium;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;">Since most of the players here are following the b2c model, paint companies should be able to show significant net profit growth in the</span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;"> coming years if crude prices remain low.</span></div>
<div style="font-size: medium;">
<br style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-size: medium;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;">Though the raw material costs will start to come down, paint companies have not yet started cutting prices and there will be a major margin jump due to this. Though there may be some price cuts in future, most experts believe that they will keep a portion of this benefit to themselves.</span></div>
<div style="font-size: medium;">
<br style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-size: medium;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 12px;">Asian Paints, the biggest player and also more clued to the b2c model, will be the main beneficiary from h .. </span></div>
<div style="font-size: medium;">
<br style="background: rgb(255, 255, 255); font-family: Arial, Helvetica, sans-serif; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="background: rgb(255, 255, 255); font-family: arial; font-size: 12px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: x-small;">Tyres companies: (Apollo Tyres, MRF, Ceat and JK Tyres)</span></strong><br />
<span style="font-size: x-small;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><span face=""arial" , "helvetica" , sans-serif" style="font-size: x-small;">Increased automobile usage due to lower petrol and diesel prices should increase demand for tyres in the replacement segment. Synthetic rubber can be produced from petroleum waste and price of natural rubber, its main raw material, is also linked to crude oil prices.</span><br />
<span style="font-size: x-small;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><span face=""arial" , "helvetica" , sans-serif" style="font-size: x-small;">Also, the companies will benefit from higher margins as 30-40 per cent of their raw material costs are linked to crude oil prices.</span></div>
</div>
<div style="background: rgb(255, 255, 255); font-family: arial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background-color: transparent; font-size: 12px;">
<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: x-small;">Automobiles: (Maruti Suzuki, Hero MotoCorp etc.)</span></strong></div>
<div style="background-color: transparent; font-size: 12px;">
<span style="font-size: x-small;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><span face=""arial" , "helvetica" , sans-serif" style="font-size: x-small;">The benefit to this sector will come in the form of increased demand due to fall in fuel prices.</span></div>
<div style="background-color: transparent; font-size: 12px;">
<span style="font-size: x-small;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: x-small;">FMCG:</span></strong></div>
<div style="background-color: transparent; font-size: 12px;">
<span style="font-size: x-small;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><span face=""arial" , "helvetica" , sans-serif" style="font-size: x-small;">The FMCG sector will also benefit from low crude prices. Petroleum derivatives form the raw material for packaging items such as tubes, bottles and covers. Petroleum derivatives are also used in diapers, detergents, shampoos, cosmetics and perfumes.</span></div>
<div style="background-color: transparent; font-size: 12px;">
<span style="font-size: x-small;"><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></span><strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: x-small;"><strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Airlines: (Jet Airways, SpiceJet)</strong><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><span style="font-weight: normal;">Fuel accounts for 34-46% of total expenditure of airline companies. For every $10 fall in crude oil, airline companies save close to 5 per cent of expenses. So, a benign crude oil along with rising passenger traffic, which has been growing by close to 20% for the past few months, should boost earnings of airlines companies.</span><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Lubricants:</strong><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><span style="font-weight: normal;">Crude oil forms 56 per cent of the raw materials required to produce lubricants. This should reduce the production costs for the lubricant companies. This should lead to operating margin expansion for lubricant companies in the coming quarters. </span></span></strong></div>
<div>
<div style="background-color: transparent; font-size: 12px;">
<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-weight: normal;"><br /></span></strong></div>
<b style="font-size: 12px;"><u style="background-color: red;">Possbile Delisting Candidates are a good investment Idea</u></b><br />
<div style="background-color: transparent; font-size: 12px;">
<br /></div>
<div style="background-color: transparent; font-size: 12px;">
Uncertain times call for retail investors to adopt defensive strategies. It is important to focus more on avoiding capital erosion now, rather than looking at spectacular returns. Investors should look for potential delisting candidates -fundamentally strong scrips that won't fall too much in a weak market, but offer potential for opportunistic gains. Some recent examples demonstrate how investors stand to gain even in times of economic uncertainty when companies decide to buy back their own shares in a bid to voluntarily delist. UTV Software, Alfa Laval, Carol Info, Patni Computers and Ineos ABS have all generated hefty returns for longterm investors defying the overall market weakness in the second half of 2011.</div>
<div style="background-color: transparent; font-size: 12px;">
<br /></div>
<div style="background-color: transparent; font-size: 12px;">
<b>Is it possible to predict delisting candidates?</b> Delisting shares from the stock exchanges is a unique decision in a company's life. And it is almost impossible to forecast. These decisions depend greatly on the owners and management and their way of thinking. At least, one can't predict the timing of a delisting offer. We at the ET Intelligence Group have therefore put together a group of companies with certain common parameters that make them more likely to opt for delisting than others. These are MNC associates with parent companies operating overseas. Secondly, and most importantly, the promoters hold more than 80% in the Indian arms. Thirdly, they don't need to raise capital in India. Or, in other words, being listed in India doesn't serve them much purpose. With market regulator Sebi or the Securities and Exchange Board of India mandating that all listed companies have to increase public shareholding to a minimum 25% by June 2013, these companies have to take a conscious call sooner or later on whether to reduce promoter holding or go for delisting.</div>
<div style="background-color: transparent; font-size: 12px;">
<br /></div>
<div style="background-color: transparent; font-size: 12px;">
<strong style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="font-weight: normal;"></span></strong></div>
<div>
<div style="background-color: transparent; font-size: 12px;">
<b>Why MNCs are more likely to delist</b> Compared to domestic companies MNC associates in India are more likely to choose to delist when faced with the dilemma of whether to dilute promoter stake to meet local regulations or delist. Most of these companies were listed in India not due to a need to raise capital, but more to meet the then prevailing FDI norms. For such companies complying with the cumbersome and timeconsuming rules and regulations of Sebi and the stock exchanges makes little sense. Be it fund raising or M&As, any major decision takes substantial time for a listed company compared to an unlisted one. Finally, the current depressed market conditions offer an ideal opportunity to delist. This is not to say MNCs are the only delisting candidates. In fact, over a period of time a number of unexpected Indian companies such as Nirma and Binani Cements have gone ahead with delisting processes. In a number of cases, acquisition by a foreign player has proved a prelude to delisting. For example, Sparsh BPO. However, MNCs are the more predictable candidates.</div>
<div style="background-color: transparent; font-size: 12px;">
<br /></div>
<div style="background-color: transparent; font-size: 12px;">
3-6-2015</div>
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;"><span style="font-size: 12px;"><b><span style="background-color: red;">Rate-sensitives</span>, debt-laden cos tank on waning prospects of more rate cuts</b></span></span><br />
<div style="background-color: transparent; font-size: 12px;">
<span face=""arial" , "helvetica" , sans-serif"><br /></span></div>
<div style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;">High beta and highly-leveraged companies which have earlier surged on hopes that sustained rate cut would help these companies to improve their balance sheets are now getting dumped.</span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;">Shares of Unitech plunged 50 per cent intraday and the fall could extend as the session progresses. Shares of Jaypee Group companies such as Jaiprakash Associates, Jaypee Power and Jaypee Infratech are witnessing sharp sell-off on huge volumes. </span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;">Jaiprakash Associates plunged 29.17 per cent, Jaypee Infratech tanked 15.94 per cent and Jaiprakash Power fell 24.89 per cent intraday. </span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;">Infrastructure stocks like Punj LloydBSE -7.93 % was down 10.23 per cent, Lanco Infratech tanked 14.62 per cent, Era Infra EngineeringBSE -10.00 % fell 9.64 per cent and IRB Infra was 6.99 per cent lower. </span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;">According to Sudip Bandyopadhyay of Destimoney Securities, certain lenders to leveraged companies are selling stocks in the market and borrowers are unable to do much. </span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span face=""arial" , "helvetica" , sans-serif" style="font-size: 12px;">The Reserve Bank of India has said the policy will continue to be data-contingent and rate cut will be possible only if monsoon is normal and inflation is under control. The hawkish view dampened market sentiment and analysts are of the view there may not be any rate cut for rest of the year. </span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: Arial, Helvetica, sans-serif; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<br />
<br />
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>Understanding the Oil companies</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 13.63px; line-height: 16px;">ONGC, Oil India, and GAIL are upstream oil companies and IOCL, BPCL and HPCL are down stream oil companies.</span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="background-color: white;"><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;">The under recoveries of down stream </span></span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="font-size: 14px; line-height: 16px;">companies</span></span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="line-height: 16px;"> are compensate by Government subsidy in part and absorption by upstream companies in part.</span></span></span></div>
<div style="font-family: "Times New Roman";">
<span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 13.63px; line-height: 16px;">In 2011-12, IOC received Rs 45,486 crore from Government and another Rs 29,961 crore from upstream oil companies.With that f</span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 13.63px; line-height: 16px;">or the full fiscal 2011-12, IOC reported net profit of Rs 3,955 crore against Rs 7,445 crore in 2010-11.</span><br />
<span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 13.63px; line-height: 16px;"><br /></span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 13.63px; line-height: 16px;"><br /></span><br />
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>Impact of Politics on share prices</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u><br /></u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>May 2007 : </u></b>Amidst widening rift between DMK leaders and Mr Dayanidhi Maran,Sun TV’s Rs 10 paid up share price on BSE dropped 3.62% on Tuesday to Rs 1478.90 on top of a 4.31% drop on Monday, even while Sensex dropped 0.26% on Tuesday .Sun TV has been operating from the campus of DMK’s party headquarters right from the beginning. It would be shifted soon, according to people familiar with the developments.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
Meanwhile, the share prices of a rival channel Raj TV jumped 20% to Rs 226.40 a share on Tuesday. It also attracted an upper freeze of 20% with only buyers in queue. When Mr Karunanidhi celebrated his 50th year in assembly last Friday, the grand function, attended by political leaders including Sonia Gandhi and Prime Minister Manmohan Singh, was telecast live by Raj TV. Such events were purely in the domain of Sun TV earlier. This has led to two sets of speculations. One is that Raj TV prices are going up on the back of support by DMK. Another is that, Sun TV itself could be pitching for Raj TV.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>Stock market reactions to election results -even state elections !!!</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
We have seen that stocks move up or down based on central elections.Go through the below to understand how stocks reacted to state elections as per report of The financial Express-May 2007</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
It is hard times for those who may have flourished in Raj Mulayam. It may also alter the ambitious business plans of some leading members of corporate India including the Reliance-Anil Dhirubhai Ambani Group (R-ADAG), sugar baron Kushagra Bajaj, Sahara India, Ansal Properties and Infrastructure (APIL), Flex and HFCL. Then, there are the obvious gainers such as infrastructure major Jaypee Group. Under the Mulayam Singh regime, R-ADAG company RNRL bagged the ambitious Rs 10,000-crore power project in Dadri in 2004. The 3,500 mega watt (mw) plant is pegged to be the world’s largest gas-based power project. Another group company, Reliance Energy (REL), is setting up a 600-mw coal-based power project in Shahjahanpur. In fact, the company had even signed a Power Purchase Agreement (PPA) with the Uttar Pradesh Power Corporation for the project. With interests in the roadways sector, REL was also likely to bid for a couple of expressways in the state.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
Things could change now, with Mayawati all set to assume power in the next couple of days. She has been one of the most vocal opponents of the Dadri project, alleging a major land scam in the process against UPSIDC chairman Amar Singh. The REL share price went down from Rs 514.90 on Thursday to Rs 508.70 on Friday, though the RNRL scrip rose from Rs 27.05 on Thursday to Rs 28.25 on Friday. Another prominent industrial house to have made hay in Mulayam Singh Yadav’s heydays was Bajaj Hindusthan. Its MD Kushagra Bajaj leveraged his proximity with Amar Singh to acquire the Pratappur Sugar Mills in eastern UP and was the prime contender to buy all the 24 state-owned sugar mills put up for sale by the UP government. Despite being on the block for more than two years, the sale has not materialised, in the wake of political opposition from Mayawati and others. Mr Bajaj has earlier been in Mayawati’s line of fire in 2004, following acquisition of over 200-acre agricultural land in Meerut for construction of a 7,000-tcd (tonnes crushed per day) sugar mill.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<span style="font-size: 13.63px;"><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 13.63px; line-height: 16px;"></span></span><br />
<div style="font-family: "Times New Roman";">
APIL-owned Ansal IT City & Parks’ bagging a 30-hectare IT SEZ in Greater Noida last year sparked off a land grab debate by Mayawati. APIL chairman Sushil Ansal’s proximity to Amar Singh is not new and the company is developing large-scale commercial and residential real estate projects in various parts of the state. Sources active in UP politics say Thursday’s raids on UFlex and HFCL need to be seen as an indication of things to come. Both UFlex chairman Ashok Chaturvedi and HFCL’s Vinay Maloo are known to be Amar Singh’s close associates and have huge business interests in UP. Together, Amar Singh and Mr Maloo also own an oil company, Ensearch. Of the prominent industrialists in the Amar Singh camp, Sahara India chief Subrata Roy seems to have played the safest game. The company plans to develop over half-a-dozen integrated townships in various cities of the state. According to sources, for the last 7-8 months, Mr Roy has been going slow in his relationship with Amar Singh. In March this year, Mr Roy had met Congress president Sonia Gandhi. While the HFCL share price remained flat on Friday, UFlex price closed at Rs 144.25 on Friday, as compared to Rs 151.80 on Thursday. On the gainers’ side, it is the integrated infrastructure conglomerate Jaypee Group that looks most likely to gain, if the past is any indication. The group had bagged the Rs 6,000-crore Taj expressway project during Mayawati’s previous regime, which was the biggest project awarded by it. The Jaypee Associates scrip closed at Rs 609.75 on Friday, up from Rs 576.40 on Thursday. The country’s largest industrial house, Reliance Industries, has also been keeping close tabs on the elections. RIL will have a huge dependence on the UP government once the company starts large scale agri-sourcing for its retail venture from the state. Following the split in the Ambani family, Mukesh Ambani ended up with sour relations with Mulayam Singh and Amar Singh.<br />
<br />
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>FMCG sector stocks rallying ahead of times : BUY, HOLD OR EXIT?</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
For a sector that stood tall even during the dark market days after the 2008 financial crisis, and has continued to do well since, the current caution on the Street seems unfair. A closer look, and the gloom seems justified. Valuations of fast moving consumer goods, or FMCG, stocks have run up quite a bit and it may be time for a correction, say experts.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
The sector is considered defensive, which means its stocks are in high demand when the markets are falling. The reason is simple. Irrespective of how the economy is performing, the demand for consumer goods, daily necessities like food and toothpastes, remains stable. During difficult times, people will reduce spending on discretionary items such as cars and air-conditioners but continue to buy basic essentials. This has held true since the 2008 crisis. But now, as other sectors revive , FMCG may not remain everyone's favourite.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b>LOOKING BACK</b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
FMCG stock indices have been performing quite well with CNX FMCG index on the National Stock Exchange returning 28.94% and the Bombay Stock Exchange FMCG index rising 27.26% in the one year to 26 April 2013. Funds such as ICICI Prudential FMCG Fund and SBI FMCG Fund returned 18.08% and 26.75%, respectively, during the period. But will this rally continue?</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
"Most FMCG companies have discounted the 2014-15 numbers without confirmation of volume growth. The FMCG sector in India is well-poised, but you may see some negative surprises," says Sachin Bobade, FMCG analyst, BRICS Securities. Analysts say stocks in the sector are trading higher than historical valuations. Sustaining these will be a challenge. Expansion will be difficult, and the biggest risk is the price to earnings, or PE, ratio going down. The ratio, used to value a stock, measures how much the market is willing to pay for it compared to the company's earnings.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="border: 0px solid rgb(215, 215, 215); float: right; font-family: "Times New Roman"; font-size: medium; margin: 2px 0px 2px 15px; width: 350px;">
<div style="width: 350px;">
<img align="right" alt="" border="1" hspace="0" src="http://media2.intoday.in/btmt/images/stories//June2013/fmcg-sector-invest_350_062513122309.jpg" style="border: 1px solid rgb(215, 215, 215); margin: 2px;" title="" valign="top" vspace="0" /></div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
To understand why these high valuations might not be sustainable, we need to see why the sector has been in such high demand in the last few years. The main reason, say analysts, is high government spending, which been acting as a stimulus. Also, there are not too many sectors growing as fast as the FMCG sector.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
"Government policies that have been positive for demand and strong economic activity until last year helped earnings of FMCG companies. Plus, there was demand for defensive stocks due to weakness in investment expenditure," says Ritwik Rai, FMCG analyst, Kotak Securities.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
Another godsend has been falling commodity prices. For instance, in the January-March quarter, FMCG companies did well due to lower input costs. "Most FMCG companies that we track performed reasonably well in the last quarter despite the slowdown due to fall in input costs. This expanded operating margins. However, companies had to increase advertising and promotion spends to revive volume growth," says V Srinivasan, FMCG analyst, Angel Broking.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
However, this has a flip side too. Lower raw material prices have given rise to competition from unorganised FMCG companies. This is because as raw material prices rise, companies in the unorganised space are unable to control costs due to lack of scale. When raw material prices fall, they make a comeback.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
The government stimulus, too, may be running out. "Given that the government's ability to manoeuvre consumer demand is curtailed by fiscal deficit concerns, and sales are beginning to soften following inflation and weak income growth, the risks to earnings growth are rising," says Rai of Kotak Securities.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b>FUTURE MAP</b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
Sustaining the present higher valuations will be challenging for FMCG companies. Also, the current base is high and so demand growth is not likely to be as high as in the recent quarters, say analysts.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
Recently, valuations have been supported by promoters buying additional shares from the market. For instance, Hindustan Unilver's (HUL's) parent Unilever Plc wants to buy a 22.52% stake in the Indian unit at Rs 600 per share. The market price of the stock was Rs 595 on 13 June 2013. After the open offer, Unilever will hold 75% in the company. Similarly, in February, GlaxoSmithKline Plc increased stake in its Indian arm, GlaxoSmithKline Consumer Healthcare, from 42.3% to 72.5%. The deal, at Rs 3,900 a share, was valued at Rs 4,800 crore; the parent said it was part of a strategy to invest in the world's fastest growing market. These two deals have put further upward pressure on valuations of Indian FMCG companies, say analysts.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
In addition, higher competition amid softening demand may weigh on profitability. "Competitive intensity could rise in a weakening environment as companies concentrate on volume gains, weakening profit growth further," says Rai of Kotak.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="border: 0px solid rgb(215, 215, 215); float: right; font-family: "Times New Roman"; font-size: medium; margin: 2px 0px 2px 15px; width: 300px;">
<div style="width: 300px;">
<img align="right" alt="" border="1" hspace="0" src="http://media2.intoday.in/btmt/images/stories//June2013/fmcg-sector-invest_300_062513122309.jpg" style="border: 1px solid rgb(215, 215, 215); margin: 2px;" title="" valign="top" vspace="0" /></div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
However, analysts are quick to point out that the growth will be not be bad overall, as India is still a low consumption country. It's just that the sharp rally over the last few years has made these stocks very expensive, they say. "Volume growth will stabilise and margins will expand, but not to the extent that we saw in 2012,"says Bobade of BRICS Securities.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b>BUY, HOLD OR EXIT?</b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
While analysts are not denying that the sector will continue to grow, many say it's time to book profit and not invest. "We believe the FMCG sector as a whole is trading at fair valuations and hence have 'neutral' rating on the sector," says Srinivasan of Angel Broking. Others say the sector may start yielding negative surprises and hence it's a good time to reduce exposure. "Weakening profit growth due to competition could lead to de-rating. Therefore, there is significant risk that FMCG stocks, on an average, could yield negative returns in the next year or so," says Rai of Kotak.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
"I think one should reduce exposure to the FMCG sector. The valuations are very high. There is risk that the rally will continue due to demand for defensive stocks, but there will be some correction going forward," says Bobade of BRICS.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
While analysts do not deny that the volumes will keep growing, they are not bullish on FMCG funds. A complete exit is also not advisable due to the inherent stability of demand for FMCG goods. However, if you have a horizon of more than five years, you can hold your investments. But any fresh exposure is a NO.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<br />
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>The Infra Bust like the dotcom bust ..a good story...that was overbought....In the runup..spoiled the industry itself which kept on building order book to please capital markets....adverse effects of playing to the gallery</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
</div>
<br />
<div style="color: black; font-family: "times new roman"; font-style: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<div style="font-size: medium; font-weight: normal; margin-bottom: 0pt;">
<div style="margin: 0px;">
<span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">If you are fretting that your stocks have not yielded any gains since the 2008 crash, here's some cold comfort. A study by</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> </span><span face=""arial" , sans-serif" style="color: #024d99; font-size: 12pt;">ET Wealth</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> <span style="background-repeat: initial initial;">shows that the 10 biggest wealth destroyers have lost 75-98% of their value since January 2008. Their combined marketcapitalisation, or the value of the total number of shares, dropped 87% from</span> <span style="background-repeat: initial initial;">Rs</span> <span style="background-repeat: initial initial;">7,89,597crore</span> <span style="background-repeat: initial initial;">on 8 January 2008 to</span> <span style="background-repeat: initial initial;">Rs</span> <span style="background-repeat: initial initial;">1,03,038crore</span> <span style="background-repeat: initial initial;">on 8 August 2013.</span><br /><br /><br /><span style="background-repeat: initial initial;">These 10 stocks are not obscure, smallcap scrips, but widely held large- and midcap companies. At least three of them—DLF, Bhel and JP Associates—are constituents of the 50-share benchmark, Nifty. Others find a place in broader market indices or sectoral benchmarks. The losses have been mindboggling. After the dotcom bubble burst, the market capitalisation of all the companies listed on the BSE declined by Rs 5,88,402 crore, dropping from Rs 10,45,965 crore in February 2000 to Rs 4,57,563 crore in September 2001. However, these 10 stocks alone have exceeded that figure, losing Rs 6,86,559 crore since January 2008.</span><br /><br /><b>The usual suspects</b><br /><br /><span style="background-repeat: initial initial;">Most of these wealth destroyers are from the real estate, infrastructure and capital goods sectors. All three sectors have been battered in the past five years. The CNX Real Estate index fell 85%, while the CNX Infrastructure index dropped 66% between 8 January 2008 and 8 August 2013.</span><br /><br /><span style="background-repeat: initial initial;">Real estate developer</span> </span><span face=""arial" , sans-serif" style="color: #024d99; font-size: 12pt;">DLF</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> <span style="background-repeat: initial initial;">has been the biggest wealth destroyer, with a drop of Rs 1,71,590 crore in its market capitalisation. This loss is more than the total market capitalisation of software giant,</span> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><a href="http://economictimes.indiatimes.com/infosys-technologies-ltd/stocks/companyid-10960.cms" target="_blank"><span face=""arial" , sans-serif" style="color: #024d99; text-decoration-line: none;">Infosys</span></a></span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">The drop in the value of</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> </span><span face=""arial" , sans-serif" style="color: #024d99; font-size: 12pt;">Reliance Communications</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> <span style="background-repeat: initial initial;">surpasses the total market capitalisation of its biggest rival,</span></span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><a href="http://economictimes.indiatimes.com/bharti-airtel-ltd/stocks/companyid-2718.cms" target="_blank"><span face=""arial" , sans-serif" style="color: #024d99; text-decoration-line: none;">Bharti Airtel</span></a>.</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">The combined losses of Bhel and</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><a href="http://economictimes.indiatimes.com/unitech-ltd/stocks/companyid-12874.cms" target="_blank"><span face=""arial" , sans-serif" style="color: #024d99; text-decoration-line: none;">Unitech</span></a></span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> <span style="background-repeat: initial initial;">are big enough to buy the five biggest PSU banks, including the</span> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><a href="http://economictimes.indiatimes.com/state-bank-of-india/stocks/companyid-11984.cms" target="_blank"><span face=""arial" , sans-serif" style="color: #024d99; text-decoration-line: none;">SBI</span></a></span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">,</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> </span><span face=""arial" , sans-serif" style="color: #024d99; font-size: 12pt;">Bank of Baroda</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">,</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><a href="http://economictimes.indiatimes.com/punjab-national-bank/stocks/companyid-11585.cms" target="_blank"><span face=""arial" , sans-serif" style="color: #024d99; text-decoration-line: none;">PNB</span></a></span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">,</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><a href="http://economictimes.indiatimes.com/canara-bank/stocks/companyid-9218.cms" target="_blank"><span face=""arial" , sans-serif" style="color: #024d99; text-decoration-line: none;">Canara Bank</span></a> </span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">and</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"> </span><span face=""arial" , sans-serif" style="color: #024d99; font-size: 12pt;">Bank of India</span><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">.</span></div>
</div>
<div class="separator" style="clear: both; font-size: medium; font-weight: normal; text-align: center;">
<a href="http://4.bp.blogspot.com/-zyFaj2Z8Q7Y/UhGlWw4IJyI/AAAAAAAAALw/iGmvrjAWqoc/s1600/10-stocks-that-destroyed-rs-686559-crore.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="459" src="https://4.bp.blogspot.com/-zyFaj2Z8Q7Y/UhGlWw4IJyI/AAAAAAAAALw/iGmvrjAWqoc/s640/10-stocks-that-destroyed-rs-686559-crore.jpg" style="cursor: move;" width="640" /></a></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black; font-size: 12pt; line-height: 18.4px;"><span style="background-repeat: initial initial;">However, many investors have not reacted to this wealth erosion because it has happened gradually over five painful years. In the interim, shares must have changed hands, and very few of the investors who owned these shares in January 2008 would still be holding them. For some, there was an opportunity to exit in 2010, when the markets were upbeat, and again, early this year.</span><br /><br /><span style="background-repeat: initial initial;">Given this massive decline, should you buy these stocks? As our cover story argues, just because a stock is trading at a historical low does not make it a good buy.</span><br /><br /><b>Promoters the biggest losers</b><br /><br /><span style="background-repeat: initial initial;">To be fair, individual investors did not bear the brunt of this huge erosion in value. The company promoters, who controlled the largest chunk of the equity, were the biggest losers. Tata Communications, for instance, saw its capitalisation drop by Rs 15,235 crore, but the loss to individual investors was only Rs 341 crore. However, in the case of some other companies, such as IVRCL, which is not in the top 10 wealth destroyers, the promoters held less than 10% of the total equity.</span><br /><br /><span style="background-repeat: initial initial;">The company lost Rs 6,658 crore of market capitalisation, but the bulk of this loss (Rs 5,516 crore) was borne by institutional investors, including FIIs, mutual funds, insurance companies and banks. They accounted for 22% of the total loss of market capitalisation, while individual investors lost around 5.5%. However, some of the losses of institutional investors are actually those of small investors in mutual funds, Ulips and pension plans.</span></span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<strong><span face=""arial" , sans-serif" style="color: black;">Avoiding losses</span></strong><span face=""arial" , sans-serif" style="color: black;"><br style="outline: 0px;" /><br style="outline: 0px;" /><span style="background-repeat: initial initial;">Could these losses have been avoided? While the promoters had little option, individual investors could have taken steps to minimise them. For one, it is always advisable to set a limit to the loss you are willing to take. Small investors tend to sell their winners too early, but hold on to losers for far too long. This is what happened in case of realty stocks, where investors clung on to their investments in the vain hope that they would recoup their losses some day. However, the real estate stocks just kept plunging to new depths and the losses kept piling. The lesson for investors is not to get emotionally attached to a certain price level. Learn to cut your losses and exit if the tide has turned.</span><br style="outline: 0px;" /><br style="outline: 0px;" /><span style="background-repeat: initial initial;">A bigger learning is to stay away from momentum stocks. At the height of the irrational exuberance of 2007, infrastructure was a buzzword for mega gains. Investors were blindly putting money in infrastructure stocks without assessing the sector's potential or checking valuations. This herd mentality should be avoided at all cost. Don't buy a stock just because everyone else is doing so. Invest only after careful research and evaluation of the company's financials. The real estate sector is a prime example of how valuations can be easily inflated.</span><br style="outline: 0px;" /><br style="outline: 0px;" /><span style="background-repeat: initial initial;">Diversify your investments, not only across sectors and stocks, but also across time. Equity mutual funds are a readymade solution for such diversification. They invest in a basket of 25-30 stocks across 7-8 sectors, cushioning the investment against a possible downturn in a stock or sector. The SIP is a diversification across time and should be used to bring down the average purchase price.</span></span><span face=""arial" , sans-serif" style="color: black;">If you are fretting that your stocks have not yielded any gains since the 2008 crash, here's some cold comfort. A study by ET Wealth shows that the 10 biggest wealth destroyers have lost 75-98% of their value since January 2008. Their combined marketcapitalisation, or the value of the total number of shares, dropped 87% from Rs 7,89,597crore on 8 January 2008 to Rs 1,03,038crore on 8 August 2013.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">These 10 stocks are not obscure, smallcap scrips, but widely held large- and midcap companies. At least three of them—DLF, Bhel and JP Associates—are constituents of the 50-share benchmark, Nifty. Others find a place in broader market indices or sectoral benchmarks. The losses have been mindboggling. After the dotcom bubble burst, the market capitalisation of all the companies listed on the BSE declined by Rs 5,88,402 crore, dropping from Rs 10,45,965 crore in February 2000 to Rs 4,57,563 crore in September 2001. However, these 10 stocks alone have exceeded that figure, losing Rs 6,86,559 crore since January 2008.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">The usual suspects</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;">Most of these wealth destroyers are from the real estate, infrastructure and capital goods sectors. All three sectors have been battered in the past five years. The CNX Real Estate index fell 85%, while the CNX Infrastructure index dropped 66% between 8 January 2008 and 8 August 2013.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">Real estate developer DLF has been the biggest wealth destroyer, with a drop of Rs 1,71,590 crore in its market capitalisation. This loss is more than the total market capitalisation of software giant, InfosysThe drop in the value of Reliance Communications surpasses the total market capitalisation of its biggest rival,Bharti Airtel.The combined losses of Bhel and Unitech are big enough to buy the five biggest PSU banks, including the SBI, Bank of Baroda,PNB, Canara Bank and Bank of India.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;">However, many investors have not reacted to this wealth erosion because it has happened gradually over five painful years. In the interim, shares must have changed hands, and very few of the investors who owned these shares in January 2008 would still be holding them. For some, there was an opportunity to exit in 2010, when the markets were upbeat, and again, early this year.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<br /></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">Given this massive decline, should you buy these stocks? As our cover story argues, just because a stock is trading at a historical low does not make it a good buy.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">Promoters the biggest losers</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;">To be fair, individual investors did not bear the brunt of this huge erosion in value. The company promoters, who controlled the largest chunk of the equity, were the biggest losers. Tata Communications, for instance, saw its capitalisation drop by Rs 15,235 crore, but the loss to individual investors was only Rs 341 crore. However, in the case of some other companies, such as IVRCL, which is not in the top 10 wealth destroyers, the promoters held less than 10% of the total equity.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">The company lost Rs 6,658 crore of market capitalisation, but the bulk of this loss (Rs 5,516 crore) was borne by institutional investors, including FIIs, mutual funds, insurance companies and banks. They accounted for 22% of the total loss of market capitalisation, while individual investors lost around 5.5%. However, some of the losses of institutional investors are actually those of small investors in mutual funds, Ulips and pension plans.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;">Avoiding losses</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">Could these losses have been avoided? While the promoters had little option, individual investors could have taken steps to minimise them. For one, it is always advisable to set a limit to the loss you are willing to take. Small investors tend to sell their winners too early, but hold on to losers for far too long. This is what happened in case of realty stocks, where investors clung on to their investments in the vain hope that they would recoup their losses some day. However, the real estate stocks just kept plunging to new depths and the losses kept piling. The lesson for investors is not to get emotionally attached to a certain price level. Learn to cut your losses and exit if the tide has turned.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">A bigger learning is to stay away from momentum stocks. At the height of the irrational exuberance of 2007, infrastructure was a buzzword for mega gains. Investors were blindly putting money in infrastructure stocks without assessing the sector's potential or checking valuations. This herd mentality should be avoided at all cost. Don't buy a stock just because everyone else is doing so. Invest only after careful research and evaluation of the company's financials. The real estate sector is a prime example of how valuations can be easily inflated.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;">Diversify your investments, not only across sectors and stocks, but also across time. Equity mutual funds are a readymade solution for such diversification. They invest in a basket of 25-30 stocks across 7-8 sectors, cushioning the investment against a possible downturn in a stock or sector. The SIP is a diversification across time and should be used to bring down the average purchase price.</span></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<span face=""arial" , sans-serif" style="color: black;"><br /></span><span face=""arial" , sans-serif" style="color: black;"><br /></span>Top performers for 2015</div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<br /></div>
<div class="separator" style="clear: both; font-size: medium; font-weight: normal; text-align: center;">
<a href="http://2.bp.blogspot.com/-qItTIk8n0Cs/VnvqJz-imoI/AAAAAAAAB6s/so5B_HF7XEI/s1600/midcap%2B2015.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="528" src="https://2.bp.blogspot.com/-qItTIk8n0Cs/VnvqJz-imoI/AAAAAAAAB6s/so5B_HF7XEI/s640/midcap%2B2015.jpg" style="cursor: move;" width="640" /></a></div>
<div style="font-size: medium; font-weight: normal; margin: 0px;">
<br /></div>
<div style="margin: 0px;">
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div class="separator" style="clear: both; font-size: medium; font-weight: normal; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; font-size: medium; font-weight: normal; text-align: center;">
<b><u>Stocks that have fallen down and not recovered while market has fallen and recovered between 2008 and 2013</u></b></div>
<div class="separator" style="clear: both; font-size: medium; font-weight: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; font-size: medium; font-weight: normal; text-align: center;">
<a href="http://3.bp.blogspot.com/-AIn7wnEHGdY/VLotcJlkeQI/AAAAAAAAAuM/iuwwwpuKIzY/s1600/10-stocks-that-destroyed-rs-686559-crore.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="459" src="https://3.bp.blogspot.com/-AIn7wnEHGdY/VLotcJlkeQI/AAAAAAAAAuM/iuwwwpuKIzY/s1600/10-stocks-that-destroyed-rs-686559-crore.jpg" width="640" /></a></div>
<div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div class="mobile-photo" style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
<span style="color: #0000ee;"><u><br /></u></span></div>
<div class="mobile-photo" style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
<span style="color: #0000ee;"><u>Feb 2016 to may 2017 various world markets</u></span></div>
<div class="mobile-photo" style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
<span style="color: #0000ee;"><u><br /></u></span></div>
<div class="mobile-photo" style="font-family: "Times New Roman";">
<div style="font-size: medium; font-weight: normal;">
<a href="http://1.bp.blogspot.com/-POXc3gkN0pE/WSiJDy6X4zI/AAAAAAAADds/4WOtq_9re904lBHzOPor58QKvucmheOtACK4B/s1600/9a8cbb69-4215-11e7-b25e-87becb7be48c_600x400-749551.jpg"><img alt="" border="0" height="425" id="BLOGGER_PHOTO_ID_6424535566743233330" src="https://1.bp.blogspot.com/-POXc3gkN0pE/WSiJDy6X4zI/AAAAAAAADds/4WOtq_9re904lBHzOPor58QKvucmheOtACK4B/s640/9a8cbb69-4215-11e7-b25e-87becb7be48c_600x400-749551.jpg" width="640" /></a></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<a href="http://3.bp.blogspot.com/-h2hPYO2oAUg/WfvHoFrte2I/AAAAAAAADtE/gLogPcFMSJM-AyIozdhYqAaT8ZpiQSlXwCK4BGAYYCw/s1600/IMG-20171102-WA0012-763498.jpg" style="font-family: "Times New Roman";"><img alt="" border="0" height="481" id="BLOGGER_PHOTO_ID_6483995580064168802" src="https://3.bp.blogspot.com/-h2hPYO2oAUg/WfvHoFrte2I/AAAAAAAADtE/gLogPcFMSJM-AyIozdhYqAaT8ZpiQSlXwCK4BGAYYCw/s640/IMG-20171102-WA0012-763498.jpg" width="640" /></a></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"><b><u>price rigging by derivatives/structured product holders</u></b></span></div>
<div style="color: #252525; font-family: sans-serif; font-size: 14px; font-weight: normal;">
<span face=""arial" , sans-serif" style="color: black; font-size: 12pt;"></span></div>
<div style="font-family: "times new roman"; font-size: medium; font-weight: normal;">
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"><br /></span><span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"> April 2010 Goenka reportedly put together a plan to manipulate and secure the closing prices of GDRs of two companies, the Russian oil and gas giant Gazprom and Reliance's Industries. (Incidentally, a GDR or a global depository receipt is a financial instrument through which money can be raised globally by a company through issuance of bank certificates in one country and against shares in a foreign company.) In April 2010, Carrimjee introduced Goenka to Vandana Parikh or 'broker B' (as named in the FCA's Decision Notice) and a series of conference calls took place. Carrimjee had apparently known Parikh for close to 10 years and his firm, Somerset, had an account with the brokerage firm, Schweder Miller. Targetting the GDRs of Gazprom first, Goenka wanted to know if the closing price of the company's GDRs could be raised by placing strategic orders – he explored the steps necessary for increasing the closing price and the latest time at which an order could be placed. Parikh explained the closing auction process, specifically the likely price movements that could result from placing orders of various sizes. They also agreed on some trial runs. (See Decision Notice of the FCA in UK in the attachment.) The plan by Goenka, Parikh, Davis and Carrimjee to allegedly rig the prices of GDRs issued by Gazprom had to be dropped after Vladimir Putin (the then Prime Minister of Russia) announced a proposal to merge Gazprom and Ukranian gas major Naftogaz, which drove down the share prices of the Russian company. Goenka, it seems, used the information gained from this exposure later in the year in October and successfully manipulated the closing price of Reliance shares, saving some $3.1 million on a structured product he held. The 'final notice' by the FCA to Goenka dated 17 October 2011 revealed that he had bought close to 770,000 GDRs of Reliance, whose prices had gone up artificially by around 1.7 percent above the 'knock-in price', a few moments before the closing bell was rung to announce the end of trading that day. </span></div>
<div style="color: #252525; font-family: sans-serif;">
<div style="font-size: 14px; font-weight: normal;">
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"><br /></span>
</div>
<div style="border-bottom: 1pt solid rgb(153, 153, 153); border-left: none; border-right: none; border-top: none; font-size: 14px; font-weight: normal; padding: 0in 0in 8pt;">
<h1 align="center" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; margin: 0in 0in 0.0001pt; padding: 0in; text-align: center;">
<span style="color: #111111; font-family: "georgia" , "serif"; font-size: 16pt;">From a maths teacher to India's
leading option seller: The inspiring journey of PR Sundar <o:p></o:p></span></h1>
<h1 align="center" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; margin: 0in 0in 0.0001pt; padding: 0in; text-align: center;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Moneycontrol
News</span><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt; font-weight: normal;"> - </span><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 10pt;">Shishir
Asthana </span><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 10pt; font-weight: normal;">-12<sup>TH</sup> AUG 2018</span><span style="color: #111111; font-family: "georgia" , "serif"; font-size: 16pt;"><o:p></o:p></span></h1>
</div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<br /></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">From a
person who managed to lay hands on his first pair of slippers when he reached
the 10th grade to be one of the largest individual option sellers in the
country is an inspiring journey. The fact that the person was a teacher for the
most part of his life makes one wonder about the hidden potential of this
individual.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">PR
Sundar, a math teacher, learned about options from the most basic source -
the stock exchange booklet - that every dealer working in a broker’s office
reads. He still maintains that the book is his primary source of knowledge.
While the source of information was the same, the knowledge that Sundar could
extract from that source was much higher than what most are capable of.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Born in
a poor family, Sundar, a post graduate in mathematics, took to teaching as
there were few job opportunities back then. A teaching assignment in Singapore
helped him save capital to think about returning back to India and starting a
business. A strange happenstance brought Sundar to the market and he has never
looked back.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">A
successful trader who earned his spurs in the options market, Sundar continues
to teach, only this time the subject has changed to options. But like every
good teacher he is more interested in clearing the cobwebs and imparting
knowledge, which can remain lifelong, than spoon-feeding strategies.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<i><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Edited excerpts from his interview with
Moneycontrol, where he speaks about his journey and what it takes to be an
option seller.</span></i><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: How did a math teacher end up trading
options? </span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">A: After my post-graduation in mathematics from Chennai, I
bagged a job as a maths teacher in a school in Gujarat as there were few jobs
in south India then. Among the many good things that Gujarat has to offer, one
is the interest in share markets and investing, which stuck with me. Since
markets are about numbers, I was naturally attracted towards it.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">I
received an opportunity to work as a maths teacher in Singapore and moved there
in 1993. After a 12 year stint in Singapore, I returned back to India with some
capital to start a business. I was looking out for an alternate career other
than teaching.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">By a
fortunate coincidence a relative, who was a sub-broker asked me to appear for
the NSE Academy Certification in Financial Management (NCFM) exam so that he could
use the certificate to operate his terminal. It was while studying for this
exam that I really got interested in options.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">What
also made me opt for trading was that everyone used to say that 95 percent of
all traders lose money. This was a big opportunity to me as few other
businesses offer such a skewed playing field. All one needed to know was what
the other 5 percent was doing and follow it religiously.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">But
like most others, my entry into the market was through the cash market. I found
the cash market offered very low trading returns, so I moved to the futures
market. The problem here was that the risk was high. I wanted an instrument
where the risk was low and the reward high. Options offered me the perfect
playground.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">The
good thing about options was that it gave one the option to choose the perfect
mix between risk and reward according to one’s liking. Option selling is like
sitting in front of a bonfire. If you are too close, you can get burnt. If you
are sitting too far, then you will not enjoy the warmth. You need to sit at the
right distance from the fire.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Similarly,
in options, if you are trading a strike price which is too far away from the
current price, the reward will be low as will the risk. If you are trading
close to the market price, then the risk will be higher. It is this flexibility
that options offer and the probability of success is what attracted me to them.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: While trading options were you always a
seller?</span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><br />
A: I have been an option seller from the beginning. Option selling is like
running an insurance company. An insurance company sells protection to many
people, but only in a few cases does it have to pay claims as fewer people die.
It provides for a catastrophe by taking a re-insurance cover. I buy an option
only in case the strategy needs to be insured or what in market parlance is
known as hedged.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Coincidentally,
my journey in options started with some important market reforms. Prior to
2007, it was very costly to sell options. Brokerages were high and Security
Transaction Tax (STT) was calculated on the entire contract amount. Only when
the STT calculation was based on premium value and brokerage cost was reduced
with the advent of online brokerages did option selling become remunerative.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">I write
options aggressively even if they are priced at Rs 1 and make Rs 4-5 lakh a
week. This opportunity was not there in 2007-08 as the cost of doing business
was high.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: Did having a maths background make it
easier for you to get through the math involved in option pricing?</span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><br />
A: The only book I read in options was that provided by the National Stock
Exchange to clear NCFM. I have a clear idea of what the option Greeks stand
for, but I rarely use it in my decision making. The market price of the option
determines the Greeks value and not the other way round.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: Do you use technical charts or fundamental
inputs in your trading? </span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">A: In order to be
successful trader you need two things: edge and hedge. Edge is your market view
and hedge comes into play when your edge is not working out. I am a jack of all
and master of none. I look at everything, technical charts and all kind of data
before taking a view on the market.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Based
on these inputs, I take a view on the market and my position. At most times,
the view goes wrong and that’s where hedging comes into play.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: How is your teaching background helping you
in trading? </span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">A: In trading as well as in any business or profession what is
needed to succeed is logical thinking. Being a student and teacher of math,
logical thinking comes with the job. In trading, education has little role.
Even a highly educated person fails to be a trader, while a barely educated
person can be very successful.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: What option selling strategies do you
deploy? </span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">A: I mainly trade in index options. Around 95 percent of my
trades are in the Nifty and Bank Nifty. I start out by looking at all data
points pertaining to the market like institution flows, call-put data and open
interest. I then form a view after glancing at the charts. It is only after
that do I decide on the strategy to choose.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">I
normally take low-risk trades, so I like to opt for a short strangle, iron
condor, short straddle or butterfly strategy. My success is not based on my
view or strategy, it is how I manage the trade even when the view is wrong.
Everyone has the knowhow of risk management strategies, but not everybody is
successful. What separates us is the way in which I handle the trade,
especially a losing position.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">I
divide our trade into 5-6 components and invest in 5-6 strategies. Around 60
percent of my capital is deployed this way and the remaining 40 percent is for
fire-fighting.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">In
Nifty alone, I may have multiple strategies at play at any time. Apart from the
strategies, I also trade various expiry contracts. I may have a Nifty position
in the current month, next month, far month, six months contract and even a
one-year contract. In the case of Bank Nifty, it will be weekly and then
monthly contracts.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Each
expiry contract will be taken to capitalise the opportunity at that particular
time series. The longer-term contract like the yearly or six-month contract do
not need too much management, it’s the smaller period where we manage very
aggressively.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: Since the key to your success is managing
the trade, how do you salvage a position that is against your initial
assumption? </span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">A: There are four ways in which one can manage a position.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">First,
if we have a short straddle trade and the market has moved violently against my
position after a few days of initiating the trade, then the chances are that I
may be in profit on account of time decay. I can simply square of this trade
and build a new position. But if the volatility has increased in a very short
time, then one can adjust the trade by shifting the contract around where the
market is trading.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">The
second way is to average the position by adding a new position around the
market price. The third way is to add a futures position in line with the
market direction. The fourth way is to exit by taking a loss.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">In my
case, most of the time the trade management and hedging works. Only
occasionally do I get a trade like a black swan event which hits me badly. Like
the November 8, demonetisation trade, where the market opened with a big gap
down and started recovering immediately. Our assumption was that it would keep
on going lower. Such days give us a loss which takes away 2-3 months of
profits, but we are okay with it and factor in such days in our trading. Such
trades are rare but one needs to be mentally prepared for it.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: You have a very aggressive expiry day
strategy, can you walk us through an expiry day?</span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><br />
A: I do trade intra-day, but on every Thursday, which is the expiry day for
Bank Nifty contracts, I trade very aggressively. On a good day, I end up
trading one lakh lots. Every Thursday, I trade in the Bank Nifty and on the
last Thursday of the month, I trade in both the Bank Nifty as well as Nifty.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">At the
start of the day, I study the market and start deploying money. At the start, I
deploy around 10 percent of the pre-decided limit and then progressively keep
on adding to that position. Based on the ground condition, I keep on adjusting
my trade. I keep on hedging or shifting my position based on the market’s
movement.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">I
deploy all my capital by 2:00 pm. By 2:30-2:45 pm, I either book a profit/loss
or keep a stop-loss on trades. This is because between 3 and 3:30 pm on expiry
day there is a lot of volatility.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: Since around 95 percent of your trades are
in index options, where do you trade with the remaining five percent?</span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><br />
A: I use profits from the trade to buy shares in frontline index-based stocks.
Occasionally, the price movement between shares and options offers a good
trading opportunity. Also, frontline stocks can be used as limit with the
broker. At the same time, one can enjoy the benefit of price rise and
dividends.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">There
are, however, opportunities in other stock options also. Recently, I purchased
Rural Electrification Corporation, which was trading over Rs 90 per share and
pays a dividend of around Rs 10 per year. I bought the share with the
assumption that even if I earn one percent by selling call options per month, I
would end up earning nearly 20 percent on the position. This return does not
take into account the share price appreciation in REC.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: How are the returns in your strategy?</span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><br />
A: That depends on how you define returns. I do not bring in capital. Around 90
percent of my capital is invested in mutual funds and 10 percent in index
constituents. These investments continue to earn and would continue to do so
even if they were not used as margin collateral. I use these investments as
margin to trade options. Thus, one way of looking at it is that the return is
infinity even if it is small as there is no real money involved. But if I were
to use a constant base, my annual returns are over 50 percent.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">Q: You have continued with your profession of
teaching, only now you teach traders. What exactly can a trader learn from your
trading classes?</span></b><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;"><br />
A: My main aim through these classes is to create awareness of option selling
and remove the myth surrounding option selling. The general talk is that option
selling has unlimited risk, but if a trader is buying a future contract at Rs
100 he has that much risk, but a put option seller with a strike price of Rs 80
has lower risk.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">The
option buyer is said to operate with limited risk and an opportunity to gain
unlimited reward. But no one talks of the probability of winning as an option
buyer. Option seller, on the other hand, is operating with a very high
probability of winning.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">While
an option buyer has to bring in capital to buy, an option seller can use
collateral and need not bring in funds. Further, the seller has the flexibility
of hedge his position using the same collateral, but the buyer will have to
bring in additional capital.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">But
option selling is not for a small investor, it requires capital. Anyone can
gamble, but few can run a casino. Moreover, it is the casino that always has
the slight edge.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal; line-height: normal; margin-bottom: 0.25in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 14pt;">I teach
traders how option selling can be a good business, provided it is managed like
a business. It is the management of trade that I focus on. I try to drill in
the fact that having a view is fine but one needs to be prepared for any
eventuality, just as one does in any business.<o:p></o:p></span></div>
<div style="font-size: 14px; font-weight: normal;">
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;">
</span></div>
<div class="MsoNormal" style="font-size: 14px; font-weight: normal;">
<br /></div>
<div style="font-size: 14px; font-weight: normal;">
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"><br /></span>
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"><br /></span>
<b><u>International Market Movements : Subprime, Grexit, Chinese Meltdown ,churning between Emerging markets and Developed markets</u></b></div>
<div style="font-size: 14px; font-weight: normal;">
<b><u><br /></u></b>
<b><u>Chinese Stock Market Meltdown</u></b></div>
<div style="font-size: 14px; font-weight: normal;">
<br /></div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Chinese retail investors make up 85% of the market, a far cry from the U.S. where retail investors own less than 30% of equities and make up less than 2% of NYSE trading volume for listed firms in 2009.</div>
<div class="ad module pixel" data-name="Teads" id="ad-teads" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; height: 1px; line-height: 24px; margin: 0px; outline: 0px; padding: 0px; text-align: center; vertical-align: baseline; width: 1px;">
<div id="google_ads_iframe_/2/marketwatch.com/personalfinance_story_1__container__" style="background: 0px 0px; border: 0pt none; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<iframe frameborder="0" height="1" id="google_ads_iframe_/2/marketwatch.com/personalfinance_story_1" marginheight="0" marginwidth="0" name="google_ads_iframe_/2/marketwatch.com/personalfinance_story_1" scrolling="no" style="background: 0px 0px; border-style: initial; border-width: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: bottom;" width="1"></iframe></div>
</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Combined with the highest trading frequencies in the world and one of the lowest educational levels, describing China’s market as immature is an understatement. As many readers know, mental irrationality is often cited as the No. 1 cause of poor returns.<br />
<br /></div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Using the opportunity to interview some China market participants, both in Shanghai and elsewhere, here are a few observations of how they think and act — and the potential lessons that await.</div>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Chasing bubbles in China isn’t new</h6>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
An interesting counterpoint to the bubble awareness is that, frankly, Chinese participants are used to chasing bubbles. Whether a cultural phenomenon or something else, over the last decade there’s been a continual hopping of investment from one big money-making scheme to the next. Whether it was real estate a decade ago, gold half a decade ago or wealth-management products a few years ago, there’s a continual cycle of money rotation into the “hot” investment, with each failing eventually in some way. It’s simply stock’s turn. As one interviewee said: “The Chinese market is not for investing, it’s for gambling.”</div>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Early birds get the worms</h6>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
This goes completely against most prudent and established norms. While the standard advice is to avoid “hot” bubbly assets, in China the experience has actually been to jump in early and fully instead. Many of the bubbles or “hot” investments mentioned earlier have in truth made many of the people I’ve talked to a lot of money. China real estate today is a poor investment but those who got in early doubled or tripled their investments. Similarly with wealth-management products, more people have benefited from their high-interest-rate payouts than have suffered. While the Shanghai market has dropped 20%-30% from its peak a few weeks ago, it still represents a 100% gain from a year ago and a 30% gain over the last 6 months. Those participants who jumped in early are still more than happy.</div>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Greed is king</h6>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Despite recognizing it’s a bubble, almost everyone was still all-in on stocks. Why? Quite simply — greed with a dash of jealously. Seeing constant market gains in the news along with daily sharing and boasting from friends and family getting rich is simply too tempting and thus caution was thrown to the winds. Subsequently, this fueled a massive amount of equity exposure followed by leveraging and margin borrowing to go even more all-in.</div>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
But fear is the emperor</h6>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
The only emotion more powerful than greed is fear. Almost everyone I talked to was still all-in on stocks but everyone had a foot halfway out the door, ready to bolt at the first sign of trouble. While not uniquely a China problem — market drops are almost always more violent than the initial rise — in China, it’s several times more volatile. Look no further than solar-panel firm Hanergy’s Hong Kong listed stock, which lost 47% in one hour, or the numerous days the Shanghai market rose or dropped by 5% or more.</div>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Moral hazard in government rescues is real</h6>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
During the most chaotic moments of the financial crisis, bailout discussions always raised the specter of moral hazard. While it didn’t play a major role in the subsequent U.S. recovery, moral hazard in China is fast becoming a deep problem. Many market participants I talked to said they were confident in the Chinese government to step in eventually to maintain order and prevent mass panic. They know the government’s legitimacy relies heavily on economic progress and fear any contraction. So far, they’ve been right — the government has announced a never-ending stream of interventions over the last few weeks to stem the selloff and panic, with the latest being the implementation of a half-trillion-yuan fund to purchase stock and shore up the market. Of course, the question is: When does a problem become too big for the government to control?</div>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Maturity takes time</h6>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Perhaps the last lesson I took away from my Shanghai experience: Maturity takes time. Just as kids grow from naïve adolescence to rowdy teenage years to eventual maturity, so will China and its market participants. While stocks have been a part of U.S. culture and wealth creation for several generations now, in China this is really the first generation where participants both have the money and the ability to invest in stocks.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; font-weight: normal; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; vertical-align: baseline;">
Perhaps in another generation, after several years of painful lessons and surprising opportunities, it’ll look completely different.</div>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-stretch: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<br /><b style="background: 0px 0px; border: 0px; box-sizing: border-box; color: #47595f; display: block; font-size: 20px; font-weight: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br /></b><b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="color: black; font-size: medium; font-weight: normal;">
<b><u>GREXIT : EXIT OF GREECE FROM EU AND EURO ZONE DUE TO DEFAULT ON LOANS</u></b></div>
<div style="color: black; font-size: medium; font-weight: normal;">
HOW BIG IS THE ISSUE</div>
<div>
<div class="gmail_signature">
<div dir="ltr">
<ol style="color: #575757; font-family: arial, "helvetica neue", helvetica, sans-serif; font-size: 14px; font-weight: normal; line-height: 20px; margin-bottom: 10px; margin-top: 0px;">
<li style="text-align: left;">GREEK IS A SMALL ISLAND NATION NORTH OF AFRICA, IT IS A PART OF EU (EUROPEAN UNION) WHICH HAS A TOTAL OF 19 COUNTRIES. (MANY OF THEM HIGHLY IN DEBT, EG. ITALY, PORTUGAL, CYPRUS, SPAIN, FRANCE ALL HAVE NEAR OR MORE THAN 100% DEBT TO GDP RATIO - INDIA BY COMPARISON HAS AROUND 67% DEBT TO GDP RATIO)</li>
<li style="text-align: left;">THIS(JUNE 2015) IS THE THIRD EPISODE OF GREEK LOAN DEFAULT CRISIS, IT HAS HAPPENED TWICE BEFORE. IN MAY 2010 $146 BILLION RESCUE PACKAGE WAS DOLED OUT BY EU AND THEN AGAIN IN OCTOBER 2011 THE BANKS HAD AGREED TO TAKE A 50% LOSS ON THE FACE VALUE OF THEIR GREEK DEBT. AND NOW IN JUNE 2015 GREECE HAS DEFERRED SERIES OF DUE DEBT PAYMENTS UNTIL THE END OF THE MONTH.</li>
<li style="text-align: left;">THIS WHOLE SAGA BEGAN IN 2008 WHEN THE WALL STREET BUBBLE EXPLODED AND THE GLOBAL FINANCIAL MARKETS WERE GOING INTO A TAILSPIN, IN 2009 GREECE ANNOUNCED THAT IT HAD BEEN UNDERSTATING ITS DEFICIT FIGURES FOR YEARS (BASICALLY THEY WERE COOKING AND DISHING OUT THEIR FINANCIAL FIGURES TO KEEP THE BALL ROLLING) THIS RAISED GLOBAL ALARM BELLS AND SUDDENLY THERE WAS NO ONE TO EXTEND FRESH LOANS AND THE COUNTRY STARTED TO MOVE TOWARDS BANKRUPTCY.</li>
<li style="text-align: left;">NOW WE ALL UNDERSTAND THAT WHEN A COUNTRY/COMPANY/PERSON GOES BANKRUPT TWO ENTITIES SUFFER, THE POPULATION OF THAT COUNTRY AND THE BANKERS/FIS WHO HAD EXTENDED THE LOANS EARLIER, SO IN AFFECT EVERYONE IS A LOSER AND SO ALL STAKE HOLDERS BY DEFAULT TRY TO SALVAGE WHATEVER THEY CAN. KEEPING THIS IN MIND THE I.M.F., THE EUROPEAN CENTRAL BANK AND THE EUROPEAN COMMISSION CAME TO BAIL OUT GREECE WITH ABOUT 240 BILLION EUROS, BUT THESE BAILOUTS CAME WITH A CONDITION THAT THE GREEK GOVT INCREASE THEIR TAX COLLECTIONS BY SPENDING LESS AND STRICTER/INCREASED TAX COLLECTIONS.</li>
<li style="text-align: left;">GREECE HAD NO WAY TO DISAGREE, SO NOW WITH HARD TAX POLICIES THE GOVT BECAME POPULAR AND THE GOVT WAS THROWN OUT AND NEW GOVT. TOOK ITS PLACE (OFF-COURSE THE LEFTISTS WON THE ELECTIONS).</li>
<li style="text-align: left;">WITH NEW LOANS IN PLACE ONE WOULD IMAGINE THAT THE CRISIS WAS SOLVED, BUT WAIT.. NOT YET.. MOST OF THE NEW LOANS WERE USED TO PAYBACK OLD LOANS (REMEMBER THESE ARE SOVEREIGN LOANS) AND ON TOP OF IT THE GREEK GDP REDUCED BY AROUND 25% AND THUS AGAIN THE VICIOUS CYCLE OF LOWER COLLECTIONS, HIGHER EMIS AND NO OR LITTLE MONEY LEFT TO PAY GOVT SALARIES, PUBLIC EXPENDITURE ETC..</li>
<li style="text-align: left;">SO AGAIN A CRISIS IS SIMMERING AND EVERYONE BLAMING ONE ANOTHER.. THE LENDERS BLAMING GREECE FOR NOT PUTTING IN PLACE POLICIES FOR SPENDING LESS AND COLLECTING MORE AND THE CITIZENS BLAMING GOVT FOR MAKING THEIR LIVES MISERABLE. (ONE CAN IMAGINE THE PLIGHT OF GREEK GOVT BEING CRUSHED BETWEEN TWO WALLS!)</li>
<li style="text-align: left;">SO WHAT NOW? IF GREECE GOES BANKRUPT OR THE LEFTIST GOVT. DECIDES EXIT EU, EU WOULD BE THROWN IN CHAOS AND THIS WILL SPREAD THROUGHOUT THE WORLD AS FRESH DEBTS WOULD CARRY HIGHER RISK PREMIUMS, IN GENERAL INVESTOR SENTIMENTS WOULD BE CAUTIONS AND CREDIBILITY OF EURO AS A CURRENCY WOULD TAKE A BATTERING.</li>
<li style="text-align: left;">SO HOW BIG IS IT? LETS FIRSTLY UNDERSTAND THAT GREEK GDP IS A TINY-TINY PART OF GLOBAL ECONOMY AND EVEN IN EU ECONOMY GREECE IS A VERY SMALL PART.</li>
</ol>
<div style="font-size: 18px; font-weight: normal;">
<div style="text-align: left;">
<span face=""arial" , "helvetica neue" , "helvetica" , sans-serif" style="color: #575757;"><span style="font-size: 14px; line-height: 20px;"><br /></span></span></div>
</div>
<div style="font-size: 18px; font-weight: normal;">
<div style="text-align: left;">
<span face=""arial" , "helvetica neue" , "helvetica" , sans-serif" style="color: #575757;"><span style="font-size: 14px; line-height: 20px;"><br /></span></span></div>
</div>
<div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
<b>SUBPRIME LENDING CRISIS IN US</b></div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
<b><br /></b></div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
WHAT DOES US SUBPRIME ACTUALLY MEAN AND HOW HAS IT IMPACTED THE INDIAN AND WORLD MARKETS.</div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
<br /></div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
SUBPRIME LENDING IS A GENERAL TERM THAT REFERS TO THE PRACTICE OF MAKING LOANS TO <span style="background-color: initial;">BORROWERS WHO DO NOT QUALIFY FOR THE BEST MARKET INTEREST RATES DUE TO THEIR DEFICIENT CREDIT </span><span style="background-color: initial;">HISTORY. SUBPRIME IS RISKY FOR BOTH THE LENDERS AS WELL AS THE BORROWERS. FOR THE LENDERS, IT</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
BRINGS WITH IT HIGH-RISK INVOLVEMENT, POOR CREDIT HISTORY AND MURKY FINANCIAL SITUATIONS.</div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
WHEREAS FOR THE BORROWERS IT MEANS HIGHER INTEREST RATES. THE ADDITIONAL PERCENTAGE POINTS <span style="background-color: initial;">OF INTEREST OFTEN TRANSLATE TO TENS OF THOUSANDS OF DOLLARS WORTH OF ADDITIONAL INTEREST </span><span style="background-color: initial;">PAYMENTS OVER THE LIFE OF A LONGER TERM LOAN. STATISTICALLY, MORE THAN 25 PERCENT OF POTENTIAL </span><span style="background-color: initial;">BORROWERS OF UNITED STATES FALL IN THIS CATEGORY AND HENCE FITTINGLY NEARLY 25% OF </span><span style="background-color: initial;">MORTGAGES IN US SINCE 1998 HAVE BEEN SUBPRIME.</span></div><div style="text-align: left;"><span style="background-color: initial;"><br /></span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
THE WINDFALL IN THE SUBPRIME MARKET HAS AGAIN A LOT TO DO WITH THE PRIME MARKET AS WELL. <span style="background-color: initial;">THE AMERICAN WHO GETS THE LOAN FROM THE PRIME MARKET WILL AGAIN GIVE OUT LOANS TO LOT OF </span><span style="background-color: initial;">OTHER PEOPLE IN SMALL TRANCHES. THE RATE OF INTEREST WILL BE VERY HIGH COMPARED TO RATE HE</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
HAS BORROWED FROM THE BANK. ALSO HE GOES AHEAD AND SECURITIZES THESE LOANS. IT MEANS <span style="background-color: initial;">CONVERTING THE LOANS INTO FINANCIAL SECURITIZATION. THE BIG FINANCIAL INSTITUTIONS WILL BE </span><span style="background-color: initial;">PURCHASING THE SECURITIES. THE INVESTORS ARE IN TURN REPAID BY THE EMIS OF THE SUBPRIME</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
LOAN BORROWERS.</div><div style="text-align: left;"><br /></div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
AS THE INTEREST RATES INCREASED AND SUBSEQUENTLY THE EMIS, IT BECAME INTRIGUING FOR THE <span style="background-color: initial;">SUBPRIME BORROWERS TO PAY THEIR INSTALLMENTS AND THEY DEFAULTED. THESE LED TO LARGE LOSSES </span><span style="background-color: initial;">IN THE SECURITIES INVOLVED AS WELL. THIS HAS LED THE BIG INSTITUTIONAL INVESTORS TO TAKE THEIR</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
MONEY OUT OF EMERGING MARKETS.</div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
THE HUMAN FACE OF THE CURRENT FINANCIAL CRISIS IS LIKELY TO BE A LOW-EARNING AMERICAN, <span style="background-color: initial;">POSSIBLY SOMEONE WHO TOOK ON A MORTGAGE THEY COULD ILL-AFFORD AND WHOSE MORTGAGE</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
BROKER DID INADEQUATE CHECKS ON THEIR ABILITY TO REPAY. IT WAS ALSO AGGRAVATED BY RISING <span style="background-color: initial;">HOME LOAN RATES AND FALLING HOME PRICES.</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
THE INVESTORS ALSO WAR ON THIS BEING JUST AN EDGE OF THE STORM. THEY PREDICT MORE THAN <span style="background-color: initial;">$100 BILLION OF HOME LOANS LIKELY TO DEFAULT WHEN THE PROBLEMS WILL EVENTUALLY SPILL TO THE</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
PRIME MORTGAGE MARKETS. THE CREDIT RATING FIRMS STANDARD AND POORS AS WELL AS MOODY’S <span style="background-color: initial;">HAVE BEEN CRITICIZED WIDELY, AS THE SECURITIES WERE RATED AT THEIR BEHEST. BANKING GIANT</span></div></div>
<div style="font-size: medium; font-weight: normal;">
<div style="text-align: left;">
BNP PARIBAS WAS ALSO AFFECTED AS IT ANNOUNCED ITS THREE OF THE INVESTMENT FUNDS TO BE <span style="background-color: initial;">SUSPENDED DUE TO THEIR EXPOSURE TO THE SUBPRIME LOANS.</span></div></div><div>
<div style="font-size: medium; font-weight: normal; text-align: left;">
<br /></div>
<br />
<br />
<br />
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<b><u>End of Emerging Markets Mania. Long Live Developed Markets </u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: 20px; font-weight: normal; line-height: 1.5; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<span class="focusParagraph" style="background-color: white; font-family: "arial" , "helvetica" , "sans";">July 4 2013</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span class="focusParagraph" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: 20px; font-weight: normal; line-height: 1.5; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<span class="focusParagraph" style="background-color: white; font-family: "arial" , "helvetica" , "sans";">Investors who wrongly called time on U.S. economic supremacy during the financial crisis are set to pay a hefty price for betting too much on the developing world, according to a top Goldman Sachs strategist.</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span class="focusParagraph" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><span id="midArticle_1" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
The U.S. investment bank helped inspire a twenty-fold surge in financial investment in <span class="mandelbrot_refrag">China</span>, India, <span class="mandelbrot_refrag">Russia</span> and Brazil over the past decade, its chief economist popularizing the term BRICs in a 2001 research paper.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_2" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Sharmin Mossavar-Rahmani, in charge of shaping the portfolios of the bank's rich private clients, has been arguing against that trend for four years, however, trying to persuade investors and colleagues they were safer sticking with the developed world.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_3" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
The past six months has substantially vindicated that view. China's boom is finally wobbling under the weight of economic imbalances including an undervalued currency, and emerging stock <span class="mandelbrot_refrag">markets</span> are down 13 percent compared to an 11 percent rise in the U.S. <span class="mandelbrot_refrag">S&P</span> 500. index over the same period.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_4" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
"Many investors and market commentators have been too euphoric about China over the last decade and this euphoria is finally abating. Many just followed the herd into emerging <span class="mandelbrot_refrag">markets</span> and over-allocated to many of the key countries," she says.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_5" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
"It is easier to be part of the herd even if one is wrong, than stay apart from the herd and be right in the long run."</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_6" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
The net gains for U.S. stock markets may just be a taste of the reassertion of western dominance that may emerge in the next few years, Mossavar-Rahmani argues.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_7" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Structural advantages like abundant mineral wealth, positive demographics and, most importantly, inclusive, well-run political and economic institutions make the United States the best bet going forward, she says.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_8" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
"(Emerging market) investors are taking on so many risks compared with the U.S. where the risk is largely cyclical rather than structural," she says.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_9" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Many of the cyclical issues affecting the U.S. such as high levels of debt, are also on their way to being resolved.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_10" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
"One thing that normally puts investors off from increasing their U.S. holdings is the long term debt profile, but we think the magnitude of the work done to address this has been underappreciated by investors," she says.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_11" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
WEST IS BEST</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_12" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
The idea that authoritarian countries are less effective than open economies like the U.S. at incentivizing entrepreneurship and innovation is long accepted in academia.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_13" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Daron Acemoglu and James Robinson laid out the case for doubting the emerging power of <span class="mandelbrot_refrag"><a class="mandelbrot_refrag" href="http://www.reuters.com/places/china?lc=int_mb_1001" style="color: #006e97; cursor: pointer; outline: none; text-decoration-line: none;">China</a></span>and others in a book 'Why Nations Fail' last year, arguing poor institutions that entrench inequality will hamper a country's path to prosperity.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_14" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
But this view was largely put aside by professional investors who allowed themselves to be swept up in a "mania" about the rewards up for grabs in emerging markets, especially China.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_15" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
The widely held position, enhanced by the crisis of 2007-8, was that the developed world was entering a long decline and the best prospects for investors would be found in emerging markets, particularly in Asia.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_0" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
That prompted a boom in emerging market themed equity funds, which in Europe multiplied from 13 in 2002 to 67 in 2012 according to Lipper, a Thomson Reuters company that tracks the funds industry.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_1" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Lipper data also shows the balance of money flowing into emerging market themed equity funds globally, including those focused on the BRICs, soared from 2.42 billion euros in 2008 to 51.23 billion euros in 2012.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_2" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
In contrast, equity funds overall lost 21.5 billion euros in 2012.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_3" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
UNREST</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_4" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
China's efforts to rebalance its <span class="mandelbrot_refrag">economy</span> from an export dependent to consumer-led model is likely to bring slower growth, more market volatility and greater potential for social unrest - a worrying trinity of red flags for foreign investors who have poured cash into China in recent years.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_5" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Meanwhile, mass protests are causing political crisis in Brazil and investors are fretting about ponderous, economically stifling bureaucracy in India. South Africa, sometimes called a fifth BRIC, is also struggling with a tide of labor unrest and infrastructure and social problems.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_6" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Data from fund tracker EPFR Global shows investors pulled out a record $10 billion from emerging markets debt and equity funds in the week to June 28.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_7" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Mossavar-Rahmani argues investors should not base decisions so heavily on which countries post the most impressive economic growth numbers, a temptation to which she says many succumbed when overallocating money to China.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_8" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; font-weight: normal; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
Even when countries enjoy rapid economic growth, the increases in GDP do not equate to similar jumps in investment returns, she says, citing a study published in 2005 by the London Business School.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left; text-transform: none;">
<span id="midArticle_9" style="background-color: white; font-family: "arial" , "helvetica" , "sans";"></span><br /></div>
<div style="color: black; font-family: arial, helvetica, sans; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;"><span style="font-size: 14px; font-weight: normal;">
"If you rank the world's economies from fastest to slowest in terms of growth, the fastest-growing quintile actually generate the lowest investment return while the slowest third deliver the highest," she said.</span><br />
<div style="font-size: 14px; font-weight: normal;"><br /></div><div style="font-size: 14px; font-weight: normal;"><br /></div><div><p class="mobile-photo" style="font-family: "Times New Roman";"><span style="font-size: medium;">Emerging market index - weightage of Indian companies</span></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEj8Y_BEmnNdgz1BY6xvDOvlFErcHeE5gNqzeuxQFUQQ7WjdVkqlLgTuQ1UqJEbhdV6dBMaxhatj3Sz6w4I-c8BQWMUmTO-uCho64ySrciCmgpMecTumC6m8oaxmgPO9lXEZw4T-kYPvrAh-RbrtpZRh1YYF8p2joe0p-LZpG16sQRdZhG9curKu4-9RaQ39"><img alt="" border="0" id="BLOGGER_PHOTO_ID_7298577426766442530" src="https://blogger.googleusercontent.com/img/a/AVvXsEj8Y_BEmnNdgz1BY6xvDOvlFErcHeE5gNqzeuxQFUQQ7WjdVkqlLgTuQ1UqJEbhdV6dBMaxhatj3Sz6w4I-c8BQWMUmTO-uCho64ySrciCmgpMecTumC6m8oaxmgPO9lXEZw4T-kYPvrAh-RbrtpZRh1YYF8p2joe0p-LZpG16sQRdZhG9curKu4-9RaQ39=s320" /></a></p></div><div style="font-size: 14px; font-weight: normal;">
<br />
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 0pt;">
<div class="MsoNormal" style="line-height: 28.5pt; margin-bottom: 0in;">
<span face=""helvetica" , sans-serif" style="color: #262626; font-size: 26px;">Emerging Economies : BRICS Debate(Brazil, Russia, India, China and South Africa). </span><br />
<span face=""helvetica" , sans-serif" style="color: #262626; font-size: 26px;"><br /></span><span face=""helvetica" , "sans-serif"" style="color: #262626; font-size: 19.5pt;">Brazil is going bust. Aug 28<sup>th</sup> 2015<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Its currency is plummeting, unemployment is rising, its stock market is down 20% from a year ago and its president, Dilma Rousseff, has an 8% approval rating -- the lowest since 1992 when Brazil's president was impeached.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Once a major economic <a href="http://money.cnn.com/2015/02/19/news/economy/brazil-economy/?iid=EL"><span style="color: #1173b4; text-decoration-line: none;">success story</span></a>, Brazil sank into recession on Friday.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Its economy contracted 1.9% in the second quarter compared to the first. It was the second consecutive quarter of contraction.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">"Pretty much everything is turning down," says Neil Shearing, chief emerging market economist at Capital Economics.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Compared with the same quarter last year, its economy shrank 2.6%, by far the worst performance in years, according to government statistics published Friday.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Here are the major reasons why Brazil, the second largest economy in the Western Hemisphere behind the U.S., is now in a recession:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">1. Brazil's exports to China had exploded over the last decade. Now that China's economy is slowing, it needs fewer exports from Brazil.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">2. Brazil's state-run oil company, Petrobras, is in a massive corruption scandal tied to many members in Rousseff's political party. The large money-laundering scandal spans across oil, business and political leaders in the country.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">3. Prices for all of Brazil's key commodities -- <a href="http://money.cnn.com/2015/08/13/investing/oil-prices-below-42/?iid=EL"><span style="color: #1173b4; text-decoration-line: none;">oil,</span></a> sugar, coffee, metals -- have tanked. Commodities are the engine behind Brazil's economy and they've lost value fast.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">The recession comes as Brazilians are holding <a href="http://money.cnn.com/2015/08/13/news/economy/brazil-economy-recession/index.html?iid=hp-stack-dom"><span style="color: #1173b4; text-decoration-line: none;">mass protests calling for Rousseff's impeachment</span></a>. Although corruption isn't new in Brazil, the scale of the Petrobras corruption is large. Petrobras officials said earlier this year that the company lost $2 billion just in bribes.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">In July, the scandal worsened: Brazilian police arrested executives at the country's electric utility, Electrobras, with charges related to money laundering at Petrobras. As investigators dig deeper, they're finding more and more officials at other agencies tied to the corruption case.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">While it's just one corruption scandal, it's reach has eroded business confidence.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Investment fell nearly 12% in Brazil in the second quarter compared to a year ago, according to Capital Economics.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Its currency, the real, has lost 25% of its value against the dollar so far this year. Imports have fallen about 12% from a year ago.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">For Brazilian companies that have borrowed in U.S. dollars, a plunging currency makes paying back the debt much more expensive.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">Long term, a lower value currency could help, says Shearing, the economist. Countries across the globe -- in Asia and in Europe -- use currency devaluation to make the exports look more attractive to foreign buyers and entice locals to buy products made in the country. Brazil's exports did go up 7% compared to a year ago.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">But it's too soon to get excited. Shearing warns the export figure nothing more than a "glimmer of hope," for Brazil's economic future.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 22.5pt; margin-bottom: 0in;">
<span face=""verdana" , sans-serif" style="font-size: x-small;">For now, Brazil's economy appears to be in a recession that could last well into next year, most experts say</span><span face=""helvetica" , sans-serif" style="font-size: 13.5pt;">.<o:p></o:p></span></div>
<br />
<div class="MsoNormal">
<br /></div>
<b style="color: #333333; font-family: arial, sans-serif; font-size: 13.3333px;">Will India be replaced by Indonesia in BRICS</b><br />
<div style="line-height: 12pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;"><br /></span></div>
<div style="line-height: 12pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Both India and Indonesia are growing fast, but lately the smaller of the two as seen its economy expand the fastest</span></div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;"><br /></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Entry into the Brics club is a seen as a sign of success - a statement that you have made it as an emerging economy.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">When the phrase was first coined back in 2001 by Jim O'Neill from Goldman Sachs he intended it to encompass just four fast growing emerging-market countries - Brazil, Russia, India and China.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">South Africa was added in 2011 - despite protestations from Mr O'Neill.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Being a part of Brics means you are instantly branded a sure bet - or at least that is the perception among investors.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Economists say the Brics make up approximately 20% of global gross domestic product (GDP), and by 2030 could possibly rival the combined economies of the G7 countries (the US, Canada, the UK, France, Germany, Italy and Japan).</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">But already there are concerns that the fast growing economies of the grouping are seeing some trouble ahead.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: normal; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">'Policy paralysis'</span></b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Take India, which once saw its economy growing at a rate of 9%, but is now suffering from "policy paralysis", caused by a combination of stalling economic reforms and political haggling, according to Ajit Ranade, chief economist with the Aditya Birla Group.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;"><br />"But fundamentally, India's economy is still stable, its medium-term growth drivers are intact. Some policy momentum is visible these days.""The government has had a lot of political dramas, with corruption scandals unfolding over the last few years, and opposition parties stalling economic reform at every juncture," he says.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">The Indian government says it expects the country to grow between 6.1% and 6.7% this year, faster than in 2012, when GDP grew by 5.3%.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: normal; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">Middle class</span></b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">The slowdown in economic growth in India lies behind the suggestion that perhaps Indonesia should be the "I" in Brics instead.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">On the face of it, India and Indonesia's economies have a lot in common - certainly more than just their first initials.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Both have large and young populations in fast growing economies driven mainly by domestic consumption.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 12pt; margin: 0cm 0cm 9pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">There's a dynamism in the Indian economy - in manufacturing, agriculture, services - that just isn't there in Indonesia"</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 12pt; margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">PK BasuMaybank</span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">But India's economy is six or seven times the size of Indonesia's, and it has many more mouths to feed, with a population of more than 1.2 billion compared with Indonesia's 240 million.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">While India has seen its economy stumble recently after many years of strong growth, Indonesia's strengths have made it the darling of international investors - although it too has also seen economic growth decline moderately.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">The two nations also face many of the same problems, with their messy political systems, shoddy infrastructure in desperate need of upgrading, corruption and crippling poverty.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: normal; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">Open economy</span></b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">One of the comments you always hear about Indonesia's potential is the rapid emergence of its affluent middle class, which is set to almost double by 2020 to 141 million people, the Boston Consulting Group forecasts, which means more than half the population would be classified as middle-income class or richer. Domestic consumption helps power the economy and attracts plenty of foreign companies into this relatively open economy.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">India has a large domestic market too, but restrictions on foreign ownership make it difficult for foreign firms to get involved.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;"><br />The company has also opened a research and development facility in India and now sees both markets as equally important, according to Vismay Sharma, L'Oreal's president in Indonesia, who has also worked in India.So last year, the global cosmetics giant L'Oreal chose Indonesia when it invested some $130m (£86m) in a state-of-the-art factory just outside Jakarta to produce 700,000 products per day, ranging from whitening creams to shampoos for both the domestic market as well as for exports to neighbouring countries.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: normal; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">Bricsi?</span></b><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Indonesia's growing importance relative to India has done little to remove some of the real challenges for retailers and distributors doing business here, however, such as the fact that it is made up of islands.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 12pt; margin: 0cm 0cm 0pt;">
<b style="line-height: 12pt;"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">The rate of growth means nothing without the quality of growth"</span></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 12pt; margin: 0cm 0cm 9pt;">
<span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 12pt; margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">HS DillonSpecial advisor poverty alleviation, Indonesia</span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">"You can't use road or rail everywhere, so you end up using ships," says Mr Sharma.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">"You end up depending on ports, and that starts to put a lot of strain on the infrastructure."</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Neither India nor Indonesia have good infrastructure, and both governments have pledged to spend billions of dollars to improve it.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">But such lofty ambitions do not always deliver results. Last year, a much-lauded land acquisition bill was passed in Indonesia, but it has failed in its ambition to make it easier for the government to push ahead with infrastructure projects.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Obstacles such as these have resulted in analysts dismissing the idea that India should be replaced by Indonesia in the Brics grouping.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">"You can add it as a sixth Brics, perhaps, making it Bricsi," says PK Basu, regional head of Maybank in Singapore.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">"But replacing India doesn't make sense from any perspective. It's the first year in the last 15 years that Indonesia's real GDP grew faster than India. There's a dynamism in the Indian economy - in manufacturing, agriculture, services - that just isn't there in Indonesia."</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">HS Dillon, Indonesia's special adviser on poverty alleviation, agrees.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Each nation has moved into fast-growing economy status, each taking its own path to get there, but neither country has "made it", he says, insisting that "the rate of growth means nothing without the quality of growth".</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">Widespread poverty is there for all to see just a few kilometres outside of Jakarta's fancy financial district, where urban slums have cropped up in many parts of the city, as migrants from other parts of the archipelago have come here to find work. India's big cities too have seen mass migration into fast-growing cities that are becoming increasingly densely packed.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">The poor in both countries are prone to avoidable diseases, resulting from poor sanitation, regular flooding and a lack of affordable healthcare.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">"People say all the time we are one of the largest economies in the world, we are in the G20, we are this, we are that," says Mr Dillon.</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 13.5pt; margin: 0cm 0cm 13.5pt;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10pt;">"But what," he asks, "does that mean for the poor?"</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; line-height: 12pt; margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="color: #505050; font-size: 12pt;">By Karishma VaswaniBBC</span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;"> News, Jakarta </span><span face=""arial" , "sans-serif"" style="color: #505050; font-size: 10pt;">27 March 2013</span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-family: "times new roman"; font-size: small;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;"><b>Will Indonesia replace India in BRICS (Brazil, Russia, India, China and South Africa) — the league of powerful emerging nations — in the near future?<o:p></o:p></b></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">Although growth has slowed down in India, and Indonesia has emerged as the favourite for foreign investors, there's no chance of Indonesia replacing India, says Standard Chartered Bank managing director and senior economist Fauzi Ichsan.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">"India will remain in BRICS. What can happen is that Indonesia may join BRICS by 2014 and the league may become BRIICS. India is a much bigger economy which is expected to do well in the coming years," Fauzi said.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">"The growth rate of the Indian and Indonesian economies was 2nd and 3rd highest among the G-20 nations. Both economies have large domestic markets that helped shield them from global economic slowdown and global trade contracts. Indonesia also attracted global investors attention during this period when GDP growth has been over 6.5 per cent over the previous years," Fauzi told The Indian Express.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">According to him, with Indonesia likely to join the BRICS club by 2014, India-Indonesia economic relations will strengthen further.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">"Moreover, political-economic similarities between India and Indonesia would foster Indian FDI into Indonesia, as Indian investors are used to challenges in a young democracy," Fauzi said.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">Despite global economic slowdown, trade between India and Indonesia has strengthened over the last decade.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">"Indonesia which is a major coal producer in the world attracted several Indian corporates which are keen to invest in coal mines in the country. Nearly 70 per cent of India's coal requirements are imported from Indonesia," said Prakash Subramanian, MD and head, global markets, Stanchart, Indonesia.<o:p></o:p></span></div>
<div style="line-height: 17.25pt; margin-top: 0cm;">
<span style="font-family: "georgia" , serif; font-size: 11.5pt;">Over the years, quite a few Indian corporate groups have set up operations in Indonesia. The Tata group, the Anil Ambani group, the Adani group and Essar have bought stakes in Indonesian mines.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "georgia" , serif; font-size: 11.5pt; line-height: 17.6333px;">India is Indonesia's fourth largest destination of non-oil and gas exports after China, Japan and the US. Exports to India rose 35 per cent to $13.3 billion in the year 2011. FDI from India rose 37 per cent to $ 4.3 billion mainly in manufacturing products like pharmacy, motor cycles and textiles. The bilateral trade is expected to rise to $ 25 billion by 2015, Jakarta-based Subramanian said.</span><o:p></o:p></div>
<br />
<div class="MsoNormal">
<a href="http://www.indianexpress.com/columnist/georgemathew/"><span face=""arial" , "sans-serif"" style="color: black; font-size: 9pt; line-height: 13.8px;">George Mathew</span></a><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #4b4b4b; font-size: 9pt; line-height: 13.8px;"> </span><span face=""arial" , "sans-serif"" style="color: #4b4b4b; font-size: 9pt; line-height: 13.8px;">: Mumbai, Sun Jul 22 2012</span></span></div>
<br />
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<span style="font-family: "georgia" , "times new roman" , serif;"><span style="line-height: 24px;"><b><u>Why India cannot be replaced with Indonesia in the BRIC?</u></b></span></span><br />
<div style="line-height: 24px;">
<br /></div>
<div style="line-height: 24px;">
In times of cynicism and over exuberance to report, all kind of theories abound, never mind if some of them could have serious judgmental errors.</div>
</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
The economic bedlam of the last few days and the fall in the Indian rupee has given rise to a new theory that is floating around, “Will Indonesia replace India in the BRIC?”</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Now BRIC is not a formal bloc, but just a term coined for Brazil, Russia, India and China. What in effect the articles go on to mean is that would India be ignored for Indonesia by investors, particularly foreign investors.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Now, the Indian economy is suffering from inertia alright, but, the elephant can dance. It has in the past and it will in the future. Now, for the naysayers and doubters.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Just a few days back, there were reports that India would emerge as Facebook's largest market, overtaking US as early as 2015. Now, what would happen if Facebook decided to ignore India today for Indonesia. It would lose its largest market in three years from now – a colossal loss indeed.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Earlier this month officials of Reckitt Benckiser (world's largest producer of household cleaning products) with brands like Dettol and Strepsils said it expects the Indian operations to become its biggest market globally in terms of revenue in the next 3-5 years. If India can contribute the largest revenue to a MNC behemoth like Reckitt, which has operations in 200 countries, that is fantastic indeed. </div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Last month LinkedIn said India had become its second largest market ahead of China. Similar comments have been echoed by Starwood and the US Exim Bank, which claim that India would be their largest markets in the next few years.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Indian stock commands a price to earnings multiple that is the highest amongst emerging and developed economies. The Sensex companies P/E mutiples, trade at a premium to developed economies. Why do investors pay a premium to own Indian stocks? It's simply because they bet on growth and are willing to pay a premium for the growth.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Foreign Direct Investment in Indonesia totalled, $19.3 billion in 2011. In FY 2011-12, FDI in India increased by 46.4 percent to $ 28.4 billion. One report says that India and China together attract 63% of the emerging market private equity.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Now, there are a series of comparisons that make India a better bet for foreigners, but let's take one last and the most important one – India's young population.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Sam Pitroda was recently quoted by IANS saying,"India's 238 million 15 to 24 year-olds equals the total population of the world's fourth most populous country, Indonesia." India's young population will increase by 136 million by 2020, as against 23 million anticipated for China.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
That's going to be a huge working population in the next 10 years, with a market size that is gargantuan.</div>
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
Foreigners can decide to ignore India due to short term concerns, but, may well lament their folly for not taking a longer term view. As for the reports on Indonesia replacing India in the BRIC, it may just be a case of "putting not a foot, but feet in the mouth".<br />
<br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
<span face=""opensans" , sans-serif" style="color: #333333;"><b><u>Emerging Markets Outlook for 2016</u></b></span><br />
<div style="color: #333333; font-family: opensans, sans-serif; font-size: 16px;">
9/12/15</div>
</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
A recent Bank of America Merrill Lynch survey confirmed the sentiment extreme here, finding that fund managers haven’t been this pessimistic about emerging markets equities since 2001.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Here’s another confirmation: The MSCI Emerging Markets Index trades at a price-to-book ratio of around 1.3 vs a 10-year average of 1.8, says Pablo Echavarria, associate portfolio manager at the Thornburg Developing World Fund<span class="quote down bgQuote" data-bgformat="" data-channel="/quotes/zigman/580476/realtime" style="background: 0px 0px; border: 0px; box-sizing: border-box; display: inline-block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a class="qt-chip trackable" data-fancyid="XNASOpenEndFundTHDIX" data-track-mod="MW_story_quote" href="http://www.marketwatch.com/investing/fund/thdix?mod=MW_story_quote" style="background: 0px 0px; box-sizing: border-box; color: #bc4550; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">THDIX, <span class="bgPercentChange" style="background: 0px 0px; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">-1.27%</span></a></span> “The asset class bottomed at one times book during the financial crisis. We are not quite there, but we are close,” he says.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
What’s the best way to navigate emerging markets investing? Very carefully, according to four EM fund managers I recently checked in with. “For the average investor, it is really time to be selective,” says Xian Liang, co-portfolio manager to the U.S. Global Investors China Region Fund <span class="quote down bgQuote" data-bgformat="" data-channel="/quotes/zigman/138660/realtime" style="background: 0px 0px; border: 0px; box-sizing: border-box; display: inline-block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a class="qt-chip trackable" data-fancyid="XNASOpenEndFundUSCOX" data-track-mod="MW_story_quote" href="http://www.marketwatch.com/investing/fund/uscox?mod=MW_story_quote" style="background: 0px 0px; box-sizing: border-box; color: #bc4550; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">USCOX, <span class="bgPercentChange" style="background: 0px 0px; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">-1.18%</span></a></span> “Pick your spots.”</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Read on to see what four EM managers say this means.</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Invest in the right regions</h6>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
EM bears cite three main problems: the China slowdown, excessive debt and weak commodity prices (which we’ll discuss, below). But for Gary Greenberg, portfolio manager at the Calvert Emerging Markets Equity Fund <span class="quote down bgQuote" data-bgformat="" data-channel="/quotes/zigman/11247079/realtime" style="background: 0px 0px; border: 0px; box-sizing: border-box; display: inline-block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a class="qt-chip trackable" data-fancyid="XNASOpenEndFundCVMAX" data-track-mod="MW_story_quote" href="http://www.marketwatch.com/investing/fund/cvmax?mod=MW_story_quote" style="background: 0px 0px; box-sizing: border-box; color: #bc4550; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">CVMAX, <span class="bgPercentChange" style="background: 0px 0px; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">-1.30%</span></a></span> another challenge is also at work. Greenberg is worth listening to because his fund has beaten its benchmark by around 5 percentage points a year, annualized, over the past three to five years, according to Morningstar. That’s a great record.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Greenberg says a bigger issue is that the old emerging markets game plan of growing rapidly by exporting cheap goods produced by low-cost labor — and never mind the pollution — no longer works as well. Instead, EM countries have to upgrade their economies by encouraging production of more sophisticated goods and services and stronger domestic consumer spending.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Countries that get this, or are on their way to making the transition, are the best places to be. Greenberg says Chile, Taiwan, Poland, the Czech Republic and Korea have already made the transition. Countries on their way include India, Indonesia, China and Mexico.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
“Both represent good environments for companies to operate in,” says Greenberg, and he favors the latter group.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Countries behind in this transition, either because their economies are commodity-focused or because they are distracted by geopolitical tensions or domestic political issues, include Venezuela, Argentina, Brazil, Turkey, Russia and South Africa.</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
Go with the Chinese consumer</h6>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
EM bears like to harp on the industrial-sector slowdown in China. But as I recently wrote, there are plenty of signals from U.S. companies in China that the Chinese consumer is doing OK.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
EM portfolio managers also see signs of consumer strength inside China. Calvert’s Greenberg cites continued wage growth, and robust spending trends at restaurants and big online retailers like Alibaba Group Holding Ltd. “The consumer in China is doing OK,” says Greenberg.<span style="background-color: initial;"> </span></div></div></div></div></div></div></div></div></b></h3><h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;"><b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;"><div class="gmail_signature"><div dir="ltr"><div style="font-size: medium;"><div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;"><div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;"><div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;"><div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;"><span face="roboto, sans-serif" style="background-color: transparent; font-size: 20px;">Go with India’s infrastructure build-out</span></div></div></div></div></div></div></div></div></b></h3>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
In some ways, India is like China was 20 years ago. It has a lot of young people entering the workforce, and it’s in the midst of an investment boom to build out its infrastructure and manufacturing base. To do all of this, it has to upgrade everything from its ports and transportation system, to its electricity supply and payments system.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Most of the companies that will benefit directly are listed only locally. But two Indian banks listed on U.S. exchanges offer a way to get exposure.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
One is HDFC Bank Ltd. This bank is growing its loan book rapidly while keeping a lid on dud loans. It’s also a play on the megatrend of offering more banking services to India’s vast rural population. Its chief competitors are less-efficient government banks, so it has room to take market share. “This bank is not cheap, but it is a good growth story,” says Greenberg. This is a top-five holding in the Calvert Emerging Markets Equity Fund, which Greenberg manages.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
The other is ICICI a commercial lender that should benefit from the build-out of the infrastructure and industrial base.</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
What to avoid</h6>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Greenberg is cautious on Chinese banks because they aren’t transparent about underperforming loans. He suspects many of these banks will have to raise capital over the next five years. Greenberg is also cautious on commodity-related stocks because of what he foresees as ongoing sluggishness in the Chinese economy over the next several years. A recent report by Barclays predicted that demand for copper and gold would suffer the most, among metals, from China sluggishness.</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: roboto, sans-serif; font-size: 20px; font-stretch: normal; font-weight: normal; line-height: 1.4; margin: 0px 0px 2px; outline: 0px; padding: 0px; vertical-align: baseline;">
But what about the bear case?</h6>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
And what about the bear case behind our Economist magazine-cover indicator? The story cites high emerging markets debt loads, weak commodity prices and a China slowdown as three of the main reasons to worry. But these may not be such big negatives, maintains Eric Moffett, portfolio manager of the T. Rowe Price Asia Opportunities Fund <span class="quote down bgQuote" data-bgformat="" data-channel="/quotes/zigman/33754771/realtime" style="background: 0px 0px; border: 0px; box-sizing: border-box; display: inline-block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><a class="qt-chip trackable" data-fancyid="XNASOpenEndFundTRAOX" data-track-mod="MW_story_quote" href="http://www.marketwatch.com/investing/fund/traox?mod=MW_story_quote" style="background: 0px 0px; box-sizing: border-box; color: #bc4550; font-weight: 700; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">TRAOX, <span class="bgPercentChange" style="background: 0px 0px; border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">-0.98%</span></a></span></div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
While it’s true that there’s been a big increase in debt levels in China, it’s important to keep in mind that consumer debt, which can wreak the most havoc on economies when it gets out of hand, is extremely low. “Here in Asia, particularly in China, there is very little consumer leverage,” Moffett said in a recent interview from Hong Kong. He notes that a quarter of all residential real estate is purchased with cash, and those who use mortgages have to put down 50%. “The consumer balance sheet is fine,” he says.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Meanwhile, state-run companies in China have a lot of debt, but they have borrowed from state-owned banks. These banks, and the politicians behind them, don’t have an interest in playing hardball over loans. “That reduces the [probability of a] day of reckoning,” says Moffett.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
As for weak commodity prices, Moffett notes that most of Asia, which accounts for about 70% of emerging markets GDP, actually benefits from lower commodity prices. They are more buyers than sellers of commodities, except for Malaysia. Obviously, though, Russia and Brazil are being hurt by weak commodity prices.</div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
Finally, while it’s true China’s economy will most likely continue to slow, the risk of the dreaded hard landing is probably low. China has lots of dollar reserves it can use to shore up the banking system. And unlike the Fed, China’s central bank still has room to cut interest rates to help the economy. It also has room to lower reserve requirements at banks, which can encourage lending.</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #333333; font-family: opensans, sans-serif; font-size: 16px; line-height: 24px; margin-bottom: 15px; outline: 0px; padding: 0px; text-align: left; vertical-align: baseline;">
“The Chinese government has a number of things it can do to control the speed of a slowdown,” says Moffett. “And some big, uncontrolled collapse is not in the interest of the government.”</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
</div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: normal; margin-bottom: 7.5pt; text-align: left;">
<span style="color: #1c3c65; font-family: "georgia" , "serif"; font-size: 22.5pt;">India, China will drive emerging market outperformance in 2015: Shankar Sharma (in 2014)</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 18pt; margin-bottom: 3.75pt; text-align: left;">
<b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Q&A with vice-chairman and joint managing director, First Global by Business Standard</span></b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;"></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: normal; margin-bottom: 0in; text-align: left;">
<br /></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 0in; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Despite growth concerns emanating from major global economies amid falling crude oil prices, Indian <a href="http://www.business-standard.com/search?type=news&q=Markets" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">markets </span></a>have hit record highs in 2015. <b>Shankar Sharma</b>, vice-chairman and joint managing director, <a href="http://www.business-standard.com/search?type=news&q=First+Global" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">First Global </span></a><i>(Twitter:<a href="https://twitter.com/1shankarsharma" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">@1shankarsharma</span></a>)</i> tells <b><i>Puneet Wadhwa</i></b> that he expects central banks across the globe to maintain an accommodative monetary policy. The world, led by <a href="http://www.business-standard.com/search?type=news&q=Jim+Rogers" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">Jim Rogers </span></a>and Goldman Sachs, over-intellectualised the<a href="http://www.business-standard.com/search?type=news&q=Commodity+Boom" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">commodity boom </span></a>that started in 2002-03, he believes. In the Indian context, he prefers avoiding Oil and Gas, Metals, Infra, Power and Telecom sectors. Edited excerpts:</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">How do you see the global markets playing out in 2015? How long, in your opinion, will the central banks be willing to inject liquidity to support/revive growth?</span></b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;"></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 0in; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Every year since 2009 has been very tricky and almost always full of surprises that defy consensus. How we pine for the beautifully predictable 2004-07 era! The US is almost certain to raise rates, India looks certain to cut rates by a bit more, Eurozone has really no options left except a huge <a href="http://www.business-standard.com/search?type=news&q=Qe" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">QE</span></a>(quantitative easing), Japan is failing to revive despite the yen being at 115-120 and massive QE.</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">In my view, by and large, central bankers across the world have simply no option but to be accommodative. The world is struggling and my view since 2009 has been that the world will continue to struggle for a while to come till the excesses of debt have been purged. Given this struggle, given the threat of deflation, money will have to continue being easy in most part.</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Don't you think equities, as a result of liquidity injection, have been artificially inflated to worrisome levels?</span></b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;"></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Equities have been inflated across the world; multi-year highs for many markets have come despite economic growth being tepid. Even the US 5% GDP growth is a bit sleight of numbers. A large part of it has come from the increase in net exports, not because exports increased, but because imports fell. The effect that $40 oil will have on the US is by no means a clear positive.</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Fact is, nobody living has seen a liquidity rush like what we have seen since 2009. Hence, all our theories of what is "fair value" have been tossed out of the window. What is real value, and how much is the froth - well, there are no deterministic answers.</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">The world is facing a major deflationary threat. Bond yields across the world are plummeting. Now, equities are supposed to be the best hedge against inflation, gold aside. So what good are equities supposed to be in deflation? I haven't figured this one out yet!</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">What are the key triggers and risks for the global equity markets as we head deeper into 2015? Which regions / markets could possibly weather the storm better?</span></b><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;"></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 0in; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;"><a href="http://www.business-standard.com/search?type=news&q=Emerging+Markets" target="_blank"><span style="border: 1pt none; color: blue; padding: 0in;">Emerging Markets </span></a>(EMs) have been trashed since 2011/12, well against consensus. The world is underweight EMs and over-weight the US, which was the exact opposite of what it was in 2011. This could set us up for a surprise reversal trade, when EMs actually do better than the US this year, at least for a while, largely because of China and India.</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 16.5pt; margin-bottom: 7.5pt; text-align: left;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">We have been bullish on China since late July 2014, when it became clear to us that the Dollar Index was going into a long term break-out (it was 80 then, 92 now). Given this, our view on commodities became very, very negative, and we alerted clients about Oil going to $65-70 though never thought we would see the $40s so soon. EM currencies are falling, and China is doing very well, because that is the only EM with a dollar neutral market (except the UAE).</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br />
<strong>The Great EM Unwind: Unwinding US QE, China’s Leverage and EM Domestic Credit - triple unwind-How Will EMs Play Out from Here</strong><br />
<strong><br /></strong><strong>How Will EM Play Out from Here?</strong> Morgan Stanley August 7, 2013<br />
<br />
We believe that one or more, but not necessarily all three, headwinds will play a dominant role at any one point in time over the next 12-18 months. Over that period, we expect EM economies to be split into two ‘blocs’, good and bad, with a third one where uncertainty hovers like the proverbial sword of<br />
Damocles.<br />
<br />
<br />
<strong>Under pressure:</strong> Economies where the structural model of growth is severely challenged (China, Brazil and South Africa – with Russia included but playing out better than the others) are likely to remain under pressure. While China and (to a lesser extent) Russia will likely remain under pressure<br />
because of their idiosyncratic, structural challenges, Brazil and South Africa are suffering from both idiosyncratic, structural issues as well as global headwinds that have tightened financial conditions (see our ‘four corners’ approach in The Global Macro Analyst: Why Have Markets Forced EM ‘Tightening’ This Time?).<br />
<br />
<strong>Relative winners</strong>: On the other hand, economies where domestic fundamentals are not in question are more likely to benefit. This includes not just Mexico the reformer but also structurally clean economies like Poland and the Philippines.<br />
<br />
<strong>The inbetweeners:</strong> Tighter financial conditions have been forced upon some EM economies, particularly Indonesia, India and Turkey. However, they all have something going for them. Indonesia and Turkey do have better domestic fundamentals than many give them credit for, while India’s structural reforms since September 2012 are the reason why we have remained constructive on the medium-term growth story there. Should these three economies play to their respective strengths and avoid policy mistakes, the risk of significant negative spillovers can be abated. India, for example, could step up structural reforms rather than fiscal spending. Indonesia could slow the economy down to an acceptable level which lowers its current account deficit and undertake structural reforms to strengthen its fundamental growth drivers. Finally, Turkey could use its flexible<br />
monetary policy mechanism while indicating better control over credit growth, which would lower its current account deficit as well.<br />
<br />
EM economies are going through a very tricky phase thanks to the great unwind. While many are talking about structural reforms, the ability or willingness to deliver on such structural reforms is in shorter supply. The rigidities and unsustainable models of growth that are constraining emerging markets are the very source of their promise. Should these rigidities and unsustainable models be discarded, emerging markets can again convincingly outperform in terms of growth.<br />
<br />
Unfortunately, a return to the glory days seems some distance away at the moment.<br />
<br />
<div style="font-family: "Times New Roman";">
Oil (petrol) price breakup and why they are increasing and expected to increase further</div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/--9VenD43LYU/Us5Ey57a1kI/AAAAAAAAAQw/wlqaOCbdG8E/s1600/oil+price+break+down.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="264" src="https://2.bp.blogspot.com/--9VenD43LYU/Us5Ey57a1kI/AAAAAAAAAQw/wlqaOCbdG8E/s1600/oil+price+break+down.jpg" width="320" /></a></div>
<div style="margin: 0cm 0cm 0pt;">
</div>
<div style="margin: 0cm 0cm 0pt;">
<b><span style="color: #333333; font-size: 10pt;">Exploration costs </span></b><span style="color: #333333; font-size: 10pt;">(about 5%) - finding the oil and confirming it's viable. Simply setting up a deep water exploration well can cost $100-200m, and only one in four is successful [3].<br /><br /><b>Capital costs</b> (about 20%) - leasing land, building rigs etc.<br /><br /><b>Operating costs</b> (about 10%) - paying your crews, transport, maintaining heavy machinery, managing reserves, re-drilling blocked wells etc.<br /><br /><b>Tax</b> (about 40%) - which varies <i>hugely</i> between counties and states - for the UK about 62%, Norway is over 80% [1] and 35% in the US [5].<br /><br /><b>Cash margin</b> (about 25%) - which includes profit and money set aside for future investment and rainy days.<br /><br /><i>The oil price isn't the cost of petrol in your car. </i>To get to your pump, you also have to factor in:</span><span style="color: #333333; font-family: "symbol"; font-size: 10pt;"><u1:p></u1:p>·</span><span style="color: #333333; font-size: 10pt;"> </span><span style="color: #333333; font-size: 10pt;">Distribution and Marketing (8%)<o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<u1:p></u1:p></div>
<div style="margin: 0cm 0cm 0pt;">
<span style="color: #333333; font-family: "symbol"; font-size: 10pt;">·</span><span style="color: #333333; font-size: 10pt;"> </span><span style="color: #333333; font-size: 10pt;">Refining (14%)</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<u1:p></u1:p></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-P_SFaxJlK2Y/Us5E4lrZEsI/AAAAAAAAAQ4/FO-eYn2uWBk/s1600/oil+in+2000.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="228" src="https://4.bp.blogspot.com/-P_SFaxJlK2Y/Us5E4lrZEsI/AAAAAAAAAQ4/FO-eYn2uWBk/s1600/oil+in+2000.png" width="320" /></a></div>
<div style="font-family: "Times New Roman";">
<span style="color: #333333; font-size: 10pt;">All of this is just global averages though, and reality is more complex.<br /><br />There's truly no standard cost of oil. It costs about $2-$3 to extract a standard barrel from the ground in Saudi Arabia, whereas a barrel taken from tar sands in Alberta can cost more than $60 [1]. Some oil costs much more to refine. And so on.<br /><br />The cost on the open market is volatile and decided by a mix of supply, demand and anticipation. When oil production is disrupted (as happened recently in Libya) this can fuel speculation which itself drives prices higher.<br /><br />One thing is clear: <i>all</i> these costs are increasing. Exploration is becoming more expensive; more obscure oil is harder to extract and costlier to refine. Demand is rising much faster than supply. And increasingly governments are raising taxes on oil to reinvest into alternative energy.<br /><br />Remember back in 2000, when prices had "soared" to $30 a barrel? President Clinton even "refused to rule out any US action" [5]:<br /><br />$30 seems pretty funny now, right? Just imagine 10 years hence.</span><span style="font-size: 10pt;"><o:p></o:p></span></div>
<div style="font-family: "Times New Roman";">
<u1:p></u1:p></div>
<div style="line-height: 13.45pt;">
<span style="font-size: 10pt;"><u1:p></u1:p> </span><b><span style="color: #333333; font-size: 10pt;"><a href="http://www.quora.com/Oliver-Emberton"><span style="color: #333333; text-decoration-line: none;">Oliver Emberton</span></a>, founder of Silktide</span></b><br />
<b><span style="color: #333333; font-size: 10pt;"><br /></span></b><b><span style="color: #333333; font-size: 10pt;"><br /></span></b><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 39pt; margin-bottom: 3.75pt; vertical-align: baseline;">
<b><u><span style="color: #35383d; font-family: "roboto"; font-size: 12pt; letter-spacing: -0.35pt;">Black Monday anniversary: How the 2017 stock market compares with 1987<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0cm 0cm 11.25pt; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">Is the stock market’s seemingly relentless 2017 rally anything like the 1987 run-up that ended 30 years ago Thursday with the most devastating one-day plunge in Wall Street history?<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">At first glance, investors might think so. And charts arguing the case have made the rounds from time to time. But on closer examination, many of those comparisons don’t hold water.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">Here’s a look at a pair of charts from LPL Financial that illustrate the point.<o:p></o:p></span></div>
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<figure class="article-figure NS" style="background-position: 0px 0px; border: 0px; box-sizing: inherit; color: #333333; font-family: opensans, sans-serif; font-size: 15px; font-stretch: normal; font-style: italic; line-height: 27px; margin: 0px auto 20px; max-width: 630px; outline: 0px; padding: 0px; position: relative; vertical-align: baseline; width: 608.781px;"><div class="MsoNormal" style="vertical-align: baseline;">
<span style="font-size: 11.5pt; line-height: 16.4067px;"></span><span style="font-family: "times new roman" , serif; font-size: 11.5pt; line-height: 16.4067px;"><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif"></span></div>
<figcaption style="background: 0px 0px; border: 0px; box-sizing: inherit; color: #969696; font-size: 14px; font-stretch: normal; line-height: 1.4; margin: 5px 0px 0px; outline: 0px; padding: 0px; vertical-align: baseline;"></figcaption></figure>The S&P 500 <span class="quote"><span style="border: 1pt none; padding: 0cm;"><a data-fancyid="IndexSPX" data-track-mod="MW_story_quote" href="http://www.marketwatch.com/investing/index/spx?mod=MW_story_quote" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span data-bgformat="" data-channel="/quotes/zigman/3870025/realtime" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; display: inline-block; outline: 0px;"><b><span style="color: #3aa150;">SPX,</span></b><b><span style="color: #3aa150;"> </span></b><span class="bgpercentchange"><b><span style="color: #3aa150;">+0.51%</span></b></span></span></a></span></span> chart above, which resembles overlays that have circulated on social media, looks a bit ominous. But as strategists John Lynch and Jeffrey Buchbinder point out in a note, the comparisons are misleading. The 100-point increase in the 1980s on the right scale is a much bigger percentage rise than the roughly 450-point rise on the left.<o:p></o:p><br />
<br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">When 1987 is compared with 2017 using percentage gains, the current rally pales in intensity, they note, while also using a three-year window to strengthen the point:<o:p></o:p></span></div>
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<figure class="article-figure NS" style="background-position: 0px 0px; border: 0px; box-sizing: inherit; color: #333333; font-family: opensans, sans-serif; font-size: 15px; font-stretch: normal; font-style: italic; line-height: 27px; margin: 0px auto 20px; max-width: 630px; outline: 0px; padding: 0px; position: relative; vertical-align: baseline; width: 608.781px;"><div class="MsoNormal" style="vertical-align: baseline;">
<span style="font-size: 11.5pt; line-height: 16.4067px;"></span><span style="font-family: "times new roman" , serif; font-size: 11.5pt; line-height: 16.4067px;"><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif"></span></div>
<figcaption style="background: 0px 0px; border: 0px; box-sizing: inherit; color: #969696; font-size: 14px; font-stretch: normal; line-height: 1.4; margin: 5px 0px 0px; outline: 0px; padding: 0px; vertical-align: baseline;"></figcaption></figure>“From the start of 1985 through the 1987 peak, the S&P 500 more than doubled in price (a greater than 100% gain). Over an equivalent time period today (the start of 2015 through the 2017 peak), the S&P 500 is up 24%,” Lynch and Buchbinder wrote. “Stocks were a lot more stretched back then, making a sharp move lower more likely.”<br />
<br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">The S&P 500 ended Black Monday with a decline of more than 20%—a similar move would knock more than 500 points off the index at current levels. The Dow Jones Industrial Average <span class="quote"><span style="border: 1pt none; padding: 0cm;"><a data-fancyid="IndexDJIA" data-track-mod="MW_story_quote" href="http://www.marketwatch.com/investing/index/djia?mod=MW_story_quote" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span data-bgformat="" data-channel="/quotes/zigman/627449/realtime" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; display: inline-block; outline: 0px;"><b><span style="color: #3aa150;">DJIA,</span></b><b><span style="color: #3aa150;"> </span></b><span class="bgpercentchange"><b><span style="color: #3aa150;"><span style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;">+0.71%</span></span></b></span></span></a></span></span></span> plunged 508 points, or nearly 23%. In current terms, a fall of the same magnitude would knock the Dow down by more than 5,000 points.<o:p></o:p></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<br /></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; box-sizing: inherit; font-size: 14px; font-stretch: normal; font-weight: normal; margin: 0cm 0cm 1.5pt; outline: 0px; vertical-align: baseline;">
<span style="color: #333333; font-family: "roboto"; font-size: 15pt; line-height: 21.4px;">Few similarities</span><span style="color: #333333; font-family: "roboto"; font-size: 15pt; line-height: 21.4px;"><o:p></o:p></span></h6>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<div style="line-height: 13.45pt;">
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">While stocks don’t appear to be as stretched as they were in 1987, analysts do argue a pullback may be overdue. The S&P 500 has gone <a href="http://www.marketwatch.com/story/sp-500-is-poised-to-make-uncanny-stock-market-historyfor-doing-almost-nothing-2017-10-12" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span style="color: #648c94;">240 trading days without a one-day drawdown of 3% or more</span></a>—just a day shy of the record of 241 days in 1995-96.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<strong style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span face=""arial" , sans-serif" style="border: 1pt none; color: #333333; padding: 0cm;">Read:</span></strong><span face=""arial" , sans-serif" style="color: #333333;"> <a href="http://www.marketwatch.com/story/three-money-managers-who-lived-through-the-1987-stock-market-crash-warn-of-danger-today-2017-10-19" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span style="color: #648c94;">3 money managers who lived through 1987 stock-market crash warn of danger today</span></a><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">Sam Stovall, chief investment strategist at CFRA, noted that today’s bull market—the second longest on record—is 103 months old versus the 60-month duration of the 1982-87 bull that ended on Black Monday. More important, while 12-month earnings growth through the second quarter of 2017 was 121% versus 17% in 1987, the trailing 12-month price-to-earnings ratio for the S&P 500 is 23.5, versus 20.3 in 1987. Also, he noted, the dividend yield was more attractive in 1987 at 2.7% versus 2% now (see table below).<o:p></o:p></span></div>
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<figure class="article-figure NS" style="background-position: 0px 0px; border: 0px; box-sizing: inherit; color: #333333; font-family: opensans, sans-serif; font-size: 15px; font-stretch: normal; font-style: italic; line-height: 27px; margin: 0px auto 20px; max-width: 630px; outline: 0px; padding: 0px; position: relative; vertical-align: baseline; width: 608.781px;"><div class="MsoNormal" style="vertical-align: baseline;">
<span style="font-size: 11.5pt; line-height: 16.4067px;"></span><cite><span face=""calibri" , sans-serif" style="border: 1pt none; color: white; font-size: 9pt; line-height: 12.84px; padding: 0cm;">CFRA</span></cite><span style="font-family: "times new roman" , serif; font-size: 11.5pt; line-height: 16.4067px;"><o:p></o:p></span></div>
<figcaption style="background: 0px 0px; border: 0px; box-sizing: inherit; color: #969696; font-size: 14px; font-stretch: normal; line-height: 1.4; margin: 5px 0px 0px; outline: 0px; padding: 0px; vertical-align: baseline;"></figcaption></figure><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">But all in all, history indicates a comparison with 1987 isn’t warranted, he agreed.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">While the stock market this year has enjoyed a slow, steady, low-volatility advance and continues to notch record after record. In 1987, the S&P 500 peaked around two months ahead of the Oct. 19 crash, Stovall said, noting the S&P 500 had also declined by more than 16% through Friday, Oct. 16, from its Aug. 25, 1987 high, which should have rang some alarm bells.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">“Ultimately, when comparing today’s fundamental foundations with those from 1987, one will quickly conclude that there are very few similarities between then and now,” Stovall said.<o:p></o:p></span></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; box-sizing: inherit; font-size: 14px; font-stretch: normal; font-weight: normal; margin: 0cm 0cm 1.5pt; outline: 0px; vertical-align: baseline;">
<span style="color: #333333; font-family: "roboto"; font-size: 15pt; line-height: 21.4px;">Market structure concerns</span><span style="color: #333333; font-family: "roboto"; font-size: 15pt; line-height: 21.4px;"><o:p></o:p></span></h6>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<div style="line-height: 13.45pt;">
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">So nothing to worry about, right?<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">Not necessarily. The 1987 crash, while preceded by a frothy performance, is seen in large part as a failure of market structure. The interplay between the rise of computer-driven trading and <a href="http://www.marketwatch.com/story/heres-one-key-factor-that-amplified-the-1987-stock-market-crash-2017-10-16" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span style="color: #648c94;">the use of portfolio insurance</span></a>, a strategy that prompted the increased selling of stocks and stock-index futures as declines mounted; arbitrage between stock-index futures and stocks; and the inability of some specialists to fulfill their duty to provide liquidity, share the blame in many accounts of Black Monday.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">“While portfolio insurance doesn’t carry the same clout today as it did in 1987, short volatility strategies are equally pro-cyclical in nature with unlimited exposure, ETF volumes dwarf single stock volumes creating distortions in fast markets, while [high-frequency] trading has already shown its preference for finding foxholes versus fighting when markets trade outside their log-normal models,” wrote Jeffrey deGraaf, chairman of Renaissance Macro Research, in a Wednesday note.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<strong style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span face=""arial" , sans-serif" style="border: 1pt none; color: #333333; padding: 0cm;">Also read:</span></strong><span face=""arial" , sans-serif" style="color: #333333;"> <a href="http://www.marketwatch.com/story/would-etfs-hold-up-in-an-1987-style-crash-2017-10-16" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span style="color: #648c94;">Would ETFs hold up in a 1987-style stock-market crash?</span></a><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 0.0001pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">DeGraaf isn’t calling for a crash soon. He’s argued that stocks could be <a href="http://www.marketwatch.com/story/why-stocks-may-be-on-verge-of-a-melt-up-2017-10-04" style="background-position-x: 0px; background-position-y: 0px; background-position: 0px 0px; box-sizing: inherit; outline: 0px;"><span style="color: #648c94;">setting the stage for a “melt-up,”</span></a> in which investors fearful of missing out on a rally stampede into the market and drive a surge. But he and other market veterans have expressed concerns about a more complex and untested market structure.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">“These are different flavors, but similar in their spirit to the problems that plagued markets 30 years ago,” he said. “Our money is on the next crisis looking more like 1987 than 2008.”<o:p></o:p></span></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h6 style="background-position: 0px 0px; box-sizing: inherit; font-size: 14px; font-stretch: normal; font-weight: normal; margin: 0cm 0cm 1.5pt; outline: 0px; vertical-align: baseline;">
<span style="color: #333333; font-family: "roboto"; font-size: 15pt; line-height: 21.4px;">The 1987 bounceback</span><span style="color: #333333; font-family: "roboto"; font-size: 15pt; line-height: 21.4px;"><o:p></o:p></span></h6>
<div style="font-size: 14px; font-weight: normal;">
<span face=""lucida grande" , "arial" , sans-serif" style="color: #262626; font-size: 12px; line-height: 18px;"></span><br /></div>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<div style="line-height: 13.45pt;">
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">Meanwhile, Stovall makes the case that even in the event of a similar plunge, there would be comfort to be taken by looking back at the 1987 drop.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">While the S&P 500 dropped more than 20% on Black Monday—a plunge that would take more than 500 points off the index at current levels—on its way to a peak-to-trough decline of 33.5%, the move took only 101 calendar days, versus the average 419 it took to complete the 12 bear markets seen since 1946, he said. And while the 1987 total decline was pretty much equal to the average drop for all bear markets, it took 154 fewer days to get back to break-even than the average.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: 0px 0px; background-repeat: initial; background-size: initial; box-sizing: inherit; margin: 0cm 0cm 11.25pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , sans-serif" style="color: #333333;">“Like ripping off a Band-Aid, the experience offered by this unpleasant market shock indicates that a future market crash may also conclude and recover much more quickly than a slower, more deliberate, bear market,” he said.<o:p></o:p></span></div>
<br /></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h1 style="color: black; font-family: "times new roman"; font-size: 14px; font-weight: normal; line-height: 1.3; margin: 0px;">
<span style="font-size: 30.768px;"><u>Sparrow vs pigeon</u></span></h1>
<h1 style="color: black; font-family: "times new roman"; font-size: 1.923em; font-weight: normal; line-height: 1.3; margin: 0px;">
Taking over 100 trades a day, this IT engineer has earned his financial freedom</h1>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; font-weight: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<b style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div style="font-weight: normal;">
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<div style="line-height: 13.45pt;">
<div style="font-family: "Times New Roman";">
<br /></div>
<div style="font-family: "Times New Roman";">
<img alt="His humble background shows up on his trading style where he goes after a trade even if there is a very small profit potential" src="https://s.yimg.com/ny/api/res/1.2/zC0XUjzA4.mDIHgS76Hj6A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTM2MC42MzQ5MjA2MzQ5MjA2Ng--/https://s.yimg.com/uu/api/res/1.2/68sUOnBaY.CJcrFpWY1gEg--~B/aD0yMTM7dz0zNzg7c209MTthcHBpZD15dGFjaHlvbg--/http://media.zenfs.com/en-IN/homerun/moneycontrol_new_482/19d6a685a7224ada4ef82c460d24855a" style="border: none; color: #1d2228; font-family: yahoosans, "helvetica neue", helvetica, arial, sans-serif; font-size: 13px; height: auto; max-height: 100%; max-width: 100%; min-height: 1px; vertical-align: bottom; white-space: nowrap; width: auto;" /></div>
<div dir="auto" style="color: #1d2228; font-family: yahoosans, "helvetica neue", helvetica, arial, sans-serif; font-size: 13px; margin-bottom: 15px; width: auto;">
<div style="font-size: 1.462em; line-height: 1.4; margin: 5px 20px;">
<br /></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</b></h3>
<h2 style="font-size: 1em; font-weight: normal; margin: 0px 0px 5px;">
Taking over 100 trades a day, this IT engineer has earned his financial freedom</h2>
<h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;">
<span style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div>
<div class="gmail_signature">
<div dir="ltr">
<div style="font-size: medium;">
<div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;">
<div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
<div style="line-height: 13.45pt;">
<div dir="auto" style="color: #1d2228; font-family: yahoosans, "helvetica neue", helvetica, arial, sans-serif; font-size: 13px; font-weight: normal; margin-bottom: 15px; width: auto;">
<div style="font-size: 1em; height: 60px; margin: 5px 20px;">
His humble background shows up on his trading style where he goes after a trade even if there is a very small profit potential</div>
<span style="font-size: 1.154em;">Trader Mark Weinstein during his interview with Jack Schwager for the book Market Wizards made an interesting observation. When I trade at home, he says, I often watch the sparrows in my garden. When I feed them bread, they take just a little piece at a time and fly away. They keep on flying back and forth, taking small bits of bread. They may have to make a hundred stabs at a piece of bread to get what a pigeon gets at one time, but that is why a pigeon is a pigeon. You will never be able to shoot a sparrow, it is just too fast.</span></div>
<div dir="auto" style="color: #1d2228; font-family: yahoosans, "helvetica neue", helvetica, arial, sans-serif; font-size: 13px;">
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
<span style="font-size: 1.154em;">That is how Weinstein trades and so do a number of scalpers who are not only risk-averse but are happy by taking a number of small profits and concede only a small part of their capital if they are wrong.</span></div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Yet there is a method to the madness that the scalpers do. They, like Weinstein's sparrow, make a healthy living by trading small but trading often.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Jegathesan Durairaj (known as Jegan on social media) is one such scalper, who punches over 100 trades a day, especially on derivative settlement day.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Successful traders trade their personality, so does Jegan who says he is a hyperactive person. Also his humble background (his parents were masons in a village close to Madurai) shows up on his trading style where he goes after a trade even if there is a very small profit potential, not leaving any money on the table.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Jegan studied his way out of poverty by getting a (Masters of Computer Applications (MCA) and worked as a senior technical lead in one of the top IT company. He has recently resigned from his job and will be a fulltime trader. Jegan's confidence comes from the fact that he has won a popular trading competition for 10 consecutive times and amassed enough capital and experience to venture on his own.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
In an interview with Moneycontrol's Shishir Asthana, Jegan speaks about his prolific trading style and explains how he trades.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: Can you give us a little background about yourself?</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: I was inspired by the book Rich Dad Poor Dad by Robert Kiyosaki. I looked for various business avenues to accumulate wealth with small capital. One such avenue was trading in equity markets which requires small capital to start with.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
One thing that struck me from the book was to imitate what the rich men do. In my reading on the markets, I found out that the big institutions and rich investors traded in options, that too in selling options or writing options.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
So I went through many workshops, read books and articles to learn about option selling and ever since I have been an option writer.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
I have been writing a blog on my analysis of the market and from it I used to arrive at the strategy I have to adapt to trade next day.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
As for my background, I have been in the software field for the last 15 years after completing my MCA. Till four years back I was not even aware of what a demat account is. Only recently my parents have opened a bank account. So for me exposure of financial markets is new.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: You mentioned institutions do a lot of option writing but they also invest in equity, why did you not follow that route.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A; I do respect investing, but by nature, I am not an investor. I am a very hyperactive person so I do not have the patience to be an investor, short-term trading suits me better. But what I have done is I invest through the mutual fund. Nearly 90 percent of the money I have is in the balanced fund. I use this investment as a margin with the broker to do my option writing.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: In options selling do you only do intraday.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: No I do both position and intraday, but nearly 50 percent of my profits come through intraday, that too by trading on the expiry day only.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Most of my trading is in index-related options. Within indices, I prefer to trade in Bank Nifty because it offers a weekly expiry. In weekly options, the time decay is very fast, so if you sell options and get the direction right the returns are faster. In case of Nifty, I hold it for a longer period of 10-12 days provided the view remains the same.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: In positional option writing what kind of strategies you follow. Are you taking naked short positions (without any hedge or having the underlying investments)</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: I no longer trade a naked position, I always a protected position. My main strategies are calendar, butterfly, iron condor and expiry related trading. I do short straddles for positional trades and short strangles for intraday trades.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
In some of these strategies, like the iron condor, the returns are less at around 18 percent per annum. But for me, the 18 percent is over and above the return I get from the investment in the balanced fund which I am using as a leverage.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: Let's assume that your view of the market is that it is going to be flattish or bullish, what strategies will you use?</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: If the view is flat I will use a double butterfly using both the call and the put options. If the view is of a bullish market I will use a put calendar. I will hold on to the position till expiry if my view of the market does not changes. In case it changes or if there is a shortfall of margin only then I will square off my position.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: How do you form a view of the market, is it technical analysis or are there other data points you look out for.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: I primarily look at futures and options data to arrive at a view. Open interest analysis, put-call ratio (PCR) analysis, delivery volume and Max Pain point. I do look at technical charts but I am more comfortable and have trust in the data points.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: Expiry day trading accounts for half of your profit and is a day when you take more than 100 trades, can you walk us through how you trade on the expiry day. </div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: First of all I never plan to take 100 trades or whatever the number of trades comes during the day. The number of trades is decided by the market condition.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
What I do is I split my day's trading or exposure limit that the broker gives me into 20 units of 5 percent each. Which means I am taking a position of only 5 percent of my day's limit in every trade I take. Now as the market moves I form a view and take a position. I trade looking at various time frames. So if the market is falling I will keep on selling call options looking at different time frame charts. And if it is moving higher I will sell put options.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Now on expiry day, the market is very volatile and the premium of the options fluctuates from say, Rs 1 to Rs 12 in a matter of minutes. In order to save my position, I hedge by buying a lower strike price option, but only a small part of my exposure.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
As the market moves option price changes, I start booking profit on options where it has overshot the theoretical price but it is in my favour. I keep on doing this adjustment and all the time chipping away profit from the market. The more volatile the market the more trades I take. The higher number of trade is to defend my position.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
I only trade out-of-the-money options and in those strike prices which are least sensitive to market movement. I have a mental map of what premium I am looking for, which has been created by experience. I know the premium I am looking for at each time.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
So at 10 a.m. I will be looking to sell an option with a price of Rs 5, at 12 p.m. I am searching for options at Rs 3, by 3 p.m. I am selling options that are trading at Rs 1. On expiry day these prices might be available on strike prices that are 700 points away from where the market is trading. On a normal day, these prices may be 300 points away, but high volatility results in a higher premium.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: How do you manage to trade with your job?</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: I have an arrangement with my office where I get a day off on every Thursday (the expiry day for Bank Nifty). But now I have already put down my papers and will be trading fulltime. I wanted to turn in to a full-time trader by 2020 but the markets have been rewarding so I decided to prepone it.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
Q: You also train traders, what type of students do you take.</div>
<div style="font-size: 1.154em; font-weight: normal; margin-bottom: 0.8em;">
A: I only take traders who are already trading in options and know the basics. I do not have to teach them what is call and put option. The second criteria are that they should have at least Rs 10 lakh as trading capital. Since my trading style requires one to take multiple positions there has to be enough capital to take the positions.</div>
<div style="font-size: 1.154em; margin-bottom: 0.8em;">
<div style="font-weight: normal;">
I have trained around 90 people till date, some continue to trade while others find it difficult to take 100 trades in a day.</div>
<div style="font-weight: normal;">
<br /></div>
<div style="font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: bold;">
<u>"MORE MONEY WILL BE CREATED IN THE NEXT 7-8 YEARS THAN INDIANS CREATED IN LAST 70 YEARS" </u><br />
<div style="font-weight: normal;">
Super excellent article on Indian Economy with solid statistics in public domain* ...</div>
</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Nilesh shah- MD - Kotak AMC on the Indian economy: 2018</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br />
I will take liberty to point out certain factors. </div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br />
a) *The movie Sanju had a bigger opening collection than Bahubali 2 which was a far grander movie. It shows that urban consumption is growing at a reasonable pace.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
* Sonalika tractor sold 100,000 tractors last year. Mahindra & Mahindra, Escorts are also showing all-time high levels of tractor sales*. </div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Clearly, that shows that rural economy is doing well.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Maruti Baleno has a four months' waiting period. If consumers do not have money, then how come they are waiting for four months to get the car?*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Tata Motors' commercial vehicle production is at an all-time high record level. Generally commercial vehicles are pulse of the market, pulse of the economy*. </div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*If commercial vehicle sales are happening, certainly economy is rebounding.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Cement volume are showing double digit growth*. The cement numbers for this quarter has come ahead of expectation. If we see a variety of other FMCG companies like Dabur, Lever and ITC, their commentary is also positive in terms of rural FMCG growth.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Put all these numbers together and you realise that the economy seems to have now rebounded, the momentum is picking up, it is reflected in last four months of IIP numbers which was above 7%.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*It is reflected in GST collections which have crossed Rs 1 lakh crore for the first time*.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*It has taken 70 years for India to Reach 2.5 Trillion Dollar Economy*, though India will take only 7-8 more years to reach 5 Trillion i.e. the *Total amount of Money that was made in Last 70 years would be made again in the next 7-8 Years.* The Question is how much will you make? I have absolutely no doubt that the ones who can catch a few right trends in next 7-8 years are going to be very very rich. </div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*China took 5 years to double, US took 10 years to double from 2.4 to 5 trillion$, it is estimated that India will take 7 years* to get there.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
The Idea is simple, there will be 100's of entrepreneurs out there who will increase their profit 10-15x from current levels, they will grow at 30-40% and we need to back them. The Biggest Trend is India.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Within India there will be Sector Trends that will change every 3-4 years like.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Automobiles – *India Sold a whooping 2 Crore Two Wheelers India V/S 1.7 Crore Two Wheelers sold by China.* Interestingly India Sold 33 Lakh Passenger Cars in FY2018 V/S 2.4 Crore in China . Slowly but Surely in the next 10 years we are confident that India will sell 1 Crore+ Cars and the average ticket size of a car would also Increase rapidly. Out of these 33 Lakh Cars, more than 50% i.e. 18 Lakh Cars were sold by Maruti alone. *Maruti has a Market cap of 2.6 Lakh Crores and did Profit of about 8000 Crores in FY2018.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Financials – This is one space where the Opportunity is Largest into all Three Spaces i.e. Lending, Protection and Wealth Management.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Lending – *The Top 45 Business houses in India are 50% of Nation's banking debt even after nationalization of banks.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
The Top 20% of India is well banked and Opportunities are now on the lower ticket size retail lending (80% of Population). </div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*With Upsurge of MFI, SME Lending, consumer finance, affordable home loans, Retail Credit is a big trend which are typically small ticket size loans with higher NIM spreads. India's Credit needs will grow at 15-16%, whereas Smart private Bankers/NBFC can grow faster at 20-30% easy for next 7-8 years.* Their is an Opportunity to grow look book by 3-5x easily.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Protection – This Again is a multiyear theme, from Life to Auto insurance to Health to crop to even your cellphone. Here not only there will be Growth of 15-17% in the general Market but there will be large Market share shift from PSU Insurers to Private companies, we believe Private Insurers can grow 20%+ for a long long time.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Wealth Management & Investment- We Strongly believe that Markets aSanjay Dudhoria Cfo Rubamin:</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
re underestimating the financialization of savings as a theme, the total Profit pool of top 5 Asset management companies (57% Market Share) in India is just 1800 Crores in FY2017. The Profit Pool is so small that one midsized popular hedge fund Pershing Square made more Profit than the Entire Indian Asset Management Industry, We at Stallion Asset have absolutely no doubt that the Profit Pool will grow multi fold in next 5-10 years and there will be massive wealth Created in this space.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Air Conditioners – I hope the Indian summer is not killing you because you are in A/C room right now reading this blog but *you will be suprised to know that only 4% of Indian Households own a Air Conditioner, (10% Indian own Air-Cooler) whereas 85% of Indian Household have fans.*</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
In China the *Penetration of Air conditioners grew from 8% in 1995 to 70% in 2004. Voltas is the Market Leader with 24% Market share in A/C in India and Sold 10 Lakh Air conditioners this year and will do a Profit of 650 Crores in FY2018 and has a 20,000 Crores Market Cap*. 10 years from today, I dont know what profits Voltas will make but I am confident that India's Penetration of Air Conditioners will go up from 4% to at-least 15%.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
Large Format Retail Stores- There are 3700 Tesco Stores in UK, 4100 Walmart Stores in USA where in India, D-Mart has 155 Stores and Big Bazaar 260. Remember The population of UK is 6 Crores, the Population of USA is 32 Crores and Population of India is 125 Crores.</div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
*Conclusion* – I repeat "MORE MONEY WILL BE CREATED IN THE NEXT 7-8 YEARS THAN INDIANS CREATED IN LAST 70 YEARS" There are opportunities to make it large. There will be cyclical ups and downs. </div>
<div dir="auto" style="color: black; font-family: "times new roman"; font-size: medium;">
<div style="font-weight: normal;">
*Don't Miss this BIGGEST TREND EVER*</div>
<div style="font-weight: normal;">
<br /></div>
JOKES<br />
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://1.bp.blogspot.com/-ME2Heb8JfPI/XzlWYD121NI/AAAAAAAANqk/mzPUOhQzcEABjwJKcnIsoXmhdDeYUjlmACLcBGAsYHQ/s1600/RED%2BINDIAN%2BWOOD.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="713" height="320" src="https://1.bp.blogspot.com/-ME2Heb8JfPI/XzlWYD121NI/AAAAAAAANqk/mzPUOhQzcEABjwJKcnIsoXmhdDeYUjlmACLcBGAsYHQ/s320/RED%2BINDIAN%2BWOOD.jpg" width="142" /></a></div>
<div style="font-weight: normal;">
RIDE THE TIDE</div><div style="font-weight: normal;"><br /></div><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><a href="https://1.bp.blogspot.com/-XLYZs-mB_WM/X8IKdpp7ZpI/AAAAAAAAN3M/mkcyAPqy6YcGuP5WcPzD-7OEFgxwxIlZwCLcBGAsYHQ/s468/Ride%2Bthe%2BTide.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="294" data-original-width="468" src="https://1.bp.blogspot.com/-XLYZs-mB_WM/X8IKdpp7ZpI/AAAAAAAAN3M/mkcyAPqy6YcGuP5WcPzD-7OEFgxwxIlZwCLcBGAsYHQ/s320/Ride%2Bthe%2BTide.png" width="320" /></a></div><div class="separator" style="clear: both; font-weight: bold; text-align: center;">India Fund Flow vs Other EMs</div><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><br /></div><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><a href="https://1.bp.blogspot.com/-jvsSWdfzS9c/X9uYq8nZHwI/AAAAAAAAN5A/axgW0kTfusIqWQ_8xxmwWTTtSlSqmZtXACLcBGAsYHQ/s1024/FII.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="659" data-original-width="1024" src="https://1.bp.blogspot.com/-jvsSWdfzS9c/X9uYq8nZHwI/AAAAAAAAN5A/axgW0kTfusIqWQ_8xxmwWTTtSlSqmZtXACLcBGAsYHQ/s320/FII.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; font-weight: bold; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><div dir="auto" style="font-weight: bold;"><b><u>Chairman/CEO's annual shareholder letter as a secret door of stock picking</u></b></div><div dir="auto" style="font-weight: bold;">(Marketwatch 2020)</div><div dir="auto" style="font-weight: bold;"><br /></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Individual investors ask what resources to consult when hunting for great companies. My advice: read the shareholder letter the company sends out every year. Next to the financial figures, it is perhaps the most important and accessible source of valuable information. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">These communications reveal a lot about a company and its CEO. Some obfuscate, others patronize, and many appear to be ghostwritten, but the best ones share business insights that help readers understand a company. Use these clues as filters just as you would the company's financial statements. Many companies post such letters on their websites and they are usually part of the annual report. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">The gold standard of the genre is Warren Buffett, whose pithy statement from his 1997 letter to shareholders of Berkshire Hathaway sums it up:</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">"When you receive a communication from us, it will come from the fellow you are paying to run the business. Your Chairman has a firm belief that owners are entitled to hear directly from the CEO as to what is going on and how [he/she] evaluates the business, currently and prospectively. You would demand that in a private company; you should expect no less in a public company."</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Buffett designed his letter as one of many tools used to attract what he calls high-quality shareholders to Berkshire. Quality shareholders (QSs for short) maintain the longest average holding periods and most concentrated positions — Buffett once boasted "that over 95% of our shares are held by investors for whom the holding is at least double the size of their next largest." High densities of QSs in a company are associated with superior corporate performance.</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">In his 1983 shareholder letter, Buffett explained: "To obtain only high quality shareholders is no cinch. . . . In large part, however, we feel that high quality ownership can be attracted and maintained if we consistently communicate our business and ownership philosophy—along with no other conflicting messages . . . Through our policies and communications — our "advertisements" — we try to attract investors who will understand our operations, attitudes and expectations. (And, fully as important, we try to dissuade those who won't.) We want those who think of themselves as business owners and invest in companies with the intention of staying a long time. . . . "</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Buffett has attracted almost exclusively QSs at Berkshire. Dozens of CEOs emulate his shareholder letter "advertisements" to attract QSs as well. Numerous surveys of shareholder letters rank them according to various indicators of quality, some statistical and some judgmental. Despite such variety, the same names appear often in both published lists and private polls — invariably starting with Buffett — and they tend to attract a high level of QSs.</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Consider together the annual rankings of the best shareholder letters published by Linda Rittenhouse, a leading expert on the genre. and the Quality Shareholders Initiative at George Washington University at George Washington University (QSI), which ranks more than 2,000 large public companies by QS density. Among the Rittenhouse top 25, 80% rank in the top half for QS density. Here are 10 at the top of both rankings: </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Get the tools you need to succeed in the market, with real-time market data, news, and analysis from MarketWatch — one of the most reputable brands for personal finance, business, and market news. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">The QSI research, in turn, led to curating the best of the best into a short book, Dear Shareholder, published in 2020. Selections from the letters of leaders of 17 companies are featured, chosen based on the quality of both the letters and the shareholder base. Ten of these include:</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Weston Hicks, Alleghany Corp. US:Y </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Jeff Bezos, Amazon.com US:AMZN </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Warren Buffett, Berkshire Hathaway US:BRK </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Robert Keane, Cimpress US:CMPR </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Mark Leonard, Constellation Software US:CNSWF </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Brett Roberts, Credit Acceptance US:CACC </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Prem Watsa, Fairfax Financial Holdings US:FRFHF </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Ian Cumming and Joe Steinberg, Leucadia National (Now Jeffries Financial Group) US:JEF </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Tom Gayner, Markel Corporation</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">• Joe Mansueto, Morningstar US:MORN </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">As with Buffett's "advertisements," these letters have in common an emphasis on long-term thinking and illumination of principles that QSs focus on, including strategic competitive advantages ("moats"), capital allocation, and corporate mission. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">In utilizing shareholder letters as an investment screen, please note that single letters taken alone are less meaningful than an arc over many years. Quite a few CEOs have written one great letter, but the best keep it up year after year. Studying the letters of a large number of companies over a long period of time yields valuable guidance for shareholders and managers alike. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Growing into the role</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Shareholder letters provide insights into a company's values, culture, and outlook. It is the forum of greatest freedom for CEO expression, as the letter is both optional and unregulated. As such, intelligent investors can improve not only their understanding of particular businesses, but also their returns on investment.</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">A common theme to watch for: growing into the letters. The best letters are those of the experienced leader — outstanding executives tend to develop in the job and get better with engagement. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Another feature of outstanding letters is originality, reflecting the personality of the writer and culture of the company. The best letters — as with any kind of writing — are those written with sincerity and passion.</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Above all, the golden rule of shareholder letters: Buffett says he writes to provide shareholders information he would want to have if their "positions were reversed." </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">A degree of repetition is valuable — especially on enduring core values and practices. One endearing feature of many letters for QSs is core principles that do not change. </span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Finally, the best shareholder letters tend to focus on challenges, not triumphs. Phil Carret, a legendary investor, though more inclined to diversify than most QSs, observed: "I'm always turned off by an overly optimistic letter from the president in the annual report. If [the] letter is mildly pessimistic, to me that's a good sign. I like a point I once heard made by a corporate chief executive, that he was less interested in hearing good news from subordinates than bad news. The good news takes care of itself."</span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;"><br /></span></div><div dir="auto" style="text-align: left;"><span style="font-weight: normal;">Lawrence A. Cunningham is a professor and director of the Quality Shareholders Initiative at George Washington University. Cunningham's books include Quality Shareholders; Dear Shareholder; and The Essays of Warren Buffett. Register for his upcoming free book talk hosted by the Museum of American Finance and Fordham University here. Cunningham owns stock in Berkshire Hathaway and is a shareholder, director and vice chairman of the board of Constellation Software. </span></div><div dir="auto" style="font-weight: bold;"><br style="font-family: "Times New Roman"; font-weight: 400; text-align: left;" /></div></div><div class="separator" style="clear: both; text-align: center;"><p class="mobile-photo" style="font-family: "Times New Roman"; text-align: left;"><u>Dividends and BuyBack were on hold due to uncertainty created by COVID </u></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: left;"><a href="http://4.bp.blogspot.com/-19iIU_OYKI4/X9-XOQ1NvHI/AAAAAAAAN6Y/yEiWxJfvVF4LzGqI7z5Sz0Kkkqlr7bGKACK4BGAYYCw/s1600/Screenshot_2020-12-20-23-40-30-532_com.twitter.android-756409.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6908406624701758578" src="http://4.bp.blogspot.com/-19iIU_OYKI4/X9-XOQ1NvHI/AAAAAAAAN6Y/yEiWxJfvVF4LzGqI7z5Sz0Kkkqlr7bGKACK4BGAYYCw/s320/Screenshot_2020-12-20-23-40-30-532_com.twitter.android-756409.jpg" /></a></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: left;"><br /></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 9.35pt; text-align: left;"><b><u><span face="Helvetica, sans-serif" style="font-size: 16pt;">Upbeat forecast by consulting and outsourcing
services provider Accenture lifts Tech companies across board </span></u></b><u><span face="Helvetica, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></u></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 9.35pt; text-align: left;"><span style="font-weight: normal;"><span face="Helvetica, sans-serif" style="font-size: 16pt;">Shares of information
technology majors, including </span><span face="Helvetica, sans-serif" style="font-size: 16pt;">Infosys</span><span face="Helvetica, sans-serif" style="font-size: 16pt;">, </span><span face="Helvetica, sans-serif" style="font-size: 16pt;">TCS</span><span face="Helvetica, sans-serif" style="font-size: 16pt;">, </span><span face="Helvetica, sans-serif" style="font-size: 16pt;">HCL
Tech</span><span face="Helvetica, sans-serif" style="font-size: 16pt;">, </span><span face="Helvetica, sans-serif" style="font-size: 16pt;">Wipro</span><span face="Helvetica, sans-serif" style="font-size: 16pt;"> and </span><span face="Helvetica, sans-serif" style="font-size: 16pt;">Tech
Mahindra</span><span face="Helvetica, sans-serif" style="font-size: 16pt;">,</span><span face="Helvetica, sans-serif" style="font-size: 16pt;"> traded with gains on BSE on December 18 2020 morning,
boosted by an upbeat forecast by consulting and outsourcing services provider
Accenture.<o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Accenture reported
strong revenue growth, order bookings and raised guidance, underscoring the
accelerated demand for technology transformation. A</span><u><span face=""Helvetica","sans-serif"" style="color: blue; font-size: 16pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span></u><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Reuters report said the company has
estimated the revenue growth for the fiscal year 2021 between 4 percent and 6
percent, above its previous estimate of 2-5 percent.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Accenture's forecast is
considered a strong hint for the Indian IT companies. The positive forecast augurs
well for these companies.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Global brokerage firm
Credit Suisse said a pick up in Accenture's revenue growth and strong bookings
augured well for the demand environment.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">"Infosys & HCL
Tech are our preferred picks in the sector. We like Infosys on its industry-leading
revenue growth and margin expansion potential. We are positive on HCL Tech due
to its attractive valuation," Credit Suisse said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 5pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Accenture's forecast is considered a strong hint
for the Indian IT companies. The positive forecast augurs well for these
companies</span><span face="Helvetica, sans-serif" style="font-size: 16pt;">.<o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Brokerage firm Motilal
Oswal Financial Services sees Accenture's Q1FY21 earnings and management
commentary as a reiteration of the adaptability and resilience of its business
model.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">"We continue to
form a positive stand on Indian IT, led by positive trends on higher technology
spending across global companies," Motilal Oswal said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Prabhudas Lilladher said
Accenture maintained its view of strong growth recovery in H2 of high
single-digit with no impact of reimbursable travel costs.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">"Accenture results
reinforce our view of (i) accelerated demand for cloud adoption (ii) rising
number of large transformation deals (iii) broad-based demand across all
industry verticals," Prabhudas Lilladher said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">After the run-up in the
last six months, the Indian IT sector valuation appears rich when compared to
its long-term average.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">However, Prabhudas
Lilladher said the valuation had many aspects and it should be assessed on a
broader parameter.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">"In our view,
valuations should not be looked at separately and should also factor in key
aspects such as (1) sector has entered into technology upcycle, (2) valuations
has a strong co-relation with sales and earnings growth, (3) prolonged
low-interest rate environment, (4) digital becoming mainstream and (5) strong order
book and deal pipeline," it said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">The valuations were
reasonable and it was bullish on the Indian IT sector, the brokerage said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">"Our preference
order in largecaps remains Infosys, HCL Tech and TCS and in Tier-2 Coforge,
Larsen & Toubro Infotech, Mindtree and Mphasis," said Prabhudas
Lilladher.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">Taking a different view,
ICICI Securities said the Nifty IT may underperform in FY 22.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 5pt; text-align: left;"><span face="Helvetica, sans-serif" style="font-size: 16pt; font-weight: normal;">We see a high likelihood of Nifty IT
underperformance over 2021. Recent Infosys' commentary around reaching 'just'
pre-COVID growth in FY22 is a good starting point for the expectation
reset.-ICICI Securities<o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">"We see a high
likelihood of Nifty IT underperformance over 2021. Recent Infosys' commentary
around reaching 'just' pre-COVID growth in FY22 (nearly 8-10 percent YoY, against
expectations of strong acceleration) is a good starting point for the
expectation reset," the brokerage said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-weight: normal;"><span style="font-family: "Times New Roman", serif; font-size: 16pt;">The current relative
valuations of Indian IT against global tech would present a more compelling
investment case in the latter, especially for FIIs, it said.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", serif; font-size: 16pt; font-weight: normal;">"We stay cautious
and selective on the IT sector, preferring stocks with scope for idiosyncratic
surprises and valuation comfort (Infosys, HCL Tech, Mphasis and
Mindtree)."</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p></div></div></div></div></div></div></div></div></div></div></div></div></div></span></h3><h1 class="headline" data-mob="KKR’s premium for JB Chemicals stake is not attractive enough, say analysts" data-reg="KKR’s premium for JB Chemicals stake is not enthusing for a good growth franchise" id="headline_11593754640634" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "Lato Black", sans-serif; font-size: 28px; line-height: 32px; list-style-type: none; margin: 0px 0px 5px; outline: none; overflow-wrap: break-word; padding: 10px 20px 0px; user-select: auto;"><u>JB Chemicals stake sale news and finally acquisition of controlling stake by KKR</u></h1><h3 class="module-header" style="background-position: 0px 0px; border: 0px; box-sizing: border-box; color: #648c94; font-family: roboto, sans-serif; font-size: 18px; font-stretch: normal; line-height: 20px; margin: 0px 0px 10px; outline: 0px; padding: 0px; text-align: center; text-transform: uppercase; vertical-align: baseline;"><span style="background: 0px 0px; border: 0px; box-sizing: border-box; display: block; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><div><div class="gmail_signature"><div dir="ltr"><div style="font-size: medium;"><div style="color: black; font-family: arial, helvetica, sans; font-size: 14px; line-height: 1.6; margin-bottom: 10px; padding: 0px; text-align: left; text-transform: none;"><div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin: 0cm 0cm 10pt;"><div style="font-family: georgia, "times new roman", serif; font-size: 17px; line-height: 24px; padding-bottom: 16px; text-align: justify;"><div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; text-align: left;"><div style="line-height: 13.45pt;"><div dir="auto" style="color: #1d2228; font-family: yahoosans, "helvetica neue", helvetica, arial, sans-serif; font-size: 13px;"><div style="font-size: 1.154em; margin-bottom: 0.8em;"><div dir="auto" style="color: black; font-family: "times new roman"; font-size: medium;"><div class="separator" style="clear: both; text-align: center;"><p class="MsoNormal"><b style="font-family: "Times New Roman"; text-align: left;"> <u>5thJuly2020</u></b><br style="font-family: "Times New Roman"; font-weight: 400; text-align: left;" /></p><div class="FirstEle" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; font-family: "Times New Roman"; font-weight: 400; list-style-type: none; margin: 0px; outline: none; overflow-wrap: break-word; padding: 0px; text-align: left;"><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">Shares of JB Chemicals and Pharmaceuticals Ltd were flat between October 2016 and October 2019. But in the past eight months, they have more than doubled. This has partly got to do with the news of a buyout by a private equity firm, which has been floating in the market for a while.</div></div><p class="MsoNormal"><b style="font-family: "Times New Roman"; text-align: left;"><u><span style="font-size: large;"></span></u></b></p><div class="paywall" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); -webkit-text-stroke-width: 0px; backface-visibility: hidden; background-color: white; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; list-style-type: none; margin: 0px; orphans: 2; outline: none; overflow-wrap: break-word; padding: 0px; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;"><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">Besides, investor sentiment for pharmaceutical stocks has improved in the recent months. The upshot: shareholders of JB Chemicals are sitting on hefty gains already. News of the buyout by KKR and its open offer at <span class="webrupee" style="backface-visibility: hidden; font-family: "none"; list-style-type: none; margin: 0px; outline: none; overflow-wrap: break-word; padding: 0px;">₹</span>745 per share may not seem too exciting at first, given that the shares currently trade at <span class="webrupee" style="backface-visibility: hidden; font-family: "none"; list-style-type: none; margin: 0px; outline: none; overflow-wrap: break-word; padding: 0px;">₹</span>718 on the bourses.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">However, against the backdrop of about 116% gains in the past eight months, shareholders seem to be getting a decent deal, prima facie. After all, the company’s promoters, too, are selling a majority of their stakes at this price.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">But some analysts said that patient investors can sit out the open offer by KKR at <span class="webrupee" style="backface-visibility: hidden; font-family: "none"; list-style-type: none; margin: 0px; outline: none; overflow-wrap: break-word; padding: 0px;">₹</span>745 and wait for better returns later.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">“The purchase price represents price-earnings of 22 times on trailing earnings of <span class="webrupee" style="backface-visibility: hidden; font-family: "none"; list-style-type: none; margin: 0px; outline: none; overflow-wrap: break-word; padding: 0px;">₹</span>34. This, in our view, does not represent any premium for the franchise that has improved significantly in the recent past," said Kunal Damesha, an analyst with Systematix Securities.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">JB Chemicals has been growing at a decent clip over the past three years. It clocked growth in April and May of about 12% in its top brands as against a 10% decline in the Indian Pharma Market, owing to decent brands in the chronic segment.Growth in the acute segment was slow, though. In addition, JB Chemicals’ cash flow generation has improved, while return on equity jumped from 13% last year to 20% in FY20.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">“Growth will moderate in FY21 owing to one-off covid-related disruptions. However, we still expect JB Chemicals’ India business to grow in double digits in FY21, based on trends seen in April and May 2020," said IIFL Securities analysts in a recent note to clients.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">Besides, note that KKR is looking to acquire a 54% stake in the company, which would give it a controlling stake in JB Chemicals.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">If it manages to grow the franchise, investors could well expect the decent returns to continue. And, the founders are not entirely selling out, and will continue to have some skin in the game.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">For investors with patience and willingness to bank on KKR’s abilities, there may still be some juice left in the stock.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; font-weight: 400; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;">Analysts said given the lack of a decent premium to the current market price, investor participation in the open offer may not be significant in any case.</div><div style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0); backface-visibility: hidden; color: #212121; font-family: "PT Serif Regular", serif; font-size: 18px; line-height: 28px; list-style-type: none; outline: none; overflow-wrap: break-word; padding: 8px 20px;"><u>STOPLOSS</u></div></div><p class="MsoNormal"><a href="http://3.bp.blogspot.com/-hDC1rc9J7Ac/X9-XdldnBVI/AAAAAAAAN6g/JvIwVUgY2DcVhqYZX00dBCsJbijBpH_rACK4BGAYYCw/s1600/IMG_20201220_231357-718094.jpg" style="background-color: initial; font-family: "Times New Roman"; font-weight: 400; text-align: left;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6908406887937934674" src="http://3.bp.blogspot.com/-hDC1rc9J7Ac/X9-XdldnBVI/AAAAAAAAN6g/JvIwVUgY2DcVhqYZX00dBCsJbijBpH_rACK4BGAYYCw/s320/IMG_20201220_231357-718094.jpg" /></a></p><p class="MsoNormal"><br /></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: center;"><span style="color: #0000ee;"><u>Momentum investing</u></span></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: center;"><a href="http://3.bp.blogspot.com/-OiyCTwmQA6w/YOk7ift2h8I/AAAAAAAAOW0/R-DNmDbC614-JA61a1IUf2A4jIiqoUbDQCK4BGAYYCw/s1600/16258978014246148801587241674894-761748.gif"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6983178161030072258" src="http://3.bp.blogspot.com/-OiyCTwmQA6w/YOk7ift2h8I/AAAAAAAAOW0/R-DNmDbC614-JA61a1IUf2A4jIiqoUbDQCK4BGAYYCw/s320/16258978014246148801587241674894-761748.gif" /></a></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: center;"><br /></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: center;"><br /></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400; text-align: center;"><br /></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt;">Market
goes through motions<span style="font-weight: normal;"> during price
discovery at which time you can find trading opportunity to long or short and
expect exit for both sides. If price discovery is a given due to demand higher
than supply or vice versa, then it goes one way and only side of traders make money <o:p></o:p></span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt;">A
sudden move starts</span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> 2pm or 2.30 pm
or 3 pm. Due to short covering etc, the moves tend to be sharp.. One 50 points
move can automatically lead to another 50 points. Or it could hit a resistance
and reverse back. Whether the last hour moves have correlation to rollover
trend like 80% rollover completed by 2pm or only 70% completed... </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">What are the stocks which are giving sudden 100
point move in last one hour. In banknifty it will be hdfc or sbi etc. In nifty
what are they. It can be auto, technology,metals or some such sector</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Expiry trade has the least respect for technicals
or fundamentals. Expiry can always happen 100 points away from estimated level.
Things go out of hand quickly during expiry. There is some range and range
breakout. More and more weekly expiry and having seen some previous history of
market trend puts you into false sub consciousness status. Lazy and confused
mind goes by subconscious previous knowledge. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><u><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt;">Safer
possibilities than Expiry Trade</span></u><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"><o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Buy and hold. Because stocks will finally go up.
Higher capital Higher time<o:p></o:p></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Sell OTM options: Because there are option buyers
who buy cheap options to gamble or test their luck which happens rarely.
Higher capital Higher probability medium returns.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Buy options : on the trending side. Simple but less
appealing to the intelligent ego and if you believe somebody is just managing
the show for some time which can't hold long and will eventually reverse</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Buy options : reverse side. Hope of reversal and
finding mean average. Relying on the fact Statistics tend to find a mean
and not remain in either of the extremes over a period of time in general. But
premium decay may kill you. And that much awaited reversal may happen after one
more step.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Futures buy or sell and roll over : possible in volatile
market. Fail only if market makes one sided moves only. </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><u style="background-color: initial;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt;">9.20 is better than 9.15</span></u><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> :
Taking position at 9.15 is blind bet based on some analysis, but taking bet at
9.20 is better as you can see confirmation and that trend will continue atleast
till 11 after which it may progress or reverse based on Hong Kong, UK etc
markets. This happens 90% of the time. For the balance 10% where the 9.20
trend is reversed suddenly stop-loss will protect you. </span></p><p class="mobile-photo" style="font-family: "Times New Roman"; font-weight: 400;">
</p><p class="MsoNormal" style="text-align: left;"><o:p><u>Some Notes</u></o:p></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Oscillation range sometimes telling you some
message but sometimes it is just a diversion<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">Often times technical and fundamental run contra to
each other.When market open down fundamental analysis may find it lucrative to
buy but technical analysis will treat it as sell case and buying will come only
after it showed support at some level.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">When the recovery comes, does it come from short
covering of beaten down stocks or new sectoral rotation.The leading stocks in
such scenario are supposed to have some strength.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">You should be able to take up 10 punts between
index and stock specifics and futures and options , option selling and
buying...</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: left;"><span style="font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;"> </span><span style="background-color: initial; font-family: "Times New Roman", "serif"; font-size: 13.5pt; font-weight: normal;">You should be able to keep tight when things
are not clear not compulsive</span></p>
<p class="MsoNormal"><o:p> </o:p></p><div dir="auto" style="font-family: "Times New Roman"; font-weight: 400; text-align: left;"><b><u>Diff between invitation vs warning for exit</u></b></div><p class="MsoNormal"><o:p></o:p></p><div dir="auto" style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">Dont average...dont see fall as a chance to buy more or desperately average more. A fall may be precursor to bigger fall unless support levels are hit or its just a swing of up and down . There is no way to differentiate whwther a fall is just a swing or precursor for bigger fall. Or may be there are ways...</div><div dir="auto" style="font-family: "Times New Roman"; font-weight: 400; text-align: left;"><br /></div><div dir="auto" style="font-family: "Times New Roman"; text-align: left;"><div dir="auto" style="font-weight: 400;"><b><u>Range bound of the expected range</u></b></div><div dir="auto" style="font-weight: 400;">You should be fearful about levels getting broken and not confident about levels getting protected. If levels get protected it will be post facto called as range bound and if levels breached it will be out of bounds on which a trade gamble cannot be picked up because nothing can be done in the short term in that last one hour when it breaks levels. Knowledge of present news and past history gives false impression that you are equipped enough to predict levels. This coupled with habit building that happened between 12pm and 2pm in which a narrow range seemed like possible and worked well- will kill you. Knowledge based confidence, habit based on recently seen range and desperate hope making you brazen to keep positions naked.. Cocktail of these three will kill. And did so around 50 times in last 60 months. </div><br /><div class="gmail_quote"><blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); font-weight: 400; margin: 0px 0px 0px 0.8ex; padding-left: 1ex;"><div dir="auto">Volatility means breaking support and resistance levels continously without any respect for levels. Which means either buyers or sellers have field day. Range bound is a darling of chart analyst where the levels are respected as if market is under control of algo traders which involves both buyers sellers following the range. </div></blockquote><span style="font-weight: 400;">Expiry trades involving option buying are never worthy of full capital given the fast premium decay after 2pm.they are only worthy of option selling. </span><br /><br /><div class="gmail_quote"><blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); margin: 0px 0px 0px 0.8ex; padding-left: 1ex;"><div dir="auto"><u>Value transfer in options trade </u><br /><span style="font-weight: 400;">When you trading expiry.. You will not do stop-loss and are pushed to a hope that there will a attempt to recovery once again just like we saw happening twice in last 2 hours. But if that does not happens you will be zero. </span></div><br /><div class="gmail_quote" style="font-weight: 400;"><blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); margin: 0px 0px 0px 0.8ex; padding-left: 1ex;"><div dir="auto"><br />Options is a zero sum game. There is no value creation. Value is moved from one person whose prediction is wrong to another person. During rally you bet that rally will end at x level whereas other person bets it as x plus 100.one of you will be right and get profit. During fall you bet on reversal at some support whereas that support doesn't stick you loose money to the person who predicted that the fall has more depth.<div dir="auto"><br /></div><div dir="auto">On a expiry day you may do fine till 2pm to do predict the range which index is trying to make but after appearing to be oscillating both sides, suddenly it will get momentum on one side and you lose it.</div><div dir="auto"><br /></div><div dir="auto">Never have a psychological target figure like 16500 for the expiry. Sometimes expiry happens on target range but often it is out of bounds. Be braced for one sided move only after 2 pm. don't try to pick from minor oscillations arising on the side line while the main track is going to be major move on one of the sides.</div><div dir="auto"><br /></div></div></blockquote></div></blockquote></div><p style="font-weight: 400;"><span style="background-color: initial;">Be aware that on expiry day there will be attempt to find a base btw 12 and 2 in which there will opportunities for picking few points on either side but after that it's toooo risky to predict the one side move it is going to take or the premium decay it will result. Be frightful of premium decay and not try to brazen with hope of trend reversal. </span> </p><p style="font-weight: 400;">Market is a swinger for sure but with unknown swings. Swings are the opportunity and the unknown velocity is the risk. While chasing the opportunity risk is intervened in the same. Undisciplined mind cannot handle the seperation of opportunity and risk. </p></div></div></div>
</div>
</div>
</div>
<div class="MsoNormal" style="font-weight: normal;">
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</span></h3>
</div>
</div>
</div>
<div style="font-size: medium; font-weight: normal;">
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-88208126863997549792022-12-30T08:06:00.000-08:002023-12-26T09:05:14.989-08:00Preparation of Financial Statements as per Reporting Standards<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<div class="separator" style="clear: both;"><p style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; letter-spacing: 0.45pt;"><b><u>Schedule III to the Companies Act, 2013</u></b> was amended on March 24, 2021, to improve the quality and reliability of financial statements. Some new disclosures were also added to Schedule III. The amendments to Schedule III are applicable from 1</span><sup style="box-sizing: border-box;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 9pt; letter-spacing: 0.45pt;">st </span></sup><span style="color: #6a6a6a; font-family: Faustina, serif; letter-spacing: 0.45pt;">April 2021.On analyzing the amendments in Schedule III and CARO 2020, it can be stated that the majority of the modifications made in Schedule III and CARO 2020 are to match the two reporting frameworks and improve transparency between the company and the users of financial statements. It further enabled to reduce the risk of fraud and other unethical behavior on part of the companies.<o:p></o:p></span></p><p style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt;"><b><i><span style="font-family: Faustina, serif; font-size: 14pt; letter-spacing: 0.45pt;"> <u>Highlights of the amendments in Schedule III</u> </span></i></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 14pt; letter-spacing: 0.45pt;"><o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">1.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Shareholding of Promoters: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">As compared to earlier version, the entities shall now disclose the shares held by the promoters at the end of the financial year and % change during the year in notes to accounts in tabular format as mentioned in the Schedule.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">2.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Rounding Off: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">It is mandatory for the companies to round off the figures appearing in the financial statements on the basis of ‘Total Income’. Earlier this provision was optional and round off was done on the basis of ‘Turnover’.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">3.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Short Term Borrowings: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">From 1 April 2021 onwards, the current maturities from long term borrowings is required to be separately disclosed in the financial statements.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">4.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Trade Payables Due For Payments:</span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;"> Gone are those days where ageing schedule for only receivables were made. From now onwards, it shall be prepared for trade payables also which are due for payment, in a tabular form, whether or not, due date of payment is specified on bill. However, unbilled dues shall be separately disclosed.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">5.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Disclosure for Tangible and Intangible Asset:</span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;"> At the beginning and end of the reporting period, a reconciliation of the gross and net carrying amounts of each class of assets showing additions, disposals, acquisitions through business combinations, amount of change due to revaluation and other adjustments and the related depreciation and impairment losses or reversals shall be disclosed separately, if the changes is 10% or more in each class of asset.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">6.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Trade Receivables outstanding: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Ageing schedule shall be prepared for trade receivables in a tabular form in a manner as notified by MCA, whether or not, due date of payment is specified on bill. However, unbilled dues shall be separately disclosed.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">7.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Borrowing from Banks and Financial Institutions: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">At balance sheet date, the companies shall disclose the details of those funds which were borrowed from banks and financial institutions for a specific purpose.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">8.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Title deeds of Immovable Property: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">The companies have to give the details of all those immovable properties whose title deeds are not in the name of the company, except those immovable properties in which the company is lessee and lease agreement are executed.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">9.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Loan Granted to Promoters, Directors, KMPs and the Related Parties: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">The company shall disclose all the loans and advances in the nature of loan granted to promoter director and KMPs and related parties, severally or jointly with any other person either repayable on demand, without specifying any terms or period of repayment.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">10.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Benami Property: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Company shall disclose all the benami property in which proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rule made thereunder, disclosures shall be made in the manner prescribed.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">11.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Willful Defaulter: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">If any company is declared as wilful defaulter by the bank or financial institution or any other lender then disclosures shall be made by the company in the manner prescribed.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">12.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Ratios:</span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;"> Companies shall disclose the all those ratios which are prescribed and shall explain the items included in numerator and denominator for computing the above ratios. Moreover, if any change in the ratio is more than 25% as compared to the preceding year then explanation for the same shall be provided.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">13.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Undisclosed income: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Where a company has surrendered or disclosed any income under the relevant provisions of the Income Tax Act and which are not disclosed earlier shall be disclosed in the books of accounts, unless there is immune impact.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 18pt; text-align: left; text-indent: -18pt;"><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">14.<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Corporate Social Responsibility: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Where a company under section 135 of the Companies Act, 2013, then disclosure shall be made in the manner prescribed in the Schedule III to the Companies Act, 2013.<o:p></o:p></span></p><p class="MsoNormal" style="background: white; line-height: 18pt; margin: 0cm 0cm 7.5pt 54pt; text-align: left; text-indent: -18pt;"><span style="font-family: Symbol; font-size: 10pt;">·<span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">Crypto Currency or Virtual Currency: </span></b><span style="color: #6a6a6a; font-family: Faustina, serif; font-size: 12pt; letter-spacing: 0.45pt;">If any company has traded or invested in Crypto Currency or Virtual Currency then disclosures shall be made in the financial statements relating to Profit and loss made from crypto currencies, Amount of currency held at reporting date, Deposit or advance taken from any person for trading or investment in crypto.</span><o:p></o:p></p></div><div class="separator" style="clear: both;"><br /></div><div class="separator" style="clear: both;"><b><u>IND AS</u></b></div><div class="separator" style="clear: both;"><b><u><br /></u></b></div></div>
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/V3GCeOYQStQ/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/V3GCeOYQStQ?feature=player_embedded" width="320"></iframe><br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/YWy3U1-U5RE/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/YWy3U1-U5RE?feature=player_embedded" width="320"></iframe><br />
<b style="text-align: left;"><u><br /></u></b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b style="text-align: left;"><u><br /></u></b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b><u>IND-AS 115 Revenue Recogntion</u></b></div><div dir="ltr" style="text-align: left;" trbidi="on">
<b><u><br /></u></b>
<a href="https://2.bp.blogspot.com/-dG-YG-6z5RU/W8NJF2JSYVI/AAAAAAAAFr4/uajbuP3Djhw_9Ax-RjRFxnna-hxBwkEIACLcBGAs/s1600/ind-as%2B115.jpeg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="660" data-original-width="465" height="640" src="https://2.bp.blogspot.com/-dG-YG-6z5RU/W8NJF2JSYVI/AAAAAAAAFr4/uajbuP3Djhw_9Ax-RjRFxnna-hxBwkEIACLcBGAs/w450-h640/ind-as%2B115.jpeg" width="450" /></a><br />
<div class="separator" style="clear: both;">
<a href="https://1.bp.blogspot.com/-2hTBmA3gDyM/Xke0M0SnN5I/AAAAAAAANK8/dMllvOQLqw8uKzfnptikmYsOq2_71j25wCLcBGAsYHQ/s1600/Recognise%252Brevenue%252Bwhen%2B%2528step5%2529.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="668" data-original-width="960" height="278" src="https://1.bp.blogspot.com/-2hTBmA3gDyM/Xke0M0SnN5I/AAAAAAAANK8/dMllvOQLqw8uKzfnptikmYsOq2_71j25wCLcBGAsYHQ/w400-h278/Recognise%252Brevenue%252Bwhen%2B%2528step5%2529.jpg" width="400" /></a></div>
<b><u><br /></u></b><a href="http://3.bp.blogspot.com/-daJZNlVNKvw/XTVZeJU_uSI/AAAAAAAAM_Y/CQj8okrS-xEeQUIGGnE_IXW_bcJHOmhQgCK4BGAYYCw/s1600/Rev%2BRecognition-796778.jpg" style="text-align: left;"><img alt="" border="0" height="276" id="BLOGGER_PHOTO_ID_6716372793727891746" src="https://3.bp.blogspot.com/-daJZNlVNKvw/XTVZeJU_uSI/AAAAAAAAM_Y/CQj8okrS-xEeQUIGGnE_IXW_bcJHOmhQgCK4BGAYYCw/w400-h276/Rev%2BRecognition-796778.jpg" width="400" /></a><br />
<div class="separator" style="clear: both;">
<a href="https://1.bp.blogspot.com/-wj9zF4zvS-A/Xke0gYwkFII/AAAAAAAANLE/w6gz8xYqkqck5UYhOukv5Qwo2WyHePBXwCLcBGAsYHQ/s1600/Revenue%2B-Over%2Btime.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="352" data-original-width="518" height="270" src="https://1.bp.blogspot.com/-wj9zF4zvS-A/Xke0gYwkFII/AAAAAAAANLE/w6gz8xYqkqck5UYhOukv5Qwo2WyHePBXwCLcBGAsYHQ/w400-h270/Revenue%2B-Over%2Btime.png" width="400" /></a></div>
<br style="text-align: justify;" />
<b><br /></b>
<b>FINANCIAL INSTRUMENTS - INDAS 32,109 and 107</b><br />
<b><br /></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-IrBsM3ulaBo/XP0X_WLN18I/AAAAAAAALbg/7yZ5huf0WD0SLf9_xY5Sv6DYc1yCLEgOACLcBGAs/s1600/32%2B109%2B107.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="363" data-original-width="441" height="329" src="https://1.bp.blogspot.com/-IrBsM3ulaBo/XP0X_WLN18I/AAAAAAAALbg/7yZ5huf0WD0SLf9_xY5Sv6DYc1yCLEgOACLcBGAs/w400-h329/32%2B109%2B107.png" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-rskNktFaluo/XP0Ywtvfr_I/AAAAAAAALbo/BgutXjD2kQASONNlLaa-_WM6zx6PtfNAQCLcBGAs/s1600/Ind%2BAS%2B109.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="401" data-original-width="575" height="279" src="https://1.bp.blogspot.com/-rskNktFaluo/XP0Ywtvfr_I/AAAAAAAALbo/BgutXjD2kQASONNlLaa-_WM6zx6PtfNAQCLcBGAs/w400-h279/Ind%2BAS%2B109.png" width="400" /></a></div>
<b><br /></b>
<b><br /></b><br />
<div class="gmail_quote">
<div dir="ltr">
</div>
</div>
<b><u>Computation of Lease Asset, Liability and Expenses IND AS 116</u></b><br />
<div style="color: black; font-family: "times new roman"; font-size: medium; font-style: normal; letter-spacing: normal; margin: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-GIFQOWrdWWA/XzrHP6RdZdI/AAAAAAAANrU/8WeQpwuOAvYwBCPBADwe3veDxxd0IcN_QCLcBGAsYHQ/s1600/Lease%2BExp.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="192" data-original-width="573" height="133" src="https://1.bp.blogspot.com/-GIFQOWrdWWA/XzrHP6RdZdI/AAAAAAAANrU/8WeQpwuOAvYwBCPBADwe3veDxxd0IcN_QCLcBGAsYHQ/w400-h133/Lease%2BExp.png" width="400" /></a></div>
<br /></div>
<br />
<b><u>IND- AS 110 Consolidation</u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-i1nPQ1bgHqg/Wm3kj6vBsAI/AAAAAAAAFIE/uWdGzsHt4_cr2CZUcdDXxzlWvgT1yjnlwCLcBGAs/s1600/Ind-As%2B110%2Bcontrol.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="390" data-original-width="811" height="191" src="https://1.bp.blogspot.com/-i1nPQ1bgHqg/Wm3kj6vBsAI/AAAAAAAAFIE/uWdGzsHt4_cr2CZUcdDXxzlWvgT1yjnlwCLcBGAs/w400-h191/Ind-As%2B110%2Bcontrol.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-dZlA-IPIKng/WIndu94-28I/AAAAAAAAC-c/NjUA3ftAAJsb_JMz4-nR-8y_kjmKii6NQCLcB/s1600/control%2Bdefinition%2Bfor%2BIND-AS%2B110.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="269" src="https://3.bp.blogspot.com/-dZlA-IPIKng/WIndu94-28I/AAAAAAAAC-c/NjUA3ftAAJsb_JMz4-nR-8y_kjmKii6NQCLcB/w400-h269/control%2Bdefinition%2Bfor%2BIND-AS%2B110.jpg" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-ZiPUXHe_kC4/WInwk6rcYnI/AAAAAAAAC-s/SmRYr5X88BMw50TOrXsKrdFXSxclqoFjgCLcB/s1600/IndAS%2B110%2Bvs%2BAS%2B21.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="279" src="https://3.bp.blogspot.com/-ZiPUXHe_kC4/WInwk6rcYnI/AAAAAAAAC-s/SmRYr5X88BMw50TOrXsKrdFXSxclqoFjgCLcB/w400-h279/IndAS%2B110%2Bvs%2BAS%2B21.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-L_scJE9JYDs/Wm3nLbajciI/AAAAAAAAFIQ/guEFS8fqNI4pYug5gLNkLi0Ow0HwwhUyQCLcBGAs/s1600/IndAS110%2BDefacto%2Bcontrol.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="535" data-original-width="795" height="215" src="https://4.bp.blogspot.com/-L_scJE9JYDs/Wm3nLbajciI/AAAAAAAAFIQ/guEFS8fqNI4pYug5gLNkLi0Ow0HwwhUyQCLcBGAs/s320/IndAS110%2BDefacto%2Bcontrol.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both;">
<b><u>Joint Arrangements</u></b></div>
<div class="separator" style="clear: both;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-vE_BJ74_GWc/WIx9ZN5x_qI/AAAAAAAADAo/IRB6sc92M5QLQ3nb7XzP5srrXaVpwMARACLcB/s1600/Joint%2Bcontrol.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="210" src="https://2.bp.blogspot.com/-vE_BJ74_GWc/WIx9ZN5x_qI/AAAAAAAADAo/IRB6sc92M5QLQ3nb7XzP5srrXaVpwMARACLcB/s320/Joint%2Bcontrol.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/--YBRtzJY9OQ/WIx_DhCrFRI/AAAAAAAADA0/ZabXk8xTBzMqNcpe4NUbVE9mn59VHN6jQCLcB/s1600/joint%2Bventure%2Bor%2Boperation.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="211" src="https://2.bp.blogspot.com/--YBRtzJY9OQ/WIx_DhCrFRI/AAAAAAAADA0/ZabXk8xTBzMqNcpe4NUbVE9mn59VHN6jQCLcB/s320/joint%2Bventure%2Bor%2Boperation.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-aHF02ARoilA/WIyM3yh5YJI/AAAAAAAADBM/vwOUyWF1qcwhVnMM8e4N6JPuNt0cfISOQCLcB/s1600/accounting%2Bjv%252Cja.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://2.bp.blogspot.com/-aHF02ARoilA/WIyM3yh5YJI/AAAAAAAADBM/vwOUyWF1qcwhVnMM8e4N6JPuNt0cfISOQCLcB/s320/accounting%2Bjv%252Cja.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-rAdA8huhwXo/WIyQkO_84NI/AAAAAAAADBY/b8AwQWMOS844EOESz4OEKI6L9eeVFS3cACLcB/s1600/AS%2B27%2Bvs%2BInd%2B111.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="208" src="https://3.bp.blogspot.com/-rAdA8huhwXo/WIyQkO_84NI/AAAAAAAADBY/b8AwQWMOS844EOESz4OEKI6L9eeVFS3cACLcB/s320/AS%2B27%2Bvs%2BInd%2B111.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-m0-UwMMXQGI/WIyQkJF6w3I/AAAAAAAADBc/v4aRJzPRhPcU0LoN9SqJxAPPG1iQXG_ugCLcB/s1600/AS%2B27%2BVs%2BIndAS%2B111.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="214" src="https://3.bp.blogspot.com/-m0-UwMMXQGI/WIyQkJF6w3I/AAAAAAAADBc/v4aRJzPRhPcU0LoN9SqJxAPPG1iQXG_ugCLcB/s320/AS%2B27%2BVs%2BIndAS%2B111.png" width="320" /></a></div>
<div class="separator" style="clear: both;">
<b><u>IndAS 111 that is IFRS 11 charts</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/--QFtmVfWcPU/WmxN0yW7ffI/AAAAAAAAFGo/QuegcdTDzekasMoLexLACZOY3HYoLrQygCLcBGAs/s1600/IndAS%2B111JointControl.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="284" data-original-width="640" height="142" src="https://4.bp.blogspot.com/--QFtmVfWcPU/WmxN0yW7ffI/AAAAAAAAFGo/QuegcdTDzekasMoLexLACZOY3HYoLrQygCLcBGAs/s320/IndAS%2B111JointControl.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-_TllwjtXDFs/WmxN1LI-WtI/AAAAAAAAFGs/VHzOyGHuWms4ylrbKWcC2dK7APBr3rEpwCLcBGAs/s1600/IndAS11Classification.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="332" data-original-width="500" height="212" src="https://3.bp.blogspot.com/-_TllwjtXDFs/WmxN1LI-WtI/AAAAAAAAFGs/VHzOyGHuWms4ylrbKWcC2dK7APBr3rEpwCLcBGAs/s320/IndAS11Classification.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-e-F4yux-Mzc/WmxN0-lXqgI/AAAAAAAAFGk/NJmnTpuMSPslESaDLrBLT9_cWMMQRhEegCLcBGAs/s1600/IndAS%2B111AccountingJointArrangements.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="322" data-original-width="500" height="206" src="https://2.bp.blogspot.com/-e-F4yux-Mzc/WmxN0-lXqgI/AAAAAAAAFGk/NJmnTpuMSPslESaDLrBLT9_cWMMQRhEegCLcBGAs/s320/IndAS%2B111AccountingJointArrangements.png" width="320" /></a></div>
<div class="separator" style="clear: both;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both;">
<b><u>Ind-AS 112 Disclosures</u></b></div>
<div class="separator" style="clear: both;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-6fbqhXDm2x8/WIyWAJ-VdKI/AAAAAAAADBw/rHqxjW3RQsYuzpgxbr5i6GogPHj5QHdzgCLcB/s1600/Ind-AS%2B112.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="97" src="https://1.bp.blogspot.com/-6fbqhXDm2x8/WIyWAJ-VdKI/AAAAAAAADBw/rHqxjW3RQsYuzpgxbr5i6GogPHj5QHdzgCLcB/s320/Ind-AS%2B112.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-swrTOQTxEf4/WIyWAWFfudI/AAAAAAAADBs/se4eOFjG2T4Rid0ScMIMX6OHlMYZr7NUwCLcB/s1600/112.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="188" src="https://2.bp.blogspot.com/-swrTOQTxEf4/WIyWAWFfudI/AAAAAAAADBs/se4eOFjG2T4Rid0ScMIMX6OHlMYZr7NUwCLcB/s320/112.png" width="320" /></a></div>
<div class="separator" style="clear: both;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div style="text-align: justify;">
<b><u>Segmental Reporting under Ind-AS 108</u></b></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-rxhwcLMQYvI/WIxIbVKYZcI/AAAAAAAAC_E/KckuepgCxFM9siLZPCovDRL5gB0cESjDQCLcB/s1600/process.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="249" src="https://1.bp.blogspot.com/-rxhwcLMQYvI/WIxIbVKYZcI/AAAAAAAAC_E/KckuepgCxFM9siLZPCovDRL5gB0cESjDQCLcB/w400-h249/process.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-UzDqoDh4nDw/WIxPmOAJJ0I/AAAAAAAAC_U/ksc1Q6XkUS8kQxEaIxIC7DWP83ydOlSxACLcB/s1600/segment.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="204" src="https://1.bp.blogspot.com/-UzDqoDh4nDw/WIxPmOAJJ0I/AAAAAAAAC_U/ksc1Q6XkUS8kQxEaIxIC7DWP83ydOlSxACLcB/s320/segment.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-J30tu29B_Kg/WIxRAioJ4MI/AAAAAAAAC_g/3xQw2wog_R4L9Y-OQMWu3lbSZIpGW0fMQCLcB/s1600/aggregating%2Bsegments.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://2.bp.blogspot.com/-J30tu29B_Kg/WIxRAioJ4MI/AAAAAAAAC_g/3xQw2wog_R4L9Y-OQMWu3lbSZIpGW0fMQCLcB/s320/aggregating%2Bsegments.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-frxluX6MYt0/WIxZiOYsDlI/AAAAAAAAC_w/ws4m2dhCz8okiLbdrz_vXsUf5PZ0vkXGACLcB/s1600/determining%2Breportable%2Bsegment.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="210" src="https://1.bp.blogspot.com/-frxluX6MYt0/WIxZiOYsDlI/AAAAAAAAC_w/ws4m2dhCz8okiLbdrz_vXsUf5PZ0vkXGACLcB/s320/determining%2Breportable%2Bsegment.png" width="320" /></a></div>
<br />
<div style="margin: 0in; text-align: justify;">
<div style="text-align: left;">
<b><u>Interaction between various standards on consolidation</u></b><br />
<b><u><br /></u></b></div>
<div style="text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-71YQYbJ63NA/Wm3frUksFsI/AAAAAAAAFH0/eVsM3JcqhMEs1qwX06JCUgpDJKFEcvTgACLcBGAs/s1600/Consolidation%2BStandards.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="556" data-original-width="998" height="357" src="https://2.bp.blogspot.com/-71YQYbJ63NA/Wm3frUksFsI/AAAAAAAAFH0/eVsM3JcqhMEs1qwX06JCUgpDJKFEcvTgACLcBGAs/w640-h357/Consolidation%2BStandards.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u>IND-AS 113 Fair Value</u></b><br />
<b><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-lvnF-qNvFDo/XVUPukeiltI/AAAAAAAANBY/HmUA5xwrwG8nOWOmqSTYirP45YZwrfEcwCLcBGAs/s1600/fiar%2Bvalue%2Bifrs13.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="379" data-original-width="1349" height="174" src="https://1.bp.blogspot.com/-lvnF-qNvFDo/XVUPukeiltI/AAAAAAAANBY/HmUA5xwrwG8nOWOmqSTYirP45YZwrfEcwCLcBGAs/s640/fiar%2Bvalue%2Bifrs13.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-pyv--wr1gxM/XVUUMpanGpI/AAAAAAAANBg/Nc8UEbtpeQoKRsjNVEO4XMFTf3ZVnbbLgCLcBGAs/s1600/Fair%2BValue%2B-%2BRecognition%2Bmeasurement.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="632" data-original-width="952" height="424" src="https://1.bp.blogspot.com/-pyv--wr1gxM/XVUUMpanGpI/AAAAAAAANBg/Nc8UEbtpeQoKRsjNVEO4XMFTf3ZVnbbLgCLcBGAs/w640-h424/Fair%2BValue%2B-%2BRecognition%2Bmeasurement.png" width="640" /></a></div>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b><br />
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b style="text-align: left;"><u><br /></u></b><br />
<b style="text-align: left;"><u><br /></u></b>
<b style="text-align: left;"><u><br /></u></b></div>
<div style="margin: 0in; text-align: justify;">
<div style="text-align: left;">
<br /></div>
</div>
<br />
<div class="body" style="line-height: 16px; margin-bottom: 20px; outline: 0px;">
<div class="separator" style="clear: both;">
<b><u style="background-color: orange;">Inter Corporate Investments- Business Combinations</u></b></div>
<div class="separator" style="clear: both;">
<b><u style="background-color: orange;"><br /></u></b></div>
<div class="separator" style="background-color: white; clear: both;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-efIdovb1Dq0/WHtmbSUU03I/AAAAAAAAC9g/3qp5c3ZeGuQs1RfgtFTux3mmaM6AXVjiQCLcB/s1600/slide2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://4.bp.blogspot.com/-efIdovb1Dq0/WHtmbSUU03I/AAAAAAAAC9g/3qp5c3ZeGuQs1RfgtFTux3mmaM6AXVjiQCLcB/w400-h300/slide2.jpg" width="400" /></a></div>
<div style="background-color: white;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-LMLIviCEAn8/XdExULcer1I/AAAAAAAANGE/-4nhMrp2vzsTmAfYNC75AGyUZ_PlrDBtACLcBGAsYHQ/s1600/intercorp%2Binvestment.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="1280" height="353" src="https://1.bp.blogspot.com/-LMLIviCEAn8/XdExULcer1I/AAAAAAAANGE/-4nhMrp2vzsTmAfYNC75AGyUZ_PlrDBtACLcBGAsYHQ/w627-h353/intercorp%2Binvestment.jpg" width="627" /></a></div>
<span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="font-size: 14px;"><b><u><br /></u></b></span></span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="font-size: 14px;"><b><u><br /></u></b></span></span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="font-size: 14px;"><b><u><br /></u></b></span></span><span style="color: #3b3a39; font-family: "georgia" , "times new roman" , "times" , serif;"><span style="font-size: 14px;"><b><u>Accounting treatment of Goodwill </u></b></span></span></div>
<div style="background-color: white; color: #3b3a39; font-family: georgia, "times new roman", times, serif; font-size: 14px;">
Goodwill and intangibles acquired in merger-and-acquisition transactions represent synergies and benefits accruing to the acquiring enterprise. </div>
</div>
<div class="body" style="background-color: white; font-family: georgia, "times new roman", times, serif; font-size: 14px; line-height: 16px; margin-bottom: 20px; outline: 0px;">
<b style="color: #3b3a39;"><u>Under old AS, the transaction structure determines the accounting</u></b><span style="color: #3b3a39;">; an asset acquisition is covered by AS-10, a court merger by AS-14, but everything else is practically left out.However, most acquisitions today are through acquisition of a company, which is only covered by AS-21 through its guidance on consolidation procedures of </span><span style="color: red;">historical values.</span><span style="color: red;">Intangibles</span><span style="color: #3b3a39;"> that are self-created are often not recorded in the books of the selling company. and hence the value attributed to these elements is accounted as goodwill.</span></div>
<div class="body" style="background-color: white; font-family: georgia, "times new roman", times, serif; font-size: 14px; line-height: 16px; margin-bottom: 20px; outline: 0px;">
<span style="color: #3b3a39;"><u>On subsequent measurement of goodwill<b> :</b></u> for transactions accounted as per AS-10, the standards state it is prudent to amortise, but not required. On the other hand, for goodwill arising on consolidation as per AS-21, there is no specific guidance, hence only </span><span style="color: red;">tested for impairment if indicators exist</span><span style="color: #3b3a39;">. Further, goodwill arising out of a merger as per AS-14 is required to be amortised over five years. So, depending on the transaction structure used to acquire the business, the subsequent accounting is determined and impacts the recognised values on the balance sheet as well as the reported income in subsequent periods. The fact that the amount recorded as goodwill might actually represent some finite life assets is often not considered.</span></div>
<div class="body" style="background-color: white; color: #3b3a39; font-family: georgia, "times new roman", times, serif; font-size: 14px; line-height: 16px; margin-bottom: 20px; outline: 0px;">
<b><u>Business combination </u></b>a<b><u>s per new Ind-AS</u></b></div>
<div class="body" style="background-color: white; color: #3b3a39; font-family: georgia, "times new roman", times, serif; font-size: 14px; line-height: 16px; margin-bottom: 20px; outline: 0px;">
According to IFRS and Ind-AS, a business combination is a transaction where an acquirer obtains control over one or more businesses, and such transactions may be structured as mergers, outright acquisitions or the creation of a new entity. The meaning of the term is, thus, quite wide and designed to cover typical types of M&A activity.</div>
<div class="body" style="background-color: white; font-family: georgia, "times new roman", times, serif; font-size: 14px; line-height: 16px; margin-bottom: 20px; outline: 0px;">
<span style="color: #3b3a39;">Accounting for business combinations follows the acquisition method, where a key element is the recognition and measurement of all identifiable assets acquired and liabilities assumed. Thus,</span><span style="color: red;"> intangibles </span><span style="color: #3b3a39;">that were not previously recognised — such as customer contracts, relationships, favourable lease arrangements and so on — are also separately identified and valued. Goodwill is the residual amount after allocation of the purchase consideration to the assets and liabilities taken over, including intangibles. The goodwill itself is not amortised but only tested for impairment o</span><span style="color: red;">n an annual basis.</span></div>
<div class="body" style="background-color: white; color: #3b3a39; font-family: georgia, "times new roman", times, serif; font-size: 14px; line-height: 16px; margin-bottom: 20px; outline: 0px;">
Accounting using this guidance, therefore, helps enterprises communicate to key stakeholders in a much more transparent and measurable manner the business rationale and expected value addition. <i style="outline: 0px;">Ashish Gupta is Partner and Saurabh Mathur is Manager, Walker Chandiok & Co</i></div>
<b><u>Goodwill Impairment</u></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-WYT52Zw866U/X9RtkV6lXPI/AAAAAAAAN4Q/z1WQY63lz-0cHTN17JwxOfN12EAQL0MIgCLcBGAsYHQ/s702/Goodwill%2BImpairment.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="702" data-original-width="578" height="320" src="https://1.bp.blogspot.com/-WYT52Zw866U/X9RtkV6lXPI/AAAAAAAAN4Q/z1WQY63lz-0cHTN17JwxOfN12EAQL0MIgCLcBGAsYHQ/s320/Goodwill%2BImpairment.png" /></a></div><br /><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><br />
<span style="background-color: orange;">Income Taxes - Ind-AS 12</span><br />
<span style="background-color: orange;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-duGIQkgV2-s/WIxjxqbI_fI/AAAAAAAADAA/8N5mDVr5biMtmlGb5MlTg7S_b2NqupbeQCLcB/s1600/temporary%2Bdifferences.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="206" src="https://2.bp.blogspot.com/-duGIQkgV2-s/WIxjxqbI_fI/AAAAAAAADAA/8N5mDVr5biMtmlGb5MlTg7S_b2NqupbeQCLcB/s320/temporary%2Bdifferences.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-Fb0syXylJkI/WIxpd7DQcvI/AAAAAAAADAY/pSOt7TLaaksfIvzs0nO3pohVPtJu8H6VwCLcB/s1600/BS%2Bvs%2BPL%2Bapproch.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://2.bp.blogspot.com/-Fb0syXylJkI/WIxpd7DQcvI/AAAAAAAADAY/pSOt7TLaaksfIvzs0nO3pohVPtJu8H6VwCLcB/s320/BS%2Bvs%2BPL%2Bapproch.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-Br3kjYAHBnQ/WIxkY8ghc0I/AAAAAAAADAI/BVF_xi3GLncc0fy9B7PXaEhqj6MhGpOfwCLcB/s1600/process.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="216" src="https://2.bp.blogspot.com/-Br3kjYAHBnQ/WIxkY8ghc0I/AAAAAAAADAI/BVF_xi3GLncc0fy9B7PXaEhqj6MhGpOfwCLcB/s320/process.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<b><u>Account for Tax Expense in traditional method vs AS/IND-AS </u></b><br />
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: currentcolor; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 160;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="border: 1pt solid; padding: 0cm 5.4pt; width: 119.7pt;" valign="top" width="160"><span style="font-family: "times new roman";"></span><br />
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
</div>
<span style="font-family: "times new roman";"></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; padding: 0cm 5.4pt; width: 119.7pt;" valign="top" width="160"><span style="font-family: "times new roman";"></span><br />
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Method<o:p></o:p></span></b></div>
<span style="font-family: "times new roman";"></span></td><td style="border-color: rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; padding: 0cm 5.4pt; width: 141.65pt;" valign="top" width="189"><span style="font-family: "times new roman";"></span><br />
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Tax Expense in P&L<o:p></o:p></span></b></div>
<span style="font-family: "times new roman";"></span></td></tr>
<tr style="mso-yfti-irow: 1;"><td style="border-color: rgb(0, 0, 0); border-style: none solid solid; border-width: 0px 1pt 1pt; padding: 0cm 5.4pt; width: 119.7pt;" valign="top" width="160"><span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Old Practice before AS came into effect<o:p></o:p></span></b></div>
<span style="font-family: "times new roman";"></span></td><td style="border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 119.7pt;" valign="top" width="160"><span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Tax Payable method<o:p></o:p></span></div>
<span style="font-family: "times new roman";"></span></td><td style="border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 141.65pt;" valign="top" width="189"><span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Current Tax<o:p></o:p></span></div>
<span style="font-family: "times new roman";"></span></td></tr>
<tr style="mso-yfti-irow: 2; mso-yfti-lastrow: yes;"><td style="border-color: rgb(0, 0, 0); border-style: none solid solid; border-width: 0px 1pt 1pt; padding: 0cm 5.4pt; width: 119.7pt;" valign="top" width="160"><span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">New Practice after AS/IND-AS is applied<o:p></o:p></span></b></div>
<span style="font-family: "times new roman";"></span></td><td style="border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 119.7pt;" valign="top" width="160"><span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Tax effect accounting method<o:p></o:p></span></div>
<span style="font-family: "times new roman";"></span></td><td style="border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 141.65pt;" valign="top" width="189"><span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Current Tax<o:p></o:p></span></div>
<span style="font-family: "times new roman";"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">+/- </span><span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">Deferred Tax</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">+/- <span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">DeferredTax </span>adjustment<o:p></o:p></span></div>
<span style="font-family: "times new roman";"> of opening balance</span></td></tr>
</tbody></table>
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><o:p><span style="font-family: "calibri";"><span style="font-family: "times new roman";"></span><br />What is sought to be acheived is Effective Tax Rate over a period of Time<br /><br />Effective Tax Rate is not tax rate multiplied by book profit. It is a tax rate after taking away the permanent differences and then multiply with book profit.<br /><br />What appears in P&L is - book profit multiplied by Effective Tax Rate over a period of Time (plus adjustment for opening balance of Deferred Tax Asset / Liability created out of previous understanding of timing differences which got changed now.)<br /><br /><br />This is one of the few standards which serve two purposes. </span></o:p></span><br />
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><span style="font-family: "calibri";"><br />- serve shareholder interest by not distributing away PAT based on current tax incidence if the entity is currently enjoying some benefits<br />- Serves analysts by providing valuable insight into the effective tax rate for that entity which was earlier disclosed only in prospectus.</span><span style="font-family: "times new roman";"> </span><br /><span style="font-family: "times new roman";"></span></span><br />
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><span style="font-family: "times new roman";"><br /></span></span>
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><b><u style="background-color: orange;">Employee Benefits</u></b> </span><br />
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><br /></span>
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><br /></span>
<br />
<div class="mobile-photo" style="text-align: left;">
<b><u>IndAS 19 Employee benefits</u></b></div>
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"></span><br />
<div class="mobile-photo" style="text-align: center;">
<a href="http://4.bp.blogspot.com/-5_V2ObeqP18/XZovbc-KY3I/AAAAAAAANC4/SAthaXaYlV8tZo39CorU3kTw9ewcvFMaQCK4BGAYYCw/s1600/images%2B%252819%2529-770897.jpeg"><img alt="" border="0" height="212" id="BLOGGER_PHOTO_ID_6744755540620632946" src="https://4.bp.blogspot.com/-5_V2ObeqP18/XZovbc-KY3I/AAAAAAAANC4/SAthaXaYlV8tZo39CorU3kTw9ewcvFMaQCK4BGAYYCw/s320/images%2B%252819%2529-770897.jpeg" width="320" /></a><br />
<a href="http://1.bp.blogspot.com/-A-aU6AQ3nJ0/XZo0FnhGWaI/AAAAAAAANDE/UCDxamgQwho0RpMBnAsrggMcq60TXcBKwCK4BGAYYCw/s1600/IAS19_Classification_EmployeeBenefits%2B%25281%2529-762640.png" style="text-align: left;"><img alt="" border="0" height="202" id="BLOGGER_PHOTO_ID_6744760663052540322" src="https://1.bp.blogspot.com/-A-aU6AQ3nJ0/XZo0FnhGWaI/AAAAAAAANDE/UCDxamgQwho0RpMBnAsrggMcq60TXcBKwCK4BGAYYCw/s400/IAS19_Classification_EmployeeBenefits%2B%25281%2529-762640.png" width="400" /></a></div>
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><br /></span><span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;">IND AS 19 vs IFRS 19</span><br />
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-vhiItOghils/WIzLr1IgEhI/AAAAAAAADCA/ZPY10hICFMoCchsJ4iYWnQuJMOrKTEFLQCLcB/s1600/DBS.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="192" src="https://4.bp.blogspot.com/-vhiItOghils/WIzLr1IgEhI/AAAAAAAADCA/ZPY10hICFMoCchsJ4iYWnQuJMOrKTEFLQCLcB/s320/DBS.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-ERMnqkR4yVw/WIzLr2KzXTI/AAAAAAAADCE/hj0as4rAISAMV3oIv0-S9TKx02YAT8kqACLcB/s1600/Diff%2Bind%2BAS%2B19.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="111" src="https://3.bp.blogspot.com/-ERMnqkR4yVw/WIzLr2KzXTI/AAAAAAAADCE/hj0as4rAISAMV3oIv0-S9TKx02YAT8kqACLcB/s320/Diff%2Bind%2BAS%2B19.png" width="320" /></a></div>
<span lang="EN-US" style="font-size: 12pt; line-height: 18.4px;"><br /></span></div>
<div align="center" class="MsoNormal" style="font-family: "times new roman"; margin: 0cm 0cm 10pt; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-iYbue66sMyA/WHtJY3QKBtI/AAAAAAAAC6Q/9uvCDjZ53vglXhnJbAcPFwNMaDnAq_kQQCLcB/s1600/slide19.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-iYbue66sMyA/WHtJY3QKBtI/AAAAAAAAC6Q/9uvCDjZ53vglXhnJbAcPFwNMaDnAq_kQQCLcB/s320/slide19.jpg" width="320" /></a></div>
<br />
<span style="background-color: orange;"></span><br />
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-nItZW9sCB_o/WHtJYU86ziI/AAAAAAAAC6A/GGZUPGpN9KkJAt72knQPXajJzIXna27ZQCLcB/s1600/slide10.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-nItZW9sCB_o/WHtJYU86ziI/AAAAAAAAC6A/GGZUPGpN9KkJAt72knQPXajJzIXna27ZQCLcB/s320/slide10.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-U5JymHAnyc8/WHtJYTdvPhI/AAAAAAAAC6E/iIrswyxkShciMK2PehmAJ9WrhFwXitLSQCLcB/s1600/slide16.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-U5JymHAnyc8/WHtJYTdvPhI/AAAAAAAAC6E/iIrswyxkShciMK2PehmAJ9WrhFwXitLSQCLcB/s320/slide16.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-wuV487ecyLU/WHtJY6FKtoI/AAAAAAAAC6M/aBEDQ8c1RG0peR86cq7Lv9Z9_2Gw-Rb1ACLcB/s1600/slide18.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-wuV487ecyLU/WHtJY6FKtoI/AAAAAAAAC6M/aBEDQ8c1RG0peR86cq7Lv9Z9_2Gw-Rb1ACLcB/s320/slide18.jpg" width="320" /></a></div>
<br />
<br />
<b><u>IND-AS Property Plant and Equipment</u></b><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-_8BnuzL_77k/WI61PXQv5CI/AAAAAAAADDs/VWymPK_hhmM_FxpdLxMbz8X7lKn9G2SEQCLcB/s1600/AS%2B10%2BvsIND%2BAS.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="430" src="https://3.bp.blogspot.com/-_8BnuzL_77k/WI61PXQv5CI/AAAAAAAADDs/VWymPK_hhmM_FxpdLxMbz8X7lKn9G2SEQCLcB/w640-h430/AS%2B10%2BvsIND%2BAS.png" width="640" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-SWFD9dJJ3WY/WI61QoUkLoI/AAAAAAAADDw/Kis2vAR19cAolTWejdDffseylcUMjVSGgCLcB/s1600/AS%2B10%2Bvs%2BInd-AS.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="410" src="https://4.bp.blogspot.com/-SWFD9dJJ3WY/WI61QoUkLoI/AAAAAAAADDw/Kis2vAR19cAolTWejdDffseylcUMjVSGgCLcB/w640-h410/AS%2B10%2Bvs%2BInd-AS.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
PPE</div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-SzNYtfxZh40/WI65OpKDoCI/AAAAAAAADEA/A5-kHcr-eQA1YcgnhXYcjWcF0qkCiFZ2ACLcB/s1600/componentisation.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="421" src="https://1.bp.blogspot.com/-SzNYtfxZh40/WI65OpKDoCI/AAAAAAAADEA/A5-kHcr-eQA1YcgnhXYcjWcF0qkCiFZ2ACLcB/w640-h421/componentisation.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>OTHER COMPREHENSIVE INCOME</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-ZhuYL8bcmkc/XP07_Wy6FSI/AAAAAAAALbw/2lINK5CYiCc9lkp4L8HbwYIAqqfOyjK-wCLcBGAs/s1600/oci%2Bclassification.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="397" data-original-width="623" height="406" src="https://1.bp.blogspot.com/-ZhuYL8bcmkc/XP07_Wy6FSI/AAAAAAAALbw/2lINK5CYiCc9lkp4L8HbwYIAqqfOyjK-wCLcBGAs/w640-h406/oci%2Bclassification.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
IND AS CARVE OUTS<br />
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/YWy3U1-U5RE/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/YWy3U1-U5RE?feature=player_embedded" width="320"></iframe></div>
<br /></div>
<span style="background-color: orange;"><br /></span></div>
<span style="color: blue;"><u><b> IFRS Covergence in New companies Act 2013</b></u></span><br />
<br />
Companies Bill contains numerous provisions aligned to International Financial Reporting Standards. Under the Bill, utilisation of securities premium will be restricted to a prescribed class of companies whose financial statement complies with specified accounting standards. In meeting IFRS requirements, such companies cannot utilise the securities premium to write off preliminary expenses of the company, write off preference share or debenture issue expenses, and provide for premium payable on redemption of preference shares/ debentures. However, if the prescribed class of companies is notified immediately, the impact will be felt straightaway in Indian GAAP financial statements. As this is not the intention, the Ministry of Corporate Affairs should notify the prescribed class at a date aligned to IFRS implementation; otherwise there may be unintended consequences.<br />
<div class="body">
For changes in accounting policies and correction of past errors, IFRS requires restatement of comparative numbers. Currently, according to the Ministry's circular, a company can reopen and revise its accounts after they have been adopted during the annual general meeting and filed with the registrar to comply with any other law for a true and fair view. Thus, the current Companies Act is not suitable for IFRS implementation. Under the Bill, voluntary revision of financial statements is permitted and, hence, aligned to IFRS implementation. However, the revision process is cumbersome, including prior approval from the Income Tax Appellate Tribunal. In other words, under IFRS, every company should take adequate precaution in the selection of accounting policies and ensuring that errors are rare occurrences.</div>
<div class="body">
<br /></div>
<div class="body">
Currently, the Securities and Exchange Board of India requires all listed companies seeking approval for a draft merger, amalgamation or restructuring scheme to file an auditors' certificate to show that the accounting complies with standards. There is no such requirement for unlisted companies, including their subsidiaries. Under Companies Bill, the Tribunal will not sanction capital reduction, merger, acquisition or other arrangements unless the accounting treatment complies with standards and an auditor's certificate is filed. This is aligned with IFRS.</div>
<div class="body">
<br /></div>
<div class="body">
Schedule II of the Companies Bill sets out the useful lives of assets. Companies other than the prescribed class (essentially IFRS companies) should mandatorily adhere to these useful lives as minimum rates. The prescribed class of companies are allowed to depart from Schedule II useful lives to comply with IFRS. It is not clear whether these companies will be notified immediately or after IFRS is in force. If notified later, then all companies have to comply with Schedule II useful lives as minimum rates as soon as the bill becomes law. As the useful lives in many cases have been drastically reduced, the overall impact of depreciation on the profit-and-loss account can be negative.</div>
<div class="body">
Companies Bill requires component accounting, where components are depreciated based on their useful lives rather than the life of the principal asset. This is aligned to IFRS. However, until Indian GAAP applies (and the prescribed companies are not notified), companies should mandatorily follow useful lives under Schedule II. It is unclear how component accounting can be applied here, as that inherently involves departure from useful lives prescribed for the principal asset.</div>
<div class="body">
Under the Bill, for revaluation, depreciation will be based on the re-valued amount rather than historical cost. This is aligned to IFRS and will have a negative impact due to higher depreciation in the profit-and-loss account.</div>
<div class="body">
<br /></div>
<div class="body">
The Companies Act does not prohibit companies from creating treasury shares under a High Court scheme. The Companies Bill prohibits this, and a transferee company cannot hold any shares in its name or in the name of a trust either on its behalf or that of its subsidiary/ associate companies. Such shares should be cancelled or extinguished. The accounting of treasury shares is often misused. Currently, companies recognise dividend income on treasury shares and gain/ loss arising on sale of treasury shares in the profit-and-loss statement. This is inappropriate because any income cannot be derived by transacting with oneself. Such practices will not be possible if the Bill becomes an Act and is also aligned to IFRS.</div>
<div class="body">
<br />
The Institute of Chartered Accountants of India recently proposed a revised IFRS roadmap, which is also endorsed by the National Advisory Committee on Accounting Standards. According to this roadmap, IFRS implementation will be staggered, beginning from April 1, 2015. Of the two main hurdles to smooth implementation of IFRS, the one with respect to Companies Bill has been removed, while the other related to tax accounting standards needs to be resolved in the coming months.</div>
<div class="body">
</div>
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;"></span><br />
<div class="body">
Article by <i>Dolphy D'Souza is Partner and National Leader – IFRS Services in a member firm of Ernst & Young Global</i><br />
<i><br /></i>
<br />
<i><br /></i>
<br />
<div style="line-height: 15pt; text-align: justify;">
<span style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;"><span face=""verdana" , sans-serif" style="font-size: 13.3333px;"><b><u>Depreciation under new companies Act with effect from 1.4.2014</u></b></span></span></span><br />
<span style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;"><br /></span></span>
<span style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;">Schedule XIV of the old companies Act 1956 specified minimum rates of depreciation to be provided by a company. Unlike that, Schedule II to the 2013 Act requires systematic allocation of the depreciable amount of an asset over its useful life. The Ministry of Corporate Affairs (MCA) vide its Notification dated 26-03-2014 has appointed 1.04.2014 as the date from which Schedule II comes into force.</span></span></div>
<div style="line-height: 15pt; text-align: justify;">
</div>
<div style="line-height: 15pt; text-align: justify;">
<b style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;">Useful Life </span></b></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">Unlike the Companies Act, 1956, Useful lives of the assets have been prescribed instead of rates of depreciation in Part C of Schedule II of the Companies Act, 2013, as a base for computing depreciation. All companies shall be classified into three categories to determine the application of useful lives. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">1. </span><b style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 15pt;">In prescribed class of Companies who comply with Accounting Standards</b><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"> prescribed for them, such companies can opt either to use useful lives and residual values prescribed in Schedule II or different useful lives or residual value for their assets, provided they disclose justification for the same. This class of companies is yet to be notified. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;">2.</span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"> </span><b style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 15pt;">Class of Companies or Class of assets, whose useful lives or residual values are prescribed by any statutory authority or legislation (Electricity companies, Insurance companies etc.,):</b><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"> These companies will use depreciation rates or useful lives and residual values prescribed by relevant authority or legislation for depreciation purposes. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"> </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">3.</span><b style="font-family: Verdana, sans-serif; font-size: 10pt; line-height: 15pt;">Other companies:</b><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"> The useful life of an asset will not be longer than the useful life and residual value will not be higher than that prescribed in the schedule. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">The crux to the above discussion says that, whether as per the schedule or not, depreciation will be based on the useful life of assets.</span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><b style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;">Component Approach </span></b></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">The useful lives prescribed in Part C of Schedule II pertain to whole of the assets. Where cost of a component of the asset is significant to the total cost of the asset and useful life of that component differs from that of the asset, then the useful life of that component shall be determined separately and depreciation is calculated accordingly. This is called Component Approach. This concept of accounting which was hitherto not there has been introduced with the Companies Act, 2013. This approach is in consonance with the depreciation computation prescribed in Indian Accounting standards (Ind AS16). </span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><b style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;">Depreciation on Revalued Assets </span></b></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">As of now, in case of Revaluation of Assets the following accounting treatment was in vogue; depreciation arising on account of upward revaluation of Fixed Assets is to be transferred from Revaluation Reserve to Profit & Loss account. The aforesaid accounting treatment is prescribed as per Guidance note given by our Institute (ICAI) on "Treatment of Reserve created on Revaluation of Fixed assets", which specifies that only depreciation pertaining to historical cost needs to be provided out of current profits of the company. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">But now the concept is altogether different. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">Therefore, in case of revaluation, depreciation will be based on the Revalued amount. Consequently, the ICAI Guidance Note may not apply and full depreciation on revalued amount is expected to be provided. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><b style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;">Transitional Provisions </span></b></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">The carrying amount of the asset as on 01.04.2014 will be depreciated over the remaining useful life of the asset according to the Companies Act, 2013 and if the remaining useful life is nil, then any carrying cost remained apart from Residual Value will be recognized in the opening retained earnings. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"> <b>Depreciaiton Methods</b></span></div>
<div style="line-height: 15pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">Apart from Straight Line and Written Down Value Methods of Depreciation, Unit of Production Method is also an acceptable method of depreciation under the new Act.</span><br />
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><b style="line-height: 15pt;"><span face=""verdana" , sans-serif" style="font-size: 10pt;">Other provisions</span></b></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">In case, any addition has been made to any asset, or where any asset has been sold, discarded, demolished or destroyed during any financial year, the depreciation on such assets shall be calculated on a pro rata basis from the date of such addition or, as the case may be, up to the date on which such asset has been sold, discarded, demolished or destroyed. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">This provision is same as contained in the old act. </span></div>
<div style="line-height: 15pt; text-align: justify;">
<br /></div>
<div style="line-height: 15pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="font-size: 10pt;"> </span><span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;">Under the old Act assets whose actual value does not exceed ₹ 5000 shall be provided depreciation at 100%. But there is no such specific provision under the Companies Act, 2013. </span><br />
<div>
<span face=""verdana" , sans-serif" style="font-size: 10pt; line-height: 15pt;"><br /></span></div>
</div>
<i><br /></i>
<i><br /></i>
<br />
<div>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" style="width: 641px;"><tbody>
<tr style="height: 4.5pt;"><td style="height: 4.5pt; padding: 2.25pt; width: 480.85pt;" width="641"><div style="text-align: justify;">
<b><u><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">IFRS: IMPACT IN THE ASSET ACCOUNTING CYCLE</span></u></b><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;"></span></div>
<div style="margin-left: 0.95pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">An asset accounting cycle is akin to our Working capital cycle. It comprises of a purchase or in house production, consumption for business or capital appreciation and final disposal. This article envisages the application of various IFRS in the asset accounting with some significant changes brought out in the new standards.</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">To start with a depiction to capture the important Accounting standards during the asset accounting cycle,</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; margin-left: 44.4pt;"><tbody>
<tr style="height: 21.05pt;"><td style="border: 1pt solid; height: 21.05pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Purchase/In House creation </span></div>
</td><td style="border-bottom-width: 1pt; border-right-width: 1pt; border-style: solid solid solid none; border-top-width: 1pt; height: 21.05pt; padding: 0cm 5.4pt;"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">IAS-16 / IAS – 40, IAS-17, IAS-38 and IFRS-3</span></div>
</td></tr>
<tr style="height: 23pt;"><td style="border-bottom-width: 1pt; border-left-width: 1pt; border-right-width: 1pt; border-style: none solid solid; height: 23pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Consumption and Maintenance</span></div>
</td><td style="border-bottom-width: 1pt; border-right-width: 1pt; border-style: none solid solid none; height: 23pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">IAS-16, IAS-20, IAS-21, IAS-36, IAS-38, IAS- 40</span></div>
</td></tr>
<tr style="height: 27.05pt;"><td style="border-bottom-width: 1pt; border-left-width: 1pt; border-right-width: 1pt; border-style: none solid solid; height: 27.05pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Holding until Disposal</span></div>
</td><td style="border-bottom-width: 1pt; border-right-width: 1pt; border-style: none solid solid none; height: 27.05pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">IFRS-5</span></div>
</td></tr>
<tr style="height: 23pt;"><td style="border-bottom-width: 1pt; border-left-width: 1pt; border-right-width: 1pt; border-style: none solid solid; height: 23pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Disposal </span></div>
</td><td style="border-bottom-width: 1pt; border-right-width: 1pt; border-style: none solid solid none; height: 23pt; padding: 0cm 5.4pt;" valign="top"><div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">IAS-16 /IAS – 40</span></div>
</td></tr>
</tbody></table>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;"> </span></div>
<div style="text-align: justify;">
<i><u><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">On Acquisition:</span></u></i><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">When asset is acquired, the accounting has to be done based on the mandates in IAS-16 or IAS-40 depending on the holding intentions of the management. IAS-40 can be called a sub sect of IAS-16 in so far as the definition of the Property, plant and Equipment (PPE) is concerned due to inclusion of the words 'for Rental or administrative purpose' within the definition of PPE. As per both these standards, the initial recognition has to be done on 'Cost' Basis. The word 'Cost' is fine tuned to make it cash equivalent or in other words, the finance charge implicit due to deferred credit terms is not included in the asset cost. This falls in line with the revised definition for 'Revenue' in IAS-18. The major inclusions for arriving at cost as prescribed in the new standard is as below,</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">· Inclusion of an initial estimate of future dismantling cost if there already exists an obligation at the inception. We already know that cost to bring to the current location and condition is an inevitable portion of cost whether it is inventory or fixed asset. Care is needed to <b><i>include the dismantling cost only once and not again for cost of the next replaced asset </i></b>under the caption' Costs to bring to the current location and condition'. This also requires a change of mindset.</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">· <b><i>Major</i></b> Inspection cost is sought to be included if it is necessary to start operation of the asset. Record Maintenance upsurges with this.</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">· Cost of <b><i>Major</i></b> spare parts is proposed to be capitalized. All along there was no clear guidance except for those spares which are used only for specific machinery and could be capitalized.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Don't these changes impact the P&L favorably? All other governances by IAS-38 on Intangible assets, IAS-17 for leased assets or IFRS-3 for takeover in Business combination remain status quo in more than one ways, except that the IFRS-3 narrows down the initial recording of assets and liabilities at 'Fair Value' basis ONLY and also mandates inclusion of any contingent consideration at Fair value basis.</span></div>
<div style="text-align: justify;">
<i><u><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Consumption and Maintenance:</span></u></i><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Asset consumption is nothing but depreciation. In IAS-16 Depreciation is defined with a wider corridor by suitably including the <i>words' number of production or other similar units' </i>in the meaning of the term 'Useful life'. This implies allowing the usage of Production unit method to calculate Depreciation. In fact production unit method is more suitable for manufacturing companies since the depreciation so computed can be a <b><i>best representative of 'Asset turnover Ratio'.</i></b></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">The other significant path breaker is allowance of depreciation till the time of actual de recognition of the asset from the books. Earlier depreciation was made to stop once the asset is retired from active use and account at Net Realizable value. In effect the entity has a choice to either classify the asset as 'Noncurrent asset held for sale' as per IFRS-5 and adopt 'fair value' basis or carry on with depreciation until realization.</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">One more thought provoker is the treatment prescribed for subsequent component replacements. Whenever a component is to be replaced, the replacement cost of the new component has to be added and the unamortized cost of the replaced old component has to be reduced. But tough times are ahead for the corporate world since the cost of each integral component of an asset and Inspection costs has to be maintained separately. This can be facilitated if it is an in house production. But can/will suppliers issue an Invoice setting out the price component wise? This may be a little harsh as it implies the supplier has to literally share his cost sheet with the buyer!</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Subsequent Measurement of a PPE can be using 'Revaluation Model' whereas for an Investment Property what is permitted is 'Fair Value' Model. There are two differences between these two models,</span></div>
<div style="margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">1. Depreciation is permitted after revaluation, whereas not permissible under Fair value Model. Inherently a Fair value measurement is more frequent than 'Revaluation', since the latter once adopted will need revaluation only at an interval of 3-5 years (as per standard) unless there is more fluctuation in market values.</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">2. Any Revaluation surplus is stashed in the 'Other Comprehensive Income' whereas changes to Fair value are routed through P&L. The logic exhibited is, once fair value is adopted there is an association with the market which is a synonym of 'short term' where the related changes will impact the current period and hence debited/credited to P&L.</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Other incidences such as Impairment testing, accounting for Government grants, foreign currency fluctuations and amortization of intangibles are governed in the same manner except for few minor changes.</span></div>
<div style="text-align: justify;">
<i><u><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Holding till Disposal stage:</span></u></i><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">Subject to the conditions specified in the IFRS-5 being satisfied, the management can account a Noncurrent asset held for sale on 'Fair value' basis. On Common sense basis there is no possibility/need for depreciation during this stage. The essence of our current AS-24(Discontinuing operations) is visible in this new standard. All changes to Fair value are effected through P&L.<i> </i></span></div>
<div style="text-align: justify;">
<i><u><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">On Disposal:</span></u></i><span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">There are no major changes in this area. All gain/loss are debited/credited to Income statement.</span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , serif; font-size: 14pt; line-height: 21.4667px;">On the whole there has been an attempt to bring in more discipline and accuracy in Asset accounting. Though there are bound to be practical difficulties in initial stages, with the advent of new technology and sophisticated ERP software anything can be made easier.</span></div>
</td></tr>
</tbody></table>
</div>
</div>
<div align="center">
<br /></div>
<div align="center">
<br /></div>
<div align="center">
<br /></div>
<div align="center">
<div style="text-align: left;">
<b><u>Convergence of AS 9 with IAS 18</u></b></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
The new AS 9 or the offspring of IAS-18 comes with a tinge of maturity to the most fundamental concept of Revenue. A comparative analysis between the existing definition as per AS-9 (old) and the new definition proposed to be introduced as per AS-9 ( new) is presented below.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
The existing definition reads as in these italics,</div>
<div style="text-align: left;">
<span style="font-style: italic;">Revenue is the <span style="font-weight: bold;">gross inflow of cash, receivables or other consideration</span><br />arising in the course of the ordinary activities of an enterprise from the sale<br />of goods, from the rendering of services, and from the use by others<br />of enterprise resources yielding interest, royalties and dividends</span></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
The new definition available for Revenue in the converged AS-9 (IAS 18)is,</div>
<div style="text-align: left;">
<span style="font-style: italic;">The gross inflow of <span style="font-weight: bold;">economic benefits</span> during a period arising in the course of ordinary activities when those inflows result in increases in equity, other than increases relating to contributions from equity participants.</span></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
The term Economic Benefits gives or would impart a wider connotation for inclusion of certain other elements in the term Revenue. For e.g. the recognition of Fair value relating to Customer Loyalty credits.In international GAAP under "IFRIC 13, Customer Loyalty Programs" it is allowed to recognise such revenue.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: center;">
<span style="color: #003000; font-weight: bold;"><b><u style="background-color: yellow;">IAS 2 - Inventories</u></b></span></div>
<div style="text-align: center;">
<span color="rgb(153 , 0 , 0)" style="font-weight: bold;"><br /></span></div>
<div style="text-align: left;">
<span color="rgb(153 , 0 , 0)" style="font-weight: bold;">Definitions:</span></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
1. NRV : Estimated Selling Price - Estimated Selling Costs</div>
<div style="text-align: left;">
2. Fair Value: is the amount for which inventory could be exchanged between knowledgeable buyers and sellers in the market place.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<span color="rgb(204 , 0 , 0)" style="font-weight: bold;">Measurement:</span></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
At lower of cost and net realisable value</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<span color="rgb(204 , 0 , 0)" style="font-weight: bold;">Differences:</span></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<span style="font-family: "; font-size: 12pt;"></span><br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: medium none; margin-left: 53.25pt;"><tbody>
<tr style="height: 23.35pt;"><td style="border: 1pt solid black; font-family: "times new roman"; height: 23.35pt; padding: 0in 5.4pt; width: 51.15pt;" valign="top" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;">S. No</span></div>
</td><td style="border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "times new roman"; height: 23.35pt; width: 222.55pt;" valign="top" width="297"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">AS 2</span><span style="font-size: 16pt;"></span></div>
</td><td style="border-style: solid solid solid none; border-width: 1pt 1pt 1pt medium; font-family: "times new roman"; height: 23.35pt; width: 3.25in;" valign="top" width="312"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">IAS 2</span><span style="font-size: 16pt;"></span></div>
</td></tr>
<tr style="height: 36.85pt;"><td style="border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "times new roman"; height: 36.85pt; width: 51.15pt;" valign="top" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;">1.</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 222.55pt;" valign="top" width="297"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 8.1pt;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Excludes work-in-progress of service providers</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 3.25in;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 6.05pt; text-align: justify;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Includes work-in-progress of service providers</span></div>
</td></tr>
<tr style="height: 36.85pt;"><td style="border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "times new roman"; height: 36.85pt; width: 51.15pt;" valign="top" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;">2.</span></div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;"></span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 222.55pt;" valign="top" width="297"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 8.1pt;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Deferred payments are not dealt with separately</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 3.25in;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 6.05pt; text-align: justify;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Element of interest if any in</span><span color="rgb(51 , 51 , 154)" style="font-size: 16pt; letter-spacing: -0.05pt;"></span><span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">the purchase of inventories to be recognized separately</span></div>
</td></tr>
<tr style="height: 36.85pt;"><td style="border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "times new roman"; height: 36.85pt; width: 51.15pt;" valign="top" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;">3.</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 222.55pt;" valign="top" width="297"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 8.1pt;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Excludes selling & distribution costs as elements of cost</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 3.25in;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 6.05pt; text-align: justify;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Excludes only selling costs</span></div>
</td></tr>
<tr style="height: 36.85pt;"><td style="border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "times new roman"; height: 36.85pt; width: 51.15pt;" valign="top" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;">4.</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 222.55pt;" valign="top" width="297"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 8.1pt;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Does not deal with reversal of write-down of inventories</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 3.25in;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 6.05pt; text-align: justify;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Includes details of reversal of write-down</span></div>
</td></tr>
<tr style="height: 36.85pt;"><td style="border-style: none solid solid; border-width: medium 1pt 1pt; font-family: "times new roman"; height: 36.85pt; width: 51.15pt;" valign="top" width="68"><div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 16pt;">5.</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 222.55pt;" valign="top" width="297"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 8.1pt;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Limited disclosures</span></div>
</td><td style="border-style: none solid solid none; border-width: medium 1pt 1pt medium; font-family: "times new roman"; height: 36.85pt; width: 3.25in;" valign="top" width="312"><div class="MsoNormal" style="margin: 0in 0in 0.0001pt 6.05pt; text-align: justify;">
<span style="color: black; font-size: 16pt; letter-spacing: -0.05pt;">Extensive disclosures</span></div>
</td></tr>
</tbody></table>
</div>
</div>
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;"><br /></span>
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;"><br /></span><br />
<div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-stretch: normal; line-height: 20px; margin: 0px; padding: 0px; text-align: justify;">
<div style="margin: 10px 0px 0px; padding: 0px;">
<div style="background-color: white;">
<b><u>IND AS Carve outs in IFRS 2016 </u></b></div>
<div style="background-color: white;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/V3GCeOYQStQ/0.jpg" frameborder="0" height="266" src="?feature=player_embedded" width="320"></iframe></div>
<div style="background-color: white;">
<br />
<b><u>What is complete set of Financial statements</u></b></div>
<div style="background-color: white;">
<br /></div>
<div style="background-color: white;">
<a href="https://3.bp.blogspot.com/-nxKc_xqjPnY/V4tPgnJ4FRI/AAAAAAAACok/PPv3WZde4fswt3sOPNabepget5MaN_-kACLcB/s1600/applicability-of-ind-as-12-n%25281%2529.jpg" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="240" src="https://3.bp.blogspot.com/-nxKc_xqjPnY/V4tPgnJ4FRI/AAAAAAAACok/PPv3WZde4fswt3sOPNabepget5MaN_-kACLcB/s320/applicability-of-ind-as-12-n%25281%2529.jpg" width="320" /></a></div>
<div style="font-weight: normal;">
<br /></div>
</div>
</div>
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;"><b><u>Schedule 3 ( III ) of Companies Act 2013 - format for financial statements (IGAAP Schedule III and IND-AS Schedule III), clause 33 format for stock exchanges and format for newspaper publication of results</u></b></span><br />
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;"><br /></span>
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;">Schedule III of the Companies Act, 2013 contains a format for preparation and presentation of financial statements. . </span><br />
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;"><br /></span>
<span face=""lucida grande" , "verdana" , "lucida sans regular" , "lucida sans unicode" , "arial" , sans-serif" style="background-color: white; font-size: 12px; line-height: 16.8px;">Except for addition of general instructions for preparation of Consolidated Financial Statements (CFS), the format of financial statements given in the Companies Act, 2013 is the same as the revised Schedule VI notified under the Companies Act, 1956.</span><br />
<br style="background-color: white; font-family: "Lucida Grande", Verdana, "Lucida Sans Regular", "Lucida Sans Unicode", Arial, sans-serif; font-size: 12px; line-height: 16.8px;" />
It maybe noted the required changes as per IFRS and other improvements were already made in the revised Schedule VI and hence no further changes are required to be made while moving from Revised Schedule VI to new Schedule III<br />
<br />
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<br />
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-FpQS0e94qJA/VlgravS54II/AAAAAAAAB5I/wQg8fsbWmiI/s1600/1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://4.bp.blogspot.com/-FpQS0e94qJA/VlgravS54II/AAAAAAAAB5I/wQg8fsbWmiI/s320/1.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-vNlafwX1q1E/Vlgraj8NXVI/AAAAAAAAB5Q/mZxEoeGA_rY/s1600/2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="210" src="https://2.bp.blogspot.com/-vNlafwX1q1E/Vlgraj8NXVI/AAAAAAAAB5Q/mZxEoeGA_rY/s320/2.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-70labylcjzs/VlgrahIhihI/AAAAAAAAB5M/-7euwJastm8/s1600/3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="210" src="https://4.bp.blogspot.com/-70labylcjzs/VlgrahIhihI/AAAAAAAAB5M/-7euwJastm8/s320/3.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-YNfhw00p3ZU/Vlgrbjzc1CI/AAAAAAAAB5Y/UZL9KmxLxXY/s1600/4.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="185" src="https://3.bp.blogspot.com/-YNfhw00p3ZU/Vlgrbjzc1CI/AAAAAAAAB5Y/UZL9KmxLxXY/s320/4.jpg" width="320" /></a></div>
<br />
<h3 style="text-align: left;">
CASHFLOW STATEMENT</h3>
<div dir="auto">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-gswtLtmjQ1E/XawfeSwa4tI/AAAAAAAANFY/lNBWilOGzMYSF_pWNSyUimcDV-3mkv7rwCLcBGAsYHQ/s1600/cashflow.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="947" data-original-width="1600" height="233" src="https://1.bp.blogspot.com/-gswtLtmjQ1E/XawfeSwa4tI/AAAAAAAANFY/lNBWilOGzMYSF_pWNSyUimcDV-3mkv7rwCLcBGAsYHQ/s400/cashflow.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
<b><u>NOTES TO ACCOUNTS</u></b></div>
</div>
<div dir="auto">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-w2O12yIT64U/XawkMWUwEPI/AAAAAAAANFg/XCJe94hFqxcJueDWr2xXaD8QMiEZCA3iwCLcBGAsYHQ/s1600/Notes%2Bto%2Baccounts.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="360" data-original-width="494" height="465" src="https://1.bp.blogspot.com/-w2O12yIT64U/XawkMWUwEPI/AAAAAAAANFg/XCJe94hFqxcJueDWr2xXaD8QMiEZCA3iwCLcBGAsYHQ/s640/Notes%2Bto%2Baccounts.png" width="640" /></a></div>
<br /></div>
<b><u>Companies Act, 2013 : All provisions relating to Financial Statements</u></b><br />
<br />
<h1 style="margin: 0cm 0cm 0pt;">
<span class="MsoIntenseEmphasis"><span style="font-size: 12pt;"><em><span style="color: #4f81bd;"><span style="font-family: "cambria";">Financial Year<o:p></o:p></span></span></em></span></span></h1>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Financial Year was not defined in the Companies Act, 1956 </span><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt;">(hereinafter “<strong><span face=""tahoma" , "sans-serif"">1956 Act</span></strong>”).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt;">Financial Year as defined in Clause 2(41) of the Companies Act, 2013 (hereinafter “<strong><span face=""tahoma" , "sans-serif"">2013 Act</span></strong>”) says<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt;">Company or body corporate required to adopt uniform financial year of 1st April to 31st March every year,</span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><o:p></o:p></span></div>
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt;">Companies incorporated on or after first day of January of a year, the period ending on 31<sup>st</sup> day of March of following year will be considered as financial year,</span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><o:p></o:p></span><br />
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; text-align: justify;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">A company or body corporate existing on the commencement of the </span><strong><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt; font-weight: normal;">2013 Actshall, within a period of two years from such commencement,align its financial year as per the above mentioned provision.<o:p></o:p></span></strong></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<strong><i style="mso-bidi-font-style: normal;"><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt;">Exception<o:p></o:p></span></i></strong></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<strong><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt; font-weight: normal;">A company which is a holding or subsidiary of a company incorporated outside India and is required to follow the different financial year for consolidation outside Indiacan make an application to the Tribunal. The Tribunal can allow any period as its financial year after being satisfied.<o:p></o:p></span></strong></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<strong><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt; font-weight: normal;"> </span></strong><span class="MsoIntenseEmphasis"><strong><em><span style="color: #4f81bd;"><span style="font-family: "calibri";">Financial Statements<o:p></o:p></span></span></em></strong></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<strong><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt;"> </span></strong><strong><span face=""tahoma" , "sans-serif"" lang="EN-US" style="font-size: 10pt; font-weight: normal;">As per Sec 2(40) of the 2013 Act, financial statements of a company includes:-<o:p></o:p></span></strong></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Balance Sheet as at the end of financial year.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Statement of Profit & Lossor Income & Expenditure Account for the financial year.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Cash Flow Statement for the financial year<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Statement of Changes in Equity, if applicable<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Any explanatory note annexed to, forming part of the documents mentioned above.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Exceptions<o:p></o:p></span></i></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">One Man Company, Dormant Company, Small Company are not required to prepare Cash Flow Statement.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Consolidation of Financial Statements<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span></b><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Section 212 of the 1956 Act providedfor attachment ofaccounts ofsubsidiaries alongwith the holding company accounts.No provision forconsolidation.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Section 129 of the 2013 Act provides that where a company has one or more subsidiaries, it shall prepare a consolidated financial statement of thecompany and of all the subsidiaries in the same form and manner as that of its own whichshall also be laid before the annual general meeting of the company.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">A separate statement containing the salient features of the financial statement of its subsidiary orsubsidiaries is to be attached with the holding company’s financial statements.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span class="MsoIntenseEmphasis"><strong><em><span style="color: #4f81bd;"><span style="font-family: "calibri";">Signing of Financial Statements<o:p></o:p></span></span></em></strong></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span></b><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Financial Statements to be signed at least by:-<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Chairperson of the company, if authorised<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">2 directors including MD<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">CEO, if he is a director<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">CFO and CS wherever they are appointed<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Exceptions<o:p></o:p></span></i></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span></b><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">In case of OPC, Balance Sheet and Statement of Profit & Loss are to be signed by one director only.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Voluntary Revision of Books of Accounts<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span></b><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Board of Directors may prepare revised financial statement and board report in respect of any of the 3 preceding financial years after obtaining the approval from NCLT, if they believe that financial statements or report does not comply with the relevant provisions.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span class="MsoIntenseEmphasis"><strong><em><span style="color: #4f81bd;"><span style="font-family: "calibri";">Mandatory Reopening / Recasting of books of accounts<o:p></o:p></span></span></em></strong></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span></b><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">A company can reopen its books of accounts or recast its financial statements on an application made by CG, IT authorities, SEBI or any other statutory regulatory authority and on an order being made by a Court or NCLT, on the below grounds:<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">relevant earlier accounts were prepared in a fraudulent manner, or<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">affairs of the company are mismanaged during the relevant year giving a doubt on the reliability of the financial statements.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><b style="mso-bidi-font-weight: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Audited Accounts<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Audited Accounts of all the subsidiaries are required to be provided to the shareholders on request.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"> </span><span class="MsoIntenseEmphasis"><strong><em><span style="color: #4f81bd;"><span style="font-family: "calibri";">Maintenance of Books of Accounts<o:p></o:p></span></span></em></strong></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">According to Section 128 of 2013 Act, books of accounts are required to be maintained in electronic mode as prescribed.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 0pt 36pt; text-align: justify; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Books of Accounts are required to be kept for 8 years.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">Exception<o:p></o:p></span></i></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;">CG may direct to keep the books of accounts for the longer period, where any investigation has been ordered.</span><br />
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<br />
<div style="text-align: left;">
<b><u>Major differences between U.S. GAAP and IFRS</u></b></div>
<div style="text-align: left;">
<b><u><br /></u></b></div>
<div style="text-align: left;">
1. Error correction. According to IFRS rule IAS 8, it's not always necessary to retrospectively restate financial results when a company corrects errors, especially if the adjustment is impractical or too costly. U.S. GAAP, on the other hand, requires restatements in many error-correction cases.</div>
<div style="text-align: left;">
2. Death of LIFO. Last-in, first-out inventory accounting is prohibited under IAS 2, so any American company using the method will have to abandon it (and the tax benefits) and move to another methodology. Although LIFO is permitted under U.S. GAAP, the repeal of LIFO for tax purposes is an ongoing debate.</div>
<div style="text-align: left;">
3. Reversal of impairments. IAS 36 permits companies to reverse impairment losses up to the amount of the original impairment when the reason for the charge decreases or no longer exists. However, U.S. GAAP bans reversal.</div>
<div style="text-align: left;">
4. PP&E valuation. IAS 16 allows for the revaluation of property, plant, and equipment, but the entire asset class must be revalued. A company can choose to use the revaluation model if its fair value can be measured reliably.U.S. GAAP does not allow revaluation.</div>
<div style="text-align: left;">
5. Component depreciation. Also under IAS 16, companies must recognize and depreciate equipment components separately if the components can be physically separated from the asset and have different useful life spans. In practical terms, that means controllers will have to rely on the operations side of the business to help assess equipment components. U.S. GAAP allows component depreciation, but it is not required.</div>
<div style="text-align: left;">
6. Development costs. Based on IAS 38, companies are permitted to capitalize development costs as long as they meet six criteria. However, research costs are still expensed. U.S. GAAP requires that all R&D costs be charged to expense when incurred.</div>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"></span>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<br />
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<br />
<div style="text-align: left;">
<span style="color: #414142; font-family: "times new roman" , "serif"; font-size: large;"><b><u>AS applicable for small entities in India for whom IND-AS is not mandatory</u></b></span></div>
<div style="text-align: left;">
<span style="color: #414142; font-family: "times new roman" , "serif"; font-size: 12pt;"><b><u><br /></u></b></span></div>
<div style="text-align: left;">
<span style="color: #414142; font-family: "times new roman" , "serif"; font-size: 12pt;"><b><u> AS 21, AS 23 and AS 27</u></b></span><span style="color: #414142; font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span></div>
<div style="text-align: justify;">
<span style="color: #006600; font-weight: bold;">Consolidation of Jointly Controlled Entity as per AS 27</span><br />
<span style="color: #006600; font-weight: bold;"><br /></span><span style="color: #006600; font-weight: bold;">What is a Joint Venture:</span><br />
<br />
A joint venture is a <span style="font-weight: bold;">contractual arrangement</span> whereby two or more parties undertake an economic activity, which is subject to <span style="font-weight: bold;">joint control</span>.<br />
<br />
<span style="color: #006600; font-weight: bold;">Two Important Words:</span><br />
<br />
<span style="font-weight: bold;">1. Joint control</span> is the contractually agreed sharing of control over an economic activity.<br />
<span style="font-weight: bold;"><br />2.</span> There is no definition for the <span style="font-weight: bold;">contractual arrangement</span>. It may be evidenced in a number of ways, for example by a contract between the venturers or minutes of discussions between the venturers. In some cases, the arrangement is incorporated in the articles or other by-laws of the joint venture. Whatever its form, the contractual arrangement is normally in writing and deals with such matters as:<br />
<br />
(a) the activity, duration and reporting obligations of the joint venture;<br />
(b) the appointment of the board of directors or equivalent governing body of the joint venture and the voting rights of the venturers;<br />
(c) capital contributions by the venturers; and<br />
(d) the sharing by the venturers of the output, income, expenses or results of the joint venture.<br />
<br />
The existence of a contractual arrangement distinguishes interests which involve joint control from investments in associates in which the investor has significant influence (see Accounting Standard (AS) 23, Accounting for Investments in Associates in Consolidated Financial Statements). Activities which have no contractual arrangement to establish joint control are not joint ventures for the purposes of this Statement (AS 27).<br />
<br />
<span style="color: #006600; font-weight: bold;">Jointly Controlled Entity:</span><br />
<br />
A jointly controlled entity is a joint venture which involves the establishment of a corporation, partnership or other entity in which each venturer has an interest. The entity operates in the same way as other enterprises, except that a contractual arrangement between the venturers establishes joint control over the economic activity of the entity. <span style="font-weight: bold;"><br /></span></div>
<div style="text-align: left;">
<span style="color: #006600; font-weight: bold;">Consolidation of JCE:</span></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
JCE should be consolidated as per Proportionate Consolidation method. Under this method the consolidated balance sheet of the venturer includes its share of assets and liabilities. The profit and Loss account includes its share of expenses and incomes.</div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<br /></div>
<div style="text-align: left;">
<span style="color: #3333ff; font-weight: bold;">Note:</span></div>
<div style="text-align: left;">
As per AS 23, an associate is an enterprise in which the investor has significant influence and which is <span style="font-weight: bold;">neither a subsidiary nor a joint venture</span> of the investor.<span style="color: #3333ff; font-weight: bold;">So applicability of AS 27 (and AS 21) supersedes the applicability of AS 23.</span></div>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<br />
<div class="MsoListParagraph" style="line-height: 17.6px; margin-left: 0cm; text-indent: -1cm;">
<div style="text-align: center;">
<span style="font-size: x-large;"><b><span lang="EN-US" style="font-family: "book antiqua" , serif; mso-bidi-font-family: "Book Antiqua"; mso-fareast-font-family: "Book Antiqua";"><span style="font-family: "times new roman"; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></b></span></div>
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: -44.25pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed; width: 737px;"><thead>
<tr style="height: 22.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 99.3pt;" width="132"></td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 1cm;" width="38"></td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 70.85pt;" width="94"></td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 70.9pt;" width="95"></td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 70.85pt;" width="94"></td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 77.95pt;" width="104"></td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 63.8pt;" width="85"></td><td style="border-bottom: 1pt solid; border-left: none; border-right: none; border-top: 1pt solid; height: 22.4pt; padding: 0cm 5.4pt; width: 70.9pt;" width="95"></td></tr>
</thead><tbody></tbody></table>
<div class="MsoNormal" style="line-height: 17.6px;">
<span lang="EN-US" style="font-family: "book antiqua" , serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: 17.6px;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-66SbPZWwlsY/W8NJGFOnsBI/AAAAAAAAFr8/xJ6oMesa91Ele_h6_LkDMPloHFQKJwvQQCLcBGAs/s1600/ind-as%2B115%2B%25282%2529.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="480" data-original-width="640" height="480" src="https://4.bp.blogspot.com/-66SbPZWwlsY/W8NJGFOnsBI/AAAAAAAAFr8/xJ6oMesa91Ele_h6_LkDMPloHFQKJwvQQCLcBGAs/w640-h480/ind-as%2B115%2B%25282%2529.jpeg" width="640" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<br /></div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
<b><u>IND-AS 115 - Revenue from Contracts with Customers.</u></b> </div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">From April 1, 2018 AS 115 replaced the earlier revenue standards — Ind AS 18 - Revenue, and Ind AS 11 - Construction Contracts.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Revenue — which reflects an entity's growth and financial performance — is one of the most important components in a financial statement. Ind AS 115 directs companies to follow the most <b><u>conservative</u> </b>approach while recognising revenue. It also prescribes more extensive qualitative and quantitative <b><u>disclosures</u></b> than the earlier revenue standards. </div>
<div style="text-align: left;">
<span color="rgb(51 , 51 , 51)" face=""lato" , sans-serif" style="background-color: white; font-size: 14px;"><span style="color: #333333; font-family: "pt serif" , serif; font-size: 15px;"><br />Though the financials of almost all companies have been impacted by the new accounting standard, there is a more notable change in the reporting done by entities in real estate, IT and hospitality.</span> </span></div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
<br /></div>
<div dir="auto" style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 14px; text-align: left;">
<div style="margin-bottom: 10px;">
The transition</div>
</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Before taking a look at how this new standard has affected key sectors, it is important to understand the options available and the provisions applicable in the move from Ind AS 18/11 to Ind AS 115.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Once a company begins applying Ind AS 115, it can either<b><u> restate t</u></b>he financial statements of the prior accounting year (2017-18) as per the new standard, <b><u>or adjust the opening reserves</u></b> — as of April 1, 2018 — as regards incomplete projects for which revenue was partially recognised in the previous period (as per Ind AS 18/11). Most of the companies have chosen the latter option by adjusting the retained earnings at the beginning of the year without restating the previous financial statements. This makes the reporting in this financial year uncomparable with the corresponding figures in the previous year.</div>
<div dir="auto" style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 14px; text-align: left;">
<div style="margin-bottom: 10px;">
<b><u>Impact on real estate</u></b></div>
</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Ind AS 115 has had a striking impact on the real estate sector. The new accounting standard directs companies to recognise the revenue in a more conservative manner — only when the collections from customers become 'probable'.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Ind AS 115 allows using the percentage of completion method (POCM) to recognise revenue, albeit with explicit and specific requirements. POCM implies that until certainty is achieved, at every stage of a project, revenue is to be recognised only to the extent of cost, and the margins gets deferred to the period in which the project phase attains certainty.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Certainty essentially implies the ability of the company to gauge the progress of each stage in a project.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Under the earlier Ind AS 11, as long as there was certainty attached to the entire project — not necessarily to each stage — companies could recognise revenue as cost plus margin.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Aside from POCM, companies can also report revenues under the project completion method. Here, the revenue is completely deferred, and recognised only in the quarter in which the project is completed. Till then, even payments received from customers have to be shown under loans or advances from customers.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Here's a closer look at how various real-estate companies reported their revenues during the quarter ended June 30, 2018.</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
Retaining POCM</h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
With the transition to Ind AS 115, most of the companies that earlier used POCM continue to follow the same method to recognise revenues. The rest of the real-estate players have shifted to the project completion method. For example, Oberoi Realty's earnings call shows that the firm still follows the POCM. But given that it reported revenues, including margins, for two of its projects as per the earlier regime, there has been an adjustment in its opening reserves as of April 1. The two projects were Sky City, and Eternia and Enigma. In the June quarter, revenue (including profit) was recognised for Sky City as it had crossed certainty. But for the other project — progress on which was not certain then — revenue was reported only to the extent of cost.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Application of Ind AS 115 reduced Brigade Enterprises'consolidated retained earnings as of April 1, 2018 by <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>406 crore. However, Ind AS 115 helped raise its revenue and net profit for the quarter ended June 30 by <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>123 crore and <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>36 crore, respectively. A significant impact is also evident in the firm's EPS — <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>4.63 (as per Ind AS 115), compared with <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>1.96, had it followed Ind AS 11.</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
Deferring revenue</h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Sobha Developers shifted to the project completion method beginning this financial year. The transition brought about considerable changes in how the company recognised revenue. The company's retained earnings as of April 1, 2018 were reduced by a whopping 757 crore due to postponing of revenue from unfinished projects.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
As the firm adjusted the opening reserves and did not restate the financial statements, revenue for the first quarter of FY 2019 cannot be compared with the figures for the corresponding period in the previous financial year. Therefore, revenue for the June quarter was down <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>203 crore compared with the same quarter last year. Had it followed the earlier accounting method, the revenue would have increased 18 per cent y-o-y.</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
Takeaway</h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
As the new standard lacks clarity, realty firms have come up with their own interpretations. Under Ind AS 115, the profits may not reflect the actual performance of the company in that particular period. Therefore, if you track real-estate companies, bear in mind that, given the changes in accounting methods, you should not consider merely the quarterly profits. Instead, take a close look at projects in pipeline to get a better picture of the likely revenue over the coming quarters.</div>
<div dir="auto" style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 14px; text-align: left;">
<div style="margin-bottom: 10px;">
Impact on other sectors</div>
</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
<u>IT Servcies</u></h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
'Remaining performance obligations' and 'disaggregated revenue' — two new disclosures under Ind AS 115 — provide more transparency. These disclosures are applicable to all companies across sectors. However, disclosures made by services companies in the information technology and construction sectors are more meaningful due the continuing nature of their contracts.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
The 'remaining performance obligation' disclosure reveals the aggregate amount of revenue yet to be recognised as of the end of the reporting period. It also discloses when the company expects to recognise these revenues. For example, Infosys, in its June quarter report, stated that "the aggregate value of performance obligations that are completely or partially unsatisfied as of June 30, 2018 is <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>40,936 crore (with some exclusions). Of this, the firm expects to recognise revenue of around 50 per cent within the next year and the remaining thereafter." Such disclosures help investors assess the near-future revenue inflow from existing projects.</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
<u>Auto</u></h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
The payment that auto companies receive when transferring vehicles to dealers for sale was earlier recognised as revenue. The costs associated with that process were presented under 'other expenses' in the statement of profit and loss. Under Ind AS 115, such revenue is to be presented net of cost. This change significantly contributed to the dip in Tata Motors' revenue and expenses — down 929 crore — in the quarter ended June 30. So, even though the company's profitability wasn't affected, revenue has become uncomparable.</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
Hospitality</h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
The non-refundable admission fee collected for vacation ownership contracts is one of the key revenue segments in the hospitality sector.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
A significant portion of this revenue was earlier recognised in the year of sale. According to the new standard, income from such contracts has to be recognised over the tenure of the membership; and the associated costs (except incremental) are to be charged to the profit-and-loss account for the period. Due to this change, the profit of Mahindra Holidays and Resorts was down by <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>23 crore, compared with the profits computed using Ind AS 18.</div>
<h2 style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 0px; margin-top: 0px; text-align: left;">
Telecommunication</h2>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Under Ind AS 115, revenue from certain items has to be recognised over the life of a contract, unlike earlier, when it was recognised — fully or substantially — in the year of sale. Tata Communication has had to bear the brunt of this alteration. Ind AS 115 is also one of the prime reasons for the decline in the company's Q1 FY19 revenue by 12.6 per cent y-o-y and 6.2 per cent q-o-q.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
In the upcoming quarters of FY 2019, investors would do well to be a bit more cautious while analysing the results of these sectors. However, keep in mind that Ind AS 115 has not caused a ripple in the revenue recognition process of all companies in these segments.</div>
<div dir="auto" style="background-color: white; color: #333333; font-family: lato, sans-serif; font-size: 14px; text-align: left;">
<div style="margin-bottom: 10px;">
<b><u>Indian GAAP to Ind AS</u></b></div>
</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Some revenue recognition rules were altered when the transition from Indian GAAP to Ind AS revenue standards (Ind AS 18/11) happened in April 2016. These changes continue to be effective under the Ind AS 115 as well.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Under Indian GAAP, the gross revenue and the tax paid (on sales) were shown separately in the financial statement. Ind AS requires companies to show just the post-tax revenue in the statement of profit and loss.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
The Ind AS revenue standards focus on recognising the revenue on a fair-value basis, that is, after considering the time value of money.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
Fair value comes into the picture when there is an in-built financing element (explicit or implicit) in the price consideration. For example, fair value is considered when the time provided for payment to a particular customer is beyond the normal credit period.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
In such cases, the revenue is to be recognised at the discounted value of future cash flows, while the difference is to be recognised as interest over the tenure of the contract. As per Ind AS, a company has to recognise its interest income from investments — other than operational investments — according to the effective interest rate method, while Indian GAAP suggested the proportionate basis method.</div>
<div style="background-color: white; color: #333333; font-family: "pt serif", serif; font-size: 15px; line-height: 24px; margin-bottom: 10px; text-align: left;">
The effective interest method takes into consideration the time value of money while calculating the interest income. Ind AS mandates considering the fair value while reporting income, in line with global reporting standards.</div>
<b><u>IND-AS 116 LEASES</u></b></div><div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;"><br /></div><div class="MsoNormal" style="margin: 0cm 0cm 0pt; text-align: justify;"><br />
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"></span>
<div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-eNyAt4blm1E/YAcNS_ooHTI/AAAAAAAAOAs/QlNiC87n5-YoHEfriDOPOrmd55XRm_q4ACLcBGAsYHQ/s960/lease%2Bind%2Bas%2B116.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="960" data-original-width="534" height="320" src="https://1.bp.blogspot.com/-eNyAt4blm1E/YAcNS_ooHTI/AAAAAAAAOAs/QlNiC87n5-YoHEfriDOPOrmd55XRm_q4ACLcBGAsYHQ/s320/lease%2Bind%2Bas%2B116.png" /></a></div><b style="text-align: left;">IND-AS 116 Leases Impact</b><br style="text-align: left;" /><br style="text-align: left;" /><div class="separator" style="clear: both; text-align: center;"><a href="http://3.bp.blogspot.com/-XUv-kzKsMgo/W69vPCChEGI/AAAAAAAAFhk/sa4g6Ru_BioU77HYm2qz8zwIn30UMHApACK4BGAYYCw/s1600/cq5dam.web.400.200.mobile-731524.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6606621482411954274" src="https://3.bp.blogspot.com/-XUv-kzKsMgo/W69vPCChEGI/AAAAAAAAFhk/sa4g6Ru_BioU77HYm2qz8zwIn30UMHApACK4BGAYYCw/s320/cq5dam.web.400.200.mobile-731524.jpeg" /></a></div><div class="mobile-photo" style="text-align: left;"></div><div class="separator" style="clear: both; text-align: center;"><a href="http://2.bp.blogspot.com/-laI3fXO6irA/W69vPtxuP7I/AAAAAAAAFhs/Zcq5Av3x_rwRRFUaxzhPfdJRQUHBNnrggCK4BGAYYCw/s1600/cq5dam.web.400.200.mobile%2B%25281%2529-733782.jpeg" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6606621494152675250" src="https://2.bp.blogspot.com/-laI3fXO6irA/W69vPtxuP7I/AAAAAAAAFhs/Zcq5Av3x_rwRRFUaxzhPfdJRQUHBNnrggCK4BGAYYCw/s320/cq5dam.web.400.200.mobile%2B%25281%2529-733782.jpeg" /></a></div><div class="mobile-photo" style="text-align: left;"></div><div dir="auto" style="text-align: left;"><div dir="auto"><b><u>Note</u></b><br />Earlier above treatment applicable only to financial lease.. Now apply to operational lease also..</div><div dir="auto"><br /></div><div dir="auto">Improved true and fair view of balance sheet.. Acts as disincentive to plan balance sheet. Still tax benefits on lease will keep lease option attractive</div><div dir="auto"><br /></div><div dir="auto">In P&L ebidta will increase ironically ..since rent is moved to Interest and depreciation</div><div><br /></div></div><span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<br />
<div class="MsoListParagraph" style="line-height: 17.6px; margin-left: 0cm;">
</div>
<div style="text-align: left;">
<div style="text-align: center;">
<span style="font-family: "trebuchet ms";"><span style="font-size: large;"><u style="font-weight: bold;">STOCK EXCHANGE Format for results</u></span></span></div>
<div style="text-align: center;">
<span style="font-family: "trebuchet ms";"><span style="font-size: 13.3333px;"><br /></span></span></div>
<span style="font-family: "trebuchet ms";"><span style="font-size: 13.3333px;"> These are standard formats as prescribed</span></span></div>
<div style="text-align: left;">
<span style="font-family: "trebuchet ms";"><span style="font-size: 13.3333px;"><br /></span></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u>Release of Quarterly Results by listed companies</u></b></span><br />
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span><span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;">As per Reg 33 of the LODR, every company shall submit quarterly, year to date and annual financial results to the stock exchange (SE) in the manner as prescribed under the clause. </span><br />
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span><span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;">Further, the company has an option to submit either audited financial results with audit report or un-audited financial results subject to limited review by statutory auditors quarterly and year to date financial results to the SE within 45 days of end of each quarter (Other than last quarter). </span><br />
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span><span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;">For the last quarter alone the company has an option to submit its audited financial results (both standalone and consolidated) for the entire financial year within 60 days from the end of the financial year. </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u>Sample Consol Results</u></b></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-2Ef0u2vikcs/V5yTY0saKBI/AAAAAAAACu0/CmVb-CoMo_wfdMN-fuJT3bKAe9b1wnwMgCLcB/s1600/Consolidated%2B-%2BQ1%2B2016-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://2.bp.blogspot.com/-2Ef0u2vikcs/V5yTY0saKBI/AAAAAAAACu0/CmVb-CoMo_wfdMN-fuJT3bKAe9b1wnwMgCLcB/s200/Consolidated%2B-%2BQ1%2B2016-page-001.jpg" width="154" /></a></div>
<div style="text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-QK8QBFsgkJo/V5yTYGLL-xI/AAAAAAAACus/MiWExK3XvYUJfQwPcSD74CTgGuUESBPyQCLcB/s1600/Consolidated%2B-%2BQ1%2B2016-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://4.bp.blogspot.com/-QK8QBFsgkJo/V5yTYGLL-xI/AAAAAAAACus/MiWExK3XvYUJfQwPcSD74CTgGuUESBPyQCLcB/s200/Consolidated%2B-%2BQ1%2B2016-page-002.jpg" width="154" /></a></div>
<div style="text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-6RhR1_DfWV0/V5yTYyhZV9I/AAAAAAAACuw/63blqrBhQhIKOi5WrQf75qte_h6qI5Z-QCLcB/s1600/Consolidated%2B-%2BQ1%2B2016-page-003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="200" src="https://1.bp.blogspot.com/-6RhR1_DfWV0/V5yTYyhZV9I/AAAAAAAACuw/63blqrBhQhIKOi5WrQf75qte_h6qI5Z-QCLcB/s200/Consolidated%2B-%2BQ1%2B2016-page-003.jpg" width="154" /></a></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u><br /></u></b></span></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u>Sample Standalone Results</u></b> </span></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-Gnqh0_3NvzQ/V5yT86QTlDI/AAAAAAAACu8/4xyNBybWzWgSVMplAAqfFkBxBTINTnK0wCLcB/s1600/Standalone%2B-%2BQ1%2B2016-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-Gnqh0_3NvzQ/V5yT86QTlDI/AAAAAAAACu8/4xyNBybWzWgSVMplAAqfFkBxBTINTnK0wCLcB/s320/Standalone%2B-%2BQ1%2B2016-page-001.jpg" width="247" /></a></div>
<div style="text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-JUrYh9yzL9s/V5yT8tYdmxI/AAAAAAAACu4/QH2siHV6pX05hOpwtw_VWICQfES0C6ZWACLcB/s1600/Standalone%2B-%2BQ1%2B2016-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-JUrYh9yzL9s/V5yT8tYdmxI/AAAAAAAACu4/QH2siHV6pX05hOpwtw_VWICQfES0C6ZWACLcB/s320/Standalone%2B-%2BQ1%2B2016-page-002.jpg" width="226" /></a></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u><br /></u></b></span></div>
<div style="text-align: left;">
<span style="background-color: white; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u>News Paper Publication format of Summary Results for listed companies</u></b></span></div>
<span face=""tahoma" , "sans-serif"" style="font-size: 10pt;"></span><br />
<div style="font-family: "Times New Roman"; font-size: medium; text-align: left;">
</div>
<br />
<div class="separator" style="-webkit-text-stroke-width: 0px; clear: both; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin: 0px; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<a href="https://3.bp.blogspot.com/-o2U3DKWMjBM/V5yVtam2AMI/AAAAAAAACvM/nrekAM6FfHEDPozk1mXc3wivJs_8q4PGgCLcB/s1600/Results%2Bannouncement%2Bnews%2Bpaper%2B-%2BCTE-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-o2U3DKWMjBM/V5yVtam2AMI/AAAAAAAACvM/nrekAM6FfHEDPozk1mXc3wivJs_8q4PGgCLcB/s320/Results%2Bannouncement%2Bnews%2Bpaper%2B-%2BCTE-page-001.jpg" style="cursor: move;" width="248" /></a></div>
<h3 style="clear: both; font-family: "times new roman"; font-size: medium; font-style: normal; letter-spacing: normal; margin: 0px; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<b style="color: black;"><br /></b></h3>
<h3 style="clear: both; font-family: "times new roman"; font-size: medium; font-style: normal; letter-spacing: normal; margin: 0px; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;">
<b><u>IFRS Convergence in India - Ind-AS mandatory from 2016 / 2017</u></b></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<br /></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;">
<a href="https://1.bp.blogspot.com/-uSuc9snULfQ/WHudw3vFAAI/AAAAAAAAC9w/_XGwElKUd8I8Kv1PZ3o5yaMx0xNowFVIwCLcB/s1600/EY%2BLms-1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="451" src="https://1.bp.blogspot.com/-uSuc9snULfQ/WHudw3vFAAI/AAAAAAAAC9w/_XGwElKUd8I8Kv1PZ3o5yaMx0xNowFVIwCLcB/s640/EY%2BLms-1.jpg" width="640" /></a></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<span style="color: blue;"><u><b><br /></b></u></span><span style="color: blue;"><u><b>Indian Accounting Standards (Ind AS) : Roadmap for IFRS Convergent Standards</b></u></span></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<br /></div>
<div class="body" style="background-color: white; color: #3b3a39; font-family: georgia, "times new roman", times, serif; font-size: 14px; font-weight: 400; line-height: 18px; margin-bottom: 20px; margin-top: 0px; outline: 0px; text-align: left;">
<br /></div>
<div class="parbase image img-alignment-left section" style="background-color: white; box-sizing: content-box; clear: both; color: #404041; font-family: arial, helvetica, sans-serif; font-size: 12.35px; font-weight: 400; line-height: 17.29px; margin: 0px; position: relative; text-align: left; width: 556px;">
<div class="modalbs" style="box-sizing: content-box; position: relative;">
<a class="modal-action" data-toggle="modal" href="http://www.pwc.in/services/ifrs/ifrs-in-india_roadmap.html#myModal_image" style="background-color: transparent; box-sizing: content-box; color: #6d6e71; outline: none;"><img class="modal-icon" data-emptytext="Image" src="http://www.pwc.in/images/services/ifrs/ind-as-roadmap-01-2015.png" style="border: 0px; box-sizing: content-box; vertical-align: middle; z-index: 1;" width="550px" /></a></div>
<a class="modal-action" data-toggle="modal" href="http://www.pwc.in/services/ifrs/ifrs-in-india_roadmap.html#myModal_image" style="background-color: transparent; box-sizing: content-box; color: #6d6e71; outline: none;"></a><br />
<div class="clearer" style="box-sizing: content-box; clear: both; height: 1px; line-height: 1px;">
</div>
</div>
<div class="text parbase nobg section" style="background-color: white; box-sizing: content-box; color: #404041; font-family: arial, helvetica, sans-serif; font-size: 12.35px; font-weight: 400; line-height: 17.29px; text-align: left;">
<div style="box-sizing: content-box; font-size: 0.95em; letter-spacing: 0.004em; margin-bottom: 0.85em; margin-top: 0.85em;">
<strong style="box-sizing: content-box; font-size: 0.95em; letter-spacing: 0.004em;">Net worth</strong></div>
<ul style="box-sizing: content-box; font-size: 1em; margin-bottom: 10px; margin-left: -20px; margin-top: 0px;">
<li style="box-sizing: content-box; list-style-image: url("data:image/gif; margin: 0px; padding: 0px 3px;">It has been clarified that net worth will be determined based on the standalone accounts of the company as on 31 March 2014 or the first audited period ending after that date.</li>
<li style="box-sizing: content-box; list-style-image: url("data:image/gif; margin: 0px; padding: 0px 3px;">Net worth has been defined to have the same meaning as per section 2(57) of the Companies Act, 2013. It is the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.</li>
</ul>
<div style="box-sizing: content-box; font-size: 0.95em; letter-spacing: 0.004em; margin-bottom: 0.85em; margin-top: 0.85em;">
<br /></div>
</div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;">
<br /></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;">
<a href="https://4.bp.blogspot.com/-G6VZmGyUycg/V4tPg_TRruI/AAAAAAAACos/W0scuecE1-seIsV_wX95cYPNZyIo37zcACLcB/s1600/applicability-of-ind-as%2Bvs%2BOld%2BAS-9-.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-G6VZmGyUycg/V4tPg_TRruI/AAAAAAAACos/W0scuecE1-seIsV_wX95cYPNZyIo37zcACLcB/s320/applicability-of-ind-as%2Bvs%2BOld%2BAS-9-.jpg" width="320" /></a></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;">
<a href="https://1.bp.blogspot.com/-CDUX_phZ_nU/V4tPg-STahI/AAAAAAAACoo/ANhSRx3_QhsFqSYtKv-QJ4eDXSbAfzqFACLcB/s1600/applicability-of-ind-as%2Bvs%2Bold.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-CDUX_phZ_nU/V4tPg-STahI/AAAAAAAACoo/ANhSRx3_QhsFqSYtKv-QJ4eDXSbAfzqFACLcB/s320/applicability-of-ind-as%2Bvs%2Bold.jpg" width="320" /></a></div>
<div style="font-family: "Times New Roman"; font-weight: 400; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;">
<a href="https://1.bp.blogspot.com/-Wvv8N-oFF-M/V4tPhcrMi8I/AAAAAAAACow/BIg4EtsALF4yM-mgmdgdjamfYchhbE7EwCLcB/s1600/applicability-of-ind-as-vs%2Bold%2BAS%2B.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-Wvv8N-oFF-M/V4tPhcrMi8I/AAAAAAAACow/BIg4EtsALF4yM-mgmdgdjamfYchhbE7EwCLcB/s320/applicability-of-ind-as-vs%2Bold%2BAS%2B.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-uu_D3NxCmfY/X4nmmp2DgGI/AAAAAAAANx4/tbNN7lHFO3syFBX_4vAOWDvNTJHZ8xNUgCLcBGAsYHQ/s1256/Illustrative%2BFS.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1256" data-original-width="608" height="400" src="https://1.bp.blogspot.com/-uu_D3NxCmfY/X4nmmp2DgGI/AAAAAAAANx4/tbNN7lHFO3syFBX_4vAOWDvNTJHZ8xNUgCLcBGAsYHQ/w194-h400/Illustrative%2BFS.png" width="194" /></a></div><br /><div class="separator" style="clear: both; font-family: "Times New Roman"; font-weight: 400;"><br /></div>
</h3>
<h3 style="clear: both; font-family: "times new roman"; font-size: medium; font-style: normal; letter-spacing: normal; margin: 0px; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<b style="color: black;"><br /></b><b><span style="color: orange;">Accounting standards for companies - unlisted and less than 250 crores</span></b></h3>
<div class="separator" style="-webkit-text-stroke-width: 0px; clear: both; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin: 0px; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br /></div>
<div style="margin: 0in;">
<b><u><br /></u></b><b><u>Segmental Reporting under AS (Old)</u></b><br />
<br /></div>
<div style="margin: 0in;">
<b><span style="color: #333333;">Scope : </span></b></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<span style="color: #333333;">For standalone Financial Statements or Consolidated Financial Statements. </span><span style="color: red;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">If financial report contains both, then on the<span style="color: red;"> basis of CFS.</span><span style="mso-tab-count: 1;"> </span></span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<span style="color: #333333;"> </span><b><span style="color: red;">How many categories</span><span style="color: #333333;"></span></b></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">1. Business Segment</span></strong><span style="color: #333333;"> </span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<b><span style="color: #333333;">Distinguishable</span></b><span style="color: #333333;"> component of an enterprise, engaged in providing an <b>individual</b> product or service <b>or a group</b> of related product or services and subject <b>to risks and returns</b> exclusive of other segments.</span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">2. Geographical Segment</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">Distinguishable component of an enterprise, engaged in providing an individual product or service or a group of related product or services within a <b>specific environment</b> and subject to <b>risks and returns</b> exclusive of other segments.</span></div>
<div style="margin: 0in;">
</div>
<div style="margin: 0in;">
<b><span style="color: red;">What is to be reported under the head Segmental Revenue</span></b></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;"><span style="mso-spacerun: yes;"> </span>Segment Revenue</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;"><span style="mso-spacerun: yes;"> </span>Segment Expense</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;">Segment Result</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">Segment Revenue ( minus ) Segment Expense</span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;"><span style="mso-spacerun: yes;"> </span>Segment Assets</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;"><span style="mso-spacerun: yes;"> </span>Segment Liabilities</span></strong></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;">Capital Expenditure</span></strong></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: #333333; font-weight: normal;">Depreciation and other Non cash Expenditure</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: red;">How to ascertain if a segment is reportable </span><span style="color: #333333;">?</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">Based on-</span></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">a) Revenue</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">Revenue of segment (external customers + internal transfers) is atleast 10% of all segments.</span></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">b) Profit or Loss</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">Segment result ( higher of (combined result of all segments in profits or loss)) is atleast 10% of all segments.</span></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">c) Segment assets</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">Segment assets are atleast 10 % of all segments. If the segment becomes reportable in any one of the above tests then it becomes a reportable segment.</span></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">d) Preceeding data</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">If segment reportable in previous period, then reportable in current period also.</span></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">e) Total External revenue</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<span style="color: #333333;">If external revenue of reportable segments less than 75% of total enterprise revenue additional segments to be identified as reportable until 75% of external revenue is included.</span></div>
<div style="margin: 0in;">
<strong><span style="color: #333333;">f) Management Choice</span></strong><span style="color: #333333;"></span></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<strong><span style="color: red;">How to determine primary and secondary reporting formats?</span></strong></div>
<div style="margin: 0in;">
<br /></div>
<div style="margin: 0in;">
<span style="color: #333333;">The dominant source and nature of risks and returns of an enterprise should govern whether its primary segment reporting format will be business segments or geographical segments.</span><br />
<span style="color: #333333;"><br /></span><span style="color: #333333;"><br /></span><span style="color: #333333;"><br /></span><span style="color: #333333;"><br /></span><br />
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Vedanta Limited(earlier Sesa Goa) is a metals and mining gaint in India. It has following buisness segments :</span></b><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-oT6US84PaI0/VbeAKG1r8SI/AAAAAAAABr4/AxFy7jcqukc/s1600/Vedanta.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="243" src="https://2.bp.blogspot.com/-oT6US84PaI0/VbeAKG1r8SI/AAAAAAAABr4/AxFy7jcqukc/s640/Vedanta.jpg" width="640" /></a></div>
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;"><br /></span></b></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Zinc-Lead-Silver</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">: Zinc India business is owned and operated by<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Hindustan_Zinc_Limited" title="Hindustan Zinc Limited"><span style="color: #0b0080; text-decoration-line: none;">Hindustan Zinc Limited</span></a><span class="apple-converted-space"> </span>(HZL). HZL owns and operates a fully integrated zinc-lead business. HZL is one of the world's largest integrated zinc-lead producers by volume. Sesa Sterlite owns 64.9% of the share capital of HZL, while the Government of India remains an equity partner and holds a 29.5% stake. HZL is listed on Indian stock exchanges (NSE and BSE).<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;"> Oil & Gas</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">: Sesa Sterlite's Oil & Gas operations comprise the assets of<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Cairn_India" title="Cairn India"><span style="color: #0b0080; text-decoration-line: none;">Cairn India</span></a><span class="apple-converted-space"> </span>in India,<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Sri_Lanka" title="Sri Lanka"><span style="color: #0b0080; text-decoration-line: none;">Sri Lanka</span></a><span class="apple-converted-space"> </span>and South Africa. Cairn India is India's largest private-sector crude oil producer, contributing to over 25% of India's crude oil production. Sesa Sterlite owns 58.9% of Cairn India, which is also the fastest-growing Asian E&P company (Platts 2011) and one of the top 20 independent E&P companies worldwide.<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Iron Ore</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">:Sesa Sterlite is largest private sector exporter of iron ore in India and is developing large iron ore deposits in<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Liberia" title="Liberia"><span style="color: #0b0080; text-decoration-line: none;">Liberia</span></a>. Iron ore mining operations are carried out in the Indian States of Goa and Karnataka. We also manufacture pig iron and metallurgical coke. During FY 2013, our Indian iron ore operations were affected by a suspension of iron ore mining activities across the states of<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Goa" title="Goa"><span style="color: #0b0080; text-decoration-line: none;">Goa</span></a><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Karnataka" title="Karnataka"><span style="color: #0b0080; text-decoration-line: none;">Karnataka</span></a>.<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Copper</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">: they says "We aim to provide high-quality refined copper by improving our operational efficiency and reducing our unit costs" Their copper business is principally a custom smelting operation located in India and Australia.<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Aluminium</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">:<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/BALCO" title="BALCO"><span style="color: #0b0080; text-decoration-line: none;">BALCO</span></a><span class="apple-converted-space"> </span>has a smelter capacity of 345 ktpa with capabilities to produce ingots, wire-rods, billets, busbars and rolled products. BALCO's operations include mines, refineries, smelters and captive power plants in the state of Chhattisgarh in India. Sesa Sterlite holds a controlling 51% stake in BALCO, while the Government of India remains an equity partner and holds the remaining 49% stake.<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Power</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">: Sesa Sterlite is one of India's leading power producers with a capacity of 3,900 MW in commercial power.<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Metallurgical Coke</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">: Approximately 65% of total production is consumed by Sesa group, for its pig iron production. The remainder is sold to customers located in India.<o:p></o:p></span></div>
<div style="background: white; line-height: 16.8pt; margin: 6pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">Pig Iron</span></b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;">: This business is skewed towards catering to the steel mills and foundries of the Indian market, in particular the Western and Southern India. The division manufactures basic, foundry and nodular grade pig iron and also sells<span class="apple-converted-space"> </span><a href="https://en.wikipedia.org/wiki/Slag" title="Slag"><span style="color: #0b0080; text-decoration-line: none;">slag</span></a>. The annual production capacity is 250,000 tons per annum.</span><br />
<span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;"><br /><br /><div dir="auto" style="color: black; font-size: medium; text-align: left;"><span style="font-size: medium;"><b><u>Tax opinion on a possible outcome - whether amounts provision or contingent liability</u></b></span></div><div dir="auto" style="color: black; font-size: medium; text-align: left;"><span style="font-size: medium;"><br /></span></div><div dir="auto" style="color: black; font-size: medium; text-align: left;"><span style="font-size: medium;">There are some common definitions used in tax opinion which </span></div><div dir="auto" style="color: black; font-size: medium; text-align: left;"><span style="font-size: medium;"><br /></span><div dir="auto"><span style="font-size: medium;">• Not frivolous: There is a 10 to 20 percent </span><span style="font-size: large;">chance your tax argument will prevail;</span></div><div dir="auto"><span style="font-size: large;"><br /></span></div><div dir="auto"><span style="font-size: medium;">• Reasonable basis: There is approximately a 1 </span><span style="font-size: large;">in 3 chance that you will prevail;</span></div><div dir="auto"><span style="font-size: large;"><br /></span></div><div dir="auto"><span style="font-size: medium;">• Substantial authority: There may be cases </span><span style="font-size: large;">both ways, but there is approximately a 40</span></div><div dir="auto"><span style="font-size: medium;">percent chance you will win;</span></div><div dir="auto"><span style="font-size: medium;"><br /></span></div><div dir="auto"><span style="font-size: medium;">• More likely than not: The odds are better </span><span style="font-size: large;">than 50 percent that you will win;</span></div><div dir="auto"><span style="font-size: large;"><br /></span></div><div dir="auto"><span style="font-size: medium;">• Should: There is approximately a 60 percent </span><span style="font-size: large;">or higher probability that you will prevail;</span></div><div dir="auto"><span style="font-size: medium;">and</span></div><div dir="auto"><span style="font-size: medium;">• Will: Your desired tax treatment is virtually </span><span style="font-size: large;">assured — 90 percent or better.</span></div><div dir="auto"><span style="font-size: large;"><br /></span></div><div dir="auto"><div dir="auto"><b><u>Probable possible remote </u></b></div><div dir="auto"><br /></div><div dir="auto">Paragraph 10 of IAS 37 defines a provision as "a liability of uncertain timing or amount."<div dir="auto">Paragraph 10 of IAS 37 defines a contingent liability as "a possible obligation that arises</div><div dir="auto">from past events and whose existence will be confirmed only by the occurrence or non-</div><div dir="auto">occurrence of one or more uncertain future events not wholly within the control of the</div><div dir="auto">entity."</div><div dir="auto"><br /></div><div dir="auto">Paragraph 10 of IAS 37 also includes in the definition of a contingent liability "a present</div><div dir="auto">obligation that arises from past events, but is not recognised because:</div><div dir="auto"><br /></div><div dir="auto">(i) it is not probable that an outflow of resources embodying economic benefits</div><div dir="auto">will be required to settle the obligation; or</div><div dir="auto"><br /></div><div dir="auto">(ii) the amount of the obligation cannot be measured with sufficient reliability."</div><div dir="auto"><br /></div><div dir="auto">A provision must be probable to be recognized. Probable is interpreted as more likely than</div><div dir="auto">not (i.e., a probability of greater than 50 percent).</div></div></div></div><br /></span>
<span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;"><b><u>IAS 24 Related Party Transactions</u></b></span>
<span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt;"><br /></span><br />
<br />
<a href="http://2.bp.blogspot.com/-8687U58R7VE/XZo1NAwBbmI/AAAAAAAANDQ/5Or9XFsJt8w3jj3LJXhNSV0aaM6EZl0lgCK4BGAYYCw/s1600/images%2B%252820%2529-748405.jpeg" style="font-family: "times new roman"; text-align: left;"><img alt="" border="0" height="360" id="BLOGGER_PHOTO_ID_6744761889596730978" src="https://2.bp.blogspot.com/-8687U58R7VE/XZo1NAwBbmI/AAAAAAAANDQ/5Or9XFsJt8w3jj3LJXhNSV0aaM6EZl0lgCK4BGAYYCw/w640-h360/images%2B%252820%2529-748405.jpeg" width="640" /></a><br />
<br />
<br />
<div dir="auto" style="text-align: left;">
<b><u>Summary of significant accounting policies </u></b></div>
<div dir="auto" style="text-align: left;">
Basis of preparation </div>
<div dir="auto" style="text-align: left;">
Current non current classification </div>
<div dir="auto" style="text-align: left;">
Property plant and equipment </div>
<div dir="auto" style="text-align: left;">
Leases</div>
<div dir="auto" style="text-align: left;">
Impairment</div>
<div dir="auto" style="text-align: left;">
Trade and other payables</div>
<div dir="auto" style="text-align: left;">
Other financial assets</div>
<div dir="auto" style="text-align: left;">
Trade Receivables</div>
<div dir="auto" style="text-align: left;">
Offsetting financial instruments </div>
<div dir="auto" style="text-align: left;">
Foreign currency translation</div>
<div dir="auto" style="text-align: left;">
Employee Benefits</div>
<div dir="auto" style="text-align: left;">
Revenue Recognition </div>
<div dir="auto" style="text-align: left;">
Government Grant</div>
<div dir="auto" style="text-align: left;">
Income tax</div>
<div dir="auto" style="text-align: left;">
Borrowings</div>
<div dir="auto" style="text-align: left;">
Borrowing costs</div>
<div dir="auto" style="text-align: left;">
Provisions </div>
<div dir="auto" style="text-align: left;">
Provision for decommissioning laibility</div>
<div dir="auto" style="text-align: left;">
Cash and cash equivalents</div>
<div dir="auto" style="text-align: left;">
Earnings per share</div>
<div dir="auto" style="text-align: left;">
Segment reporting</div>
<div dir="auto" style="text-align: left;">
Rounding off</div>
<div dir="auto" style="text-align: left;">
Estimates and judgements</div>
<div dir="auto" style="text-align: left;">
<br /></div>
<div dir="auto" style="text-align: left;">
<b><u>Notes in addtion to Schedules supporting BS, PL</u></b></div>
<div dir="auto" style="text-align: left;">
Capital management</div>
<div dir="auto" style="text-align: left;">
Financial risk management </div>
<div dir="auto" style="text-align: left;">
Fair value measurements</div>
<div dir="auto" style="text-align: left;">
Related party</div>
<div dir="auto" style="text-align: left;">
Related party transactions </div>
<div dir="auto" style="text-align: left;">
Contingent liabilities</div>
<div dir="auto" style="text-align: left;">
Leases minimum payments</div>
<div dir="auto" style="text-align: left;">
EPS</div>
<div dir="auto" style="text-align: left;">
Segment Reporting </div>
<div dir="auto" style="text-align: left;">
Employee share based payments</div>
<div dir="auto" style="text-align: left;">
CSR expenditure</div><div dir="auto" style="text-align: left;"><br /></div><div dir="auto" style="text-align: left;"><br /></div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-66867951290660099532022-12-30T07:17:00.000-08:002023-12-31T07:17:51.466-08:00GST Returns<p style="text-align: center;"><b><u> GST Returns</u></b></p><p class="MsoListParagraph" style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 8.45pt; margin: 8.45pt 6.45pt 0cm 5.65pt; tab-stops: 41.7pt; text-indent: 0cm;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; line-height: 106%;">Returns<span style="letter-spacing: 1.95pt;"> </span>under<span style="letter-spacing: 2pt;"> </span>GST:<span style="letter-spacing: 1.95pt;"> </span></span></b><span lang="EN-US" style="color: #231f20; line-height: 106%;">Returns<span style="letter-spacing: 2pt;"> </span>are<span style="letter-spacing: 2pt;"> </span>an<span style="letter-spacing: 2.05pt;"> </span>essential<span style="letter-spacing: 2pt;"> </span>part<span style="letter-spacing: -3.4pt;"> </span>of
the GST ecosystem. A return is a document in which the<span style="letter-spacing: 0.05pt;"> </span>taxable person reports the details of business transactions<span style="letter-spacing: 0.05pt;"> </span>executed during the period. In the context
of GST law, the<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: -0.35pt;"> </span>registered<span style="letter-spacing: -0.3pt;"> </span>under<span style="letter-spacing: -0.3pt;"> </span>GST<span style="letter-spacing: -0.3pt;"> </span>law<span style="letter-spacing: -0.3pt;"> </span>has<span style="letter-spacing: -0.25pt;"> </span>to<span style="letter-spacing: -0.25pt;"> </span>report<span style="letter-spacing: -0.35pt;"> </span>details<span style="letter-spacing: -0.25pt;">
</span>of<span style="letter-spacing: -0.25pt;"> </span>sales<span style="letter-spacing: -3.4pt;"> </span>and<span style="letter-spacing: 3.05pt;"> </span>purchases<span style="letter-spacing: 3.05pt;"> </span>periodically<span style="letter-spacing: 3.05pt;"> </span>in<span style="letter-spacing: 3.05pt;"> </span>different<span style="letter-spacing: 3.1pt;"> </span>returns.<span style="letter-spacing: 3.05pt;">
</span>Periodicity<span style="letter-spacing: -3.4pt;"> </span>and manner of
filing GST returns depend on the nature of<span style="letter-spacing: 0.05pt;"> </span>registration
obtained and turnover. </span></p><div class="WordSection1">
<p class="MsoListParagraph" style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.55pt; margin-top: 8.45pt; margin: 8.45pt 6.55pt 0cm 5.65pt; mso-list: l2 level2 lfo62; tab-stops: 41.7pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%;"><span style="mso-list: Ignore;">1.1.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">Need to file returns under GST: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">GST
is a self-<span style="letter-spacing: 0.05pt;"> </span>assessment-based<span style="letter-spacing: 0.05pt;"> </span>tax.<span style="letter-spacing: 0.05pt;"> </span>Return<span style="letter-spacing: 0.05pt;"> </span>is<span style="letter-spacing: 3.5pt;"> </span>an<span style="letter-spacing: 3.5pt;"> </span>important<span style="letter-spacing: 3.5pt;">
</span>document<span style="letter-spacing: -3.4pt;"> </span>for taxpayers as
well as for the government. Return is an<span style="letter-spacing: 0.05pt;"> </span>important
link of interaction between the taxpayer and the<span style="letter-spacing: 0.05pt;"> </span>government. Filing of periodic returns is important for the<span style="letter-spacing: 0.05pt;"> </span>following reasons-</span><span lang="EN-US" style="font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 8.5pt; margin: 8.5pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Determination<span style="letter-spacing: 3.25pt;"> </span>of<span style="letter-spacing: 3.4pt;"> </span>correct<span style="letter-spacing: 3.4pt;"> </span>tax<span style="letter-spacing: 3.35pt;"> </span>liability<span style="letter-spacing: 3.45pt;"> </span>of<span style="letter-spacing: 3.4pt;"> </span>the<span style="letter-spacing: 3.35pt;"> </span>registered </span><span style="color: #231f20;">person</span></p>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 9.35pt; margin: 9.35pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Returns<span style="letter-spacing: 0.05pt;"> </span>provide<span style="letter-spacing: 0.05pt;">
</span>important<span style="letter-spacing: 0.05pt;"> </span>information to<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>government </span><span style="color: #231f20;">for</span><span style="color: #231f20; letter-spacing: -0.2pt;"> </span><span style="color: #231f20;">necessary</span><span style="color: #231f20; letter-spacing: -0.2pt;"> </span><span style="color: #231f20;">policy</span><span style="color: #231f20; letter-spacing: -0.2pt;"> </span><span style="color: #231f20;">decisions.</span></p>
<p class="MsoListParagraph" style="line-height: 106%; margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 6.5pt; margin-top: 9.35pt; margin: 9.35pt 6.5pt 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.7pt; text-indent: -17pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%;"><span style="mso-list: Ignore;"><span> </span><span> </span>•<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">Filing</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.05pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">of</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">
</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">correct</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">and<span style="letter-spacing: -1.05pt;"> </span>timely<span style="letter-spacing: -1pt;">
</span>returns<span style="letter-spacing: -1pt;"> </span>ensures<span style="letter-spacing: -1pt;"> </span>compliance<span style="letter-spacing: -1.05pt;"> </span>with<span style="letter-spacing: -3.4pt;"> </span>the provisions
of the GST law. This will help a registered<span style="letter-spacing: 0.05pt;"> </span>person
to improve the proposed compliance rating under<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>GST<span style="letter-spacing: -0.05pt;"> </span>law.</span><span lang="EN-US" style="font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 106%; margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 6.4pt; margin-top: 8.5pt; margin: 8.5pt 6.4pt 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">Returns are one of
the important and primary documents<span style="letter-spacing: 0.05pt;"> </span>for<span style="letter-spacing: -0.75pt;"> </span>the<span style="letter-spacing: -0.7pt;"> </span>government<span style="letter-spacing: -0.75pt;"> </span>during<span style="letter-spacing: -0.7pt;">
</span>the<span style="letter-spacing: -0.7pt;"> </span>assessment<span style="letter-spacing: -0.75pt;"> </span>and<span style="letter-spacing: -0.7pt;"> </span>audit<span style="letter-spacing: -0.75pt;"> </span>of<span style="letter-spacing: -0.7pt;"> </span>the<span style="letter-spacing: -3.4pt;"> </span>registered<span style="letter-spacing: -0.05pt;"> </span>person.</span><span lang="EN-US" style="font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 8.5pt; margin: 8.5pt 6.45pt 0cm 5.65pt; mso-list: l2 level2 lfo62; tab-stops: 41.7pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%;"><span style="mso-list: Ignore;">1.2.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">Types<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>returns<span style="letter-spacing: 0.05pt;">
</span>or<span style="letter-spacing: 0.05pt;"> </span>statements<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>registered<span style="letter-spacing: 0.05pt;"> </span>person is required to furnish under GST: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">The Central<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">Goods</span><span style="letter-spacing: -1.35pt;">
</span><span style="letter-spacing: -0.05pt;">and</span><span style="letter-spacing: -1.35pt;"> </span><span style="letter-spacing: -0.05pt;">Services</span><span style="letter-spacing: -1.35pt;"> </span><span style="letter-spacing: -0.05pt;">Act,</span><span style="letter-spacing: -1.35pt;"> </span>2017<span style="letter-spacing: -1.3pt;">
</span>(hereinafter<span style="letter-spacing: -1.35pt;"> </span>referred<span style="letter-spacing: -1.35pt;"> </span>to<span style="letter-spacing: -1.35pt;"> </span>as<span style="letter-spacing: -1.35pt;"> </span>“CGST<span style="letter-spacing: -3.4pt;">
</span>Act”) and State Goods and Services Tax Act. 2017 prescribes <span style="letter-spacing: -3.4pt;"> </span>the following returns and statements
under Chapter IX of the<span style="letter-spacing: -3.4pt;"> </span>CGST<span style="letter-spacing: -0.05pt;"> </span>Act-</span><span lang="EN-US" style="font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 106%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection2">
<p class="MsoBodyText" style="margin-top: 0.15pt;"><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 51.1pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 5.6pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 5.6pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Sl.</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 3.7pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">No.</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 3.5pt; margin-top: 1.8pt; margin: 1.8pt 3.5pt 0cm 2.25pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Type of<span style="letter-spacing: 0.05pt;"> </span>Return or<span style="letter-spacing: -2.6pt;"> </span>state-</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
<p class="TableParagraph" style="line-height: 9.6pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.25pt; mso-line-height-rule: exactly;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">ment</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 2.9pt; margin-top: 1.8pt; margin: 1.8pt 2.9pt 0cm 2.25pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Rele-<span style="letter-spacing: 0.05pt;"> </span>vant<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">Section</span></span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 12.05pt; margin-top: 1.8pt; margin: 1.8pt 12.05pt 0cm 2.25pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Rele-<span style="letter-spacing: -2.65pt;"> </span>vant<span style="letter-spacing: 0.05pt;"> </span>Rule</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.3pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Description</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 3.25pt; margin-top: 1.8pt; margin: 1.8pt 3.25pt 0cm 2.25pt; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Periodicity of<span style="letter-spacing: -2.6pt;"> </span>filing return/<span style="letter-spacing: -2.6pt;"> </span>Statement</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">1.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 15.4pt; margin-top: 1.8pt; margin: 1.8pt 15.4pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span>GSTR-1</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Section</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.75pt; margin: 2.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">37</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.8pt; margin: 1.8pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>59</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Details of
outward</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 2.75pt; margin: 2.75pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">supplies</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 24.65pt; margin-top: 1.8pt; margin: 1.8pt 24.65pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Monthly/<span style="letter-spacing: -2.7pt;"> </span><span style="letter-spacing: -0.05pt;">Quarterly</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.75pt; margin: 1.75pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">2.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 9.95pt; margin-top: 1.75pt; margin: 1.75pt 9.95pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR-2A</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.75pt; margin: 1.75pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>38</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.75pt; margin: 1.75pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>60</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Details of
auto-</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">drafted<span style="letter-spacing: -0.3pt;"> </span>supplies</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 24.5pt; margin-top: 1.75pt; margin: 1.75pt 24.5pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Not to be<span style="letter-spacing: -2.7pt;"> </span>furnished</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.65pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.25pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">(Auto<span style="letter-spacing: -0.15pt;"> </span>drafted)</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.75pt; margin: 1.75pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">3.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">GSTR-2B</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.75pt; margin: 1.75pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>38</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.75pt; margin: 1.75pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>60</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 22.15pt; margin-top: 1.75pt; margin: 1.75pt 22.15pt 0cm 2.3pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Auto-drafted ITC<span style="letter-spacing: -2.7pt;"> </span>Statement</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 24.5pt; margin-top: 1.75pt; margin: 1.75pt 24.5pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Not to be<span style="letter-spacing: -2.7pt;"> </span>furnished</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.65pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.25pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">(Auto<span style="letter-spacing: -0.15pt;"> </span>drafted)</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.1pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.75pt; margin: 1.75pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">4.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">GSTR-3B</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Section</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">39</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.75pt; margin: 1.75pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>61</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Return</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Monthly/</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Quarterly</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 88.6pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 88.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.75pt; margin: 1.75pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">5.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 88.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 15.4pt; margin-top: 1.75pt; margin: 1.75pt 15.4pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span>GSTR-4</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 88.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.75pt; margin: 1.75pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>39</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 88.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.75pt; margin: 1.75pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>62</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 88.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 2.25pt; margin-top: 1.75pt; margin: 1.75pt 2.25pt 0cm 2.3pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Return for taxpayers<span style="letter-spacing: 0.05pt;"> </span>who have opted for<span style="letter-spacing: 0.05pt;"> </span>composition scheme<span style="letter-spacing: 0.05pt;"> </span>or availing benefit<span style="letter-spacing: 0.05pt;"> </span>under Notification no<span style="letter-spacing: 0.05pt;"> </span>02/2019<span style="letter-spacing: -0.35pt;">
</span>–Central<span style="letter-spacing: -0.35pt;"> </span>Tax</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.45pt; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.3pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">(Rate)</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 88.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annually</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.75pt; margin: 1.75pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">6.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 13.1pt; margin-top: 1.75pt; margin: 1.75pt 13.1pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span>GSTR–5</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.75pt; margin: 1.75pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>39</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.75pt; margin: 1.75pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>63</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 25.75pt; margin-top: 1.75pt; margin: 1.75pt 25.75pt 0cm 2.3pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Return for Non-<span style="letter-spacing: -2.7pt;"> </span>resident<span style="letter-spacing: -0.65pt;"> </span>taxable</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.65pt; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.3pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">person</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.75pt; margin: 1.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Monthly</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 101.1pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 101.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.75pt; margin: 1.75pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">7.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 101.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 7.95pt; margin-top: 1.75pt; margin: 1.75pt 7.95pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR–5A</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 101.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.75pt; margin: 1.75pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>39</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 101.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.75pt; margin: 1.75pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>64</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 101.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 7.1pt; margin-top: 1.75pt; margin: 1.75pt 7.1pt 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Details<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 2.8pt;"> </span>supplies<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -0.25pt;"> </span>online<span style="letter-spacing: -0.25pt;"> </span>information<span style="letter-spacing: -2.7pt;"> </span>and database access<span style="letter-spacing: -2.7pt;"> </span>or
retrieval (OIDAR)<span style="letter-spacing: -2.7pt;"> </span>services<span style="letter-spacing: -0.05pt;"> </span>person</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 5.75pt; margin-top: 0cm; margin: 0cm 5.75pt 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">located outside India<span style="letter-spacing: -2.75pt;"> </span>made<span style="letter-spacing: -0.35pt;"> </span>to<span style="letter-spacing: -0.35pt;"> </span>non-taxable</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.65pt; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.3pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">persons<span style="letter-spacing: -0.15pt;"> </span>in<span style="letter-spacing: -0.15pt;"> </span>India</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 101.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Monthly</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.1pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.7pt; margin: 1.7pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">8.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">GSTR–6</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Section</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">39</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.7pt; margin: 1.7pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>65</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Return<span style="letter-spacing: -0.15pt;"> </span>for<span style="letter-spacing: -0.1pt;"> </span>Input</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 2.8pt; margin: 2.8pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Service
Distributor</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Monthly</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.7pt; margin: 1.7pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">9.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 7.95pt; margin-top: 1.7pt; margin: 1.7pt 7.95pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR–6A</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.7pt; margin: 1.7pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>39</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 5.0pt; margin-top: 1.7pt; margin: 1.7pt 5pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: 0.05pt;"> </span>59(3)<span style="letter-spacing: -0.6pt;"> </span>&</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.65pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.25pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">65</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Details of
supplies</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 2.75pt; margin: 2.75pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">auto-drafted
form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 38.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 128%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 24.5pt; margin-top: 1.7pt; margin: 1.7pt 24.5pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;">Not to be<span style="letter-spacing: -2.7pt;"> </span>furnished</span><span lang="EN-US" style="font-size: 8pt; line-height: 128%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 9.65pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 2.25pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">(Auto<span style="letter-spacing: -0.15pt;"> </span>drafted)</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.1pt; mso-yfti-irow: 10; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.7pt; margin: 1.7pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">10.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.75pt; margin: 2.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">GSTR–7</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Section</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 2.75pt; margin: 2.75pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">39</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .85pt; margin-right: 4.45pt; margin-top: 1.7pt; margin: 1.7pt 4.45pt 0cm 0.85pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>66</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">TDS<span style="letter-spacing: -0.25pt;"> </span>Return</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 26.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.7pt; margin: 1.7pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Monthly</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
</div>
<div class="WordSection3"><p class="MsoBodyText" style="margin-bottom: .05pt; margin-left: 0cm; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0.05pt;"><br /></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 90.6pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 90.6pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">11.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 90.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.3pt; margin: 1.3pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">GSTR–7A</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 90.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>51</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 90.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>66</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 90.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 18.75pt; margin-top: 1.8pt; margin: 1.8pt 18.75pt 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Tax Deduction at<span style="letter-spacing: 0.05pt;"> </span>Source<span style="letter-spacing: -0.45pt;"> </span>Certificate</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 90.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 5.75pt; margin-top: .55pt; margin: 0.55pt 5.75pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">The
certificate<span style="letter-spacing: -2.75pt;"> </span>is made<span style="letter-spacing: 0.05pt;"> </span>available to<span style="letter-spacing: 0.05pt;"> </span>the deductee<span style="letter-spacing: 0.05pt;"> </span>on<span style="letter-spacing: 0.35pt;"> </span>the<span style="letter-spacing: 0.4pt;"> </span>basis<span style="letter-spacing: 0.05pt;"> </span>of the return<span style="letter-spacing: 0.05pt;"> </span>furnished in<span style="letter-spacing: 0.05pt;"> </span>Form<span style="letter-spacing: -0.15pt;"> </span>GSTR-7</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 25.35pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">12.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 13.1pt; margin-top: 1.8pt; margin: 1.8pt 13.1pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span>GSTR–8</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>52</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>67</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">TCS<span style="letter-spacing: -0.25pt;"> </span>Return</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Monthly</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 25.35pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">13.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 13.1pt; margin-top: 1.8pt; margin: 1.8pt 13.1pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span>GSTR–9</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>44</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>80</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annual<span style="letter-spacing: -0.2pt;"> </span>Return</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annually</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 35.6pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">14.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 7.95pt; margin-top: 1.8pt; margin: 1.8pt 7.95pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR–9A</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>44</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>80</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 21.4pt; margin-top: .55pt; margin: 0.55pt 21.4pt 0cm 2.3pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annual Return<span style="letter-spacing: 0.05pt;"> </span>(For<span style="letter-spacing: -0.55pt;"> </span>Composition<span style="letter-spacing: -2.7pt;"> </span>Taxpayer)</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annually</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 35.6pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">15.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Form</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.3pt; margin: 1.3pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">GSTR–9B</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>44</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">-</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 11.75pt; margin-top: .55pt; margin: 0.55pt 11.75pt 0cm 2.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annual
Return by<span style="letter-spacing: 0.05pt;"> </span>every electronic<span style="letter-spacing: 0.05pt;"> </span>commerce<span style="letter-spacing: -0.65pt;"> </span>operator</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annually</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 25.35pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">16.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 7.85pt; margin-top: 1.8pt; margin: 1.8pt 7.85pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR–9C</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>44</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>80</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 35.4pt; margin-top: 1.8pt; margin: 1.8pt 35.4pt 0cm 2.3pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; letter-spacing: -0.05pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Reconciliation</span><span lang="EN-US" style="color: #231f20; font-size: 8pt; letter-spacing: -2.7pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Statement</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 25.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Annually</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 35.6pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">17.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 10.35pt; margin-top: 1.8pt; margin: 1.8pt 10.35pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR-10</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>45</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>81</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Final<span style="letter-spacing: -0.2pt;"> </span>Return</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 35.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 4.1pt; margin-top: .55pt; margin: 0.55pt 4.1pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Upon<span style="letter-spacing: 0.05pt;"> </span>cancellation of<span style="letter-spacing: -2.7pt;"> </span>registration</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 57.6pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 57.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 22.55pt;" valign="top" width="30">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 3.7pt; margin-right: 3.2pt; margin-top: 1.8pt; margin: 1.8pt 3.2pt 0cm 3.7pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">18.</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 57.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 49.2pt;" valign="top" width="66">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 10.35pt; margin-top: 1.8pt; margin: 1.8pt 10.35pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Form<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">GSTR-11</span></span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 57.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.6pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 6.15pt; margin-top: 1.8pt; margin: 1.8pt 6.15pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -2.7pt;"> </span>39</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 57.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.3pt;" valign="top" width="52">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 0cm; margin-top: 1.8pt; margin: 1.8pt 0cm 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Rule<span style="letter-spacing: -0.15pt;"> </span>82</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 57.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 93.7pt;" valign="top" width="125">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 2.3pt; margin-right: 2.3pt; margin-top: .55pt; margin: 0.55pt 2.3pt 0cm; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; mso-bidi-font-size: 11.0pt;">Statement of inward<span style="letter-spacing: 0.05pt;"> </span>supplies
by persons<span style="letter-spacing: 0.05pt;"> </span>having Unique<span style="letter-spacing: 0.05pt;"> </span>Identification Number<span style="letter-spacing: -2.75pt;"> </span>(UIN)</span><span lang="EN-US" style="font-size: 8pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 57.6pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 65.8pt;" valign="top" width="88">
<p class="TableParagraph" style="line-height: 112%; margin-bottom: 0cm; margin-left: 2.25pt; margin-right: 18.75pt; margin-top: 1.8pt; margin: 1.8pt 18.75pt 0cm 2.25pt;"><span lang="EN-US" style="color: #231f20; font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;">Quarterly<span style="letter-spacing: 0.05pt;"> </span>[In case
of<span style="letter-spacing: -2.7pt;"> </span>claiming<span style="letter-spacing: 0.05pt;"> </span>refund]</span><span lang="EN-US" style="font-size: 8pt; line-height: 112%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoBodyText"><span lang="EN-US" style="font-size: 3.5pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.1pt; margin: 5.1pt 6.5pt 0cm 5.65pt; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20;">Note:<span style="letter-spacing: 0.05pt;"> </span></span></b><span lang="EN-US" style="color: #231f20;">Unless<span style="letter-spacing: 0.05pt;"> </span>otherwise<span style="letter-spacing: 0.05pt;"> </span>specified,<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>section<span style="letter-spacing: -3.4pt;"> </span>numbers and rules referred to in this
publication pertain to<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.5pt;"> </span>Central<span style="letter-spacing: -0.45pt;">
</span>Goods<span style="letter-spacing: -0.45pt;"> </span>and<span style="letter-spacing: -0.5pt;"> </span>Services<span style="letter-spacing: -0.45pt;">
</span>Tax<span style="letter-spacing: -0.45pt;"> </span>Act,<span style="letter-spacing: -0.45pt;"> </span>2017<span style="letter-spacing: -0.5pt;"> </span>and<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -0.45pt;"> </span>Central<span style="letter-spacing: -3.4pt;"> </span>Goods<span style="letter-spacing: -0.1pt;"> </span>and
Services<span style="letter-spacing: -0.05pt;"> </span>Tax Rules,<span style="letter-spacing: -0.1pt;"> </span>2017, respectively.</span></p><p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.1pt; margin: 5.1pt 6.5pt 0cm 5.65pt; text-align: justify;"><b style="text-align: left; text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><br /></span></b></p><p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.1pt; margin: 5.1pt 6.5pt 0cm 5.65pt; text-align: justify;"><b style="text-align: left; text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;">2.1.<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 7pt; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; font-weight: normal; line-height: normal;"> </span></span></b><b style="text-align: left; text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Applicability<span style="letter-spacing: -0.55pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>annual<span style="letter-spacing: -0.55pt;"> </span>return:<span style="letter-spacing: -0.55pt;">
</span></span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; text-align: left; text-indent: 0cm;">Section<span style="letter-spacing: -0.6pt;">
</span>44<span style="letter-spacing: -0.55pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>the<span style="letter-spacing: -0.55pt;"> </span>CGST<span style="letter-spacing: -3.4pt;"> </span><span style="letter-spacing: -0.05pt;">Act,</span><span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -0.05pt;">read</span><span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -0.05pt;">with</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">Rule</span><span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -0.05pt;">80</span><span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -0.05pt;">of</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">the</span><span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -0.05pt;">CGST</span><span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -0.05pt;">Rules,</span><span style="letter-spacing: -1.05pt;"> </span>outline<span style="letter-spacing: -1.05pt;">
</span>the<span style="letter-spacing: -1.05pt;"> </span>provisions<span style="letter-spacing: -3.4pt;"> </span>for<span style="letter-spacing: -0.3pt;"> </span>furnishing<span style="letter-spacing: -0.25pt;"> </span>annual<span style="letter-spacing: -0.25pt;">
</span>return.<span style="letter-spacing: -0.25pt;"> </span>Section<span style="letter-spacing: -0.25pt;"> </span>44<span style="letter-spacing: -0.25pt;"> </span>of<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.25pt;"> </span>CGST<span style="letter-spacing: -0.25pt;"> </span>Act<span style="letter-spacing: -0.25pt;"> </span>2017<span style="letter-spacing: -3.4pt;"> </span>stipulates<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>provisions<span style="letter-spacing: -0.05pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>filing<span style="letter-spacing: -0.05pt;"> </span>annual returns<span style="letter-spacing: -0.05pt;"> </span>as<span style="letter-spacing: -0.05pt;"> </span>under-</span></p></div><div class="WordSection4">
<h5 style="margin-top: 4.95pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Every<span style="letter-spacing: -0.2pt;"> </span>registered<span style="letter-spacing: -0.2pt;"> </span>person<span style="letter-spacing: -0.2pt;"> </span>other<span style="letter-spacing: -0.2pt;"> </span>than</span><span lang="EN-US"><o:p></o:p></span></h5>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.45pt; margin: 4.45pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">an<span style="letter-spacing: -0.25pt;"> </span>Input<span style="letter-spacing: -0.25pt;">
</span>Service<span style="letter-spacing: -0.25pt;"> </span>Distributor,</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
<h5 style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.45pt; margin: 4.45pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-indent: -17.05pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-style: normal; font-weight: normal; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;"><span style="mso-list: Ignore;"><span> </span><span> </span>•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20;">a<span style="letter-spacing: -0.15pt;"> </span>person<span style="letter-spacing: -0.2pt;"> </span>paying<span style="letter-spacing: -0.15pt;">
</span>tax<span style="letter-spacing: -0.15pt;"> </span>under<span style="letter-spacing: -0.2pt;"> </span>Section<span style="letter-spacing: -0.15pt;">
</span>51<span style="letter-spacing: -0.15pt;"> </span>or<span style="letter-spacing: -0.1pt;"> </span>Section<span style="letter-spacing: -0.2pt;"> </span>52,</span><span lang="EN-US"><o:p></o:p></span></h5>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.45pt; margin: 4.45pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">a<span style="letter-spacing: -0.15pt;"> </span>casual<span style="letter-spacing: -0.15pt;">
</span>taxable<span style="letter-spacing: -0.1pt;"> </span>person<span style="letter-spacing: -0.15pt;"> </span>and</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
<h5 style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.45pt; margin: 4.45pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-indent: -17.05pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-style: normal; font-weight: normal; mso-bidi-font-style: italic; mso-bidi-font-weight: bold;"><span style="mso-list: Ignore;"><span> </span><span> </span>•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20;">a<span style="letter-spacing: -0.25pt;"> </span>non-resident<span style="letter-spacing: -0.25pt;"> </span>taxable<span style="letter-spacing: -0.2pt;">
</span>person</span><span lang="EN-US"><o:p></o:p></span></h5>
<p class="MsoNormal" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.5pt; margin: 5.5pt 6.4pt 0cm 5.65pt; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">shall furnish an annual return, which may include a<span style="letter-spacing: 0.05pt;"> </span>self-certified reconciliation statement,
reconciling the<span style="letter-spacing: 0.05pt;"> </span>value of supplies
declared in the return furnished for<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>financial<span style="letter-spacing: 0.05pt;">
</span>year<span style="letter-spacing: 0.05pt;"> </span>with<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>audited<span style="letter-spacing: 0.05pt;"> </span>annual<span style="letter-spacing: 0.05pt;"> </span>financial<span style="letter-spacing: -3.3pt;"> </span>statement<span style="letter-spacing: -0.6pt;"> </span>for<span style="letter-spacing: -0.55pt;"> </span>every<span style="letter-spacing: -0.55pt;"> </span>financial<span style="letter-spacing: -0.5pt;"> </span>year<span style="letter-spacing: -0.55pt;"> </span>electronically,<span style="letter-spacing: -0.6pt;"> </span>within<span style="letter-spacing: -3.3pt;">
</span>such time and in such form and in such manner as may<span style="letter-spacing: -3.3pt;"> </span>be<span style="letter-spacing: -0.1pt;"> </span>prescribed.</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.35pt; margin: 5.35pt 6.4pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Rule<span style="letter-spacing: 3.25pt;"> </span>80<span style="letter-spacing: 3.3pt;"> </span>of<span style="letter-spacing: 3.25pt;"> </span>the<span style="letter-spacing: 3.3pt;"> </span>CGST<span style="letter-spacing: 3.25pt;"> </span>Rules<span style="letter-spacing: 3.3pt;"> </span>designates<span style="letter-spacing: 3.25pt;"> </span>FORM<span style="letter-spacing: 3.3pt;"> </span>GSTR-9<span style="letter-spacing: 3.25pt;"> </span>as<span style="letter-spacing: -3.4pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>form<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>annual<span style="letter-spacing: 0.05pt;"> </span>return<span style="letter-spacing: 0.05pt;"> </span>for<span style="letter-spacing: 3.5pt;"> </span>a<span style="letter-spacing: 3.5pt;"> </span>registered<span style="letter-spacing: 3.5pt;"> </span>person<span style="letter-spacing: 3.55pt;"> </span>other<span style="letter-spacing: -3.4pt;"> </span>than a person registered under a
composition scheme and<span style="letter-spacing: 0.05pt;"> </span>e-commerce<span style="letter-spacing: 0.85pt;"> </span>operator.<span style="letter-spacing: 0.9pt;">
</span>In<span style="letter-spacing: 0.9pt;"> </span>case<span style="letter-spacing: 0.85pt;"> </span>of<span style="letter-spacing: 0.9pt;"> </span>a<span style="letter-spacing: 0.95pt;"> </span>person<span style="letter-spacing: 0.85pt;"> </span>paying<span style="letter-spacing: 0.9pt;"> </span>tax<span style="letter-spacing: 0.9pt;"> </span>under<span style="letter-spacing: -3.4pt;"> </span>a composition scheme, FORM GSTR-9A is
notified as the<span style="letter-spacing: 0.05pt;"> </span>annual return.
GSTR-9B is designated as the annual return<span style="letter-spacing: 0.05pt;"> </span>for<span style="letter-spacing: 0.8pt;"> </span>an<span style="letter-spacing: 0.8pt;"> </span>e-commerce<span style="letter-spacing: 0.85pt;"> </span>operator<span style="letter-spacing: 0.8pt;">
</span>who<span style="letter-spacing: 0.8pt;"> </span>collects<span style="letter-spacing: 0.85pt;"> </span>TCS<span style="letter-spacing: 0.8pt;"> </span>under<span style="letter-spacing: 0.85pt;"> </span>Section </span><span style="color: #231f20;">52.</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">However,</span><span style="color: #231f20; letter-spacing: 0.05pt;">
</span><span style="color: #231f20;">FORM</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">GSTR-9B</span><span style="color: #231f20; letter-spacing: 0.05pt;"> </span><span style="color: #231f20;">still</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">needs</span><span style="color: #231f20; letter-spacing: 0.05pt;"> </span><span style="color: #231f20;">to</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">be</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">notified</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">by</span><span style="color: #231f20; letter-spacing: 0.1pt;"> </span><span style="color: #231f20;">the </span><span style="color: #231f20; text-align: left;">government.</span></p>
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.3pt; margin-top: 5.55pt; margin: 5.55pt 6.3pt 0cm 5.65pt; text-align: justify; text-indent: 2.65pt;"><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">Filing</span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.85pt;">
</span><span lang="EN-US" style="color: #231f20;">of<span style="letter-spacing: -0.9pt;"> </span>annual<span style="letter-spacing: -0.9pt;"> </span>returns<span style="letter-spacing: -0.9pt;"> </span>is<span style="letter-spacing: -0.9pt;"> </span>also<span style="letter-spacing: -0.85pt;"> </span>not<span style="letter-spacing: -0.85pt;"> </span>applicable<span style="letter-spacing: -0.85pt;"> </span>in<span style="letter-spacing: -0.9pt;"> </span>the<span style="letter-spacing: -0.9pt;"> </span>case<span style="letter-spacing: -0.9pt;"> </span>of<span style="letter-spacing: -0.9pt;"> </span>any<span style="letter-spacing: -3.35pt;"> </span>department
of the Central Government, a State Government<span style="letter-spacing: 0.05pt;">
</span>or a local authority whose books of account are subject to<span style="letter-spacing: 0.05pt;"> </span>audit by the Comptroller and
Auditor-General of India or an<span style="letter-spacing: 0.05pt;"> </span>auditor
appointed to audit the accounts of local authorities<span style="letter-spacing: 0.05pt;"> </span>under<span style="letter-spacing: -0.05pt;"> </span>any law<span style="letter-spacing: -0.05pt;"> </span>for<span style="letter-spacing: -0.05pt;"> </span>the
time being<span style="letter-spacing: -0.05pt;"> </span>in<span style="letter-spacing: -0.05pt;"> </span>force.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.2pt; margin: 5.2pt 6.4pt 0cm 5.65pt; mso-list: l53 level2 lfo60; tab-stops: 31.85pt; text-indent: 0cm;"><!--[if !supportLists]--><b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%;"><span style="mso-list: Ignore;">2.2.<span style="font: 7pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">Due date for filing
annual return: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">The due date for<span style="letter-spacing: 0.05pt;"> </span>filing an annual return is defined under Rule 80 of the CGST<span style="letter-spacing: 0.05pt;"> </span>Rules<span style="letter-spacing: 0.9pt;"> </span>as<span style="letter-spacing: 1pt;"> </span>the<span style="letter-spacing: 0.95pt;"> </span>31st<span style="letter-spacing: 1pt;"> </span>day<span style="letter-spacing: 0.95pt;"> </span>of<span style="letter-spacing: 0.95pt;"> </span>December<span style="letter-spacing: 0.9pt;">
</span>following<span style="letter-spacing: 1pt;"> </span>the<span style="letter-spacing: 0.95pt;"> </span>end<span style="letter-spacing: 1pt;"> </span>of<span style="letter-spacing: 0.95pt;"> </span>the </span><span style="color: #231f20; text-align: justify;">financial year. The government may
extend the time limit for</span><span style="color: #231f20; letter-spacing: -3.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">filing</span><span style="color: #231f20; letter-spacing: 1.35pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">annual</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;">
</span><span style="color: #231f20; text-align: justify;">returns.</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">Earlier,</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">the</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">provision</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">for</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">an</span><span style="color: #231f20; letter-spacing: 1.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">extension</span><span style="color: #231f20; letter-spacing: -3.4pt; text-align: justify;">
</span><span style="color: #231f20; text-align: justify;">of the due date for filing annual returns was embedded in</span><span style="color: #231f20; letter-spacing: 0.05pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">Section 44 itself. However,
post-substitution of Section 44,</span><span style="color: #231f20; letter-spacing: 0.05pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">such</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">powers</span><span style="color: #231f20; letter-spacing: -0.2pt; text-align: justify;">
</span><span style="color: #231f20; text-align: justify;">are</span><span style="color: #231f20; letter-spacing: -0.2pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">not</span><span style="color: #231f20; letter-spacing: -0.2pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">available</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">within</span><span style="color: #231f20; letter-spacing: -0.2pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">the</span><span style="color: #231f20; letter-spacing: -0.2pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">provisions</span><span style="color: #231f20; letter-spacing: -0.2pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">of</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">Section</span></p></div><div class="WordSection5">
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.55pt; margin-top: 0cm; margin: 0cm 6.55pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">44. Powers as laid down under
Section 168A may be invoked<span style="letter-spacing: -3.4pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>extend the<span style="letter-spacing: -0.05pt;"> </span>due date<span style="letter-spacing: -0.05pt;"> </span>in<span style="letter-spacing: -0.05pt;"> </span>exceptional<span style="letter-spacing: -0.05pt;"> </span>circumstances.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.35pt; margin: 5.35pt 6.4pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Sub-Section (2) is inserted in
Section 44 of the CGST Act to<span style="letter-spacing: 0.05pt;"> </span>restrict
the filing of annual returns beyond three years from<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>due date of
filing of<span style="letter-spacing: -0.05pt;"> </span>annual returns.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.55pt; margin: 5.55pt 6.4pt 0cm 5.65pt; mso-list: l53 level2 lfo60; tab-stops: 31.65pt; text-indent: 0cm;"><!--[if !supportLists]--><b><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">2.3.<span style="font: 7pt "Times New Roman";"> </span></span></span></i></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Relaxation from filing
of annual return: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Section 44<span style="letter-spacing: 0.05pt;"> </span>empowers the Commissioner to exempt any
class of person<span style="letter-spacing: 0.05pt;"> </span>from filing an annual
return on the recommendation of the<span style="letter-spacing: 0.05pt;"> </span>GST<span style="letter-spacing: -0.25pt;"> </span>council.<span style="letter-spacing: -0.25pt;">
</span>In<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>exercise<span style="letter-spacing: -0.25pt;"> </span>of<span style="letter-spacing: -0.25pt;"> </span>those<span style="letter-spacing: -0.25pt;">
</span>powers,<span style="letter-spacing: -0.2pt;"> </span>an<span style="letter-spacing: -0.25pt;"> </span>exemption<span style="letter-spacing: -0.25pt;"> </span>is<span style="letter-spacing: -3.4pt;"> </span>given<span style="letter-spacing: -0.8pt;"> </span>to<span style="letter-spacing: -0.75pt;"> </span>a<span style="letter-spacing: -0.75pt;"> </span>registered<span style="letter-spacing: -0.75pt;"> </span>person<span style="letter-spacing: -0.8pt;"> </span>whose<span style="letter-spacing: -0.75pt;"> </span>annual<span style="letter-spacing: -0.75pt;">
</span>aggregate<span style="letter-spacing: -0.75pt;"> </span>turnover<span style="letter-spacing: -3.4pt;"> </span>is up to Rs. 2 crores for the financial
year 2022-23 <i style="mso-bidi-font-style: normal;">[A similar<span style="letter-spacing: 0.05pt;"> </span>exemption was there for FY. 2017-18,
2018-19, 2019-20,<span style="letter-spacing: 0.05pt;"> </span>2020-21 and
2021-22]</i></span><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 5.3pt; margin: 5.3pt 6.45pt 0cm 5.65pt; mso-list: l53 level2 lfo60; tab-stops: 29.75pt; text-indent: 0cm;"><!--[if !supportLists]--><b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">2.4.<span style="font: 7pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Applicability</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.85pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">of</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.8pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">GSTR-9</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.8pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">in</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.75pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">cases</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.8pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">where</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.8pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">registrations</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -3.3pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">are</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.25pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">obtained</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.25pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">in</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.25pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">multiple</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.25pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">states<span style="letter-spacing: -1.2pt;"> </span>and<span style="letter-spacing: -1.25pt;"> </span>turnover<span style="letter-spacing: -1.25pt;"> </span>in<span style="letter-spacing: -1.25pt;"> </span>each<span style="letter-spacing: -1.25pt;"> </span>such<span style="letter-spacing: -3.3pt;">
</span>state<span style="letter-spacing: 0.65pt;"> </span>is<span style="letter-spacing: 0.75pt;"> </span>below<span style="letter-spacing: 0.7pt;"> </span>Rs.<span style="letter-spacing: 0.75pt;"> </span>2<span style="letter-spacing: 0.75pt;"> </span>crores:<span style="letter-spacing: 0.8pt;"> </span></span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">The<span style="letter-spacing: 0.75pt;"> </span>term<span style="letter-spacing: 0.75pt;"> </span>aggregate<span style="letter-spacing: 0.75pt;"> </span>turnover<span style="letter-spacing: -3.4pt;">
</span>is defined under Section 2(6) of the CGST Act as “aggregate<span style="letter-spacing: 0.05pt;"> </span>turnover” means the aggregate value of all
taxable supplies<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">(excluding</span><span style="letter-spacing: -0.8pt;"> </span><span style="letter-spacing: -0.05pt;">the</span><span style="letter-spacing: -0.85pt;"> </span><span style="letter-spacing: -0.05pt;">value</span><span style="letter-spacing: -0.85pt;"> </span><span style="letter-spacing: -0.05pt;">of</span><span style="letter-spacing: -0.85pt;"> </span><span style="letter-spacing: -0.05pt;">inward</span><span style="letter-spacing: -0.8pt;"> </span>supplies<span style="letter-spacing: -0.8pt;">
</span>on<span style="letter-spacing: -0.85pt;"> </span>which<span style="letter-spacing: -0.85pt;"> </span>tax<span style="letter-spacing: -0.85pt;"> </span>is<span style="letter-spacing: -0.85pt;"> </span>payable<span style="letter-spacing: -3.35pt;">
</span>by<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: 0.05pt;"> </span>on<span style="letter-spacing: 0.05pt;"> </span>reverse<span style="letter-spacing: 0.05pt;">
</span>charge<span style="letter-spacing: 0.05pt;"> </span>basis),<span style="letter-spacing: 0.05pt;"> </span>exempt<span style="letter-spacing: 0.05pt;"> </span>supplies,<span style="letter-spacing: -3.4pt;"> </span>exports of goods or services or both and
inter-State supplies<span style="letter-spacing: 0.05pt;"> </span>of persons
having the same Permanent Account Number, to<span style="letter-spacing: 0.05pt;">
</span>be<span style="letter-spacing: -0.25pt;"> </span>computed<span style="letter-spacing: -0.25pt;"> </span>on<span style="letter-spacing: -0.25pt;"> </span>all<span style="letter-spacing: -0.25pt;"> </span>India<span style="letter-spacing: -0.25pt;">
</span>basis<span style="letter-spacing: -0.25pt;"> </span>but<span style="letter-spacing: -0.25pt;"> </span>excludes<span style="letter-spacing: -0.25pt;">
</span>central<span style="letter-spacing: -0.25pt;"> </span>tax,<span style="letter-spacing: -0.25pt;"> </span>State<span style="letter-spacing: -3.4pt;">
</span>tax,<span style="letter-spacing: -0.55pt;"> </span>Union<span style="letter-spacing: -0.55pt;"> </span>territory<span style="letter-spacing: -0.5pt;"> </span>tax,<span style="letter-spacing: -0.55pt;"> </span>integrated<span style="letter-spacing: -0.55pt;"> </span>tax<span style="letter-spacing: -0.5pt;"> </span>and<span style="letter-spacing: -0.55pt;"> </span>cess.<span style="letter-spacing: -0.4pt;"> </span>The<span style="letter-spacing: -0.5pt;"> </span>turnover<span style="letter-spacing: -3.4pt;">
</span>is calculated on an all-India basis. Therefore, the applicability<span style="letter-spacing: -3.4pt;"> </span><span style="letter-spacing: -0.05pt;">of</span><span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -0.05pt;">annual</span><span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -0.05pt;">return</span><span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -0.05pt;">turnover</span><span style="letter-spacing: -1.2pt;"> </span>at<span style="letter-spacing: -1.15pt;"> </span>the<span style="letter-spacing: -1.15pt;"> </span>PAN<span style="letter-spacing: -1.15pt;">
</span>level<span style="letter-spacing: -1.15pt;"> </span>would<span style="letter-spacing: -1.15pt;"> </span>be<span style="letter-spacing: -1.15pt;"> </span>considered.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 0cm; margin: 0cm 6.5pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">i.e.</span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.8pt;"> </span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">aggregate</span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.8pt;"> </span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">turnover</span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.8pt;"> </span><span lang="EN-US" style="color: #231f20;">of<span style="letter-spacing: -0.8pt;"> </span>all<span style="letter-spacing: -0.8pt;"> </span>the<span style="letter-spacing: -0.8pt;"> </span>locations.<span style="letter-spacing: -0.8pt;"> </span>Suppose<span style="letter-spacing: -0.8pt;">
</span>aggregate<span style="letter-spacing: -3.4pt;"> </span>turnover exceeds
Rs. 2 crores during the year. In that case,<span style="letter-spacing: 0.05pt;"> </span>filing<span style="letter-spacing: -0.45pt;"> </span>of<span style="letter-spacing: -0.45pt;"> </span>annual<span style="letter-spacing: -0.45pt;"> </span>returns<span style="letter-spacing: -0.45pt;">
</span>becomes<span style="letter-spacing: -0.45pt;"> </span>mandatory,<span style="letter-spacing: -0.45pt;"> </span>including<span style="letter-spacing: -0.4pt;"> </span>filing<span style="letter-spacing: -0.45pt;"> </span>of<span style="letter-spacing: -3.4pt;"> </span>Nil<span style="letter-spacing: -0.7pt;"> </span>returns<span style="letter-spacing: -0.7pt;"> </span>for<span style="letter-spacing: -0.7pt;"> </span>those<span style="letter-spacing: -0.65pt;"> </span>GSTINs<span style="letter-spacing: -0.7pt;">
</span>that<span style="letter-spacing: -0.7pt;"> </span>do<span style="letter-spacing: -0.7pt;"> </span>not<span style="letter-spacing: -0.65pt;"> </span>have<span style="letter-spacing: -0.7pt;"> </span>any<span style="letter-spacing: -0.7pt;"> </span>transactions<span style="letter-spacing: -3.4pt;"> </span>during<span style="letter-spacing: -0.05pt;">
</span>the year.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 4.85pt; margin: 4.85pt 6.5pt 0cm 5.65pt; mso-list: l53 level2 lfo60; tab-stops: 29.65pt; text-indent: 0cm;"><!--[if !supportLists]--><b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">2.5.<span style="font: 7pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Applicability</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.95pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">of</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.9pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">FORM</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.95pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">GSTR-9</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.95pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">in</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.9pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">case</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.9pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">of<span style="letter-spacing: -0.9pt;"> </span>cancellation<span style="letter-spacing: -3.3pt;"> </span>of registration: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Cancellation of
registration under GST law<span style="letter-spacing: 0.05pt;"> </span>shall not
affect the liability to discharge the obligation under<span style="letter-spacing: 0.05pt;"> </span>GST law for any period before the date of cancellation. It has<span style="letter-spacing: -3.4pt;"> </span>been clarified, as per the FAQ on GSTR 9
available on </span><span lang="EN-US"><a href="http://www/"><i style="mso-bidi-font-style: normal;"><span style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt; text-decoration: none; text-underline: none;">www.</span></i></a></span><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: 0.05pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"> </span></i><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">gst.gov.in<span style="letter-spacing: 1.95pt;"> </span></span></i><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">that<span style="letter-spacing: 2pt;"> </span>the<span style="letter-spacing: 2pt;"> </span>annual<span style="letter-spacing: 2.05pt;"> </span>return<span style="letter-spacing: 2pt;">
</span>needs<span style="letter-spacing: 2pt;"> </span>to<span style="letter-spacing: 2.05pt;"> </span>be<span style="letter-spacing: 2pt;"> </span>filed<span style="letter-spacing: 2pt;"> </span>even<span style="letter-spacing: 2.05pt;"> </span>if<span style="letter-spacing: -3.4pt;"> </span>the<span style="letter-spacing: -0.35pt;"> </span>taxpayer<span style="letter-spacing: -0.4pt;"> </span>has<span style="letter-spacing: -0.35pt;"> </span>got<span style="letter-spacing: -0.35pt;"> </span>his<span style="letter-spacing: -0.35pt;"> </span>registration<span style="letter-spacing: -0.35pt;"> </span>cancelled<span style="letter-spacing: -0.35pt;"> </span>during<span style="letter-spacing: -0.35pt;"> </span>the<span style="letter-spacing: -0.35pt;"> </span>said<span style="letter-spacing: -3.4pt;"> </span>financial
year.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection6">
<p class="MsoBodyText" style="margin-top: 0.15pt;"><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span><b style="text-indent: 0cm;"><i><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%;">2.6.<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; font-weight: normal; line-height: normal;"> </span></span></i></b><b style="text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Applicability<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>self-certified<span style="letter-spacing: 0.05pt;"> </span>reconciliation<span style="letter-spacing: 0.05pt;"> </span>statement: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; text-indent: 0cm;">As per Section 44 of
CGST Act, <i>every registered<span style="letter-spacing: 0.05pt;"> </span>person, other than an Input Service
Distributor, a person<span style="letter-spacing: 0.05pt;"> </span>paying tax
under section 51 or section 52, a casual taxable<span style="letter-spacing: 0.05pt;"> </span>person,<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 3.5pt;"> </span>a<span style="letter-spacing: 3.5pt;"> </span>non-resident<span style="letter-spacing: 3.5pt;"> </span>taxable<span style="letter-spacing: 3.55pt;">
</span>person<span style="letter-spacing: 3.5pt;"> </span>shall<span style="letter-spacing: 3.5pt;"> </span>furnish<span style="letter-spacing: 0.05pt;">
</span>an<span style="letter-spacing: 0.05pt;"> </span>annual<span style="letter-spacing: 0.05pt;"> </span>return<span style="letter-spacing: 0.05pt;"> </span>which<span style="letter-spacing: 0.05pt;"> </span><b><u>may<span style="letter-spacing: 0.05pt;"> </span>include<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>self-certified</u><span style="letter-spacing: 0.05pt;"> </span><u>reconciliation
statement</u></b>, reconciling the value of supplies<span style="letter-spacing: 0.05pt;"> </span>declared in return furnished for the financial year, with the<span style="letter-spacing: 0.05pt;"> </span>audited annual financial statement for
every financial year<span style="letter-spacing: 0.05pt;"> </span>electronically,
within such time and in such form and in such<span style="letter-spacing: 0.05pt;">
</span>manner<span style="letter-spacing: -0.05pt;"> </span>as may<span style="letter-spacing: -0.05pt;"> </span>be prescribed.</i></span></p>
<p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 5.35pt; margin: 5.35pt 6.45pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">Rule</span><span lang="EN-US" style="color: #231f20; letter-spacing: -1.35pt;"> </span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">80(3)</span><span lang="EN-US" style="color: #231f20; letter-spacing: -1.35pt;"> </span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">prescribes</span><span lang="EN-US" style="color: #231f20; letter-spacing: -1.35pt;"> </span><span lang="EN-US" style="color: #231f20; letter-spacing: -0.05pt;">FORM</span><span lang="EN-US" style="color: #231f20; letter-spacing: -1.3pt;"> </span><span lang="EN-US" style="color: #231f20;">GSTR-9C<span style="letter-spacing: -1.35pt;"> </span>as<span style="letter-spacing: -1.35pt;"> </span>the<span style="letter-spacing: -1.3pt;"> </span>form<span style="letter-spacing: -1.35pt;"> </span>for<span style="letter-spacing: -1.35pt;">
</span>furnishing<span style="letter-spacing: -3.4pt;"> </span>self-certified
reconciliation<span style="letter-spacing: -0.05pt;"> </span>statements as under.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.6pt; margin: 5.6pt 6.4pt 0cm 5.65pt; text-align: justify;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">(3) Every
registered person, other than those referred to in<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.5pt;"> </span>second<span style="letter-spacing: -0.5pt;"> </span>proviso<span style="letter-spacing: -0.5pt;">
</span>to<span style="letter-spacing: -0.5pt;"> </span>section<span style="letter-spacing: -0.5pt;"> </span>44,<span style="letter-spacing: -0.5pt;"> </span>an<span style="letter-spacing: -0.5pt;"> </span>Input<span style="letter-spacing: -0.5pt;"> </span>Service<span style="letter-spacing: -0.5pt;"> </span>Distributor,<span style="letter-spacing: -3.4pt;"> </span>a person paying tax under section 51 or section 52, a casual<span style="letter-spacing: 0.05pt;"> </span>taxable person and a non-resident taxable
person, whose<span style="letter-spacing: 0.05pt;"> </span>aggregate<span style="letter-spacing: 0.05pt;"> </span>turnover<span style="letter-spacing: 0.05pt;">
</span>during<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>financial<span style="letter-spacing: 0.05pt;">
</span>year<span style="letter-spacing: 3.5pt;"> </span>exceeds<span style="letter-spacing: 3.5pt;"> </span>five<span style="letter-spacing: 0.05pt;"> </span>crore
rupees, shall also furnish a self-certified reconciliation<span style="letter-spacing: 0.05pt;"> </span>statement as specified under section 44 in
FORM GSTR-9C<span style="letter-spacing: 0.05pt;"> </span>along<span style="letter-spacing: -0.1pt;"> </span>with<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>annual<span style="letter-spacing: -0.1pt;">
</span>return<span style="letter-spacing: -0.15pt;"> </span>referred<span style="letter-spacing: -0.15pt;"> </span>to<span style="letter-spacing: -0.1pt;"> </span>in<span style="letter-spacing: -0.15pt;"> </span>sub-rule<span style="letter-spacing: -0.1pt;">
</span>(1),<span style="letter-spacing: -0.15pt;"> </span>on<span style="letter-spacing: -0.15pt;"> </span>or<span style="letter-spacing: -3.4pt;"> </span>before
the thirty-first day of December following the end of<span style="letter-spacing: 0.05pt;"> </span>such financial year, electronically through the common portal<span style="letter-spacing: -3.4pt;"> </span>either directly or through a Facilitation
Centre notified by the<span style="letter-spacing: 0.05pt;"> </span>Commissioner.</span></i><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></p>
<p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 5.25pt; margin: 5.25pt 6.35pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Therefore, a registered person
whose aggregate turnover<span style="letter-spacing: 0.05pt;"> </span>during<span style="letter-spacing: 1.35pt;"> </span>the<span style="letter-spacing: 1.4pt;"> </span>financial<span style="letter-spacing: 1.4pt;"> </span>year<span style="letter-spacing: 1.4pt;"> </span>exceeds<span style="letter-spacing: 1.4pt;"> </span>Rs.<span style="letter-spacing: 1.4pt;"> </span>5<span style="letter-spacing: 1.4pt;"> </span>crores<span style="letter-spacing: 1.4pt;"> </span>must<span style="letter-spacing: 1.4pt;"> </span>furnish<span style="letter-spacing: -3.4pt;">
</span>a self-certified reconciliation statement in FORM GSTR-9C. A<span style="letter-spacing: 0.05pt;"> </span>Self-certified reconciliation statement
(GSTR-9C) reconciles<span style="letter-spacing: 0.05pt;"> </span>the figures
furnished in return (GSTR-9) with the details of<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.8pt;"> </span>audited<span style="letter-spacing: -0.75pt;"> </span>annual<span style="letter-spacing: -0.75pt;">
</span>financial<span style="letter-spacing: -0.75pt;"> </span>statement.<span style="letter-spacing: -0.8pt;"> </span>However,<span style="letter-spacing: -0.75pt;">
</span>furnishing<span style="letter-spacing: -0.75pt;"> </span>of<span style="letter-spacing: -3.4pt;"> </span>GSTR-9C<span style="letter-spacing: -0.1pt;">
</span>is<span style="letter-spacing: -0.05pt;"> </span>not<span style="letter-spacing: -0.05pt;"> </span>applicable in<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>following cases-</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 6.35pt; margin-top: 5.45pt; margin: 5.45pt 6.35pt 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Any department of the
Central Government or a State<span style="letter-spacing: 0.05pt;"> </span>Government
or a local authority, whose books of account<span style="letter-spacing: 0.05pt;">
</span>are<span style="letter-spacing: -0.15pt;"> </span>subject<span style="letter-spacing: -0.15pt;"> </span>to<span style="letter-spacing: -0.15pt;"> </span>audit<span style="letter-spacing: -0.1pt;"> </span>by<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>CAG<span style="letter-spacing: -0.1pt;"> </span>or<span style="letter-spacing: -0.15pt;"> </span>an<span style="letter-spacing: -0.15pt;"> </span>auditor<span style="letter-spacing: -0.15pt;"> </span>appointed<span style="letter-spacing: -0.1pt;"> </span>to<span style="letter-spacing: -3.4pt;"> </span>audit the accounts
of local authorities under any law for<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>time being in<span style="letter-spacing: -0.05pt;"> </span>force,</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.0pt; margin: 4pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">An
Input Service Distributor,</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.1pt; margin: 4.1pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">A<span style="letter-spacing: -0.1pt;"> </span>person<span style="letter-spacing: -0.05pt;">
</span>paying<span style="letter-spacing: -0.05pt;"> </span>tax<span style="letter-spacing: -0.05pt;"> </span>under<span style="letter-spacing: -0.1pt;"> </span>section<span style="letter-spacing: -0.05pt;"> </span>51<span style="letter-spacing: -0.05pt;"> </span>or<span style="letter-spacing: -0.05pt;"> </span>section<span style="letter-spacing: -0.05pt;">
</span>52,</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.1pt; margin: 4.1pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">A<span style="letter-spacing: -0.15pt;"> </span>casual<span style="letter-spacing: -0.1pt;">
</span>taxable<span style="letter-spacing: -0.1pt;"> </span>person<span style="letter-spacing: -0.1pt;"> </span>and</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="left" class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 22.65pt; margin-right: 0cm; margin-top: 4.1pt; margin: 4.1pt 0cm 0cm 22.65pt; mso-list: l12 level1 lfo61; tab-stops: 22.65pt 22.7pt; text-align: left;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">A<span style="letter-spacing: -0.1pt;"> </span>non-resident<span style="letter-spacing: -0.1pt;"> </span>taxable<span style="letter-spacing: -0.05pt;"> </span>person.</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection7">
<p class="MsoListParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.55pt; margin-top: 4.9pt; margin: 4.9pt 6.55pt 0cm 5.65pt; mso-list: l53 level2 lfo60; tab-stops: 30.75pt; text-indent: 0cm;"><!--[if !supportLists]--><b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%;"><span style="mso-list: Ignore;">2.7.<span style="font: 7pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Consequences for
non-filing of FORM GSTR-9: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Non-<span style="letter-spacing: -3.4pt;"> </span>filing or late filing of GSTR-9 has the
following implications<span style="letter-spacing: 0.05pt;"> </span>under<span style="letter-spacing: -0.05pt;"> </span>GST<span style="letter-spacing: -0.05pt;"> </span>law-</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.3pt; margin-top: 5.6pt; margin: 5.6pt 6.3pt 0cm 28.3pt; mso-list: l6 level1 lfo59; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 98%;"><span style="mso-list: Ignore;">(a)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Notice to defaulter: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Section
46 of the CGST Act read<span style="letter-spacing: 0.05pt;"> </span>with<span style="letter-spacing: 0.95pt;"> </span>68<span style="letter-spacing: 1pt;"> </span>CGST<span style="letter-spacing: 0.95pt;"> </span>Rules<span style="letter-spacing: 1pt;"> </span>empowers<span style="letter-spacing: 1pt;"> </span>a<span style="letter-spacing: 0.95pt;"> </span>proper<span style="letter-spacing: 1pt;"> </span>officer<span style="letter-spacing: 1pt;">
</span>to<span style="letter-spacing: 0.95pt;"> </span>issue<span style="letter-spacing: -3.4pt;"> </span>a notice in FORM GSTR-3A to a registered
person who<span style="letter-spacing: 0.05pt;"> </span>fails to furnish a return
under Section 39, Section 44, or<span style="letter-spacing: 0.05pt;"> </span>Section<span style="letter-spacing: -0.5pt;"> </span>45<span style="letter-spacing: -0.5pt;"> </span>of<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -0.5pt;"> </span>CGST<span style="letter-spacing: -0.45pt;"> </span>Act,<span style="letter-spacing: -0.5pt;"> </span>2017<span style="letter-spacing: -0.5pt;"> </span>requiring<span style="letter-spacing: -0.45pt;">
</span>him<span style="letter-spacing: -0.5pt;"> </span>to<span style="letter-spacing: -0.45pt;"> </span>furnish<span style="letter-spacing: -3.4pt;"> </span>such<span style="letter-spacing: -0.05pt;"> </span>returns within<span style="letter-spacing: -0.05pt;"> </span>15 days.</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.5pt; margin-top: 5.45pt; margin: 5.45pt 6.5pt 0cm 28.3pt; mso-list: l6 level1 lfo59; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 98%;"><span style="mso-list: Ignore;">(b)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Late<span style="letter-spacing: -0.35pt;"> </span>fees<span style="letter-spacing: -0.4pt;"> </span>for<span style="letter-spacing: -0.4pt;"> </span>delayed<span style="letter-spacing: -0.4pt;"> </span>filing:<span style="letter-spacing: -0.2pt;">
</span></span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Section<span style="letter-spacing: -0.4pt;">
</span>47(2)<span style="letter-spacing: -0.4pt;"> </span>of<span style="letter-spacing: -0.4pt;"> </span>the<span style="letter-spacing: -0.4pt;"> </span>CGST<span style="letter-spacing: -3.4pt;"> </span>Act<span style="letter-spacing: 1.7pt;"> </span>provides<span style="letter-spacing: 1.7pt;"> </span>for<span style="letter-spacing: 1.7pt;"> </span>the<span style="letter-spacing: 1.7pt;"> </span>levy<span style="letter-spacing: 1.7pt;"> </span>of<span style="letter-spacing: 1.7pt;"> </span>a<span style="letter-spacing: 1.7pt;"> </span>late<span style="letter-spacing: 1.7pt;"> </span>fee<span style="letter-spacing: 1.75pt;"> </span>of<span style="letter-spacing: 1.7pt;"> </span>Rs.100/-<span style="letter-spacing: 1.7pt;">
</span>per<span style="letter-spacing: -3.4pt;"> </span>day<span style="letter-spacing: -0.55pt;"> </span>for<span style="letter-spacing: -0.5pt;"> </span>delay<span style="letter-spacing: -0.45pt;"> </span>in<span style="letter-spacing: -0.55pt;"> </span>furnishing<span style="letter-spacing: -0.45pt;"> </span>annual<span style="letter-spacing: -0.5pt;">
</span>return<span style="letter-spacing: -0.55pt;"> </span>in<span style="letter-spacing: -0.5pt;"> </span>Form<span style="letter-spacing: -0.5pt;"> </span>GSTR-9,<span style="letter-spacing: -3.4pt;"> </span>subject to a maximum amount of 0.25% of
the turnover<span style="letter-spacing: 0.05pt;"> </span>in<span style="letter-spacing: -0.65pt;"> </span>the<span style="letter-spacing: -0.6pt;"> </span>State<span style="letter-spacing: -0.6pt;"> </span>or<span style="letter-spacing: -0.65pt;"> </span>Union<span style="letter-spacing: -0.6pt;"> </span>Territory.<span style="letter-spacing: -0.6pt;"> </span>Similar<span style="letter-spacing: -0.6pt;"> </span>provisions<span style="letter-spacing: -0.6pt;"> </span>are<span style="letter-spacing: -0.55pt;"> </span>also<span style="letter-spacing: -3.4pt;"> </span>provided<span style="letter-spacing: -0.7pt;">
</span>under<span style="letter-spacing: -0.65pt;"> </span>respective<span style="letter-spacing: -0.65pt;"> </span>state<span style="letter-spacing: -0.65pt;">
</span>laws.<span style="letter-spacing: -0.65pt;"> </span>Therefore,<span style="letter-spacing: -0.7pt;"> </span>effective<span style="letter-spacing: -3.4pt;">
</span>late fees for late filing of annual return is Rs. 200/- per<span style="letter-spacing: 0.05pt;"> </span>day, subject to the maximum amount of 0.5%
of the<span style="letter-spacing: 0.05pt;"> </span>turnover<span style="letter-spacing: -0.05pt;"> </span>in<span style="letter-spacing: -0.1pt;"> </span>the
State<span style="letter-spacing: -0.05pt;"> </span>or<span style="letter-spacing: -0.05pt;"> </span>Union Territory.</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.5pt; margin-top: 5.4pt; margin: 5.4pt 6.5pt 0cm 28.3pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">However,<span style="letter-spacing: 3.5pt;"> </span>CBIC, vide Notification 07/2023-Central Tax<span style="letter-spacing: 0.05pt;"> </span>dt. 31st March 2023, partially exempted
late fees on the<span style="letter-spacing: -3.4pt;"> </span>filing of FORM
GSTR-9 beyond the due date by certain<span style="letter-spacing: 0.05pt;"> </span>taxpayers<span style="letter-spacing: -0.05pt;"> </span>as under-</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoBodyText" style="margin-top: 0.2pt;"><span lang="EN-US" style="font-size: 6pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 28.8pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 37.1pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 37.1pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 25.55pt;" valign="top" width="34">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 5.1pt; margin-right: 3.6pt; margin-top: 2.25pt; margin: 2.25pt 3.6pt 0cm 5.1pt; text-indent: 1.6pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Sr<span style="letter-spacing: -3.3pt;"> </span>No</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 37.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 127.4pt;" valign="top" width="170">
<p align="center" class="TableParagraph" style="line-height: 11.6pt; margin-bottom: 0cm; margin-left: 10.4pt; margin-right: 9.9pt; margin-top: 1.35pt; margin: 1.35pt 9.9pt 0cm 10.4pt; mso-line-height-rule: exactly; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Class<span style="letter-spacing: -0.2pt;"> </span>of<span style="letter-spacing: -0.15pt;"> </span>registered</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
<p align="center" class="TableParagraph" style="line-height: 11.6pt; margin-bottom: 0cm; margin-left: 10.35pt; margin-right: 9.9pt; margin-top: 0cm; margin: 0cm 9.9pt 0cm 10.35pt; mso-line-height-rule: exactly; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">person</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 37.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 134.55pt;" valign="top" width="179">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 21.95pt; margin-right: 21.3pt; margin-top: 2.25pt; margin: 2.25pt 21.3pt 0cm 21.95pt; text-indent: 23.3pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Amount<span style="letter-spacing: 0.05pt;"> </span>(Each<span style="letter-spacing: -0.35pt;">
</span>in<span style="letter-spacing: -0.25pt;"> </span>CGST<span style="letter-spacing: -0.25pt;"> </span>&</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
<p class="TableParagraph" style="line-height: 11.15pt; margin-bottom: 0cm; margin-left: 49.95pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 49.95pt; mso-line-height-rule: exactly;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">SGST)</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 59.1pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 59.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 25.55pt;" valign="top" width="34">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .45pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 0.45pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">1</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 59.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 127.4pt;" valign="top" width="170">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 3.95pt; margin-right: 3.3pt; margin-top: 2.25pt; margin: 2.25pt 3.3pt 0cm 3.95pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Registered<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: 0.05pt;"> </span>having<span style="letter-spacing: 0.05pt;"> </span>aggregate<span style="letter-spacing: 0.05pt;"> </span>turnover<span style="letter-spacing: 0.05pt;"> </span>up<span style="letter-spacing: 0.05pt;"> </span>to<span style="letter-spacing: 0.05pt;"> </span>Rs.<span style="letter-spacing: 0.05pt;"> </span>5<span style="letter-spacing: 0.05pt;"> </span>crores<span style="letter-spacing: 0.05pt;"> </span>in<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>relevant<span style="letter-spacing: -3.4pt;"> </span>financial<span style="letter-spacing: -0.05pt;"> </span>year.</span><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 59.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 134.55pt;" valign="top" width="179">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 2.25pt; margin: 2.25pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Rs. 25 per day, subject<span style="letter-spacing: 0.05pt;"> </span>to a maximum of 0.02%<span style="letter-spacing: -3.4pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>the
turnover.</span><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 70.1pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 70.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 25.55pt;" valign="top" width="34">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .45pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 0.45pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">2</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 70.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 127.4pt;" valign="top" width="170">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 3.95pt; margin-right: 3.3pt; margin-top: 2.25pt; margin: 2.25pt 3.3pt 0cm 3.95pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Registered<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: 0.05pt;"> </span>having<span style="letter-spacing: 0.05pt;"> </span>aggregate<span style="letter-spacing: 0.05pt;"> </span>turnover of more than<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">Rs.</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">5</span><span style="letter-spacing: -0.95pt;"> </span><span style="letter-spacing: -0.05pt;">crores</span><span style="letter-spacing: -0.95pt;">
</span>up<span style="letter-spacing: -0.95pt;"> </span>to<span style="letter-spacing: -0.95pt;"> </span>Rs.<span style="letter-spacing: -1pt;">
</span>20<span style="letter-spacing: -3.4pt;"> </span>crores<span style="letter-spacing: 0.05pt;"> </span>in<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>relevant<span style="letter-spacing: -3.4pt;"> </span>financial<span style="letter-spacing: -0.05pt;"> </span>year.</span><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 70.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 134.55pt;" valign="top" width="179">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 2.25pt; margin: 2.25pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Rs. 50 per day, subject<span style="letter-spacing: 0.05pt;"> </span>to a maximum of 0.02%<span style="letter-spacing: -3.4pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>turnover.</span><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoListParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.45pt; margin-top: 3.7pt; margin: 3.7pt 6.45pt 0cm 28.3pt; mso-list: l6 level1 lfo59; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 98%;"><span style="mso-list: Ignore;">(c)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">General Penalty: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Section 125 of
the CGST Act provides<span style="letter-spacing: -3.4pt;"> </span>for a penalty
up to Rs. 25000/- each in CGST & SGST for<span style="letter-spacing: -3.4pt;">
</span>contravention of any provision of the act or rules made<span style="letter-spacing: 0.05pt;"> </span>thereunder for which no penalty is
provided separately.<span style="letter-spacing: 0.05pt;"> </span>Penalty under
Section 125 may be invoked for non-filing<span style="letter-spacing: -3.4pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>FORM GSTR-9.</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection8">
<p class="MsoBodyText" style="margin-left: 156.15pt;"><span lang="EN-US" style="font-family: "Times New Roman",serif; letter-spacing: 2pt; mso-bidi-font-family: Verdana; mso-hansi-font-family: Verdana;"><span style="mso-spacerun: yes;"> </span></span></p>
<h2><span lang="EN-US" style="background: rgb(230, 231, 232); color: #231f20;"><span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.3pt;"><span style="mso-spacerun: yes;"> </span></span>RECORDS<span style="letter-spacing: -0.25pt;"> </span>AND<span style="letter-spacing: -0.2pt;"> </span>ACCOUNTS<span style="letter-spacing: -0.2pt;"> </span>UNDER<span style="letter-spacing: -0.15pt;"> </span>GST<span style="letter-spacing: -0.15pt;"> </span>LAW <span style="letter-spacing: 0.45pt;"><span style="mso-spacerun: yes;"> </span></span></span><span lang="EN-US"><o:p></o:p></span></h2>
<p class="MsoBodyText" style="margin-top: 0.35pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 15.5pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; text-indent: 0cm;">3.1.<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 7pt; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;">
</span></span><b style="text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Introduction: </span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; text-indent: 0cm;">Chapter VIII of the
CGST Act contains<span style="letter-spacing: 0.05pt;"> </span>provisions<span style="letter-spacing: 0.05pt;"> </span>relating<span style="letter-spacing: 0.05pt;">
</span>to<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>maintenance<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>accounts<span style="letter-spacing: 0.05pt;">
</span>and<span style="letter-spacing: 0.05pt;"> </span>records. Accounts and
records maintained under this Chapter<span style="letter-spacing: -3.4pt;"> </span>are
the primary sources for filing Annual returns apart from<span style="letter-spacing: 0.05pt;"> </span>GSTR-1 & 3B. Section 35 of the CGST Act provides for the<span style="letter-spacing: 0.05pt;"> </span>maintenance of accounts and records under
GST law. The<span style="letter-spacing: 0.05pt;"> </span>accounts and records are
to be maintained at the principal<span style="letter-spacing: 0.05pt;"> </span>place
of business. The records include the records relating to<span style="letter-spacing: 0.05pt;"> </span>the production/manufacturing of goods, inward and outward<span style="letter-spacing: 0.05pt;"> </span>supply of goods or services, stock of
goods, input tax credit<span style="letter-spacing: 0.05pt;"> </span>availed, etc.</span></p>
<p class="MsoListParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 5.0pt; margin: 5pt 6.4pt 0cm 5.65pt; mso-list: l19 level2 lfo58; tab-stops: 34.1pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%;"><span style="mso-list: Ignore;">3.2.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">General<span style="letter-spacing: 0.05pt;"> </span>records<span style="letter-spacing: 0.05pt;">
</span>to<span style="letter-spacing: 0.05pt;"> </span>be<span style="letter-spacing: 0.05pt;"> </span>maintained<span style="letter-spacing: 0.05pt;"> </span>by<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>registered<span style="letter-spacing: 0.05pt;"> </span>person: As per Section 35 of the CGST Act,
every registered<span style="letter-spacing: 0.05pt;"> </span>person is required
to keep and maintain a true and correct<span style="letter-spacing: 0.05pt;"> </span>account
of following at his principal place of business as<span style="letter-spacing: 0.05pt;"> </span>mentioned<span style="letter-spacing: -0.05pt;"> </span>in<span style="letter-spacing: -0.05pt;"> </span>the certificate of GST<span style="letter-spacing: -0.1pt;"> </span>registration.</span><span lang="EN-US" style="font-size: 10pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="margin-top: 0.2pt;"><span lang="EN-US" style="font-size: 6pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 34.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 34.35pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="line-height: 10.45pt; margin-left: 8.5pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Sl.</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 6.7pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 6.7pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">No.</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 34.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-left: 4pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Type<span style="letter-spacing: -0.15pt;"> </span>of<span style="letter-spacing: -0.1pt;"> </span>record</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 34.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 16.1pt; margin-top: 2.4pt; margin: 2.4pt 16.1pt 0cm 4pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Relevant<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">Section/Rule</span></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 34.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 22.2pt; margin-right: 19.55pt; margin-top: 2.4pt; margin: 2.4pt 19.55pt 0cm 22.2pt; text-align: justify; text-indent: -2.05pt;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Description of<span style="letter-spacing: -2.95pt;"> </span>records to be<span style="letter-spacing: -2.95pt;"> </span>maintained</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
</td>
</tr>
<tr style="height: 144.35pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 144.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 6.55pt; margin-right: 6.05pt; margin-top: 1.55pt; margin: 1.55pt 6.05pt 0cm 6.55pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(a)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 144.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.35pt; margin-top: 2.4pt; margin: 2.4pt 8.35pt 0cm 4pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Production or<span style="letter-spacing: 0.05pt;"> </span>manufacture of<span style="letter-spacing: -3.05pt;"> </span>goods</span><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 144.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 6.15pt; margin-top: 2.4pt; margin: 2.4pt 6.15pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Section 35(1)(a)<span style="letter-spacing: -3.05pt;"> </span>read
with Rule<span style="letter-spacing: 0.05pt;"> </span>56(12)</span><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 144.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.25pt; margin-top: 2.4pt; margin: 2.4pt 3.25pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">The<span style="letter-spacing: 0.05pt;"> </span>registered<span style="letter-spacing: 0.05pt;"> </span>per-<span style="letter-spacing: 0.05pt;"> </span>son<span style="letter-spacing: 0.05pt;"> </span>manufacturing<span style="letter-spacing: -3.05pt;"> </span>goods<span style="letter-spacing: 0.05pt;"> </span>is<span style="letter-spacing: 0.05pt;"> </span>required<span style="letter-spacing: 0.05pt;"> </span>to<span style="letter-spacing: 0.05pt;"> </span>maintain<span style="letter-spacing: 0.05pt;"> </span>monthly<span style="letter-spacing: -3.05pt;">
</span>production<span style="letter-spacing: 0.05pt;"> </span>accounts<span style="letter-spacing: -3.05pt;"> </span>showing<span style="letter-spacing: 0.05pt;"> </span>quantitative<span style="letter-spacing: -3.05pt;"> </span>details
of raw materi-<span style="letter-spacing: 0.05pt;"> </span>al or services used
in<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>manufacture<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: -3.05pt;"> </span>quantitative details of<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>goods<span style="letter-spacing: 0.05pt;"> </span>so<span style="letter-spacing: 0.05pt;"> </span>manu-<span style="letter-spacing: 0.05pt;"> </span>factured, including the<span style="letter-spacing: -3.05pt;"> </span>waste<span style="letter-spacing: -0.6pt;">
</span>and<span style="letter-spacing: -0.5pt;"> </span>by-products<span style="letter-spacing: -3.05pt;"> </span>thereof.</span><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 74.35pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 74.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 6.55pt; margin-right: 6.05pt; margin-top: 1.55pt; margin: 1.55pt 6.05pt 0cm 6.55pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(b)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 74.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 5.75pt; margin-top: 2.35pt; margin: 2.35pt 5.75pt 0cm 4pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Inward and<span style="letter-spacing: 0.05pt;"> </span>outward supply<span style="letter-spacing: -3.05pt;"> </span>of
goods or<span style="letter-spacing: 0.05pt;"> </span>services<span style="letter-spacing: -0.4pt;"> </span>or<span style="letter-spacing: -0.35pt;"> </span>both</span><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 74.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 5.95pt; margin-top: 2.35pt; margin: 2.35pt 5.95pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">Section 35(1)(b)<span style="letter-spacing: -3.05pt;"> </span>read
with Rule<span style="letter-spacing: 0.05pt;"> </span>56(1)</span><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 74.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 90%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 2.35pt; margin: 2.35pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;">The registered person<span style="letter-spacing: 0.05pt;"> </span>is required to maintain<span style="letter-spacing: -3.05pt;"> </span>the<span style="letter-spacing: 0.05pt;">
</span>accounts<span style="letter-spacing: 3.2pt;"> </span>in<span style="letter-spacing: -3.05pt;"> </span>respect of the inward<span style="letter-spacing: 0.05pt;"> </span>and outward supply of<span style="letter-spacing: -3.05pt;"> </span>goods<span style="letter-spacing: 0.05pt;">
</span>or<span style="letter-spacing: 0.05pt;"> </span>services<span style="letter-spacing: 0.05pt;"> </span>or<span style="letter-spacing: -3.05pt;"> </span>both.</span><span lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 9pt; line-height: 90%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection9">
<p class="MsoBodyText" style="margin-bottom: .05pt; margin-left: 0cm; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0.05pt;"><span lang="EN-US" style="font-size: 5.5pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 134.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border-bottom: none; border: 1pt solid rgb(35, 31, 32); height: 134.4pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-left: 8pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(c)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 134.4pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-left: 3.95pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Stock of
goods</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 134.4pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 110%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 6.9pt; margin-top: 1.55pt; margin: 1.55pt 6.9pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">Section 35(1)(c)<span style="letter-spacing: -3.05pt;"> </span>read
with Rule<span style="letter-spacing: 0.05pt;"> </span>56(1)</span><span lang="EN-US" style="font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 134.4pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 110%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 1.55pt; margin: 1.55pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">Every<span style="letter-spacing: 0.05pt;">
</span>registered<span style="letter-spacing: 0.05pt;"> </span>person,<span style="letter-spacing: 0.05pt;"> </span>other<span style="letter-spacing: 0.05pt;">
</span>than<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: -3.05pt;"> </span>composition taxpayer,<span style="letter-spacing: -3.05pt;"> </span>shall<span style="letter-spacing: 0.05pt;">
</span>maintain<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>accounts<span style="mso-spacerun: yes;"> </span>of<span style="mso-spacerun: yes;">
</span>stock<span style="letter-spacing: 0.05pt;"> </span>in<span style="letter-spacing: 0.05pt;"> </span>respect<span style="letter-spacing: 0.05pt;">
</span>of<span style="letter-spacing: 0.05pt;"> </span>goods<span style="letter-spacing: 0.05pt;"> </span>received and supplied<span style="letter-spacing: 0.05pt;"> </span>by<span style="letter-spacing: 0.05pt;"> </span>him,<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>such<span style="letter-spacing: 0.05pt;"> </span>accounts shall contain<span style="letter-spacing: 0.05pt;"> </span>particulars<span style="letter-spacing: -0.05pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>-</span><span lang="EN-US" style="font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 10.6pt; margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 15.35pt; mso-line-height-rule: exactly; mso-list: l66 level1 lfo57; tab-stops: 15.4pt; text-align: justify; text-indent: -11.4pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">opening<span style="letter-spacing: -0.15pt;"> </span>balance,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 14.8pt; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 0cm; margin-top: 1.95pt; margin: 1.95pt 0cm 0cm 15.35pt; mso-list: l35 level1 lfo56; tab-stops: 15.4pt; text-indent: -11.4pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">receipt,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 14.8pt; mso-yfti-irow: 2;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 0cm; margin-top: 1.95pt; margin: 1.95pt 0cm 0cm 15.35pt; mso-list: l68 level1 lfo55; tab-stops: 15.4pt; text-indent: -11.4pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">supply,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 14.8pt; mso-yfti-irow: 3;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 0cm; margin-top: 1.95pt; margin: 1.95pt 0cm 0cm 15.35pt; mso-list: l55 level1 lfo54; tab-stops: 15.4pt; text-indent: -11.4pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">goods<span style="letter-spacing: -0.25pt;"> </span>lost,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 14.8pt; mso-yfti-irow: 4;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 0cm; margin-top: 1.95pt; margin: 1.95pt 0cm 0cm 15.35pt; mso-list: l22 level1 lfo53; tab-stops: 15.4pt; text-indent: -11.4pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">stolen,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 14.8pt; mso-yfti-irow: 5;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 14.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 0cm; margin-top: 1.95pt; margin: 1.95pt 0cm 0cm 15.35pt; mso-list: l1 level1 lfo52; tab-stops: 15.4pt; text-indent: -11.4pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">destroyed,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 50.8pt; mso-yfti-irow: 6;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 50.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 50.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 50.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 50.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 12pt; margin-bottom: 0cm; margin-left: 15.35pt; margin-right: 3.3pt; margin-top: .85pt; margin: 0.85pt 3.3pt 0cm 15.35pt; mso-list: l41 level1 lfo51; tab-stops: 15.4pt; text-align: justify; text-indent: -11.35pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 9pt;"><span style="mso-list: Ignore;">•<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">written<span style="letter-spacing: 0.05pt;"> </span>off<span style="letter-spacing: 0.05pt;"> </span>or<span style="letter-spacing: -3.05pt;"> </span>disposed of by way<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>gift<span style="letter-spacing: 0.05pt;"> </span>or<span style="letter-spacing: 0.05pt;"> </span>free<span style="letter-spacing: 0.05pt;"> </span>sample</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 182.8pt; mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 182.8pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 182.8pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 182.8pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 182.8pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 110%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 1.95pt; margin: 1.95pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">and<span style="letter-spacing: 0.05pt;">
</span>the<span style="letter-spacing: 0.05pt;"> </span>balance<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -3.05pt;"> </span>stock<span style="letter-spacing: 0.05pt;"> </span>includes<span style="letter-spacing: 0.05pt;"> </span>raw<span style="letter-spacing: -3.05pt;"> </span>materials,<span style="letter-spacing: 0.05pt;"> </span>finished<span style="letter-spacing: -3.05pt;"> </span>goods,<span style="letter-spacing: 0.05pt;"> </span>scrap,<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>wastage.</span><span lang="EN-US" style="font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 110%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 0cm; margin: 0cm 3.3pt 0cm 4pt; text-align: justify; text-indent: 8.45pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">In<span style="letter-spacing: 0.05pt;"> </span>addition<span style="letter-spacing: 0.05pt;"> </span>to<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>above,<span style="letter-spacing: 0.05pt;">
</span>a<span style="letter-spacing: 0.05pt;"> </span>supplier<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>service
shall maintain<span style="letter-spacing: 0.05pt;"> </span>the accounts showing<span style="letter-spacing: 0.05pt;"> </span>quantitative<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>details<span style="letter-spacing: 0.05pt;"> </span>of goods used in the<span style="letter-spacing: 0.05pt;"> </span>provision<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>services,<span style="letter-spacing: -3.05pt;"> </span>details<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>input<span style="letter-spacing: 0.05pt;"> </span>services<span style="letter-spacing: 3.6pt;"> </span>utilized,<span style="letter-spacing: 3.65pt;"> </span>and</span><span lang="EN-US" style="font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 10.6pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">the<span style="letter-spacing: -0.05pt;">
</span>services<span style="letter-spacing: -0.05pt;"> </span>supplied.</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 9pt; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection10">
<p class="MsoBodyText" style="margin-bottom: .05pt; margin-left: 0cm; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0.05pt;"><span lang="EN-US" style="font-size: 5.5pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><!--[if !supportMisalignedRows]--><!--[endif]--><table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 13pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border-bottom: none; border: 1pt solid rgb(35, 31, 32); height: 13pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="line-height: 10.45pt; margin-left: 7.55pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(d)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 13pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 10.45pt; margin-left: 3.95pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Input<span style="letter-spacing: -0.05pt;"> </span>tax<span style="letter-spacing: -0.05pt;"> </span>credit</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 13pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 10.45pt; margin-left: 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Section 35(1)(d)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 13pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-left: 4pt; mso-line-height-rule: exactly; tab-stops: 61.45pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Every<span style="mso-tab-count: 1;"> </span>registered</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="17" style="border: none; height: 13pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 1;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 3.95pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 3.95pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">availed</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">read<span style="letter-spacing: -0.15pt;"> </span>with<span style="letter-spacing: -0.15pt;"> </span>Rule</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">person,<span style="letter-spacing: 3.15pt;"> </span>other<span style="letter-spacing: 3.2pt;"> </span>than<span style="letter-spacing: 3.2pt;"> </span>a</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 2;">
<td rowspan="2" style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 10.75pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">56(1)<span style="letter-spacing: -0.1pt;"> </span>&<span style="letter-spacing: -0.05pt;"> </span>(4)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">composition<span style="letter-spacing: 2.25pt;"> </span>taxpayer,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 1.3pt; mso-yfti-irow: 3;">
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 1.3pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 110%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">shall</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -1.6pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">keep</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -1.6pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">and</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -1.55pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">
</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">maintain</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -3pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">an<span style="letter-spacing: 1.45pt;"> </span>account<span style="letter-spacing: 1.5pt;"> </span>containing</span><span lang="EN-US" style="font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 10.8pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 30.6pt 72.2pt 92.85pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">the<span style="mso-tab-count: 1;"> </span>details<span style="mso-tab-count: 1;"> </span>of<span style="mso-tab-count: 1;"> </span>tax</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="2" style="border: none; height: 1.3pt;" width="0"></td>
</tr>
<tr style="height: 34.55pt; mso-yfti-irow: 4;">
<td rowspan="2" style="border-bottom: none; border: 1pt solid rgb(35, 31, 32); height: 34.55pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 7.7pt; margin-right: 0cm; margin-top: 1.5pt; margin: 1.5pt 0cm 0cm 7.7pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(e)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td rowspan="2" style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 34.55pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 22.3pt; margin-top: 1.3pt; margin: 1.3pt 22.3pt 0cm 4pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Output tax<span style="letter-spacing: 0.05pt;"> </span>payable
and<span style="letter-spacing: -3.1pt;"> </span>paid</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td rowspan="2" style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 34.55pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 6.2pt; margin-top: 1.3pt; margin: 1.3pt 6.2pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Section
35(1)(e)<span style="letter-spacing: -3.05pt;"> </span>read with Rule<span style="letter-spacing: 0.05pt;"> </span>56(1)<span style="letter-spacing: -0.05pt;">
</span>& (4)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="46" style="border: none; height: 34.55pt;" width="0"></td>
</tr>
<tr style="height: 1.8pt; mso-yfti-irow: 5;">
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 1.8pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 110%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.35pt; margin-top: .1pt; margin: 0.1pt 3.35pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;">payable (including tax<span style="letter-spacing: -3.05pt;"> </span>payable<span style="letter-spacing: 0.05pt;"> </span>under<span style="letter-spacing: 0.05pt;"> </span>RCM),<span style="letter-spacing: -3.05pt;"> </span>tax collected and paid,<span style="letter-spacing: -3.05pt;"> </span>input<span style="letter-spacing: 4.2pt;">
</span>tax,<span style="letter-spacing: 4.2pt;"> </span>and<span style="letter-spacing: 4.2pt;"> </span>input</span><span lang="EN-US" style="font-size: 9pt; line-height: 110%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 10.35pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">tax<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 3.05pt;"><span style="mso-spacerun: yes;"> </span></span>credit<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 3.1pt;"><span style="mso-spacerun: yes;"> </span></span>claimed,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="2" style="border: none; height: 1.8pt;" width="0"></td>
</tr>
<tr style="height: 57.2pt; mso-yfti-irow: 6;">
<td style="border-bottom: none; border: 1pt solid rgb(35, 31, 32); height: 57.2pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 8.8pt; margin-right: 0cm; margin-top: 1.5pt; margin: 1.5pt 0cm 0cm 8.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(f)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 57.2pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 21.45pt; margin-top: 1.5pt; margin: 1.5pt 21.45pt 0cm 4pt; text-align: justify; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">A register of<span style="letter-spacing: -3.05pt;"> </span>tax
invoices,<span style="letter-spacing: -3.1pt;"> </span>credit<span style="letter-spacing: -0.6pt;"> </span>notes,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 4.55pt; margin-top: 0cm; margin: 0cm 4.55pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">debit notes, and<span style="letter-spacing: -3.05pt;"> </span>delivery<span style="letter-spacing: -0.2pt;"> </span>challan</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 57.2pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.4pt; margin-top: 1.5pt; margin: 1.5pt 8.4pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Section
35(1)(f)<span style="letter-spacing: -3.05pt;"> </span>read with Rule<span style="letter-spacing: 0.05pt;"> </span>56(1)<span style="letter-spacing: -0.05pt;">
</span>& (4)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="76" style="border: none; height: 57.2pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 7;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; mso-bidi-font-size: 11.0pt;">together</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -1.35pt; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; mso-bidi-font-size: 11.0pt;">with</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -1.35pt; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">a<span style="letter-spacing: -1.3pt;"> </span>register</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 8;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">of<span style="letter-spacing: 3.3pt;"> </span>tax<span style="letter-spacing: 3.35pt;"> </span>invoice,<span style="letter-spacing: 3.35pt;"> </span>credit</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 9;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 44.3pt 79.1pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">notes,<span style="mso-tab-count: 1;"> </span>debit<span style="mso-tab-count: 1;"> </span>notes,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 10;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">delivery<span style="letter-spacing: 0.1pt;"> </span>challan<span style="letter-spacing: 0.1pt;"> </span>issued</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 11.95pt; mso-yfti-irow: 11;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 11.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 10.45pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">or<span style="letter-spacing: 0.2pt;"> </span>received<span style="letter-spacing: 0.25pt;"> </span>during<span style="letter-spacing: 0.25pt;">
</span>any</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="16" style="border: none; height: 11.95pt;" width="0"></td>
</tr>
<tr style="height: 13.35pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 13.35pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 13.35pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 13.35pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 13.35pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">tax<span style="letter-spacing: -0.1pt;"> </span>period.</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="18" style="border: none; height: 13.35pt;" width="0"></td>
</tr>
<tr style="height: 12.45pt; mso-yfti-irow: 13;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 12.45pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 7.55pt; margin-right: 0cm; margin-top: 1.5pt; margin: 1.5pt 0cm 0cm 7.55pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(g)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 12.45pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 1.5pt; margin: 1.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Goods<span style="letter-spacing: -0.2pt;"> </span>or</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 12.45pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 1.5pt; margin: 1.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Section 35(1)(f)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 12.45pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 1.5pt; margin: 1.5pt 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 61.45pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Every<span style="mso-tab-count: 1;"> </span>registered</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="17" style="border: none; height: 12.45pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 14;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">services</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">read<span style="letter-spacing: -0.15pt;"> </span>with<span style="letter-spacing: -0.15pt;"> </span>Rule</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">person<span style="letter-spacing: 1.15pt;"> </span>shall<span style="letter-spacing: 1.25pt;"> </span>keep<span style="letter-spacing: 1.15pt;">
</span>and</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 15;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">imported</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">56(1)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">maintain,<span style="letter-spacing: 4.8pt;"> </span>in<span style="letter-spacing: 4.8pt;"> </span>addition</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 16;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">or exported</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 28.95pt 59.5pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">to<span style="mso-tab-count: 1;"> </span>the<span style="mso-tab-count: 1;"> </span>particulars</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 17;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">and relevant</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 65.5pt 87.1pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">mentioned<span style="mso-tab-count: 1;"> </span>in<span style="mso-tab-count: 1;"> </span>sub-</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 18;">
<td rowspan="2" style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 10.8pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">documents</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">section<span style="letter-spacing: 2.35pt;"> </span>(1)<span style="letter-spacing: 2.4pt;"> </span>of<span style="letter-spacing: 2.4pt;"> </span>section</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 1.9pt; mso-yfti-irow: 19;">
<td rowspan="2" style="border-right: solid #231F20 1.0pt; border: none; height: 1.9pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 11pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.25pt; margin-top: 0cm; margin: 0cm 3.25pt 0cm 4pt; mso-line-height-rule: exactly; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">35, a true and correct<span style="letter-spacing: 0.05pt;"> </span>account of the goods<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">or</span><span style="letter-spacing: -0.7pt;"> </span><span style="letter-spacing: -0.05pt;">services</span><span style="letter-spacing: -0.65pt;"> </span>imported<span style="letter-spacing: -0.65pt;"> </span>or<span style="letter-spacing: -3.05pt;"> </span>exported<span style="letter-spacing: -0.55pt;"> </span>or<span style="letter-spacing: -0.6pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>supplies<span style="letter-spacing: -3pt;"> </span>attracting<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>payment<span style="letter-spacing: -3.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>tax<span style="letter-spacing: 0.05pt;"> </span>on<span style="letter-spacing: 0.05pt;"> </span>reverse<span style="letter-spacing: 0.05pt;"> </span>charge along with the<span style="letter-spacing: 0.05pt;"> </span>relevant<span style="letter-spacing: 0.25pt;"> </span>documents,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="3" style="border: none; height: 1.9pt;" width="0"></td>
</tr>
<tr style="height: 85.55pt; mso-yfti-irow: 20;">
<td style="border-bottom: none; border: 1pt solid rgb(35, 31, 32); height: 85.55pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 7.5pt; margin-right: 0cm; margin-top: 1.45pt; margin: 1.45pt 0cm 0cm 7.5pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(h)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 85.55pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 12.6pt; margin-top: 1.45pt; margin: 1.45pt 12.6pt 0cm 4pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Supplies<span style="letter-spacing: 0.05pt;"> </span>attracting<span style="letter-spacing: 0.05pt;"> </span>payment of<span style="letter-spacing: 0.05pt;"> </span>tax on
reverse<span style="letter-spacing: -3.05pt;"> </span>charge and<span style="letter-spacing: 0.05pt;"> </span>relevant<span style="letter-spacing: 0.05pt;"> </span>documents</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: none; border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: 1pt solid rgb(35, 31, 32); height: 85.55pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.4pt; margin-top: 1.45pt; margin: 1.45pt 8.4pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Section
35(1)(f)<span style="letter-spacing: -3.05pt;"> </span>read with Rule<span style="letter-spacing: 0.05pt;"> </span>56(1)<span style="letter-spacing: -0.05pt;">
</span>& (4)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="114" style="border: none; height: 85.55pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 21;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 67.65pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">including<span style="mso-tab-count: 1;"> </span>invoices,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 22;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">bills<span style="letter-spacing: -0.55pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>supply,<span style="letter-spacing: -0.55pt;"> </span>delivery</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 23;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">challans,<span style="letter-spacing: 1.7pt;"> </span>credit<span style="letter-spacing: 1.7pt;"> </span>notes,</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 24;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 37.4pt 76.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">debit<span style="mso-tab-count: 1;"> </span>notes,<span style="mso-tab-count: 1;"> </span>receipt</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 25;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly; tab-stops: 67.5pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">vouchers,<span style="mso-tab-count: 1;"> </span>payment</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 10.95pt; mso-yfti-irow: 26;">
<td style="border-bottom: none; border-left: 1pt solid rgb(35, 31, 32); border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 7pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-right: solid #231F20 1.0pt; border: none; height: 10.95pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 9.95pt; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt; mso-line-height-rule: exactly;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">vouchers,<span style="letter-spacing: 3.3pt;"> </span>and<span style="letter-spacing: 3.3pt;"> </span>refund</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="15" style="border: none; height: 10.95pt;" width="0"></td>
</tr>
<tr style="height: 12.95pt; mso-yfti-irow: 27;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 12.95pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 12.95pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 12.95pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-top: 0cm;"><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 8pt; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-hansi-font-family: Verdana;"><o:p> </o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 12.95pt; mso-border-bottom-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-right-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 0cm; margin-top: 0cm; margin: 0cm 0cm 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">vouchers.</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="17" style="border: none; height: 12.95pt;" width="0"></td>
</tr>
<tr style="height: 80.35pt; mso-yfti-irow: 28; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 80.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 7.5pt; margin-right: 0cm; margin-top: 1.45pt; margin: 1.45pt 0cm 0cm 7.5pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(h)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 80.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 21.85pt; margin-top: 1.45pt; margin: 1.45pt 21.85pt 0cm 4pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Maintaining<span style="letter-spacing: 0.05pt;"> </span>details of<span style="letter-spacing: 0.05pt;"> </span>accounts for<span style="letter-spacing: -3.05pt;"> </span>advances</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 80.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.4pt; margin-top: 1.4pt; margin: 1.4pt 8.4pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Section
35(1)(f)<span style="letter-spacing: -3.05pt;"> </span>read with Rule<span style="letter-spacing: 0.05pt;"> </span>56(1)<span style="letter-spacing: -0.05pt;">
</span>& (4)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 80.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.25pt; margin-top: 1.4pt; margin: 1.4pt 3.25pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Every<span style="letter-spacing: 0.05pt;"> </span>registered<span style="letter-spacing: 0.05pt;"> </span>person shall keep and<span style="letter-spacing: 0.05pt;"> </span>maintain<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>separate<span style="letter-spacing: 0.05pt;"> </span>account<span style="letter-spacing: 0.05pt;">
</span>of<span style="letter-spacing: 0.05pt;"> </span>advances<span style="letter-spacing: 0.05pt;"> </span>received and paid, and<span style="letter-spacing: -3.1pt;"> </span>adjustments<span style="letter-spacing: 0.05pt;"> </span>made<span style="letter-spacing: 0.05pt;"> </span>thereto.</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td height="107" style="border: none; height: 80.35pt;" width="0"></td>
</tr>
</tbody></table>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 9pt; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection11">
<p class="MsoBodyText" style="margin-bottom: .05pt; margin-left: 0cm; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0.05pt;"><span lang="EN-US" style="font-size: 5.5pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 106.35pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 106.35pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 6.5pt; margin-right: 6.05pt; margin-top: 1.55pt; margin: 1.55pt 6.05pt 0cm 6.5pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(i)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 106.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="margin-left: 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">Supplier
Master</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 106.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.35pt; margin-top: 1.55pt; margin: 1.55pt 8.35pt 0cm 4pt; text-indent: 0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Section 35(1)(f)<span style="letter-spacing: -3.05pt;"> </span>read with Rule<span style="letter-spacing: 0.05pt;"> </span>56(5)</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 106.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 1.55pt; margin: 1.55pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Every<span style="letter-spacing: 0.05pt;">
</span>registered<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: 3.2pt;"> </span>shall<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>keep<span style="letter-spacing: 0.05pt;">
</span>the<span style="letter-spacing: 0.05pt;"> </span>particulars<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -3.05pt;"> </span>names<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>complete<span style="letter-spacing: -3.05pt;"> </span>addresses of suppliers<span style="letter-spacing: -3.05pt;"> </span>from<span style="letter-spacing: 0.05pt;">
</span>whom<span style="letter-spacing: 0.05pt;"> </span>he<span style="letter-spacing: 0.05pt;"> </span>has<span style="letter-spacing: 0.05pt;"> </span>received
the goods or<span style="letter-spacing: 0.05pt;"> </span>services chargeable to<span style="letter-spacing: -3.05pt;"> </span>tax<span style="letter-spacing: -0.05pt;">
</span>under the<span style="letter-spacing: -0.05pt;"> </span>Act.</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 129.35pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 6.55pt; margin-right: 6.05pt; margin-top: 1.6pt; margin: 1.6pt 6.05pt 0cm 6.55pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(j)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 34.15pt; margin-top: 1.6pt; margin: 1.6pt 34.15pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -0.05pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Customer</span><span lang="EN-US" style="color: #231f20; font-size: 9pt; letter-spacing: -3.05pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Master</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.4pt; margin-top: 1.6pt; margin: 1.6pt 8.4pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Section 35(1)(f)<span style="letter-spacing: -3.05pt;"> </span>read
with Rule<span style="letter-spacing: 0.05pt;"> </span>56(5)</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 1.6pt; margin: 1.6pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Every<span style="letter-spacing: 0.05pt;">
</span>registered<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: 3.2pt;"> </span>shall<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>keep<span style="letter-spacing: 0.05pt;">
</span>the<span style="letter-spacing: 0.05pt;"> </span>particulars<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -3.05pt;"> </span>names<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>complete<span style="letter-spacing: -3.05pt;"> </span>addresses<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>persons<span style="letter-spacing: 0.05pt;">
</span>to<span style="letter-spacing: 0.05pt;"> </span>whom<span style="letter-spacing: 0.05pt;"> </span>he<span style="letter-spacing: -3.05pt;"> </span>has<span style="letter-spacing: 3.2pt;"> </span>supplied<span style="mso-spacerun: yes;"> </span>goods<span style="letter-spacing: 0.05pt;"> </span>or<span style="letter-spacing: 0.05pt;"> </span>services,<span style="letter-spacing: 0.05pt;"> </span>where<span style="letter-spacing: -3.05pt;"> </span>required<span style="letter-spacing: 0.05pt;"> </span>under<span style="letter-spacing: 0.05pt;">
</span>the<span style="letter-spacing: 0.05pt;"> </span>provisions<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 0.05pt;"> </span>this<span style="letter-spacing: -3.05pt;"> </span>Chapter.</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 129.35pt; mso-yfti-irow: 2; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 28.95pt;" valign="top" width="39">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 6.55pt; margin-right: 6.05pt; margin-top: 1.6pt; margin: 1.6pt 6.05pt 0cm 6.55pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; mso-bidi-font-size: 11.0pt;">(k)</span><span lang="EN-US" style="font-size: 9pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 82.9pt;" valign="top" width="111">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 27.0pt; margin-top: 1.6pt; margin: 1.6pt 27pt 0cm 4pt; text-indent: -0.05pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Warehouse<span style="letter-spacing: -3.05pt;"> </span>Master</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 87.15pt;" valign="top" width="116">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 8.4pt; margin-top: 1.6pt; margin: 1.6pt 8.4pt 0cm 4pt;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Section 35(1)(f)<span style="letter-spacing: -3.05pt;"> </span>read
with Rule<span style="letter-spacing: 0.05pt;"> </span>56(5)</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 129.35pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 111.15pt;" valign="top" width="148">
<p class="TableParagraph" style="line-height: 105%; margin-bottom: 0cm; margin-left: 4.0pt; margin-right: 3.3pt; margin-top: 1.6pt; margin: 1.6pt 3.3pt 0cm 4pt; text-align: justify;"><span lang="EN-US" style="color: #231f20; font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;">Every<span style="letter-spacing: 0.05pt;">
</span>registered<span style="letter-spacing: 0.05pt;"> </span>person<span style="letter-spacing: 3.2pt;"> </span>shall<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>keep<span style="letter-spacing: 0.05pt;">
</span>the particulars of the<span style="letter-spacing: 0.05pt;"> </span>complete<span style="letter-spacing: 0.05pt;"> </span>address<span style="letter-spacing: 0.05pt;">
</span>of<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>premises<span style="letter-spacing: 0.05pt;"> </span>where<span style="letter-spacing: -3.05pt;"> </span>goods<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>are<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.05pt;"><span style="mso-spacerun: yes;"> </span></span>stored<span style="letter-spacing: -3.05pt;"> </span>by<span style="letter-spacing: 0.05pt;"> </span>him,<span style="letter-spacing: 0.05pt;"> </span>including<span style="letter-spacing: 0.05pt;"> </span>goods<span style="letter-spacing: 0.05pt;"> </span>stored<span style="letter-spacing: 0.05pt;"> </span>during<span style="letter-spacing: 0.05pt;">
</span>transit, along with the<span style="letter-spacing: -3.05pt;"> </span>particulars<span style="letter-spacing: -0.55pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>the<span style="letter-spacing: -0.5pt;"> </span>stock<span style="letter-spacing: -3.05pt;">
</span>stored therein.</span><span lang="EN-US" style="font-size: 9pt; line-height: 105%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoBodyText" style="margin-top: 0.1pt;"><span lang="EN-US" style="font-size: 3pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 5.55pt; margin: 5.55pt 6.35pt 0cm 5.65pt; mso-list: l19 level2 lfo58; tab-stops: 34.2pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">3.3.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Specific<span style="letter-spacing: 0.05pt;"> </span>records<span style="letter-spacing: 0.05pt;">
</span>to<span style="letter-spacing: 0.05pt;"> </span>be<span style="letter-spacing: 0.05pt;"> </span>maintained<span style="letter-spacing: 0.05pt;"> </span>by<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>registered<span style="letter-spacing: 0.05pt;"> </span>person: GST law provides for specific
maintenance of records<span style="letter-spacing: -3.4pt;"> </span>in certain
cases by certain classes of persons. Details of such<span style="letter-spacing: -3.4pt;"> </span>specified class of person along with the additional records are<span style="letter-spacing: -3.4pt;"> </span>as under-</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.4pt; margin: 5.4pt 6.5pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 40.7pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">3.3.1.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Records to be
maintained by transporter and owner/<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">operator</span><span style="letter-spacing: -1.1pt;">
</span><span style="letter-spacing: -0.05pt;">of</span><span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -0.05pt;">godown</span><span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -0.05pt;">or</span><span style="letter-spacing: -1.1pt;"> </span>warehouse:<span style="letter-spacing: -1.05pt;"> </span>Section<span style="letter-spacing: -1.15pt;"> </span>35<span style="letter-spacing: -1.1pt;"> </span>of<span style="letter-spacing: -1.1pt;"> </span>CGST<span style="letter-spacing: -1.1pt;"> </span>Act<span style="letter-spacing: -1.1pt;"> </span>read<span style="letter-spacing: -3.35pt;"> </span>with Rule 58 of CGST Rules requires
every owner or operator<span style="letter-spacing: -3.4pt;"> </span>of warehouse
or godown or any other place used for storage<span style="letter-spacing: 0.05pt;">
</span>of<span style="letter-spacing: 1.7pt;"> </span>goods<span style="letter-spacing: 1.75pt;"> </span>and<span style="letter-spacing: 1.7pt;"> </span>every<span style="letter-spacing: 1.75pt;"> </span>transporter,<span style="letter-spacing: 1.75pt;"> </span>irrespective<span style="letter-spacing: 1.7pt;"> </span>of<span style="letter-spacing: 1.75pt;"> </span>whether<span style="letter-spacing: 1.75pt;">
</span>he<span style="letter-spacing: -3.4pt;"> </span>is a registered person or
not, shall maintain records of the<span style="letter-spacing: 0.05pt;"> </span>consigner,
consignee and other relevant details of the goods<span style="letter-spacing: 0.05pt;"> </span>in<span style="letter-spacing: -0.1pt;"> </span>such manner as may
be prescribed.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection12">
<p class="MsoBodyText" style="line-height: 96%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.1pt; margin: 5.1pt 6.5pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Therefore,<span style="letter-spacing: -0.6pt;"> </span>the<span style="letter-spacing: -0.55pt;"> </span>person<span style="letter-spacing: -0.55pt;"> </span>engaged<span style="letter-spacing: -0.6pt;">
</span>in<span style="letter-spacing: -0.55pt;"> </span>the<span style="letter-spacing: -0.6pt;"> </span>business<span style="letter-spacing: -0.55pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>transporting<span style="letter-spacing: -3.4pt;"> </span>goods<span style="letter-spacing: 0.05pt;"> </span>would<span style="letter-spacing: 0.05pt;"> </span>be<span style="letter-spacing: 0.05pt;"> </span>required<span style="letter-spacing: 0.05pt;"> </span>to<span style="letter-spacing: 0.05pt;"> </span>maintain<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>records<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: 3.5pt;"> </span>the<span style="letter-spacing: -3.4pt;"> </span>goods transported, delivered, and goods
stored in transit by<span style="letter-spacing: 0.05pt;"> </span>him, along with
the GSTIN of the registered consigner and<span style="letter-spacing: 0.05pt;"> </span>consignee
for each of his branches.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 96%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.75pt; margin: 5.75pt 6.5pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">The owner/operator of a
warehouse/godown of a warehouse<span style="letter-spacing: 0.05pt;"> </span>or<span style="letter-spacing: -0.45pt;"> </span>godown<span style="letter-spacing: -0.45pt;">
</span>shall<span style="letter-spacing: -0.45pt;"> </span>maintain<span style="letter-spacing: -0.45pt;"> </span>books<span style="letter-spacing: -0.45pt;">
</span>of<span style="letter-spacing: -0.45pt;"> </span>account<span style="letter-spacing: -0.45pt;"> </span>with<span style="letter-spacing: -0.45pt;"> </span>respect<span style="letter-spacing: -0.45pt;"> </span>to<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -3.35pt;"> </span>period for which particular goods remain
in the warehouse,<span style="letter-spacing: 0.05pt;"> </span>including<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>particulars<span style="letter-spacing: 0.05pt;"> </span>relating<span style="letter-spacing: 0.05pt;">
</span>to<span style="letter-spacing: 0.05pt;"> </span>dispatch,<span style="letter-spacing: 0.05pt;"> </span>movement,<span style="letter-spacing: 0.05pt;">
</span>receipt, and disposal of such goods. The owner/the operator<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -0.25pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>godown<span style="letter-spacing: -0.2pt;"> </span>is<span style="letter-spacing: -0.25pt;"> </span>also<span style="letter-spacing: -0.2pt;"> </span>required<span style="letter-spacing: -0.2pt;"> </span>to<span style="letter-spacing: -0.25pt;"> </span>store<span style="letter-spacing: -0.2pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>goods<span style="letter-spacing: -0.2pt;"> </span>in<span style="letter-spacing: -0.25pt;"> </span>a<span style="letter-spacing: -0.2pt;"> </span>manner<span style="letter-spacing: -3.4pt;">
</span>that can be identified item-wise and owner-wise, and it also<span style="letter-spacing: 0.05pt;"> </span>facilitates<span style="letter-spacing: -0.4pt;"> </span>any<span style="letter-spacing: -0.45pt;"> </span>physical<span style="letter-spacing: -0.45pt;"> </span>verification<span style="letter-spacing: -0.45pt;"> </span>or<span style="letter-spacing: -0.45pt;"> </span>inspection<span style="letter-spacing: -0.45pt;"> </span>by<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -0.45pt;"> </span>proper<span style="letter-spacing: -3.4pt;">
</span>officer on demand.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 5.75pt; margin: 5.75pt 6.5pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 39.85pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%;"><span style="mso-list: Ignore;">3.3.2.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">Details to be
maintained by works contractor: Section<span style="letter-spacing: 0.05pt;"> </span>35(1)(f)
of CGST Act, read with Rule 56(14) of CGST Rules,<span style="letter-spacing: 0.05pt;"> </span>requires a registered person executing the works contract to<span style="letter-spacing: 0.05pt;"> </span>keep separate accounts for the works
contract showing the<span style="letter-spacing: 0.05pt;"> </span>following
details-</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.6pt; margin-top: 5.75pt; margin: 5.75pt 6.6pt 0cm 28.3pt; mso-list: l67 level1 lfo50; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(a)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">the<span style="letter-spacing: -0.4pt;"> </span>names<span style="letter-spacing: -0.35pt;"> </span>and<span style="letter-spacing: -0.35pt;"> </span>addresses<span style="letter-spacing: -0.4pt;"> </span>of<span style="letter-spacing: -0.35pt;"> </span>the<span style="letter-spacing: -0.35pt;"> </span>persons<span style="letter-spacing: -0.4pt;">
</span>on<span style="letter-spacing: -0.35pt;"> </span>whose<span style="letter-spacing: -0.35pt;"> </span>behalf<span style="letter-spacing: -3.4pt;">
</span>the<span style="letter-spacing: -0.05pt;"> </span>works<span style="letter-spacing: -0.05pt;"> </span>contract is<span style="letter-spacing: -0.05pt;"> </span>executed;</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.45pt; margin-top: 5.65pt; margin: 5.65pt 6.45pt 0cm 28.3pt; mso-list: l67 level1 lfo50; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(b)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">description, value,
and quantity (wherever applicable) of<span style="letter-spacing: -3.4pt;"> </span>goods<span style="letter-spacing: -0.2pt;"> </span>or<span style="letter-spacing: -0.2pt;"> </span>services<span style="letter-spacing: -0.2pt;"> </span>received<span style="letter-spacing: -0.2pt;">
</span>for<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>execution<span style="letter-spacing: -0.2pt;">
</span>of<span style="letter-spacing: -0.2pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>works<span style="letter-spacing: -3.4pt;"> </span>contract;</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.45pt; margin-top: 5.75pt; margin: 5.75pt 6.45pt 0cm 28.3pt; mso-list: l67 level1 lfo50; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(c)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">description, value,
and quantity (wherever applicable) of<span style="letter-spacing: -3.4pt;"> </span>goods
or services utilized in the execution of the works<span style="letter-spacing: 0.05pt;"> </span>contract;</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.55pt; margin-top: 5.7pt; margin: 5.7pt 6.55pt 0cm 28.3pt; mso-list: l67 level1 lfo50; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(d)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">the details of payment
received in respect of each works<span style="letter-spacing: -3.4pt;"> </span>contract,
and</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.45pt; margin-top: 5.7pt; margin: 5.7pt 6.45pt 0cm 28.3pt; mso-list: l67 level1 lfo50; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(e)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">the names and
addresses of suppliers from whom he<span style="letter-spacing: 0.05pt;"> </span>received<span style="letter-spacing: -0.05pt;"> </span>goods or services.</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 5.65pt; margin: 5.65pt 6.45pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 41.3pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%;"><span style="mso-list: Ignore;">3.3.3.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">Records to be
maintained by Agent: Rule 56(11) of<span style="letter-spacing: 0.05pt;"> </span>CGST
Rules requires every agent referred to in clause (5) of<span style="letter-spacing: 0.05pt;"> </span>section<span style="letter-spacing: -0.4pt;"> </span>2<span style="letter-spacing: -0.35pt;"> </span>of<span style="letter-spacing: -0.4pt;"> </span>CGST<span style="letter-spacing: -0.35pt;"> </span>Act<span style="letter-spacing: -0.4pt;"> </span>shall<span style="letter-spacing: -0.35pt;"> </span>maintain<span style="letter-spacing: -0.4pt;">
</span>accounts<span style="letter-spacing: -0.35pt;"> </span>depicting<span style="letter-spacing: -0.35pt;"> </span>the<span style="letter-spacing: -0.4pt;"> </span>—</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.35pt; margin-top: 5.7pt; margin: 5.7pt 6.35pt 0cm 28.3pt; mso-list: l49 level1 lfo49; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(a)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">particulars of
authorization received by him from each<span style="letter-spacing: 0.05pt;"> </span>principal
to receive or supply goods or services on behalf<span style="letter-spacing: -3.4pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>such principal
separately;</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 96%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.5pt; margin-top: 5.75pt; margin: 5.75pt 6.5pt 0cm 28.3pt; mso-list: l49 level1 lfo49; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 96%;"><span style="mso-list: Ignore;">(b)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;">particulars,<span style="letter-spacing: 0.05pt;"> </span>including<span style="letter-spacing: 0.05pt;">
</span>description,<span style="letter-spacing: 0.05pt;"> </span>value,<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>quantity<span style="letter-spacing: -3.4pt;"> </span>(wherever applicable) of goods or
services received on<span style="letter-spacing: 0.05pt;"> </span>behalf<span style="letter-spacing: -0.05pt;"> </span>of every principal;</span><span lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 96%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection13">
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.5pt; margin-top: 5.3pt; margin: 5.3pt 6.5pt 0cm 28.3pt; mso-list: l49 level1 lfo49; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%;"><span style="mso-list: Ignore;">(c)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">particulars,<span style="letter-spacing: 0.05pt;"> </span>including<span style="letter-spacing: 0.05pt;">
</span>description,<span style="letter-spacing: 0.05pt;"> </span>value,<span style="letter-spacing: 0.05pt;"> </span>and<span style="letter-spacing: 0.05pt;"> </span>quantity<span style="letter-spacing: -3.4pt;"> </span>(wherever applicable) of goods or
services supplied on<span style="letter-spacing: 0.05pt;"> </span>behalf<span style="letter-spacing: -0.05pt;"> </span>of every principal;</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 0cm; margin-top: 5.35pt; margin: 5.35pt 0cm 0cm 28.3pt; mso-list: l49 level1 lfo49; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt;"><span style="mso-list: Ignore;">(d)<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">details<span style="letter-spacing: -0.1pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>accounts<span style="letter-spacing: -0.05pt;"> </span>furnished<span style="letter-spacing: -0.05pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>every<span style="letter-spacing: -0.05pt;"> </span>principal<span style="letter-spacing: -0.1pt;"> </span>and</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.5pt; margin-top: 5.6pt; margin: 5.6pt 6.5pt 0cm 28.3pt; mso-list: l49 level1 lfo49; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 95%;"><span style="mso-list: Ignore;">(e)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">tax paid on receipts
or on supply of goods or services<span style="letter-spacing: 0.05pt;"> </span>effected<span style="letter-spacing: -0.05pt;"> </span>on behalf of every principal.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 5.8pt; margin: 5.8pt 6.45pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">In addition to the above, any
person having custody over the<span style="letter-spacing: -3.4pt;"> </span>goods<span style="letter-spacing: -0.15pt;"> </span>in<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.1pt;"> </span>capacity<span style="letter-spacing: -0.15pt;">
</span>of<span style="letter-spacing: -0.15pt;"> </span>a<span style="letter-spacing: -0.1pt;"> </span>carrier<span style="letter-spacing: -0.15pt;"> </span>or<span style="letter-spacing: -0.1pt;"> </span>a<span style="letter-spacing: -0.15pt;"> </span>clearing<span style="letter-spacing: -0.15pt;"> </span>and<span style="letter-spacing: -0.1pt;"> </span>forwarding<span style="letter-spacing: -3.4pt;"> </span><span style="letter-spacing: -0.05pt;">agent</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">for</span><span style="letter-spacing: -0.9pt;"> </span><span style="letter-spacing: -0.05pt;">delivery</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">or</span><span style="letter-spacing: -0.95pt;"> </span><span style="letter-spacing: -0.05pt;">dispatch</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">thereof</span><span style="letter-spacing: -0.95pt;"> </span>to<span style="letter-spacing: -0.95pt;"> </span>a<span style="letter-spacing: -0.95pt;"> </span>recipient<span style="letter-spacing: -0.95pt;"> </span>on<span style="letter-spacing: -1pt;"> </span>behalf<span style="letter-spacing: -0.95pt;"> </span>of<span style="letter-spacing: -3.4pt;"> </span>any
registered person shall maintain true and correct records<span style="letter-spacing: -3.4pt;"> </span>in respect of such goods handled by him
on behalf of such<span style="letter-spacing: 0.05pt;"> </span>registered<span style="letter-spacing: -0.45pt;"> </span>person<span style="letter-spacing: -0.4pt;">
</span>and<span style="letter-spacing: -0.4pt;"> </span>shall<span style="letter-spacing: -0.4pt;"> </span>produce<span style="letter-spacing: -0.4pt;">
</span>the<span style="letter-spacing: -0.4pt;"> </span>details<span style="letter-spacing: -0.4pt;"> </span>thereof<span style="letter-spacing: -0.4pt;">
</span>as<span style="letter-spacing: -0.45pt;"> </span>and<span style="letter-spacing: -3.35pt;"> </span>when<span style="letter-spacing: -0.1pt;"> </span>required by the<span style="letter-spacing: -0.05pt;"> </span>proper officer.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 6.05pt; margin: 6.05pt 6.35pt 0cm 5.65pt; mso-list: l19 level2 lfo58; tab-stops: 29.2pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">3.4.<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Maintenance of additional records or documents: Section<span style="letter-spacing: -3.4pt;"> </span>35(3) of the CGST Act empowers the
Commissioner to notify<span style="letter-spacing: 0.05pt;"> </span>a class of
taxable persons to maintain additional accounts or<span style="letter-spacing: 0.05pt;"> </span>documents<span style="letter-spacing: -0.1pt;"> </span>for<span style="letter-spacing: -0.05pt;"> </span>such<span style="letter-spacing: -0.05pt;"> </span>purpose<span style="letter-spacing: -0.05pt;"> </span>as<span style="letter-spacing: -0.05pt;"> </span>may<span style="letter-spacing: -0.05pt;"> </span>be<span style="letter-spacing: -0.05pt;"> </span>specified<span style="letter-spacing: -0.05pt;"> </span>therein.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.3pt; margin-top: 5.9pt; margin: 5.9pt 6.3pt 0cm 5.65pt; mso-list: l19 level2 lfo58; tab-stops: 31.05pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">3.5.<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Special manner of maintaining records for the notified<span style="letter-spacing: 0.05pt;"> </span>class of persons: Section 35(4) of the
CGST Act empowers<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>Commissioner<span style="letter-spacing: 0.05pt;"> </span>to<span style="letter-spacing: 3.5pt;"> </span>specify<span style="letter-spacing: 3.5pt;"> </span>the<span style="letter-spacing: 3.5pt;"> </span>manner<span style="letter-spacing: 3.55pt;"> </span>of<span style="letter-spacing: 3.5pt;"> </span>maintenance<span style="letter-spacing: -3.4pt;"> </span>of accounts where any class of taxable
persons is not in a<span style="letter-spacing: 0.05pt;"> </span>position<span style="letter-spacing: -0.55pt;"> </span>to<span style="letter-spacing: -0.6pt;"> </span>keep<span style="letter-spacing: -0.55pt;"> </span>and<span style="letter-spacing: -0.55pt;"> </span>maintain<span style="letter-spacing: -0.5pt;"> </span>accounts<span style="letter-spacing: -0.55pt;">
</span>in<span style="letter-spacing: -0.6pt;"> </span>accordance<span style="letter-spacing: -0.55pt;"> </span>with<span style="letter-spacing: -0.6pt;"> </span>the<span style="letter-spacing: -3.4pt;"> </span>provisions<span style="letter-spacing: -0.05pt;"> </span>of Section 35<span style="letter-spacing: -0.05pt;"> </span>of
CGST Act.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 5.95pt; margin: 5.95pt 6.35pt 0cm 5.65pt; mso-list: l19 level2 lfo58; tab-stops: 28.7pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">3.6.<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Place<span style="letter-spacing: -0.6pt;"> </span>of<span style="letter-spacing: -0.6pt;"> </span>maintenance<span style="letter-spacing: -0.6pt;"> </span>of<span style="letter-spacing: -0.6pt;"> </span>records<span style="letter-spacing: -0.6pt;"> </span>under<span style="letter-spacing: -0.6pt;"> </span>GST:<span style="letter-spacing: -0.55pt;"> </span>Section<span style="letter-spacing: -0.6pt;">
</span>35<span style="letter-spacing: -0.6pt;"> </span>of<span style="letter-spacing: -3.4pt;"> </span>the CGST Act mandates every registered person to keep and<span style="letter-spacing: 0.05pt;"> </span>maintain<span style="letter-spacing: -0.45pt;">
</span>a<span style="letter-spacing: -0.45pt;"> </span>true<span style="letter-spacing: -0.4pt;"> </span>and<span style="letter-spacing: -0.45pt;"> </span>correct<span style="letter-spacing: -0.4pt;"> </span>account<span style="letter-spacing: -0.45pt;">
</span>of<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -0.4pt;"> </span>requisite<span style="letter-spacing: -0.45pt;"> </span>records<span style="letter-spacing: -0.4pt;"> </span>at<span style="letter-spacing: -3.4pt;"> </span><span style="letter-spacing: -0.05pt;">his</span><span style="letter-spacing: -0.9pt;"> </span><span style="letter-spacing: -0.05pt;">principal</span><span style="letter-spacing: -0.85pt;">
</span><span style="letter-spacing: -0.05pt;">place</span><span style="letter-spacing: -0.9pt;"> </span><span style="letter-spacing: -0.05pt;">of</span><span style="letter-spacing: -0.85pt;"> </span><span style="letter-spacing: -0.05pt;">business,</span><span style="letter-spacing: -0.9pt;"> </span>as<span style="letter-spacing: -0.85pt;"> </span>mentioned<span style="letter-spacing: -0.9pt;"> </span>in<span style="letter-spacing: -0.85pt;"> </span>the<span style="letter-spacing: -0.9pt;"> </span>registration<span style="letter-spacing: -3.4pt;"> </span>certificate.<span style="letter-spacing: -0.65pt;"> </span>However,<span style="letter-spacing: -0.6pt;"> </span>the<span style="letter-spacing: -0.6pt;"> </span>first<span style="letter-spacing: -0.6pt;"> </span>proviso<span style="letter-spacing: -0.6pt;">
</span>to<span style="letter-spacing: -0.6pt;"> </span>Section<span style="letter-spacing: -0.6pt;"> </span>35<span style="letter-spacing: -0.65pt;"> </span>states<span style="letter-spacing: -0.6pt;"> </span>that<span style="letter-spacing: -3.4pt;"> </span>in
case more than one place of business is specified in the<span style="letter-spacing: 0.05pt;"> </span>certificate of registration, the accounts relating to each place<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -0.5pt;"> </span>business<span style="letter-spacing: -0.45pt;"> </span>are<span style="letter-spacing: -0.4pt;"> </span>required<span style="letter-spacing: -0.45pt;"> </span>to<span style="letter-spacing: -0.45pt;"> </span>be<span style="letter-spacing: -0.4pt;"> </span>kept<span style="letter-spacing: -0.4pt;"> </span>at<span style="letter-spacing: -0.4pt;"> </span>such<span style="letter-spacing: -0.45pt;"> </span>an<span style="letter-spacing: -0.4pt;"> </span>additional<span style="letter-spacing: -0.4pt;"> </span>place<span style="letter-spacing: -3.4pt;"> </span>of business,
including data in electronic form stored on an<span style="letter-spacing: 0.05pt;">
</span>electronic<span style="letter-spacing: -0.05pt;"> </span>device.</span><span lang="EN-US" style="font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 6.25pt; margin: 6.25pt 6.45pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Where any records or books of
accounts belonging to the<span style="letter-spacing: 0.05pt;"> </span>registered
person are found at a place other than the place<span style="letter-spacing: 0.05pt;"> </span>mentioned in the registration certificate, such records would<span style="letter-spacing: 0.05pt;"> </span>be presumed to be maintained by such a
registered person.<span style="letter-spacing: 0.05pt;"> </span>The provision is
subject to an exception where the registered<span style="letter-spacing: -3.4pt;">
</span>person<span style="letter-spacing: -0.05pt;"> </span>proves otherwise.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 95%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 6.0pt; margin: 6pt 6.4pt 0cm 5.65pt; mso-list: l19 level2 lfo58; tab-stops: 30.55pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%;"><span style="mso-list: Ignore;">3.7.<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 95%; mso-bidi-font-size: 11.0pt;">Maintenance of records in Electronic Form: The second<span style="letter-spacing: 0.05pt;"> </span>proviso<span style="letter-spacing: 2.05pt;">
</span>to<span style="letter-spacing: 2.1pt;"> </span>Section<span style="letter-spacing: 2.15pt;"> </span>35<span style="letter-spacing: 2.1pt;"> </span>of<span style="letter-spacing: 2.05pt;"> </span>CGST<span style="letter-spacing: 2.1pt;"> </span>Act,<span style="letter-spacing: 2.1pt;"> </span>read<span style="letter-spacing: 2.1pt;"> </span>with<span style="letter-spacing: 2.05pt;"> </span>Rule<span style="letter-spacing: 2.1pt;"> </span>56(15)<span style="letter-spacing: -3.4pt;"> </span>of<span style="letter-spacing: 2.4pt;"> </span>CGST<span style="letter-spacing: 2.4pt;"> </span>Rules,<span style="letter-spacing: 2.4pt;"> </span>allows<span style="letter-spacing: 2.45pt;"> </span>maintenance<span style="letter-spacing: 2.4pt;"> </span>of<span style="letter-spacing: 2.4pt;"> </span>accounts<span style="letter-spacing: 2.45pt;"> </span>and<span style="letter-spacing: 2.4pt;"> </span>other </span><span style="color: #231f20; text-align: justify;">particulars</span><span style="color: #231f20; letter-spacing: 3.3pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">in</span><span style="color: #231f20; letter-spacing: 3.35pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">electronic</span><span style="color: #231f20; letter-spacing: 3.35pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">form</span><span style="color: #231f20; letter-spacing: 3.35pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">subject</span><span style="color: #231f20; letter-spacing: 3.35pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">to</span><span style="color: #231f20; letter-spacing: 3.3pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">authentication</span><span style="color: #231f20; letter-spacing: 3.35pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">of</span><span style="color: #231f20; letter-spacing: -3.4pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">such</span><span style="color: #231f20; letter-spacing: -0.3pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">records</span><span style="color: #231f20; letter-spacing: -0.3pt; text-align: justify;">
</span><span style="color: #231f20; text-align: justify;">through</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">digital</span><span style="color: #231f20; letter-spacing: -0.3pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">signature.</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">Rule</span><span style="color: #231f20; letter-spacing: -0.3pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">57</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">of</span><span style="color: #231f20; letter-spacing: -0.3pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">CGST</span><span style="color: #231f20; letter-spacing: -0.25pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">Rules</span><span style="color: #231f20; letter-spacing: -3.4pt; text-align: justify;">
</span><span style="color: #231f20; text-align: justify;">provides for the generation and maintenance of electronic</span><span style="color: #231f20; letter-spacing: 0.05pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">records under</span></p></div><div class="WordSection14">
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 34.0pt; margin-right: 6.4pt; margin-top: 2.75pt; margin: 2.75pt 6.4pt 0cm 34pt; mso-list: l11 level1 lfo48; tab-stops: 34.05pt; text-indent: -1cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%;"><span style="mso-list: Ignore;">(1)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Proper electronic
backup of records shall be maintained<span style="letter-spacing: -3.4pt;"> </span>and
preserved in such manner that, in the event of<span style="letter-spacing: 0.05pt;">
</span>destruction of such records due to accidents or natural<span style="letter-spacing: 0.05pt;"> </span>causes,<span style="letter-spacing: 0.05pt;">
</span>the<span style="letter-spacing: 0.05pt;"> </span>information<span style="letter-spacing: 0.05pt;"> </span>can<span style="letter-spacing: 0.05pt;"> </span>be<span style="letter-spacing: 0.05pt;"> </span>restored<span style="letter-spacing: 0.05pt;">
</span>within<span style="letter-spacing: 0.05pt;"> </span>a<span style="letter-spacing: 0.05pt;"> </span>reasonable<span style="letter-spacing: -0.05pt;"> </span>period of time.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 34.0pt; margin-right: 6.4pt; margin-top: 2.7pt; margin: 2.7pt 6.4pt 0cm 34pt; mso-list: l11 level1 lfo48; tab-stops: 34.05pt; text-indent: -1cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%;"><span style="mso-list: Ignore;">(2)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">The registered person
maintaining electronic records<span style="letter-spacing: 0.05pt;"> </span>shall<span style="letter-spacing: 0.05pt;"> </span>produce,<span style="letter-spacing: 0.05pt;">
</span>on<span style="letter-spacing: 0.05pt;"> </span>demand,<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>relevant<span style="letter-spacing: 0.05pt;"> </span>records<span style="letter-spacing: 0.05pt;">
</span>or<span style="letter-spacing: 0.05pt;"> </span>documents,<span style="letter-spacing: -0.55pt;"> </span>duly<span style="letter-spacing: -0.55pt;"> </span>authenticated<span style="letter-spacing: -0.55pt;"> </span>by<span style="letter-spacing: -0.55pt;"> </span>him<span style="letter-spacing: -0.5pt;"> </span>in<span style="letter-spacing: -0.55pt;"> </span>hard<span style="letter-spacing: -0.55pt;"> </span>copy<span style="letter-spacing: -0.55pt;"> </span>or<span style="letter-spacing: -0.55pt;"> </span>in<span style="letter-spacing: -3.4pt;"> </span>any
electronically readable format.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 34.0pt; margin-right: 6.4pt; margin-top: 2.75pt; margin: 2.75pt 6.4pt 0cm 34pt; mso-list: l11 level1 lfo48; tab-stops: 34.05pt; text-indent: -1cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%;"><span style="mso-list: Ignore;">(3)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Where<span style="letter-spacing: -0.75pt;"> </span>the<span style="letter-spacing: -0.7pt;"> </span>accounts<span style="letter-spacing: -0.7pt;"> </span>and<span style="letter-spacing: -0.75pt;"> </span>records<span style="letter-spacing: -0.7pt;"> </span>are<span style="letter-spacing: -0.7pt;"> </span>stored<span style="letter-spacing: -0.7pt;"> </span>electronically<span style="letter-spacing: -3.4pt;"> </span>by any registered person, he shall, on demand, provide<span style="letter-spacing: -3.4pt;"> </span>the details of such files, passwords of
such files, and<span style="letter-spacing: 0.05pt;"> </span>explanation<span style="letter-spacing: -0.3pt;"> </span>for<span style="letter-spacing: -0.3pt;"> </span>codes<span style="letter-spacing: -0.3pt;"> </span>used,<span style="letter-spacing: -0.3pt;"> </span>where<span style="letter-spacing: -0.3pt;"> </span>necessary,<span style="letter-spacing: -0.25pt;"> </span>for<span style="letter-spacing: -0.3pt;"> </span>access<span style="letter-spacing: -3.4pt;"> </span>and any other information which is
required for such<span style="letter-spacing: 0.05pt;"> </span>access along with a
sample copy in print form of the<span style="letter-spacing: 0.05pt;"> </span>information<span style="letter-spacing: -0.1pt;"> </span>stored in<span style="letter-spacing: -0.05pt;">
</span>such<span style="letter-spacing: -0.05pt;"> </span>files.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="margin-bottom: 0cm; margin-left: 29.15pt; margin-right: 0cm; margin-top: 4.9pt; margin: 4.9pt 0cm 0cm 29.15pt; mso-list: l19 level2 lfo58; tab-stops: 29.2pt; text-indent: -23.55pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt;"><span style="mso-list: Ignore;">3.8.<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Other<span style="letter-spacing: -0.1pt;"> </span>miscellaneous<span style="letter-spacing: -0.05pt;"> </span>provisions:</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 4.1pt; margin: 4.1pt 6.45pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 40.05pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%;"><span style="mso-list: Ignore;">3.8.1.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Serially Numbered
records: Rule 56(9) of CGST Rules<span style="letter-spacing: 0.05pt;"> </span>states<span style="letter-spacing: -0.6pt;"> </span>that<span style="letter-spacing: -0.55pt;"> </span>where<span style="letter-spacing: -0.55pt;"> </span>books<span style="letter-spacing: -0.6pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>accounts<span style="letter-spacing: -0.55pt;">
</span>are<span style="letter-spacing: -0.6pt;"> </span>maintained<span style="letter-spacing: -0.55pt;"> </span>manually,<span style="letter-spacing: -3.4pt;"> </span>each<span style="letter-spacing: -0.05pt;"> </span>volume of<span style="letter-spacing: -0.05pt;"> </span>books of<span style="letter-spacing: -0.05pt;">
</span>account shall<span style="letter-spacing: -0.05pt;"> </span>be serially<span style="letter-spacing: -0.05pt;"> </span>numbered.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 4.15pt; margin: 4.15pt 6.4pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 39.1pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%;"><span style="mso-list: Ignore;">3.8.2.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Treatment<span style="letter-spacing: -0.25pt;"> </span>where<span style="letter-spacing: -0.25pt;">
</span>the<span style="letter-spacing: -0.3pt;"> </span>registered<span style="letter-spacing: -0.25pt;"> </span>person<span style="letter-spacing: -0.3pt;">
</span>fails<span style="letter-spacing: -0.2pt;"> </span>to<span style="letter-spacing: -0.2pt;"> </span>account<span style="letter-spacing: -3.4pt;">
</span>for<span style="letter-spacing: -0.65pt;"> </span>goods<span style="letter-spacing: -0.6pt;"> </span>or<span style="letter-spacing: -0.6pt;"> </span>services:<span style="letter-spacing: -0.6pt;"> </span>Section<span style="letter-spacing: -0.6pt;">
</span>35(6)<span style="letter-spacing: -0.6pt;"> </span>of<span style="letter-spacing: -0.6pt;"> </span>CGST<span style="letter-spacing: -0.6pt;"> </span>Act<span style="letter-spacing: -0.6pt;"> </span>provides<span style="letter-spacing: -0.6pt;">
</span>that<span style="letter-spacing: -3.4pt;"> </span>where the registered
person fails to account for the goods or<span style="letter-spacing: 0.05pt;"> </span>services<span style="letter-spacing: -0.3pt;"> </span>both<span style="letter-spacing: -0.25pt;"> </span>according<span style="letter-spacing: -0.3pt;"> </span>to<span style="letter-spacing: -0.25pt;"> </span>Section<span style="letter-spacing: -0.3pt;"> </span>35<span style="letter-spacing: -0.25pt;"> </span>of<span style="letter-spacing: -0.3pt;"> </span>CGST<span style="letter-spacing: -0.25pt;"> </span>Act,<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.25pt;"> </span>proper<span style="letter-spacing: -3.4pt;"> </span>officer shall determine the amount of tax
payable on the<span style="letter-spacing: 0.05pt;"> </span>goods<span style="letter-spacing: -0.25pt;"> </span>or<span style="letter-spacing: -0.2pt;"> </span>services<span style="letter-spacing: -0.2pt;"> </span>that<span style="letter-spacing: -0.2pt;"> </span>are<span style="letter-spacing: -0.25pt;"> </span>not<span style="letter-spacing: -0.2pt;"> </span>accounted<span style="letter-spacing: -0.2pt;"> </span>for<span style="letter-spacing: -0.2pt;"> </span>as<span style="letter-spacing: -0.2pt;"> </span>if<span style="letter-spacing: -0.2pt;"> </span>such<span style="letter-spacing: -0.2pt;"> </span>person<span style="letter-spacing: -3.4pt;">
</span>had supplied such goods or services in terms of Section 73 &<span style="letter-spacing: 0.05pt;"> </span>74 of CGST Act. It is important to note
that this provision is<span style="letter-spacing: 0.05pt;"> </span>applicable<span style="letter-spacing: -0.15pt;"> </span>only<span style="letter-spacing: -0.15pt;"> </span>in<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>case<span style="letter-spacing: -0.15pt;"> </span>of<span style="letter-spacing: -0.15pt;"> </span>Section<span style="letter-spacing: -0.15pt;"> </span>17(5)(h),<span style="letter-spacing: -0.15pt;"> </span>i.e.<span style="letter-spacing: -0.15pt;"> </span>Goods<span style="letter-spacing: -0.15pt;"> </span>are<span style="letter-spacing: -3.4pt;"> </span>lost,
stolen, destroyed, written off, or disposed of by way of<span style="letter-spacing: 0.05pt;"> </span>gift<span style="letter-spacing: -0.05pt;"> </span>or free samples.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 4.0pt; margin: 4pt 6.5pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Rule<span style="letter-spacing: -0.75pt;"> </span>56(6)<span style="letter-spacing: -0.7pt;"> </span>of<span style="letter-spacing: -0.7pt;"> </span>the<span style="letter-spacing: -0.7pt;"> </span>CGST<span style="letter-spacing: -0.75pt;"> </span>Act<span style="letter-spacing: -0.7pt;"> </span>further<span style="letter-spacing: -0.7pt;"> </span>provides<span style="letter-spacing: -0.7pt;">
</span>that<span style="letter-spacing: -0.75pt;"> </span>if<span style="letter-spacing: -0.7pt;"> </span>any<span style="letter-spacing: -0.7pt;"> </span>taxable<span style="letter-spacing: -3.4pt;"> </span>goods<span style="letter-spacing: -0.3pt;"> </span>are<span style="letter-spacing: -0.3pt;"> </span>found<span style="letter-spacing: -0.3pt;"> </span>to<span style="letter-spacing: -0.3pt;"> </span>be<span style="letter-spacing: -0.3pt;"> </span>stored<span style="letter-spacing: -0.3pt;"> </span>at<span style="letter-spacing: -0.25pt;"> </span>any<span style="letter-spacing: -0.3pt;"> </span>place(s)<span style="letter-spacing: -0.3pt;">
</span>other<span style="letter-spacing: -0.3pt;"> </span>than<span style="letter-spacing: -0.25pt;"> </span>those<span style="letter-spacing: -3.4pt;">
</span>declared<span style="letter-spacing: -0.7pt;"> </span>without<span style="letter-spacing: -0.65pt;"> </span>the<span style="letter-spacing: -0.65pt;"> </span>cover<span style="letter-spacing: -0.7pt;"> </span>of<span style="letter-spacing: -0.65pt;"> </span>any<span style="letter-spacing: -0.65pt;"> </span>valid<span style="letter-spacing: -0.7pt;"> </span>documents,<span style="letter-spacing: -0.65pt;"> </span>the<span style="letter-spacing: -0.65pt;"> </span>proper<span style="letter-spacing: -3.4pt;"> </span>officer shall determine the amount of tax
payable on such<span style="letter-spacing: 0.05pt;"> </span>goods<span style="letter-spacing: -0.05pt;"> </span>as<span style="letter-spacing: -0.05pt;"> </span>if<span style="letter-spacing: -0.1pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>registered<span style="letter-spacing: -0.05pt;"> </span>person<span style="letter-spacing: -0.05pt;">
</span>has<span style="letter-spacing: -0.05pt;"> </span>supplied<span style="letter-spacing: -0.05pt;"> </span>such goods.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 4.15pt; margin: 4.15pt 6.4pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 38.85pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%;"><span style="mso-list: Ignore;">3.8.3.<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Treatment<span style="letter-spacing: -0.55pt;"> </span>of<span style="letter-spacing: -0.55pt;"> </span>incorrect<span style="letter-spacing: -0.55pt;"> </span>entry<span style="letter-spacing: -0.55pt;">
</span>or<span style="letter-spacing: -0.55pt;"> </span>its<span style="letter-spacing: -0.5pt;"> </span>deletion<span style="letter-spacing: -0.55pt;"> </span>in<span style="letter-spacing: -0.55pt;"> </span>accounts/<span style="letter-spacing: -3.4pt;"> </span>records under GST: As per Sub-rule (8) of Rule 56 of CGST<span style="letter-spacing: 0.05pt;"> </span>Rules, any entry in registers, accounts
and documents shall<span style="letter-spacing: 0.05pt;"> </span>not<span style="letter-spacing: -0.85pt;"> </span>be<span style="letter-spacing: -0.85pt;"> </span>erased,<span style="letter-spacing: -0.85pt;"> </span>effaced<span style="letter-spacing: -0.85pt;">
</span>or<span style="letter-spacing: -0.85pt;"> </span>overwritten,<span style="letter-spacing: -0.85pt;"> </span>and<span style="letter-spacing: -0.8pt;"> </span>all<span style="letter-spacing: -0.8pt;"> </span>incorrect<span style="letter-spacing: -0.85pt;">
</span>entries,</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</div>
<span face=""Verdana",sans-serif" lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-ansi-language: EN-US; mso-bidi-font-family: Verdana; mso-bidi-font-size: 11.0pt; mso-bidi-language: AR-SA; mso-fareast-font-family: Verdana; mso-fareast-language: EN-US; mso-font-kerning: 0pt; mso-ligatures: none;"><br clear="all" style="break-before: page; mso-break-type: section-break; page-break-before: always;" />
</span>
<div class="WordSection15">
<p class="MsoBodyText" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 5.4pt; margin: 5.4pt 6.35pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">otherwise than those of clerical
nature, shall be scored out<span style="letter-spacing: 0.05pt;"> </span>under<span style="letter-spacing: 0.05pt;"> </span>attestation<span style="letter-spacing: 3.5pt;"> </span>and<span style="letter-spacing: 3.5pt;"> </span>thereafter,<span style="letter-spacing: 3.5pt;"> </span>the<span style="letter-spacing: 3.55pt;"> </span>correct<span style="letter-spacing: 3.5pt;"> </span>entry<span style="letter-spacing: 3.5pt;"> </span>shall<span style="letter-spacing: 0.05pt;"> </span>be<span style="letter-spacing: 1.95pt;"> </span>recorded<span style="letter-spacing: 1.95pt;"> </span>and<span style="letter-spacing: 1.95pt;"> </span>where<span style="letter-spacing: 2pt;"> </span>the<span style="letter-spacing: 1.95pt;"> </span>registers<span style="letter-spacing: 1.95pt;"> </span>and<span style="letter-spacing: 1.95pt;"> </span>other<span style="letter-spacing: 2pt;"> </span>documents<span style="letter-spacing: -3.4pt;">
</span>are maintained electronically, a log of every entry edited or<span style="letter-spacing: 0.05pt;"> </span>deleted<span style="letter-spacing: -0.05pt;">
</span>shall be maintained.</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 4.15pt; margin: 4.15pt 6.45pt 0cm 5.65pt; mso-list: l19 level3 lfo58; tab-stops: 38.2pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%;"><span style="mso-list: Ignore;">3.8.4.<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Production</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.05pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">of</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">accounts</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.05pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"> </span><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">maintained<span style="letter-spacing: -1pt;"> </span>under<span style="letter-spacing: -1.05pt;"> </span>any<span style="letter-spacing: -1pt;"> </span>law<span style="letter-spacing: -1pt;"> </span>to<span style="letter-spacing: -1.05pt;"> </span>GST<span style="letter-spacing: -3.4pt;"> </span>authorities: As per Sub-rule 18 of Rule
56, every registered<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">person</span><span style="letter-spacing: -0.8pt;"> </span><span style="letter-spacing: -0.05pt;">shall,</span><span style="letter-spacing: -0.8pt;"> </span><span style="letter-spacing: -0.05pt;">on</span><span style="letter-spacing: -0.8pt;"> </span><span style="letter-spacing: -0.05pt;">demand,</span><span style="letter-spacing: -0.8pt;">
</span><span style="letter-spacing: -0.05pt;">produce</span><span style="letter-spacing: -0.8pt;"> </span>the<span style="letter-spacing: -0.8pt;"> </span>books<span style="letter-spacing: -0.8pt;"> </span>of<span style="letter-spacing: -0.8pt;"> </span>accounts<span style="letter-spacing: -0.8pt;"> </span>which<span style="letter-spacing: -3.4pt;"> </span>he<span style="letter-spacing: -0.2pt;"> </span>is<span style="letter-spacing: -0.15pt;"> </span>required<span style="letter-spacing: -0.15pt;"> </span>to<span style="letter-spacing: -0.15pt;"> </span>maintain<span style="letter-spacing: -0.2pt;"> </span>under<span style="letter-spacing: -0.15pt;"> </span>any<span style="letter-spacing: -0.15pt;"> </span>law<span style="letter-spacing: -0.15pt;"> </span>for<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>time<span style="letter-spacing: -0.15pt;"> </span>being<span style="letter-spacing: -0.15pt;">
</span>in<span style="letter-spacing: -3.4pt;"> </span>force.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 4.1pt; margin: 4.1pt 6.35pt 0cm 5.65pt; mso-list: l10 level2 lfo47; tab-stops: 25.6pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%;"><span style="mso-list: Ignore;">3.9<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Retention of accounts and records under GST: Section 36<span style="letter-spacing: -3.4pt;"> </span>of the CGST Act provides for the
retention of accounts and<span style="letter-spacing: 0.05pt;"> </span>records.<span style="letter-spacing: -0.4pt;"> </span>As<span style="letter-spacing: -0.3pt;"> </span>per<span style="letter-spacing: -0.35pt;"> </span>said<span style="letter-spacing: -0.3pt;"> </span>Section,<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.35pt;"> </span>registered<span style="letter-spacing: -0.35pt;"> </span>person<span style="letter-spacing: -0.35pt;">
</span>is<span style="letter-spacing: -0.35pt;"> </span>required<span style="letter-spacing: -3.4pt;"> </span>to<span style="letter-spacing: 1.8pt;"> </span>keep<span style="letter-spacing: 1.85pt;"> </span>and<span style="letter-spacing: 1.85pt;"> </span>maintain<span style="letter-spacing: 1.85pt;"> </span>books<span style="letter-spacing: 1.8pt;"> </span>of<span style="letter-spacing: 1.85pt;"> </span>accounts<span style="letter-spacing: 1.85pt;">
</span>and<span style="letter-spacing: 1.85pt;"> </span>other<span style="letter-spacing: 1.8pt;"> </span>records<span style="letter-spacing: -3.4pt;">
</span>as stated under Section 35 and are required to be retained<span style="letter-spacing: 0.05pt;"> </span>until the expiry of 72 months from the due
date of furnishing<span style="letter-spacing: -3.4pt;"> </span>of the annual
return for the year pertaining to such accounts<span style="letter-spacing: 0.05pt;"> </span>and records. The retention period would also apply to all<span style="letter-spacing: 0.05pt;"> </span>invoices, bills of supply, credit and
debit notes, and delivery<span style="letter-spacing: 0.05pt;"> </span>challans
relating to stocks, deliveries, inward supply, and<span style="letter-spacing: 0.05pt;"> </span>outward supply. In the case where records are maintained<span style="letter-spacing: 0.05pt;"> </span>manually, such records should be kept at
every related place<span style="letter-spacing: -3.4pt;"> </span><span style="letter-spacing: -0.05pt;">of</span><span style="letter-spacing: -0.9pt;"> </span><span style="letter-spacing: -0.05pt;">business</span><span style="letter-spacing: -0.9pt;">
</span><span style="letter-spacing: -0.05pt;">mentioned</span><span style="letter-spacing: -0.9pt;"> </span>in<span style="letter-spacing: -0.9pt;"> </span>the<span style="letter-spacing: -0.9pt;"> </span>registration<span style="letter-spacing: -0.9pt;"> </span>certificate<span style="letter-spacing: -0.9pt;"> </span>and<span style="letter-spacing: -0.9pt;"> </span>should<span style="letter-spacing: -3.4pt;">
</span>be accessible at every related place of business where such<span style="letter-spacing: 0.05pt;"> </span>accounts<span style="letter-spacing: -0.05pt;">
</span>and documents<span style="letter-spacing: -0.05pt;"> </span>are maintained
digitally.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 3.9pt; margin: 3.9pt 6.4pt 0cm 5.65pt; mso-list: l10 level2 lfo47; tab-stops: 33.0pt; text-indent: 0cm;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%;"><span style="mso-list: Ignore;">3.10<span style="font: 7pt "Times New Roman";"> </span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Additional period of retention: Proviso to Section 36 of<span style="letter-spacing: 0.05pt;"> </span><span style="letter-spacing: -0.05pt;">CGST</span><span style="letter-spacing: -0.95pt;"> </span><span style="letter-spacing: -0.05pt;">Act</span><span style="letter-spacing: -0.95pt;"> </span><span style="letter-spacing: -0.05pt;">provides</span><span style="letter-spacing: -0.9pt;"> </span><span style="letter-spacing: -0.05pt;">for</span><span style="letter-spacing: -0.95pt;"> </span>additional<span style="letter-spacing: -0.9pt;"> </span>period<span style="letter-spacing: -0.9pt;"> </span>retention<span style="letter-spacing: -0.95pt;"> </span>under<span style="letter-spacing: -0.95pt;">
</span>certain<span style="letter-spacing: -3.4pt;"> </span>circumstances as
under-</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.45pt; margin-top: 4.2pt; margin: 4.2pt 6.45pt 0cm 28.3pt; mso-list: l28 level1 lfo46; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%;"><span style="mso-list: Ignore;">(a)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Where the registered
person is a party to an appeal,<span style="letter-spacing: 0.05pt;"> </span>revision,
or any other proceedings before the Appellate<span style="letter-spacing: 0.05pt;">
</span>Authority/<span style="letter-spacing: -0.6pt;"> </span>Revisional<span style="letter-spacing: -0.55pt;"> </span>Authority/<span style="letter-spacing: -0.55pt;"> </span>Appellate<span style="letter-spacing: -0.55pt;"> </span>Tribunal/<span style="letter-spacing: -0.55pt;"> </span>Court<span style="letter-spacing: -3.4pt;">
</span>(whether<span style="letter-spacing: -0.05pt;"> </span>filed<span style="letter-spacing: -0.05pt;"> </span>by<span style="letter-spacing: -0.05pt;"> </span>him<span style="letter-spacing: -0.05pt;"> </span>or<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>Commissioner)</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.6pt; margin-top: 4.15pt; margin: 4.15pt 6.6pt 0cm 28.3pt; mso-list: l28 level1 lfo46; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%;"><span style="mso-list: Ignore;">(b)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">Where<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.25pt;"> </span>registered<span style="letter-spacing: -0.3pt;"> </span>person<span style="letter-spacing: -0.25pt;">
</span>is<span style="letter-spacing: -0.25pt;"> </span>under<span style="letter-spacing: -0.3pt;"> </span>investigation<span style="letter-spacing: -0.25pt;"> </span>for<span style="letter-spacing: -0.3pt;"> </span>an<span style="letter-spacing: -3.35pt;"> </span>offence<span style="letter-spacing: -0.05pt;">
</span>under Chapter<span style="letter-spacing: -0.05pt;"> </span>XIX of<span style="letter-spacing: -0.05pt;"> </span>the CGST<span style="letter-spacing: -0.05pt;">
</span>Act.</span><span lang="EN-US" style="font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 93%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 4.2pt; margin: 4.2pt 6.45pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">In<span style="letter-spacing: 3.2pt;">
</span>the<span style="letter-spacing: 3.2pt;"> </span>above<span style="letter-spacing: 3.25pt;"> </span>cases,<span style="letter-spacing: 3.2pt;">
</span>the<span style="letter-spacing: 3.2pt;"> </span>registered<span style="letter-spacing: 3.25pt;"> </span>person<span style="letter-spacing: 3.2pt;">
</span>is<span style="letter-spacing: 3.25pt;"> </span>required<span style="letter-spacing: 3.25pt;"> </span>to <span style="letter-spacing: -3.4pt;"> </span>retain<span style="letter-spacing: 2.45pt;"> </span>the<span style="letter-spacing: 2.4pt;"> </span>books<span style="letter-spacing: 2.45pt;"> </span>of<span style="letter-spacing: 2.45pt;"> </span>accounts<span style="letter-spacing: 2.5pt;"> </span>and<span style="letter-spacing: 2.45pt;"> </span>other<span style="letter-spacing: 2.45pt;"> </span>records<span style="letter-spacing: 2.45pt;">
</span>pertaining<span style="letter-spacing: -3.35pt;"> </span>to the subject
matter of such appeal/ revision/ proceedings/<span style="letter-spacing: 0.05pt;">
</span>investigation<span style="letter-spacing: -0.1pt;"> </span>for:</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 11.8pt; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 0cm; margin-top: 3.55pt; margin: 3.55pt 0cm 0cm 28.3pt; mso-line-height-rule: exactly; mso-list: l50 level1 lfo45; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt;"><span style="mso-list: Ignore;">(a)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">1<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.35pt;"><span style="mso-spacerun: yes;"> </span></span>year<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.4pt;"><span style="mso-spacerun: yes;"> </span></span>after<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.4pt;"><span style="mso-spacerun: yes;"> </span></span>the<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.4pt;"><span style="mso-spacerun: yes;"> </span></span>final<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.4pt;"><span style="mso-spacerun: yes;"> </span></span>disposal<span style="mso-spacerun: yes;"> </span><span style="letter-spacing: 0.45pt;"><span style="mso-spacerun: yes;"> </span></span>of<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.4pt;"><span style="mso-spacerun: yes;"> </span></span>such<span style="mso-spacerun: yes;">
</span><span style="letter-spacing: 0.4pt;"><span style="mso-spacerun: yes;"> </span></span>appeal,</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 11.8pt; margin-left: 28.3pt; mso-line-height-rule: exactly; text-align: justify;"><span lang="EN-US" style="color: #231f20;">revision,<span style="letter-spacing: -0.05pt;"> </span>etc., or</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoListParagraph" style="line-height: 93%; margin-bottom: 0cm; margin-left: 28.3pt; margin-right: 6.4pt; margin-top: 4.1pt; margin: 4.1pt 6.4pt 0cm 28.3pt; mso-list: l50 level1 lfo45; tab-stops: 1.0cm; text-indent: -22.7pt;"><!--[if !supportLists]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 93%;"><span style="mso-list: Ignore;">(b)<span style="font: 7pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 93%; mso-bidi-font-size: 11.0pt;">72 months from the due
date of furnishing the annual<span style="letter-spacing: 0.05pt;"> </span>return </span><span style="color: #231f20; text-align: justify;">Whichever</span><span style="color: #231f20; letter-spacing: -0.15pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">is</span><span style="color: #231f20; letter-spacing: -0.15pt; text-align: justify;"> </span><span style="color: #231f20; text-align: justify;">later.</span></p>
</div>
<div class="WordSection16"><p class="MsoBodyText" style="margin-left: 156.15pt;"><br /></p>
<h2><span lang="EN-US" style="background: rgb(230, 231, 232); color: #231f20;"><span style="mso-spacerun: yes;"> </span><span style="letter-spacing: -2.5pt;"><span style="mso-spacerun: yes;"> </span></span>A<span style="letter-spacing: -0.3pt;"> </span>STEP-BY-STEP<span style="letter-spacing: -0.25pt;"> </span>WALKTHROUGH<span style="letter-spacing: -0.3pt;"> </span>OF<span style="letter-spacing: -0.2pt;"> </span>GSTR-9<span style="letter-spacing: 1.85pt;"> </span></span><span lang="EN-US"><o:p></o:p></span></h2>
<p class="MsoBodyText" style="margin-top: 0.15pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 15pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></b><b style="text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%;">4.1.<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 7pt; font-stretch: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; font-weight: normal; line-height: normal;"> </span></span></b><b style="text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Introduction:</span></b><b style="text-indent: 0cm;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.8pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">
</span></b><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -0.05pt; line-height: 98%; text-indent: 0cm;">CBIC,</span><span lang="EN-US" style="color: #231f20; font-size: 10pt; letter-spacing: -1.9pt; line-height: 98%; text-indent: 0cm;"> </span><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; text-indent: 0cm;">vide<span style="letter-spacing: -1.9pt;"> </span>Notification<span style="letter-spacing: -1.9pt;"> </span>No<span style="letter-spacing: -1.9pt;"> </span>39/2018-Central<span style="letter-spacing: -3.4pt;"> </span>Tax<span style="letter-spacing: 0.05pt;"> </span>dated<span style="letter-spacing: 0.05pt;"> </span>4-9-2018,<span style="letter-spacing: 0.05pt;">
</span>has<span style="letter-spacing: 0.05pt;"> </span>notified<span style="letter-spacing: 0.05pt;"> </span>FORM<span style="letter-spacing: 0.05pt;"> </span>GSTR-9<span style="letter-spacing: 3.5pt;"> </span>under<span style="letter-spacing: 0.05pt;"> </span>Section<span style="letter-spacing: 3.4pt;"> </span>44<span style="letter-spacing: 3.4pt;"> </span>of<span style="letter-spacing: 3.4pt;"> </span>CGST<span style="letter-spacing: 3.4pt;"> </span>Act<span style="letter-spacing: 3.4pt;"> </span>for<span style="letter-spacing: 3.4pt;"> </span>filing<span style="letter-spacing: 3.4pt;"> </span>Annual<span style="letter-spacing: 3.4pt;"> </span>Return.<span style="letter-spacing: 3.35pt;"> </span>It<span style="letter-spacing: 3.45pt;"> </span>was<span style="letter-spacing: -3.4pt;"> </span>further substituted by vide Notification
No 74/2018-Central<span style="letter-spacing: 0.05pt;"> </span>Tax dated
31-12-2018. The FORM comprises six parts and<span style="letter-spacing: 0.05pt;">
</span>nineteen tables. The information required to be reported in<span style="letter-spacing: 0.05pt;"> </span>each<span style="letter-spacing: -0.85pt;"> </span>table<span style="letter-spacing: -0.85pt;"> </span>of<span style="letter-spacing: -0.85pt;"> </span>GSTR-9<span style="letter-spacing: -0.85pt;"> </span>has<span style="letter-spacing: -0.8pt;"> </span>been<span style="letter-spacing: -0.85pt;"> </span>discussed<span style="letter-spacing: -0.85pt;"> </span>in<span style="letter-spacing: -0.85pt;"> </span>subsequent<span style="letter-spacing: -0.85pt;"> </span>paras.<span style="letter-spacing: -3.4pt;">
</span>The due date for filing GSTR-9 is 31st December, following<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>end<span style="letter-spacing: -0.1pt;"> </span>of<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.15pt;"> </span>financial<span style="letter-spacing: -0.15pt;"> </span>year.<span style="letter-spacing: -0.15pt;"> </span>Annual<span style="letter-spacing: -0.15pt;"> </span>return<span style="letter-spacing: -0.15pt;">
</span>is<span style="letter-spacing: -0.15pt;"> </span>compiled<span style="letter-spacing: -0.15pt;"> </span>based<span style="letter-spacing: -3.4pt;">
</span>on<span style="letter-spacing: 0.3pt;"> </span>the<span style="letter-spacing: 0.3pt;"> </span>information<span style="letter-spacing: 0.3pt;"> </span>furnished<span style="letter-spacing: 0.3pt;"> </span>in<span style="letter-spacing: 0.3pt;"> </span>periodical<span style="letter-spacing: 0.3pt;"> </span>returns,<span style="letter-spacing: 0.35pt;">
</span>i.e.<span style="letter-spacing: 0.3pt;"> </span>GSTR-</span></p>
<p class="MsoBodyText" style="line-height: 98%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 0cm; margin: 0cm 6.35pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">1<span style="letter-spacing: 2.1pt;">
</span>&<span style="letter-spacing: 2.15pt;"> </span>GSTR-3B,<span style="letter-spacing: 2.1pt;"> </span>along<span style="letter-spacing: 2.15pt;"> </span>with<span style="letter-spacing: 2.1pt;"> </span>the<span style="letter-spacing: 2.15pt;"> </span>information<span style="letter-spacing: 2.1pt;"> </span>maintained<span style="letter-spacing: 2.15pt;"> </span>as<span style="letter-spacing: 2.1pt;"> </span>a<span style="letter-spacing: -3.4pt;"> </span>part of the accounts and other records as
maintained under<span style="letter-spacing: 0.05pt;"> </span>Section 35 of CGST
Act read with Rule 56 of the CGST Rules.<span style="letter-spacing: -3.4pt;"> </span>However,<span style="letter-spacing: -0.5pt;"> </span>the<span style="letter-spacing: -0.45pt;"> </span>tables<span style="letter-spacing: -0.45pt;"> </span>of<span style="letter-spacing: -0.45pt;"> </span>GSTR-1<span style="letter-spacing: -0.45pt;"> </span>&<span style="letter-spacing: -0.4pt;"> </span>3B<span style="letter-spacing: -0.4pt;"> </span>are<span style="letter-spacing: -0.45pt;"> </span>not<span style="letter-spacing: -0.45pt;"> </span>in<span style="letter-spacing: -0.45pt;"> </span>alignment<span style="letter-spacing: -0.4pt;"> </span>with<span style="letter-spacing: -3.4pt;"> </span>the<span style="letter-spacing: -0.4pt;"> </span>requirements<span style="letter-spacing: -0.35pt;"> </span>of<span style="letter-spacing: -0.35pt;"> </span>GSTR-9.<span style="letter-spacing: -0.4pt;"> </span>Therefore,<span style="letter-spacing: -0.35pt;"> </span>one<span style="letter-spacing: -0.35pt;"> </span>has<span style="letter-spacing: -0.4pt;"> </span>to<span style="letter-spacing: -0.35pt;"> </span>take<span style="letter-spacing: -0.35pt;"> </span>extra<span style="letter-spacing: -3.4pt;">
</span><span style="letter-spacing: -0.05pt;">precautions</span><span style="letter-spacing: -0.95pt;"> </span><span style="letter-spacing: -0.05pt;">while</span><span style="letter-spacing: -0.9pt;"> </span><span style="letter-spacing: -0.05pt;">reporting</span><span style="letter-spacing: -0.95pt;"> </span>the<span style="letter-spacing: -0.9pt;"> </span>figures<span style="letter-spacing: -0.95pt;"> </span>in<span style="letter-spacing: -0.9pt;"> </span>annual<span style="letter-spacing: -0.95pt;"> </span>returns<span style="letter-spacing: -0.9pt;">
</span>as<span style="letter-spacing: -0.95pt;"> </span>the<span style="letter-spacing: -3.4pt;"> </span>facility to revise the annual return is not available.
Therefore,<span style="letter-spacing: -3.4pt;"> </span>the reporting of
information in the Annual Return would be<span style="letter-spacing: 0.05pt;"> </span>based<span style="letter-spacing: 0.05pt;"> </span>on<span style="letter-spacing: 0.05pt;"> </span>GSTR-1,<span style="letter-spacing: 0.05pt;"> </span>GSTR-3B,<span style="letter-spacing: 0.05pt;">
</span>and<span style="letter-spacing: 0.05pt;"> </span>the<span style="letter-spacing: 0.05pt;"> </span>details<span style="letter-spacing: 0.05pt;"> </span>available<span style="letter-spacing: 0.05pt;"> </span>in<span style="letter-spacing: -3.4pt;"> </span>accounts
and records. As discussed earlier, GSTR-9 consists<span style="letter-spacing: 0.05pt;"> </span>of<span style="letter-spacing: -0.05pt;"> </span>six<span style="letter-spacing: -0.05pt;"> </span>parts and<span style="letter-spacing: -0.05pt;"> </span>nineteen tables,<span style="letter-spacing: -0.05pt;"> </span>as
listed<span style="letter-spacing: -0.1pt;"> </span>below-</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoBodyText" style="margin-top: 0.45pt;"><span lang="EN-US"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 28.1pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 28.1pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 9.05pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 9.05pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Sl.</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 6.65pt; margin-right: 0cm; margin-top: .8pt; margin: 0.8pt 0cm 0cm 6.65pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">No.</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 28.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p class="TableParagraph" style="line-height: 13pt; margin-bottom: 0cm; margin-left: 10.35pt; margin-right: 6.6pt; margin-top: .5pt; margin: 0.5pt 6.6pt 0cm 10.35pt; text-indent: -2.3pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Part<span style="letter-spacing: -3.3pt;"> </span>No.</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 28.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 33.6pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 33.6pt;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Description</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 28.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 1.9pt; margin-right: 1.5pt; margin-top: 1.35pt; margin: 1.35pt 1.5pt 0cm 1.9pt; text-align: center;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Relevant<span style="letter-spacing: -0.25pt;"> </span>Tables</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></b></p>
</td>
</tr>
<tr style="height: 15.1pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 15.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.95pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 12.95pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">1</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 15.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .5pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 0.5pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">I</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 15.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.8pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 2.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Basic
details</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 15.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.0pt; margin-right: 1.5pt; margin-top: 1.35pt; margin: 1.35pt 1.5pt 0cm 2pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">1,<span style="letter-spacing: -0.05pt;"> </span>2, 3A to 3B</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 41.1pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.95pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 12.95pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">2</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.5pt; margin-right: 12.0pt; margin-top: 1.35pt; margin: 1.35pt 12pt 0cm 12.5pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">II</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="line-height: 13pt; margin-bottom: 0cm; margin-left: 2.8pt; margin-right: 3.0pt; margin-top: .5pt; margin: 0.5pt 3pt 0cm 2.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Details
of outward and<span style="letter-spacing: 0.05pt;"> </span>inward supplies
declared<span style="letter-spacing: -3.45pt;"> </span>during<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.1pt;"> </span>financial<span style="letter-spacing: -0.1pt;"> </span>year</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.0pt; margin-right: 1.5pt; margin-top: 1.35pt; margin: 1.35pt 1.5pt 0cm 2pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">4A<span style="letter-spacing: -0.05pt;"> </span>to 4N, 5A<span style="letter-spacing: -0.05pt;"> </span>to 5N</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 41.1pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.9pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 12.9pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">3</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.5pt; margin-right: 12.0pt; margin-top: 1.35pt; margin: 1.35pt 12pt 0cm 12.5pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">III</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="line-height: 13pt; margin-bottom: 0cm; margin-left: 2.8pt; margin-right: 4.7pt; margin-top: .5pt; margin: 0.5pt 4.7pt 0cm 2.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Details
of ITC as<span style="letter-spacing: 0.05pt;"> </span>declared in returns filed<span style="letter-spacing: -3.4pt;"> </span>during<span style="letter-spacing: -0.15pt;">
</span>the<span style="letter-spacing: -0.1pt;"> </span>financial<span style="letter-spacing: -0.1pt;"> </span>year</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 2.0pt; margin-right: 1.5pt; margin-top: 1.35pt; margin: 1.35pt 1.5pt 0cm 2pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">6A<span style="letter-spacing: -0.05pt;"> </span>to 6-O, 7A<span style="letter-spacing: -0.05pt;"> </span>to 7J,</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 1.95pt; margin-right: 1.5pt; margin-top: .85pt; margin: 0.85pt 1.5pt 0cm 1.95pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">8A<span style="letter-spacing: -0.05pt;"> </span>to 8K</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 41.1pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.95pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 12.95pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">4</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.5pt; margin-right: 12.0pt; margin-top: 1.35pt; margin: 1.35pt 12pt 0cm 12.5pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">IV</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="line-height: 13pt; margin-bottom: 0cm; margin-left: 2.8pt; margin-right: 4.7pt; margin-top: .5pt; margin: 0.5pt 4.7pt 0cm 2.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Details
of tax paid as<span style="letter-spacing: 0.05pt;"> </span>declared in returns
filed<span style="letter-spacing: -3.4pt;"> </span>during<span style="letter-spacing: -0.15pt;"> </span>the<span style="letter-spacing: -0.1pt;"> </span>financial<span style="letter-spacing: -0.1pt;"> </span>year</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 41.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p align="center" class="TableParagraph" style="margin-bottom: 0cm; margin-left: .45pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 0.45pt; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">9</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
</div>
<p class="MsoBodyText" style="margin-bottom: .05pt; margin-left: 0cm; margin-right: 0cm; margin-top: .5pt; margin: 0.5pt 0cm 0.05pt;"><span lang="EN-US" style="font-size: 5.5pt; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 6.15pt; mso-border-alt: solid #231F20 .5pt; mso-border-insideh: .5pt solid #231F20; mso-border-insidev: .5pt solid #231F20; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
<tbody><tr style="height: 63.1pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid rgb(35, 31, 32); height: 63.1pt; mso-border-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.9pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 12.9pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">5</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 63.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 16.4pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 16.4pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">V</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 63.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 2.8pt; margin-right: 1.95pt; margin-top: 1.45pt; margin: 1.45pt 1.95pt 0cm 2.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Particulars of the<span style="letter-spacing: 0.05pt;"> </span>transactions
for the<span style="letter-spacing: 0.05pt;"> </span>financial<span style="letter-spacing: -0.3pt;"> </span>year<span style="letter-spacing: -0.3pt;"> </span>declared<span style="letter-spacing: -0.3pt;"> </span>in<span style="letter-spacing: -3.35pt;"> </span>returns
of next financial<span style="letter-spacing: 0.05pt;"> </span>year.</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid rgb(35, 31, 32); height: 63.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 32.15pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 32.15pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">10<span style="letter-spacing: -0.05pt;"> </span>to 14</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 51.1pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid rgb(35, 31, 32); height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 32.25pt;" valign="top" width="43">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 12.9pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 12.9pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">6</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 39.7pt;" valign="top" width="53">
<p class="TableParagraph" style="margin-bottom: 0cm; margin-left: 14.3pt; margin-right: 0cm; margin-top: 1.35pt; margin: 1.35pt 0cm 0cm 14.3pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">VI</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 131.35pt;" valign="top" width="175">
<p class="TableParagraph" style="line-height: 98%; margin-bottom: 0cm; margin-left: 2.8pt; margin-right: 13.05pt; margin-top: 1.45pt; margin: 1.45pt 13.05pt 0cm 2.8pt;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;">Other information like<span style="letter-spacing: 0.05pt;"> </span>pending
refund claim,<span style="letter-spacing: 0.05pt;"> </span>demand of taxes,
total<span style="letter-spacing: -3.4pt;"> </span>tax<span style="letter-spacing: -0.05pt;"> </span>paid etc.</span><span lang="EN-US" style="font-size: 10pt; line-height: 98%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(35, 31, 32); border-left: none; border-right: 1pt solid rgb(35, 31, 32); border-top: none; height: 51.1pt; mso-border-alt: solid #231F20 .5pt; mso-border-left-alt: solid #231F20 .5pt; mso-border-top-alt: solid #231F20 .5pt; padding: 0cm; width: 106.9pt;" valign="top" width="143">
<p align="center" class="TableParagraph" style="line-height: 12.1pt; margin-bottom: 0cm; margin-left: 2.0pt; margin-right: 1.5pt; margin-top: 1.35pt; margin: 1.35pt 1.5pt 0cm 2pt; mso-line-height-rule: exactly; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">15A<span style="letter-spacing: -0.05pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>15G,<span style="letter-spacing: -0.05pt;"> </span>16A to</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="center" class="TableParagraph" style="line-height: 12pt; margin-bottom: 0cm; margin-left: 2.0pt; margin-right: 1.5pt; margin-top: 0cm; margin: 0cm 1.5pt 0cm 2pt; mso-line-height-rule: exactly; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">16C,<span style="letter-spacing: -0.05pt;"> </span>17, 18,<span style="letter-spacing: -0.05pt;"> </span>19A to</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
<p align="center" class="TableParagraph" style="line-height: 12.1pt; margin-bottom: 0cm; margin-left: 1.95pt; margin-right: 1.5pt; margin-top: 0cm; margin: 0cm 1.5pt 0cm 1.95pt; mso-line-height-rule: exactly; text-align: center;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">19B</span><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoBodyText" style="margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.4pt; margin-top: 3.6pt; margin: 3.6pt 6.4pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">The GSTN portal allows users to obtain a
system-computed<span style="letter-spacing: 0.05pt;"> </span>consolidated summary
of GSTR-9, GSTR-1, and GSTR-3B.<span style="letter-spacing: 0.05pt;"> </span>This
summary is based on the monthly returns filed by the<span style="letter-spacing: 0.05pt;"> </span>registered person and includes details such as the taxable<span style="letter-spacing: 0.05pt;"> </span>value, liabilities paid through ITC and
cash, ITC claims, and<span style="letter-spacing: 0.05pt;"> </span>reverse<span style="letter-spacing: -0.6pt;"> </span>charge.<span style="letter-spacing: -0.6pt;">
</span>GSTR-9<span style="letter-spacing: -0.6pt;"> </span>is<span style="letter-spacing: -0.6pt;"> </span>auto-populated<span style="letter-spacing: -0.6pt;"> </span>based<span style="letter-spacing: -0.6pt;"> </span>on<span style="letter-spacing: -0.6pt;"> </span>GSTR-1<span style="letter-spacing: -0.6pt;"> </span>&<span style="letter-spacing: -3.4pt;"> </span>3B, with an option to edit the
auto-populated data. However,<span style="letter-spacing: -3.4pt;"> </span><span style="letter-spacing: -0.05pt;">there</span><span style="letter-spacing: -1.05pt;">
</span><span style="letter-spacing: -0.05pt;">are</span><span style="letter-spacing: -1pt;"> </span><span style="letter-spacing: -0.05pt;">certain</span><span style="letter-spacing: -1.05pt;"> </span>exceptions.<span style="letter-spacing: -1pt;"> </span>A<span style="letter-spacing: -1.05pt;"> </span>registered<span style="letter-spacing: -1pt;"> </span>person<span style="letter-spacing: -1.05pt;">
</span>is<span style="letter-spacing: -1pt;"> </span>not<span style="letter-spacing: -1.05pt;"> </span>allowed<span style="letter-spacing: -3.4pt;"> </span>to<span style="letter-spacing: -0.05pt;"> </span>change the<span style="letter-spacing: -0.05pt;"> </span>details of the<span style="letter-spacing: -0.05pt;"> </span>following
tables-</span><span lang="EN-US"><o:p></o:p></span></p>
<h5 style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.45pt; margin-top: 9.15pt; margin: 9.15pt 6.45pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Table<span style="letter-spacing: -0.85pt;"> </span>6A<span style="letter-spacing: -0.85pt;"> </span>-<span style="letter-spacing: -0.85pt;"> </span>The<span style="letter-spacing: -0.8pt;"> </span>total<span style="letter-spacing: -0.85pt;"> </span>amount<span style="letter-spacing: -0.85pt;"> </span>of<span style="letter-spacing: -0.8pt;"> </span>ITC<span style="letter-spacing: -0.85pt;"> </span>availed<span style="letter-spacing: -0.85pt;">
</span>through<span style="letter-spacing: -0.8pt;"> </span>Form<span style="letter-spacing: -3.3pt;"> </span>GSTR-3B.</span><span lang="EN-US"><o:p></o:p></span></h5>
<p class="MsoNormal" style="margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 0cm; margin-top: 8.45pt; margin: 8.45pt 0cm 0cm 5.65pt; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; mso-bidi-font-size: 11.0pt;">Table<span style="letter-spacing: 0.05pt;"> </span>8A<span style="letter-spacing: 0.1pt;"> </span>-<span style="letter-spacing: 0.1pt;"> </span>ITC<span style="letter-spacing: 0.1pt;"> </span>as<span style="letter-spacing: 0.1pt;"> </span>per<span style="letter-spacing: 0.1pt;"> </span>Form<span style="letter-spacing: 0.1pt;"> </span>GSTR-2A<span style="letter-spacing: 0.1pt;"> </span>(specifically<span style="letter-spacing: 0.1pt;"> </span>Table </span></i></b><span style="color: #231f20;">3 &</span><span style="color: #231f20; letter-spacing: -0.05pt;"> </span><span style="color: #231f20;">5
thereof).</span></p>
<p class="MsoNormal" style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.55pt; margin-top: 9.35pt; margin: 9.35pt 6.55pt 0cm 5.65pt; text-align: justify;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: #231f20; font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;">Table<span style="letter-spacing: -0.35pt;"> </span>9<span style="letter-spacing: -0.35pt;"> </span>-<span style="letter-spacing: -0.3pt;"> </span>Details<span style="letter-spacing: -0.35pt;"> </span>of<span style="letter-spacing: -0.25pt;"> </span>tax<span style="letter-spacing: -0.35pt;"> </span>payments<span style="letter-spacing: -0.3pt;">
</span>as<span style="letter-spacing: -0.35pt;"> </span>declared<span style="letter-spacing: -0.35pt;"> </span>in<span style="letter-spacing: -0.3pt;"> </span>returns<span style="letter-spacing: -3.3pt;"> </span>filed<span style="letter-spacing: -0.05pt;">
</span>during<span style="letter-spacing: -0.05pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>financial year.</span></i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 10pt; line-height: 106%; mso-bidi-font-size: 11.0pt;"><o:p></o:p></span></i></b></p>
<p class="MsoBodyText" style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.35pt; margin-top: 8.5pt; margin: 8.5pt 6.35pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">Editing system computed figures
enables a registered person<span style="letter-spacing: -3.4pt;"> </span>to
report the correct figures of liability in GSTR-9 which is<span style="letter-spacing: 0.05pt;"> </span>matching<span style="letter-spacing: -0.2pt;">
</span>with<span style="letter-spacing: -0.2pt;"> </span>the<span style="letter-spacing: -0.2pt;"> </span>accounts<span style="letter-spacing: -0.15pt;">
</span>and<span style="letter-spacing: -0.2pt;"> </span>other<span style="letter-spacing: -0.2pt;"> </span>records.<span style="letter-spacing: -0.2pt;">
</span>The<span style="letter-spacing: -0.15pt;"> </span>registered<span style="letter-spacing: -3.4pt;"> </span>person<span style="letter-spacing: 1.9pt;">
</span>can<span style="letter-spacing: 1.9pt;"> </span>report<span style="letter-spacing: 1.9pt;"> </span>additional<span style="letter-spacing: 1.95pt;"> </span>liability<span style="letter-spacing: 1.95pt;"> </span>that<span style="letter-spacing: 1.9pt;"> </span>was<span style="letter-spacing: 1.9pt;"> </span>not<span style="letter-spacing: 2pt;"> </span>reported<span style="letter-spacing: -3.4pt;">
</span>in GSTR-1 or GSTR-3B and pay such liability through FORM<span style="letter-spacing: 0.05pt;"> </span>DRC-03. However, a registered person is
not allowed to avail<span style="letter-spacing: -3.4pt;"> </span>of<span style="letter-spacing: -0.7pt;"> </span>additional<span style="letter-spacing: -0.7pt;"> </span>ITC<span style="letter-spacing: -0.7pt;"> </span>through<span style="letter-spacing: -0.7pt;"> </span>GSTR-9.<span style="letter-spacing: -0.7pt;">
</span>It<span style="letter-spacing: -0.7pt;"> </span>is<span style="letter-spacing: -0.7pt;"> </span>worth<span style="letter-spacing: -0.7pt;"> </span>noting<span style="letter-spacing: -0.7pt;"> </span>that<span style="letter-spacing: -0.7pt;"> </span>auto-<span style="letter-spacing: -3.35pt;"> </span>populated<span style="letter-spacing: 2.9pt;"> </span>data<span style="letter-spacing: 2.9pt;"> </span>or<span style="letter-spacing: 2.9pt;"> </span>consolidated<span style="letter-spacing: 2.9pt;"> </span>yearly<span style="letter-spacing: 2.9pt;"> </span>summary<span style="letter-spacing: 2.85pt;"> </span>of<span style="letter-spacing: 2.9pt;"> </span>GSTR-</span><span lang="EN-US"><o:p></o:p></span></p>
<p class="MsoBodyText" style="line-height: 106%; margin-bottom: 0cm; margin-left: 5.65pt; margin-right: 6.5pt; margin-top: 0cm; margin: 0cm 6.5pt 0cm 5.65pt; text-align: justify;"><span lang="EN-US" style="color: #231f20;">1<span style="letter-spacing: 1.6pt;">
</span>&<span style="letter-spacing: 1.65pt;"> </span>3B<span style="letter-spacing: 1.65pt;"> </span>is<span style="letter-spacing: 1.65pt;"> </span>only<span style="letter-spacing: 1.7pt;"> </span>for<span style="letter-spacing: 1.6pt;"> </span>reference<span style="letter-spacing: 1.65pt;"> </span>purposes.<span style="letter-spacing: 1.65pt;"> </span>A<span style="letter-spacing: 1.65pt;"> </span>registered<span style="letter-spacing: 1.65pt;"> </span>person<span style="letter-spacing: -3.4pt;">
</span>is required to furnish the details in GSTR-9 based on actual<span style="letter-spacing: 0.05pt;"> </span>supplies<span style="letter-spacing: -0.45pt;">
</span>made<span style="letter-spacing: -0.4pt;"> </span>during<span style="letter-spacing: -0.45pt;"> </span>the<span style="letter-spacing: -0.4pt;"> </span>year<span style="letter-spacing: -0.45pt;"> </span>and<span style="letter-spacing: -0.4pt;"> </span>based<span style="letter-spacing: -0.45pt;"> </span>on<span style="letter-spacing: -0.4pt;"> </span>the<span style="letter-spacing: -0.45pt;"> </span>accounts<span style="letter-spacing: -0.4pt;">
</span>and<span style="letter-spacing: -3.4pt;"> </span>other<span style="letter-spacing: -0.1pt;"> </span>records<span style="letter-spacing: -0.05pt;">
</span>maintained<span style="letter-spacing: -0.1pt;"> </span>under<span style="letter-spacing: -0.05pt;"> </span>Section<span style="letter-spacing: -0.05pt;">
</span>35<span style="letter-spacing: -0.05pt;"> </span>of<span style="letter-spacing: -0.1pt;"> </span>the<span style="letter-spacing: -0.05pt;"> </span>CGST<span style="letter-spacing: -0.05pt;"> </span>Act.</span><span lang="EN-US"><o:p></o:p></span></p>charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-63631715107192674852022-11-26T05:29:00.005-08:002023-12-31T08:53:17.344-08:00Social Stock Exchange - Framework for listing by SEBI for NGOs engaged in CSR<p> <span style="background-color: white; color: #333333; font-family: Barlow; font-size: 15pt;">Social Stock Exchange is a new potential funding mechanism for non-profit organisations in India. Many NPOs face trust deficits which prevent them from doing many social
activities. SSE was introduced to reduce this problem so that NPOs face fewer
challenges to operate. SSE is formed with the intent to give social enterprises
an additional avenue to raise money. This novel concept was built with the sole
purpose of serving the private and non-profit sectors by routing greater
capital to them. Let’s get into more details to understand what SSE is and
how the new framework can help a lot of NGOs to continue with their good deeds.</span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">On Sept 19, 2022, SEBI proposed a new framework for
the Social Stock Exchange (SSE). This new framework would allow the listing of
non-profit organisations (NPO). <o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 33.75pt; margin-bottom: 11.25pt; margin-left: 0cm; margin-right: 0cm; margin-top: 11.25pt; mso-outline-level: 2;"><b><span style="color: #333333; font-family: Barlow; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">What is Social Stock Exchange?<o:p></o:p></span></b></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Social Stock Exchange was first proposed by Finance
Minister Nirmala Sitharaman as a part of the budget speech for FY
2019-2020. This was initiated with the aim to list social enterprises and
voluntary organisations. <o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The exact speech was<i> “It is time to take
our capital markets closer to the masses and meet various social welfare
objectives related to inclusive growth and financial inclusion. I propose to
initiate steps towards creating an electronic fundraising platform- a social
stock exchange-under the regulatory ambit of Securities and Exchange Board of
India for listing social enterprises and voluntary organizations working for
the realization of a social welfare objective so that they can raise capital as
equity, debt or as units like a mutual fund</i>.” <o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">To list, SEBI further added, “<i>SSE under the
guidance of SSE Governing Council (SGC) shall mandate the structure of the
draft fundraising document/ final fundraising document. SSE shall host such
requirements on its website.</i>“<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">SSE is formed with the intent to give social
enterprises an additional avenue to raise money. This novel concept was built
with the sole purpose of serving the private and non-profit sectors by
routing greater capital to them.<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The information that is mandated for SSE to collect
is the NPO’s vision, strategy, details of key management personnel,
financial statements for the last three years, and the risks that the NPO sees
to its work.<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">“T<i>he SSEs will aim at unlocking large pools of
social capital, and encourage blended finance structures so that conventional
capital can partner with social capital to address the urgent challenges of
COVID-19</i>” SEBI stated.<o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 24.0pt; margin-bottom: 11.25pt;"><span style="color: #333333; font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In 2019, a working group was created under the
chairmanship of Shri Ishaat Hussain (Ex-Director, Tata Sons). This working
group consisted of representatives from social welfare, social impact
investing, representatives from the Ministry of Finance, the stock exchanges
and NGOs. <o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: 33.75pt; margin-bottom: 11.25pt; margin-left: 0cm; margin-right: 0cm; margin-top: 11.25pt; mso-outline-level: 2;"><b><span style="color: #333333; font-family: Barlow; font-size: 24.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eligibility criteria for the NPO to get listed<o:p></o:p></span></b></p>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The
primary goal of the NPOs that want to get listed should be social intent
and impact. These intents should be focused on various social objectives
for unattended and underprivileged populations or regions.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The NPO
should be engaged in 16 broad social activities listed by the board. The
eligible activities include eradicating hunger, poverty, malnutrition and
inequality, promoting healthcare, supporting education, employability and
livelihoods, gender equality empowerment of women and LGBTQIA communities,
and supporting incubators of social enterprise.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">In the
circular, SEBI stated that any NPO which wants to get listed should be
registered as a non-profit entity and the registration certificate should
be valid for 12 months. There should not be any ongoing scrutiny or notice
by the Income Tax.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The
firm should be registered in India as a “charitable trust registered under
the public trust statute of the relevant state” or under the Societies
Registration Act, 1860, or the Indian Trusts Act, 1882, or incorporated as
a company under Section 8 of the Companies Act, 2013.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The
minimum age of NPO should be 3 years.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">The NPO
should declare whether it is government or privately owned.<o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; color: #333333; line-height: 24.0pt; margin-bottom: 9.0pt; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;"><span style="font-family: Barlow; font-size: 15.0pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Any NPO
entity that wishes to get listed should have 80G registration under the
Income Tax Act. Each entity should have a minimum spending of Rs.50 lakh
in the last fiscal year and minimum funding of Rs 10 lakh in the past
financial year.</span> </li></ul>
<p class="MsoNormal"><span style="background: white; color: #333333; font-family: Barlow; font-size: 15.0pt; line-height: 107%;">The NGO industry in India is quite
large. There are over 31 lakhs of NPOs which amounts to one NPO per 400
Indians. This new framework suggested by SEBI will definitely help these NPOs
to take an advanced route for the betterment of the people.</span><o:p></o:p></p>charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-70449306456443704762022-09-25T12:54:00.000-07:002023-12-16T22:54:28.676-08:00WDV depreciation allowable under Income tax Act is at faster pace than mandatory depreciation prescribed under companies act<div dir="auto"><div dir="auto" style="margin: 0px; outline: 0px; padding: 0px;"><div style="margin: 0px; outline: 0px; padding: 0px;"><div style="margin: 0px; outline: 0px; padding: 0px;"><div style="border-bottom: 6px solid rgb(230, 231, 232); direction: ltr; margin: 0px; outline: 0px; padding: 0px;"><div style="background-color: white; direction: ltr; margin: 0px; outline: 0px; padding: 0px;"><div style="direction: ltr; margin: 0px; outline: 0px; padding: 16px 16px 4px;"><div style="direction: ltr; margin: 0px; outline: 0px; padding: 0px;"><div style="margin: 0px; outline: 0px; padding: 0px;"><div style="direction: ltr; margin: 0px; outline: 0px; padding: 0px;"><div style="direction: ltr; margin: 0px; outline: 0px; padding: 0px;"><div style="direction: ltr; margin: 0px; max-width: 100%; outline: 0px; padding: 0px;"><span style="direction: ltr; margin: 0px; padding: 0px;"><p style="direction: ltr; margin: 0px 0px 1em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;"><u>Depreciation allowable under IT, mandatory under companies act</u></span></p><div dir="auto"></div><p style="direction: ltr; margin: 0px 0px 1em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;"></span></p><p style="direction: ltr; margin: 0px 0px 1em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;">In income tax - depreciation is allowable as a business expenditure incurred to earn the income. Capital expenditure is disallowed and in that place depreciation is allowed. </span></p><p style="direction: ltr; margin: 0px 0px 1em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;">In companies Act - depreciation is a mandatory charge to be provided before arriving at profit and further possibly dividend. </span></p><p style="direction: ltr; margin: 0px 0px 1em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;">Companies Act requires depreciation to be provided based on useful life of the Asset whereas Income Tax Act allows deduction based on WDV method</span></p><p style="direction: ltr; margin: 0px 0px 1em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;">Following are main differences</span></p><ol style="direction: ltr; list-style-position: initial; margin: 0px 2em 1em 0px; padding: 0px;"><li style="direction: ltr; margin: 5px 0px 5px 2em; padding: 0px 0px 0.7em;"><span style="background: none; margin: 0px; padding: 0px;">Income tax rates are higher than companies act rates.</span></li><li style="direction: ltr; margin: 5px 0px 5px 2em; padding: 0px 0px 0.7em;"><span style="background: none; margin: 0px; padding: 0px;">Income tax method of depreciation is WDV ( except power plant) but in companies act it is based on life of asset and straight line method</span></li><li style="direction: ltr; margin: 5px 0px 5px 2em; padding: 0px 0px 0.7em;"><span style="background: none; margin: 0px; padding: 0px;">There is no option to change rates of depreciation given by income tax act, but under companies act you can adopt different life and consequently different rates based on justification</span></li><li style="direction: ltr; margin: 5px 0px 5px 2em; padding: 0px 0px 0.7em;"><span style="background: none; margin: 0px; padding: 0px;">Income tax depreciation is 50% if asset used for less than 180 days otherwise depreciation for full year. Companiesur act depreciation is proportionate to the period of use.</span></li><li style="direction: ltr; margin: 5px 0px 5px 2em; padding: 0px;"><span style="background: none; margin: 0px; padding: 0px;">Under companies act , major components of machine are depreciated separately if they have different useful life but in income tax act no separate depreciation for components</span></li></ol><div>Also Income Tax Act often allows accelerated depreciation as a special deduction to incentivise Business Expansion</div><div><br /></div><div><p class="MsoNormal"><b><span face="Arial, sans-serif">Depreciation</span> as
per Companies Act 2013<o:p></o:p></b></p>
<p class="MsoNormal"><span style="font-size: medium;"><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.980116);">Schedule II of the
2013 Act prescribes useful lifes to be used for depreciation, however companies are </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.998405);">provided with the
option of depreciating </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.988687);">assets over their useful lives which </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.997133);">could be different
from the useful lives </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.975664);">prescribed in Schedule II. Further, the </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.984944);">determination of
residual value could </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.991477);">also deviate from the five per cent stated </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.973028);">in Schedule II.
However, if a company </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.974741);">chooses to use a useful life or residual </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.99726);">value different from
the limits indicated in </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.984476);">Schedule II, it will be required to disclose </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.986658);">a justification for
the same in the financial </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(1.00343);">statements. Moreover, the useful life of </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.998691);">continuous process
plants is now notified </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.974307);">to be 25 years from 8 years under the </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.982132);">pre-revised Schedule
II. The notification </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.992803);">also clarified that the amortisation of </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.980242);">intangible assets
will be in accordance </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.987341);">with the applicable accounting standards </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.985368);">except for intangible
assets created </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.975119);">under toll road projects. Such assets are </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.973252);">to be depreciated
using a revenue based </span><span style="cursor: text; transform-origin: 0% 0%; transform: scaleX(0.987563);">amortisation method. </span></span></p></div><div><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">Depreciation Rates as per
Income Tax for FY 2019-20 (AY 2020-21):</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"> Depreciation is an allowance which is allowed
as a deduction while computing the business income of an assessee. In the
computation, the depreciation as per Income Tax Act, 1961 is allowed while the
book depreciation is disallowed. This is because the Income Tax Act prescribes
its own rate of depreciation. Chart of Depreciation as per Income Tax for AY
2020-21 is given at the end.</span><a name="more"></a><span face=""Arial","sans-serif"" style="color: #707037; font-size: 16pt; mso-fareast-font-family: "Times New Roman";"> <o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 20pt 0in 6pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 24pt; padding: 0in;">What is Depreciation as per
Income Tax</span></b><span style="font-size: 16pt;"> </span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">When a business enterprise
prepares its profit and loss account, it charges depreciation. Since
depreciation is an estimated charge, the rate of depreciation is prescribed in
the Companies Act and the Income Tax Act. Hence these two laws provide for rate
of depreciation to be allowed as a charge against the profits of the
enterprise.</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif;"><span style="font-size: medium;">In case of a company, the
depreciation charge is as per Companies Act whereas in computing the income
under the Income Tax Act the depreciation as per Income Tax Act is allowed.
Normally, the depreciation as per Income Tax Act is higher than the Companies
Act.</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif;"><span style="font-size: medium;">This article discusses the
Depreciation as per Income Tax Act only</span></span><span style="font-family: Georgia, serif; font-size: 18pt;">.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: large; padding: 0in;">What are the relevant
provisions of the Income Tax Act related to Depreciation</span></b></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: 18pt;">The following provisions of the
Income Tax Act, 1961 overall governs the allowance of ‘depreciation’ as per
Income Tax:</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: 18pt;">(i) </span><b style="font-family: Georgia, serif; font-size: 18pt;">Section 2(11):</b><span style="font-family: Georgia, serif; font-size: 18pt;"> which
defines the ‘Block of assets’</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(ii) <b>Section 32:</b> Which
deals with depreciation allowance</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(iii) <b>Section 32(1)(iia):</b>
Which deals with additional depreciation is certain cases</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(iv) <b>Section 43(1):</b>
Defines the Actual Cost of an asset</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(v) <b>Section 43(6):</b> Related
to Computation of Written Down Value</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(vi) <b>Section 50:</b> relates
to the computation of deemed capital gains on transfer of depreciable assets</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(vii) <b>Rule 5</b> of Income
Tax Rules, 1962 read with <b>Appendix-1</b></span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;">How depreciation as per Income
Tax is calculated</span></b></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;">The Income Tax Act allows
depreciation on the Written Down Value of the assets. The depreciation is
computed on ‘Block of assets’ at the rates prescribed rates provided in
Appendix-1 of the Income Tax Rules, 1962.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">The Income Tax Act prescribes
Written Down Value method of depreciation except for certain cases where
depreciation can be claimed on the SLM (Straight Line Method).</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">Prior to 1998, depreciation as
per Income Tax was allowed only on tangible assets viz., Building, Plant,
Machinery, Furniture, etc. From FY 198-99, some intangible assets like
goodwill, patents, copyright, etc. were included in the list of eligible assets
for claiming depreciation allowance.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="font-family: Georgia, serif;">Depreciation as per Income Tax
is based on ‘Block of Assets’ concept. The term ‘block of assets’ is defined in
section 2(11) of the Act to mean “</span><i style="font-family: Georgia, serif;">a group of assets falling within a class
of assets comprising—</i></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><i><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;">(a) tangible assets, being
buildings, machinery, plant or furniture ;</span></i></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><i><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;">(b) intangible assets, being
know-how, patents, copyrights, trade-marks, licences, franchises or any other
business or commercial rights of similar nature,</span></i></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><i><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">in respect of which the same
percentage of depreciation is prescribed.</span></i><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">”</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">Thus any individual asset which
falls within a block loses its identity and after it is absorbed in the block,
it forms a part of that block of assets to which it belongs. The individual
asset becomes an inseparable part of the block.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">After the amendment in section
32 w.e.f. 1st April 1988, an individual asset loses its identity and for
allowing depreciation the entire block has to be considered. Further,
there is no requirement that each and every item in the said block should
actually be used so as to entitle the assessee to claim depreciation thereupon.
So the block becomes a single unit on which depreciation is claimed under the
Income Tax Act.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: medium;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1pt none windowtext; padding: 0in;"><br />
<!--[endif]--></span><span style="font-family: "Times New Roman","serif"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">Decided cases:</span></b><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">1. India Medtronic (P.) Ltd. v. DCIT</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> (ITA No.7555/Mum/2012) ITAT
Mumbai Bench decided on 04.05.2018</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">2. Gulati Saree Centre vs ACIT </span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">( 240 ITR 94) ITAT Chandigarh
decided on 09.08.1999</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">3. M/s Swati Synthetics Ltd vs ITO</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> (ITA No. 1165/M/2006) ITAT
Mumbai Bench decided on 07.12.2009</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">4. Natco Exports vs DCIT</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> (2003) 86 ITD 445 ITAT
Hyderabad</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">5. CIT Vs. Bharat Aluminium Co. Ltd.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> (ITA Nos. 532, 1484, 1486,
1487, 1592, 1593, 1670 and 1671 of 2006) Delhi High Court decided on 15.10.2009</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">6. ACIT Vs M/s Krystal Colloids Pvt. Ltd.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> (ITA No. 3170/MUM/2016) ITAT
Mumbai Bench decided on 31.07.2008</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">7. Ashok Pan Products (P) Ltd. vs ACIT</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> (ITA No. 137/Lkw/11) ITAT
Lucknow </span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-family: Georgia, serif; font-size: 18pt; text-align: justify;">For computing the depreciation,
the first step is to determine the </span><b style="font-family: Georgia, serif; font-size: 18pt; text-align: justify;">actual cost of the capital asset</b><span style="font-family: Georgia, serif; font-size: 18pt; text-align: justify;">. It
comprises the purchase price of the asset, any direct expenses attributable to
the acquisition of the asset, etc. as per accounting principles. Any subsidy or
other monetary benefits received from the government etc. is reduced from the
purchase cost to determine the ‘actual cost’ of the asset. </span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: 18pt;">According to section 43(1), </span><i style="font-family: Georgia, serif; font-size: 18pt;">“<b>actual
cost</b>” means the actual cost of the assets to the assessee, reduced by
that portion of the cost thereof, if any, as has been met directly or
indirectly by any other person or authority</i><span style="font-family: Georgia, serif; font-size: 18pt;">.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b style="text-align: justify;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">Important points to be kept in mind for Actual
Cost</span></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">1.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> Interest paid or payable on money borrowed
for acquiring a capital asset shall be required to be added to the actual cost
till the asset is <b>put to use</b>. After the asset is put to use, such
interest can be claimed as revenue expenditure. [<b>Section 36(1)(iii)</b>]</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">2.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> When an asset is purchased on instalment, the
interest payable on the instalments after the asset is <b>put to use</b> cannot
be included in the actual cost of the asset. [<b>CIT vs Anang Polyfil Pvt. Ltd.
(267 ITR 266)</b> Gujarat High Court decided on 12.02.2004]</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;">3.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 14pt; padding: 0in;"> Any income earned on money deposited to open
a letter of credit for the purchase of the machinery is incidental to the
acquisition of assets and hence the same will reduce the actual cost of the
asset. [<b>CIT vs Karnal Co-Operative Sugar Mills Ltd.</b> (2000) <b>243 ITR 2
(SC)</b> decided on 23.04.1999]</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b style="text-align: justify;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;">Meaning of Written Down Value
(WDV)</span></b></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">According to section 32(1)(ii),
depreciation shall be allowed in the case of any block of assets, at the
prescribed rate of depreciation on the written down value thereof.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;"><br /></span></p><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">According to section 43(6),
"written down value" means—</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">(a) in the case of assets
acquired in the previous year, the actual cost to the assessee;</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">(b) in the case of assets
acquired before the previous year, the actual cost to the assessee less all
depreciation actually allowed to him under the Income Tax Act, 1961.</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;"><span>Where any asset from any block
of assets is </span><b>sold</b><span> or discarded or demolished or destroyed during a
previous year, then any amount of </span><b>money payable</b><span> including scrap value
shall be reduced from the block of assets.</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: medium;">If the sales consideration so
received or receivable is less than the block of assets then the resultant
figure shall be the written down value of that block of assets for the purpose
of charging current year depreciation. [Section 43(6)(c)(B)]</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;"><span style="font-size: medium;">If the sum so received or
receivable exceeds the block of assets, then the surplus results in gain which
is chargeable to tax as short term capital gain under section 50.</span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1pt none windowtext; font-size: medium; padding: 0in;"><span style="font-family: Georgia, serif; text-align: justify;">The term ‘</span><b style="font-family: Georgia, serif; text-align: justify;">money payable</b><span style="font-family: Georgia, serif; text-align: justify;">’, as per the
Explanation below section 41(4), includes-</span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">(a) any insurance, salvage or compensation
moneys payable in respect thereof;</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">(b) where the building, machinery, plant or
furniture is <b>sold, the price for which it is sold</b>.</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span face="Arial, sans-serif" style="font-size: medium;"> </span><span style="font-family: Georgia, serif; font-size: large;">The term "</span><b style="font-family: Georgia, serif; font-size: large;">sold</b><span style="font-family: Georgia, serif; font-size: large;">" includes a
transfer by way of exchange.</span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1pt none windowtext; font-size: 16pt; padding: 0in;"><span style="font-family: Georgia, serif; font-size: 18pt; text-align: justify;">To sum up, the following table
illustrates the computation of the Written Down Value of a block of assets-</span></span></p>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in; mso-yfti-tbllook: 1184;">
<tbody><tr>
<td style="border: 1pt solid black; padding: 0in 5.4pt; width: 204.75pt;" valign="bottom" width="273">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">Particulars</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid black; mso-border-left-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 91.35pt;" valign="bottom" width="122">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">Amount</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(in Rs.)</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 17.5pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: 1pt solid black; height: 17.5pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 204.75pt;" valign="bottom" width="273">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(a)Opening WDV as on
01.04.20xx</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; height: 17.5pt; padding: 0in 5.4pt; width: 91.35pt;" valign="bottom" width="122">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">xxxx</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 31pt; mso-yfti-irow: 2;">
<td style="border-top: none; border: 1pt solid black; height: 31pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 204.75pt;" valign="bottom" width="273">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(b) Add: Additions during the
Year</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">At Actual Cost of the asset</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; height: 31pt; padding: 0in 5.4pt; width: 91.35pt;" valign="bottom" width="122">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">xxxx</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 17.5pt; mso-yfti-irow: 3;">
<td style="border-top: none; border: 1pt solid black; height: 17.5pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 204.75pt;" valign="bottom" width="273">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(c) Gross Block [(a)+(b)]</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; height: 17.5pt; padding: 0in 5.4pt; width: 91.35pt;" valign="bottom" width="122">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">xxxx</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 44.5pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid black; height: 44.5pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 204.75pt;" valign="bottom" width="273">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(d) Less: Money Payable
including scrap value on assets sold or transferred during the year</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; height: 44.5pt; padding: 0in 5.4pt; width: 91.35pt;" valign="bottom" width="122">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(-)xxxx</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40pt; mso-yfti-irow: 5;">
<td style="border-top: none; border: 1pt solid black; height: 40pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 204.75pt;" valign="bottom" width="273">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(e) Net Block or Written Down
Value (WDV) as on 31.03.20xx [(c)-(d)]</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid black; border-left: none; border-right: 1pt solid black; border-top: none; height: 40pt; padding: 0in 5.4pt; width: 91.35pt;" valign="bottom" width="122">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: right; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">xxxx</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 44.5pt; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td colspan="2" style="border-top: none; border: 1pt solid black; height: 44.5pt; mso-border-top-alt: solid black 1.0pt; padding: 0in 5.4pt; width: 296.1pt;" valign="bottom" width="395">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">If (e) results in negative,
then WDV shall become Nil and the resultant surplus is chargeable as “Short
Term Capital Gains” u/s 50</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
</div>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 20pt 0in 6pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;">What are the conditions to be
satisfied for claiming depreciation under Income Tax Act</span></b><b><span style="color: #2c3e50; font-family: "Georgia","serif"; font-size: 22.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="font-family: Georgia, serif;">The following </span><b style="font-family: Georgia, serif;">conditions
must be satisfied to claim depreciation under the Income Tax</b><span style="font-family: Georgia, serif;">-</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;"><span>1. The asset must be </span><b>owned</b><span>
by the assessee. The asset may be </span><b>owned wholly or partially</b><span>. </span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;"><br />
<!--[endif]--></span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">If the assessee is not the
owner of the asset, he is not entitled for the depreciation. [<b>Golcha
Properties (Pvt.) Ltd. vs. CIT (1994) 209 ITR 80 (Raj. HC)</b>]</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;"><span>It is not important to have the
legal title to claim the ownership of the asset. If money is paid and the asset
is used by the assessee in his business, then only because the asset or
property is not registered in the name of the assessee does not deprive him
from depreciation claim. [</span><b>Mysore Minerals v. CIT (1999) 239 ITR 775 (SC)</b><span>] </span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;"><span>2. The asset must be </span><b>used
for the purpose of business</b><span> or profession of the assessee.</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="font-family: Georgia, serif;">3. The asset must be </span><b style="font-family: Georgia, serif;">put to
use for the purpose of business</b><span style="font-family: Georgia, serif;"> or profession of the assessee.</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: medium; padding: 0in;"><span>One important point to note
here is that if the asset is </span><b>put to use for less than 180 days</b><span> during
the previous year, then depreciation claim shall be restricted to 50 per cent
of the normal depreciation. Full depreciation as per the prescribed rate is
allowed if the asset is </span><b>put to use for 180 days or more</b><span> during the
previous year. This restriction applies for the first year of acquisition and
not in the subsequent years.</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="font-family: Georgia, serif;">4. The depreciation is allowed
only for the following specified </span><b style="font-family: Georgia, serif;">tangible and intangible assets</b><span style="font-family: Georgia, serif;">-</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">(i) buildings, machinery, plant
or furniture, being tangible assets;</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-size: medium;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; padding: 0in;">(ii) know-how, patents,
copyrights, trademarks, licences, franchises or any other business or
commercial rights of similar nature, being intangible assets acquired on or after
the 1st day of April, 1998.</span><span face="Arial, sans-serif"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"><b><span style="border: 1pt none windowtext; font-size: 24pt; padding: 0in;">Provisions regarding Carry
forward and set off of unabsorbed depreciation</span></b></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"><span style="font-size: 18pt;">According to section 32(2), </span><i style="font-size: 18pt;">Where,
in the assessment of the assessee, full effect cannot be given to any allowance
under sub-section (1) in any previous year, owing to there being no profits or
gains chargeable for that previous year, or owing to the profits or gains
chargeable being less than the allowance, then, subject to the provisions of
sub-section (2) of section 72 and sub-section (3) of section 73, the allowance
or the part of the allowance to which effect has not been given, as the case
may be, shall be added to the amount of the allowance for depreciation for the
following previous year and deemed to be part of that allowance, or if there is
no such allowance for that previous year, be deemed to be the allowance for
that previous year, and so on for the succeeding previous years.</i></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="font-family: Georgia, serif; font-size: 18pt;">If in any previous year there
is no profit or profits are not sufficient to give full effect of current year depreciation,
then the depreciation which cannot be set-off against current year’s profit
(unabsorbed depreciation) is carried forward to the following year and is added
to the depreciation allowance for the next year. Hence, the unabsorbed
depreciation of preceding year becomes the depreciation allowance of the
current year.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"><br />
<!--[endif]--></span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">In respect of carry forward and
set-off of unabsorbed depreciation, the following provisions are noteworthy-</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"><b><span style="border: 1pt none windowtext; font-size: 18pt; padding: 0in;">1.</span></b><span style="border: 1pt none windowtext; font-size: 18pt; padding: 0in;"> Unabsorbed depreciation can be
carried forward for an indefinite period. There is no limit on the number of
years for which it can be carried forward and set-off.</span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">2.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"> Brought forward Unabsorbed
depreciation can be set-off with any heads of income except Income from
Salaries.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">3.</span></b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"> The order of set-off is given
below-</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(1) Current Year Depreciation</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(2) Brought-forward business
loss</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">(3) Unabsorbed Depreciation</span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"><br />
<!--[endif]--></span><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 20pt 0in 6pt; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 24pt; padding: 0in;">Rates
of Depreciation as Per Income Tax Act,1961 for FY 2019-20 (AY 2020-21)</span></b><b><span style="color: #2c3e50; font-family: "Georgia","serif"; font-size: 22.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></b></p>
<p align="center" class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: center; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">Rule 5 of Income Tax Rules,
1962 read with Appendix-1</span></b><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;"><b><span style="border: 1pt none windowtext; font-size: 18pt; padding: 0in;">Rates of depreciation for
Income Tax</span></b></span></p>
<p align="center" class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt; text-align: center; vertical-align: baseline;"><i><span style="border: 1pt none windowtext; font-family: Georgia, serif; font-size: 18pt; padding: 0in;">as applicable for the
assessment year 2020-21</span></i><span face="Arial, sans-serif" style="font-size: 16pt;"><o:p></o:p></span></p>
<div align="center">
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-collapse: collapse; width: 755px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: center; vertical-align: baseline;"><b><i><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">Block of assets</span></i></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><b><i><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">Depreciation allowance as a
percentage of written down value</span></i></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: center; vertical-align: baseline;"><i><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">PART A</span></i><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">TANGIBLE ASSETS</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -19.85pt; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">I. BUILDING </span></b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">[<i>See</i> Notes 1 to 4
below the Table]</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(<i>1</i>) Buildings which
are used mainly for residential purposes except hotels and boarding houses</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">5</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(<i>2</i>) Buildings
other than those used mainly for residential purposes and not covered by
sub-items (1) above and (3) below</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">10</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(<i>3</i>) Buildings
acquired on or after the 1st day of September, 2002 for installing machinery
and plant forming part of water supply project or water treatment system and
which is put to use for the purpose of business of providing infra- structure
facilities under clause (<i>i</i>) of sub-section (4) of <a href="https://www.blogger.com/null"><span style="border: none; color: blue; mso-bidi-font-size: 11.0pt;"><span style="border: none;">sec<span style="border: none;">tion 80-IA</span></span></span></a></span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">40</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(<i>4</i>) Purely
temporary erections such as wooden structures</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">40</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -19.85pt; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">II. FURNITURE AND FITTINGS</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">Furniture and fittings including electrical fittings [<i>See</i> Note
5 below the Table]</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">10</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify; vertical-align: baseline;"><b><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">III. MACHINERY AND PLANT</span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(<i>1</i>)
Machinery and plant other than those covered by sub-items (2), (3) and (8)
below : [See Note 5A below the Table]</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">15</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">(<i>2</i>) (i)
Motor cars, other than those used in a business of running them on hire,
acquired or put to use on or after the 1st day of April, 1990 except those
covered under entry (ii);</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">15</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 3pt; width: 460.05pt;" valign="bottom" width="613">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 4pt; text-align: justify; text-indent: -22.7pt; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;"> (ii) Motor cars,
other than those used in a business of running them on hire, acquired on or
after the 23rd day of August, 2019 but before the 1st day of April, 2020 and
is put to use before the 1st day of April, 2020.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 3pt; width: 106.3pt;" valign="bottom" width="142">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center; vertical-align: baseline;"><span style="border: 1pt none windowtext; font-family: "Georgia","serif"; font-size: 10pt; mso-bidi-font-family: "Times New Roman"; mso-border-alt: none windowtext 0in; mso-fareast-font-family: "Times New Roman"; padding: 0in;">30</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
</div>
<p class="MsoNormal"><o:p> </o:p></p></div><div><br /></div><div><br /></div></span></div></div></div></div></div></div></div></div></div></div></div></div> charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-54257660390662325702022-09-15T01:30:00.000-07:002023-03-26T04:02:38.079-07:00Valuation concepts<div dir="ltr" style="text-align: left;" trbidi="on"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-cSk1rNMsOnc/YFOU0LwvZiI/AAAAAAAAOLI/zjRw1gqyS507swrAO4syz1yC0sQoCIwigCLcBGAsYHQ/s562/DCF%2Bvalaution.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="330" data-original-width="562" height="376" src="https://1.bp.blogspot.com/-cSk1rNMsOnc/YFOU0LwvZiI/AAAAAAAAOLI/zjRw1gqyS507swrAO4syz1yC0sQoCIwigCLcBGAsYHQ/w640-h376/DCF%2Bvalaution.png" width="640" /></a></div><br /><u><br /></u></b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b><u><br /></u></b></div><div dir="ltr" style="text-align: left;" trbidi="on">
<h2>
</h2>
<b><u>Required Rate of Return on Equity by estimating Equity Risk Premium (ERP)</u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-fah71WFQ34c/WHtgXxzCY_I/AAAAAAAAC9A/8L44VGeph2Qa07kYkSgJiGnspmBHGQk1gCLcB/s1600/slide5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-fah71WFQ34c/WHtgXxzCY_I/AAAAAAAAC9A/8L44VGeph2Qa07kYkSgJiGnspmBHGQk1gCLcB/s320/slide5.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-i86K53EO3hA/WHtgYDUct1I/AAAAAAAAC9I/SZD6JmSs00ojRwFj_Q6jdrauI0iC8NCAACLcB/s1600/slide6.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-i86K53EO3hA/WHtgYDUct1I/AAAAAAAAC9I/SZD6JmSs00ojRwFj_Q6jdrauI0iC8NCAACLcB/s320/slide6.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-3B_ubrlj3Mk/WHtgYtZdMaI/AAAAAAAAC9Q/vmEOsBRxzIscdw-5MJ6ThwVOct4wZDaoQCLcB/s1600/slide7.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-3B_ubrlj3Mk/WHtgYtZdMaI/AAAAAAAAC9Q/vmEOsBRxzIscdw-5MJ6ThwVOct4wZDaoQCLcB/s320/slide7.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-cBCB83Q-mWs/WHtgYY1BghI/AAAAAAAAC9M/eDUAiZfFCd87rMXtMKjdzhw127NCnar1QCLcB/s1600/slide8.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-cBCB83Q-mWs/WHtgYY1BghI/AAAAAAAAC9M/eDUAiZfFCd87rMXtMKjdzhw127NCnar1QCLcB/s320/slide8.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-FA145Ib6_Wg/WHtgYk0cB3I/AAAAAAAAC9U/f7W53sgTHcAnTrzlE2E5abbyl_2QXiTugCLcB/s1600/slide9.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-FA145Ib6_Wg/WHtgYk0cB3I/AAAAAAAAC9U/f7W53sgTHcAnTrzlE2E5abbyl_2QXiTugCLcB/s320/slide9.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-CWnHLf_MIC8/WHtgVU3fUZI/AAAAAAAAC8I/Uxj1e0tCwdoWdGAdQpgCLsrS_QfM2_dJACLcB/s1600/slide10.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-CWnHLf_MIC8/WHtgVU3fUZI/AAAAAAAAC8I/Uxj1e0tCwdoWdGAdQpgCLsrS_QfM2_dJACLcB/s320/slide10.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-pe8B6oEvRZc/WHtgVSzh86I/AAAAAAAAC8E/8S-pq75SJSo-gbOAB6i9wTDlw2doFK3PwCLcB/s1600/slide11.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-pe8B6oEvRZc/WHtgVSzh86I/AAAAAAAAC8E/8S-pq75SJSo-gbOAB6i9wTDlw2doFK3PwCLcB/s320/slide11.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-LrdDF25t8rM/WHtgVZ8zBII/AAAAAAAAC8M/jqKxMxs_wRcZ8zhR7TRW7m6sK8bpte7IQCLcB/s1600/slide12.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-LrdDF25t8rM/WHtgVZ8zBII/AAAAAAAAC8M/jqKxMxs_wRcZ8zhR7TRW7m6sK8bpte7IQCLcB/s320/slide12.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/--31SHtf6QGg/WHtgV8wn1iI/AAAAAAAAC8Q/RWMWj7WvDK0KUXC2ZHrYMxKP2TB6OyPwACLcB/s1600/slide13.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/--31SHtf6QGg/WHtgV8wn1iI/AAAAAAAAC8Q/RWMWj7WvDK0KUXC2ZHrYMxKP2TB6OyPwACLcB/s320/slide13.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-Y3O0v5JGs-4/WHtgV8opi7I/AAAAAAAAC8U/moSoQrFZguEDJzSyh6C3zkend16wiS26QCLcB/s1600/slide14.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-Y3O0v5JGs-4/WHtgV8opi7I/AAAAAAAAC8U/moSoQrFZguEDJzSyh6C3zkend16wiS26QCLcB/s320/slide14.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-OAVwjs8_E_s/WHtgWNUyZrI/AAAAAAAAC8Y/LsyvZN0bVvEgiLQ40_jXcA2pYE1K3hwvgCLcB/s1600/slide15.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-OAVwjs8_E_s/WHtgWNUyZrI/AAAAAAAAC8Y/LsyvZN0bVvEgiLQ40_jXcA2pYE1K3hwvgCLcB/s320/slide15.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-Tc-3mZr0IMU/WHtgWRZe-nI/AAAAAAAAC8c/5uJ53qOO92Y5zqub1pMSqVkkt-gEVaipgCLcB/s1600/slide16.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-Tc-3mZr0IMU/WHtgWRZe-nI/AAAAAAAAC8c/5uJ53qOO92Y5zqub1pMSqVkkt-gEVaipgCLcB/s320/slide16.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-TyLZSBkU7ck/WHtgWavLvFI/AAAAAAAAC8g/f-aKN72bh2YWNH4aat6YxwCwuIaVZO8DQCLcB/s1600/slide17.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-TyLZSBkU7ck/WHtgWavLvFI/AAAAAAAAC8g/f-aKN72bh2YWNH4aat6YxwCwuIaVZO8DQCLcB/s320/slide17.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-1SmgLTbYPhg/WHtgWiJRRoI/AAAAAAAAC8k/kXnuGQZIpFIHMURpjs6hL3OvRiAABI9hQCLcB/s1600/slide18.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-1SmgLTbYPhg/WHtgWiJRRoI/AAAAAAAAC8k/kXnuGQZIpFIHMURpjs6hL3OvRiAABI9hQCLcB/s320/slide18.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-DBls3vsgf8k/WHtgW2mLWVI/AAAAAAAAC8o/GU-t_d6u77wcJUxjeNJQasDCQ2uQBNxwQCLcB/s1600/slide19.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-DBls3vsgf8k/WHtgW2mLWVI/AAAAAAAAC8o/GU-t_d6u77wcJUxjeNJQasDCQ2uQBNxwQCLcB/s320/slide19.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-1YsueuULNa0/WHtgW0U5BEI/AAAAAAAAC8s/vuwUqcL04CQIEIt8CekIUOg5yd-vvhr8gCLcB/s1600/slide20.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-1YsueuULNa0/WHtgW0U5BEI/AAAAAAAAC8s/vuwUqcL04CQIEIt8CekIUOg5yd-vvhr8gCLcB/s320/slide20.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-jqsq_2HireE/WHtgXJKq5lI/AAAAAAAAC8w/Y8UMWQ-f18AelNGTc3InvXw6sAGlfS80ACLcB/s1600/slide21.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-jqsq_2HireE/WHtgXJKq5lI/AAAAAAAAC8w/Y8UMWQ-f18AelNGTc3InvXw6sAGlfS80ACLcB/s320/slide21.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-6X9s9tSKAC8/WHtgXVTD7vI/AAAAAAAAC80/L-5v3q2X4KAHNAbf2AKR-RKZWno7966OgCLcB/s1600/slide22.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-6X9s9tSKAC8/WHtgXVTD7vI/AAAAAAAAC80/L-5v3q2X4KAHNAbf2AKR-RKZWno7966OgCLcB/s320/slide22.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-Bkn4PU9gnpk/WHtgXazG52I/AAAAAAAAC84/vHHxY6BfpyAnvsosrRxkXTWcDgNiQ96mgCLcB/s1600/slide23.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://4.bp.blogspot.com/-Bkn4PU9gnpk/WHtgXazG52I/AAAAAAAAC84/vHHxY6BfpyAnvsosrRxkXTWcDgNiQ96mgCLcB/s320/slide23.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-2RiKd3zPsB8/WHtgXteYJxI/AAAAAAAAC88/QXAVkmWCCIAJSBw8Hl0jbyrzvTRSvetvQCLcB/s1600/slide24.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-2RiKd3zPsB8/WHtgXteYJxI/AAAAAAAAC88/QXAVkmWCCIAJSBw8Hl0jbyrzvTRSvetvQCLcB/s320/slide24.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-TagF-HhG9qo/WHtgX6I9sAI/AAAAAAAAC9E/mZtxgv4ik-QCxojtMR886JFsqWxqG8LswCLcB/s1600/slide25.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://2.bp.blogspot.com/-TagF-HhG9qo/WHtgX6I9sAI/AAAAAAAAC9E/mZtxgv4ik-QCxojtMR886JFsqWxqG8LswCLcB/s320/slide25.jpg" width="320" /></a></div>
<br />
VALUATION MODELS</div><div dir="ltr" style="text-align: left;" trbidi="on"><br /></div><div dir="ltr" style="text-align: left;" trbidi="on">Justified PE</div><div dir="ltr" style="text-align: left;" trbidi="on"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-G6vIZGHYfbM/YFOUPYdVBvI/AAAAAAAAOK8/k0YPHZMwihc8ZopN2zMH-a-Vz6Gr6hGzQCLcBGAsYHQ/s816/Justified%2BPE.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="202" data-original-width="816" height="158" src="https://1.bp.blogspot.com/-G6vIZGHYfbM/YFOUPYdVBvI/AAAAAAAAOK8/k0YPHZMwihc8ZopN2zMH-a-Vz6Gr6hGzQCLcBGAsYHQ/w640-h158/Justified%2BPE.png" width="640" /></a></div><br /><div dir="ltr" style="text-align: left;" trbidi="on"><br />
<br />
<div class="MsoNormal">
Justified P/S= P/E *E/S<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-wef9gTis2V0/XB9xNIY5SYI/AAAAAAAALSg/cFiAstnhd74cUvbqW4ZVLKlWWaGDC9tJgCLcBGAs/s1600/Justified%2BPS%2BRate.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="214" data-original-width="368" height="185" src="https://4.bp.blogspot.com/-wef9gTis2V0/XB9xNIY5SYI/AAAAAAAALSg/cFiAstnhd74cUvbqW4ZVLKlWWaGDC9tJgCLcBGAs/s320/Justified%2BPS%2BRate.png" width="320" /></a></div>
<div class="MsoNormal">
<br /></div>
<br />
<span style="font-size: large;"><u><b> NOPAT</b></u></span><br />
<div style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px; margin: 0.5em 0px;">
In <a href="http://en.wikipedia.org/wiki/Corporate_finance" style="background: none; color: #0b0080; text-decoration: none;" title="Corporate finance">corporate finance</a>, <b>net operating profit after tax</b> (<b>NOPAT</b>) is a company's after-<a href="http://en.wikipedia.org/wiki/Tax" style="background: none; color: #0b0080; text-decoration: none;" title="Tax">tax</a> <a href="http://en.wikipedia.org/wiki/Earnings_before_interest_and_taxes" style="background: none; color: #0b0080; text-decoration: none;" title="Earnings before interest and taxes">operating profit</a> for all investors, including shareholders and debt holders.<sup class="reference" id="cite_ref-moneyterms_1-0" style="font-size: 11.2px; line-height: 1;"><a href="http://en.wikipedia.org/wiki/NOPAT#cite_note-moneyterms-1" style="background: none; color: #0b0080; text-decoration: none; white-space: nowrap;">[1]</a></sup> NOPAT is used by analysts and investors as a precise and accurate measurement of profitability to compare a company's financial results across its history and against competitors. <sup class="reference" id="cite_ref-newconstructs_2-0" style="font-size: 11.2px; line-height: 1;"><a href="http://en.wikipedia.org/wiki/NOPAT#cite_note-newconstructs-2" style="background: none; color: #0b0080; text-decoration: none; white-space: nowrap;">[2]</a></sup><br />
<br />
When calculating NOPAT, one removes <a class="new" href="http://en.wikipedia.org/w/index.php?title=Interest_Expense&action=edit&redlink=1" style="background: none; color: #a55858; text-decoration: none;" title="Interest Expense (page does not exist)">Interest Expense</a> and the effects of other non-operating activites (non-recurring gains and losses) from <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Net_Income" style="background: none; color: #0b0080; text-decoration: none;" title="Net Income">Net Income</a> to arrive at a value that approximates the value of a firm's annual earnings. NOPAT is precisely calculated as:</div>
<div style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px; margin: 0.5em 0px;">
NOPAT = (<a class="mw-redirect" href="http://en.wikipedia.org/wiki/Net_Income" style="background: none; color: #0b0080; text-decoration: none;" title="Net Income">Net Income</a> - after-tax <a class="new" href="http://en.wikipedia.org/w/index.php?title=Non-operating_Gains&action=edit&redlink=1" style="background: none; color: #a55858; text-decoration: none;" title="Non-operating Gains (page does not exist)">Non-operating Gains</a> + after-tax <a class="new" href="http://en.wikipedia.org/w/index.php?title=Non-operating_Losses&action=edit&redlink=1" style="background: none; color: #a55858; text-decoration: none;" title="Non-operating Losses (page does not exist)">Non-operating Losses</a> + after-tax <a class="new" href="http://en.wikipedia.org/w/index.php?title=Interest_Expense&action=edit&redlink=1" style="background: none; color: #a55858; text-decoration: none;" title="Interest Expense (page does not exist)">Interest Expense</a><br />
<br />
NOPAT doesn’t include one-time losses and other non-recurring charges because they don’t represent the true, on-going profitability of the business. <sup class="reference" id="cite_ref-newconstructs_2-1" style="font-size: 11.2px; line-height: 1;"><a href="http://en.wikipedia.org/wiki/NOPAT#cite_note-newconstructs-2" style="background: none; color: #0b0080; text-decoration: none; white-space: nowrap;">[2]</a></sup> For example, a company may incur acquisition costs that would not be expected to occur in the future. These costs would negatively effect current year earnings, but do not accurately portray the operations of the firm. costs should be excluding when performing any type of analysis to determine the operating and financial efficiency of a firm or to compare performance against other firms.</div>
<div style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px; margin: 0.5em 0px;">
For a rough calculation, NOPAT approximates <b>earnings before interest after taxes</b> (<b>EBIAT</b>).<sup class="reference" id="cite_ref-investopedia_3-0" style="font-size: 11.2px; line-height: 1;"><a href="http://en.wikipedia.org/wiki/NOPAT#cite_note-investopedia-3" style="background: none; color: #0b0080; text-decoration: none; white-space: nowrap;">[3]</a></sup></div>
<div style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px; margin: 0.5em 0px;">
The rough calculation for NOPAT is:</div>
<dl style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px; margin-bottom: 0.5em; margin-top: 0.2em;"><dd style="line-height: 1.5em; margin-bottom: 0.1em; margin-left: 1.6em; margin-right: 0px;">NOPAT = <a href="http://en.wikipedia.org/wiki/Earnings_before_interest_and_taxes" style="background: none; color: #0b0080; text-decoration: none;" title="Earnings before interest and taxes">Operating profit</a> x (1 - <a href="http://en.wikipedia.org/wiki/Tax" style="background: none; color: #0b0080; text-decoration: none;" title="Tax">Tax</a> Rate)</dd></dl>
<div style="background-color: white; color: #252525; font-family: sans-serif; font-size: 14px; line-height: 22.4px; margin: 0.5em 0px;">
<div style="line-height: 22.4px;">
NOPAT is frequently used in calculations of <a class="mw-redirect" href="http://en.wikipedia.org/wiki/Economic_value_added" style="background: none; color: #0b0080; text-decoration: none;" title="Economic value added">Economic value added</a> and <a href="http://en.wikipedia.org/wiki/Free_cash_flow" style="background: none; color: #0b0080; text-decoration: none;" title="Free cash flow">Free cash flow</a><sup>.</sup></div>
<div style="line-height: 22.4px;">
<br /></div>
<div style="line-height: 22.4px;">
<br /></div>
<div style="line-height: 22.4px;">
<br /></div>
<div style="line-height: 22.4px;">
<span style="font-size: large;"><u><b>Free Cash Flow</b></u></span></div>
<div style="line-height: 22.4px;">
<br /></div>
<div style="line-height: 22.4px;">
In corporate finance, <b>free cash flow (FCF)</b> is cash flow available for distribution among all the securities holders of a corporate entity. They include equity holders, debt holders, preferred stock holders, convertible security holders, and so on.</div>
<div style="line-height: 22.4px;">
<div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><div style="line-height: 22.4px; text-align: left;"><br /></div><table border="1" cellpadding="0" class="MsoNormalTable" style="border: 1pt solid windowtext; margin: auto auto auto -25.6pt; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-cellspacing: 1.5pt; mso-yfti-tbllook: 1184; width: 558px;"><tbody><tr style="height: 27.45pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background-color: transparent; border: 1pt solid; height: 27.45pt; padding: 0.75pt; width: 139.5pt;" width="186"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">EBIT x (1-Tax rate)</span></span></div></blockquote></td><td style="background-color: transparent; border: 1pt solid; height: 27.45pt; padding: 0.75pt; width: 274.2pt;" width="366"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";"><span style="mso-spacerun: yes;"> </span>Tax the income as if interest is also like below the line like dividends</span></span></div></blockquote></td></tr><tr style="height: 14.1pt; mso-yfti-irow: 1;"><td style="background-color: transparent; border: 1pt solid; height: 14.1pt; padding: 0.75pt; width: 139.5pt;" width="186"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">+ Depreciation & Amortization</span></span></div></blockquote></td><td style="background-color: transparent; border: 1pt solid; height: 14.1pt; padding: 0.75pt; width: 274.2pt;" width="366"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">Non cash items</span></span></div></blockquote></td></tr><tr style="height: 27.45pt; mso-yfti-irow: 2;"><td style="background-color: transparent; border: 1pt solid; height: 27.45pt; padding: 0.75pt; width: 139.5pt;" width="186"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">- Changes in Working Capital</span></span></div></blockquote></td><td style="background-color: transparent; border: 1pt solid; height: 27.45pt; padding: 0.75pt; width: 274.2pt;" width="366"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="font-family: calibri;">Amount blocked in WC</span></div></blockquote></td></tr><tr style="height: 27.45pt; mso-yfti-irow: 3;"><td style="background-color: transparent; border: 1pt solid; height: 27.45pt; padding: 0.75pt; width: 139.5pt;" width="186"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">- Capital expenditure</span></span></div></blockquote></td><td style="background-color: transparent; border: 1pt solid; height: 27.45pt; padding: 0.75pt; width: 274.2pt;" width="366"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">Amount required to maintain current level</span></span></div></blockquote></td></tr><tr style="height: 14.1pt; mso-yfti-irow: 4; mso-yfti-lastrow: yes;"><td style="background-color: transparent; border: 1pt solid; height: 14.1pt; padding: 0.75pt; width: 139.5pt;" width="186"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="mso-fareast-language: EN-IN;"><span style="font-family: "calibri";">= <b>Free Cash Flow</b></span></span></div></blockquote></td><td style="background-color: transparent; border: 1pt solid; height: 14.1pt; padding: 0.75pt; width: 274.2pt;" width="366"><blockquote style="border: none; margin: 0 0 0 40px; padding: 0px;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><span style="font-size: 10pt; line-height: 15.3333px;"><span style="font-family: "calibri";"> operating cash flows (CFO) available <span style="mso-spacerun: yes;"> </span>for financing activities (CFF) after taking care of investing needs (CFI)</span></span></div></blockquote></td></tr></tbody></table></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-Lphs5FSyZc0/YT9te0Xa0uI/AAAAAAAAOe8/GFCR003CWGw3DJk-ef0hrkuo_yCrv2YigCLcBGAsYHQ/s756/FCFE.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="648" data-original-width="756" height="548" src="https://1.bp.blogspot.com/-Lphs5FSyZc0/YT9te0Xa0uI/AAAAAAAAOe8/GFCR003CWGw3DJk-ef0hrkuo_yCrv2YigCLcBGAsYHQ/w640-h548/FCFE.png" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-5bXPyGuL_Rk/YT92Y5662_I/AAAAAAAAOfM/WYFuFxv-N5EHOREl_E2s9HUPXwl-CqXGACLcBGAsYHQ/s1650/Equity%2Bvalautin%2Bcashflow%2Bvs-fcf-fcfe-fcff.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1650" data-original-width="654" height="640" src="https://1.bp.blogspot.com/-5bXPyGuL_Rk/YT92Y5662_I/AAAAAAAAOfM/WYFuFxv-N5EHOREl_E2s9HUPXwl-CqXGACLcBGAsYHQ/w254-h640/Equity%2Bvalautin%2Bcashflow%2Bvs-fcf-fcfe-fcff.png" width="254" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-J4zq8oeVcnM/YT935nak8MI/AAAAAAAAOfU/BFfrMaEy63wuisvcIOcODeZuB9flWMJHACLcBGAsYHQ/s669/fcfe%2Bvs%2Bfcff.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="663" data-original-width="669" height="317" src="https://1.bp.blogspot.com/-J4zq8oeVcnM/YT935nak8MI/AAAAAAAAOfU/BFfrMaEy63wuisvcIOcODeZuB9flWMJHACLcBGAsYHQ/s320/fcfe%2Bvs%2Bfcff.jpg" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div>
<br /></div>
</div>
<div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-6edtToyzX3w/YFOUm5TsDwI/AAAAAAAAOLE/wW3cyVdZwz8kHNGr1ZZkq0owROmPmbTgwCLcBGAsYHQ/s1732/FCFE%2Bvaluation.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1732" data-original-width="1072" height="1046" src="https://1.bp.blogspot.com/-6edtToyzX3w/YFOUm5TsDwI/AAAAAAAAOLE/wW3cyVdZwz8kHNGr1ZZkq0owROmPmbTgwCLcBGAsYHQ/w648-h1046/FCFE%2Bvaluation.jpg" width="648" /></a></div><br /><b><br /></b>
<b>Residual income approach to Valuation</b><br />
<b><br /></b>
Residual Income takes a step more than accounting income as it considers charge on equity<br />
Compared with Freecashflow approach, FCF is a step backward to accounting income as it adds back charge on Debt (and add back non cash items and deducts capital expenses required to operate at current level)<br />
<strong></strong><br />
<strong>Residual income</strong> is net income less a charge for common shareholders' opportunity cost in generating net income. Unlike accounting income, residual income recognizes the cost of equity capital in the measurement of income. It attempts to measure <b>economic profit</b>: profits after accounting for all opportunity costs of capital.<br />
Net income reported in financial statements includes a charge for the cost of debt capital in the form of interest expense but not the cost of equity capital. Shareholders run opportunity costs by foregoing other potentially profitable investments, having their capital tied up in the company's stock. A company can have positive net income but may still not be adding value for shareholders if it does not earn more than the cost of equity capital.There are two ways to calculate residual income:<br />
<ul>
<li>Residual income is calculated as net income minus a deduction for the cost of capital. The deduction is called the <b>equity charge</b> which is the dollar amount of opportunity profits foregone by equity investors. The equity charge is equal to equity capital multiplied by the required rate of return on equity.</li>
<li>Subtract total capital charge from after-tax operating income. <b>Capital charge</b> equals total assets times weighted average cost of capital (WACC). Since WACC reflects both cost of equity and after-tax cost of debt, multiplying it by total assets gives the total dollar cost of all sources of capital for the company.</li>
</ul>
<i>Example</i><br />
The Maisy Grain Company makes gourmet bread products.<br />
<ul>
<li>Assets = $100.8 million.</li>
<li>Debt = $40.2 million.</li>
<li>Equity = $60.6 million.</li>
<li>Pretax cost of debt = 7.1%.</li>
<li>Cost of equity = 13.3%.</li>
<li>Number of shares outstanding: 20 million.</li>
<li>Tax rate = 40%.</li>
</ul>
First we calculate net income:<br />
EBIT: $7,560,000.<br />
Less: interest expense: $2,854,000 ($40.2 million x 7.1%).<br />
Pretax income: $4,706,000.<br />
Less: income tax expense: $1,882,400 (4706000 x 0.4).<br />
Net income: $2,823,600.1) Using the equity charge method, we calculate residual income:<br />
Equity charge = equity capital x cost of equity = 60.6 x 13.3% = $8,059,800.<br />
Residual income = net income - equity charge = 2,823,600 - 8,059,800 = -$5,236,200.2) To use the capital charge method, we need to calculate WACC first.<br />
WACC = Equity share x cost of equity + Debt share x cost of debt x (1 - Tax rate) = ($60.6/$100.8) x 0.133 + ($40.2/$100.8) x 0.071 x (1 - 0.4) = 9.69%.Note that in the calculation of WACC we used after-tax cost of debt, since interest expense is tax-deductible.After-tax operating income = EBIT x (1 - Tax rate) = $7.56 x (1 - 0.4) = $4,536 million.Residual income = After-tax operating income - (Total Assets x WACC) = $4.536 - ($100.8 x 0.0969) = $ (5.23) million.As we can see, the capital charge and equity charge methods lead to the same residual income estimate.Since the residual income is negative, the Maisy Grain Company is not earning enough to compensate its shareholders for the risk. If investors expect this situation to persist indefinitely, the demand of the company's stocks will go down and the stock will fall in price.We can determine the price per share at which the company would be earning the required rate of return. Suppose the company is paying out all its earnings. We know that earnings per share equal net income/shares outstanding = $2,823,600/20,000,000 = $0.14118. The book value per share is 100.8/20 = $5.04. Since the company is paying out all its earnings, its growth is zero and the earnings yield (E/P) equals its required rate of return (remember from Gordon constant growth model that if g=0, and b=1, we have P/E = 1/required rate of return).Therefore, $0.14118/P = 0.133 and P = $1.06. As we see from this example, a company with negative residual income has its shares trading below the book value. At this market price per share, the company's stockholders can earn EPS/P = $0.14118/$1.06 = 0.133 or 13.3% which is equal to the cost of equity.The two approaches will yield different results if the charge for debt capital differs from the interest expense used in net income, or the weights used in calculating the WACC are not based on the book value of the company's debt and equity.<br />
<br />
<br />
<div class="post-title entry-title" itemprop="name" style="-webkit-text-stroke-width: 0px; background-color: white; color: #cc6600; font-size-adjust: none; font-stretch: normal; font: 18px / 1.4em Arial, sans-serif; letter-spacing: normal; margin: 0.25em 0px 0px; padding: 0px 0px 4px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<b>Enterprise Value/EBITDA Ratio</b><br />
<br />
<span face=""arial" , "helvetica" , sans-serif" style="font-size: x-small;">Enterprise Value = Equity(Market Value) + Debt(Market Value)<br /><br />Life is not so simple. No fun if it is so simple. Now..<br /><br />EV = Equity(Market Value) + Debt(Market Value) - Cash and Investments<br /><br />(Since cash and investments does not represent future operational potential)<br /><br />A formal definition is :Enterprise value (EV) is total company value minus the value of cash and investments.<br /><br />EV = MV of common stock + MV of preferred stock + MV of debt - cash and investments<br /><br />To make a PE kind of ratio with EV in place of P, E has to be replaced by EBITDA</span><span face=""arial" , "helvetica" , sans-serif"><br /><br /><span style="font-size: x-small;"><br /><strong>Enterprise value / EBITDA ratio</strong></span></span></div>
<div class="post-body entry-content" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="MsoNormal" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Since EBITDA are distributed between all types of investors in the company (common shareholders, preferred shareholders and creditors), it reflects the fundamental value of the company as a whole. Therefore, a multiple using total company value is logically more appropriate. EV/EBITDA ratio responds to this need.<o:p></o:p></span></div>
<div class="post-body entry-content" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="MsoNormal" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">EV/EBITDA is an indication of company value, not equity value.<o:p></o:p></span></div>
<div class="post-body entry-content" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Advantages:<o:p></o:p></span></div>
<ul type="disc"><li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l1 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">EBITDA is more often positive than net income.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l1 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">By adding back depreciation and amortization, EBITDA is invariant to the depreciation method used. EV/EBITDA ratio is often used for valuation of capital-intensive companies.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l1 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">It is more appropriate than P/E for comparing companies with different financial leverage, since EBITDA is not influenced by interest expense.<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Disadvantages:<o:p></o:p></span></div>
<br />
<ul type="disc">
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">When capital expenditures do not equal the depreciation, EBITDA is not a technically correct proxy to cash flow. This qualification to EBITDA comparisons can be meaningful for the capital-intensive businesses to which EV/EBITDA is often applied.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">EBITDA does not account for changes in the working capital, which makes it even more distinct from the correct cash flow definition.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">EBITDA includes non-cash revenues due to the accrual accounting principle.<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 0pt;">
<b>Valuation Based on Forecasted Fundamentals</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">The fundamental drivers of EV/EBITDA are the expected growth rate in free cash flow to the firm and the weighted average cost of capital. The justified EV/EBITDA based on fundamentals bears a positive relationship to the first factor and an inverse relationship to the second.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Valuation Using Comparables</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
<br />
<ul type="disc">
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l3 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Firm EV/EBITDA < benchmark: undervalued.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l3 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Firm EV/EBITDA > benchmark: overvalued.<o:p></o:p></span></li>
</ul>
<o:p><span style="font-family: "calibri";"><br /></span></o:p><div class="post-body entry-content" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div>
<div class="MsoNormal" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<i>Example</i><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
<div class="post-body entry-content" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="post-body entry-content" itemprop="description articleBody" style="-webkit-text-stroke-width: 0px; background-color: white; color: #333333; font-size-adjust: none; font-stretch: normal; font: 13px / 1.6em Arial, sans-serif; letter-spacing: normal; margin: 0px 0px 0.75em; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<ul type="disc">
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Net income: 34.0.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Interest Expense: 7.62.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Cash outflow for interest payments: 4.0.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Depreciation and Amortization: 17.2.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Marginal tax rate: 25%.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Cash and marketable securities: 8.9.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Investments: 6.2.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Price per common share on the Paris Stock Exchange: 13.8.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total number of shares issued: 20,000,000.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total number shares in treasury stock: 1,320,000.<o:p></o:p></span></li>
</ul>
</div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">The company's financials show that the only interest-paying liability assumed by the company is a 5-year $200MM note maturing in 3 years' time and currently trading at 4.13%. The note is paying semiannual coupons and all interest payments have been met so far.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">The company also has preferred stock that is not trading on any exchange. The book value of preferred stock is $45. No preferred dividends are currently in arrears.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Solution:<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1. Calculation of EBITDA<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">EBITDA = Net Income + Interest Expense + Depreciation and Amortization + Tax Expense.<br />Tax Expense = (Net Income / (1 - Tax Rate)) - Net Income = [34.0 / (1 - 0.25)] - 34.0 = 11.3.<br />EBITDA = 34.0 + 7.62 + 17.2 + 11.3 = 70.12.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">2. Calculation of Enterprise Value (EV)<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"><br /></span>
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total market value of common stock = price per share of common stock x number of shares outstanding = Price per share x (shares issued - treasury stock) = 13.8 x (20,000,000 - 1,320,000) = 257.7 MM<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Since the company's preferred stock is not publicly traded, we will use its book value for calculation of EV.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Semiannual coupon on the bond = Cash Outflow for Interest Payments / 2 = 4 / 2 = 2.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">We know the bond's term to maturity = 3 years.<br />Yield to maturity = 4.13%.<br />Semiannual coupon payments = 2MM.<br />Face Value = 200MM.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Therefore, we can calculate the bond's total current market value = $188.1.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">EV = Total market value of common stock + Total market value of preferred stock + Total market value of debt - Cash balances - Investments = 257.7 + 45.0 + 188.1 - 8.9 - 6.2 = 475.7.<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3. Calculation of EV/EBITDA ratio<o:p></o:p></span></div>
<span style="font-family: "calibri";"><br /></span>
<br />
<div class="MsoNormal" style="line-height: 18pt; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">EV/EBITDA = 475.7 / 70.12 = 6.78<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<br />
<br />
<b><u>Economic Value Added (EVA)</u></b><br />
<br />
It is refinement over Residual Income concept<br />
<br />
Residual Income = PAT - Capital charge<br />
<br />
EVA = NOPAT - Capital Charge<br />
<br />
To make PAT as NOPAT , PAT attributable to current operations is arrived.<br />
<br />
<ol>
<li>R&D expenses instead of hitting P&L fully , they are capitalized and amortized. This increases NOPAT accordingly.</li>
<li>GoodWill amortization is ignored</li>
<li>Non-cash tax expense is removed.</li>
<li>LIFO reserve is added back to the Total Capital and NOPAT is adjusted for the change in LIFO reserve.</li>
<li>Nonrecurring items are eliminated from the income statement.</li>
</ol>
<br />
Even capital is adjusted to make it attributable to current operations<br />
<br />
<ul>
<li> capital for strategic investments are suspended if they are not expected to generate a return immediately.</li>
<li>Operating leases are treated as capital leases.This will increase capital</li>
</ul>
</div>
<span style="font-family: "calibri";"></span><br />
<br />
<div style="background-color: white; font-stretch: normal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<span face=""arial" , "helvetica" , sans-serif" style="color: #393939;"><span style="font-size: 14px; line-height: 18px;"><b><u>Treynor Ratio Vs Sharpe Ratio</u></b></span></span><br />
<div style="color: #393939; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 18px;">
<br /></div>
<div style="color: #393939; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 18px;">
Treynor ratio shows the risk adjusted performance of the fund. Here the denominator is the beta of the portfolio.</div>
</div>
<br style="background-color: white; color: #393939; font-family: arial, helvetica, sans-serif; font-size: 14px; font-stretch: normal; line-height: 18px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<br />
<div class="section1" style="background-color: white; color: #393939; font-family: arial, helvetica, sans-serif; font-size: 14px; font-stretch: normal; line-height: 18px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div class="Normal" style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<em style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Definition: </strong></em>Treynor ratio shows the risk adjusted performance of the fund. Here the denominator is the beta of the portfolio. Thus, it takes into account the systematic risk of the portfolio.<br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<em style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Description: </strong></em>Jack Treynor extended the work of William Sharpe by formulating treynor ratio. Treynor ratio is similar to Sharpe ratio, but the only difference between the ratios is that of the denominator.<br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<em style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Formula for Treynor ratio:</em><strong style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><em style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"> </em>(Rp-Rf)/Beta </strong><br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
where,<br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rp:</strong> Return on the portfolio<br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rf: </strong>Risk free rate<br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<strong style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">B:</strong> Beta, the sensitivity of the portfolio to changes in the overall market.<br />
<br style="background-color: transparent; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
Unlike Sharpe, Treynor uses beta in the denominator instead of the standard deviation. The beta measures only the portfolio's sensitivity to the market movement, while the standard deviation is a measure of the total volatility both upside as well as downside. A fund with a higher Treynor ratio implies that the fund has a better risk adjusted return than that of another fund with a lower Treynor ratio.</div>
</div>
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<br /></div>
<div style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 0px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-84259608692689497142022-09-01T22:08:00.000-07:002024-01-20T06:17:39.254-08:00IT Return filing and Assessment Procedures : Intimation, Scrutiny, Survey, Search and Seizure, Penalty Proceedings, Notices <div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;"><b><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Faceless Assessment Scheme (amended 2021)</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-Zsfm05yWSOo/XzbasmNOAHI/AAAAAAAANps/7oWJomqjyD0Zx7mQ6UPp2n7q3jquHz7-QCLcBGAsYHQ/s1600/Faceless%2Be-assessmentS.jpg" style="font-family: "times new roman", "new york", times, serif; margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="974" data-original-width="1186" height="263" src="https://1.bp.blogspot.com/-Zsfm05yWSOo/XzbasmNOAHI/AAAAAAAANps/7oWJomqjyD0Zx7mQ6UPp2n7q3jquHz7-QCLcBGAsYHQ/s320/Faceless%2Be-assessmentS.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;">
<p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> Service of Notice By National e-Assessment
Centre<o:p></o:p></span></u></b></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> The National
e-Assessment Centre shall serve a notice on the assessee under sub-section (2)
of section 143 of the Income-tax Act, 1961 and the assessee within fifteen days
from the date of receipt of notice file his response to the National
e-Assessment Centre.<o:p></o:p></span></p>
<p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> Regional e-Assessment Centre </span></u></b><span face=""Arial","sans-serif"" style="background: white; color: #212529;"><o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> The National
e-Assessment Centre shall assign the case selected for the purposes of
e-assessment under this Scheme to a specific assessment unit in any one
Regional e-Assessment Centre through an automated allocation system. Where a
case is assigned to the assessment unit, it may make a request to the National
e-Assessment Centre for obtaining such further information, documents or evidence
from the assessee or any other person; conducting of certain enquiry or
verification by verification unit, and seeking technical assistance from the
technical unit.<o:p></o:p></span></p>
<p class="MsoNormal"><b><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> <u>Issue notice to assessee for obtaining
information, document or evidence</u></span></b><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> <o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Where a request for obtaining further information, document
or evidence from the assessee or any other person has been made by the
assessment unit, the National e-Assessment Centre shall issue appropriate
notice or requisition to such assessee or person, specifying a time therein,
for submitting such information, documents or evidence. The assessee or any
other person, as the case may be, shall file his response to the notice within
the time specified therein or such extended time as may be allowed on the basis
of an application in this regard, to the National e-Assessment Centre. <o:p></o:p></span></p>
<p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Automated
allocation system </span></u></b><span face=""Arial","sans-serif"" style="background: white; color: #212529;"><o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> Where a request for
seeking technical assistance from the technical unit has been made by the
assessment unit, the request shall be assigned by the National e-Assessment
Centre to a technical unit in any one Regional e-Assessment Centre through an
automated allocation system. <o:p></o:p></span></p>
<p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Failure
of assessee to comply with the notice to produce documents, etc.</span></u></b><span face=""Arial","sans-serif"" style="background: white; color: #212529;"> <o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Where the assessee fails to comply with the notice or with a
direction issued under sub-section (2A), of section 142 of the Act, the
National e-Assessment Centre shall serve upon such assessee a notice under
section 144 of the Act giving him an opportunity to show-cause, on a date and
time to be specified in the notice, why the assessment in his case should not
be completed to the best of its judgment Where the assessee again fails to file
a response to the notice within the time specified or within the extended time
the National e-Assessment Centre shall intimate such failure to the assessment
unit. The assessment unit shall, after taking into account all the relevant
material available on the record made in writing, a draft assessment order or,
in a case where intimation is received from the National e-Assessment Centre,
make in writing, a draft assessment order to the best of its judgment, either
accepting the income or sum payable by, or sum refundable to, the assessee as
per his return or making variation to such income or sum, and send a copy of
such order to the National e-Assessment Centre. The assessment unit shall,
while making a draft assessment order, provide details of the penalty
proceedings to be initiated therein if any.<o:p></o:p></span></p>
<p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;">National
e-Assessment Centre to examine the draft assessment order</span></u></b><span face=""Arial","sans-serif"" style="background: white; color: #212529;"><o:p></o:p></span></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;">The National e-Assessment Centre shall examine the draft
assessment order in accordance with the risk management strategy specified by
the Board, including by way of an automated examination tool. Firstly, finalize
the assessment, in case no variation prejudicial to the interest of assessee is
proposed, as per the draft assessment order and serve a copy of such order and
notice for initiating penalty proceedings, if any, to the assessee, along with
the demand notice, specifying the sum payable by, or refund of any amount due
to, the assessee on the basis of such assessment. Secondly, provide an
opportunity to the assessee, in case any variation prejudicial to the interest
of assessee is proposed, by serving a notice calling upon him to show cause as
to why the proposed variation should not be made Thirdly, assign the draft
assessment order to a review unit in any one Regional e-Assessment Centre,
through an automated allocation system, for conducting review of such order.
The review unit shall conduct a review of the draft assessment order, referred
to it by the National e-Assessment Centre, whereupon it may decide to concur
with the draft assessment order and intimate the National e-Assessment Centre
about such concurrence; or suggest such variation, as it may deem fit, in the
draft assessment order and send its suggestions to the National e-Assessment
Centre. <o:p></o:p></span></p>
<p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Assessee
files his objections with Dispute Resolution Panel <o:p></o:p></span></u></b></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Where the eligible assessee files his objections with the
Dispute Resolution Panel, the National e-Assessment Centre shall upon receipt
of the directions issued by the Dispute Resolution Panel under sub-section (5)
of section 144C of the Act, forward such directions to the concerned assessment
unit. The assessment unit shall in conformity with the directions issued by the
Dispute Resolution panel under sub-section (5) of section 144C of the Act
prepare a draft assessment order in accordance with subsection (13) of section
144C of the Act and send a copy of such order to the National e-Assessment
Centre.</span></p><p class="MsoNormal"><b><u><span face=""Arial","sans-serif"" style="background: white; color: #212529;">Duty of
the National e-Assessment Centre</span></u></b></p>
<p class="MsoNormal"><span face=""Arial","sans-serif"" style="background: white; color: #212529;">The National e-Assessment Centre shall, upon receipt of the
draft assessment order referred to in clause (xxx), finalize the assessment
within the time allowed under sub-section (13) of section 144C of the Act and
serve a copy of such order and notice for initiating penalty proceedings, if
any, upon the assessee, along with the demand notice, specifying the sum
payable by, or refund of any amount due to, the assessee on the basis of such
assessment. The National e-Assessment Centre shall, after completion of the
assessment, transfer all the electronic records of the case to the Assessing
Officer having jurisdiction over the said case for such action as may be
required under the Act.</span><span face=""Arial","sans-serif"" style="color: #212529;"><br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--></span></p></div><div class="separator" style="clear: both; text-align: center;">
<b><u>IT Return Filing</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: left;">
If a return is not filed within the due date, it can be filed before the end of assessment year. </div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">If you have not filed your returns , read on to find
out what you can do now :<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-list: l2 level1 lfo1; tab-stops: list 36.0pt; text-indent: -18pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><b><span face=""arial" , sans-serif" style="font-size: 12pt;">File a Condonation of delay request for specific
cases:</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The income tax department can allow taxpayers to file returns post the
deadline for specific cases. "The </span><b><u><span style="color: #0b89d1; font-family: "open sans semibold" , "serif"; font-size: 12pt;"><a href="https://m.economictimes.com/topic/Central-Board-of-Direct-Taxes"><span style="color: #0b89d1;">Central Board of Direct Taxes</span></a> (<a href="https://m.economictimes.com/topic/CBDT"><span style="color: #0b89d1;">CBDT</span></a>)</span></u></b><span face=""arial" , sans-serif" style="font-size: 12pt;"> has issued a
circular in this regard where if the taxpayer has tax refund pending or wish to
carry forward his losses and missed the deadline of filing of tax returns, then
he can file an application to the Income tax commissioner or the prescribed
authority," explains Abhishek Soni, CEO, </span><b><u><span style="color: #0b89d1; font-family: "open sans semibold" , "serif"; font-size: 12pt;"><a href="http://tax2win.in/"><span style="color: #0b89d1;">tax2win.in</span></a></span></u></b><span face=""arial" , sans-serif" style="font-size: 12pt;">, a tax-filing firm.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">These are the parameters based on which applications can be accepted or
rejected by the income tax department:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">a) The claim is correct and genuine<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">b) Case is based on genuine hardship on merits<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">c) Income is not assessable in the hands of any other person under the
Income Tax Act<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">d) The refund has arisen as result of excess tax deducted or tax
collected at source, advance tax or self-assessment tax. <o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The time limit to file such application is six years from the end of the
assessment year for filing the return. (Assessment year is the year immediately
following the financial year). Therefore, for such taxpayers who have missed
the deadline of March 31, 2018, can file such application by 31 March 2023 (for
FY 2015-16) and 31 March 2024 (for FY 2016-17) . In case of belated tax refund,
no interest will be paid by the department to you.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The application will have to be disposed by the department within six
months from the end of the month in which the application is received as far as
possible.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-list: l0 level1 lfo2; tab-stops: list 36.0pt; text-indent: -18pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><b><span face=""arial" , sans-serif" style="font-size: 12pt;">If taxes are also payable by you</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">If you have not paid taxes for unfiled years, then experts
advice that one should at least pay all your taxes and interest along with it
as applicable under section 234A, 234B or 234C, even if they cannot file the
ITR post March 31, 2018.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-list: l1 level1 lfo3; tab-stops: list 36.0pt; text-indent: -18pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><b><span face=""arial" , sans-serif" style="font-size: 12pt;">If all taxes are paid but return not filed</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">If the taxes you are supposed to pay have been cleared but if you have
not filed your ITR before March 31, 2018, then you do not have the option to
file their ITR now or to apply for condonation of delay. However, the
department can issue a notice under section 271F for levying of penalty on
non-filing of ITR. The maximum penalty in such a case is Rs 5,000. No penalty
will be levied if there is a genuine reason for such non-compliance and if the
income tax officer is satisfied with the reasons, adds Soni.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-list: l3 level1 lfo4; tab-stops: list 36.0pt; text-indent: -18pt; vertical-align: baseline;">
<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><b><span face=""arial" , sans-serif" style="font-size: 12pt;">Actions that tax department might take against you</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">For non-filing of return, the department can take various actions
against you. This includes issuing a notice or in the worst case scenario, you
might get prosecuted and get a maximum jail term of seven years.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Naveen Wadhwa, DGM, Taxmann.com says "If TDS has been deducted from
your income and you have not filed your ITR, then department can issue you a
notice under 142 (1) (i) for non-filing of returns. A penalty may also be
levied by the assessing officer of Rs 5,000 for non-filing of income tax
returns."<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Every taxpayer is required to file ITR if his/her total income exceeds
the basic exemption limit. The department can issue you a notice under section
148 for income escaping the assessment for non-filing of ITR. You will be
required to respond to that notice on the income tax e-filing website as well
as file your ITR to comply with the notice issued by the tax officer.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Penalties under such case will be levied for under-reporting of incomes.
For FY 2015-16, a penalty of 100-300 percent of the tax payable amount will be
levied as per the discretion of the assessing officer. For FY 2016-17, a
penalty of 50 percent of the tax payable amount will be charged, adds Wadhwa.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="separator" style="clear: both;">
</div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Soni says, "If a person has at least paid his taxes along with
interest even if he/she cannot file the ITR after March 31, 2018 then in such a
case, chances are he/she might not be liable to pay penalty for under-reporting
of income."<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div dir="auto">
<div style="text-align: center;">
<b><u>Return filing after due date</u></b></div>
<br /></div>
<div dir="auto">
How to file the income tax returns for earlier years?</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Despite so many advertisement & vast awareness created by the social media, there are still lot many tax payers who have failed to file the income tax return.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
There are lot many queries by the taxpayer enquiring about the procedure for filing the return in such cases now. Though the taxpayers are ready to pay the tax with interest & even fine thereon, still the income tax portal is not accepting the returns. Lot many queries were received seeking solutions in such cases.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
The reasons for seeking delayed filing are numerous such as,</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Bank demanding ITR for earlier years Ignorance on the part of the taxpayers Non receipt of acknowledgment (ITR V) by CPC within allotted time frame and the rectification time frame has expired.Genuine circumstances of the taxpayers which deserves consideration.The taxpayers were short of liquidity & fund and so couldn't file the return without payment and many more similar reasons.There was no tax liability on the taxpayer due to TDS done & they didn't file the return assuming that no tax demand means 'no filing requirements'.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Before coming to each and every specific issues pointed out above, let us discuss some remedy granted by CBDT circular No. 9/2015 dated 09/06/2015 which provide some relief in two exclusive cases. The prominent feature of the circular are:</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Condonation power for filing income tax return even beyond 1 or 2 years is conferred to some authorities if there is (a) Refund due to the taxpayers or (b) there is a Claim for Carry Forward of Losses.<br />
Power to condone the delay is as under:</div>
<div dir="auto">
a] Up to Rs. 10 Lakhs in any one Assessment Year: Principal Commissioner / Commissioner of Income Tax (Pr.CIT/CIT)</div>
<div dir="auto">
b] More than Rs. 10 Lakhs but not more than Rs. 50 Lakhs in any one Assessment Year: Principal Chief Commissioner / Chief Commissioner of Income Tax (Pr. CCIT/CCIT)</div>
<div dir="auto">
c] More than Rs. 50 Lakhs: CBDTNo Condonation for claim of refund or loss can be entertained beyond six years. From the end of the assessment year for which application or claim is made.The limit of six years is uniform for all authorities considering the application or claim. However, in case where refundclaim has arisen consequent to a Court Order, the period for which any such proceedings were pending before any Court of Law shall be ignored while calculating the period of six years, provided such Condonation application is filed within six months from the end of the month in which such Court Order was issued or the end of financial year, whichever is later.Application for Condonation should be disposed of within in six months from the end of the month in which the application is received by the competent authority as far possible.Authorities have been empowered to direct the jurisdictional Tax Officer to make necessary inquiry or scrutiny. Acceptance or rejection of above application would be after considering following:</div>
<div dir="auto">
a) The claim is correct and genuine;</div>
<div dir="auto">
b) There is a case of genuine hardship on merits;</div>
<div dir="auto">
c) Income is not assessable in the hands of any other person under the Income-tax Act;</div>
<div dir="auto">
d) The refund has arisen as a result of excess tax deducted or tax collected at source, advance tax or self-assessment tax.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
As a result of above circular, the belated filing can be condoned by the appropriate authorities in case there is a refund or loss. The circular doesn't conferred absolute condonation power to anyone except for two situations enumerated above.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Other situations & solutions:</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Bank demands the ITR for the past 2-3 years for granting the bank loan as it is relied by them in support of income proof. In most of the cases, taxpayers were filing ITR voluntarily even if the return is below the taxable limit. Since belated return filing is not permissible now under the present provision of law, an alternate in the form of affidavit or CA certificate would be the probablealternate easy options in the hands of the taxpayers. This option is possible only if there is no income exceeding the basic exemption limit.Now, income tax return can be filed even if the tax is not paid till the date of filing the income tax return. In such case, the tax liability is shown as "Payable" in the ITR and the income tax portal is accepting the return with tax amount as "Payable". However, this option can be used by the taxpayer only for the subsequent years return where the taxpayers are short of funds even at the last date of return filing.Before rejecting the return on the ground of (a) Non receipt of acknowledgment by CPC or (b) non rectification of defects in the ITR forms. Sufficient opportunity is given to the taxpayer for taking the remedial measures. Taxpayer needs to keep track of the returns. So as to ensure that the return is not invalidated for any such reasons. However, this precaution is only for subsequent years returns.In all other cases where (a) the tax liability was there but the return could not be filed for reason whatsoever or (b) returns are filed but are invalidated for the reasons mentioned above, there appears to be no legal remedy in the hands of the taxpayers as such. Only one informal solution could be making an application to the Assessing Officer incorporating the details of facts of non fling, reasons thereof, income details with a request to issue notice u/s 142(1) or u/s 148. If the AO is convinced and issues the notices. Income tax portal can accept the return after giving the references of the said notice. It may be noted that section 142(1) & 148 are the prerogative of the department and not the rights in the hands of the Assessee. Return filed under above sections will be scrutinized and may go through the assessment proceeding after filing.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
There are lot many genuine problems that are faced by the taxpayers on all the issues mentioned above. It would be more appropriate if the CBDT broadens the scope of circular No. 9/2015 and empower the Assessing Officer to condone the delay in filing the returns in appropriate cases.</div><div dir="auto"><br /></div><div dir="auto"><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><b><u><span face="arial, sans-serif" style="color: black; font-size: x-small;">Due Date for Filing Return<o:p></o:p></span></u></b><br /><b><u><span face="arial, sans-serif" style="color: black; font-size: x-small;"><br /></span></u></b></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;">Typically, the deadline for filing income tax return of the previous financial year is July 31/Sep 30 / Oct 31. In case a person missed the deadline, he was allowed to file a late income tax return within two financial years from the end of the relevant tax year.<o:p></o:p></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;">But Budget 2016 has proposed a change and the window for filing late return has been reduced from two years to one year.<o:p></o:p></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;">"As per the amendments proposed in the Finance Bill 2016, the time allowed for filing a return of income has been reduced from two years to one year from the end of the financial year to which the return pertains to," says Amit Maheshwari, managing partner, Ashok Maheshwary & Associates.<br /><span class="apple-converted-space"> </span><br />This new rule will be applicable from April 2017, meaning that for the financial year starting April 2016, you will be able to file late income tax return by March 2018, instead of March 2019 earlier.<o:p></o:p></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;"><br /></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;">Also, according to the Finance Bill, one can revise the late income tax return, which was not allowed earlier. Before this change, late return was considered final return and filers were not allowed to make any changes in it. Now a person can revise the return in case of any omission or wrong statement within two years from the end of the financial year to which the return pertains to.<o:p></o:p></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;"><br /></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;">However, certain drawbacks of filing a late return still remain. If you are filing a late return and there was any tax payable, you will have to pay an interest at the rate of 1 per cent per month up to the date of filing of the return.<br /><span class="apple-converted-space"> </span><br />Also, in case of late return, you can't carry forward your capital losses to next years. Generally, a person can carry forward the capital loss for a financial year to next eight years to set them off with capital gains.<o:p></o:p></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; line-height: 15.75pt; text-align: justify;"><span face="arial, sans-serif" style="color: black; font-size: x-small;">One can claim tax refunds by filing a late income tax return but one will lose on the interest component. "The interest on refund would be payable from the date of filing the return. Which means you lose interest from the start of the assessment year to date of filing of belated return," <o:p></o:p></span></div><div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; text-align: justify;"></div>
<div dir="auto"><br /></div><div dir="auto"><p class="MsoNormal"><u><span face=""Arial","sans-serif"" style="background: white; color: #212529; font-size: 14pt; line-height: 115%;">Section139(8A) Updated Return:<o:p></o:p></span></u></p>
<span style="font-family: times;"><span style="background: white; color: #212529; line-height: 115%;">The government introduced the concept of updated
return in income tax in the Union Budget 2022. The new provision allows the
taxpayers to update their ITRs within two years of filing, on payment of
additional taxes, in case of errors or omissions.</span> However it does not
allow the taxpayers to file the updated return if there is no additional tax
outgo. Additional interest is payable on the additional tax paid under
the updated return.</span></div><br />
<div class="MsoNormal" style="font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<b><span face=""segoe ui" , sans-serif" style="color: #353535; font-size: 24pt;">Tax on Undisclosed source of Income<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">Undisclosed income is the income which the assessee has not shown in his Income Tax Return and thereby not paid income tax on it. The primary objective of the Income tax department is to detect such undisclosed income and bring the same under the tax net.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">If the Assessing Officer detects cash credits, unexplained investments, unexplained expenditure etc., the source for which is not satisfactorily explained by the assessee to him, there are various provisions in the Income Tax Act which empowers the assessing officer to charge tax on such amount.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">1. Cash Credits [Section 68]</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">– Where any sum is found credited in the books of the assessee and the assessee offers no explanation about the nature and source or the explanation offered is not satisfactory in the opinion of the Assessing Officer, the sum so credited may be charged as income of the assessee of that previous year.</span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">2. Unexplained Investments [Section 69]</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">– Where the assessee has made investments which are not recorded in the books of account and the assessee offers no explanation about the nature and the source of investments or the explanation offered is not satisfactory, the value of the investments shall be taxed as income of the assessee for such financial year.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">3. Unexplained money etc. [Section 69A] –</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;"> Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and the same is not recorded in the books of account and the assessee offers no explanation about the nature and source of acquisition of such money, bullion etc. or the explanation offered is not satisfactory, the money and the value of bullion etc. may be deemed to be the income of the assessee for such financial year. Ownership is important and mere possession is not enough.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">4. Amount of investments etc., not fully disclosed in the books of account [Section 69B]</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">– Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article and the Assessing Officer finds that the amount spent on making such investments or in acquiring such articles exceeds the amount recorded in the books of account maintained by the assessee and he offers no explanation for the difference or the explanation offered is unsatisfactory, such excess may be deemed to be the income of the assessee for such financial year.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">5. Unexplained expenditure [Section 69C]</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">– Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or the explanation is unsatisfactory the Assessing Officer can treat such unexplained expenditure as the income of the assessee for such financial year. Such unexplained expenditure which is deemed to be the income of the assessee shall not be allowed as deduction under any head of income.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">6. Amount borrowed or repaid on hundi [Section 69D]</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">– Where any amount is borrowed on a hundi or any amount due thereon is repaid other than through an account-payee cheque drawn on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or repaying for the previous year in which the amount was borrowed or repaid, as the case may be. However, where any amount borrowed on a hundi has been deemed to be the income of any person, he will not be again liable to be assessed in respect of such amount on repayment of such amount. The amount repaid shall include interest paid on the amount borrowed<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">Unexplained money, investments etc. to attract tax @60% [Section 115BBE]</span></u><span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">1. Unexplained money, investment, expenditure, etc. deemed as income under section 68 or section 69 or section 69A or section 69B or section 69C or section 69D would be taxed at the rate of 60% plus surcharge @25% of tax. Thus, the effective rate of tax (including surcharge@25% of tax and cess@3% of tax and surcharge) is 77.25%.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">2. No basic exemption or allowance or expenditure shall be allowed to the assessee under any provision of the Income-tax Act, 1961 in computing such deemed income.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; font-family: "times new roman", "new york", times, serif; line-height: normal; margin-bottom: 12pt; text-align: justify;">
<span style="color: #353535; font-family: "times new roman" , serif; font-size: 13.5pt;">3. Further, no set off of any loss shall be allowable against income brought to tax under sections 68 or section 69 or section 69A or section 69B or section 69C or section 69D.<o:p></o:p></span></div>
<div style="font-family: "times new roman", "new york", times, serif; text-align: justify;">
<span face=""verdana" , sans-serif"></span></div>
<div class="MsoNormal" style="font-family: "times new roman", "new york", times, serif; text-align: justify;">
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-mbM5sWQ60JI/XzVtpLi2xSI/AAAAAAAANpM/HSFzUwlQwJUeS7quKoYS1QRN3dEu7ZKCgCLcBGAsYHQ/s1600/Taxpayers%2Bcharter.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1237" height="320" src="https://1.bp.blogspot.com/-mbM5sWQ60JI/XzVtpLi2xSI/AAAAAAAANpM/HSFzUwlQwJUeS7quKoYS1QRN3dEu7ZKCgCLcBGAsYHQ/s320/Taxpayers%2Bcharter.jpg" width="246" /></a></div>
<br /></div>
</div>
<h3 style="clear: both; text-align: center;">
<b><u>Income Tax Assessment order ( Prior to E-Assessment)</u></b></h3>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-Uoc3faL-J0g/Vb2llHODQ-I/AAAAAAAABsQ/6PlDvhksQZU/s1600/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-Uoc3faL-J0g/Vb2llHODQ-I/AAAAAAAABsQ/6PlDvhksQZU/s320/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-001.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-U9F4vk_j2Kw/Vb2llOB4enI/AAAAAAAABsU/zVBCDVztni8/s1600/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/-U9F4vk_j2Kw/Vb2llOB4enI/AAAAAAAABsU/zVBCDVztni8/s320/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-002.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-cGadgrZKC8A/Vb2lk9OCI4I/AAAAAAAABsM/rbaJg3cbYTs/s1600/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-cGadgrZKC8A/Vb2lk9OCI4I/AAAAAAAABsM/rbaJg3cbYTs/s320/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-003.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-7wFs0SlgaOU/Vb2ll_HfaBI/AAAAAAAABsc/V_1H4xYhAYQ/s1600/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-004.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-7wFs0SlgaOU/Vb2ll_HfaBI/AAAAAAAABsc/V_1H4xYhAYQ/s320/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-004.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-iv7J3tmIyYQ/Vb2lmg7LrlI/AAAAAAAABss/5P9563BLIG0/s1600/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-005.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-iv7J3tmIyYQ/Vb2lmg7LrlI/AAAAAAAABss/5P9563BLIG0/s320/IT%2BASSESSMENT%2BORDER%2BF.Y%2B2008-09%2BA.Y%2B%2B2009-10-page-005.jpg" width="226" /></a></div>
<br />
<br />
<br />
<br />
<div class="separator" style="clear: both;">
<b> <u>Survey Search and Seizure</u></b></div>
<div class="separator" style="clear: both;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both;">
<b><u>TDS survey</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-BdcDvJORGHU/V9eia0d7NrI/AAAAAAAACxg/prIo7lyijxMP_tJ33Bt1M0cs13gi-CUuwCLcB/s1600/TDS%2Bsurvey%2B195-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-BdcDvJORGHU/V9eia0d7NrI/AAAAAAAACxg/prIo7lyijxMP_tJ33Bt1M0cs13gi-CUuwCLcB/s320/TDS%2Bsurvey%2B195-page-001.jpg" width="247" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-es-kNGwLHjw/V9eia2IgPLI/AAAAAAAACxc/iIb-tso7e-kd_usM2rUjZRoEkrlZuWJ9wCLcB/s1600/TDS%2Bsurvey%2B195-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/-es-kNGwLHjw/V9eia2IgPLI/AAAAAAAACxc/iIb-tso7e-kd_usM2rUjZRoEkrlZuWJ9wCLcB/s320/TDS%2Bsurvey%2B195-page-002.jpg" width="247" /></a></div>
<br />
<br />
<p class="MsoNormal"><u><span face=""Arial","sans-serif"" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"><b>REASSESSMENT
OF INCOME ESCAPING ASSESSMENT</b> (SEC 148)<o:p></o:p></span></u></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;">The
Income Tax Department is empowered under Section 147 of the Income Tax Act,
1961 to reassess an individual’s previously filed income tax returns. The
Assessing Officer could pick your income tax return for reassessment subject to
some predefined criteria by sending a notice under section 148 for income
Escaping Assessment. <o:p></o:p></span></p>
<p class="MsoNormal"><u><span face=""Arial","sans-serif"" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;">Section 148 of
the Income Tax Act</span></u><span face=""Arial","sans-serif"" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"> According to Section 148 of the Income Tax Act, any
income tax computation that has not been recomputed or reassessed will receive
a notice from the Income Tax department. This section further mentions that an
Assessing officer will get in touch with the assessee. Section 148 of the
Income Tax Act deals with the issuance of a notice wherein any income has
escaped recomputation or assessment. This section states that an Assessing
Officer will intimate the assessee in question by serving him or her a notice
wherein he or she will be required to provide his or her income returns, the
income returns of a person other than the assessee in question, who is deemed
to be assessable as per the provisions of this Act during the year prior to the
assessment year of relevance.<o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"> <u>Reasons to receive a notice under Section
148</u> Prior to the issuance of a notice to an assessee based on the
provisions under Section 148, an Assessing Officer should possess concrete
evidence that the assessee in question has evaded assessment of income for the
relevant assessment year. In other words, the Assessing Officer cannot issue a
notice to an assessee based on mere suspicion. A solid link must be presently
linking the information or material that has been presented to the Assessing
Officer with the reason to believe that the assessee has escaped income
assessment over the duration of an assessment year. The information or data provided
to the Assessing Officer must be of utmost relevance to the case, and must not
possess any superficial facts or figures. Prior to the issuance of any notice
to an assessee under Section 148, the Assessing Officer will be compulsorily
required to record and provide reasons in written form stating why he or she is
of the belief that the assessee is escaping assessment of income. Simply
stating that the assessee has concealed a large amount of income or that the
assessee is to be investigated in further detail, with no material or
information to back up these claims, will not be considered to be a definite
reason to issue a notice to the assessee under Section 148. Such reasons will
be termed to be ambiguous and vague. Unless new and relevant information or
material is presented to the Assessing Officer, he or she cannot issue a notice
to an assessee merely based on a difference in perspective or opinion. The
Assessing Officer will have no reason to believe or suspect an assessee if the
assessee in question has provided disclosure regarding all relevant particulars
in relation to his or her taxable income, as well as disclosed and provided
factual information and data, which has led to the completion of his or her
assessment or reassessment. The Assessing Officer cannot issue a notice to an
assessee simply by reaching a new conclusion based on documents and factual
information that has already been provided by the assessee over the duration of
the assessment. Issuance of notice can only take place if new information or
material has been presented to the Assessing Officer. However, if any
information or particulars have either been concealed or not been disclosed by
the assessee in question, and such action has come to the notice of the
Assessing Officer at a later time, then the Assessing Officer will have
complete authority to issue a notice to the offending assessee under Section
147 or 148.<o:p></o:p></span></p>
<p class="MsoNormal"><u><span face=""Arial","sans-serif"" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"> Steps Taken ByAssessee to reply to the notice
under Section 148 <o:p></o:p></span></u></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;">The
Supreme Court in the case of GKN Drive Shafts India Ltd. vs. ITO (2003)
259 ITR 19 framed the procedure to be followed after issuance of notice under
Section 148. Five steps have been laid down by the Apex Court.<o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"> Firstly, the assessee can file a fresh return
declaring the true income in compliance with the notice. Income may be the same
or more than what the assessee declared in the original return.<o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"> Secondly, the assessee may write to AO that
returns already filed under section 139(1) may be treated as a return filed in
compliance to notice under section 148.<o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;"> Thirdly, after filing a return assessee should
ask for a supply of reasons for the issue of notice under section 148. If a
copy of the reasons is not given to the assessee, the whole assessment
proceedings and assessment order passed can be quashed as laid down by the
Delhi High Court in the case of CIT v. Jagat Talkies Distributors [2017]. <o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;">Fourthly,
assessees may file objections to the issue of notice, and AO is bound to
dispose of the same by a speaking order as held by the Gujarat High Court in SimabenVinodraiRavani
v. ITO [2017]. If objections are not accepted by AO, he shall not proceed
further for a period of four weeks so that the assessee has sufficient time to
take remedial actions to challenge the order of rejection as held by the Bombay
High Court in HDFC Ltd v. CIT [2007]. If AO does not dispose of the objections
by a speaking order and start assessment proceedings then the assessee may file
an application under section 144A before the Additional/Joint Commissioner. If
an application under section 144A is rejected then the assessee may file a writ
in the High Court. <o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #212529; font-size: 13.5pt; line-height: 115%;">Lastly,
the assessee may assist in assessment proceedings with a note of dissent and
may go in appeal before the Commission (Appeals) against the order of
assessment. Commissioner (Appeals) may be requested to decide the issue of the
validity of assessment first as held by Delhi High Court in Makhan Singh
Gurucharan Singh (HUF) v. CIT [2002].</span><span face="Arial, sans-serif" style="color: #212529; font-size: 13.5pt; line-height: 115%;"><br style="box-sizing: border-box;" />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--></span><o:p></o:p></p><br />
<b><u>Block Assessment / Reassessment in search and seizure cases ( called as income tax raid cases)</u></b><br />
<br />
<div class="Default">
<span style="mso-spacerun: yes;"> </span><span style="font-size: 11.5pt;">Under the Income-tax Act, there are four major assessments as given below:</span></div>
<div class="Default" style="margin-bottom: 2.35pt;">
<br /></div>
<div class="Default" style="margin: 0in 0in 2.35pt 39pt; text-indent: -0.25in;">
<span style="font-family: "symbol"; font-size: 11.5pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span dir="LTR"></span><span style="font-size: 11.5pt;">Assessment under section 143(1), i.e., Summary assessment without calling the assessee.</span></div>
<div class="Default" style="margin: 0in 0in 2.35pt 39pt; text-indent: -0.25in;">
<span style="font-family: "symbol"; font-size: 11.5pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span dir="LTR"></span><span style="font-size: 11.5pt;">Assessment under section 143(3), i.e., Scrutiny assessment.</span></div>
<div class="Default" style="margin: 0in 0in 2.35pt 39pt; text-indent: -0.25in;">
<span style="font-family: "symbol"; font-size: 11.5pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span dir="LTR"></span><span style="font-size: 11.5pt;">Assessment under section 144, i.e., Best judgment assessment.</span></div>
<div class="Default" style="margin-left: 39pt; text-indent: -0.25in;">
<span style="font-family: "symbol"; font-size: 11.5pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span dir="LTR"></span><span style="font-size: 11.5pt;">Assessment under section 147, i.e., Income escaping assessment</span></div>
<div class="Default">
<br /></div>
<div class="Default">
<span style="font-size: 11.5pt;"><b><u>Undisclosed Income</u></b> : Apart from the above, there is another type of assessment which happens after Search is conducted. The modus operandi in search cases has changed many times</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">History of assessment of Undisclosed Income(Post Search)</span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"> <u>Phase 1 - Upto 30th June, 1995 (Normal Reassessment)</u></span></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">No special provisions for reassessment.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Undisclosed income taxed under general provisions.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Provisions of sections 143 & 147 were mainly used.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Reopening of completed assessments possible.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Regular rates of taxation & interest on undisclosed income.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Penalty & prosecution for concealment possible.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Conditional immunity under expln. 5 to section 271(1)(c ) was available.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Phase II - From 1st July, 1995 to 31st May, 2003 (Block Assessment)</span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">FA 1995 inserted Chapter XIV-B for asst. of undisclosed income(UDI)</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Popularly known as <b>Block Assessment.</b></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Only UDI detected in the course of search, assessable in Block asst.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Block period comprised of 6 asst. years preceding the PY of search & included the period upto the date of search.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">UDI charged to tax at 60%.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Surcharge leviable at the rates prescribed in the Finance Act for the relevant year<b>. </b></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Block asst. was in addition to & independent of regular asst. Disclosed income taxed in regular asst. & UDI in Block asst.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Special provisions for asst. of third party's UDI.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">No interest u/s 234A, 234B & 234C.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">No penalty for concealment of income (upto 31-12-96).</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Order appealable – directly to ITAT initially, subsequently like any other asst. order, to CIT (Appeals)</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Phase III - From 1st June, 2003 onwards (Special Reassessment)</span></u></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Finance Act, 2003 has introduced sections 153A, 153B and 153C w.e.f. 1-6-2003, which has replaced Chapter XIV-B.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">No more block period, undisclosed income and block assessment.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Under the present scheme total income of an assessee will be determined year wise and not restricted to undisclosed income alone.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Tax payable at the regular rates as applicable to respective years on total income – Expln.(ii) to s. 153A.</span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "wingdings"; font-size: 12pt;">ü</span><span style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">The returns are required to be filed after search in respect of six asst. years immediately preceding the year of search – 153A(a)</span></div>
<br />
<div class="MsoNormal">
</div>
<br />
<div class="MsoNormal" style="font-family: "times new roman"; line-height: normal;">
<div style="margin: 0px;">
<br /></div>
<div style="margin: 0px;"><br /></div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , serif; font-size: 21.3333px; line-height: 24.5333px;"><b><u>SEARCH & SEAZURE PROCESS UNDER INCOME TAX ACT</u></b></span></div>
<div style="margin: 0px;">
<span style="font-family: "times new roman" , serif; font-size: 16pt; line-height: 24.5333px;"><br /></span><span style="font-family: "times new roman" , serif; font-size: 16pt; line-height: 24.5333px;">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span dir="LTR"></span><b><span style="font-size: 16pt; line-height: 24.5333px;">OVERVIEW OF PROCESS</span></b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Investigation & Inquiry</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Formation of Reasonable Belief</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Authorisation by Competent Authority</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Actual Operation</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Seizure of Books, Documents, Valuables, Cash Etc</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Recording of Statement & Disclosure</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Appraisal Report</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Issuance of Notice</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Payment of Tax & Filing of Returns in response to Notice</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Assessment of Returns filed</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "symbol";"><img alt="*" height="12" src="file:///C:\Users\SIVAPR~1\AppData\Local\Temp\msohtmlclip1\01\clip_image002.png" style="cursor: move;" width="12" /><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Release of Items Seized </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<br /></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>WHEN & WHY SEARCH IS CONDUCTED</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>When any summons or notice issued by IT Dept is not responded </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>When Summons is issue dfor production of books of accounts, however no response is received from the asseessee.</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>When Competent Authority forms belief that a person is having unaccounted income inform of cash, bulion, jewellery, etc on the basis of information inn his possession </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>CBDT Guideline on Search & Seizure</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
- Searches not to be conducted casually</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
- Min Expected Disclosure of Rs 100.00 Lacs</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
- Professionals of high repute not to be searched</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Authorisation for Search </div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
- Director of Investigation (DI)</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
- Deputy Director of Investigation (DDI)</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
- Assistant Director of Investigation</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
<b> </b></div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
<br /></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>HOW SEARCH IS CONDUCTED</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Issuance of Search Warrants Specifying Person and Places to be searched</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Time of Commencement and Continuance of Search </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Manner of Search</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Closing of search operation</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>RIGHTS & DUTIES OF THE PERSON SEARCHED</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b><u>Rights</u></b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Right to check identity of each of the member of search party</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Right to have authorised representative</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Right to have witnesses</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Right to search every person of serch party when they leave the place</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To call doctor for the ill person</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To send kids to school after verification of their school bags</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Female to be searched by female only</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To have inventory of items found and seized</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To use phones</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To have copy of sttements recorded</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To have copy of books and documents seized </div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
<b> </b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b><u>Duties</u></b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To allow search party of enter in premises without creating obstacles</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To sign search warrant</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To give explanation when asked</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Restrict entry of any unauthorised persons</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Move any items without permission of search party </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">-<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To Co Operate search party</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>PRECAUTIONARY MEASURES WHICH HELPS DURING SEARCH</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To keep cash book upto date and have idea of average cash balance in every account / file</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To keep stock book up to date and keep on tallying the same with physical stock at reasonable intervals</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Not to keep un necessary rough notes, chits containg any financial data</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To have idea of assets which are on record</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To record almost all household items, major expenses, personal expenses on books of accounts of business and to make payment through cheque for major items of expenses and investment</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To Cooperate and help the search party</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To have knowledge of firm names, partnership, director ship held, companies operated and their businesses, their bank accounts – More particularly in case of females </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Not to keep any Alchoholic Drugs in Home without permit</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To take expenses of marriage and functions on books</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Not to carry on business in the proprietary concern of female, old aged persons unless they are able to justify running of business</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Not to have undue entries on books</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Not to keep unnecessary files on computers containing various calculations and datas</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>No disclosure if data is More Than 6 Year old</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>To have bills for modification in jewellery</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"><br /></span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></div>
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"></span></span><span dir="LTR"></span><b>SEIZURES</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Items which can not be seized</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Items Which can be Seized</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Inventory of item Seized</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Deemed Seizure</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Utilisation of Seized Items </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Release of Seized Items </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"><br /></span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>ITEMS WHICH CAN NOT BE SEIZED</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Immovable assets</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Stock held in business</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Items disclosed in Income Tax and Wealth tax Returns</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Items appearing in books of accounts</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Cash for which explanation can be given</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Jewellery mentioned in wealth tax return</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Gold up to 500 Gm per married woman, 250Gm per unmarried woman and 100Gm per male member of the family </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Jewelley as per the status of the family if so appear to investigating officer</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"><br /></span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"><br /></span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>ITEMS WHICH CAN BE SEIZED</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Unaccounted cash, jewellery, gold, bullion, lockers, promissory notes, cheques, drafts</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Books of accounts, chits, diaries etc </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Computer Hard Disks and other data storage devises</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Documents of property, title deeds etc</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"><br /></span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"><br /></span></span><span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>POST SEARCH PROCEDURES</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Revocation of Prohibitory Order</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Completion of statements recorded</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Further explanations of the documents seized </div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Appraisal report</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Issuance of Notice</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Assesment</div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
<br /></div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
<br /></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>RECORDING OF STATEMENT AND DISCLOSURE</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Statement recorded on the date of search</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Financial Years for which disclosure can be taken</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Disclosure of Income</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Items and Documents Seized and Disclosure</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Items having bearing on the Disclosure</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Unaccounted assets</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Unaccounted Business Expenses – Wages / Purchases etc</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Unaccounted Personal expenses</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Production data and unaccounted sales</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Disclosure by third party</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Incidence of interest and penalty</div>
</div>
<div class="MsoNormal" style="margin-left: 1in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">–<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Proposed Purchase of fixed asset having higher depreciation </div>
</div>
<div class="MsoNormal">
<div style="margin: 0px;">
<br /></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>ISSUANCE OF NOTICE, TAX PAYMENT & FILING OF RETURNS</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>New scheme for assessment of Search Cases</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Time limit for issuance of Notice</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Time limit for filing of tax return</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Applicable Taxes , Interest and Penalty</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Manner of filing tax returns</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span><b>ASSESSMENT OF RETURNS FILED</b></div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Assessment procedures</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Status of pending assessments</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Areas which can be covered by the Assessing Officer</div>
</div>
<div class="MsoNormal" style="margin-left: 0.5in;">
<div style="margin: 0px;">
<span style="font-family: "times new roman" , "serif";">•<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span dir="LTR"></span>Tax Interest & Penalty </div>
</div>
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-IQKfea0jutQ/XCGGPtjJdMI/AAAAAAAALS8/ABKEMAu49UcJPUmZchyw5SbokyJwJvFIgCLcBGAs/s1600/sec%2B132%2Brule%2B112.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="960" data-original-width="1117" height="275" src="https://1.bp.blogspot.com/-IQKfea0jutQ/XCGGPtjJdMI/AAAAAAAALS8/ABKEMAu49UcJPUmZchyw5SbokyJwJvFIgCLcBGAs/s320/sec%2B132%2Brule%2B112.jpg" width="320" /></a></div>
<br />
<b><u>Is intimation u/s 143(1) an assessment order</u></b><br />
<br />
The issue is settled to rest by the decision of Supreme Court in the case of ACIT vs Rajesh Javeri Stock Brokers (P) Ltd. 291 ITR 500 in which it was held that intimation although deem to the notice of demand U/s.156 can not taken as assessment order.<br />
The decision :<br />
It is to be noted that the expressions “intimation” and “assessment order” have been used at different places. The contextual difference between the two expressions has to be understood in the context the expressions are used. Assessment is used as meaning sometimes “the computation of income”, sometimes “the determination of the amount of tax payable” and sometimes “the whole procedure laid down in the Act for imposing liability upon the tax payer”. In the scheme of things, as noted above, the intimation under section 143(1)(a) cannot be treated to be an order of assessment. The distinction is also well brought out by the statutory provisions as they stood at different points of time. Under section 143(1)(a) as it stood prior to April 1, 1989, the Assessing Officer had to pass an assessment order if he decided to accept the return, but under the amended provision, the requirement of passing of an assessment order has been dispensed with and instead an intimation is required to be sent. Various circulars sent by the Central Board of Direct Taxes spell out the intent of the Legislature, i.e., to minimize the department work to scrutinize each and every return and to concentrate on selective scrutiny of returns. These aspects were highlighted by one of us (D. K. Jain J.) in Apogee International Limited v. Union of India [1996] 220 ITR 248 (Delhi). It may be noted above that under the first proviso to the newly substituted section 143(1), with effect from June 1, 1999, except as provided in the provision itself, the acknowledgement of the return shall be deemed to be an intimation under section 143(1) where (a) either no sum is payable by the assessee, or (b) no refund is due to him. It is significant that the acknowledgment is not done by any Assessing Officer, but mostly by ministerial staff. Can it be said that any “assessment” is done by them ? The reply is an emphatic “no”. The intimation under section 143(1)(a) was deemed to be a notice of demand under section 156, for the apparent purpose of making machinery provisions relating to recovery of tax applicable. By such application only recovery indicated to be payable in the intimation became permissible. And nothing more can be inferred from the deeming provision.<br />
<br />
<br />
<strong style="background-color: orange;">scrutiny of income-tax returns</strong><br />
<strong><br /></strong>
<strong>NO NORMAL SCRUTINY FOR SENIOR CITIZENS AND GROSS TOTAL INCOME LESS THAN Rs.10.00 LAKHS</strong><br />
<br />
No.402/92/2006-MC (07 of 2011)<br />
Government of India / Ministry of Finance<br />
Department of Revenue<br />
Central Board of Direct Taxes<br />
New Delhi dated the 14th March 2011<br />
PRESS RELEASE<br />
<br />
<b><u>Streamlining procedure for scrutiny of income-tax returns</u></b><br />
<br />
<br />
Scrutiny of income tax returns is an important mechanism for ensuring taxpayer compliance and to counter tax-evasion. However, it has evoked some concern from small taxpayers and senior citizens about prolonged enquiries. Concerns have also been raised about selection of the same cases in scrutiny year after year.<br />
Appreciating the concern of these taxpayers and with a view to mitigate their hardships, Central Board of Direct Taxes has reviewed its scrutiny selection procedure. In order to redress the grievance, it has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information.<br />
Senior citizens for this purpose would be individual taxpayers who are 60 years of age or more. Small taxpayers would be individual and HUF taxpayers whose gross total income, before availing deductions under Chapter VIA, does not exceed Rupees ten lakh.<br />
<br />
<br />
<br />
<h3>
<b><u>Remedies to Assesse aggreived by Order of AO</u></b></h3>
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 14pt;"><br /></span></b>
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 14pt;">RECTIFICATION OF MISTAKE UNDER SECTION 154</span></b><br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 12pt;">Introduction</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Sometimes there may be a mistake in any order passed by the Assessing Officer. In such</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">a situation, mistake which is apparent from the record can be rectified under section 154.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">The provisions relating to rectification of mistake under section 154 are discussed in this</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">part.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 12pt;">Order which can be rectified under section 154</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">With a view to rectifying any mistake apparent from the record, an income-tax authority</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">may, -</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">a) Amend any order passed under any provisions of the Income-tax Act.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">b) Amend any intimation or deemed intimation sent under section 143(1).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">c) Amend any intimation sent under section 200A(1)(*) [section 200A deals with</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">processing of statements of tax deducted at source i.e. TDS return].</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">(*) Under section 200A, a TDS statement is processed after making correction of any</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">arithmetical error in the statement or after correcting an incorrect claim, apparent from</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">any information in the statement</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">If due to rectification of mistake, the tax liability of the taxpayer is enhanced or refund is</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">reduced, the taxpayer shall be given an opportunity of being heard.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 12pt;">Rectification of order which is subject to appeal or revision</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">If an order is the subject-matter of any appeal or revision, any matter which is decided in</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">such an appeal or revision cannot be rectified by the Assessing Officer. In other words, if</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">an order is subject matter of any appeal, then the Assessing Officer can rectify only those</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">matters which are not decided in such appeal.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 12pt;">Initiation of rectification by whom</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">The income-tax authority can rectify the mistake on its own motion.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">The taxpayer can intimate the mistake to the income-tax authority by making an</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">application to rectify the mistake.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">If the order is passed by the Commissioner (Appeals), then the Commissioner (Appeals)</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">can rectify mistake which has been brought to notice by the Assessing Officer or by the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">taxpayer.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 12pt;">Time-limit for rectification</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">No order of rectification can be passed after the expiry of 4 years from the end of the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">financial year in which order sought to be rectified was passed. The period of 4 years is</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">from the date of order sought to be rectified and not 4 years from original order. Hence, if</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">an order is revised, set aside, etc., then the period of 4 years will be counted from the date</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">of such fresh order and not from the date of original order.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">In case an application for rectification is made by the taxpayer, the authority shall amend</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">the order or refuse to allow the claim within 6 months from the end of the month in which</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">the application is received by the authority.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<b><span style="color: #669aff; font-family: "times new roman" , "serif"; font-size: 12pt;">The procedure to be followed for making an application of rectification</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Before making any rectification application the taxpayer should keep following points in</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">mind.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">The taxpayer should carefully study the order against which he wants to file the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">application for rectification.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Many times the taxpayer may feel that there is any mistake in the order passed by</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">the Income-tax Department but actually the taxpayer’s calculations could be</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">incorrect and the CPC might have corrected these mistakes, e.g., the taxpayer may</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">have computed incorrect interest in return of income and in the intimation the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">interest mighthave been computed correctly.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Hence, to avoid application of rectification in above discussed cases the taxpayer</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">should study the order and should confirm the existence of mistake in the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">intimation, if any.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">If he observes any mistake in the order then only he should proceed for making an</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">application for rectification under section 154.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Further, he should confirm that the mistake is one which is apparent from the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">records and it is not a mistake which requires debate, elaboration, investigation,</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">etc.The taxpayer can file an online application for rectification of mistake. Before</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">making an online application for rectification the taxpayer should refer to the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">rectification procedure prescribed at https://incometaxindiaefiling.gov.in/</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">For rectification of intimation under Section 200A(1) online correction statement</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">is to be filed; the procedure thereof is given at<span style="mso-spacerun: yes;"> </span></span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">http://contents.tdscpc.gov.in/en/filing-correction-etutorial.html<span style="color: black;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "symbol"; font-size: 12pt;">· </span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">An amendment or rectification which has the effect of enhancing the assessment</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">or reducing a refund or otherwise increasing the liability of the taxpayer (or</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">deductor) shall not be made unless the authority concerned has given notice to the</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">taxpayer or the deductor of its intention to do so and allowed the taxpayer (or the</span></div>
<div class="MsoNormal">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;">deductor) a reasonable opportunity of being heard.</span></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<b><u><span style="font-size: 18pt;"><br />Stay on income tax demand</span></u></b><span style="font-size: 13.5pt;"><o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">1. An application must be moved within 30 days of the service of the order to remain compliant with section 221.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">2.The application should be in complete detail with the following:<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(1) returned income <o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(2) assessed income <o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(3) the disputed additions <o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(4) how your case is covered by the judgments <o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(5) and how payment will jeopardize the business due to financial constraints etc.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">3.The AO's generally pass a short order rejecting the stay application which is unjustified, and then move on to the Addl. CIT and then CIT. In case not accepted you can take it up with CIT(A) who has the powers to grant stay as an appellate authority.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">4. In case the assessment has been framed at more than twice the income you take cover of the Delhi HC orders in the Valvoline and Soul which have confirmed the CBDT Circular that no recovery shall be made in such cases till the disposal of the 1st appeal. This can also be mentioned in the stay application. Some other judgments may also helpful these are given below:<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">1.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">Instruction no. 1914 of 1993 dt. 02.12.1993<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">2.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">Circular No. 589 - Imp<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">3.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">220 CTR 211 (Del) - Soul – V Important. Also discusses Valvoline<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">4.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">Valvoline<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">5.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">216 CTR 139 – Subhash Chander<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">6.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">258 ITR 291 – JCT Ltd.<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">7.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">222 CTR 521 Taneja<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">8.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">256 ITR 698 – Bongaigaon<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">9.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">RPG Mumbai<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">10.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">NO RECOVERY till 154 Application not disposed off – 191 ITR 179<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">11.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">Order of the AO should be speaking order – B R Balakrishnan 119 Taxman 974 Bom<o:p></o:p></span></div>
<div style="line-height: 14pt; margin: 0in 0in 0.0001pt 0.75in; text-indent: -0.25in;">
<span style="font-size: 13.5pt;">12.<span style="font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-size: 13.5pt;">Maruti Udyog Ltd.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">5. Also it is suggested:<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(1) move an application for early fixation of appeal with copy to CCIT and CIT <o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(2) keep your bank balance low and keep an alternate bank account ready and operational <o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">(3) keep bank manager in good humor as (a) he should inform you of attachment and permit you to withdraw the available amounts before attachment (b) In case of OD limits he can write back to the AO that attachment is not possible as the limits have been granted to conduct business and not payment of taxes – this will give you a couple of days to make adjustments.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">6.If possible apply for a rectification for as long as the rectification application is pending no recovery can be made (see 191 ITR 179)<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">7. I also bring to your notice the following directions of the CBDT:<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">CBDT Inst. 987. Prevention of unrealistic over-assessments<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;"> 1. Reference is invited to the Board's Instruction No.376 [F.No.277/2/70-IT(J)], dated the 1st February , 1972 and the earlier instruction cited therein.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;"> 2. Instances continue to come to the notice of the board about unrealistic over-assessments made by assessing officer under various direct tax Acts. This causes unnecessary hardship to the assessees and tarnishes the image of the Department; there is avoidable litigation and recovery problems arise in respect of the consequential insupportable and exaggerated tax demands.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">3.The board would like therefore to impress once again upon the commissioners that they should advise the assessing officers in their charge to eschew unjustified over-assessments. The assessments have to be made in the reasonable and fair manner after considering all the relevant circumstances of the case. Even where an assessment has to be made ex parte, the information available should be reasonably weighed and a proper estimate made in the exercise of best judgments in the circumstances. There should be no tendency to frame assessments even in such cases mechanically on past basis, if there is evidence to the contrary e.g., the business of the concern has become defunct or is in clearly adverse circumstance.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">4. If unjustified over-assessments are avoided, this will inter alia curtail the feature of exaggerated demands which unnecessarily inflate our arrears figures.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">These instructions may be brought to the notice of all officers in the charge and very careful watch kept over their compliances. The erring officials should be properly advised and where necessary pulled up.[ F.No.246/27/73-A & PAC, dated the 27th July, 1973 from C.B.D.T].<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">.<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">*CA Amresh Vashisht*<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">Meerut<o:p></o:p></span></div>
<div style="margin: 0in 0in 0.0001pt;">
<span style="font-size: 13.5pt;">9837515432<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div>
<o:p><br /></o:p></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;"> Transfer
Pricing - </span></b><b><span face=""arial" , sans-serif" style="color: #333333; font-size: 12pt;">CIT (A)
or DRP</span></b><b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<br />
<!--[endif]--><b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">Introduction</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Tax litigation is a
scourge for a tax friendly regime and creates an environment of distrust in
addition to increasing the compliance cost of the taxpayers and administrative
cost for the Government. It is one of the road blocks in the growth of the economy
as this affects the investment climate in the country.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The Government
acknowledged that the existing litigation process was time consuming and needed
restructuring. Therefore, with objective of speedy disposal of disputes,
Dispute Resolution Panel (DRP) mechanism was introduced by Finance Act, 2009 as
an alternative to first appellate authority i.e. Commissioner of Income Tax
(Appeals) {CIT (A)}.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-UKRFJp4cG2I/WJyL0kcw4tI/AAAAAAAADEY/hPTVSPD02VAKgRpUzO7wsL-LiSlD66MhQCLcB/s1600/transfer%2Bpricing.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="320" src="https://2.bp.blogspot.com/-UKRFJp4cG2I/WJyL0kcw4tI/AAAAAAAADEY/hPTVSPD02VAKgRpUzO7wsL-LiSlD66MhQCLcB/s320/transfer%2Bpricing.png" width="297" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">Revised litigation
process post introduction of DRP</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Post introduction of
DRP, the taxpayer, being a foreign company or facing TP adjustment (eligible
taxpayer), has an option to opt for either CIT (A) route or the DRP mechanism.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">If DRP is opted: the
assessing officer (AO) has to pass the draft assessment order. Within 30 days
of receipt of the draft order, the eligible taxpayer may file objections before
DRP. DRP issues directions to AO within 9 months from the end of the month in
which the draft order is forwarded to the taxpayer. Subsequently, final order
is issued by the AO within 1 month.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">If CIT (A) is opted:
An appeal is to be filed within 30 days of receipt of final assessment order.
No time limit is prescribed for disposal of the appeal. However, CIT(A) may
dispose of the appeal within 1 year from the end of the financial year in which
appeal was filed.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">An appeal against the
final assessment order (pursuant to DRP directions)/CIT(A)’s order may be filed
before the Income Tax Appellate Tribunal (ITAT) within 60 days of the date of
communication of the impugned order. ITAT is the final fact finding authority and
further appeal before the High Court (HC) and subsequent appeal before the
Supreme Court (SC) against HC can only be filed on a question of law.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">With the introduction
of the alternative DRP mechanism, the taxpayer is at a crossroads in relation
to the future course of action i.e. either to opt for the DRP route or go for
the conventional CIT(A) path. The decision is dependent on various factors.
Some are discussed below:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><b><i><span face=""arial" , sans-serif" style="font-size: 12pt;">Time limit for disposal of appeal</span></i></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The Income Tax Act,
1961 (“the Act”) mandates the DRP to pass its directions within 9 months from
the end of the month in which AO's draft order is received. On the other hand,
no time limit is laid down in case of CIT(A). However, based on the practical
experience an appeal is generally disposed of within 2-4 years.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-list: l1 level1 lfo2; tab-stops: list 36.0pt; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: "symbol"; font-size: 10pt;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><b><i><span face=""arial" , sans-serif" style="font-size: 12pt;">Abeyance of demand</span></i></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 12.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 12.0pt; margin: 12pt 0cm; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Under the CIT(A)
route, there is no provision of automatic stay of demand and taxpayer is
required pay the demand before appeal.<o:p></o:p></span></div>
<h1 style="background-color: white; color: #333333; font-family: Arial, HelveticaNeue, Calibri, Tahoma, Helvetica, Verdana; font-size: 1.5em; margin: 0px;">
<span class="firstword" style="color: #8d1d3f;">India</span>: Dispute Resolution Panel Under The Income Tax Act, 1961</h1>
<div class="dots" style="background-color: white; border-bottom: 1px dotted rgb(98, 106, 112); color: #333333; font-family: Arial, HelveticaNeue, Calibri, Tahoma, Helvetica, Verdana; font-size: 14.4px; padding-bottom: 5px;">
<div class="el" style="float: left; width: 473.688px;">
<div style="padding-bottom: 5px; padding-top: 10px;">
Last Updated: 7 January 2014</div>
Article by <span style="font-weight: bold;"><a class="buttonbar force" href="http://www.mondaq.com/content/author.asp?article_id=284712&author_id=997354" rel="nofollow" style="color: #243b92;" title="View this authors profile">Pradhumna Didwania</a></span><br />
<div style="padding-top: 5px;">
<br /></div>
</div>
</div>
<div id="base_linksbar_container" style="background-color: white; color: #333333; font-family: Arial, HelveticaNeue, Calibri, Tahoma, Helvetica, Verdana; font-size: 14.4px; padding-bottom: 5px;">
<table border="0" cellpadding="0" cellspacing="0" style="width: 707px;"><tbody>
<tr><td></td><td></td><td></td><td width="150"></td><td width="300"></td><td></td><td style="padding-top: 3px;"></td><td style="padding-top: 3px;"></td><td width="50"></td></tr>
</tbody></table>
</div>
<div id="articlebody" style="background-color: white; color: #333333; font-family: Arial, HelveticaNeue, Calibri, Tahoma, Helvetica, Verdana; font-size: 14.4px;">
<div style="line-height: 1.5;">
The Dispute Resolution Panel (DRP) under the Income Tax Act, 1961 [hereinafter referred to as "ITA"] is an Alternative Dispute Resolution (ADR) mechanism for resolving the disputes relating to Transfer Pricing in International Transactions. Section 144C [Reference to Dispute Resolution Panel] of the ITA governs the provisions relating to DRP and defines DRP as a collegium comprising of three Commissioners of Income-tax constituted by the Board [Central Board of Direct Taxes] for this purpose. Section 144C comes into picture when the Assessing Officer (AO) under the ITA proposes to make, any variation in the income or loss stated in the return filed by the assessee and such variation is prejudicial to the interest of the assessee and the AO forwards a draft of the proposed Assessment order to the assessee in order to invite his acceptance or objections to the same. Assessee under section 144C refers to a Foreign Company and any person in whose case AO proposes to make any variation in the income or loss stated in the return filed by such person, as a consequence of the order passed by the Transfer Pricing Officer under Sub Section (3) of Section 92CA of the ITA.</div>
<div style="line-height: 1.5;">
Section 144C was inserted in the ITA by the Finance Act, 2009 and came into effect from 1st October, 2009. In the Notes on Clauses to the Finance Bill, 2009 [Budget 2009-2010] the reason for insertion of Section 144C was given as under</div>
<div style="line-height: 1.5;">
<em>"The subjects of transfer pricing audit and the taxation of foreign company are at nascent stage in India. Often the Assessing Officers and Transfer Pricing Officers tend to take a conservative view. The correction of such view take very long time with the existing appellate structure.</em></div>
<div style="line-height: 1.5;">
<em>With a view to provide speedy disposal, it is proposed to amend the Income-tax Act so as to create an alternative dispute resolution mechanism within the income-tax department and accordingly, section 144C has been proposed to be inserted so as to provide inter alia the Dispute Resolution Panel as an alternative dispute resolution mechanism."</em></div>
<div style="line-height: 1.5;">
Prior to the formation of DRP the assessee had to approach the Commissioner of Income Tax Appeal CIT (A) against the Assessment Order if the assessee wanted to raise objections against the Assessment Order. However, after the formation of DRP the assessee has an additional option to approach DRP on the basis Draft Order issued by AO. The Draft Order can be acceptable or unacceptable to the Assessee. In case the variations made in the draft order are acceptable to the assessee he can file his acceptance to the Draft Order with the AO within thirty days of the receipt of the Draft Order. If no acceptance is filed within thirty Days the AO completes the assessment on the basis of the Draft Order and passes the assessment order, within one month from the end of the month, in which, the acceptance is received or the period of filing of objections expires.</div>
<div style="line-height: 1.5;">
In case the assessee wants to file the Objections against the variations made by the AO the assesse may file its objections with the DRP and AO.</div>
<h3 style="font-size: 1.15em;">
The Procedure At DRP Is As Follows:</h3>
<ul>
<li style="padding-bottom: 10px;">After receiving Objections the DRP goes through the Draft Order; objections filed by the assessee; evidence furnished by the assessee; report, if any, of the Assessing Officer, Valuation Officer or Transfer Pricing Officer or any other authority; records relating to the draft order; evidence collected by, or caused to be collected by, it; and result of any enquiry made by, or caused to be made by, it and issue such directions, as it thinks fit, for the guidance of the AO to enable him to complete the assessment.</li>
<li style="padding-bottom: 10px;">The DRP may confirm, reduce or enhance the variations proposed in the draft order, however, it shall not set aside any proposed variation or issue any direction for the guidance of the AO for further enquiry and passing of the assessment order.</li>
<li style="padding-bottom: 10px;">If the members of the DRP differ in opinion on any point, the point shall be decided according to the opinion of the majority of the members.</li>
<li style="padding-bottom: 10px;">The Directions for the guidance of AO will be given only after the assessee and the AO have been given an opportunity to present their case.</li>
<li style="padding-bottom: 10px;">After receiving the Directions in the nature of guidance from DRP the AO shall, in conformity with the directions, complete the assessment without providing any further opportunity of being heard to the assessee, within one month from the end of the month in which such direction is received.</li>
<li style="padding-bottom: 10px;">The Directions given by DRP are binding on the AO, the Directions can be challenged by the assessee before the Income Tax Appellate Tribunal (ITAT).</li>
<li style="padding-bottom: 10px;">The DRP has to complete the hearing and give its final Directions within a period of 9 months from the end of the month in which the draft order was forwarded to the assessee.</li>
<li style="padding-bottom: 10px;">Presently there are 10 DRP in India having Jurisdiction over different States and Territories.</li>
</ul>
<div style="line-height: 1.5;">
Recently, a Division Bench of Hon'ble Bombay High Court, while deciding the Writ Petition filed by Vodafone India Services Pvt. Ltd. vs Union of India and Others<sup>1</sup> directed Vodafone India Services Pvt. Ltd (wholly owned subsidiary of Mauritian Entity Vodafone TeleServices (India) Holdings Ltd) to approach the Dispute Resolution Panel (DRP) to submit objections to the Income Tax Department's demand of INR 1,300 crore and made the following observation with regards to DRP.</div>
<div style="line-height: 1.5;">
<em>"The proceeding before the DRP is not an appeal proceeding but a correcting mechanism in the nature of a second look at the proposed assessment order by high functionaries of the revenue keeping in mind the interest of the assesee. It is a continuation of the Assessment proceedings till such time a final order of assessment which is appealable is passed by the Assessing Officer. This also finds support from Section 144C(6) which enables the DRP to collect evidence or cause any enquiry to be made before giving directions to the Assessing Officer under Section 144C(5) . The DRP procedure can only be initiated by an assessee objecting to the draft assessment order. This would enable correction in the proposed order (draft assessment order) before a final assessment order is passed. Therefore, we are of the view that in the present facts this issue could be agitated before and rectified by the DRP."</em></div>
<h3 style="font-size: 1.15em;">
Conclusion</h3>
<div style="line-height: 1.5;">
The DRP is an Alternative Dispute Mechanism, set up with a view to minimize the tax disputes relating to Transfer Pricing in International Transactions. The process of inviting objections to the Draft Assessment Order gives an opportunity to the assessee to raise objections, if any, at an early date and helps in giving finality to the Assessment Order. The fixed time frame of 9 months to decide the Matter assures the assesse that the Matter will be decided in a fixed time and the binding nature of the Order of the DRP on the Aseesssing Officer provides a clear picture to the Assessee with regards to its Tax Liability. The recent ruling of the Hon'ble Bombay High Court also shows that the Court would wants the assessees to approach the DRP first to resolve their disputes with regards to the Tax Liability.</div>
</div>
<div class="MsoNormal">
<br />
<br />
<div style="text-align: center;">
<b><u>Income Tax Case Laws : Technical points</u></b></div>
<b><u><br /></u></b>
<b><u>Deduction claimed in 153A- return filed after search-but not in 139(1)- return originally filed- is allowable</u></b><br />
<br />
<div>
<span face=""verdana" , sans-serif"><span style="font-family: "times new roman" , "new york" , "times" , serif;">IT : Deduction claimed under section 80-IB(10) in return filed under section 153A cannot be denied on ground that claim was not made earlier in return filed under section 139(1)</span></span></div>
<div style="font-family: arial, helvetica, sans-serif;">
<div style="font-family: "times new roman", "new york", times, serif;">
<div style="font-family: "times new roman", "new york", times, serif;">
<div style="text-align: justify;">
<span face=""verdana" , sans-serif">IT: Where assessee filed return of income in response to notice issued under section 153A, interest under section 234A was liable to be charged from date of expiry of notice period given in notice under section 153A to date of completing assessment under section 143(3)</span></div>
<div align="center" style="text-align: center;">
<span color="rgb(228 , 228 , 228)"><span face=""verdana" , sans-serif">■■■</span></span></div>
<div align="center" style="text-align: center;">
<span face=""verdana" , sans-serif">[<span style="background: yellow;">2013</span>] <span style="background: yellow;">32</span> <span style="background: yellow;"><a href="http://taxmann.com/" target="_blank">taxmann.com</a></span> <span style="background: yellow;">133</span> (<span style="background: yellow;">Chennai</span> - <span style="background: yellow;">Trib</span>.)</span></div>
<div align="center" style="text-align: center;">
<span face=""verdana" , sans-serif">IN THE ITAT <span style="background: yellow;">CHENNAI</span> BENCH 'A'</span></div>
<div align="center" style="text-align: center;">
<span face=""verdana" , sans-serif">Assistant Commissioner of Income-tax, Central Circle -1(3), <span style="background: yellow;">Chennai</span></span></div>
<div align="center" style="text-align: center;">
<i><span face=""verdana" , sans-serif">v.</span></i></div>
<div align="center" style="text-align: center;">
<span face=""verdana" , sans-serif">V.N. Devadoss</span><a href="https://www.blogger.com/null" rel="nofollow"><span face=""verdana" , sans-serif">*</span></a></div>
<div align="center" style="text-align: center;">
<span style="text-transform: uppercase;"><span face=""verdana" , sans-serif">DR. O.K. NARAYANAN, VICE-PRESIDENT<br />AND VIKAS AWASTHY, JUDICIAL MEMBER</span></span></div>
<div align="center" style="text-align: center;">
<span style="text-transform: uppercase;"><span face=""verdana" , sans-serif">IT APPEAL NOS. 1219 TO 1223 (MDS.) OF 2012<br />[ASSESSMENT YEARS 2008-09 TO 2010-11]</span></span></div>
<div align="center" style="text-align: center;">
<span face=""verdana" , sans-serif">FEBRUARY 4, <span style="background: yellow;">2013</span> </span></div>
<div style="text-align: justify;">
<span face=""verdana" , sans-serif">I. Section 80-IB, read with sections 80AC, 132, 139 and 153A, of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings [Housing projects] - Assessment years 2008-09 to 2010-11 - Whether to avail benefit of deduction under section 80-IB(10) it is necessary that assessee must file return of income before due date prescribed under section 139(1) - Held, yes - Whether a return filed in pursuance of a notice issued under section 153A is as good as a return filed under section 139 and more particularly under section 139(1) - Held, yes - Whether deduction claimed under section 80-IB(10) in a return filed under section 153A can be denied on ground that claim was not made earlier in a return filed under section 139(1) - Held, no [Paras 26 to 42] [In favour of assessee]</span></div>
<div style="text-align: justify;">
<span face=""verdana" , sans-serif">II. Section 234A, read with sections 139, 143 and 153A, of the Income-tax Act, 1961 - Interest, chargeable as [Computation of period of interest] - Assessment years 2008-09 to 2010-11 - For relevant assessment years, assessee filed returns of income in response to notices issued under section 153A on 23-9-2011 - Assessing Officer levied interest under section 234A upon assessee - Commissioner (Appeals) directed Assessing Officer to charge interest under section 234A from date of expiry of notice period given in notices under section 153A to date of completing assessment under section 143(3) - Whether Commissioner (Appeals) was justified in his view - Held, yes [Para 45] [In favour of assessee]</span><br />
<span face=""verdana" , sans-serif"><br /></span>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; mso-outline-level: 1;">
<br /></div>
<div style="font-family: "Times New Roman"; text-align: left;">
<b><u><br /></u></b><b><u>Non-filing of audit report with ROI not fatal to s. 11 exemption</u></b><br />
<strong><br /></strong><strong><br /></strong></div>
<div style="font-family: "Times New Roman"; text-align: left;">
The assessee, a charitable trust, filed a return claiming exemption u/s 11 in respect inter alia of a receipt of Rs. 35.70 crores on sale of property. <strong>The audit report in Form 10B was not filed with the return</strong>. During the assessment proceedings, the assessee’s trustee gave a statement u/s 131 to the AO in which he stated that <em>no audit report u/s 10B was obtained</em>. Subsequently, the said statement was retracted on the ground that the trustee was not a tax expert and had no knowledge of the audit report. It was claimed that the audit report had been obtained but was omitted to be filed with the return. <strong>The audit report was thereafter filed during the assessment proceedings</strong>. The AO took the view that u/s 12A(1)(b) the requirement of the accounts being audited and the audit report being filed with the return was <strong>mandatory </strong>and the <em>failure to do so dis-entitled the assessee to exemption u/s 11</em>. The AO also rejected the retraction as an after-thought. However, the CIT (A) allowed the claim on the ground that the filing of the report during assessment proceedings was sufficient compliance with s. 12A(1)(b). On appeal by the department, HELD dismissing the appeal:</div>
<div style="font-family: "Times New Roman"; text-align: left;">
(i) Though s. 12A (1)(b) provides that the exemption u/s 11 will be available only if the accounts are audited and audit report “<em>furnished along with the return</em>”, the same is <strong>not mandatory</strong> but is <strong>directory</strong>. The audit report in Form 10B affirms the statements contained in the balance sheet and income-expenditure statement and is <em>intended to enable the AO to allow the exemption by relying on the audit report and without having to ask the assessee to furnish supporting documents in support of the claim</em>. Such a procedural provision cannot be construed as mandatory because the defect can be cured at a subsequent stage. <strong>It is not the intention of the Legislature that the exemption u/s 11 should be denied merely because the audit report was not filed with the return</strong>. <strong>CIT vs. Hardeodas Agarwalla Trust</strong> 198 ITR 511 (Cal) followed;</div>
<div style="font-family: "Times New Roman"; text-align: left;">
(ii) On facts, as the trust had filed, with the return, the audit report required to be given under the Bombay Public Trust Act, the claim that the audit report in Form 10B had also been obtained but had been omitted to be filed with the return was acceptable. Also, the AO was not justified in rejecting the retraction of the trustee. <strong>The AO did not controvert the averments in the retraction affidavit nor did he cross-examine the trustee</strong>. Accordingly, the claim for s. 11 exemption was upheld.</div>
<div style="font-family: "Times New Roman"; text-align: left;">
<br />
<br />
<div style="font-family: "Times New Roman";">
<div style="text-align: center;">
<b><span style="font-size: large;">RECEIVING INCOME TAX NOTICE</span></b></div>
<div style="text-align: center;">
<br /></div>
<br />
<div class="MsoNormal" style="background: white; line-height: 21pt; margin-bottom: 11.25pt; mso-outline-level: 2; vertical-align: baseline;">
<b><span face=""segoe ui" , "sans-serif"" style="color: #262626; font-size: 14pt;">What is Notice of Demand under section 156?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 18pt; margin-bottom: 7.5pt; vertical-align: baseline;">
<span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 11.5pt;">If you had received a
prior notice and the notice results in an amount payable by you, either
in the form of tax, interest, penalty or fine, then a notice u/s 156 will be
issued for the outstanding tax amount.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 21pt; margin-bottom: 11.25pt; mso-outline-level: 2; vertical-align: baseline;">
<b><span face=""segoe ui" , "sans-serif"" style="color: #262626; font-size: 14pt;">How To Respond To Notice u/s 156<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 18pt; margin-bottom: 7.5pt; vertical-align: baseline;">
<span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 11.5pt;">Upon receiving the
demand notice for outstanding tax payable, the taxpayer must:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in; margin-left: 11.25pt; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 11.25pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #363636; font-family: "wingdings"; font-size: 10pt;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 11.5pt;">deposit the amount
stated within 30 days.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-left: 11.25pt; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #363636; font-family: "wingdings"; font-size: 10pt;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><!--[endif]--><span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 10pt;">in special cases, with the approval of the
Joint Commissioner of Income Tax, you may have less than 30 days to respond.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 21pt; margin-bottom: 11.25pt; mso-outline-level: 2; vertical-align: baseline;">
<b><span face=""segoe ui" , "sans-serif"" style="color: #262626; font-size: 14pt;">Consequences of Not Responding to Notice u/s 156<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 18pt; margin-bottom: 7.5pt; vertical-align: baseline;">
<span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 11.5pt;">If you fail to respond
to the notice received u/s 156, then you will either have to pay:<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0in; margin-left: 11.25pt; margin-right: 0in; margin-top: 0in; margin: 0in 0in 0in 11.25pt; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-indent: -0.25in; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #363636; font-family: "wingdings"; font-size: 10pt;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 11.5pt;">Interest u/s 220 –
rate of 1% per month from the expiry of 30 days till payment is received.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-left: 11.25pt; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-indent: -0.25in; vertical-align: baseline;">
<!--[if !supportLists]--><span style="color: #363636; font-family: "wingdings"; font-size: 10pt;">§<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;">
</span></span><!--[endif]--><span face=""segoe ui" , "sans-serif"" style="color: #164ecd; font-size: 11.5pt;">Penalty u/s 221</span><span face=""segoe ui" , "sans-serif"" style="color: #363636; font-size: 11.5pt;"> –
the AO can impose a penalty, equal to the outstanding demand.<o:p></o:p></span></div>
<br />
<div class="MsoNormal">
<br /></div>
</div>
</div>
<div style="font-family: "Times New Roman"; text-align: left;">
</div>
</div>
</div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-84709085017124252232022-05-06T04:42:00.002-07:002023-03-22T11:58:02.509-07:00Difference between complete and finish, personality and character, perfection and excellence, will and wish, trust and faith. advisor and consultant, negotiation and bargaining<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
</div>
<a data-ved="0CAUQjRw" href="http://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=vfllOANebku01M&tbnid=qGi0abIKSEfnTM:&ved=0CAUQjRw&url=http%3A%2F%2Fforums.hardwarezone.com.sg%2Feat-drink-man-woman-16%2Fdifference-between-complete-finish-4008944.html&ei=0_pPUtfQF8G3rge4sYDgDQ&bvm=bv.53537100,d.bmk&psig=AFQjCNFnCkf243bG-YSnYvCei-TWRGRbqA&ust=1381059605830532" id="irc_mil" style="border: 0px currentcolor;"><img height="293" id="irc_mi" src="http://i.imgur.com/KKO5v.jpg" style="margin-top: 50px;" width="419" /></a></div><div dir="ltr" style="text-align: left;" trbidi="on"><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-IhVHnynnAMM/Vfo_Ly5pQPI/AAAAAAAAByw/v83qgAayoCg/s1600/personality%2Bcharacter.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="309" src="https://3.bp.blogspot.com/-IhVHnynnAMM/Vfo_Ly5pQPI/AAAAAAAAByw/v83qgAayoCg/s320/personality%2Bcharacter.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: left;">
<a href="http://3.bp.blogspot.com/-qVpPM2nXlbg/VYzjbmIHrNI/AAAAAAAABXs/o6vhRkTsVA4/s1600/Perfection%2Bvs%2Bexcellence.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-qVpPM2nXlbg/VYzjbmIHrNI/AAAAAAAABXs/o6vhRkTsVA4/s320/Perfection%2Bvs%2Bexcellence.jpg" width="286" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
WILL VS WISH</div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-3SrVPQY-X4s/VfwB5hV_tSI/AAAAAAAABzg/oiDEh7PrrqE/s1600/will%2Band%2Bwish.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-3SrVPQY-X4s/VfwB5hV_tSI/AAAAAAAABzg/oiDEh7PrrqE/s320/will%2Band%2Bwish.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
<a href="http://3.bp.blogspot.com/--lYfVkZDdGE/V4fGqobzo4I/AAAAAAAACl0/OxfmaJj8w9c9bRSWHW7MSWYH5WRSpAAvgCK4B/s1600/13669790_740867359375496_4724169350034533882_n-709722.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6307228238866523010" src="https://3.bp.blogspot.com/--lYfVkZDdGE/V4fGqobzo4I/AAAAAAAACl0/OxfmaJj8w9c9bRSWHW7MSWYH5WRSpAAvgCK4B/s320/13669790_740867359375496_4724169350034533882_n-709722.jpg" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div>
<b><u>Knowledge Vs Expereince Vs creativity</u></b><br />
<br />
<img alt="" border="0" height="315" id="BLOGGER_PHOTO_ID_5972390511560938194" src="https://3.bp.blogspot.com/-0up-QhTr_8w/UuIxhvWA0tI/AAAAAAAAAT8/rNGIXZMsnPY/s320/Knowledge%2BVs%2BExperience-725837.jpg" width="400" /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-bkmJMNE6Org/VPwzof0u_JI/AAAAAAAAA9M/kGXPBqmzVBg/s1600/knowledge.jpeg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="208" src="https://4.bp.blogspot.com/-bkmJMNE6Org/VPwzof0u_JI/AAAAAAAAA9M/kGXPBqmzVBg/s1600/knowledge.jpeg" width="400" /></a></div>
<br />
<br />
<br />
<img src="https://fbexternal-a.akamaihd.net/safe_image.php?d=AQD_enVyBS_RUbGM&w=398&h=208&url=http%3A%2F%2Fimg.gawkerassets.com%2Fimg%2F19er4kk5hw5z1jpg%2Fk-bigpic.jpg&cfs=1" /><br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-OokJbUgP2Ho/XzltiqgzalI/AAAAAAAANq8/Bno4eGlNTRIfyTlGXLkHwjBYLiOxs--TwCLcBGAsYHQ/s1600/data%2Binfortmation.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="320" data-original-width="318" height="400" src="https://1.bp.blogspot.com/-OokJbUgP2Ho/XzltiqgzalI/AAAAAAAANq8/Bno4eGlNTRIfyTlGXLkHwjBYLiOxs--TwCLcBGAsYHQ/s400/data%2Binfortmation.jpg" width="396" /></a></div>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /></u></b>
<b style="text-align: justify;"><u><br /><br /><br /></u><p class="mobile-photo" style="font-weight: 400; text-align: left;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEht3EG2ibMuJiiGBVuvLbDZ3avlILh25lZNhQB5Agn5cqpakKgJX8TcW9WKpzK7hHLuUr1sIDukBIRTb-otwP2Sdy7DFuNQUfLM9Ki9ZuPfoN2jvHxAaHnwu7p6UcBz2ukkWH17M3bljyITJTTZmyK9TppYBYvuVef5zycBWyDLyHcTruCCWK6HoUZOrw"><img alt="" border="0" id="BLOGGER_PHOTO_ID_7087794692480402994" src="https://blogger.googleusercontent.com/img/a/AVvXsEht3EG2ibMuJiiGBVuvLbDZ3avlILh25lZNhQB5Agn5cqpakKgJX8TcW9WKpzK7hHLuUr1sIDukBIRTb-otwP2Sdy7DFuNQUfLM9Ki9ZuPfoN2jvHxAaHnwu7p6UcBz2ukkWH17M3bljyITJTTZmyK9TppYBYvuVef5zycBWyDLyHcTruCCWK6HoUZOrw=s320" /></a></p><p class="mobile-photo" style="font-weight: 400; text-align: left;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjPLOJKijwNpUrMy-jHDYsK3J3PAt4F9sq52Y4NAv4g0zsZc1te7vP_Mo9kMwhKh2sVMclAQlM9O81DyJcIUbeDJHlyY3Xh9ZKaDV-Ynik9vbGUpRydgC-FLcu5wQv5_6ads8yHScjoozsqU9YRBwIekppOW-sWUJ-cT3Qy6qtP-ZEqLYyfcJHtDFZvlA"><img alt="" border="0" id="BLOGGER_PHOTO_ID_7087794711817140834" src="https://blogger.googleusercontent.com/img/a/AVvXsEjPLOJKijwNpUrMy-jHDYsK3J3PAt4F9sq52Y4NAv4g0zsZc1te7vP_Mo9kMwhKh2sVMclAQlM9O81DyJcIUbeDJHlyY3Xh9ZKaDV-Ynik9vbGUpRydgC-FLcu5wQv5_6ads8yHScjoozsqU9YRBwIekppOW-sWUJ-cT3Qy6qtP-ZEqLYyfcJHtDFZvlA=s320" /></a></p><p class="mobile-photo" style="font-weight: 400; text-align: left;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiC4QOCmYkqOGCPNm5Y4Y1ykMz2plGvVsM2isXJddbCT_cCXcNPvxGgZkYMd1FOURp4d5aROq85lXOnJZKJM8KMg2552hKUZsXw_g3mwJk4Lw93Xpvs35e6K5SGLBGE_7tHRCpLDW5A3Tn2JzpK3ZddfRHMVKD_f7kCpAj1DoLNIzFFRvPxvzqawZFOCQ"><img alt="" border="0" id="BLOGGER_PHOTO_ID_7087794727215504530" src="https://blogger.googleusercontent.com/img/a/AVvXsEiC4QOCmYkqOGCPNm5Y4Y1ykMz2plGvVsM2isXJddbCT_cCXcNPvxGgZkYMd1FOURp4d5aROq85lXOnJZKJM8KMg2552hKUZsXw_g3mwJk4Lw93Xpvs35e6K5SGLBGE_7tHRCpLDW5A3Tn2JzpK3ZddfRHMVKD_f7kCpAj1DoLNIzFFRvPxvzqawZFOCQ=s320" /></a></p></b>
<b style="text-align: justify;"><u><br /></u></b><br />
<div style="text-align: center;">
<b style="text-align: justify;"><u><b style="text-align: justify;"><u>Complex and complicated</u></b></u></b></div>
<br />
<div style="text-align: center;">
<b style="text-align: justify;"><u><br /></u></b>
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-rEV85zxG2og/XraBSOEMC2I/AAAAAAAANR4/7fOSuREIDRcld4MnY1M0Cf2GTCMbT2nFQCLcBGAsYHQ/s1600/complex.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="428" data-original-width="535" height="255" src="https://1.bp.blogspot.com/-rEV85zxG2og/XraBSOEMC2I/AAAAAAAANR4/7fOSuREIDRcld4MnY1M0Cf2GTCMbT2nFQCLcBGAsYHQ/s320/complex.png" width="320" /></a></div>
<b style="text-align: justify;"><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-w4nFc-bwUYo/WoKfIZQmoCI/AAAAAAAAFQk/GFxa02t41CUsqL2OH7GkUHdIhSL6IAlWgCLcBGAs/s1600/office%2Bjargon.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="355" data-original-width="474" height="239" src="https://2.bp.blogspot.com/-w4nFc-bwUYo/WoKfIZQmoCI/AAAAAAAAFQk/GFxa02t41CUsqL2OH7GkUHdIhSL6IAlWgCLcBGAs/s320/office%2Bjargon.jpg" width="320" /></a></div>
<b><u><br /></u></b>
<a href="http://3.bp.blogspot.com/-NGRe6IKo08M/WUH6KiCpKII/AAAAAAAADfM/NHEZ6UnATzMv36TyZOpR9mfIRp-H963XgCK4BGAYYCw/s1600/images-701631.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6431696801705306242" src="https://3.bp.blogspot.com/-NGRe6IKo08M/WUH6KiCpKII/AAAAAAAADfM/NHEZ6UnATzMv36TyZOpR9mfIRp-H963XgCK4BGAYYCw/s320/images-701631.jpg" /></a><br />
<b><u>Annexure VS Appendix</u></b><br />
<div class="separator" style="clear: both; text-align: left;">
<a href="https://1.bp.blogspot.com/-5bSvzmyVGEs/XspvjUk0K6I/AAAAAAAANZQ/ofYHSmUXn_IH5d7A_AGPla0Ckj6xwLqnQCLcBGAsYHQ/s1600/Annexure%2BAppendix.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="620" data-original-width="664" height="297" src="https://1.bp.blogspot.com/-5bSvzmyVGEs/XspvjUk0K6I/AAAAAAAANZQ/ofYHSmUXn_IH5d7A_AGPla0Ckj6xwLqnQCLcBGAsYHQ/s320/Annexure%2BAppendix.png" width="320" /></a></div>
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-2iYz9MKamao/WogYccvhnFI/AAAAAAAAFRM/5lXMmbj2skIffkFVRjAIm5PgitxtWxkWACLcBGAs/s1600/brackets%252CBRACES%2BAND%2BPARANTHESIS.png" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="307" data-original-width="571" height="172" src="https://3.bp.blogspot.com/-2iYz9MKamao/WogYccvhnFI/AAAAAAAAFRM/5lXMmbj2skIffkFVRjAIm5PgitxtWxkWACLcBGAs/s320/brackets%252CBRACES%2BAND%2BPARANTHESIS.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<b><u>Expert vs Proficient</u></b></div><div><b><u><br /></u></b>
<b><div class="separator" style="clear: both; text-align: left;"><a href="https://1.bp.blogspot.com/-9pybZQBGFsA/YNdOL2Cl0qI/AAAAAAAAOU0/qdhxbBq0Ij0ChZLau25Ob5udfV-3ful_wCLcBGAsYHQ/s645/expert%2Bvs%2Bproficient.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="173" data-original-width="645" height="108" src="https://1.bp.blogspot.com/-9pybZQBGFsA/YNdOL2Cl0qI/AAAAAAAAOU0/qdhxbBq0Ij0ChZLau25Ob5udfV-3ful_wCLcBGAsYHQ/w400-h108/expert%2Bvs%2Bproficient.png" width="400" /></a></div><br /></b><b><u><br /></u></b>
<b><u>Intuitive thinking vs rational thinking</u></b><br />
<br />
“The intuitive mind is a sacred gift and the rational mind is a faithful servant.<br />
We have created a society that honours the servant and has forgotten the gift.” ~ Albert Einstein<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-7ZN_didcWpw/UuoJQemp8yI/AAAAAAAAAUM/O6ZaebfadaI/s1600/the-intuitive-mind-is-a-sacred-gift-and-the-rational-mind-is-a-faithful-servant-we-have-created-a-society-that-honors-the-servant-and-has-forgotten-the-gift-albert-einstein-quote-of-the-day.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="202" src="https://2.bp.blogspot.com/-7ZN_didcWpw/UuoJQemp8yI/AAAAAAAAAUM/O6ZaebfadaI/s1600/the-intuitive-mind-is-a-sacred-gift-and-the-rational-mind-is-a-faithful-servant-we-have-created-a-society-that-honors-the-servant-and-has-forgotten-the-gift-albert-einstein-quote-of-the-day.jpg" width="320" /></a></div>
</div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: left;"><b><u>ADVISOR VS CONSULTNT</u></b></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="http://4.bp.blogspot.com/-FEiJaIPHqq4/VW6UL_Ck4YI/AAAAAAAABVE/SKv8GjyWrVA/s1600/business-consulting-times-tell_the_time-watches-consultant-11802919_low-755292.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6156020674283757954" src="https://4.bp.blogspot.com/-FEiJaIPHqq4/VW6UL_Ck4YI/AAAAAAAABVE/SKv8GjyWrVA/s320/business-consulting-times-tell_the_time-watches-consultant-11802919_low-755292.jpg" /></a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Consultants are problem solvers. Advisors are better problem-definers than solvers. At their best, they contribute to strengthening their clients capacity to solve their own problems.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Advisors can provide an early-warning about emerging problems, signals often missed by a consultant's sharp focus on eliminating the problem at hand.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div>
<div class="gmail_signature">
<div dir="ltr">
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Organisations call on consultants when they have a <i>clear cut problem in need of solution</i>.But when people already has thought through several possible solutions they need advisor to serve as an impartial sounding board, a sparing partner to help <i>test his ideas and then identify the pros and cons</i> of proposed courses of action.</div>
<br />
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
</div>
<br />
<b><u>Bargain Vs Negotiation </u></b><br />
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;"><br /></span>
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;">Bargaining is negotiation of price alone. But negotiation may apply to much more than price, and may not include price at all. However, all negotiation involves an exchange of value, and agreements and promises of performance. Bargaining is often done verbally. Negotiation often involves written records. </span><br />
<br style="color: #333333; font-family: georgia, times, "times new roman", serif; font-size: 15px; line-height: 21px;" />
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;">Example 1: Lease negotiation. Landlord and tenant agree to the subject of the lease and responsibilities of each party. This may cover many pages. Who provides insurance? Who is responsible for maintenance? What does maintenance include? Will landlord assume costs of mass relocation? Etc. Finally, what is the amount of the rent? A written contract is prepared and signed. This is an example of a formal negotiation.</span><br />
<br style="color: #333333; font-family: georgia, times, "times new roman", serif; font-size: 15px; line-height: 21px;" />
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;">Example 2: Negotiation of a trip plan. A family of 4 agrees on what places to visit on a 2 week vacation to Florida. They have a budget of $2,500.00. Looking at a set of maps and travel brochures, they choose the destinations and time to spent at the various attractions. Will they stay at campgrounds, or a motel. Will they make their own meals, or dine out? Some of each, perhaps. No matter what they choose, they can't spend more than $2,500. The final plan involves compromises by everyone; no one gets everything they want but everyone gets some of what they want. The family members don't exchange money among themselves, but they do trade off one thing for another, based on what each person values most highly. Thus the children might agree to only one day at Sea World, provided Father gives up a visit to Daytona and goes to a tour of the Kennedy Space Center, instead. There is no contract, but there is a hand written travel plan.</span><br />
<br style="color: #333333; font-family: georgia, times, "times new roman", serif; font-size: 15px; line-height: 21px;" />
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;">Example 3: A home improvement store has some ready made cabinetry which is shop worn with broken hinges. The posted retail price is $75. The customer offers $10. The manager counters with $40. Customer offers $25, and manager agrees. This is pure bargaining; that is negotiation limited strictly to price.</span><br />
<br style="color: #333333; font-family: georgia, times, "times new roman", serif; font-size: 15px; line-height: 21px; margin-bottom: 0px;" />
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;">Thus, all bargaining is a form of negotiation, but not all negotiation is bargaining.</span><br />
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;"><br /></span>
<br />
<div style="background: white; margin-bottom: 13.25pt; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 13.25pt;">
<b><u><span face=""arial" , "sans-serif"" style="color: #0a0a0a; font-size: 13.5pt;">Forecast
Vs Projection<o:p></o:p></span></u></b></div>
<div style="background: white; margin-bottom: 13.25pt; margin-left: 0in; margin-right: 0in; margin-top: 0in; margin: 0in 0in 13.25pt;">
<span face=""arial" , "sans-serif"" style="color: #0a0a0a; font-size: 13.5pt;">A <strong style="box-sizing: border-box;">forecast</strong> is based
upon assumptions reflecting the conditions the business <em style="box-sizing: border-box;">expects
to </em>exist and the course of action <em style="box-sizing: border-box;">reasonably expected to be
followed. </em> A forecast can utilize a specific
monetary amount or a reasonable range based on the various assumptions in
place. This information is not restricted and it is typically
what is published to the general public for publicly traded companies.
Management <em style="box-sizing: border-box;">expects the goals in a forecast to be met and believes
them to be reasonably attainable</em>.<o:p></o:p></span></div>
<div style="background: white; box-sizing: border-box; margin: 0in 0in 13.25pt; text-rendering: optimizelegibility;">
<span face=""arial" , "sans-serif"" style="color: #0a0a0a; font-size: 13.5pt;">A <strong style="box-sizing: border-box;">projection</strong> is
prepared to present one or more hypothetical courses of action that the
business <em style="box-sizing: border-box;">might </em>follow.
It is typically prepared for a restricted specific party, often internal
management. This type of analysis can definitely be thought of as less
realistic, even referred to as “pie in the sky”.<o:p></o:p></span></div>
<span style="color: #333333; font-family: "georgia" , "times" , "times new roman" , serif; font-size: 15px; line-height: 21px;">
</span><br />
<div style="background: white; box-sizing: border-box; margin: 0in 0in 13.25pt; text-rendering: optimizelegibility;">
<span face=""arial" , "sans-serif"" style="color: #0a0a0a; font-size: 13.5pt;">A fun way to remember the
difference is Weather FORECAST – in which the weatherman believes the results
to be attainable. The main difference between a forecast and a projection
is the nature of the assumption; in a forecast, these assumptions are based
upon specific fact patterns, making it more representative of the expectations
for actual future events. However, in a projection the assumptions are
more of the <em style="box-sizing: border-box;">desired</em> scenario, not necessarily what
is most likely to occur.- <span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Tara West, CPA</span></span><o:p></o:p></div>
<b><u><span style="font-size: large;">Equity Vs Justice</span></u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-v8p_MQv9yAw/Xty6bygm-3I/AAAAAAAANak/gqnC9wzUb70oOnMA5TqoJ988qdo_TtnJwCK4BGAYYCw/s1600/IMG-20200607-WA0002-748597.jpg" style="margin-left: 1em; margin-right: 1em;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6835543321019349874" src="https://4.bp.blogspot.com/-v8p_MQv9yAw/Xty6bygm-3I/AAAAAAAANak/gqnC9wzUb70oOnMA5TqoJ988qdo_TtnJwCK4BGAYYCw/s1600/IMG-20200607-WA0002-748597.jpg" /></a></div>
<br /><br />
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u>Positive Scripting</u></b><br />
<b><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<iframe allowfullscreen="" class="YOUTUBE-iframe-video" data-thumbnail-src="https://i.ytimg.com/vi/8CnYksiOlA8/0.jpg" frameborder="0" height="266" src="https://www.youtube.com/embed/8CnYksiOlA8?feature=player_embedded" width="320"></iframe></div>
<br />
<br />
<div style="text-align: center;">
<b><u>VOCABULARY</u></b></div>
<div dir="auto" style="background-color: white;">
<div dir="auto">
<span face=""arial" , "helvetica" , sans-serif"><span style="font-size: 14px;"><b><u>Pitchin vs weigh in</u></b></span></span><br />
<span face=""arial" , "helvetica" , sans-serif"><span style="font-size: 14px;"><br /></span></span>
<span face=""arial" , "helvetica" , sans-serif"><span style="font-size: 14px;"><b><u>Pitchin</u></b></span></span><br />
<span face=""arial" , "helvetica" , sans-serif"><span style="font-size: 14px;"><br /></span></span></div>
<div style="font-family: arial, helvetica, sans-serif; font-size: 14px;">
to <a href="https://www.macmillandictionary.com/dictionary/british/join_1" style="color: black; text-decoration-line: none;">join</a> with other <a href="https://www.macmillandictionary.com/dictionary/british/people_1" style="color: black; text-decoration-line: none;">people</a> in <a href="https://www.macmillandictionary.com/dictionary/british/doing" style="color: black; text-decoration-line: none;">doing</a> a <a href="https://www.macmillandictionary.com/dictionary/british/job_1" style="color: black; text-decoration-line: none;">job</a></div>
<div dir="auto" style="font-family: arial, helvetica, sans-serif; font-size: 14px;">
<div style="color: #003399; display: inline; font-style: italic; line-height: 20px;">
If we all <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/pitch_1" style="color: #003399; text-decoration-line: none;">pitch</a></span> in, we can <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/finish_1" style="color: #003399; text-decoration-line: none;">finish</a></span> <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/today_1" style="color: #003399; text-decoration-line: none;">today</a></span>.</div>
</div>
</div>
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<br /></div>
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<br /></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; font-size: 14px;">to give your <a href="https://www.macmillandictionary.com/dictionary/british/opinion" rel="noreferrer" style="color: black; text-decoration-line: none;" target="_blank">opinion</a>, <a href="https://www.macmillandictionary.com/dictionary/british/idea" rel="noreferrer" style="color: black; text-decoration-line: none;" target="_blank">ideas</a> etc during a <a href="https://www.macmillandictionary.com/dictionary/british/conversation" rel="noreferrer" style="color: black; text-decoration-line: none;" target="_blank">conversation</a></span><br />
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<strong>pitch in with</strong>:<br />
<div style="color: #003399; display: inline; font-style: italic; line-height: 20px;">
My <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/brother_1" rel="noreferrer" style="color: #003399; text-decoration-line: none;" target="_blank">brother</a></span> <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/pitched" rel="noreferrer" style="color: #003399; text-decoration-line: none;" target="_blank">pitched</a></span> in with an <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/offer_1" rel="noreferrer" style="color: #003399; text-decoration-line: none;" target="_blank">offer</a></span> to<span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/lend_1" rel="noreferrer" style="color: #003399; text-decoration-line: none;" target="_blank">lend</a></span> us some <span style="line-height: 20px;"><a href="https://www.macmillandictionary.com/dictionary/british/money" rel="noreferrer" style="color: #003399; text-decoration-line: none;" target="_blank">money</a></span>.</div>
</div>
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<div style="color: #003399; display: inline; font-style: italic; line-height: 20px;">
<br /></div>
</div>
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<div style="color: #003399; display: inline; font-style: italic; line-height: 20px;">
<b><u>Weighin</u></b></div>
</div>
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<div style="color: #003399; display: inline; font-style: italic; line-height: 20px;">
<b><u><br /></u></b></div>
</div>
<div dir="auto" style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 14px;">
<div style="color: #222222; font-family: arial, sans-serif; font-size: small;">
<span class="lr_dct_lbl_blk lr_dct_lbl_box" style="background-color: #eeeeee; border-radius: 2px; display: inline-block; font-size: 10px; line-height: 18px; margin-right: 6px; margin-top: -1px; padding: 0px 6px; text-transform: uppercase;">INFORMAL</span></div>
<div data-dobid="dfn" style="color: #222222; display: inline; font-family: arial, sans-serif; font-size: small;">
make a forceful contribution to a competition or argument.</div>
<div style="color: #003399; display: inline; font-style: italic; line-height: 20px;">
<span class="vmod" face=""arial" , sans-serif" style="color: #222222; font-size: x-small; font-style: normal;"></span></div>
<div class="vk_gy" style="color: #878787;">
"the dispute turned nastier when Steward weighed in"</div>
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<b><u>Naughty Definitions for Knotty words</u></b></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br /></div>
</div>
</div>
<b><u>Decoy : See how the word is used in the below story to learn the meaning of the word</u></b><br />
<br />
<div style="background-color: white; color: #141823; font-family: helvetica, arial, "lucida grande", sans-serif; font-size: 14px; line-height: 19.32px; margin-bottom: 6px;">
A policeman is stalking out a bar looking for drunk drivers.</div>
<div style="background-color: white; color: #141823; font-family: helvetica, arial, "lucida grande", sans-serif; font-size: 14px; line-height: 19.32px; margin-bottom: 6px; margin-top: 6px;">
At closing time, he sees a man stumble out of the bar, trip on the kerb, and fumble for his keys for five minutes. When he finally gets in his car, it takes the man another five minutes to get the key in the ignition.</div>
<div style="background-color: white; color: #141823; font-family: helvetica, arial, "lucida grande", sans-serif; font-size: 14px; line-height: 19.32px; margin-bottom: 6px; margin-top: 6px;">
Meanwhile, everybody else leaves the bar and drives off.</div>
<div class="text_exposed_show" style="background-color: white; color: #141823; display: inline; font-family: helvetica, arial, "lucida grande", sans-serif; line-height: 19.32px;">
<div style="font-size: 14px; margin-bottom: 6px;">
When the man finally pulls away, the policeman is waiting for him. He pulls him over and gives him a breathalyser test. The test shows he has a blood alcohol level of zero.</div>
<div style="font-size: 14px; margin-bottom: 6px; margin-top: 6px;">
‘That can’t be right,’ says the policeman.</div>
<div style="margin-bottom: 6px; margin-top: 6px;">
<div style="font-size: 14px;">
‘Yes, it can,’ says the man. ‘Tonight I’m the designated <b><u>decoy</u></b>.’<br />
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="line-height: 15.6px; text-align: left;"><span face=""arial" , , sans-serif" style="color: #222222; font-size: xx-small;">Alliteration : </span></span><span face=""arial" , , sans-serif" style="color: #222222; font-size: xx-small; line-height: 15.6px; text-align: left;">the occurrence of the same letter or sound at the beginning of adjacent words.</span></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="text-align: left;">Example for alliteration</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-jUm5PQnllq8/VMZKQWjZksI/AAAAAAAAAwc/Gl1wI9rdAq0/s1600/alliteration.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="297" src="https://1.bp.blogspot.com/-jUm5PQnllq8/VMZKQWjZksI/AAAAAAAAAwc/Gl1wI9rdAq0/s1600/alliteration.jpg" width="400" /></a></div>
<br />
<br />
Domino Effect<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-GbuXFGeCeto/VfwANc4bDWI/AAAAAAAABzU/6blPR7DouDQ/s1600/Domino-Effect.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="201" src="https://2.bp.blogspot.com/-GbuXFGeCeto/VfwANc4bDWI/AAAAAAAABzU/6blPR7DouDQ/s320/Domino-Effect.png" width="320" /></a><a href="http://2.bp.blogspot.com/-0Z-ept1A70Y/VfwAFLe7rjI/AAAAAAAABzE/Cdq3dZYrCp8/s1600/domino-effect.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="231" src="https://2.bp.blogspot.com/-0Z-ept1A70Y/VfwAFLe7rjI/AAAAAAAABzE/Cdq3dZYrCp8/s320/domino-effect.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-IrImharfRjc/VMZDGSLopmI/AAAAAAAAAwM/oXXdf-g4kgE/s1600/prepositions.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://3.bp.blogspot.com/-IrImharfRjc/VMZDGSLopmI/AAAAAAAAAwM/oXXdf-g4kgE/s1600/prepositions.jpg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-1Z6nflYQcFE/Wq0_djJhvhI/AAAAAAAAFV0/1pPZfnVv_c8ZNkBaru5QUcxOyGC-c7z1QCK4BGAYYCw/s1600/FB_IMG_1521303106056-712827.jpg" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="400" id="BLOGGER_PHOTO_ID_6533948411268414994" src="https://3.bp.blogspot.com/-1Z6nflYQcFE/Wq0_djJhvhI/AAAAAAAAFV0/1pPZfnVv_c8ZNkBaru5QUcxOyGC-c7z1QCK4BGAYYCw/s400/FB_IMG_1521303106056-712827.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-Fg7PFZoFMBk/W7fb22uU61I/AAAAAAAAFjE/oTwOoU6PNtsnnSxO-dX6yX6jYlWHcnfqgCK4BGAYYCw/s1600/Screenshot_2018-10-03-08-26-05-937_com.android.chrome-725979.png" style="font-family: "Times New Roman"; font-size: medium; text-align: left;"><img alt="" border="0" height="400" id="BLOGGER_PHOTO_ID_6608992713638734674" src="https://1.bp.blogspot.com/-Fg7PFZoFMBk/W7fb22uU61I/AAAAAAAAFjE/oTwOoU6PNtsnnSxO-dX6yX6jYlWHcnfqgCK4BGAYYCw/s400/Screenshot_2018-10-03-08-26-05-937_com.android.chrome-725979.png" width="225" /></a></div>
</div>
We will be finding usage of phrasal verbs instead of a straight verb like the following :<br />
<br />
find out --discover<br />
get on with --continue doing something<br />
hold on --wait<br />
get away --escape<br />
take after --inherit characteristic<br />
cut down --reduce<br />
look after --care for<br />
come up with --think of a solution<br />
add up --make sense<br />
put through --connect on the phone<br />
look for --search<br />
get over --recover from<br />
turn up --arrive<br />
put off --postpone<br />
Lets get more into basics of phrasal verbs :<br />
There are four types of phrasal verbs. Phrasal verbs can be separable or inseparable and they can take an object or not. Here is a guide to the basics of phrasal verbs.<br />
<b><u>Phrasal Verbs which Take Objects</u></b><br />
Phrasal verbs which take objects can be separable or inseparable:<br />
Separable phrasal verbs can remain together when using an object that is a noun or noun phrase.<br />
I picked Tom up. OR I picked up Tom.<br />
They put their friends up. OR They put up their friends. Separable phrasal verbs MUST be separated when a pronoun is used:<br />
We picked him up at the station. NOT We picked up him at the station.<br />
They put them up. NOT They put up them.<br />
Inseparable phrasal verbs always remain together. It makes no difference if a noun or pronoun is used.<br />
We set off for the beach.<br />
/ We set off for it.<br />
They are looking after the children. / They are looking after them.<br />
<b><u>Phrasal Verbs which Don't Take Objects</u></b><br />
Some phrasal verbs do not take objects. These phrasal verbs are ALWAYS inseparable.<br />
They thieves got away.<br />
The bus broke down on the way to work.<br />
She got up early.<br />
TIP!<br />
If you are not sure whether a phrasal verb is separable or inseparable, ALWAYS use a noun or nouns phrase and DO NOT separate. In this manner, you will always be correct!<br />
Separable Phrasal Verbs: bring up, take off<br />
They brought up their children to respect others.<br />
She took off her jacket before she began the lesson.<br />
Inseparable Phrasal Verbs: look for, set off<br />
She was looking for her books when he arrived.<br />
They set off for a wonderful holiday in Hawaii.<br />
<b><u>Three-word Phrasal Verbs</u></b>Some verbs are followed by two prepositions (or adverbs). These phrasal verbs are ALWAYS inseparable.<br />
I'm looking forward to meeting John. OR I'm looking forward to meeting him.<br />
They didn't get on with their mother. OR They didn't get on with her.<br />
<br />
<br />
<br />
<b><u>Inversion of auxiliary verb</u></b><br />
<br />
Generally auxiliary verb comes before noun.Inversion involves putting an auxiliary verb before the subject of a clause. We do this in a number of different situations:<br />
<br />
<u>Questions</u><br />
The most common use of inversion is in the forming of questions. We use the auxiliary verbs be (for progressive and passive forms), have (for perfect forms) and do (for most other forms).<br />
<br />
Modal verbs can also be inverted to form questions:<br />
<br />
Were they ready when you arrived?<br />
Where was it made?<br />
Have you ever visited France?<br />
Where do you live?<br />
What should we do now?<br />
<br />
<u>Negative and restrictive adverbs</u><br />
<br />
In formal English, it is quite common to use inversion after negative adverbial expressions and restrictive words such as only, never, hardly and little.<br />
At no time did he get permission for what he was doing.<br />
Not until the next morning did she realise how serious it was.<br />
Only later did they learn his terrible secret.<br />
Never before have I seen such awful behaviour.<br />
Hardly had we walked in the door when the phone started ringing.<br />
Little do you know how much trouble you are in.<br />
<br />
<u>So, nor and neither</u><br />
Inversion is common when using these words to expression agreement or disagreement.<br />
I'm from Turkey. So am I.<br />
I don't like monsters! Nor/Neither do I<br />
<br />
<u>Conditional clauses</u>In formal English, the if clause in conditional sentences can be rephrased through inversion:<br />
Were you to win the election, what's the first thing you'd do? = If you won the election …<br />
Had we known what the weather would be like, we wouldn't have come = If we had known what<br />
<br />
<u>May</u><br />
When we are making wishes, we can use inversion:<br />
May you both live happily ever after!<br />
Exclamations<br />
We can use inversion to make exclamations:<br />
Aren't you a silly girl!<br />
Isn't it a lovely day!<br />
<b><u><br /></u></b><b><u><br /></u></b><b><u> sanguine about</u></b><br />
<br />
<span face=""arial" , sans-serif" style="color: #878787; display: inline; float: none; font-size: x-small; font-stretch: normal; line-height: 15px;">Example : He is sanguine about prospects for the global economy</span><br />
Meaning : optimistic or positive, especially in an apparently bad or difficult situation<span face=""arial" , sans-serif" style="color: #878787; display: inline; float: none; font-size: x-small; font-stretch: normal; line-height: 15px;"></span><br />
<b><u><br /></u></b>
<br />
<div>
<b><u>penchant</u></b> :a strong inclination, taste, or liking for something: a penchant for outdoor sports.<br />
<br />
<b><u>mull over :</u></b>to think about carefully; consider (often fol. by over): to mull over an idea.<br />
<br />
<b><u>dread</u></b><br />
1.to fear greatly; be in extreme apprehension<br />
2.To anticipate with alarm, distaste, or reluctance: dreaded the long drive home<br />
<br />
<b><u>scout for</u></b><br />
to make a search<br />
Ex:The company is scouting for acquisitions in asia<br />
<br />
<b><u>FALLACY </u></b>:a deceptive, misleading, or false notion, belief, etc.: That the world is flat was at one time a popular fallacy.</div>
<div>
<br /></div>
<b><u>Heart Rending</u></b> :arousing deep sympathy. Ex:Heart-rending tales of poverty and hunger.<br />
<br />
<b><u>heart breaking</u></b>:causing intense anguish or sorrow<br />
<br />
<b><u>Cozy Up</u></b> : "to try to become friendly or intimate in order to further one's own ends; attempt to ingratiate oneself: He's always cozying up to the boss."<br />
<br />
<b><u>superficial</u></b> -concerned with or comprehending only what is on the surface or obvious<br />
-shallow; not profound or thorough<br />
<br />
<b><u>Conduit</u></b><br />
1.A pipe or channel for conveying fluids, such as water.<br />
2.A tube or duct for enclosing electric wires or cable.<br />
3.A means by which something is transmitted: an arms dealer who served as a conduit for intelligence data<br />
<br />
<b><u>Bruised</u></b> but not battered<br />
<div>
<br /></div>
<b><u>Stark Meaning</u></b><br />
<br />
1 "Bare or blunt: 'His language has become increasingly stark, to the point of sounding strident'<br />
2.Complete or utter; extreme: stark poverty; a stark contrast.<br />
3.Harsh; grim: 'faced with that stark future' 'They found it hard to accept such a stark portrait of unrelieved failure'<br />
<br />
<br />
<b><u>Maverick : </u></b>-a lone dissenter, as an intellectual, an artist, or a politician, who takes an independent stand apart from his or her associates.<br />
<br />
-One that refuses to abide by the dictates of or resists adherence to a group, dissenter<br />
<br />
<b><u>Bask -</u></b> derive or receive pleasure from; get enjoyment from; take pleasure in;<br />
Ex 'She relished her fame and basked in her glory'"<br />
<br />
<span class="Apple-style-span" face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: #333333; font-size: 13px; line-height: 16px;"><b><u>Dabble :</u></b> To undertake something superficially or without serious intent:<i style="line-height: 1.25em; margin: 0px; padding: 0px;">"The restaurant business entails more than . . . dabbling in interior design"</i></span><br />
<span class="Apple-style-span" face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: #333333; font-size: 13px; line-height: 16px;"><i style="line-height: 1.25em; margin: 0px; padding: 0px;"><br /></i></span><span class="Apple-style-span" face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: #333333; font-size: 13px; line-height: 16px;"><i style="line-height: 1.25em; margin: 0px; padding: 0px;"><br /></i></span><br />
<h2 style="box-sizing: inherit; color: #404040; display: inline-block; font-family: arial, helvetica, sans-serif; font-size: 1.8rem; line-height: 1.8rem; margin: 12px 0.2rem 6px 0px;">
toss <span class="idir" style="box-sizing: inherit;">something</span> off</h2>
<b style="box-sizing: inherit;">1.</b> <i style="box-sizing: inherit;">Lit.</i> to <span class="hvr" style="box-sizing: inherit;">throw</span> <span class="hvr" style="box-sizing: inherit;">something</span> <span class="hvr" style="box-sizing: inherit;">off</span> <span class="hvr" style="box-sizing: inherit;">(of</span> <span class="hvr" style="box-sizing: inherit;">oneself).</span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;"><span class="hvr" style="box-sizing: inherit;">Bob</span> <span class="hvr" style="box-sizing: inherit;">coughed</span> so <span class="hvr" style="box-sizing: inherit;">hard</span> he <span class="hvr" style="box-sizing: inherit;">tossed</span> <span class="hvr" style="box-sizing: inherit;">his</span> <span class="hvr" style="box-sizing: inherit;">blanket</span> <span class="hvr" style="box-sizing: inherit;">off.</span></span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;"><span class="hvr" style="box-sizing: inherit;">Tom</span> <span class="hvr" style="box-sizing: inherit;">tossed</span> <span class="hvr" style="box-sizing: inherit;">off</span> <span class="hvr" style="box-sizing: inherit;">his</span> <span class="hvr" style="box-sizing: inherit;">jacket</span> <span class="hvr" style="box-sizing: inherit;">and</span> <span class="hvr" style="box-sizing: inherit;">sat</span> <span class="hvr" style="box-sizing: inherit;">down</span> to <span class="hvr" style="box-sizing: inherit;">watch</span><span class="hvr" style="box-sizing: inherit;">television.</span></span><br />
<div class="ds-list" style="box-sizing: inherit; color: #404040; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 19.5px; overflow-x: auto; overflow-y: hidden; overflow: auto hidden;">
<b style="box-sizing: inherit;">2.</b> <i style="box-sizing: inherit;">Fig.</i> to <span class="hvr" style="box-sizing: inherit;">ignore</span> or <span class="hvr" style="box-sizing: inherit;">resist</span> <span class="hvr" style="box-sizing: inherit;">the</span> <span class="hvr" style="box-sizing: inherit;">bad</span> <span class="hvr" style="box-sizing: inherit;">effects</span> of <span class="hvr" style="box-sizing: inherit;">something.</span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;"><span class="hvr" style="box-sizing: inherit;">John</span> <span class="hvr" style="box-sizing: inherit;">insulted</span> <span class="hvr" style="box-sizing: inherit;">Bob,</span> <span class="hvr" style="box-sizing: inherit;">but</span> <span class="hvr" style="box-sizing: inherit;">Bob</span> <span class="hvr" style="box-sizing: inherit;">just</span> <span class="hvr" style="box-sizing: inherit;">tossed</span> it <span class="hvr" style="box-sizing: inherit;">off.</span></span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;">If I <span class="hvr" style="box-sizing: inherit;">couldn't</span> <span class="hvr" style="box-sizing: inherit;">toss</span> <span class="hvr" style="box-sizing: inherit;">off</span> <span class="hvr" style="box-sizing: inherit;">insults,</span> <span class="hvr" style="box-sizing: inherit;">I'd</span> be<span class="hvr" style="box-sizing: inherit;">miserable.</span></span></div>
<div class="ds-list" style="box-sizing: inherit; color: #404040; font-family: arial, helvetica, sans-serif; font-size: 13px; line-height: 19.5px; overflow-x: auto; overflow-y: hidden; overflow: auto hidden;">
<b style="box-sizing: inherit;">3.</b> <i style="box-sizing: inherit;">Fig.</i> to <span class="hvr" style="box-sizing: inherit;">produce</span> <span class="hvr" style="box-sizing: inherit;">something</span> <span class="hvr" style="box-sizing: inherit;">easily</span> or <span class="hvr" style="box-sizing: inherit;">quickly.</span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;">I <span class="hvr" style="box-sizing: inherit;">tossed</span> <span class="hvr" style="box-sizing: inherit;">that</span> <span class="hvr" style="box-sizing: inherit;">article</span> <span class="hvr" style="box-sizing: inherit;">off</span> in <span class="hvr" style="box-sizing: inherit;">only</span> an <span class="hvr" style="box-sizing: inherit;">hour.</span></span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;"><span class="hvr" style="box-sizing: inherit;">Joe</span> <span class="hvr" style="box-sizing: inherit;">just</span> <span class="hvr" style="box-sizing: inherit;">tossed</span> <span class="hvr" style="box-sizing: inherit;">off</span> a <span class="hvr" style="box-sizing: inherit;">few</span> <span class="hvr" style="box-sizing: inherit;">words</span> <span class="hvr" style="box-sizing: inherit;">and</span> <span class="hvr" style="box-sizing: inherit;">left</span> <span class="hvr" style="box-sizing: inherit;">the</span> <span class="hvr" style="box-sizing: inherit;">room.</span></span></div>
<b style="box-sizing: inherit;">4.</b> <i style="box-sizing: inherit;">Fig.</i> to <span class="hvr" style="box-sizing: inherit;">drink</span> a <span class="hvr" style="box-sizing: inherit;">drink</span> <span class="hvr" style="box-sizing: inherit;">very</span> <span class="hvr" style="box-sizing: inherit;">quickly.</span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;">He <span class="hvr" style="box-sizing: inherit;">tossed</span> a <span class="hvr" style="box-sizing: inherit;">few</span> <span class="hvr" style="box-sizing: inherit;">beers</span> <span class="hvr" style="box-sizing: inherit;">off</span> <span class="hvr" style="box-sizing: inherit;">and</span> <span class="hvr" style="box-sizing: inherit;">left.</span></span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;">He <span class="hvr" style="box-sizing: inherit;">tossed</span> <span class="hvr" style="box-sizing: inherit;">off</span> a <span class="hvr" style="box-sizing: inherit;">beer.</span></span><br />
<b><u><br /></u></b><b><u>itinerary </u></b>:a detailed plan for a journey, esp. a list of places to visit; plan of travel.<br />
<br />
<br />
<b><u>Empathy</u></b><br />
Identification with and understanding of another's situation, feelings, and motives.<br />
See Synonyms at <a href="http://dictionary.reference.com/browse/pity">pity</a>.<br />
<br />
It is different from Apathy. apathy means<br />
1.absence or suppression of passion, emotion, or excitement.<br />
2.lack of interest in or concern for things that others find moving or exciting.<br />
<br />
<b><u>solidarity</u></b><br />
1.union or fellowship arising from common responsibilities and interests, as between members of a group or between classes, peoples, etc.: to promote solidarity among union members.<br />
2.community of feelings, purposes, etc.<br />
3.community of responsibilities and interests<br />
<br />
<br />
<b><u>treading a new path </u></b>:taking a new path<br />
<br />
<b><u>swamp</u></b><br />
to be plunged into or overwhelmed with something, esp. something that keeps one busy, worried, etc.<br />
<br />
<b><u>mess up</u></b><br />
a.to make dirty, untidy, or disordered.<br />
b.to make muddled, confused, etc.; make a mess of; spoil; botch.<br />
c.to perform poorly; bungle: She messed up on the final exam.<br />
<br />
<br />
<b><u>Botch-up </u></b>: to spoil by poor work; bungle (often fol. by up): He botched up the job thoroughly.<br />
<br />
<b><u>FATHOM </u></b>:to penetrate to the truth of; comprehend; understand: to fathom someone's motives.<br />
<div>
<br /></div>
<b><u><br /></u></b><b><u>fiasco :</u></b> a complete failure, especially one that is ignominious or humiliating<br />
Noun :fiasco - a sudden and violent collapse<br />
<br />
<b><u>Altruistic</u></b><br />
unselfishly concerned for or devoted to the welfare of others (opposed to <a href="http://dictionary.reference.com/search?q=egoistic&db=luna" style="font-variant: small-caps;">egoistic</a> ).<br />
<br />
<b><u>conundrum</u></b><br />
A paradoxical, insoluble, or difficult problem; a dilemma: "the conundrum, thus far unanswered, of achieving full employment without inflation"<br />
<br />
<b><u>On a roll</u></b><br />
Informal. to go forward or advance without restrictions or impediments.<br />
Example:The economy is finally beginning to roll<br />
<br />
<b><u>ordeal</u></b><br />
1.any extremely severe or trying test, experience, or trial.<br />
2.a primitive form of trial to determine guilt or innocence by subjecting the accused person to fire, poison, or other serious danger, the result being regarded as a divine or preternatural judgment.<br />
<br />
<b><u>ambivalence</u></b><br />
–noun 1. uncertainty or fluctuation, esp. when caused by inability to make a choice or by a simultaneous desire to say or do two opposite or conflicting things.<br />
2. Psychology. the coexistence within an individual of positive and negative feelings toward the same person, object, or action, simultaneously drawing him or her in opposite directions.<br />
<br />
<b><u>pass the buck</u></b><br />
pass the buck and The buck stops here commonly used to denote passing away responsibility and owing up the same.<br />
<br />
<b><u>Budge</u></b>: to change one's opinion or stated position; yield: Once her father had said “no,” he wouldn't budge.<br />
Nudge:prod someone into action<br />
<br />
<b><u>incipient</u></b><br />
beginning to exist or appear; in an initial stage: an incipient cold<br />
Synonym: nascent<br />
<br />
<b><u>sulk</u></b><br />
To be sullenly aloof or withdrawn, as in silent resentment or protest.<br />
A mood or display of sullen aloofness or withdrawal: stayed home in a sulk;<br />
<br />
<b><u>remorse</u></b><br />
deep and painful regret for wrongdoing; compunction<br />
<br />
<b><u>awash</u></b><br />
covered, filled, or crowded: streets awash with shoppers; a garden awash in brilliant colors.<br />
<br />
<b><u>Prejudice</u></b><br />
1.an unfavorable opinion or feeling formed beforehand or without knowledge, thought, or reason.<br />
2.any preconceived opinion or feeling, either favorable or unfavorable<br />
<br />
<b><u>snub</u></b><br />
1.to treat with disdain or contempt, esp. by ignoring.<br />
2.to check or reject with a sharp rebuke or remark<br />
<br />
<b><u>disgust</u></b><br />
1.a strong distaste; nausea; loathing.<br />
2.repugnance caused by something offensive; strong aversion: He left the room in disgust<br />
<br />
Synonyms:1. sicken, nauseate. 2. repel, revolt. 4. abhorrence, detestation, antipath<br />
<br />
Antonyms:1. delight. 2. relish<br />
<br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;"><b><u><br /></u></b></span>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black;"><b><u>Recoil from a thought ;</u></b>Feel fear, horror, or disgust at the thought of something</span><br />
<i>Some editors have recoiled from the idea, finding it a bit unseemly</i></div>
<b><u>Wriggle out</u></b> : to manoeuvre oneself by clever or devious means<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
Example : <span class="illustration">wriggle out of an embarrassing situation</span><br />
<span class="illustration"><br /></span>
<br />
<div style="font-family: "times new roman", "new york", times, serif; font-size: 16px; right: auto;">
To destroy or damage by an act of <strong style="right: auto;"><u style="right: auto;">vandalism</u></strong></div>
<span class="illustration"></span><br />
<div style="font-family: "times new roman", "new york", times, serif; font-size: 16px; right: auto;">
<strong style="right: auto;"><u style="right: auto;">Vandalism(noun)<var id="yui-ie-cursor"></var></u></strong> : Delibarate destruction of public or private property<br />
<br />
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>harp on</u></b> - come back to; "She is always harping on the same old things" </div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>Reiterate</u></b> - He reiterated his opposition to the decision of management</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b>forbidden : </b>prohibited, banned, vetoed, outlawed, taboo, out of bounds, proscribe</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
Ex: Smoking was forbidden everywhere.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-weight: bold;"> </span>"There is a charm about the forbidden that makes it unspeakably desirable" [Mark Twain Notebook]</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b style="color: black; font-family: Arial; font-size: 13px;">flabbergasted</b><span style="color: black; font-family: "arial"; font-size: 13px;"> - as if struck dumb with astonishment and surprise; dumbfounded </span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br />
<b style="color: black; font-family: "Times New Roman";"><u>Threw me off</u></b><span style="color: black; font-family: "times new roman";"> (a bit) </span><u style="color: black; font-family: "Times New Roman";">puzzled</u><br />
<div dir="ltr" style="color: black; font-family: "Times New Roman";">
<u><br /></u></div>
<div dir="ltr" style="color: black; font-family: "Times New Roman";">
<b><u>Time for deep </u></b><u><b>dive</b> : </u><span face=""arial" , sans-serif" style="color: #222222; font-size: 16px;">a thorough examination of a subject or topic</span><br />
<u><br /></u><u><b>Think through :</b></u><span face=""arial" , sans-serif" style="background-color: white; color: #545454; font-size: x-small;">.</span><span face=""arial" , sans-serif" style="background-color: white; color: #545454; font-size: x-small;"> consider thoroughly, together with all its possible effects or consequences</span><br />
<span face=""arial" , sans-serif" style="background-color: white; color: #545454; font-size: x-small;"><br /></span></div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>A Retrogade step</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
"I think with the mood that Dhoni set as captain, India shouldn't really go back from here. They should move forward now with Dhoni as their Test captain. I think he makes so much difference to this Indian side that it would be a retrograde step to go back from that," Chappell said in his column for Cricinfo</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<b style="color: black; font-family: sans-serif; font-size: 13px; line-height: 19.2px;">Ambivalence</b><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;"> is a state of having simultaneous, conflicting feelings </span><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;">toward a person or thing.</span><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;"> It is the experience of having thoughts and/or emotions of both positive and negative </span><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;"> toward someone or something. </span><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;"> </span><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;"> something like "</span><a href="http://en.wikipedia.org/wiki/Sitting_on_the_fence" style="background-image: none; color: #0b0080; font-family: sans-serif; font-size: 13px; line-height: 19.2px;" title="Sitting on the fence">sitting on the fence</a><span face="sans-serif" style="color: black; font-size: 13px; line-height: 19.2px;">" </span>.</div>
</div>
</div>
<span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;"><b><u><br /></u></b></span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;"><b><u>latch on to</u></b></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0cm;">
<b><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;"> </span></b><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;">attach oneself to (someone) as a constant and usually unwelcome companion.</span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;">"he spent the whole evening trying to latch on to my friends.</span><br />
<span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;"><br /></span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 12pt;"><br /></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin-bottom: 0cm;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><b><u>To Duck Something</u></b></span><br />
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">To lower quickly, especially so as to avoid something: </span><i>ducked his head as the ball came toward him.</i></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin-bottom: 0cm;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">To evade; dodge: </span><i>duck responsibility; ducked the reporter's question.</i></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin-bottom: 0cm;">
<b style="font-family: Arial; font-size: 13px;"><u><br /></u></b><b style="font-family: Arial; font-size: 13px;"><u><br /></u></b><br />
<b><u>slacking of duty</u></b> : neglecting<br />
<br />
<b><u>spook</u></b><br />
To startle and cause nervous activity in; frighten:<br />
The news spooked investors, and stock prices fell.<br />
<br />
<b><u>Intrigue</u></b><br />
1.to arouse the curiosity or interest of by unusual, new, or otherwise fascinating or compelling qualities; appeal strongly to; captivate: The plan intrigues me, but I wonder if it will work.<br />
2.to achieve or earn by appealing to another's curiosity, fancy, or interest: to intrigue one's way into another's notice.<br />
3.to draw or capture: Her interest was intrigued by the strange symbol.<b><u>Revel in :</u></b>To take great pleasure or delight: She reveled in her unaccustomed leisure.<br />
<br />
<b><u>Edifice</u></b><br />
1.A building, especially one of imposing appearance or size.<br />
2.An elaborate conceptual structure: observations that provided the foundation for the edifice of evolutionary theory.<br />
<br />
<br />
<b><u>fledgling</u></b><br />
1.A young bird that has recently acquired its flight feathers.<br />
2.A young or inexperienced person.<br />
Adj: New and untried or inexperienced: a fledgling enterprise.<br />
Ex: higher interest rates could choke off fledgling recover<br />
<br />
<b><u>czar</u></b><br />
1.the former emperor of Russia.<br />
2. any person exercising great authority or power in a particular field: a czar of industry.<br />
<br />
<b><u>squat</u></b><br />
1. to sit in a low or crouching position with the legs drawn up closely beneath or in front of the body; sit on one's haunches or heels<br />
2. to settle on public land under government regulation, in order to acquire title.<br />
<br />
<b><u>predicament</u></b> : A situation, especially an unpleasant, troublesome, or trying one, from which extrication is difficult.<br />
<br />
<span face=""arial" , sans-serif" style="color: #212121;"><span style="line-height: 15px;">distraught : </span></span><span face=""arial" , sans-serif" style="color: #212121; line-height: 15px;">Deeply upset and agitated</span><br />
<div>
<span face=""arial" , sans-serif" style="color: #212121; line-height: 15px;"><br /></span><b><u>in a jiffy</u></b><br />
In a short time. 1/100th of second<br />
<br />
<b><u>tarnish</u></b><br />
Tarnish :to dull the luster<br />
Ex: The recission has tarnished the invincable image of US<br />
<br />
<b><u>folly</u></b><br />
1.the state or quality of being foolish; lack of understanding or sense.<br />
2.a foolish action, practice, idea, etc.; absurdity: the folly of performing without a rehearsal.<br />
3.a costly and foolish undertaking; unwise investment or expenditure<br />
Ex :He regretted the follies of his youth.<br />
Synonyms:<br />
imprudence, rashness, mistake, foolishness, indiscretion, injudiciousness; madness, lunacy.<br />
<br />
<br />
<b><u>alchemy,elixer,panacea</u></b><br />
alchemy- solution for transmutation of base metals into gold<br />
elexir - a chemical for prolonging life<br />
Panacea- cure for all diseases<br />
<br />
<b>hollow ( not hallow) adjective</b><br />
1.having a space or cavity inside; not solid; empty: a hollow sphere.<br />
2.having a depression or concavity: a hollow surface.<br />
3.sunken, as the cheeks or eyes.<br />
4.(of sound) not resonant; dull, muffled, or deep: a hollow voice.<br />
5.without real or significant worth; meaningless: a hollow victory.<br />
6.insincere or false: hollow compliments.<br />
7.hungry; having an empty feeling: I feel absolutely hollow, so let's eat.<br />
<br />
<b><u>Ingenious</u></b><br />
<a href="http://www.thefreedictionary.com/ingenious">ingenious</a> and <a href="http://www.thefreedictionary.com/ingenuous">ingenuous</a> are distinct from each other and are not synonyms. <a href="http://www.thefreedictionary.com/ingenious">ingenious</a> means “characterized by cleverness” or “cleverly inventive,” as in contriving new explanations or methods: <i>an ingenious device; ingenious designers.</i> <a href="http://www.thefreedictionary.com/ingenuous">ingenuous</a> means “candid” or “innocent”: <i>an ingenuous and sincere statement.</i><br />
<i><br /></i><b><u>inundate</u></b><br />
1.To cover with water, especially floodwaters.<br />
2.To overwhelm as if with a flood; swamp: The theater was inundated with requests for tickets.<br />
<br />
<b><u>heist </u></b>:Robbery<br />
<br />
<b><u>couch</u></b><br />
--to arrange or frame (words, a sentence, etc.); put into words; express: a simple request couched in respectful language.<br />
--to express indirectly or obscurely: the threat couched under his polite speech.<br />
<br />
<b><u>shrug off :</u></b>disregard. Markets shrugged off the bad news and surged ahead<br />
<br />
<b><u>nudge </u></b>:prod someone into action<br />
<br />
<b><u>glimmer of hope</u></b><br />
<br />
<b><u>franatic</u></b> : desperate or wild with excitement, passion, fear, pain, etc.; frenzied.<br />
<br />
<b><u>Double whammy</u></b><br />
a combination of two unfortunate or negative circumstances or events.<br />
Ex:The drought and the high price of fertilizer are a double whammy to farmers.<br />
<br />
<b><u>bog down : </u></b>to cause someone or something to stop developing or moving forward<br />
Ex:The film bogs down after a really great beginning.<br />
<br />
<b><u>Etymology:</u></b> based on the idea of being trapped in a bog (area of soft, wet earth)<br />
<br />
<b><u>sneak </u></b>: To creep or steal (away or about) privately; to come or go meanly, as a person afraid or ashamed to be seen.<br />
<br />
<b><u>Back out</u></b> :Fail to keep an arrangement or promise<br />
<br />
<b><u>intrigue,intrigued by : </u></b>1.to arouse the curiosity or interest of by unusual, new, or otherwise fascinating or compelling qualities; appeal strongly to; captivate: The plan intrigues me, but I wonder if it will work.<br />
<br />
2.to draw or capture: Her interest was intrigued by the strange symbol.<br />
<br />
<b><u>fixation</u></b><br />
Meaning :a preoccupation with one subject, issue, etc.; obsession<br />
Usage :Amidst the financial turmoil and the all-consuming fixation on financial news other issues have received less notice they deserved.<br />
<br />
<b><u>manoeuvre</u></b><br />
a)To move about(or make something move about) by using skill and care.<br />
<br />
b) A clever plan or movement esp. one used to deceive people.<br />
( Usage : A crafty manoeuvre to outwit his pursuers)<br />
<br />
<b><u>Hogging the limelight</u></b><br />
<b><u><br /></u></b><b><u>adraline rush</u></b><br />
<b><u><br /></u></b><b><u>shooting the stars</u></b><br />
<b><u><br /></u></b><b><u>shooting through the roof</u></b><br />
<b><u><br /></u></b>
<b><u>Crystal Ball Gazing : predicting future</u></b><b><u><br /></u></b><br />
<div>
<div dir="ltr">
<b><u>boisterous</u></b></div>
</div>
Meaning : noisy and lacking in restraint or discipline;<br />
Example : a boisterous crowd<br />
<br />
<b style="white-space: nowrap;"><u>engage in verbal duel</u></b><br />
<span style="white-space: nowrap;">Meaning : <span lang="en">argument</span> , battle of words</span><span style="white-space: nowrap;"></span><br />
<span style="white-space: nowrap;"><br /></span>
<br />
<div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b>Well <u>rounded</u></b></div>
<div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;">
having a personality that is fully developed in all aspects.</div>
<div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b>one off</b> : A one off instance not a regular one</div>
<div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<span style="white-space: nowrap;"></span><br />
<div dir="ltr" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b>Close ou</b>t : closing down</div>
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"><b><u>Refrain(from) </u></b>:to</span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">abstain</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">from</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">an</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">impulse</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">to</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">say</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">or</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">do</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">something</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">(often</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">followed</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> <span id="hotword" name="hotword"></span></span><span class="hwc"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;">by</span></span></span><span class="apple-converted-space"><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"> </span></span><span class="hwc"><span id="hotword"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"><span id="hotword" name="hotword"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;">from</span></span></span></i></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"> </span></i></span></span><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"><span id="hotword" style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"> ):</span></span><span face=""verdana" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;">Example <span class="apple-converted-space"> </span></span></span><span class="hwc"><span id="hotword"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"><span id="hotword" name="hotword"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;">I</span></span></span></i></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"> <span id="hotword" name="hotword"></span></span></i></span><span class="hwc"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";">refrained</span></i></span></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"> <span id="hotword" name="hotword"></span></span></i></span><span class="hwc"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";">from</span></i></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"> <span id="hotword" name="hotword"></span></span></i></span><span class="hwc"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";">telling </span><span id="hotword" name="hotword"><span style="font-family: "calibri";">him</span></span></i></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"> <span id="hotword" name="hotword" style="cursor: pointer;"></span></span></i></span><span class="hwc"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "georgia" , "serif";">what</span></i></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "georgia" , "serif";"> <span id="hotword" name="hotword"></span></span></i></span><span class="hwc"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";">I</span></i></span><span class="apple-converted-space"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";"> <span id="hotword" name="hotword"></span></span></i></span><span class="hwc"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: "georgia" , "serif";">thought.</span></i></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<o:p></o:p><br />
<strong><u>mundane</u> : </strong>adjective:<strong> l</strong>acking interest or excitement; dull.<br />
<br />
<b><u>Flip(v)</u></b> To toss, tunover<br />
<br />
Flipside : an opposite, reverse,sharply contrasted side<br />
Eg; The flipside of their charitable activities is a desire for publicity<br />
<span class="hwc"></span><br />
<div dir="auto" style="color: black; direction: ltr; font-family: sans-serif; font-size: 11pt; margin: 0px; padding: 0px;">
<b><u>bravado</u></b><br />
<br /></div>
<div dir="auto" style="color: black; direction: ltr; font-family: sans-serif; font-size: 11pt; margin: 0px; padding: 0px;">
<span style="font-size: 11pt;">a bold manner or a show of boldness intended to impress or intimidate.</span></div>
<div dir="auto" style="color: black; direction: ltr; font-family: sans-serif; font-size: 11pt; margin: 0px; padding: 0px;">
<br /></div>
<div dir="auto" style="color: black; direction: ltr; font-family: sans-serif; font-size: 11pt; margin: 0px; padding: 0px;">
"he possesses none of the classic wheeler-dealer's casual bravado"</div>
<span data-dobid="hdw"><br /><i></i> </span><b style="font-family: Arial; font-size: 13px;"><u>IN THE DUE COURSE OF TIME</u></b></div>
</div>
<div style="color: black; font-family: Arial; font-size: 13px; margin-left: 1cm;">
A typical or natural manner of proceeding or developing; customary passage: <span style="color: #226699; font-style: italic;">a fad that ran its course.</span></div>
<div style="color: black; font-family: Arial; font-size: 13px; margin-left: 1cm;">
<b>7. </b>A systematic or orderly succession; a sequence: <span style="color: #226699; font-style: italic;">a course of medical treatments.</span><br />
<span style="color: #226699; font-style: italic;"><br /></span><span style="color: #226699; font-style: italic;"><br /></span><br />
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-4F-BEWA8eUg/XAU8oeG2vHI/AAAAAAAALNw/D9iiiXEy1w075YQIWIvMgCpxbFxyZ61BACHMYCw/s1600/Screenshot_2018-12-03-06-36-56-232_com.android.chrome.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-4F-BEWA8eUg/XAU8oeG2vHI/AAAAAAAALNw/D9iiiXEy1w075YQIWIvMgCpxbFxyZ61BACHMYCw/s640/Screenshot_2018-12-03-06-36-56-232_com.android.chrome.png" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-VPB2c9BX8g4/XEL4ssfJ8rI/AAAAAAAALUc/rEmF3vmrz5YBBMU6-lP16KXifTV1m4DdACLcBGAs/s1600/double%2Bdown.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="365" data-original-width="356" height="320" src="https://4.bp.blogspot.com/-VPB2c9BX8g4/XEL4ssfJ8rI/AAAAAAAALUc/rEmF3vmrz5YBBMU6-lP16KXifTV1m4DdACLcBGAs/s320/double%2Bdown.png" width="311" /></a></div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; font-family: "Times New Roman"; font-size: medium; text-align: center;">
</div>
<span style="color: #226699; font-style: italic;"></span><span style="color: #226699; font-style: italic;"><br /></span>
<br />
<div>
</div>
</div>
</div>
</div>
</div>
<div style="font-size: 14px;">
<div>
<div style="text-align: center;">
<b><u>Idioms Phrases and Metaphors</u></b></div>
<b><br /></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-tF_llsPdtbo/W7BzMaO9qnI/AAAAAAAAFiI/Tr5GqtV4Z4EZBXIRU8ykl7JD6gAjDgOCQCK4BGAYYCw/s1600/20180930_122318_0001-779531.png" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1em; margin-right: 1em;"><img alt="" border="0" height="320" id="BLOGGER_PHOTO_ID_6606907310390225522" src="https://1.bp.blogspot.com/-tF_llsPdtbo/W7BzMaO9qnI/AAAAAAAAFiI/Tr5GqtV4Z4EZBXIRU8ykl7JD6gAjDgOCQCK4BGAYYCw/s320/20180930_122318_0001-779531.png" width="226" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u>Race to bottom</u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
The race to the bottom is a socio-economic phrase to describe government deregulation of the business environment, or reduction in tax rates, in order to attract or retain economic activity in their jurisdictions. An outcome of globalization and free trade, it may occur when competition increases between geographic areas over a particular sector of trade and production.[1] The effect and intent of these actions is to lower labor rates, cost of business, or other factors (pensions, environmental protection and other externalities), and thus the metaphor where the bottom is the lowest wage that can be paid.</div>
<br />
<b><br /></b>
Idioms and phrases have a great prominance in English language. Various websites provide exhaustive info on meaning and origin. The best among them being <a href="http://www.phrases.org.uk/">http://www.phrases.org.uk/</a> .<br />
Some of the interesting phrases are as below :<br />
<br />
<u><strong><span style="background-color: orange; font-size: 20.8px;">Left in the lurch</span></strong></u><br />
<u></u><br />
<u>Meaning</u><br />
Abandoned in a difficult position without help.<br />
<u></u><br />
<u>Origin</u><br />
The phrase originates from the French game of lourche or lurch, played in the 16th century. Players suffered a lurch if they were left in a hopeless position from which they couldn't win the game. The card game of cribbage, or crib, also has a 'lurch' position which players may be left in if they don't progress half way round the peg board before the winner finishes.<br />
<br />
The phrase had certainly entered the language by the 16th century as this line from Nashe's Saffron Walden, 1596, shows:<br />
"<em>Whom he also procured to be equally bound with him for his new cousens apparence to the law, which he neuer did, but left both of them in the lurtch for him."</em><br />
<br />
A more easily understood line, with the more familiar spelling of lurch, comes not much later in Holland's Livy, 1600:<br />
"<em>The Volscians seeing themselves abandoned and left in the lurch by them, quit the campe and field</em>."<br />
<br />
<b><u style="background-color: orange;">cut corners</u></b><br />
<br />
Do something in the easiest or least expensive way; also, act illegally. For example, Cutting corners in production led to a definite loss in product quality, or If the accountant cuts corners the auditors are sure to find out. This term alludes to rounding a corner as closely as possible in order to shorten the distance traversed and/or save time. [Late 1800s]<br />
<strong><br /></strong><strong style="background-color: orange;">Bury the hatchet</strong><br />
<strong><br /></strong><strong>Meaning</strong><br />
To settle your differences with an adversary.<br />
<br />
<strong>Origin</strong><br />
Hatchet is a instrument like axe used for fighting in olden days.The idiom originated with the American Indian tradition of burying the hatchets of the chiefs of tribes when they came to a peace agreement.<br />
<br />
It is recorded from the 17th century in English but what it refers to is much earlier, possibly pre-dating the European settlement of America. A translation of Thwaites' monumental work Jesuit Relations, 1644 suggests the practice:<br />
"Proclaim that they wish to unite all the nations of the earth and to hurl the hatchet so far into the depths of the earth that it shall never again be seen in the future."<br />
<br />
<b><u style="background-color: orange;">Steal one's thunder</u></b><br />
<u><br /></u><u>Meaning</u><br />
Someone 'steals your thunder' when they use your ideas or inventions to their own advantage.<br />
<br />
<u>Origin</u><br />
<u><br /></u>Devices that produce the sound of thunder have been called on in theatrical productions for centuries. The methods used include - rolling metal balls down troughs, grinding lead shot in bowls, shaking sheets of thin metal. The latter device, called a thunder sheet, is still in use today. The bowl method was referred to in Alexander Pope's literary satire The Dunciad, published in 1728:<br />
<br />
With Shakespear's nature, or with Johnson's art,<br />
Let others aim: 'Tis yours to shake the soul<br />
With Thunder rumbling from the mustard bowl.<br />
<br />
The story that lies behind 'stealing someone's thunder' is that of the literary critic and largely unsuccessful playwright, John Dennis. In 1704, Dennis's play Appius and Virginia was produced at the Drury Lane Theatre, London and he invented a new method of creating the sound of thunder for the production. We don't know now what this method was (some texts say it was a refinement of the mustard bowl referred to by Pope, in which metal balls were rolled around in a wooden bowl), but it is reported that after Appius and Virginia failed and was closed, the method was soon afterwards used in a production of Macbeth. Dennis was less than pleased at having his idea purloined and this account of his response was recorded by the literary scholar Joseph Spence (1699–1768) and later quoted in W. S. Walsh's Literary Curiosities, 1893:<br />
"Damn them! They will not let my play run, but they steal my thunder."<br />
<br />
The actual words are in doubt and are also reported as "That is my thunder, by God; the villains will play my thunder but not my play!". What is clear is that Dennis's experience was the source of this attractive little phrase.<br />
<br />
<b><u style="background-color: orange;">Lose the battle, but win the war</u></b><br />
<b><u style="background-color: orange;"><br /></u></b>It means that a battle within a overall war may be lost, but in the end the war can be won.A small part of a scheme may fail, yet the whole scheme can succeed.<br />
<br />
<span style="background-color: orange;"><b><u>My heart goes out to someone</u></b></span><br />
<span style="background-color: orange;"><b><u><br /></u></b></span>if your heart goes out to someone who is in trouble, you feel sympathy for them<br />
Ex:Our hearts go out to the families of the victims of this terrible tragedy.<br />
<b><br /></b><b><br /></b><b>Like a Ostrich with its head in sand </b><br />
<span style="color: black; font-family: "arial"; font-size: 13px;"><img height="247" src="http://www.thelifecoach.co.nz/wp-content/uploads/2014/01/head-in-the-sand.gif" width="320" /></span><br />
<br />
<span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">A metaphor used to describe a situation where one tries to </span><span style="color: black; font-family: "arial"; font-size: 13px;">ignore</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">or</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">hide</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">from</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">obvious</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">signs</span><span style="color: black; font-family: "arial"; font-size: 13px;"> of danger.</span><span style="color: black; font-family: "arial"; font-size: 13px;"></span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span>A<span style="color: black; font-family: "arial"; font-size: 13px;">n</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">ostrich </span><span style="color: black; font-family: "arial"; font-size: 13px;"></span><span style="color: black; font-family: "arial"; font-size: 13px;">is</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;"></span><span style="color: black; font-family: "arial"; font-size: 13px;">believed </span><span style="color: black; font-family: "arial"; font-size: 13px;">to</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">hide</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">its</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">head</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">in</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">a</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">hole</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">in</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">ground</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">when</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">it</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">sees</span><span style="color: black; font-family: "arial"; font-size: 13px;"> </span><span style="color: black; font-family: "arial"; font-size: 13px;">danger.</span></div>
<div>
<span style="color: #226699; font-family: "arial"; font-size: 13px; font-style: italic;"><span>Example of usage :Stop</span> <span>burying</span> <span>your</span> <span>head</span> <span>in</span> <span>the</span> <span>sand like ostrich.</span><span>Look</span> <span>at</span> <span>the</span> <span>statistics</span> <span>on</span> <span>smoking</span> <span>and</span> <span>cancer.</span></span><br />
<br />
<span style="color: #226699; font-family: "arial"; font-size: 13px; font-style: italic;">PS : It is just an anecdote. In reality ostrich dont behave so.</span><br />
<span style="color: #226699; font-family: "arial"; font-size: 13px; font-style: italic;"><br /></span>
<br />
<div class="mobile-photo" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u>David vs Goliath</u></b></div>
<div class="mobile-photo" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div class="mobile-photo" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="http://3.bp.blogspot.com/-2hrxvXhXT0o/WpJD7iUAH6I/AAAAAAAAFSY/xb2wLUJj8GgCN5okCYAdocTFLN8pbQQ_gCK4BGAYYCw/s1600/1519525504308637998622-785485.jpg"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6526353500115312546" src="https://3.bp.blogspot.com/-2hrxvXhXT0o/WpJD7iUAH6I/AAAAAAAAFSY/xb2wLUJj8GgCN5okCYAdocTFLN8pbQQ_gCK4BGAYYCw/s320/1519525504308637998622-785485.jpg" /></a></div>
<span style="color: #226699; font-family: "arial"; font-size: 13px; font-style: italic;"></span><span style="color: #226699; font-family: "arial"; font-size: 13px; font-style: italic;"><br /></span><b><u>Tongue in cheek</u></b><br />
This phrase alludes to the facial expression created by putting one's tongue in one's cheek.<br />
Meaning<br />
In an ironic manner, not meant to be taken seriously.<br />
<br />
<br />
Idioms<br />
<b><u>To close ranks</u></b> : to unite forces, esp. by overlooking petty differences, in order to deal with an adverse or challenging situation; to join together in a show of unity, esp. to the public: When the newspaper story broke suggesting possible corruption in the government, the politicians all closed ranks<br />
<br />
<span style="color: #226699; font-family: "arial"; font-size: 13px; font-style: italic;"><span></span></span><br />
<b><u>Rip off : </u></b>A rip-off is something that costs more than it should. "The popcorn prices at the movie theater are a rip-off". "To" rip someone off means to steal from someone, or to cheat someone. "The mechanic ripped me off. He was supposed to give me back a 20 and he only gave me back 10."<br />
<br />
<b><u>Close the loop</u></b><br />
If a message going from one person to the next to the next and then back to the first person, a loop is said to be formed.<br />
<br />
If a person makes sure that he gets a reply to his message, or he replies to messages he receives he is said to have 'closed the loop'<br />
<br />
Phrase<br />
<b><u>to get into a groove</u></b> : a fixed routine<br />
<br />
<b><u>claw back </u></b>:to take back the benefits offered earlier.<br />
<br />
<b><u>Jaw Dropping :</u></b>Very Surprinnng<br />
<br />
<b><u>Green shoots</u></b> : revival of growth,recovery of economy<br />
Yellow weeds: no revival of growth<br />
<br />
<b><u>stir up a hornets nest </u></b>:make trouble, cause commotion<br />
<br />
<br />
<b><u>Zerosum Game</u></b><br />
A situation where a gain to one side means loss to other side.The total of gain and loss to both sides is zero.<br />
<b><u><br /></u></b><b><u>Bitten by the bug</u></b><br />
<br />
<b><u>Get Jitters,Give Jitters vs send shivers down the spine</u></b><br />
jitters, nervousness; a feeling of fright or uneasiness (usually prec. by the): Every time I have to make a speech, I get the jitters. or.Inflation tremors give jitters to India Inc.<br />
send shivers down your spine :<br />
Here's a tale of medical incompetence that should send shivers down your spine<br />
<br />
<br />
<b><u>limping back to normalcy</u></b><br />
<br />
<b><u>to say in so many words</u></b><br />
<br />
<div class="MsoNormal">
directly or in a way that makes it very clear what you mean</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span class="illustration"><i><span style="color: #226699;">'Did he say we could stay with him?' 'Well, not in so many words, but that's definitely what he meant</span></i></span></div>
<br />
<b><u>to muster the strength</u></b><br />
<br />
<br />
<br />
<div>
<b><u>To call a spade a spade</u></b><br />
<br />
To tell the truth about something,even if it is not polite or pleasant.</div>
<div>
<span style="font-family: "times new roman"; font-size: 13px;">Example :You know me, I call a spade a spade and when I see someone behaving like an idiot, I tell them.</span><br />
<span style="font-family: "times new roman"; font-size: 13px;"><br /></span><span style="font-family: "times new roman"; font-size: 13px;"><br /></span><span face=""helvetica" , sans-serif" style="font-size: 13.3333px; line-height: 15.3333px;"><b><u>Dog-eat-dog world - idiom</u></b></span><br />
<span face=""helvetica" , "sans-serif"" style="color: black; font-size: 10pt; line-height: 15.3333px;">Dog-eat-dog describes a world in which people fight for themselves only and will hurt other people. Example: "I have been in this business for twenty years. It's dog-eat-dog. The competition is always trying to steal your customers."<span class="apple-converted-space"> </span></span><span face=""helvetica" , "sans-serif"" style="color: black; font-size: 10pt; line-height: 15.3333px;"><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">Dog-eat-dog means that a person is like a dog that will eat another dog. Sometimes people say, "It's a dog-eat-dog world", as an excuse when they have hurt another person. Example: "I can't believe you sold him your motorcycle for so much money!" Reply: "Hey, it's a dog-eat-dog world."<span class="apple-converted-space"> </span></span></span><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: auto; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">It's a dog-eat-dog world means that you must first watch out for your own interests, because other people will be watching out for theirs.</span></span></span></div>
<div>
<br />
<br />
<b><u>Idiom throw caution to wind</u></b><br />
<b><u><br /></u></b><b><u>Break fresh ground-Idiom</u></b><br />
Definition: deal with something in a new way; create something new<br />
<br />
Explanation: Used when talking about work that explores a situation in a novel way<br />
<br />
Examples: The researchers were able to break fresh ground in their search for a cancer cure. - We'll have to break fresh ground if we want to create a new market for our products.<br />
<br />
<b>idiomatic expression 'take it from me'</b><br />
<br />
It means "you can believe what I say because I know this." You will hear this phrase when someone is trying to argue about something, and the person wants to let them know that they do know their facts - they will say "You can take it from me, this is the way it is ..."<br />
<br />
<b>idiomatic expression 'I'm with you'</b><br />
<br />
It means "I agree with you."<br />
<br />
<br />
<br />
<b><u>Common idioms list collection</u></b><br />
<br />
1. Blast:A great time. A fun time. "We had a blast at the party last night."<br />
2. be a in one's element:To be completely comfortable doing something; To do something that comes very naturally to someone. ex. "When it comes to speaking in public, the Senator is in his element."<br />
3. At each other's throats:Fighting or arguing heavily. ex. "They were at each other's throats. The arguments never stopped."<br />
4. (To get on the) bandwagon:To begin to like something/start doing something because it's popular, "hip", or everyone else is doing it.<br />
5. (To) break new ground:To do something that hasn't been done before. To innovate. ex. "Dr. Davis was breaking new ground in cancer research."<br />
6. (To) call it a day:To end work and go home. ex. "Let's call it a day. It's getting late."<br />
7. To) cover a lot of ground:To go through a lot of information. "We've covered a lot of ground in my English class in the past two months."<br />
8. (A) cut above (something):Superior/ better (than something). "The commercial said that this car company is 'a cut above the rest'."<br />
9. To) come out of the closet:Ex;To reveal that one is gay.<br />
10. Down the drain:Wasted. Lost forever. "I tried for five years to run this business and now I'm bankrupt. Five years down the drain."<br />
11. Elbow room:Enough space (room) to feel comfortable<br />
12. (To) face the music:To accept the (unpleasant) consequences of what you have done.<br />
13. (A) far cry:Very different (often in a worse way). ex. "This wine is nice, but it's a far cry from the wine we had yesterday."<br />
14. To) keep something to oneself:To not let others know about something. To not reveal something. ex. "Hey, don't tell anyone about your time in prison. Keep it to yourself."<br />
15. (To) make life miserable for someone:To cause someone lots of problems. ex. "Patricia's boss is making life miserable for her."<br />
16. (To) rack one's brain:To try very hard to think of something. ex. "I racked my brain but I couldn't remember his name."<br />
17. To) read between the lines:To try to understand what is meant by something that is not written/said clearly. "Linda tried to be cheerful and said she was okay, but reading between the lines, I could see she was really upset."<br />
18. (To) ring a bell:To remind, vaguely recognize something. "Have you every listened to Alex Chilton? I'm not sure - the name rings a bell, though. ( = I think I've heard the name before)" or "I'm sorry, that doesn't ring a bell = I'm sorry I don't recognize/know that"<br />
19. (To) rock the boat:To disturb an otherwise stable situation.<br />
20. (To) see the writing on the wall:To see that something is going to happen.<br />
21. (To) take something with a grain of salt:Not to take something that someone says too seriously.<br />
22. (To) tighten one's beltTo spend less money. ex. "After Becky lost her job, we really had to tighten our belts for a while."<br />
23. Up for grabsAvailable for anyone to try to get. ex. "The Chinese telecom market is still up for grabs."</div>
</div>
<div>
<br />
<br />
<div style="text-align: center;">
<b style="background-color: orange;">Office Lingo / corporate jargon</b></div>
<b><br /></b>
<br />
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 6pt;">
<span face=""arial narrow" , sans-serif" style="color: #464646;"><span style="font-size: large;"><u>How to respond to "How are you?",</u></span></span></div>
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 6pt;">
<span face=""arial narrow" , sans-serif" style="color: #464646;"><span style="font-size: large;"><u> "What's up?", and other conversation starters<o:p></o:p></u></span></span></div>
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 6pt;">
<span face=""arial narrow" , "sans-serif"" style="color: #464646; font-size: 27pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">There are a few questions that English speakers ask at the beginning of a conversation. These questions are simple tools to find out if there are any interesting topics to discuss.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">You've certainly heard these questions, but you might be confused about how to answer. Here's a list of common answers to the questions "How are you?", "How's it going?", "What's up?", and "What's happening?"<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 3pt;">
<span face=""arial narrow" , "sans-serif"" style="color: #4fb22b; font-size: 21pt;">How are you?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Fine.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is a simple, straight answer. If you don't say anything else, though, it might be a signal that you don't want to continue the conversation.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Not bad.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is a more friendly-sounding answer than "fine".<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Fine, thanks.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This answer is formal. You might answer this way if someone you don't know, like a waiter at a restaurant, asks how you are.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Very well, thanks.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">A person who likes to be grammatically proper might answer this way. Technically, the question "How...?" should be answered with an adverb. However, a lot of English speakers don't know or care about this. The people who do are "by the books" types who insist on using grammatically correct language.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Pretty good.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">If you don't care as much about grammar, you can answer "Good" or "Pretty good". It's more common and much, much more casual.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Great! How are you doing?<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is an enthusiastic, excited response. It's always good to ask a question back to the other person if you want to continue the conversation.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">I'm hanging in there.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This answer makes it sound like you're having a tough day.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">I've been better.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">People usually give positive answers to the question "How are you?" If you give a negative answer like this one, it usually means that you want to tell the listener your sad story. So they'll usually ask what's wrong:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">A: How are you?<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">B: I've been better.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">A: What's wrong?<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">B: I just found out that I'm being laid off.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 3pt;">
<span face=""arial narrow" , "sans-serif"" style="color: #4fb22b; font-size: 21pt;">How's it going?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This question is similar to "How are you". The answers discussed above all work for "How's it going?" as well.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Here's another answer that will also work for "How's it going", but not for "How are you?"<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">It's going well. <o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is a friendly, polite answer that's suitable for coworkers, clients, and acquaintances that you haven't seen in a while. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 3pt;">
<span face=""arial narrow" , "sans-serif"" style="color: #4fb22b; font-size: 21pt;">What's up?<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This question means "What's happening in your life?" But you don't have to answer honestly. If you don't want to start a long conversation, you can use one of these standard replies:<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Nothing much.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is the most common answer. You can follow it by sharing something interesting that's happening: "Nothing much. Just getting ready for Vanessa's graduation."<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Not a lot.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is another really common answer. It's just a bit fresher than "Nothing much" because it's a little less common.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Nothing.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This is more to-the-point. It might make you seem a little angry or rude.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Oh, just the usual.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Answer this way if you do mostly the same things each day.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Just the same old same old.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This phrase means that you're doing the same things every day, and you're a little bored of it.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18pt;">
<i><span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">Oh gosh, all kinds of stuff!<o:p></o:p></span></i></div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">You can answer this way if your life has been really busy and exciting lately.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 19.32px; margin-bottom: 3pt;">
<span face=""arial narrow" , "sans-serif"" style="color: #4fb22b; font-size: 21pt;">What's happening?<o:p></o:p></span></div>
<div style="line-height: 19.32px;">
</div>
<div class="MsoNormal" style="line-height: 18pt; margin-bottom: 0.25in;">
<span face=""arial" , "sans-serif"" style="color: #131313; font-size: 12pt;">This question means the same thing as "What's up" and can be answered in the same way.<o:p></o:p></span></div>
<div style="font-family: "times new roman";">
<div style="text-align: center;">
<span style="font-size: large;"><a href="http://1.bp.blogspot.com/-6KU2t0ba3q4/W7fLDNnPYJI/AAAAAAAAFi4/FW-DoN_1tZINKSlxrk0nb0Jya-j5An18gCK4BGAYYCw/s1600/IMG_20181006_020438-723473.jpg" style="font-family: "Times New Roman"; font-size: medium;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6608974234243784850" src="https://1.bp.blogspot.com/-6KU2t0ba3q4/W7fLDNnPYJI/AAAAAAAAFi4/FW-DoN_1tZINKSlxrk0nb0Jya-j5An18gCK4BGAYYCw/s320/IMG_20181006_020438-723473.jpg" /></a></span></div>
</div>
<div style="line-height: 19.32px;">
</div>
<div style="font-family: "times new roman"; text-align: center;">
<b><u><span style="font-size: large;"><br /></span></u></b></div>
<div style="line-height: 19.32px;">
<div style="margin: 0px;">
<div style="text-align: center;">
<b><u><span style="font-size: large;">OFFICE JARGON</span></u></b></div>
</div>
</div>
<div style="font-family: "times new roman";">
<br /></div>
<div style="font-family: "times new roman";">
<b style="background-color: transparent;">We cannot afford to work in Silos :</b><span face=""arial" , sans-serif" style="background-color: transparent; font-size: 16px; line-height: 22.4px;">Organizational silos are a problem for large and small businesses alike. Unlike the silos farmers use to separate different types of grain, the organizational silos that separate different types of employees are seldom as benign. When employees interact poorly with people outside of their "silo," it becomes difficult to do the work of the business. A tight-knit department that works well together can be a plus for a business. However, organizational silos can be like fortresses within a company and eventually cause serious problems that might not be noticed until the damage is done.</span></div>
<br />
<br />
<br />
<div class="MsoNormal">
<b><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt; line-height: 16.1px;">Name-dropping</span></b><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt; line-height: 16.1px;"><span style="float: none;"> </span></span><span face=""arial" , "sans-serif"" style="color: #252525; font-size: 10.5pt; line-height: 16.1px;">is the practice of mentioning important people or institutions within a<span class="apple-converted-space"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10.5pt; line-height: 16.1px;">conversation<span style="color: #252525;">. The term often connotes an attempt to impress others; it is usually regarded negatively</span></span></div>
<br />
<br />
<b>pullup socks, tighten the belt,buckle up</b><br />
<span style="font-weight: bold;"><br /></span><span style="font-weight: bold;">Pull up the socks</span><br />
to make an effort to improve your work or behaviour because it is not good enough.<br />
If somebody say you need to pull up the socks means he is not happy with your performance.<br />
<br />
<span style="font-weight: bold;">Tighten the belt</span><br />
- to manage to spend less money; to use less of something.<br />
Ex:Things are beginning to cost more and more.<br />
<br />
Can I call you back<br />
<br />
keep me in the loop<br />
<br />
I made a good pitch but yet to obtain a buy-in<br />
<br />
You need to touchbase with Mr X for those issues.<br />
<br />
Can you validate this<br />
<br />
going forward this should not happen<br />
<br />
Pl provide your inputs<br />
<br />
takeaway from the meeting<br />
<br />
please walk me through your report<br />
<br />
it was a definetly an issue but not a flash point<br />
<br />
addressing the pain point<br />
<div>
<br /></div>
control freak<br />
<br />
infectious enthusiasm<br />
<br />
level-headed : exercising or showing good judgment<br />
Shout down - silence or overwhelm by shouting<br />
Hot Seat - The person who takes the blame<br />
<br /><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><b><u>US vs India Jargon Differences</u></b></div><span style="color: black; font-family: "Times New Roman"; font-size: medium;">Payslip paystub</span><div style="color: black; font-family: "Times New Roman"; font-size: medium;">IT deduction IT credit</div>
<br />
<b><u>pretty good</u></b><br />
<br />
Pretty as an adverb can be tricky than as a adjective.<br />
<br />
'Her work was pretty good' would mean it is fairly or moderately good- It ranks between good and very good but something less than very good.<br />
<br />
But ,when one says 'The wind blew pretty hard' he mean it is quite hard or very hard.<br />
<br />
<h2 style="box-sizing: inherit; color: #404040; display: inline-block; font-family: arial, helvetica, sans-serif; line-height: 1.8rem; margin: 0px 0.2rem 6px 0px;">
<span style="font-size: small;">have a field day</span></h2>
<div class="ds-single" style="box-sizing: inherit; color: #404040; font-family: arial, helvetica, sans-serif; line-height: 19.5px; margin-left: 1cm; overflow-x: auto; overflow-y: hidden; overflow: auto hidden;">
<i style="box-sizing: inherit;">Fig.</i> to <span class="hvr" style="box-sizing: inherit;">experience</span> <span class="hvr" style="box-sizing: inherit;">freedom</span> <span class="hvr" style="box-sizing: inherit;">from</span> <span class="hvr" style="box-sizing: inherit;">one's</span> <span class="hvr" style="box-sizing: inherit;">usual</span> <span class="hvr" style="box-sizing: inherit;">work</span> <span class="hvr" style="box-sizing: inherit;">schedule;</span> to <span class="hvr" style="box-sizing: inherit;">have</span> a <span class="hvr" style="box-sizing: inherit;">very</span> <span class="hvr" style="box-sizing: inherit;">enjoyable</span> <span class="hvr" style="box-sizing: inherit;">time.</span> <span class="hvr" style="box-sizing: inherit;">(As</span> <span class="hvr" style="box-sizing: inherit;">with</span> <span class="hvr" style="box-sizing: inherit;">children</span> <span class="hvr" style="box-sizing: inherit;">who</span> <span class="hvr" style="box-sizing: inherit;">are</span> <span class="hvr" style="box-sizing: inherit;">released</span> <span class="hvr" style="box-sizing: inherit;">from</span><span class="hvr" style="box-sizing: inherit;">classes</span> to <span class="hvr" style="box-sizing: inherit;">take</span> <span class="hvr" style="box-sizing: inherit;">part</span> in <span class="hvr" style="box-sizing: inherit;">sports</span> <span class="hvr" style="box-sizing: inherit;">and</span> <span class="hvr" style="box-sizing: inherit;">athletic</span> <span class="hvr" style="box-sizing: inherit;">contests.)</span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;"><span class="hvr" style="box-sizing: inherit;">The</span> <span class="hvr" style="box-sizing: inherit;">boss</span> <span class="hvr" style="box-sizing: inherit;">was</span> <span class="hvr" style="box-sizing: inherit;">gone</span> <span class="hvr" style="box-sizing: inherit;">and</span> we <span class="hvr" style="box-sizing: inherit;">had</span> <span class="hvr" style="box-sizing: inherit;">afield</span> <span class="hvr" style="box-sizing: inherit;">day</span> <span class="hvr" style="box-sizing: inherit;">today.</span> No <span class="hvr" style="box-sizing: inherit;">one</span> <span class="hvr" style="box-sizing: inherit;">got</span> <span class="hvr" style="box-sizing: inherit;">anything</span> <span class="hvr" style="box-sizing: inherit;">done.</span></span> <span class="illustration" style="box-sizing: inherit; color: #966a00; font-style: italic;"><span class="hvr" style="box-sizing: inherit;">The</span><span class="hvr" style="box-sizing: inherit;">air</span> <span class="hvr" style="box-sizing: inherit;">was</span> <span class="hvr" style="box-sizing: inherit;">fresh</span> <span class="hvr" style="box-sizing: inherit;">and</span> <span class="hvr" style="box-sizing: inherit;">clear</span> <span class="hvr" style="box-sizing: inherit;">and</span> <span class="hvr" style="box-sizing: inherit;">everyone</span> <span class="hvr" style="box-sizing: inherit;">had</span> a <span class="hvr" style="box-sizing: inherit;">field</span> <span class="hvr" style="box-sizing: inherit;">day</span> in <span class="hvr" style="box-sizing: inherit;">the</span> <span class="hvr" style="box-sizing: inherit;">park</span> <span class="hvr" style="box-sizing: inherit;">during</span> <span class="hvr" style="box-sizing: inherit;">the</span> <span class="hvr" style="box-sizing: inherit;">lunch</span> <span class="hvr" style="box-sizing: inherit;">hour.</span></span></div>
<b><u><br /></u></b><b><u><br /></u></b><b><u>Newly coined words</u></b><br />
<b><u><br /></u></b>FANTABULOUS = Blend of Fantastic and Fabulous, meaning Excellent; Wonderful<br />
<div>
<br /></div>
<b><u><br /></u></b><b><u>Short Forms in Chatting</u></b><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">AFK</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Away From Keyboard</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />ASAP</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> As Soon As Possible</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BBL</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Be Back Later</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BBN</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Bye Bye Now</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BBS</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Be Back Soon</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BEG</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Big Evil Grin</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BF</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Boy Friend</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BRB</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Be Right Back</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BTW</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> By The Way</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />BWL</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Bursting With Laughter</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: 4.3pt;">C&G</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Chuckle and Grin</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: 4.3pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;">CID</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Crying In Disgrace</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />CSG</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Chuckle Snicker Grin</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />CY</span></b><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: 4.3pt;">A</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> See You Again</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />CY</span></b><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">A<span style="letter-spacing: -0.35pt;">LLR</span></span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> See You All Later</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />DLTBBB</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Don't Let The Bed Bugs Bite</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />EG</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Evil Grin</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />F2F</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Face to face, a personal meeting</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />FCOL</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> For Crying Out Loud</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />FWIW</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> For What It's Worth</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />FYI</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> For Your Information</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />GF</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Girl Friend</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />GFN</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Gone For Now</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;">GMTA</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Great Minds Think Alike</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;">GOK</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> God Only Knows</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />GTSY</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Great to See You</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />H&K</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Hugs and Kiss</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />HHIS</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Hanging Head In Shame</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />HHOK</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Ha, Ha-Only Kidding</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />HHOS</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Ha, Ha-Only Serious</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br /></span></b></div>
<br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;">IC</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> I See</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />IMHO</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> In My Humble Opinion</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />IMO</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> In My Opinion</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />IW</span></b><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">A<span style="letter-spacing: -0.35pt;">LU</span></span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> I Will Always Love You</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />JMO</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Just My Opinion</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />JTLYK</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt; letter-spacing: -0.1pt;"> Just To Let You Know</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />KIT</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt; letter-spacing: -0.1pt;"> Keep in Touch</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />L8R</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;">Later</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />LHU</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Lord Help Us</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />LMHO</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Laughing My Head Off</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><br />LOL</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Laughing out Loud</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.35pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.85pt;">LTS</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Laughing to Self</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.85pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.5pt;">LTNC</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Long Time to See</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.5pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">LUWAMH</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Love You with All My Heart</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -1.55pt;">LY</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt; letter-spacing: -0.1pt;">Love You</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -1.55pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.1pt;">OIC</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Oh! I See</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.1pt;"><br />OTOH</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> On the Other Hand</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.1pt;"><br />PDS</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Please Don’t Shout</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.1pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.25pt;">RTSM</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Read the Stupid Manual</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.25pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">SETE</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Smiling Ear to Ear</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">SYS</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> See You Soon</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.5pt;">TAFN</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> That's All for Now</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.5pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.1pt;">TOY</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Thinking Of You</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt; letter-spacing: -0.1pt;"><o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;">TTYL</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt; letter-spacing: -0.1pt;"> Talk to You Later</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />TTYT</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt; letter-spacing: -0.1pt;"> Talk to You Tomorrow</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />WB</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt;"> Welcome Back</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><br />WTG</span></b><span lang="EN-IN" style="font-family: "times new roman" , serif; font-size: 10pt; letter-spacing: -0.1pt;"> Way to Go</span><b><span lang="EN-IN" style="color: #ff6600; font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></b></div>
<br />
<div class="MsoNormal">
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u>Common errors in English</u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u><br /></u></b><b><u>Would you mind</u></b> posting this letter for me? Yes, certainly.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
The question asks if you mind doing a favour. By replying, 'yes', you indicate that it is a problem or a hassle. Instead, since it's not a problem, reply in the negative.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Would you mind mailing this letter for me? No, not at all.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u><b>Putting a S or not-1</b></u></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u></u></b><br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
My house is besides her house.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Beside me, will anyone else be there?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Beside means 'close to' or 'by the side of.' Besides means 'in addition to.' These two are frequently misused, as in this case. Instead, it should be:</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
My house is beside her house.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Besides me, will anyone else be there?<b><u>Would you mind</u></b> posting this letter for me? Yes, certainly.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
The question asks if you mind doing a favour. By replying, 'yes', you indicate that it is a problem or a hassle. Instead, since it's not a problem, reply in the negative.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Would you mind mailing this letter for me? No, not at all.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u><b>Putting a S or no</b></u></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u></u></b><br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
My house is besides her house.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Beside me, will anyone else be there?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Beside means 'close to' or 'by the side of.' Besides means 'in addition to.' These two are frequently misused, as in this case. Instead, it should be:</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
My house is beside her house.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Besides me, will anyone else be there?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b>Some common errors in usage of prepositions :</b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b></b><br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b>1. Using prepositions where not required.</b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: Please don't make me to do it.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: Please don't make me do it.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: Don't let him to go.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: Don't let him go.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: There is so much of noise in this room.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: There is so much noise in this room.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: Let's go for shopping.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: Let's go shopping.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: I am hungry. Please order for some food.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: I am hungry. Please order some food.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u>2. Omitting prepositions where they are required.</u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: Please convey her my condolences.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: Please convey my condolences to her.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: Can you drop me at Pizza Hut?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: Can you drop me off at Pizza Hut?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u>3<b>. Usage of wrong preposition :</b></u></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: I have been working in this company since three years.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: I have been working in this company for three years.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: I have been working in this company since 2004.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
When 'since' is used as a time preposition, it is used only with reference to a specific point of time (eg: since 1995, since last Christmas, since yesterday) or with reference to a period of time that has already elapsed (eg: since childhood, since the probation period).~</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
WRONG: Please pay attention on this topic.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
CORRECT: Please pay attention to this topic.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b>A common mistake while using 'since' and 'for'.</b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
I have been living in Mumbai since last 10 years.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
I have been waiting for you since 2 hours.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
"Since" is used with a specific event(e.g. a particular time, particular date or event)."For" is used with a period of time (e.g. no. of hours, days, weeks, years). Therefore, it should be:</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
I have been living in Mumbai for the last 10 years.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
I have been waiting for you for the last 2 hours.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u><b>Singular Vs Plural</b></u></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
1) 'One of my husband's friend has gone to Malaysia.'</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
By saying 'One of', it implies the husband has a group of friends. Therefore, the correct form should be:</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
'One of my husband's friends has gone to Malaysia.' OR 'A friend of my husband has gone to Malaysia.'</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
2)“Majority” is one of those words that can be either singular or plural. Common sense works pretty well in deciding which. If you mean the word to describe a collection of individuals, then the word should be treated as plural: “The majority of e-mail users are upset about the increase in spam.” If the word is used to describe a collective group, then consider it singular: “A 90% majority is opposed to scheduling the next meeting at 6:00 A.M.”</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<b><u>Words Often Confused</u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u><b></b><br /></u>What's the difference between affect and effect?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
I'm pleased to say that the changes don't affect us.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
The effect of the drought on the economy is very serious.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
What's the difference between advice and advise?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
I gave them some advice.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Could you advise us on a souvenir to buy?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Please note, that practice/practise and device/devise follow the same rules as the previous example.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
What's the difference between stationary and stationery?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
The cars were stationary for almost an hour before the traffic jam began to clear.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Pens, paper, staplers and paper clips are all types of stationery.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
What's the difference between quiet and quite?</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
You must be absolutely quiet during the examination.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
It was quite a long time until the train came.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u><br /></u><u>To expidite a matter: </u>to help the progress of a work /to make smething happen more quickly</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<u>To do the expedient:</u>To act in a way useful or convinient for a particular though not necessarily fair or moral</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
humuliate : to cause (a person) a painful loss of pride, self-respect, or dignity; mortify.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
humility : the quality or condition of being humble; modest opinion or estimate of one's own importance, rank, etc.<br />
<br />
Elusive : Difficult to find. Ex : Success became elusive.<br />
Effusive : showing unrestrained approval</div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-ZNRvS2Tx3B0/WOdRtxJdGAI/AAAAAAAADRI/PFxN-PeXSoQd4atJUp0JztgF95-NRMWsQCLcB/s1600/1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-ZNRvS2Tx3B0/WOdRtxJdGAI/AAAAAAAADRI/PFxN-PeXSoQd4atJUp0JztgF95-NRMWsQCLcB/s1600/1.jpg" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-sjtu93JGmOk/WOdRvUWM9_I/AAAAAAAADRs/-bTH8qEv2I48KKkqeDRBTLvUFZIju-mpACLcB/s1600/2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/-sjtu93JGmOk/WOdRvUWM9_I/AAAAAAAADRs/-bTH8qEv2I48KKkqeDRBTLvUFZIju-mpACLcB/s320/2.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-1pCO63xrXOM/WOdRvYYQziI/AAAAAAAADRw/LS3ffZbdf1AuXdVuYUvmEi8bxg9WhxD8ACLcB/s1600/3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-1pCO63xrXOM/WOdRvYYQziI/AAAAAAAADRw/LS3ffZbdf1AuXdVuYUvmEi8bxg9WhxD8ACLcB/s320/3.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-2dqcyGBqJqE/WOdRvmcYvxI/AAAAAAAADR0/B8RUfp0QYvslrKz5Fq_TOHheoDO7Qsk1ACLcB/s1600/4.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-2dqcyGBqJqE/WOdRvmcYvxI/AAAAAAAADR0/B8RUfp0QYvslrKz5Fq_TOHheoDO7Qsk1ACLcB/s320/4.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-mSn1OjuSoms/WOdRv8xyPgI/AAAAAAAADR4/khFMi6T-FeQMy9Y2oWdVr65XkZv5mGhlQCLcB/s1600/6.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-mSn1OjuSoms/WOdRv8xyPgI/AAAAAAAADR4/khFMi6T-FeQMy9Y2oWdVr65XkZv5mGhlQCLcB/s320/6.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/--iWhiHBPodk/WOdRwASTXLI/AAAAAAAADSA/jH8B2qnLKiY-w_rkhV6p_TyQHwqRDXGpACLcB/s1600/7.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/--iWhiHBPodk/WOdRwASTXLI/AAAAAAAADSA/jH8B2qnLKiY-w_rkhV6p_TyQHwqRDXGpACLcB/s320/7.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-j0jh_G651zY/WOdRwnkeLFI/AAAAAAAADSI/GHeQpPeMxjQKG2Um-XEm6Se2TaIq-1BQgCLcB/s1600/9.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-j0jh_G651zY/WOdRwnkeLFI/AAAAAAAADSI/GHeQpPeMxjQKG2Um-XEm6Se2TaIq-1BQgCLcB/s320/9.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-ptHnhwA2Zv4/WOdRt5luWLI/AAAAAAAADRE/-fulNt9dmQsqbxchz2TwwrjtDZV7a-0twCLcB/s1600/10.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-ptHnhwA2Zv4/WOdRt5luWLI/AAAAAAAADRE/-fulNt9dmQsqbxchz2TwwrjtDZV7a-0twCLcB/s320/10.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-z0NLUcMqwio/WOdRt2lFmbI/AAAAAAAADRM/0xCLkFRym080itoGETUD11C5oVysjqizwCLcB/s1600/11.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-z0NLUcMqwio/WOdRt2lFmbI/AAAAAAAADRM/0xCLkFRym080itoGETUD11C5oVysjqizwCLcB/s320/11.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-uB5laei_JJ4/WOdRuavhaFI/AAAAAAAADRU/Fn0bJCoQsK0EzDuTuVcpQhh9MOv2kaMSwCLcB/s1600/13.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-uB5laei_JJ4/WOdRuavhaFI/AAAAAAAADRU/Fn0bJCoQsK0EzDuTuVcpQhh9MOv2kaMSwCLcB/s320/13.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-R0hPl0l0Q7o/WOdRugb9EhI/AAAAAAAADRc/qF01h0h8YWQ1F9YMlgu5_kLZKGcnPPrXwCLcB/s1600/15.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-R0hPl0l0Q7o/WOdRugb9EhI/AAAAAAAADRc/qF01h0h8YWQ1F9YMlgu5_kLZKGcnPPrXwCLcB/s320/15.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-avwYnJ9BBZw/WOdRuylJmrI/AAAAAAAADRk/hlD882IGIUQKedBg1ll0_IvwOGFBYpKXACLcB/s1600/17.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-avwYnJ9BBZw/WOdRuylJmrI/AAAAAAAADRk/hlD882IGIUQKedBg1ll0_IvwOGFBYpKXACLcB/s320/17.jpg" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-CFO3nbNqZE0/WOdRvIyCsfI/AAAAAAAADRo/Nj9X0eik-hgCEgCwlT0ZhA_Kkx3P2xU3QCLcB/s1600/18.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-CFO3nbNqZE0/WOdRvIyCsfI/AAAAAAAADRo/Nj9X0eik-hgCEgCwlT0ZhA_Kkx3P2xU3QCLcB/s320/18.jpg" width="320" /></a></div>
<br />
<br />
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<b><span style="font-size: large;">Latin words which we cannot do without</span></b></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://1.bp.blogspot.com/-YLqSa7wlRJw/V2ZwGqQUJVI/AAAAAAAACZA/UeIWNokbm2AzyvespSl43mRkKOGBsgm-QCLcB/s1600/LATIN.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-YLqSa7wlRJw/V2ZwGqQUJVI/AAAAAAAACZA/UeIWNokbm2AzyvespSl43mRkKOGBsgm-QCLcB/s1600/LATIN.jpg" /></a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; font-family: "Times New Roman"; margin: auto auto auto 5.4pt; width: 588px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background-color: transparent; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="center" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none; text-align: center; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><b>Non-English word/phrase<o:p></o:p></b></span></div>
</td><td style="background-color: transparent; border-color: windowtext windowtext windowtext rgb(0, 0, 0); border-style: solid solid solid none; border-width: 1pt 1pt 1pt 0px; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div align="center" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none; text-align: center; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><b>Plain English Alternative<o:p></o:p></b></span></div>
</td></tr>
<tr style="mso-yfti-irow: 1;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">ab initio<o:p></o:p></span></i></div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
</div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Example</span></i><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">: The contract was declared void ab initio.<o:p></o:p></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">From the start/beginning/inception<o:p></o:p></span></div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Example</span></i><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">: The contract was declared void from the beginning.<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 2;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">ad hoc<o:p></o:p></span></i></div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-layout-grid-align: none;">
</div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-layout-grid-align: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">Example</span></i><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">: The Government has formed an</span><span lang="EN-US" style="color: black; font-size: 11pt;"> ad hoc committee to deal with the issue of child labour in mining industry.</span><b><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-fareast-font-family: Batang;"><o:p></o:p></span></i></b></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Arranged for this purpose; for a particular (usu. exclusive) purpose; <span style="-ms-layout-grid-mode: line; color: black;">concerned or dealing with a specific subject, purpose, or end; for the special purpose or end presently under consideration; </span></span><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">for the special purpose or end presently under consideration</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 3;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">ad interim<o:p></o:p></span></i></div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
</div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Example: </span></i><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">The court passed an ad interim order restraining the company from selling any of its assets.<o:p></o:p></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Temporary; provisional<o:p></o:p></span></div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 4;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">ad valorem<o:p></o:p></span></i></div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; text-indent: 0cm;">
</div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Example</span></i><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">: The excise duty was levied on sugar at 10% as valorem.<o:p></o:p></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">According to value; <span style="-ms-layout-grid-mode: line;">in proportion to the value (used especially of duties on imports that are fixed at a percentage of the value as stated on the invoice)<o:p></o:p></span></span></div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 5;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">a priori<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Deductively; <span style="-ms-layout-grid-mode: line;">not based on prior study or examination</span><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 6;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">amicus curie<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Advocate to the court (a person, not a party to the litigation, who volunteers or is invited by the court to give advice upon some matter pending before it.)</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 7;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">bona fide<o:p></o:p></span></i></div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
</div>
<div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Example: </span></i><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">The board should exercise the powers bona fide for the benefit of the company.<i style="mso-bidi-font-style: normal;"><span style="mso-spacerun: yes;"> </span></i><o:p></o:p></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Made, done, presented, etc., in good faith, honestly, without deception, collusion or fraud</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 8;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">caveat emptor</span></i><i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">The principle that the buyer alone is responsible if dissatisfied; let the buyer beware: the principle that the seller of a product cannot be held responsible for its quality unless it is guaranteed in a warranty<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 9;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">certiorari<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">A writ issuing from a superior court calling up the record of a proceeding in an inferior court for review. Also called writ of certiorari; a writ issuing from a superior court calling up the record of a proceeding in an inferior <span style="-ms-layout-grid-mode: line;">court for review. Also called writ of certiorari.<span style="color: black;"><o:p></o:p></span></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 10;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">contra<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Against, opposite; in opposition or contrast to<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 11;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div align="left" class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">corpus<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">The capital of a fund, as contrasted with the income<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 12;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">de facto<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">In fact, whether by right or not; in reality; <span style="-ms-layout-grid-mode: line; color: black;">actually existing, especially when without lawful authority<o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 13;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">de jure<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Rightfully; by right; <span style="-ms-layout-grid-mode: line; color: black;">according to law (distinguished from <i style="mso-bidi-font-style: normal;">de facto</i>)</span><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 14;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">e. g. [exempli gratia]<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">for example; for the sake of example; such as</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 15;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">et cetera<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">And others; and so forth; and so on; and the rest; and similar things or people<span style="-ms-layout-grid-mode: line;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 16;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">ex gratia<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">As a favour</span><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 17;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">ex parte<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">An application in a judicial hearing made by one party in the absence of the other<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 18;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">ibidem (ibid)<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">In the same place; in the same case or judgment, book, paragraph, etc<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 19;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">i. e. [id est]<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Used to explain exactly what the previous thing that you have mentioned means<span style="-ms-layout-grid-mode: line; color: black;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 20;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">infra<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Below; in the following pages or paragraphs<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 21;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">in the interim<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">In the meantime; meanwhile<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 22;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">in specie<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">In its actual state, in kind<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 23;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">inter alia<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Among other things<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 24;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">inter se<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Between or among themselves<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 25;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">in toto<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Entirely<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 26;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">ipso facto<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">By that very fact or act; </span><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">by the fact itself<span style="-ms-layout-grid-mode: line;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 27;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">mala fide<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Acting or done in bad faith<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 28;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">mandamus<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">A writ. A</span><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;"> judicial writ from a superior court issued as a command to an inferior court (or other person) to perform a public or statutory duty<span style="-ms-layout-grid-mode: line;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 29;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">modus operandi<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">A plan or method of working; the particular way in which a person performs a task or action<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 30;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">Non obstante<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="Comment" style="break-after: auto; margin: 0cm 26.1pt 0pt 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">The phrase in a statute (which usually reads as follows: “Notwithstanding anything contained -------”) that is applied to give overriding effect to certain provisions over some contrary provision that may be found either in the same statute or some other stature. In other words such a clause is used to avoid the operation and effect of all contrary provisions.</span><span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 31;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">mutatis mutandis<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">In the same manner with appropriate changes for the context<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 32;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i><span lang="EN-US" style="font-size: 11pt; mso-fareast-font-family: Batang;">obiter dicta<span style="mso-bidi-font-weight: bold;"><o:p></o:p></span></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">An incidental or supplementary opinion by a judge in deciding a case, upon a matter not essential to the decision, and therefore not binding as precedent; </span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">remarks of a judge which are not necessary to reaching a decision, but are made as comments, illustrations or thoughts.<span style="-ms-layout-grid-mode: line; color: black;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 33;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">pari passu<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">Without partiality; equably; fairly<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 34;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">per alium<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">By means of another<span style="-ms-layout-grid-mode: line; color: black;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 35;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">per diem<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Daily; for each day<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 36;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">per se<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">By itself, taken alone<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 37;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">prima facie<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">At first sight<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 38;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">pro rata<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">In proportion; proportionally<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 39;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-fareast-font-family: Batang;">qua<o:p></o:p></span></i></div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-fareast-font-family: Batang;">Example: </span></i><span lang="EN-US" style="font-size: 11pt; mso-fareast-font-family: Batang;">A member of a company qua member can make an application under section 397 of the Companies Act.<i style="mso-bidi-font-style: normal;"><o:p></o:p></i></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-layout-grid-align: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-size: 11pt;">as; as being; in the character or capacity of<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-layout-grid-align: none; text-indent: 0cm;">
</div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-layout-grid-align: none; text-indent: 0cm;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 40;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">quantum meruit<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">As much as he deserved; as much as has been earned<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 41;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">quid pro quo<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Consideration; <span style="color: black;">one thing in return for another; something that is given or taken in return for something else; substitute; a thing given as compensation</span><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 42;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">res judicata<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">An issue already decided judicially<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 43;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">sic<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">So; thus; used or spelt as written (usually written parenthetically to denote that a word, phrase, passage, etc., that may appear strange or incorrect has been written intentionally or has been quoted verbatim)</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 44;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">simpliciter<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Without addition or qualification<span style="color: black;"><o:p></o:p></span></span></div>
</td></tr>
<tr style="mso-yfti-irow: 45;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">sine qua non<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">An indispensable condition<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 46;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">status quoz<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 47;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">sub judice<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">In course of trial; pending <span style="color: black;">before a judge or court and awaiting judicial determination; under judicial consideration and therefore prohibited from public discussion elsewhere</span><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 48;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">supra<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Above; <span style="-ms-layout-grid-mode: line; color: black;">in the preceding pages or paragraphs</span><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 49;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">ultra vires<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">Beyond one's legal power or authority, e.g. the directors or a company<o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 50;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">vis-à-vis<o:p></o:p></span></i></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 18pt; mso-pagination: none;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">In relation to; compared with</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 51;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">vide (videlicet)<o:p></o:p></span></i></div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">Example</span></i><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">: (1) The court vide its order dated … sanctioned amalgamation of the company. (2) Vide para 23 of chapter 2 for discussion on limited liability. (3) Vide our letter dated …, we have sent you an order for…<o:p></o:p></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="color: black; font-family: "times new roman" , "serif"; font-size: 11pt;">by, see, refer to (used especially to refer a reader to parts of a text)<o:p></o:p></span></div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 52; mso-yfti-lastrow: yes;"><td style="background-color: transparent; border-color: rgb(0, 0, 0) windowtext windowtext; border-style: none solid solid; border-width: 0px 1pt 1pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt; width: 184.3pt;" valign="top" width="246"><div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">viz.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoNormal" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">Example</span></i><span lang="EN-US" style="font-size: 11pt; mso-bidi-font-weight: bold; mso-fareast-font-family: Batang;">: The company, viz. ABC Industries Ltd, was directed to pay compensation.<o:p></o:p></span></div>
</td><td style="background-color: transparent; border-color: rgb(0, 0, 0); border-style: none solid solid none; border-width: 0px 1pt 1pt 0px; padding: 0cm 5.4pt; width: 256.7pt;" valign="top" width="342"><div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;">In other words; namely; that is to say<o:p></o:p></span></div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
<div class="MsoTitle" style="margin: 0cm 26.1pt 0pt 0cm; mso-pagination: none; text-indent: 0cm;">
</div>
</td></tr>
</tbody></table>
</div>
<div>
<br /></div>
<div>
Office jargon</div>
<div>
<b><u><br /></u></b></div>
<div>
<b><u>Backfilling</u></b></div>
<div>
<span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;">where an employee is assigned to a new </span><span face=""arial" , sans-serif" style="color: #6a6a6a; font-size: x-small; font-weight: bold;">job</span><span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"> and his/her </span><span face=""arial" , sans-serif" style="color: #6a6a6a; font-size: x-small; font-weight: bold;">position</span><span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"> filled by another employee. ... "</span><span face=""arial" , sans-serif" style="color: #6a6a6a; font-size: x-small; font-weight: bold;">Backfilling</span><span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"> occurs when an employee is moved out of his or her assigned duties and is replaced by another employee.</span><br />
<span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"><br /></span>
<span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"><b><u><br /></u></b><a href="http://4.bp.blogspot.com/-V6r1Wgw_xAs/XuJVBYQKLtI/AAAAAAAANbI/RCXbqeZWQokvhJpd6xq-kfeaEFh9pqpcQCK4BGAYYCw/s1600/IMG-20200611-WA0006-701746.jpg" style="font-family: "Times New Roman"; font-size: medium;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6837120666480291538" src="https://4.bp.blogspot.com/-V6r1Wgw_xAs/XuJVBYQKLtI/AAAAAAAANbI/RCXbqeZWQokvhJpd6xq-kfeaEFh9pqpcQCK4BGAYYCw/s320/IMG-20200611-WA0006-701746.jpg" /></a><b><u><br /></u></b></span>
<span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"><b><u>DIfferences in US and UK Pronounciation</u></b></span><br />
<span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"><b><u><br /></u></b></span>
<span face=""arial" , sans-serif" style="color: #545454; font-size: x-small;"><a href="http://2.bp.blogspot.com/-os-fA-BXrEI/WeGjw1P7uoI/AAAAAAAADq8/0ujyrHfgcsMFoYaZGsUhD-3rRWANZ2eswCK4BGAYYCw/s1600/Screenshot_2017-10-14-11-11-37-235_com.android.chrome-745706.png" style="font-family: "Times New Roman"; font-size: medium;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6476637798458440322" src="https://2.bp.blogspot.com/-os-fA-BXrEI/WeGjw1P7uoI/AAAAAAAADq8/0ujyrHfgcsMFoYaZGsUhD-3rRWANZ2eswCK4BGAYYCw/s320/Screenshot_2017-10-14-11-11-37-235_com.android.chrome-745706.png" /></a></span><br />
<a href="http://2.bp.blogspot.com/-TvjDaPWVVO4/W--jZPsQWlI/AAAAAAAALKA/4NbK0aSurrgk5PLOcfl8ggdMWcCMKAZ0gCK4BGAYYCw/s1600/IMG-20181116-WA0007-784460.jpg" style="font-family: "Times New Roman"; font-size: medium;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6624693230989498962" src="https://2.bp.blogspot.com/-TvjDaPWVVO4/W--jZPsQWlI/AAAAAAAALKA/4NbK0aSurrgk5PLOcfl8ggdMWcCMKAZ0gCK4BGAYYCw/s320/IMG-20181116-WA0007-784460.jpg" /></a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://lh3.googleusercontent.com/-p22ry64SG74/W7q7caei2RI/AAAAAAAAFjM/mgJ-eXKX-HYvg6wjpol2p-n-_jVJakiXgCHMYCw/s1600/20180930_122318_0001.png" style="margin-left: 1em; margin-right: 1em;"> <img border="0" src="https://lh3.googleusercontent.com/-p22ry64SG74/W7q7caei2RI/AAAAAAAAFjM/mgJ-eXKX-HYvg6wjpol2p-n-_jVJakiXgCHMYCw/s640/20180930_122318_0001.png" /> </a> </div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>Office Cliche</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://lh3.googleusercontent.com/-FsHH5VsjUwc/XAJJniFLu5I/AAAAAAAALMc/u4j5TeUffEQcFlwNrRQcfDDbvJlT8_4awCHMYCw/s1600/SAVE_20181130_141642.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="318" src="https://lh3.googleusercontent.com/-FsHH5VsjUwc/XAJJniFLu5I/AAAAAAAALMc/u4j5TeUffEQcFlwNrRQcfDDbvJlT8_4awCHMYCw/s320/SAVE_20181130_141642.jpeg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://lh3.googleusercontent.com/-FsHH5VsjUwc/XAJJniFLu5I/AAAAAAAALMc/u4j5TeUffEQcFlwNrRQcfDDbvJlT8_4awCHMYCw/s1600/SAVE_20181130_141642.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="318" src="https://lh3.googleusercontent.com/-FsHH5VsjUwc/XAJJniFLu5I/AAAAAAAALMc/u4j5TeUffEQcFlwNrRQcfDDbvJlT8_4awCHMYCw/s320/SAVE_20181130_141642.jpeg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
Tenses</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-N051Rp4rduU/XqnUGnHlXpI/AAAAAAAANPo/6aUZ8o7xZTQqK-fzo9D8QTgvPDO1oee6ACK4BGAYYCw/s1600/images%2B%252826%2529-782565.jpeg" style="text-align: left;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6821216320674422418" src="https://3.bp.blogspot.com/-N051Rp4rduU/XqnUGnHlXpI/AAAAAAAANPo/6aUZ8o7xZTQqK-fzo9D8QTgvPDO1oee6ACK4BGAYYCw/s320/images%2B%252826%2529-782565.jpeg" /></a></div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-57825057070597945592022-03-31T05:52:00.000-07:002024-01-20T06:27:52.889-08:00Audit of business income under 44AB and other CA certifications in income tax<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="background: rgb(255, 255, 255); border: 0px; color: #111111; font-family: "Open Sans", Arial, sans-serif; font-size: 24px; font-weight: normal; letter-spacing: -1px; line-height: 1em; margin: 0px; outline: 0px; padding: 15px 0px 5px; vertical-align: baseline;">
<strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Sec 44AA & 44AB of Income Tax Act, 1961</strong></h2>
<div style="background: rgb(255, 255, 255); border: 0px; color: #1c1c1c; font-family: "Open Sans", Arial, sans-serif; font-size: 14px; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<br /></div>
<div style="background: rgb(255, 255, 255); border: 0px; font-family: "open sans", arial, sans-serif; font-size: 14px; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<span style="background: transparent; border: 0px; font-size: 16px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Sec 44AA:- Maintenance Of Accounts required by Certain Persons Carrying On Business Or Profession</strong></span></span></div><div style="background: rgb(255, 255, 255); border: 0px; font-family: "open sans", arial, sans-serif; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;"><span style="background-color: rgba(0, 0, 0, 0);"><b> </b>M<span style="font-size: 14px;">aintenance of books is required when two conditions are satisfied:-</span></span></div><ul style="background: rgb(255, 255, 255); border: 0px; font-family: "open sans", arial, sans-serif; font-size: 14px; line-height: 24px; margin: 0px; outline: 0px; padding: 10px 0px 0px 16px; vertical-align: baseline;"><li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><ul style="background: transparent; border: 0px; list-style: disc; margin: 0px; outline: 0px; padding: 10px 0px 0px 16px; vertical-align: baseline;"><li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><div style="background: transparent; border: 0px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
</div>
<ol style="background: transparent; border: 0px; line-height: 26px; list-style-position: inside; margin: 0px; outline: 0px; padding: 0px 0px 10px 16px; vertical-align: baseline;">
<li style="background: none; border: 0px; list-style: decimal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Claim lower profit than limit specified u/s 44AD</li>
<li style="background: none; border: 0px; list-style: decimal; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Total Income exceed basic exemption limit</li>
</ol>
</li>
</ul>
</li>
</ul>
<div style="background: rgb(255, 255, 255); border: 0px; color: #1c1c1c; font-family: "Open Sans", Arial, sans-serif; font-size: 14px; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Prescribed Books means:-</strong> Cash Book, Journal, Ledger etc. <span style="background: transparent; border: 0px; line-height: 1.5em; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">In case of Medical Profession, Daily Case registers in Form No. 3C and Stock Register are also to be maintained.</span></div>
<div style="background: rgb(255, 255, 255); border: 0px; color: #1c1c1c; font-family: "Open Sans", Arial, sans-serif; font-size: 14px; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<span style="background-color: rgba(0, 0, 0, 0);">Books of accounts are required to be maintained for 6 Years from the end of relevant Assessment Year.</span></div>
<div style="background: rgb(255, 255, 255); border: 0px; color: #1c1c1c; font-family: "Open Sans", Arial, sans-serif; font-size: 14px; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-2Sq9QmG14EE/YAhCP3x5f5I/AAAAAAAAOBc/Wy1SJgAhXqw12PQdGx97OuwLZVylAOd6ACLcBGAsYHQ/s1024/tax%2Baudit.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="606" data-original-width="1024" height="376" src="https://1.bp.blogspot.com/-2Sq9QmG14EE/YAhCP3x5f5I/AAAAAAAAOBc/Wy1SJgAhXqw12PQdGx97OuwLZVylAOd6ACLcBGAsYHQ/w640-h376/tax%2Baudit.jpg" width="640" /></a></div><br />
<div style="background: rgb(255, 255, 255); border: 0px; font-family: "open sans", arial, sans-serif; font-size: 14px; line-height: 24px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<span style="background: transparent; border: 0px; font-size: 16px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Sec 44AB:- Audit Of Accounts under Income tax</span></strong></span></div>
<ul style="background: rgb(255, 255, 255); border: 0px; line-height: 24px; margin: 0px; outline: 0px; padding: 10px 0px 0px 16px; vertical-align: baseline;">
<li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url("http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png") 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; color: #1c1c1c; font-family: "open sans", arial, sans-serif; font-size: 14px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;">Audit of accounts is compulsory;<div style="background: transparent; border: 0px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
</div>
</li><ul style="background: transparent; border: 0px; list-style: disc; margin: 0px; outline: 0px; padding: 10px 0px 0px 16px; vertical-align: baseline;">
<li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><span style="background: transparent; border: 0px; color: green; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">In case of Business:</strong> -</span> If Total Sales/ Gross Turnover <strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">exceeds</strong> <strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Rs 1 Crore</strong> in any previous Year.</li>
<li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><span style="background: transparent; border: 0px; color: green; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">In case of Profession:</strong> -</span> If Gross Receipts <strong style="background: transparent; border: 0px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">exceeds Rs 50 Lakh</strong> in any previous Year.</li>
<li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;">Assessees covered u/s 44AD/44AE/44BB/44BBB also required to accounts audited if they claim that their profit is less than limit specified in respective section. e.g. u/s 44 AD</li><li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;">.</li>
</ul></ul><div><span face="open sans, arial, sans-serif" style="color: #1c1c1c;"><span style="font-size: 14px;"><br /></span></span></div><div><span face="open sans, arial, sans-serif" style="color: #1c1c1c;"><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-__i98SA3Ee0/YOhyjw7a7aI/AAAAAAAAOWY/6thcPFrsd8MkOdm7ZrFu1hJdP3OCUy1QgCLcBGAsYHQ/s855/tax%2Baudit%2Blimit.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="317" data-original-width="855" height="238" src="https://1.bp.blogspot.com/-__i98SA3Ee0/YOhyjw7a7aI/AAAAAAAAOWY/6thcPFrsd8MkOdm7ZrFu1hJdP3OCUy1QgCLcBGAsYHQ/w640-h238/tax%2Baudit%2Blimit.png" width="640" /></a></div><br /><span style="font-size: 14px;"><br /></span></span></div><div><span face="open sans, arial, sans-serif" style="color: #1c1c1c;"><span style="font-size: 14px;"><br /></span></span></div><div><span face="open sans, arial, sans-serif" style="color: #1c1c1c;"><span style="font-size: 14px;"><br /></span></span></div><ul style="background: rgb(255, 255, 255); border: 0px; line-height: 24px; margin: 0px; outline: 0px; padding: 10px 0px 0px 16px; vertical-align: baseline;">
<li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url("http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png") 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; color: #1c1c1c; font-family: "open sans", arial, sans-serif; font-size: 14px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><b style="background-color: transparent;"><span style="font-size: large;">TAX Audit Report clauses</span></b></li>
<li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; color: #1c1c1c; font-family: "open sans", arial, sans-serif; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;">
<div style="background: transparent; border: 0px; font-size: 14px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-A1vWJspH8aI/WPSzGX4F1BI/AAAAAAAADXk/rDqTODxNEDIiP0ObQ2EHDwMHcFzC09SzwCLcB/s1600/form-3cd-presentation-7-638.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://2.bp.blogspot.com/-A1vWJspH8aI/WPSzGX4F1BI/AAAAAAAADXk/rDqTODxNEDIiP0ObQ2EHDwMHcFzC09SzwCLcB/w400-h300/form-3cd-presentation-7-638.jpg" width="400" /></a></div>
<b><u><br /></u></b></div>
</li><li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><div style="background: transparent; border: 0px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;"><b style="color: #1c1c1c; font-family: "open sans", arial, sans-serif; font-size: 14px;"><u>Clause 17 Consideration for </u></b><span style="background-color: rgba(0, 0, 0, 0); font-size: 14px;"><span face="open sans, arial, sans-serif" style="color: #1c1c1c;"><b><u>transfer</u></b></span></span></div></li><li style="background-attachment: scroll; background-clip: initial; background-color: rgba(0, 0, 0, 0); background-origin: initial; background-position: 0px 8px; background-repeat: no-repeat; background-size: initial; background: url(http://klaggarwal.com/wp-content/themes/klaggarwal/images/widget-bullet.png) 0px 8px no-repeat scroll rgba(0, 0, 0, 0); border: 0px; color: #1c1c1c; font-family: "open sans", arial, sans-serif; list-style: none; margin: 0px; outline: 0px; padding: 0px 0px 0px 15px; vertical-align: baseline;"><div style="background: transparent; border: 0px; font-size: 14px; outline: 0px; padding: 10px 0px 0px; vertical-align: baseline;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-x0dqGGoJNiQ/X66WsXqWbNI/AAAAAAAAN2U/Nh6d2A2gd64uJlQFIAml6bmsFUJS09mHQCLcBGAsYHQ/s682/Full%2Bvalue%2Bof%2BCONSIDERATION-%2Btax%2Baudit.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="682" data-original-width="528" height="320" src="https://1.bp.blogspot.com/-x0dqGGoJNiQ/X66WsXqWbNI/AAAAAAAAN2U/Nh6d2A2gd64uJlQFIAml6bmsFUJS09mHQCLcBGAsYHQ/s320/Full%2Bvalue%2Bof%2BCONSIDERATION-%2Btax%2Baudit.jpg" /></a></div></b></div></li></ul><div><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 5pt; text-align: center;"><b><span face=""arial" , sans-serif" style="font-size: 12pt;"><br />
What is the objective of tax audit?</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">One of the objectives of tax audit is to ascertain/derive/report the
requirements of Form Nos. 3CA/3CB and 3CD. Apart from reporting requirements of
Form Nos. 3CA/3CB and 3CD, a proper audit for tax purposes would ensure that
the books of account and other records are properly maintained, that they
faithfully reflect the income of the taxpayer and claims for deduction are
correctly made by him. Such audit would also help in checking fraudulent
practices. It can also facilitate the administration of tax laws by a proper
presentation of accounts before the tax authorities and considerably save the
time of Assessing Officers in carrying out routine verifications, like checking
correctness of totals and verifying whether purchases and sales are properly
vouched for or not. The time of the Assessing Officers saved could be utilised
for attending to more important and investigational aspects of a case.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">As per section 44AB, who is compulsorily required to get his accounts
audited, i.e., who is covered by tax audit?</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">As per section 44AB, following persons are compulsorily required to get
their accounts audited :</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">A person carrying on
business, if his total sales, turnover or gross receipts (as the case may be)
in business for the year exceed or exceeds Rs. 1 crore.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">A person carrying on
profession, if his gross receipts in profession for the year exceed Rs.
50 lakhs.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">A person who is
eligible to opt for the presumptive taxation scheme of section 44AD (*) but
claims the profits or gains for such business to be lower than the profits and
gains computed as per the presumptive taxation scheme of section 44AD and his
income exceeds the amount which is not chargeable to tax.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">If an eligible
assessee opts out of the presumptive taxation scheme, after specified period,
he cannot choose to revert back to the presumptive taxation scheme for a period
of five assessment years thereafter.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">A person who is
eligible to opt for the presumptive taxation scheme of section 44ADA (*) but he
claims the profits or gains for such profession to be lower than the profit and
gains computed as per the presumptive taxation scheme and his income exceeds
the amount which is not chargeable to tax.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">A person who is
eligible to opt for the presumptive taxation scheme of sections 44AE (*) but he
claims the profits or gains for such business to be lower than the profits and
gains computed as per the presumptive taxation scheme of sections 44AE.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: justify;">
<span style="font-size: 10pt;">·</span><span style="font-size: 7pt;"> </span><span face=""arial" , sans-serif" style="font-size: 12pt;">A person who is
eligible to opt for the taxation scheme prescribed under section 44BB (*) or
section 44BBB (*) but he claims the profits or gains for such business to be
lower than the profits and gains computed as per the taxation scheme of these
sections.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">(*) section 44BB is applicable to non-resident taxpayers engaged in the
business of providing services or facilities in connection with, or supplying
plant and machinery on hire basis to be used in exploration of mineral oils.
section 44BBB is applicable to foreign companies engaged in the business of civil
construction or erection of plant or machinery or testing or commissioning
thereof, in connection with a turnkey power project.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">If a person is required by or under any other law to get his accounts
audited, then is it compulsory for him to once again get his accounts audited
to comply with the requirement of section 44AB?</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Persons like company or co-operative society are required to get their
accounts audited under their respective law. Section 44AB provides that, if a
person is required by or under any other law to get his accounts audited, then
he need not again get his accounts audited to comply with the requirement of
section 44AB. Is such a case, it shall be sufficient if such person gets the
accounts of such business or profession audited under such law and obtains the
report of the audit as required under such other law and also a report by the
chartered accountant in the form prescribed under section 44AB, i.e., Form No.
3CA and Form 3CD.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">What are Form Nos. 3CA/3CB and 3CD?</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The report of the tax audit conducted by the chartered accountant is to
be furnished in the prescribed form. The form prescribed for audit report in
respect of audit conducted under section 44AB is Form No. 3CB and the
prescribed particulars are to be reported in Form No. 3CD.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">In case of persons covered under previous FAQ, <i>i.e.,</i> who
are required to get their accounts audited by or under any other law, the form
prescribed for audit report is Form No. 3CA and the prescribed particulars are
to be reported in Form No. 3CD.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">What is the due date by which a taxpayer should get his accounts
audited?</span></b><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;"><div dir="auto" style="text-align: left;">Finance Act, 2020 has amended the provisions of section 44AB to provide for the due date filing of the tax audit report one month prior to the due date of filing of return of income u/s 139(1) applicable for tax audit cases. </div><div dir="auto" style="text-align: left;"><br /></div><div dir="auto" style="text-align: left;">As per the amended provision, the tax audit report is required to be furnished by 30th September 2020 for the AY 2020-21. Finance Act, 2020 has extended the due date for filing of the income tax return from 30th September to 31st October. Since the due date for filing of return of income of an assessee who is subject to compulsory tax audit u/s 44AB for the assessment year 2020-21 is 31st October 2020, thus tax audit report shall be required to be furnished by 30-09-2020. The objective of such an amendment is for pre-filling the income tax returns from the tax audit report. Earlier till AY 2019-20, the tax audit report was required to be filed along with the return of income.</div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/--X5CotHFxlM/X4zvDW7NTYI/AAAAAAAANyw/DmuKLII6I4ssvVAoJVY5CGxugLfggWHdQCLcBGAsYHQ/s958/Tax%2Baudit%2BREPORT.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="556" data-original-width="958" src="https://1.bp.blogspot.com/--X5CotHFxlM/X4zvDW7NTYI/AAAAAAAANyw/DmuKLII6I4ssvVAoJVY5CGxugLfggWHdQCLcBGAsYHQ/s320/Tax%2Baudit%2BREPORT.png" width="320" /></a></div><br /><div dir="auto" style="text-align: left;"><b style="text-align: justify;"><span face=""arial" , sans-serif" style="font-size: 12pt;">What is the penalty for not getting the accounts audited as required by
section 44AB?</span></b></div></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">According to section 271B, if any person who is required to comply with
section 44AB fails to get his accounts audited in respect of any year or years
as required under section 44AB, the Assessing Officer may impose a penalty. The
penalty shall be lower of the following amounts:</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">(a) 0.5% of the total sales, turnover or gross receipts, as the case may
be, in business, or of the gross receipts in profession, in such year or years.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">(b) Rs. 1,50,000.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">However, according to section 273B, no penalty shall be imposed if
reasonable cause for such failure is proved.</span><span style="font-family: "times new roman" , serif; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; text-align: justify;">
<span face=""arial" , sans-serif" style="font-size: 12pt;"><br /></span>
<br />
<div class="MsoNormal">
<b><u>Negligence in
reporting 40A(3) & 40(a)(ia) violation is Professional Negligence – CA
awarded punishment of removal of his name from the Register of Members 19<sup>th </sup>October 2018<o:p></o:p></u></b></div>
<div class="MsoNormal">
<b><u><br /></u></b></div>
<div class="MsoNormal">
Negligence in reporting 40A(3) & 40(a)(ia) violation is
Professional Negligence – CA awarded punishment of removal of his name from the
Register of Members Negligence in reporting 40A(3) & 40(a)(ia) violation is
Professional Negligence – CA awarded punishment of removal of his name from the
Register of Members Ignorance & caaualness may be a costly. There is not only
penalty u/s 271J but also chances of Discplinary action by ICAI. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Income Tax
Department is taking all such matters for disciplinary action with ICAI. One
such instance was found in <b><u>CA Ishaq Esmail Lakkadghat Versus Income Tax
Officer, 11 (3</u></b>) -1 Mumbai case wherein the Tax auditor was held guilty by the
disciplinary committee of ICAI of lack of exercising due diligence, or gross
negligence in the conduct of his professional duties.</div>
<div class="MsoNormal">
1.The Reporting Auditor (CA) stated NIL in the column
“amount admissible u/s 40A (3) read with rule 6DD and computation thereof” </div>
<div class="MsoNormal">
2. The error was detected in scrutiny assessment for AY
2007-08, when it was found that the assessee has made payment of consultancy
charges amounting to Rs. 5, 45,715/- to various Doctor which exceeds Rs. 20,
000/-. The assessee has made this payment in cash which is exceeding Rs. 20,
000/- and no tax has been deducted which is required u/s 194J of the Income Tax
Act, 1961. These facts have not been mentioned in the Tax Audit Report
certified by the CA </div>
<div class="MsoNormal">
3. The matter was reported to the Disciplinary Committee of
the ICAI which that on perusal of Profit & Loss Account of the Hospital vis-à-vis
working papers of the Respondent, it has been noted that consultancy charges
were shown as expenses in the Profit & Loss Account of the Hospital.</div>
<div class="MsoNormal">
4. The CA submitted</div>
<div class="MsoNormal">
a. “……since the
Doctors did not provide any professional service to the Hospital, the
provisions of Section 194J would not be attracted. </div>
<div class="MsoNormal">
b. As per the judgment passed by the Special Bench in case
of “Merilyn Shipping and Transports-vs ACIT, Section 40 (a) (ia) is applicable
only to the amounts of expenditure which are payable as on 31st March of every
year and it cannot be invoked to disallow the amounts which have been actually
paid during the previous year, without deduction of tax at source. Further, all
payments were made to the respective doctors before 31st March, 2007. As per his
belief, the payment made to the Doctors by way of reimbursement of the fees
does not fall under the TDS Act and even if it falls, these payments would not
be disallowable u/s 194J of the Income Tax Act. </div>
<div class="MsoNormal">
5. However the Committee was of the view that it is for the
assessee to reply on any judgment for making deduction of TDS on payment of
consultancy fees u/s 194J. As per provision of the Income Tax Act, 1961 and
Guidance notes on Tax Audit issued by the Institute, the Auditor is required to
report as to whether any amount is inadmissible under Section 40 (a) the Income
Tax Act, 1961. If the Assessee did not deduct TDS based on a judgment given in
a particular case, the Respondent being a Statutory Tax Auditor was required to
disclose the same in his report so as to enable the Income Tax Department to
know the reason as to why TDS was not deducted by the Assessee u/s 194J of the
Income Tax, 1961. </div>
<span face=""arial" , sans-serif" style="font-size: 12pt;">
</span><br />
<div class="MsoNormal">
6. On appeal against the order of the disciplinary committee
of ICAI, the Appellate Authority – ICAI the CA further added that as he
has passed Chartered Accountancy only in 2005, he was very new in the
profession and it is possible that he did not understand the proper
interpretation of Section 194J of the Income Tax Act 1961. Therefore he prayed
that his mistake may be condoned and lenient view may be taken.<br />
<br />
7. The Appellate Authority – ICAI held as under:
a. It is very clear that the CA was required to report instances where tax was deductible by the auditee but not
deducted by him. The CBDT vide Notification No. 208/2006 dated 10th August, 2006 had widened
reporting requirements of Form 3CD and thus it was the duty of the CA to report such transactions in the
Form 3CD, which he failed to do.
b. The CA being new in the profession and not being able to understand properly the ambit of section 194J of
the Income Tax Act, can’t be a ground to completely ignore the new reporting requirements imposed by the
CBDT from 10th August, 2006. (Ignorance of Law in No EXCUSE- supplied)
c. Held that CA did not exercise due diligence in carrying out his professional duties, which is expected from
him.
d. As regards to the issue of quantum of punishment, the CA prayed for taking lenient view and explained that
he was very new in the profession and he might not have been fully aware of the recent amendments in the
law, and he also pleaded that the default was for a very small quantum.
e. Looking to all the facts involved and the fact that the Appellant fully co-operated in all proceedings at every
level of enquiry, we feel that the “ends of justice” would meet, if the Appellant is awarded punishment to
“Reprimand”. We, accordingly modify the Impugned Order of the Disciplinary Committee to this extent.
Though, *further, we direct the Appellant to be more cautious in future while dealing with such situation<br />
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 15pt; margin-bottom: 7.5pt; margin-left: 0cm; margin-right: 0cm; margin-top: 7.5pt; margin: 7.5pt 0cm; mso-outline-level: 4;">
<span style="color: #132762; font-family: "latoregular" , serif; font-size: 13.5pt;"><span style="font-size: large;"><b>Share trading turnover - Tax Audit impact</b></span><span style="font-size: 13.5pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;">
<span style="background: white; color: #666666; font-family: "latoregular" , serif; font-size: 9pt;">Sep 08, 2016</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 15pt; margin-bottom: 0cm; vertical-align: middle;">
<span face=""arial" , sans-serif" style="font-size: 9pt; text-transform: uppercase;"><a href="https://www.blogger.com/null"><span style="color: #e64a19;">N ANUSH SHANKER</span></a></span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 8.5pt; text-transform: uppercase;">PARTNERV NARAYANAN & CO, CHARTERED ACCOUNTANTS</span><span face=""arial" , sans-serif" style="font-size: 9pt; text-transform: uppercase;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 11.25pt;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">DETERMINATION
OF TURNOVER IN CASE OF TRADING OF SHARES EITHER ON SPECULATION OR NON
SPECULATION BASIS </span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">1.
Preamble:</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">1.1 The
broad legal positions are as follows- Dealing in shares whether Investment or
Business</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Dealing in
shares can result either in "Business income" (chargeable as Profits
& Gains of Business or Profession chargeable under section 28 of the Income
Tax Act, 1961) or "Capital Gains" (chargeable under Sec.45 of the
Act). Thus, dealings in shares could either be in the course of business -
chargeable as Business Income, OR for the purpose of investment - chargeable as
Capital Gains. Classification into Business Income and Capital Gains depends on
facts & circumstances of each case. However, as a very broad guideline, as
held in many cases, it can be said that - ordinarily, the purchase and sale of
shares with the motive of earning a profit, would result in transaction being
in the nature of trade, but where the object of investment in shares of a
company is to derive income by way of dividend etc., then the profit accruing
by sale of shares will yield capital gains and not revenue gains (business
income).<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">2. This
article deals with the situation where trading in shares have been considered
as business income</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">3.
Explaining Speculation and Non Speculation Business:</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Trading in
shares can be of two types namely</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">A) Delivery based trading</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> </span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">B) Non delivery based (also called
intraday trading)</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span><br />
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;"><br /></span></b></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">3.1. DELIVERY BASED TRADING:</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Under this
type of trading, the share transaction is said to be complete only </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">when there is actual delivery of shares/securities upon the settlement
of transaction i.e.</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> in other words, when shares are
purchased/ sold on delivery basis, then those shares will be transferred
to/from Demat account of the buyers/sellers. The buyer of the share will have
to pay the full value of share and the share will become his asset with that
either he can trade in his business or hold for investment.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">3.2. NON DELIVERY BASED TRADING (or
intraday trading):</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Intraday
trading by the name itself one can get a view that it refers to the trading
system where the </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">traders have to square-off their
trade on the same day</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">. Squaring off the trade means that
the traders have to do the buy and sell or sell and buy transaction on the same
day before the market close. In other words in this trading, shares are not
actually transferred to the DEMAT account of the buyer instead they have
to </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">square off their position before the
market close on same day by selling the same number of shares</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">. The buyer of the shares will not pay the full value of shares instead
he will pay only the difference margin arising on account of such buy/sell
transaction.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">3.3 Speculative Business Income:</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<i><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.3.1. Income
from intra-day trading is considered as speculation income and taxed as such.</span></i><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.3.2. As
per Section 43(5) of the Income Tax Act, 1961, intra-day trading shall be
considered as speculation business transactions and the income therefrom would
be either speculation gains or speculation losses. Income from speculation
gains is taxed at the normal rates.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.3.3. Intra-day
trading is the trading of shares within the same day. Generally, delivery is
not taken in case of intra-day trading, and thus, these are said to be
speculative transactions. As per Section 43(5) of the Income Tax Act, 1961, the
said transactions shall be considered as speculation business transactions and
the income therefrom would be either speculation gains or speculation losses.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.3.4. For
a person earning income from any head of income, intra-day trading in shares is
always treated as speculative business. Section 43(5) of the Income Tax Act,
1961, deals with speculative transaction. It states that a transaction of
purchase or sale of a commodity including stocks and shares settled otherwise
than by actual delivery or transfer of the commodity or scrip is a speculative
transaction.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.3.5. In intra-day trading in
shares, there is no actual delivery as the shares enter and exit from the
trading account on the same date and it does not enter the DEMAT account at
all.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">3.4 Non Speculative Business Income:</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">3.4.1. Income
from trading F&O (both intraday and overnight) on all the exchanges</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> is considered as non-speculative business income as it has been
specifically defined this way. F&O is also considered as non-speculative as
these instruments are used for hedging and also for taking/giving delivery of
underlying contract. Even though currently almost all equity, currency, &
commodity contracts in India are cash settled, but by definition they give rise
to giving/taking delivery (there are a few commodity future contracts like gold
and almost all agri-commodity contracts with delivery option to it).Income from
shorter term equity delivery based trades (held for between 1 day to 1 year)
are also best to be considered as non-speculative business income if frequency
of such trades executed by you is high or if investing/trading in the markets
is your main source of income.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.4.2. Profit
/ Loss in derivatives (futures and options) is treated as non-speculation
business even though delivery is not effected in such transactions.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<i><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3.4.3. From
the reading of the above it is clear that trading in derivatives including
commodity derivatives on a recognized stock exchange will not be considered as
a speculative transaction and hence not treated as speculative business. Therefore
since these are not considered as speculative business, therefore income from
such transactions will be considered as normal business income and loss from
such transactions will be considered as normal business loss.</span></i><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">4. How is turnover computed.?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div align="center" class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm; text-align: center;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">DETERMINATION OF TURNOVER:</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">
</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">DETERMINATION
OF TURNOVER IN RESPECT OF SPECULATIVE TRANSACTION</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Now, your
attention may be directed to the Para 5 of “Guidance Note on Tax Audit under
Section 44AB of the Income Tax Act,1961" issued by The Institute of
Chartered Accountants of India (ICAI), which provides the guidelines regarding
"Turnover or Gross Receipts in respect of transactions in shares.."
as follows:</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">a) In a
speculative transaction, the contract for sale or purchase which is entered
into is not completed by giving or receiving delivery so as to result in the
sale as per value of contract note.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">b) The
contract is settled otherwise and squared up by </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">paying out the difference which may be positive or negative</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">. As such, in such transaction the </span><b><i><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">difference amount is 'turnover'.</span></i></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">c) In the
case of an assessee undertaking speculative transactions there can be both
positive and negative differences arising by settlement of various such
contracts during the year. Each transaction resulting into whether a positive
or negative difference is an independent transaction.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">d)
Further, amount paid on account of negative difference paid is not related to
the amount received on account of positive difference. In such transactions
though the contract notes are issued for full value of the purchased or sold
asset the entries in the books of account are made only for the differences.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<i><u><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">e)
Accordingly, the aggregate of both positive and negative differences is to be
considered as the turnover of such transactions for determining the liability
to audit vides section 44AB, whether the differences are positive or negative.</span></u></i><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">DETERMINATION
OF TURNOVER IN RESPECT OF NON SPECULATIVE TRANSACTION</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Determination
of turnover in case of F&O is one of the important factors for every
individual for the income tax purpose. Turnover must be firstly calculated, in
the manner explained below:</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">1. The total of positive and negative
or favorable and unfavorable differences shall be taken as turnover.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">2. Premium received on sale of
options is to be included in turnover.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">3. In respect of any reverse trades
entered, the difference thereon shall also form part of the turnover.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Here, it
makes no difference, whether the difference is positive or negative. All the
differences, whether positive or negative are aggregated and the turnover is
calculated.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">DETERMINATION
OF TURNOVER IN RESPECT OF DELIVERY BASED TRANSACTION:</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Where the
transaction for the purchase or sale of any commodity including stocks and
shares is delivery based whether intended or by default, the total value of the
sales is to be considered as turnover.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">5. When is
audit required?</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">An audit
is required if you have a business income and if your business turnover is more
than Rs 2 crores (was Rs 1 crore until FY 16/17) for the given financial
year. Audit is also required as per section 44AD in cases where turnover is
less than Rs.2 Crores but profits are lesser than 8% of the turnover and total
income is above minimum exemption limit.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">Therefore,
the applicability of tax audit will be as follows in case of F&O Trading:</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">5.1 In case of Profit from
transactions of F&O trading</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">a) In the case of profit from
derivative transactions, tax audit will be applicable if the turnover from such
trading exceeds Rs. 1 crore.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">b) Tax audit u/s 44AB r/w section
44AD will also be applicable, if the net profit from such transactions is less
than 8% of the turnover from such transactions.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">5.2 In
case of Loss from F&O Trading</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">In case of
Loss from derivative trading, since profit (Loss in this case) is less than 8%
of the turnover, therefore Tax Audit will be applicable u/s 44AB read with
section 44AD.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">6. Tax
Treatment:</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">Business
income: </span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">If you are trading in the stock
market frequently (mostly non-delivery trade), returns from it can be
classified as follows:</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">6.1. Speculative
Business income: </span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Profit
from intraday trading is categorized under speculative business income.
Tax treatment is similar to your Business income tax. It is taxed as per the
tax slab you fall in while losses can be offset only against speculative
gains. </span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">6.2.
Non-speculative Business income: </span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">Income
from trading futures & options on recognized exchanges (equity, commodity,
& currency) is categorized under non-speculative business income. Tax on
share trading in such cases is similar to your business income tax. The profits
on F/O trading are taxed as per the tax slab you fall in whereas losses on such
F/O trading can be set off against business profit.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;"><br /></span></b>
<b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">7.
Treatment of Adjustment for loss</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">7.1 <u>Loss
in respect of non speculative business income:</u></span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">As per the
Section 71 of the Income Tax Act, loss in respect of such business can be set
off against any other heads of income including income from speculative
business but excluding income under the head “salaries” of that year.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">As per
Section 72 of the Income Tax Act, if there is any such loss which is not set
off against the above said incomes, such losses are eligible to be carried
forward and set off against the other incomes excluding income from salary for
a </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">period of</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">8 subsequent assessment years </span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">in the manner as specified in the above order of set off.</span><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span><br />
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<b><u><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">7.2 Loss
in respect of speculative business income:</span></u></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">As per the
Section 73 of the Income Tax Act, loss in respect of speculative business
cannot be set off against any other heads of income i.e. it can be </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">set off only against other speculative incomes if any in that year.</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt;">
<span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;">If there
is any such loss which is not set off, such losses are eligible to be carried
forward and set off only against </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">speculative
incomes</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> for a </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">period of</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">only</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 14pt;"> </span><b><span style="color: #444444; font-family: "latobold" , serif; font-size: 14pt;">4 subsequent assessment years.</span></b><span style="color: #666666; font-family: "latoregular" , serif; font-size: 10pt;"><o:p></o:p></span></div>
<span face=""arial" , sans-serif" style="font-size: 12pt;"> </span><span style="font-family: "times new roman" , serif; font-size: 13.5pt; text-align: left;"> </span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-3M65F_iKBoE/W3mXDFHfcpI/AAAAAAAAFeM/Ov_O9q23wZwaSXLLifLaZP_Sh3f_uV8iACLcBGAs/s1600/F%2526O%2Bturnover.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="816" data-original-width="724" height="320" src="https://1.bp.blogspot.com/-3M65F_iKBoE/W3mXDFHfcpI/AAAAAAAAFeM/Ov_O9q23wZwaSXLLifLaZP_Sh3f_uV8iACLcBGAs/s320/F%2526O%2Bturnover.png" width="283" /></a></div>
<span style="font-family: "times new roman" , serif; font-size: 13.5pt; text-align: left;"><p class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 18.0pt; mso-outline-level: 1;"><b><span style="font-family: Helvetica, sans-serif; font-size: 27pt;">Form
3CEB</span></b></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Under
transfer pricing regulations, companies in India are expected to file Form 3CEB
if the entity has entered into any international transaction with an associated
enterprise or some specified domestic transaction (the latter with effect from
assessment year 2013-14).</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">This is
filed alongside Form 3CD under Section 92A to 92F of the Income Tax Act, 1961.
Form 3CD is a detailed statement of particulars related to various aspects of
the business and transactions undertaken.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto; mso-outline-level: 2;"><span style="font-family: Helvetica, sans-serif; font-size: 18pt;">What is Form 3CEB and when does it apply?</span><span style="font-family: "Helvetica",sans-serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Form 3CEB
is applied if companies engaged in international and specified domestic
transactions with any associated enterprise. All companies that conducted such
transactions must provide a detailed report from a chartered accountant.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Form 3CEB
follows two conditions as set forth by transfer pricing regulations:</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<ul type="disc">
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l3 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">A
transaction between any two or multiple associated businesses, either or
both being foreign businesses, is an international transaction; and</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l3 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Specified
domestic transactions are those connected to transfer pricing but do not
include international transactions. (Transfer pricing is the price one
company levies on another company for the goods and services it has
rendered.)</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
</ul>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><span style="font-family: Helvetica, sans-serif; font-size: 18pt;">What do we mean by specified
domestic transactions?</span><span style="font-family: "Helvetica",sans-serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">According
to the Income Tax Act specified domestic transactions must satisfy certain
parameters. The transaction(s) should fall under Section 92BA of the Act, which
describes them as: </span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">1)
Transactions listed under Section 80A, which correlate with the market price of
goods and services.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">2)
Transactions of goods and services listed under sub-section 8 of Section 80IA.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">3) Business
transactions listed under sub-section 10 of Section 80IA.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">4)
Transactions listed in any other section on which the provisions of
sub-sections 8 and 10 of Section 80IA are also applied. There are five such
provisions that are as follows:</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<ul type="disc">
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">80IAB
– The profits of a business will be subtracted if it is a part of a
developing Special Economic Zone.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">80IB –
The profits of specific industrial ventures will be subtracted as compared
to specific development of infrastructure ventures.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">80IC –
There will be special provisions for specific businesses that fall under
special category states.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">80ID –
The profits of a business will be subtracted if it is a hotel business and
if it is a convention center located in a specific area.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">80IE –
There will be special provisions for those specific businesses that lie
within northeastern states. </span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
</ul>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">5) The
transaction is not international.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">6) The
transaction will fall under domestic pricing only if its aggregate value is
more than the threshold limit of INR 200 million (US$2.7 million) (from
assessment year 2016-17).</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><span style="font-family: Helvetica, sans-serif; font-size: 18pt;">What qualifies as an
international transaction?</span><span style="font-family: "Helvetica",sans-serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;"> According
to the Income Tax Act, international transactions must meet the following
conditions:</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<ol start="1" type="1">
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">The
transaction occurs between two or more associated enterprises, either or
both of which are foreign entities;</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">The
transaction includes sale or lease of physical/tangible property and
services provided, or lending or borrowing money or any other transaction
that has impacts profits, income, losses, and/or assets of such
enterprises; and</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l1 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">There
is a mutual arrangement or agreement reached between two or more
associated enterprises for the purpose of allocating or apportioning or
making any contribution to any cost incurred or to be incurred – in
connection with a benefit, service, or facility provided or to be provided
to any one or more of such enterprises.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
</ol>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Accordingly,
companies will need to submit Form 3CEB if they have entered into an
international transaction or specified domestic transaction.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><span style="font-family: Helvetica, sans-serif; font-size: 18pt;">What are the reporting
requirements in Form 3CEB?</span><span style="font-family: "Helvetica",sans-serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<ol start="1" type="1">
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l2 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Taxpayers
must provide general personal information as well as the aggregate value
of the international transactions that have been undertaken;</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l2 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Taxpayers
must provide information about the international transactions that were
undertaken during the financial year calculated as April 1 to March 3; and</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l2 level1 lfo4; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Taxpayers
must provide information about the specified domestic transactions that
were undertaken during the financial year.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
</ol>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2;"><span style="font-family: Helvetica, sans-serif; font-size: 18pt;">What is the penalty for
incompliance?</span><span style="font-family: "Helvetica",sans-serif; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background: white; line-height: normal; mso-margin-bottom-alt: auto;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Penalties
are triggered if the company fails to file Form 3CEB in the expected format.
These are:</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></p>
<ol start="1" type="1">
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l4 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Fine
of minimum INR 100,000 (approx. US$1,352) if the report is not presented
as the required Form 3CEB;</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l4 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Fine
of two percent of the value of the transaction if the given information on
them is inadequate; and</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
<li class="MsoNormal" style="background: white; line-height: normal; mso-list: l4 level1 lfo5; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span style="font-family: Helvetica, sans-serif; font-size: 12pt;">Fine
of two percent of the value of the transaction if the given information on
them is incorrect.</span><span style="font-family: "Helvetica",sans-serif; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;"><o:p></o:p></span></li>
</ol>
<p class="MsoNormal"><o:p> </o:p></p></span></div>
</div>
<div>
<span face=""open sans" , "arial" , sans-serif" style="color: #1c1c1c;"><b><u>Other Certifications by CA under Income tax</u></b></span></div>
<div>
<span face=""open sans" , "arial" , sans-serif" style="color: #1c1c1c;"><b><u><br /></u></b></span></div>
<div>
<span face=""open sans" , "arial" , sans-serif" style="color: #1c1c1c;"><b><u>FMV of Unqouted shared</u></b></span></div>
<div>
<span color="rgba(0 , 0 , 0 , 0.7)" face=""source sans pro" , "helvetica" , "arial" , sans-serif , "hiragino kaku gothic pro" , "meiryo" , "hiragino sans gb w3" , "noto naskh arabic" , "droid arabic naskh" , "geeza pro" , "simplified arabic" , "noto sans thai" , "thonburi" , "dokchampa" , "droid sans thai" , "droid sans fallback" , , ".sfnsdisplay-regular" , "heiti sc" , "microsoft yahei" , "segoe ui"" style="background-color: white; font-size: 15px; white-space: pre-wrap;">The Indian Government has in 2017 notified final rules to compute fair market value of unquoted shares which are to be used in determining quantum of:
1. Capital gains on transfer of shares in a company; and
2. Income in the hands of a recipient of shares if consideration paid by him is lower than its fair market value
The final rules specify, among others, that fair market value of securities and shares (other than unquoted equity shares) owned by a company would be the value as certified by a merchant banker or a chartered accountant on the valuation date.</span></div><div><span color="rgba(0 , 0 , 0 , 0.7)" face=""source sans pro" , "helvetica" , "arial" , sans-serif , "hiragino kaku gothic pro" , "meiryo" , "hiragino sans gb w3" , "noto naskh arabic" , "droid arabic naskh" , "geeza pro" , "simplified arabic" , "noto sans thai" , "thonburi" , "dokchampa" , "droid sans thai" , "droid sans fallback" , , ".sfnsdisplay-regular" , "heiti sc" , "microsoft yahei" , "segoe ui"" style="background-color: white; font-size: 15px; white-space: pre-wrap;"><br /></span></div><div><span color="rgba(0 , 0 , 0 , 0.7)" face=""source sans pro" , "helvetica" , "arial" , sans-serif , "hiragino kaku gothic pro" , "meiryo" , "hiragino sans gb w3" , "noto naskh arabic" , "droid arabic naskh" , "geeza pro" , "simplified arabic" , "noto sans thai" , "thonburi" , "dokchampa" , "droid sans thai" , "droid sans fallback" , , ".sfnsdisplay-regular" , "heiti sc" , "microsoft yahei" , "segoe ui"" style="background-color: white; font-size: 15px; white-space: pre-wrap;"><br /></span></div><div><span color="rgba(0 , 0 , 0 , 0.7)" face=""source sans pro" , "helvetica" , "arial" , sans-serif , "hiragino kaku gothic pro" , "meiryo" , "hiragino sans gb w3" , "noto naskh arabic" , "droid arabic naskh" , "geeza pro" , "simplified arabic" , "noto sans thai" , "thonburi" , "dokchampa" , "droid sans thai" , "droid sans fallback" , , ".sfnsdisplay-regular" , "heiti sc" , "microsoft yahei" , "segoe ui"" style="background-color: white; font-size: 15px; white-space: pre-wrap;"><br /></span></div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-32869153141838680042022-03-19T23:49:00.000-07:002023-12-16T23:45:19.305-08:00Corporate Finance: Case study on Acquisitions - Ola, Oracle, Google and Microsoft, Flipkart, Inox, Byjus, Adani<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<a href="http://2.bp.blogspot.com/-E9yyRisu0H8/VQvDxaBJVrI/AAAAAAAABGE/jvT-QMih1Nw/s1600/taxi%2Bfor%2Bsure.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-E9yyRisu0H8/VQvDxaBJVrI/AAAAAAAABGE/jvT-QMih1Nw/s1600/taxi%2Bfor%2Bsure.jpg" width="277" /></a></div>
<br />
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
</style>
<![endif]-->
<br />
<div class="MsoNormal">
This is the story of two entrepreneurs who set out to build
a big business (after a drunken night at the Tavern pub), couldn’t, and so
cashed out and moved on. It is the story of TFS’s oversized ambition, a black
swan event, a government’s knee-jerk reaction, cash burn, over-reliance on
venture capital funds and life in the times of Breaking News media coverage. <br />
<br />
This is the story of how, in just two months, TFS went from a prospective good
second bet in the taxi aggregator business in India, almost on the verge of
raising $200 million, to a company that no venture capitalist would touch.<br />
<br />
It
all started when Ola Cabs (the company’s name is ANI Technologies Pvt. Ltd)
turned up the heat—on 22 August 2014.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="mso-spacerun: yes;"> </span>Competition from Ola</b></div>
<div class="MsoNormal">
<span style="mso-spacerun: yes;"> </span>It was a
business-as-usual move, a competitor trying to score a quick win, about getting
the numbers up, sharply, just before stepping out to raise funds. And so, on a
cool Bengaluru morning, Ola Cabs dropped Ola Mini cab rates by almost one-fourth,
from Rs.13 to Rs.10 a km, making cabs cheaper than an auto rickshaw. The fare
for an Ola sedan was slashed from Rs.16 to Rs.13 per km. And that was only for
the consumer. For drivers, Ola started a weekly incentive scheme—a driver who
did 30 or 40 trips a week could earn as much as Rs.8,000 as a bonus. In
September, Ola changed the driver incentive scheme once again—to a daily one. A
driver who did five trips a day would get a bonus of Rs.500, seven trips,
Rs.800, 10 trips, Rs.1,200. Then came the Ola Wallet and a promise of 100%
cashback, on the first recharge for every user, till October 2014. Ola’s rival,
across town, TFS, was watching the firm’s every move closely. Ola’s logic was
clear. The company had raised Rs.250 crore in a round of funding in July 2014
and was burning money to get more customers and drivers on its platform. In the
process, it was losing as much as Rs.200 on every ride. “We thought it would
not last, that it was just a spike,” says Raghu. “The daily driver incentives
given by Ola had started affecting us because, at the end of the day, a driver
has both devices and will choose whoever gives him more money. So we waited for
September and October to see whether Ola would stop.” TFS was confident that
Ola would.<br />
The company couldn’t have been more wrong. On 28 October, Ola raised
$210 million (about Rs.1,281 crore) from SoftBank Internet and Media Inc.
(SIMI) and its existing investors—Tiger Global, Matrix Partners India and
Steadview Capital. “We never expected that someone would write a $210 million
cheque for a cab aggregator company in India so soon,” says Raghu. “With that
kind of money on the table, Ola would not stop. That’s when we thought we
couldn’t just be on the sidelines and watch. That we would have to fight for our
survival.” In the start-up world, whenever there is a large difference between
two firms, raising capital becomes very difficult for the laggard. With $210
million at its disposal, Ola had serious potential to outrun TFS. So if TFS had
to survive, it needed to grow. And then, because it had only so much cash in
the bank ($8-10 million left, part of the $12 million TFS had raised in August
2014 from Accel US), it had to get into the market to raise another round, a
big one. </div>
<div class="MsoNormal">
<br />
<a name='more'></a><br />
<br />
<b style="mso-bidi-font-weight: normal;">Burning cash</b></div>
<div class="MsoNormal">
<span style="mso-spacerun: yes;"> </span>On 1 November, TFS decided
to play the game. It came up with a simple strategy. Thanks to the higher per
km rates, consumers weren’t using the service for short distance travel. So, at
the consumer end, TFS dropped rates. To Rs.49 for the first 4km and then Rs.14
per km. But at the driver’s end, it needed to incentivize drivers to pick up
rides. So it held on to the old rates for drivers (Rs.200 for the first 10km).
So if a customer was paying Rs.49 for a 4km run, the driver would still receive
Rs.200. To put it simply, TFS was losing Rs.150 per ride. But the strategy
worked brilliantly. Almost immediately, there was a significant surge in the
number of transactions. By the end of October, TFS was doing about 8,000
transactions per day without losing any money. By the second week of November,
the number of transactions had jumped by almost three times. And so did the
losses. On an average, TFS was losing Rs.36 lakh every day. In November, TFS
burnt through $1.8 million (almost Rs.11 crore). If that wasn’t enough, the
firm started expanding to other cities. It entered Hubli, Ahmedabad, Mysuru,
Kolkata and Chandigarh. The way Raghu and Aprameya saw it, it was a do-or-die
strategy. “You can be conservative,” says Aprameya, the co-founder of TFS, “but
once you get aggressive, then you go for the kill. Maximum growth, maximum
cities, all positive signs.”<br />
<br />
Sometime in the third week of November, TFS
started exploring the market to raise funds—around $200 million.
Things looked good. In early 2014, skeptics had questioned the size and scale
of the Indian taxi aggregation business, but with SoftBank’s $210 million
investment in Ola, almost overnight, the market was validated. Everyone agreed
that it was a multi-billion-dollar opportunity. Private equity and hedge funds
in the US and Hong Kong were excited. “We were bleeding,” says Raghu, “but we
took a call to get aggressive. We saw a 4X jump and our investors were so
happy. It was amazing. So many investors were interested in participating. And
everybody was telling me, this is amazing Raghu, this is great. We can put in a
large sum of money.” Over the next couple of weeks, talks between TFS and
prospective investors progressed smoothly. The company saw interest from more
than 20 investors in the US. Due diligence and number crunching had already
been done. Only two steps remained; a partnership meeting with the firm, where
the entrepreneur makes a presentation to the firm’s senior team, and the final
nod for investment.<br />
<br />
Usually, entrepreneurs like to do this face to face. With
that in mind, on 6 December (a Saturday), at about 8.30pm, Raghu boarded an
Etihad Airways flight from Bengaluru to San Francisco. Only when he landed in
the US, on Sunday morning, and connected to the airport Wi-Fi, did he realize
that while he was on the flight, an incident with dire implications for the
taxi business had taken place in India. Late in the evening, at about 11pm on 6
December, news broke that a Uber cab driver, Shiv Kumar Yadav, had raped a
26-year-old woman passenger in Delhi.</div>
<div class="MsoNormal">
<br />
<b>Uber - Bolt from the blue</b><br />
<span style="mso-spacerun: yes;"> </span>Once Raghu reached
his hotel, he got on to a call with Aprameya and the senior management team
from TFS to discuss the Uber incident. In Delhi, things looked grim. There was
widespread anger and the air was rife with rumours that all taxi aggregator firms
would be banned. Other states, too, such as Karnataka and Maharashtra, were
considering a ban. The news of the ban was circulating on social media, but TFS
hadn’t received any notice.<br />
<br />
<br />
Back in San Francisco, Raghu started feeling the
pressure. He had lined up almost 20 meetings with VCs and hedge funds the
following day, Monday, 8 December. He didn’t want to go in unprepared. So he
asked for a breakfast meeting with Arun Mathew of Accel US and Ashish Gupta of
Helion Ventures. They met, first thing Monday morning. “And they were like, it
has become a big thing,” said Raghu. “Everybody in the Bay Area is discussing
this, and just this. That’s when Arun told me it was a really bad time for me
to visit because most talks would be on the Uber incident.” Mathew was right.
Raghu’s first partner meeting was at 8.30am, and this is how he remembers it
going.<br />
<br />
First question: What do you think about the Uber incident?<br />
<br />
Second
question: What will happen to Uber? “I was like, this is the heat of the
moment...,” Raghu replied. “Over a period of time, things will settle down. I
think, in some part, Uber will have to make some changes in its business model,
and stuff like that. But it doesn’t mean things will get eliminated, it is an
essential service.” The partners weren’t convinced.<br />
<br />
Third question: Have taxi
aggregators been banned? Fourth question: What does the law say? Fifth
question: Why have you not taken permits? “I told them we had not received any
notice,” says Raghu. “It is not a banned service, as long as the regulations
governing aggregators are absent. It is a new model, and the government hasn’t
thought about this.”<br />
<br />
The partners didn’t share Raghu’s optimism. In their mind,
regulation was top priority, and they needed more time to figure it out before
committing to investing. Over the next five days, every meeting, 23 in all,
Raghu had followed a similar script. Even as all this was happening, back in
India, Aprameya was facing the music of a government that was desperate to be
seen as doing something. In a knee-jerk reaction, it wanted to ban the service.<br />
<br />
On Tuesday morning (9 December), Aprameya got a call from the Bengaluru police
commissioner to come for a meeting at 11am. Most cab operators were there,
except Uber. “They made me stand up and asked me, what is your model? Do you
take responsibility?” says Aprameya. But, before he could answer, someone
behind him quipped: “Sir, on their website, they are saying they don’t take any
responsibility.” As Aprameya tells it, the commissioner was furious, and it
felt like being back in school, being reprimanded by the teacher. The same day,
news appeared that the home ministry had banned Uber and all other taxi
aggregators in Delhi. But there was nothing in writing. “Till date, we have
nothing in writing saying we are banning you,” says Aprameya.<br />
<br />
But public
sentiment was against the aggregators, and they couldn’t make a statement about
not actually being banned. TFS was helpless. It wanted clarity, but couldn’t
get any as there was no formal paperwork. “The media said the home ministry has
banned the service but we were working with the transport ministry. They were
saying an internal memo has been sent. So there was no clarity.” Back in San
Francisco, Raghu decided to wait it out another week. And seek fresh meetings with
VCs who had Indians in their management, with the idea that perhaps they would
understand the regulatory flux in India better than the Americans, for whom
absolute clarity on regulation was top priority.<br />
<br />
But, even in those meetings,
nothing changed. “It was sheer bad timing,” says Raghu. “I wasn’t frustrated
because I could understand their concern. But there was disappointment.” Raghu
could have stayed longer, but the holiday season was about to begin. On 21
December, he got back to Bengaluru. He had no money but assurances from a
couple of investors, who were keen to sync back after 7 January, when they
would be back from holidays. Back in India, things hadn’t changed much. There
was no regulatory clarity in Delhi or Chandigarh, where there was supposedly a
ban. “The funny thing is we didn’t stop operations anywhere,” says Raghu.
“Because we didn’t have any notice. It was only in the news.” In the second
week of January, things became difficult. The firm was losing money every day
and it just couldn’t stop the incentives. The investors who had promised hope
after 7 January got back and said they were unsure. And the existing investors
were not in a position to bring in money. “It needed a big guy to come in and
write that cheque. It was a lot of money,” says Raghu.</div>
<div class="MsoNormal">
<br />
<b style="mso-bidi-font-weight: normal;">The inevitable sale</b></div>
<div class="MsoNormal">
<span style="mso-spacerun: yes;"> </span>On 10 January, two of
Accel India’s partners, Anand Daniel and Prashanth Prakash, asked Raghu and
Aprameya out for coffee; 30 minutes into the meeting, the Accel partners
broached the subject of an interest from Ola Cabs. “So why don’t you guys
consider this? It is something we can explore,” said Daniel. “In the meantime,
if there is inbound interest from a large player (fund), that can also be
considered.” It wasn’t an easy discussion to be had. Raghu says that his first
reaction was ‘no’. “We said that as founders, we wouldn’t want to sell to
competition,” he says.<br />
<br />
On their part, Daniel and Prakash argued that on the
face of it, Accel was interested in talking with Ola but that it was not their
decision to make. “They have approached us and we think it is our
responsibility to come and tell you guys. So you guys decide,” said Daniel. The
meeting lasted about two hours, after which both Raghu and Aprameya went back
to office. Once inside the boardroom, they frantically started putting together
the names of the investors that they could reach out to at short notice. They
were going to ask for some money to “weather the storm to survive”, says Raghu.
They cut down on the amount of $200 million. On a piece of paper, Raghu put
down 14 names. And over the next few days, he began calling each one of them.
It was a futile effort. TFS had very little money left, and absolutely no time.
The company had less than $2 million in the bank, which would have lasted only
till mid-February. “We ourselves were not convinced (that we would survive),”
says Raghu. “I called all the 14 people, and we even convinced two to
participate; but it was too little, too late. We could have survived only for
two-three months with that kind of money.” After a while, pragmatism won. The
firm couldn’t afford a scenario where there would be no money to pay the
salaries of the 1,800 employees. Or worse, pay operators. Between 15 and 20
January, the promoters realized selling out to competition was probably their
best option. “That’s when we reached out to our investors to reach out to Uber
and also began talks with Ola,” says Raghu. Even as all this was happening, on
the morning of 28 January, The Times of India ran a story, citing people it
didn’t name, that Ola Cabs would acquire TaxiForSure. For $200-250 million. The
story said it is a “sealed deal and could be announced in the next few weeks”.
Raghu claims the deal was far from being sealed as TFS had just begun talks.
And not just to Ola but also Uber. For the outside world, it didn’t matter. At
TFS’s office, all hell broke loose. “You know, 28 January was so miserable,”
says Raghu. “I walk into office and see Monster.com and Naukri.com pages opened
on some of the employees’ monitors. It is an open office, and you feel so bad. And
you can’t walk up and say anything. And people are also not going to come up
and ask.” Over the next few days, the cross talk among employees increased, so
did the speculation. “For a few days after that, people would just leave at
6pm. We’ve never seen our office empty at 6,” he adds. Previously, on 20
January, the firm had “capped marketing expenses and put a freeze on hiring. So
now, people started co-relating and jumping to conclusions”. It wasn’t long
before the taxi operators started dropping by. Curious to know what’s happening
because their livelihood depended on TFS’s existence. Aprameya and Raghu were
helpless and frustrated. “We believed we are open and transparent,” says Raghu.
“So now what? How do you hold that belief? Some people felt they are getting
cheated because they are getting to know things from the newspapers. That phase
was really bad—where we had no answers.” It is another matter altogether that
concern over the future of the employees was playing on top of their minds in
seeing the deal through. And to solve that piece of the puzzle, Raghu turned to
Phanindra Sama, the founder of Redbus, for advice. Sama had made a successful
exit in 2012, when he sold Redbus to Ibibo, but the exit hadn’t gone as well as
Sama would have liked it to. In the first week of February, Raghu and Sama met
at a Café Coffee Day outlet in Indiranagar, at 5pm. Raghu had a simple question
for him: what are the mistakes he could avoid? Or what is it that Sama would do
differently, if given a chance? It was then that Sama shared an interesting
anecdote with him. Something that took place after Redbus was acquired by
Ibibo. When an employee walked up to him and said: “Phani, just like you, we
also gave our blood, sweat and tears for the firm. So why is it that you are
the only one making money?” So Sama asked him, “What is it that you want?” And
he said: “One month’s salary as bonus will do.” “That’s what Phani told me,”
says Raghu. “That if at all, you should give one month’s bonus to all the
employees. And I was like, okay, if that’s the case then why one month, we will
give two months’ bonus.” That’s how equity stock option (ESOP) acceleration
(for TFS stockholders) and two months’ bonus for about 1,800 people became the
centre of the conversation and negotiation with Uber and Ola.<br />
<br />
With Uber, the
discussions went far, before a scary reality emerged. The company globally has
848 people on its rolls. TFS had 1,800 people in India. If the deal was to go
through, it would lead to a massive bloodbath. “That’s where we closed it,”
says Raghu. “So product, engineering, marketing, analytics, and tech, Uber has
its own thing. And also Uber believed only in a driver-led model, so our
operators (people who own and run a fleet of cabs) would also go. So it would
have been a bloodbath and 90% of our people would have had to go. That’s why we
said no.” </div>
<div class="MsoNormal">
<br />
After that, it was just Ola. And Bhavish Aggarwal, the
founder of Ola, agreed the company would continue to work with operators, and
also ensure that none of the people in the team would lose their jobs. </div>
<div class="MsoNormal">
<span style="mso-spacerun: yes;"> </span>“We raised $26
million and sold for $200 million... That’s 1/9th of what Ola has raised. And
Uber has already pumped in a lot of money—at least five times more than that.
We were doing 40,000 transactions a day with that money. You know it would have
required one more guy in the world to say, ‘Yes, we will fight SoftBank’. It
never happened, but that’s okay.” It is evident that luck and timing haven’t
exactly gone TFS’s way. Raghu says it is about circumstances. “We were lucky to
have lived this journey and made a respectable exit. From a personal ambition,
vision and goal, yes we were unlucky. But it could have been worse. Much, much
more worse.”<br />
<br />
<b><span style="font-size: small;">Is Acquisition Of 'TaxiForSure' Good For 'Ola'</span></b><br />
<h1 class="Georgia26" style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Georgia, "Times New Roman", Times, serif; font-size: 26px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 30px; margin: 0px; orphans: auto; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<span style="font-weight: normal;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none; font-family: "georgia" , "times new roman" , "times" , serif; font-size: xx-small; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 25px; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">A columnist of<span class="Apple-converted-space"> </span></span><i style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Georgia, "Times New Roman", Times, serif; font-size: 15px; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 25px; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">Your Story</i><span style="background-color: white; color: black; display: inline; float: none; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 25px; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span class="Apple-converted-space"> </span>quoted, “complete lack of hoopla around the acquisition… may seem intriguing.” Pointing at Ola Cabs’ acquisition of TaxiForSure is not very stable on its part and seems fragile. There are some companies in Indian history that are valued too much although it didn’t gross any profit.</span></span></span></h1>
<h1 class="Georgia26" style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Georgia, "Times New Roman", Times, serif; font-size: 26px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 30px; margin: 0px; orphans: auto; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<span style="font-weight: normal;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 25px; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> <b>What Next for TFS Promoters</b></span></span></span></h1>
<h1 class="Georgia26" style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Georgia, "Times New Roman", Times, serif; font-size: 26px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 30px; margin: 0px; orphans: auto; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<span style="font-weight: normal;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none; font-family: "georgia" , "times new roman" , "times" , serif; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 25px; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">One would think selling the company you co-founded for a neat $200 million (Rs 1,200 crore) would entitle you to a life of leisure. Not if you are Raghunandan G, who seems to be raring to get the adrenaline rush back by launching a start-up in the business-to-consumer (B2C) segment. This is less than a fortnight after his last day at TaxiForSure, the cab aggregator he and Aprameya Radhakrishna sold to bigger rival Ola.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The easier role of a mentor is not for him. Though he has made a few angel investments, the 33-year-old believes "getting your hands dirty is more fun than sitting and giving advice".</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">In a coffee shop in Koramangala, a favourite Bengaluru neighbourhood for start-ups, a relaxed Raghunandan, former chief executive of TaxiForSure, reveals he is considering several options, though yet to zero in on that one billion-dollar idea. "I can probably build and scale a business in the B2C segment, and I will probably restrict myself to something that I understand," he says. What he is sure of is that it should be bigger than TaxiForSure.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"></span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The idea, he says, could be around products or services and, ideally, should solve a problem many people face. Funding, he says, would not be a problem.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">"We have access to capital, and all who had invested in us, as well as those we had spoken to but who could not be part of TaxiForSure, are willing to invest." He is also unfazed by the increasing competition in the consumer-facing space. "There are too many people, but who is executing it right," he asks. The conviction comes from experience - when TaxiForSure was launched in 2011, it was not the first or second taxi aggregator app. It was the eighth. Ola, incidentally, was the 10th.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Even as he considers various ideas, Raghunandan has a busy schedule: Meeting entrepreneurs and investors at coffee shops in different parts of the city, mentoring start-up teams, and advising Chinese, Japanese and American venture capital funds looking to enter India and eager to hear his views. He has invested in a few start-ups, too, but he declines to reveal the details. That should be the companies' prerogative, he says. And, he is spending more time with his wife and son, "who is finally realising he has a father (laughs)".</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Radhakrishna, his friend of 15 years and co-founder, is on a world tour with his wife, in lieu of the honeymoon that he was not able to take when he got married a year ago.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Ola's acquisition of TaxiForSure in March was the first sign of consolidation in India's growing taxi aggregation business, part of the Rs 11,000-crore taxi market. Originally, Raghunandan and Radhakrishnan were to stay with TaxiForSure for three months after the acquisition in early March and "contribute in advisory roles". However, the transition was wrapped up in half the time, making April 16, 2015, their last day at the company. The two co-founders now own 0.8 per cent in Ola, worth over $19 million (around Rs 120 crore), according to a VCCircle report.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Are there mistakes he will not repeat with his next venture? "Oh, a whole lot," he says immediately. Top of the list is avoiding an excessive inward focus. "TaxiForSure started growing so fast… we did not look at anything outside," he recalls. "When you are driving a car, you need to also look at signals, not just the road." Linked to this is the founders' ability to assess the market accurately. While investors help, they end up saying several things, and it is difficult to always "pick up the signals from the noise", he adds.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">He would also be much more careful about the terms of the agreements signed with investors while raising funds. When they set out to raise Rs 50 lakh for TaxiForSure, they wound up with funding of Rs 5 crore - no doubt a heady feeling. "But we got so carried away with the valuation and the money we raised that we did not look much at the term sheet," he recalls. What they did not realise was "the valuation keeps changing every quarter but the terms get carried forward". And with a new investor, they would be offered the same terms.</span><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Tahoma, Arial, Georgia; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" /><span style="background-color: white; color: black; display: inline; float: none; font-family: "tahoma" , "arial" , "georgia"; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">What Raghunandan will take with him to his next venture, whenever it is launched, is his core team, given his relationship with them and the trust they share. "When we were announcing the Ola deal to our (1850) employees, we had prepared a list of questions we expected they would ask, such as the future of their jobs. Instead, all they wanted to know was what his and Radhakrishna's next venture would be. "We had a brilliant team," Rahgunandan says, with a smile.</span> </span></span></span></h1>
<h1 class="Georgia26" style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Georgia, "Times New Roman", Times, serif; font-size: 26px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 30px; margin: 0px; orphans: auto; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<span style="font-weight: normal;"> </span></h1>
<div>
<b><u>How Ola Started</u></b></div>
<div>
<b><u><br /></u></b></div>
<div>
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;">From Ludhiana to UK via Australia:
How Bhavish Aggarwal drove to success </span></b> AUG 15, 2018<b><span style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></b></div>
<div class="MsoNormal">
How would you react when the rogue driver of a cab you hired
dumps you midway? A young IIT grad used that experience to launch one of the
world's biggest ride-hailing companies. Ola founder and CEO Bhavish Aggarwal
once rented a car for a weekend trip with friends to Bandipur from Bengaluru.
The driver stopped the car in Mysore and wanted to be paid more. Aggarwal and
his friends had to cover the rest of the distance by bus. </div>
<div class="MsoNormal">
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola is
now headed to the UK after expanding to Australia a few months ago. According
to market intelligence firm KalaGato, Ola increased its market share in India
from 53% in July 2017 to 56.2% in December while its rival Uber’s share slipped
from 42% to 39.6%. Ola saw its losses widening to Rs 4,897.8 crore during
2016-17 but its total income grew 70 per cent. In July this year, Ola crossed a
major milestone by starting to make money on each cab ride. That's a
significant achievement because at the peak of the ride-hailing battle in 2015
and 2016, the companies were losing Rs 100-200 per ride. </div>
<div class="MsoNormal">
Aggarwal, just 32 years old, was born in Ludhiana to doctor
parents; grew up in Afghanistan and the UK; and reached IIT-Bombay to study
computer science via Kota, India's coaching hub for admission to top tech
courses. After a stint at Microsoft, Aggarwal and Ankit Bhati — his IITian
friend from Jodhpur — started a tech platform Olatrips.com to book cabs for
outstation trips. When Aggarwal explained his business model to his family,
they asked if he was going to open a travel agency. They didn't understand why
Aggarwal would leave his cushy job at Microsoft to become a travel agent. But
they let him experiment.</div>
<div class="MsoNormal">
Aggarwal and Bhati
started out in 2011 from a 1 BHK office in Powai, Mumbai. The office functioned
as the work space for their drivers during the day and for them at night. Not
many were buying their holiday trips. They were trying to do for cabs what
Makemytrip was doing for air travel and Redbus for buses. But they had to shut
that in four months. We realized the real pain point was city travel. The
realisation deepened with Aggarwal's experience with the rogue taxi driver in
Bengaluru. They shifted to car rentals and started operating from a 100-square-foot
office in the basement of a half-empty shopping center called Dreamz Mall.
"When asked where our office was, we’d say ‘Dreamz Mall’. People
invariably asked, ‘Dream Small?”’ Bhati, now chief technology officer of Ola,
had told Bloomberg. Indeed, it was a small dream that the duo turned into a
mega reality.</div>
<div class="MsoNormal">
In 2012, Aggarwal and
Bhati began offering rides on demand to customers who called them on phone.
There were times when Aggarwal had to pitch in for drivers. he would borrow the
car from his girlfriend, who is now his wife, to pick up a client. Soon they
launched their smartphone app. When they received a $5 million investment from
Tiger Global Management in the same year, they knew they had got it cracked.
When Aggarwal started meeting investors, he was a total greenhorn in the world
of business. Ola's first round of funding was an angel round and it was by far
the toughest funding round they did. Rehan Yar Khar, Anupam Mittal, Snapdeal's
Kunal Bahl, among others, were Ola's initial investors. "Back then taxis
were not glamorous. We were doing just a few rides a day.I remember an angel
investor asked me to send across our “org structure“ and I had no clue. I went
back and Googled it; that's how naive I was. I had no clue what topline and
bottomline were in the context of business. I was a techie and was into coding
and the business side was completely alien to me," Aggarwal told TOI.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But it wasn't easy for them to scale up Ola operations.
Aggarwal has said it took him three years to convince even his wife to use Ola.
She would tell him "nahi mein kaali peeli use karloongi,” referring to the
typical black-and-yellow Mumbai taxis. When two years, Ola got funding from
Silicon Valley’s Sequoia Capital and Japan’s SoftBank Group Corp., Ola had
really arrived. Today, Ola has more than 6,000 employees and operates in 110
cities with a million drivers. </div>
<div class="MsoNormal">
When Ola reached Aggarwal's hometown Ludhiana, his parents
got to know in quite a dramatic fashion. Their driver quit, bought his own car
and registered with Ola. Aggarwal told Bloomberg that his mother was upset
first. Then she downloaded her son’s app and learned to summon a car whenever
she wanted one. “She feels liberated,” Aggarwal said.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Sachin Bansal, the
founder of Flipkart, who had a similar run to amazing success once wrote this
on Aggarwal in Time magazine: “For those who meet Bhavish Aggarwal for the
first time, his polite, soft-spoken demeanor is impossible to forget. Get to
know him a little more and you will soon notice his vision, passion and determination
to stand against all odds. After all, he co-founded Ola, one of the world’s
largest ride-sharing companies, scaled it to more than 100 Indian cities,
empowered millions of driver-partners and commuters, and is a flag bearer for
India’s consumer-tech ecosystem all by the age of 32.”</div>
</div>
<h1 class="Georgia26" style="-webkit-text-stroke-width: 0px; background-color: white; color: black; font-family: Georgia, "Times New Roman", Times, serif; font-size: 26px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 30px; margin: 0px; orphans: auto; padding: 0px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
</h1>
<br />
<span style="font-size: large;"><u><b>Story of another startup :</b></u></span>
<span style="font-size: large;"><u><b>Housing.Com Co-founder sends his resignation to Private Equity Investors</b></u></span><br />
<br />
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
</style>
<![endif]-->
<br />
<div style="line-height: 21pt; margin-bottom: .0001pt; margin: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif";">Housing.com owner Rahul
Yadav has now resigned as the CEO and chairman of the house hunting start-up
after several weeks of controversy and drama.</span></div>
<div style="-webkit-text-stroke-width: 0px; line-height: 21pt; margin-bottom: .0001pt; margin: 0in; orphans: auto; outline: 0px; text-align: start; widows: 1; word-spacing: 0px;">
<span style="color: #333333; font-family: "georgia" , "serif";">Yadav
has written a scathing resignation letter to the board members and investors
accusing them of lacking of any "intellectual capability"<a href="http://economictimes.indiatimes.com/small-biz/startups/housing-com-co-founder-rahul-yadav-resigns-as-ceo-board-to-meet-on-tuesday/articleshow/47155071.cms" style="outline: 0px;" target="_blank"><span style="color: #3399cc; text-decoration: none;">, The Economic Times reported today</span></a>.
Yadav has given the company just seven days to work through the transition,
with no other explanation for the short notice period.</span></div>
<div style="-webkit-text-stroke-width: 0px; line-height: 21pt; margin-bottom: .0001pt; margin: 0in; orphans: auto; outline: 0px; text-align: start; widows: 1; word-spacing: 0px;">
<span style="color: #333333; font-family: "georgia" , "serif";">“I'm
available for the next seven days to help in the transition. Won't give more
time after that. So please be efficient in this duration,” Yadav wrote in the
letter.</span></div>
<div style="-webkit-text-stroke-width: 0px; line-height: 21pt; margin-bottom: .0001pt; margin: 0in; orphans: auto; outline: 0px; text-align: start; widows: 1; word-spacing: 0px;">
<span style="color: #333333; font-family: "georgia" , "serif";">The
company’s board, which is scheduled to meet today, has reportedly acknowledged
Yadav’s resignation.</span></div>
<div style="-webkit-text-stroke-width: 0px; line-height: 21pt; margin-bottom: .0001pt; margin: 0in; orphans: auto; outline: 0px; text-align: start; widows: 1; word-spacing: 0px;">
<span style="color: #333333; font-family: "georgia" , "serif";">Yadav's
letter seems to have created a buzz on Twitter too with several people
lauding him for his 'blunt' resignation.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;">Rahul Yadav Vs SoftBank</span></u></b></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;">A
source close to the development said that Housing.com's biggest investor
Softbank, which had pumped in Rs 550 crore into the company in December 2014,
and Yadav have been at war for a while now. In April, SoftBank Corp.
vice-chairman Nikesh Arora had quit the board of the company too.<a href="http://www.livemint.com/Companies/PcJrxt0wg9p22bs7H2xdHO/Housingcom-cofounder-Rahul-Yadav-quits-controversyridden.html" target="_blank"><span style="color: #3399cc; text-decoration: none;"> Moreover, the Mint report said</span></a> that investors are
unhappy about the company’s high cash burn and the controversies it has become
embroiled in.</span></div>
<div class="MsoNormal" style="line-height: 15pt; margin-bottom: 0in;">
<span face=""arial" , "sans-serif"" style="color: white; font-size: 10.5pt;">Rahul Yadav.</span></div>
<div class="MsoNormal" style="line-height: 15pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;">Rahul Yadav Vs Times
Group</span></u></b><span face=""arial" , "sans-serif"" style="color: white; font-size: 10.5pt;"></span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;"><a href="http://inc42.com/buzz/housing-coms-ceo-goes-after-times-group-post-public-spat-with-sequoia/" target="_blank"><span style="color: #3399cc; text-decoration: none;">Earlier this year, in March the <i>Times Group</i></span></a> served
a defamation notice to Yadav and the company’s board after he accused the Times
Group of spreading rumours that the Housing.com Board was looking to replace
him as CEO, and suggested that it was doing so because of business rivalry
(Times Internet Ltd owns magicbricks.com, which is a direct competitor to
Housing.com). The Times Group notice to Yadav had then asked him and the
company's directors to issue an unconditional apology, along with Rs 100 crore.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: 15pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: 15pt; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><u><span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;">Rahul Yadav Vs Sequoia
Capital</span></u></b><span face=""arial" , "sans-serif"" style="color: white; font-size: 10.5pt;"></span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;">Investors
had earlier also raised their concerns with Yadav's strategy which led to a
public spat between him and managing director of Sequoia Capital Shailendra
Singh. In a March email, Yadav accused Sequoia of doing “inhuman and unethical
things” at Housing.com.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;"><a href="http://www.firstpost.com/business/poaching-staff-heres-housing-ceos-epic-email-spat-sequoia-capital-india-chief-2150043.html"><span style="color: #3399cc; text-decoration: none;">The mail
allegedly written by Yadav to Singh on 6 March found its</span></a> way on
to a Quora thread, only to be taken off later, in which the Housing.com
executive threatened to 'vacate the best' in Sequoia.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;"><a href="http://www.livemint.com/Companies/3um8gMyQdw34dag175WMwN/Housingcom-CEO-takes-on-Sequoia-India-in-online-public-foru.html?utm_source=copy" target="_blank"><span style="color: #3399cc; text-decoration: none;">Reportedly addressing </span></a>Singh as 'Dude', Yadav said that he
had been humble to 'you guys' even after the 'inhuman and unethical things'
they had done in the past and said that the venture capital firm had indulged
in similar actions with firms like Ola Cabs, Flipkart and others.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 0in;">
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;">Yadav
reportedly wrote that he had discovered that Singh was after Housing's
employees and was brainwashing them 'to open some stupid incubation'. The
Housing.com chief said that if Singh didn't stop 'messing around' with him, he
would vacate the best in the venture capital firm.</span><br />
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;"><br /></span>
<br />
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
<b>8/30/2015 : Unicorn Startups</b><br />
The term Unicorn refers to start-ups that are valued, on paper, at $1 billion or more by investors. The list of future unicorns, published by <i>The New York Times </i>based on data compiled by research firm CB Insights, has been put together taking into account multiple factors such as the capital raised, employee turnover and social media mentions.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
<span style="line-height: 25.6px;">OYO Rooms and Grofers, two relatively young Indian start-ups backed by a truckload of venture capital, have recently made it to a list of 50 start-ups globally that are tipped to be the next unicorns.</span></div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
Delhi-based budget stay aggregator Oravel Stays Pvt. Ltd, which owns OYO Rooms, has just raised $100 million in a fresh funding round led by Japanese technology conglomerate SoftBank Corp. The latest funding round values the three-year-old company at a reported $400 million. Earlier investors in the company include Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital. Including the latest round, OYO Rooms has raised more than $124 million so far.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
Grofers, owned by Gurgaon-based Locodel Solutions Pvt. Ltd, is a hyperlocal delivery start-up that enables users to order groceries and other essentials through its mobile app. It is backed by New York hedge fund Tiger Global and Sequoia Capital and raised $35 million in a new round of funding in April from the two investors. The round valued the barely two-year-old start-up at a reported $115 million.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
Unlike their predecessors in the so-called unicorn club, the path to those billion dollar valuations will be slower. As<i>Mint </i>reported this week, the funding frenzy that has been underway here over the past 12-18 months is at an ebb. Investors, notably venture capital firms, hedge funds and strategic investors such as SoftBank, are taking more time to close new funding rounds.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
This is particularly true of the e-commerce sector, which remains investors’ favourite hunting ground for future unicorns. Mumbai furniture e-tailer Pepperfry took about eight months to close a $100 million round led by Goldman Sachs. Delhi-based e-commerce marketplace Snapdeal, another Indian unicorn, took six months and some hard bargaining to raise $500 million from China’s Alibaba Group and Taiwan’s Foxconn Technology at a lower than desired valuation. Even e-commerce bellwether Flipkart, among the earliest Indian start-ups in the unicorn club, finds itself negotiating harder to raise a $600-800 million fresh round from new investors. Talks have been on since March.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
It isn’t that capital isn’t available. Venture capital investors have raised nearly $4 billion in the last 12-18 months for investments in Indian start-ups. Add to that the potential capital that is available from strategic quarters such as SoftBank, Alibaba and Foxconn, which are far from done investing in India’s start-up economy. Then there are the private equity funds, late-stage investors that have so far stayed on the sidelines but are gradually getting interested in mature start-ups.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
Still, the next few months will see investors, particularly venture capitalists, err on the side of caution. Almost every venture capitalist I’ve spoken to over the past week will pursue a two-fold game plan over the next few quarters.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
One, investors have started rightsizing existing portfolios. This will see them separating the laggards from the winners. Expect some write-offs and sell-offs to be announced over the coming months.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
We’ve already had one big sell-off this week. Mumbai-based ad network Komli Media’s India business has been acquired by Delhi-based SVG Media for an undisclosed amount in an all-cash deal. The company’s investors—Norwest Venture Partners, Nexus Venture Partners, Helion Venture Partners, Draper Fisher Jurvetson and Peepul Capital—are exiting with the deal. The four investors had pumped nearly $100 million into the company over multiple rounds. A couple of deals in the fashion e-commerce sector are on the verge of being written off. Even the emerging hyperlocal services category—food and grocery delivery, home services, property search—is beginning to see a correction.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
Two, while they go slow on committing fresh capital to mature start-ups, investors will move more aggressively into seed deals when it comes to making new investments. Such companies don’t need a lot of money on the table. By making small bets, early enough, investors can enter new companies at lower valuations. That way, if the business doesn’t look viable enough for further investment, the losses on write-off will be relatively less painful.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
This is not to say that venture capitalists aren’t chasing unicorns any more. That’s still on the table. But new contenders to the unicorn club will have to work harder than their predecessors to get in their next rounds. Investors will also be working hard to ensure their investees are chasing real business metrics rather than paper valuations.</div>
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
That’s a good thing for the start-up economy. Remember that the last time a unicorn club contender raised a $100 million round too quickly from a large strategic investor, things went downhill very quickly.</div>
<br />
<span style="color: #333333; font-family: "georgia" , "serif"; font-size: 12pt;"></span>
<br />
<div style="font-family: "roboto slab", serif; font-size: 16px; line-height: 25.6px; margin-bottom: 15px; padding: 0px;">
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"> Contrarian View on E-commerce prospects in India</span></u></b></span></span></span><br />
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span></u></b></span></span></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 1;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none;"><b>The reality of Indian e-commerce that Jack Ma should know</b></span></span></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span style="font-family: "times" , "times new roman" , serif;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Despite comparisions between India and China, the way internet is accessed tells a tale of two very different countries</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="font-size: small;"><span style="background-color: white; color: black; display: inline; float: none;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><a href="http://www.business-standard.com/author/search/keyword/rahul-jacob" target="_blank"><span style="color: blue;">Rahul Jacob</span></a> | New Delhi </span></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"> <b>April 9, 2015</b></span></span></span></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times" , "times new roman" , serif;"><br /></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times" , "times new roman" , serif;"><br /></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times" , "times new roman" , serif;">Jack Ma blew through Delhi recently and is already planning a return visit later this month. The Chinese billionaire and founder of <u><span style="color: blue;">Alibaba </span></u>is said to be planning a significant investment in business to business e-tailing as well as payment services and logistics companies. </span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times" , "times new roman" , serif;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">India certainly has plenty of promise. Sales growth in e-commerce was up 27 per cent to almost $4bn. Like China, it has a 1 billion-plus population. Everywhere you look, from furniture sites to taxi apps, from online grocery stores to fashion e-tailers, there are articulate entrepreneurs spinning exponential growth stories. Companies like <u><span style="color: blue;">Flipkart </span></u>are being billed the next Alibaba. The valuation of Flipkart reflects that venture capitalists are projecting China’s growth patterns in evaluating India’s. Flipkart is already valued at $11 bn.<br /> </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Ma should look before he leaps. On Thursday, the global consultancy A.T. Kearney released a new global ranking <a href="http://www.business-standard.com/article/companies/despite-euphoria-only-4-cr-indians-shop-online-study-115040900147_1.html" target="_blank"><b><span style="color: blue;">(Read here)</span></b></a> of countries with e-commerce potential. India is not even ranked. India’s $3.8 bn in e-commerce sales last year was just a fraction of the US's at $238 bn and less than a third of Brazil’s at $13 bn, according to the study. These paltry sales figures are just the tip of India’s e-commerce mirage.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">The country’s internet backbone, which sometimes seems a transplant from the era of IBM mainframes, is part of the problem. On the day Ma visited Prime Minister <a href="http://www.business-standard.com/search?type=news&q=Narendra+Modi" target="_blank"><span style="color: blue;">Narendra Modi </span></a>in New Delhi, the United Nations released a survey underlining these anomalies: it said India was one of the least e-commerce friendly places on the planet. The country ranked 83rd out of 130 countries in the ranking that measured internet users in the country, the availability of secure servers and credit card penetration. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">Only 20 mn Indians have third generation mobile services, which is essential for multimedia content. The average broadband speed is 2Mbps, putting India 115th globally, which is the lowest in Asia, according to IndiaSpend, citing the US technology company Akamai. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">With their eye on listing on <a href="http://www.business-standard.com/search?type=news&q=Nasdaq" target="_blank"><span style="color: blue;">Nasdaq </span></a>just as Alibaba famously did last year, receiving a valuation of $170bn, Indian entrepreneurs often argue that India is the next China. It’s a seductive narrative and seasoned investors from <a href="http://www.business-standard.com/search?type=news&q=Tiger+Global" target="_blank"><span style="color: blue;">Tiger Global </span></a>(a big investors in Flipkart) to Japan’s <a href="http://www.business-standard.com/search?type=news&q=Softbank" target="_blank"><span style="color: blue;">Softbank </span></a>(which invested $800m in Indian e-commerce in 2014) are placing bets that it might even be true. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">The way the internet is accessed tells a tale of two very different countries, however. In China, about a third of those who go online are “continuously connected” and about 60 per cent check the internet two to four times a day. The AT Kearney study characterizes its online buyers as “sophisticated, with well-developed brand aware for and trust in the big names. “ By contrast, Osama Manzar, director of the Digital Empowerment Foundation, told IndiaSpend, that more than 80 per cent of India’s net users are “static users,” which is to say only intermittently connected. Only 2 to 5 per cent of those on the internet In India are regular users, in the sense of using it to conduct their daily lives. About half of India’s universe of 15 million wired broadband users in India are corporate users. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">India’s primitive financial and physical infrastructure poses daunting challenges for all businesses, but especially e-commerce. Because credit cards are used by only 1.8 per cent of the population, anything from 50 to 80 percent of purchases are paid via cash on delivery. Warehouse space in our densely packed cities is next to impossible to obtain, not least because real estate often costs what it does in the developed world. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">If the returns on investment seem daunting, India’s competitive environment is also much more demanding than China’s was. For starters, Alibaba, <a href="http://www.business-standard.com/search?type=news&q=Baidu" target="_blank"><span style="color: blue;">Baidu </span></a>and the Chinese Twitter, Weibo, initially had little or no domestic competition and certainly none from multinationals. In India, by contrast, Amazon and Google are already well entrenched. Flipkart is certainly bigger than Amazon but the stiff competition is making the company bleed. To be fair, Amazon itself has had a very hit and miss relationship with profitability. Taking that as its cue, Indian e commerce entrepreneurs dismiss questions about profits as a sign of the lack of maturity in India.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">In the glass-always-brimming world of Indian e-commerce entrepreneurs, the wide use of phones to access the internet rather than computers is called leap-frogging; seven out of eight Indian users access the net on mobile phones because less than 5 per cent of Indians have access to computers. What this points to is likely lower spending by consumers. Which is what you would expect from an economy with per capita incomes of $1500 versus more than $6000 for China and more than $50,000 in the US. Perhaps Indians can surmount the slow speeds on their smartphones to transact on the internet if they have enough patience. But, how will vast sections of the population shop online without the money to pay for the goods on their screens?</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span style="font-family: "times new roman" , "serif"; font-size: 12pt;">And, if anecdotal evidence were needed that this is a bubble, India’s government provided it recently when it suggested to the CEO of the ICRTC website of the Indian Railways that he should think like an internet entrepreneur. The government told him the railways website should be “India’s next Flipkart.” Then again, with Flipkart being projected as India’s Alibaba, no claims in India’s parallel internet universe can be termed too outlandish.</span></div>
<div style="line-height: 25.6px;">
<span style="font-family: "times" , "times new roman" , serif; font-size: small; line-height: normal;"><span style="background-color: white; color: black; display: inline; float: none;"></span></span><br /></div>
<div class="MsoNormal" style="line-height: 25.6px;">
<div style="margin: 0px;">
</div>
</div>
</div>
</div>
<div class="MsoNormal">
<h3 style="line-height: 28.08px;">
</h3>
<h1 style="margin: 12pt 0in 3pt;">
</h1>
<h1 style="margin: 12pt 0in 3pt;"><br /></h1><h1 style="margin: 12pt 0in 3pt;">
<span style="font-family: "cambria"; font-size: large;">Defences against Acquisition</span><span style="font-family: "cambria"; font-size: large;"></span></h1>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">First Oracle faced<span style="mso-spacerun: yes;"> </span>the challenge of antitrust trials.After the court cleared antitrust case, the hurdles that still remained for Oracle were PeopleSoft’s poison pill and the company’s Customer Assurance Plan. PeopleSoft had instituted its poison pill defense in 1995.<o:p></o:p></span></div>
<h2 style="margin: 12pt 0in 3pt;">
<a href="http://www.blogger.com/null" name="_Toc248171059"><i><span style="font-family: "cambria";">Poison Pill</span></i></a></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">The defense allowed the company’s existing shareholders to purchase the company’s stock at half price in an event of a hostile takeover bid in which the acquirer had acquired 20 percent of the company’s stock.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<a href="http://www.blogger.com/null" name="_Toc248171060"><span class="Heading2Char"><span style="font-size: 14pt;"><b><i><span style="font-family: "cambria";">The Customer Assurance Plan (CAP)</span></i></b></span></span></a><span style="mso-bookmark: _Toc248171060;"></span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">CAP was adopted in June 2003 after Oracle had made its first takeover bid. The provisions under CAP guaranteed pay back to PeopleSoft’s customers between two and five times the software licensing fees if the company was taken over within two years or if the product support declined within four years. Since the CAP was announced, the potential liability under the scheme for Oracle was estimated to have reached $1.5-2 billion.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<h1 style="margin: 12pt 0in 3pt;">
<a href="http://www.blogger.com/null" name="_Toc248171061"><span style="font-family: "cambria"; font-size: large;">Integration Issues</span></a></h1>
<h2 style="margin: 12pt 0in 3pt;">
<a href="http://www.blogger.com/null" name="_Toc248171062"><i><span style="font-family: "cambria";">Customer Perception Issues</span></i></a></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">All through the battle to acquire PeopleSoft, customers were concerned that they would have to move to a pure Oracle platform. This view was reflected in a survey of 150 PeopleSoft’s customers by Boston-based AMR Research conducted during the 18-month period. Of those surveyed, 15% commented that they would discontinue their vendor maintenance contract immediately if the merger went through. Another 47% said they would cancel their contract if the vendor stopped updating the products. Fears were also expressed that the maintenance pricing would move up over time, after the merger.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">However, some analysts felt that the acquisition would benefit customers. The continuing aggregation of varied software products could solve the major problem of product integration. Organizations had to frequently spend more on getting different brands of enterprise software to exchange data smoothly. These applications could become easier to install and use if they belonged to one software company.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">In light of the significant confusion over the Oracle-PeopleSoft merger, analysts felt that competitors such as SAP would stand to benefit. Due to the prolonged uncertainties because of the takeover tussle, SAP found it easy to acquire new customers. After the merger, it could acquire customers who did not want to migrate to the merged entity’s products. Analysts feared that customers would stop buying PeopleSoft’s products as they had stopped buying JD Edwards’ after its merger. Pointing out to the tough task ahead for Oracle, David Dobrin of B2B Analysts in Cambridge, said: “Oracle now takes on the job of managing four different product lines in an area that it has never shown much aptitude for. Oracle will be doing that while battling a strong competitor like SAP</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<h2 style="margin: 12pt 0in 3pt;">
<a href="http://www.blogger.com/null" name="_Toc248171063"><i><span style="font-family: "cambria";">Operational Issues</span></i></a></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Analysts pointed to several integration challenges for Oracle’s management, given the scale of the merger. The fact that PeopleSoft was not able to successfully integrate JD Edwards added to the complexity of this acquisition. Analysts said that as far as the integration issues were concerned, Oracle had to deal with both PeopleSoft and JD Edwards. Moreover, Oracle and PeopleSoft had fundamentally different approaches to systems design. While Oracle built applications very close to its core database technology with stored procedures and triggers, PeopleSoft enabled its applications to run on multiple platforms. Industry experts felt that reconciling this difference would be a tough task.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<h2 style="margin: 12pt 0in 3pt;">
<a href="http://www.blogger.com/null" name="_Toc248171064"><i><span style="font-family: "cambria";">Cultural Integration Issues</span></i></a></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">The new entity would have a 50,000-strong workforce to manage. Issues relating to cultural integration had to be sorted out too since both companies had different cultures. Moreover, it was expected that in light of the hostility involved in the takeover, PeopleSoft employees could take some time to adjust to Oracle’s culture. Commenting on this, Leo Apotheker, SAP’s board member, said, “Software companies do not make hostile bids. Execution is very difficult.” Above all, Oracle did not have much experience in managing acquisitions. It had never pursued acquisitions as a major strategy in its business model</span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 10pt;">.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<h1 style="margin: 12pt 0in 3pt;">
<a href="http://www.blogger.com/null" name="_Toc248171065"><span style="font-family: "cambria"; font-size: large;">Post Merger Integration</span></a></h1>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Oracle announced that in its efforts to successfully integrate PeopleSoft, it would pursue a few initiatives on the workforce, customer support, and product integration fronts. The company announced that it would reduce its combined workforce by 10-12 percent, and this would be executed for both PeopleSoft and Oracle employees.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">Oracle promised that it would provide customer support for both the PeopleSoft and JD Edwards’s product lines till 2013. The company had retained 90 percent of PeopleSoft's development and round-the-clock support for PeopleSoft Enterprise, JD Edwards EnterpriseOne, and JD Edwards World products. Oracle also promised to support its rival database technologies, including IBM’s DB2, Microsoft’s SQL Server as well as the middleware from IBM and BEA. The company issued an estimated timeline for future versions of PeopleSoft and JD Edwards products and also announced its plans to provide customer support for these products.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;">In its efforts to integrate the products successfully, Oracle launched “Project Fusion.” The project aimed at supporting acquired technology from PeopleSoft and JD Edwards, and developing the next generation merged product. It would be based on an architecture that would be modularized for flexible deployment, better performance, and easy maintenance. In the long term, Oracle planned to transfer various functions to its own E-Business Suite 11i, making it a more advanced set of applications.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span><br />
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><br />
<h1 itemprop="headline" style="background-color: white; border: 0px; color: #1c3c65; font-family: georgia, "times new roman", times, serif; margin: 0px 0px 10px; padding: 0px;">
<span style="color: #1c3c65; font-family: "georgia" , "times new roman" , "times" , serif; font-size: small;"><u>Inorganic growth strategy</u></span></h1>
<h1 itemprop="headline" style="background-color: white; border: 0px; color: #1c3c65; font-family: georgia, "times new roman", times, serif; margin: 0px 0px 10px; padding: 0px;">
<u style="font-size: medium;">Lupin buys out US generics firm Gavis in $880-mn transaction</u></h1>
<div>
<span style="font-size: small;"><br /></span></div>
<span style="color: black; font-family: "times new roman" , "serif"; font-size: 12pt;"></span><br />
<div>
<div itemprop="articleBody" style="background-color: white; border: 0px; font-family: tahoma, arial, georgia; font-size: 14px; line-height: 22px; margin-bottom: 10px; padding: 0px;">
Pharma major Lupin Limited has entered into a definitive agreement to acquire privately held New Jersey- based <a class="storyTags" href="http://www.business-standard.com/search?type=news&q=Gavis" style="border: 0px; color: blue; cursor: pointer; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">GAVIS</a>Pharmaceuticals LLC and Novel Laboratories Inc (GAVIS) in a transaction valued at $ 880 million, biggest ever acquisition in the US by an Indian company. The acquisition is cash free and debt free, according to Lupin.</div>
<div style="background-color: white; border: 0px; font-family: tahoma, arial, georgia; font-size: 14px; line-height: 22px; margin-bottom: 10px; padding: 0px;">
Gavis brings to Lupin a highly skilled US based R&D organisation, which would complement Lupin's Coral Springs, Florida, inhalation R&D center and a New Jersey-based manufacturing facility, which will become Lupin's first manufacturing site in the US, the company said.</div>
<div style="background-color: white; border: 0px; font-family: tahoma, arial, georgia; font-size: 14px; line-height: 22px; margin-bottom: 10px; padding: 0px;">
The acquisition enhances Lupin's scale in the US generic market and also broadens its pipeline in dermatology, controlled substance products and other high-value and niche generics, it stated.</div>
<div style="background-color: white; border: 0px; font-family: tahoma, arial, georgia; font-size: 14px; line-height: 22px; margin-bottom: 10px; padding: 0px;">
This is a pivotal acquisition for Lupin as it aligns with our goal to expand and deepen our US presence. GAVIS has a strong track record of delivering highly differentiated products in a short time and is poised for continued strong growth as it delivers on its existing pipeline..,' Vinita Gupta, chief executive officer of Lupin said.</div>
<div style="background-color: white; border: 0px; line-height: 22px; margin-bottom: 10px; padding: 0px;">
<div style="font-family: tahoma, arial, georgia; font-size: 14px;">
The deal comes at a time Lupin's US sales took a hit owing to fewer launches. The company reported a 16.7 per cent decline in net profit at Rs 524.7 crore for the quarter ended June 30, 2015 as compared with Rs 629.6 crore in the year ago period. The company's US sales fell 26 per cent to Rs 1,190.6 crore during the quarter as compared with Rs 1,603.8 crore in the corresponding quarter last year.</div>
<div style="font-family: tahoma, arial, georgia; font-size: 14px;">
<br /></div>
<div style="font-family: tahoma, arial, georgia; font-size: 14px;">
<br /></div>
<div style="font-family: tahoma, arial, georgia; font-size: 14px;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<b><u> Google buys and sells off Motorola , </u></b><b><u>Microsoft buys and later writes off Nokia</u></b><b><u>- Case study on acquisition and disposal of Mobile Phone business by two IT gaints</u></b><br />
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u>An expert opinion when Acquisition was announced in Sep 2013. Later in 2015 it was sold off</u></b></div>
<div class="MsoNormal" style="font-family: "times new roman"; font-size: medium; line-height: 19.5pt; margin: 0cm 0cm 7.5pt; vertical-align: baseline;">
<b><span face=""arial" , "sans-serif"" style="color: black; font-size: 12pt;"><br /></span></b><b><span face=""arial" , "sans-serif"" style="color: black; font-size: 12pt;">Nokia Can't Save Microsoft — Only its Geniuses Can!<o:p></o:p></span></b></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<h2 style="font-family: "times new roman"; font-size: 14px; line-height: 12pt; margin: 0cm 11.25pt 0pt 0cm; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><a href="http://www.linkedin.com/profile/view?id=8451&authType=name&authToken=rf9T&goback=%2Empd2_*1_*1_*1_*1_*1_*1_%2F20130903003514*58451*5why*5the*5microsoft*5empire*5needs*5to*5be*5dismantled&trk=mp-ph-pn" title="Vivek Wadhwa's Profile"><span style="border: 1pt; color: black; font-family: "inherit" , "serif"; padding: 0cm;">Vivek Wadhwa</span></a></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt; font-weight: normal;">Fellow, Arthur & Toni Rembe Rock Center for Corporate Governance at Stanford University<o:p></o:p></span></h2>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 0cm 0cm 0pt; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">Microsoft's announcement that it is buying Nokia's</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;"><span style="border: 1pt; color: #333333; font-family: "inherit" , "serif"; font-size: 11.5pt; padding: 0cm;">Devices and Services unit shows it thinks that by acquiring the right technology, it can regain its lost momentum. Sadly, the company is mistaken. Microsoft's problem isn't that it has too little technology; it has too much. And it has too many smart people whose talent is being wasted.</span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 0cm 0cm 0pt; outline: 0px; vertical-align: baseline;">
<span style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;"><span style="border: 1pt; color: #333333; font-family: "inherit" , "serif"; font-size: 11.5pt; padding: 0cm;">Instead of expanding, it needs to be disbanding its divisions and dismantling its bureaucracy. This will give its innovators the freedom to take risks and do what they do best.</span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 0cm 0cm 0pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">When IBM was struggling for survival in the early 90s, Bill Gates advised its new CEO, Louis Gerstner Jr., to dismantle the IBM empire and create a smaller and more aggressive company. He</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><a href="http://www.nytimes.com/1993/03/30/business/company-news-ibm-asked-archrival-for-revamping-advice.html" style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;" target="_blank"><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm;">wanted</span></a></span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">him to “strip away its unprofitable assets and concentrate on a narrow set of businesses”.</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;"><span style="border: 1pt; color: #333333; font-family: "inherit" , "serif"; font-size: 11.5pt; padding: 0cm;">Fortunately, Gerstner didn’t listen to Gates. IBM was focused on a single market: the enterprise. It was able to sell hardware, software, and services to a customer base it knew; breaking up the company would have led to disaster.</span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 12pt 0cm; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">The medicine that Gates prescribed to IBM is what Microsoft needs today. It is focused on too many conflicting markets—enterprise, personal computing, mobile, and entertainment—and doesn’t understand all of them. Each requires its own marketing strategy, pricing structure, and array of products—which often conflict with each other.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;"><span style="color: #333333; font-size: 11.5pt;">As Microsoft’s failures have shown, it is fighting a losing battle. It has lost ground in practically every emerging field, including mobile computing, music players, smartphones, search, and social networking. Yes, it has had an odd success or two, such as the Xbox, but these are just flukes.</span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 11.5pt; line-height: 15pt;">To put it simply, Microsoft has become a grumpy old giant, obsessed with defending its ageing products.Buying more products won't help it--it will just create indigestion.</span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 11.5pt; line-height: 15pt;"><br /></span><span face=""arial" , sans-serif" style="color: #333333; font-size: 11.5pt; line-height: 15pt;">I believe that the best path forward for Microsoft is to break itself up into a number of stripped-down and aggressive companies. These need to be free to compete with upstarts in Silicon Valley and with each other. These micro-Microsofts need to have the freedom to take risks and cannibalize the company’s core products.</span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 12pt 0cm; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">Microsoft certainly has the talent to do this. But, sadly, it is being wasted.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 11.5pt; line-height: 15pt;">For two decades, Microsoft was the tech industry’s strongest talent magnet. It hired the best of the best. Most of these geniuses haven’t left—yet. My former students and friends who work at Microsoft tell me that they are stifled by its bureaucracy, turf wars, and central planning. Big ideas get quashed because they don’t fit into the corporate vision; products with great potential are killed because they could threaten the company’s core products.</span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 0cm 0cm 0pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">Microsoft also has serious problems with its culture, as</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><a href="http://www.linkedin.com/pub/kurt-eichenwald/34/198/12a" style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;" target="_blank"><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm;">Kurt Eichenwald</span></a></span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">explained in</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><a href="http://www.vanityfair.com/business/2012/08/microsoft-lost-mojo-steve-ballmer" style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;" target="_blank"><i style="font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;"><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm; text-decoration: none;">Vanity Fair</span></i></a>. Its employee-ranking system, called “stack ranking”, brings out the worse in its employees by causing them to constantly battle each other for promotions, bonuses, and survival. Employees are rated on a bell curve in each department, so if they happen to work with superstars, they get graded poorly. Instead of working together and helping one other, they work hard to make sure that their colleagues do not work hard. And, with reviews being every six months, the focus is always on the short term.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 12pt 0cm; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">This is the opposite of the culture you find in Silicon Valley startups—where employees work day and night to battle a common enemy. They are motivated by the stock that the company gives them—so everyone wins if the company does well. Microsoft no longer has such a currency—its stock has remained flat for longer than a decade.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 0cm 0cm 0pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">As I explained in my</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><a href="http://www.washingtonpost.com/blogs/innovations/wp/2013/08/26/microsofts-best-hope-after-ballmer-a-break-up/" style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;" target="_blank"><i style="font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;"><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm; text-decoration: none;">Washington Post</span></i><span class="apple-converted-space"><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm; text-decoration: none;"> </span></span><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm;">column</span></a>, the Windows 8 fiasco illustrates this reality and the problems that Microsoft faces.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 0cm 0cm 0pt; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">Windows RT, which is the version of Windows 8 that was designed for tablet computers, has a beautiful user interface and functionality. It could have given both Apple’s iOS and Google’s Android a run for their money. But Microsoft wanted to protect its desktop operating system and Office tools from oblivion as tablets overtake both laptops and desktops in sales, so it bundled a version of Microsoft Office into RT and charged resellers a price</span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><a href="http://www.theverge.com/2012/6/13/3082380/windows-rt-license-cost-85-computex-report" style="font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; outline: 0px;" target="_blank"><span style="border: 1pt; color: #006699; font-family: "inherit" , "serif"; padding: 0cm;">rumored</span></a></span><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">to be about $85 per device (the OEM price is a well-guarded secret). This is more than what lower-end tablets will soon cost, and it competes directly with Android — which Google gives away. To maintain consistency with the desktop version of Windows 8, Microsoft added to it the same tiled user interface that was designed for tablets with touch screens. But most desktop computers and laptops don’t have touch screens. Microsoft also removed the “start” button that people are used to. So, both products failed to gain widespread market acceptance.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 12pt 0cm; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">If Microsoft had allowed its tablet operating system group to act independently, they would probably have taken Google head-on by giving RT away. They could have made money by charging for special features and apps such as Office. They might also have committed heresy by selling Google’s Office apps and other competitive products. RT could have snatched Android’s market share and become the leading mobile platform.<o:p></o:p></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 11.5pt; line-height: 15pt;">Will Microsoft figure all this out? I am not hopeful. It is presently looking for a replacement for Steve Ballmer and it announced the Nokia acquisition. Any new executive coming in will try to fortify his empire, not disband it. Meanwhile, the PC market—which Microsoft is vigorously defending—will continue to lose market share to tablets, which are becoming cheaper and cheaper and adding cell phone functionality. Windows RT and Surface tablets will slip into oblivion. The prices of smart phones will also drop. And Microsoft will continue to miss out on new market opportunities, because it needs to protect existing markets.</span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: 15pt; margin: 12pt 0cm; outline: 0px; vertical-align: baseline;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;">Sadly, it is more likely than not that Microsoft will go the way of Kodak, RIM, and Nokia—all of which tanked because they were busy protecting old turf.<o:p></o:p></span><br />
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><br /></span>
<br />
<div style="text-align: center;">
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><b><u>Write off News started coming as early as April 2015</u></b></span></div>
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 11.5pt;"><br /></span><span style="color: #222222; font-family: "georgia" , "times" , serif; font-size: 20px; line-height: 30px;">Microsoft could take a massive write-off to the tune of $5.46 billion on its acquisition of Nokia assets as soon as July of this year, according to some industry watchers.</span><br />
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
The speculation starts with some language from Microsoft's <a href="http://www.businessinsider.com/microsoft-earnings-q3-fy2015-2015-4" rel="nofollow" style="color: #1f6e8c; cursor: pointer; outline: 0px; text-decoration: none;">quarterly earnings statement</a> from last week, <a href="http://www.computerworld.com/article/2914994/it-industry/microsoft-hints-at-impending-write-off-of-nokia-acquisition-that-could-total-billions.html" style="color: #1f6e8c; cursor: pointer; outline: 0px; text-decoration: none;">as Computerworld reports</a>.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
Basically, Microsoft's Phone Hardware division - which mostly consists of the assets it bought from Nokia in 2013 for about $7.9 billion - was spending so much money on sales of Windows Phone hardware that it actually lost around twelve cents per device sold.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
That's before you even factor in all the other costs of doing business, like marketing. In other words, it spent $1.8 billion to sell $1.4 billion of phones.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
Even with the overall number of phones sold going up, it's not a great way to run a business, and Microsoft is warning investors that change is coming.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
"Declines in expected future cash flows, reduction in future unit volume growth rates, or an increase in the risk-adjusted discount rate used to estimate the fair value of the Phone Hardware reporting unit may result in a determination that an impairment adjustment is required, resulting in apotentially material charge to earnings," Microsoft said in its report. </div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
This is a fancy way of saying that Microsoft seems to think that the Nokia acquisition isn't worth the $5.46 billion value it's been reporting to shareholders.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
<span style="line-height: 1.5em;">It's possible that Microsoft will only write off part of that $5.46 billion. But t</span><span style="line-height: 1.5em;">he last time Microsoft used language like this in an earnings report was back in 2012, three months before it took a $6.2 billion charge to its bottom line for its aQuantive acquisition. That was basically the entire value of aQuantive, which it bought in 2007.</span><span style="line-height: 1.5em;"><br /></span></div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
<span style="line-height: 1.5em;">"A very, very big write-off -- and associated quarterly loss -- is coming soon. What a disaster," wrote industry analyst Ben Thompson <a href="http://stratechery.com/2015/daily-update-amazon-microsoft-and-google-earnings/" style="color: #1f6e8c; cursor: pointer; outline: 0px; text-decoration: none;">on his blog.</a>(Subscription required.)</span></div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
<span style="line-height: 1.5em;">Computerworld reports that the company usually does these calculations around May - toward the end of its fiscal year, which is June 30 - so this write-off could happen as early as July of this year.</span></div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
Microsoft's Phone Hardware division can't seem to catch a break.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
The Nokia acquisition was ex-CEO Steve Ballmer's final big deal for Microsoft, and new CEO Satya Nadella has repeatedly deemphasized Microsoft's hardware business as he attempts to refocus the company around software and services. And l<span style="line-height: 1.5em;">ast year, <a href="http://www.businessinsider.com/nokia-doubles-down-on-the-lumia-phone-after-announcing-mass-layoffs-2012-6" rel="nofollow" style="color: #1f6e8c; cursor: pointer; outline: 0px; text-decoration: none;">Microsoft laid off about half the employees it acquired via Nokia</a>.</span></div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
On the other hand, Microsoft hasn't abandoned making phones entirely, as it continues to market its Lumia line as a low-cost alternative to pricey Apple iPhone and Samsung Galaxy devices to some success - something that wouldn't have been possible without this acquisition.</div>
<div style="color: #222222; font-family: georgia, times, serif; font-size: 20px; line-height: 30px; margin-bottom: 13.125px; padding: 0px;">
Still, it's a struggling business for Microsoft.</div>
</div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;"><br /></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="font-family: "times" , "times new roman" , serif; line-height: 18.4px;"><b><u>Mergers & Acquisitions - Google sells off Motorola to Lenova</u></b></span><br />
<span style="font-family: "times" , "times new roman" , serif;"><span style="line-height: 18.4px;"><br /></span></span><span style="font-family: "times" , "times new roman" , serif;"><span style="line-height: 18.4px;">30th Jan 2014:<span class="apple-converted-space"> </span></span><span style="line-height: 18.4px;">Larry Page, Google's co-founder and chief executive, likes to talk about "big bets" and "moonshots." But the thing about moonshots is that they can crash to Earth.<span class="apple-converted-space"> </span><br /><br />That appears to be what happened t</span><span style="line-height: 18.4px;">o<span class="apple-converted-space"> </span></span>Motorola<span class="apple-converted-space"> </span>Mobility, the cellphone maker owned by Google. The Internet giant announced Wednesday that it would sell Motorola to<span class="apple-converted-space"> </span>Lenovo<span class="apple-converted-space"> </span>for $2.91 billion, less than two years after paying $12.5 billion to acquire it.<span class="apple-converted-space"> </span><br /><br />Motorola was Google's biggest acquisition by far and was hailed by the company as an example of the big bets Page was unafraid to make. Yet Motorola has continued to bleed money, aggravating shareholders and stock analysts, and its new flagship phone, the Moto X, did not sell as well as expected.<span class="apple-converted-space"> </span><br /><br />The deal is not a total financial loss for the extremely wealthy Google. In addition to keeping billions of dollars' worth of patents,<span class="apple-converted-space"> </span>Google<span class="apple-converted-space"> </span>essentially turned Lenovo into a factory for its<span class="apple-converted-space"> </span>Android<span class="apple-converted-space"> </span>operating system and also picked up some cash. Still, it is a sign of the fits and starts the company is experiencing as it navigates business in the mobile age, which has upended technology companies of all types.<span class="apple-converted-space"> </span><br /><br />In addition to using Motorola's patents to defend itself in the mobile patent wars, Google pledged to reinvent mobile hardware with Motorola's new phones and directly compete with Apple by owning both mobile hardware and software.<span class="apple-converted-space"> </span><br /><br />Yet while Google's business depends on phones getting into the hands of more people around the world, it benefits from selling the ads on those phones, not the phones themselves. Selling Motorola is an acknowledgment that Google is better off focusing on its core competencies - making software and selling ads - particularly as the profit margins for phones are shrinking overall.<span class="apple-converted-space"> </span><br /><br />"They make their money from people watching<span class="apple-converted-space"> </span>YouTube<span class="apple-converted-space"> </span>ads and doing searches," said Colin Gillis, an analyst at BGC Partners. "They don't necessarily need to be the hardware maker."<span class="apple-converted-space"> </span><br /><br />Still, Google will retain about 15,000 of the 17,000 patents it acquired as part of its original deal for Motorola and will grant Lenovo a license to use certain ones. Analysts have described the patents as the most valuable part of the acquisition, worth several billion dollars alone because they are firepower for Google to defend its Android mobile operating system.<span class="apple-converted-space"> </span><br /><br />Although the patents have not proved to be very helpful to Google in patent litigation, they have helped in cross-licensing agreements with other companies, including one Google and<span class="apple-converted-space"> </span>Samsung<span class="apple-converted-space"> </span>announced Monday.<span class="apple-converted-space"> </span><br /><br />Google's share price climbed 2 percent in after-hours trading after the announcement, a day before the company was set to announce its fourth-quarter earnings.<span class="apple-converted-space"> </span><br /><br />"Motorola's been a millstone and a drag on results," Gillis said. "You're slipping the millstone off your neck."<span class="apple-converted-space"> </span><br /><br />Lenovo, already the world's biggest PC company, is buying itself a toehold in the fast-growing smartphone business during a worldwide slowdown in PC sales and overnight brand recognition in the West.<span class="apple-converted-space"> </span><br /><br />In an interview, Wai Ming Wong, Lenovo's chief financial officer, said the deal would feed the company's "PC-plus" strategy.<span class="apple-converted-space"> </span><br /><br />"The Motorola handset business comes in very nicely to expand our business further," Wong said.<span class="apple-converted-space"> </span><br /><br />Motorola, which has a storied history as the maker of the first commercial cellphone, more recently fell behind rivals like Apple and Samsung. Page announced the deal to acquire Motorola just months after he reclaimed his position as chief executive of Google, and he appointed Dennis Woodside, who previously ran Google's sales and operations, as Motorola Mobility's chief executive.<span class="apple-converted-space"> </span><br /><br />Woodside said he would focus on just a few new phones instead of the old lineup of dozens. Yet the phones did not sell as well as expected, and Motorola continued to lose money despite drastic cost-cutting.<span class="apple-converted-space"> </span><br /><br />The decision to buy Motorola was "the extravagance of being a company with over $350 billion in market cap," said Jordan Rohan, an analyst at Stifel Nicolaus. "I'm not sure Motorola was fixable, and growth is much easier to come by on a company that's not a fixer-upper."<span class="apple-converted-space"> </span><br /><br />Still, Page said Google remained committed to hardware, a business that it has been entering over the past couple years, most notably with Motorola but also with products like Google Glass and companies like Nest Labs, the maker of smart thermostats and smoke alarms that Google acquired this month for $3.2 billion.<span class="apple-converted-space"> </span><br /><br />"This does not signal a larger shift for our other hardware efforts," Page wrote in a blog post. "The dynamics and maturity of the wearable and home markets, for example, are very different from that of the mobile industry." <o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<span style="line-height: 13.8px;"><span style="font-family: "times" , "times new roman" , serif;">He also played up the benefits of the sale for Google's Android system, saying that getting rid of Motorola would enable it to focus more on Android and that Lenovo would use Motorola to expand Android globally.<br /><br />"Lenovo has the expertise and track record to scale Motorola into a major player within the Android ecosystem," Page said.<br /><br />It is unclear exactly how much money Google lost on the Motorola deal overall. In addition to the patents Google is keeping, Google sold Motorola Home, the portion of the business that made set-top boxes, to Arris in 2012 for $2.35 billion. Motorola also had $2.9 billion cash on hand when Google bought it.<br /><br />Google is also retaining a small division working on cutting-edge technologies, led by Regina Dugan, who was hired from the government's Defense Advanced Research Projects Agency.<br /><br />"On the heels of buying Nest and buying all these robotics companies, it makes you worry that they're destroying capital," Gillis said. "But that's what big bets are - some things you lose and this is a losing bet."<br /><br />Lenovo appears to be building a comprehensive business in computers. Once known primarily as a maker of personal computers, last week Lenovo paid $2.3 billion for a big part of the computer server business of IBM.<br /><br />Lenovo's shopping spree may be driven by the necessity of moving into other markets. Last year, the world PC market contracted by 10 percent, to 314.5 million units, according to the International Data Corp.<br /><br />In the smartphone market, Apple and Samsung have taken share from almost all other suppliers. In its home country of China, Lenovo may be concerned about the rise of local smartphone manufacturers.<br /><br />"It makes strategic sense for both Google and Lenovo," said Andrew Costello, a principal at IBB Consulting. "It will give Lenovo a strong brand in the mobile space outside of China that they don't have today, and it gives them deep operator relationships with AT&T and Verizon. And for Google, they're able to focus on the services side, which is what they're best at, and retain the patent holdings."<o:p></o:p></span></span></div>
<div style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<b><u><span face=""arial" , sans-serif" style="font-size: 12pt;">Verizon and Yahoo<o:p></o:p></span></u></b></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Internet pioneer Yahoo has finally sealed the deal
to sell its core online assets, ending a 20-year run as an independent company.
US telecom giant Verizon Communications has bought Yahoo's search and
advertising operations today for $4.83 billion. </span><span face=""arial" , sans-serif" style="font-size: 12pt;"><br />
<br />
<span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">The deal marks a dramatic fall for Yahoo, one of
the best known names of the early internet era, which had a valuation over $100
billion before the dot-com collapse in 2000 and which in 2008 spurned a $44
billion bid from Microsoft. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Verizon, the US telecoms giant is expected to merge
Yahoo with AOL, to create a digital group capable of taking on the likes of
Google and Facebook. Verizon bought AOL - another faded internet star -in a
$4.4 billion deal last year, which gave it ownership of the Huffington Post,
Techcrunch, Engadget and other news sites. </span><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-DUoNwY2c-Yo/V54TpEP_vNI/AAAAAAAACwU/JX5OgWPhaLsaMWunYGH5yQUM4Ee4IgabQCLcB/s1600/yahoo.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-DUoNwY2c-Yo/V54TpEP_vNI/AAAAAAAACwU/JX5OgWPhaLsaMWunYGH5yQUM4Ee4IgabQCLcB/s320/yahoo.jpeg" width="320" /></a></div>
<br /></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<b><u><span face=""arial" , sans-serif" style="font-size: 12pt;">MicroSoft and LinkedIn<o:p></o:p></span></u></b></div>
<div class="MsoNormal" style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: normal; margin-bottom: 0cm;">
<br /></div>
<div style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: 16.8pt; margin: 12pt 0cm; vertical-align: baseline;">
<span style="font-family: "georgia" , serif; font-size: 13pt;">On Monday,
June 13, 2016, Microsoft (MSFT) announced it is purchasing LinkedIn (LI) for
$26.2 billion in cash, which works out to $196/share, a roughly 47% premium
over the immediately previous trading price $133. That’s a
generous premium considering it has been a long time since LI was anywhere
near their $250/share high on the market. Further, the price dropped in March
of this year to $100/share, with no particular way or method of climbing back
up. LI’s market is mature, and with 422 million users, it has less than
one-half of one percent paying subscribers – an absolutely abysmal conversion
rate. They’re already located in so many countries, broadening their reach
farther afield likely wasn’t going to be particularly useful. LI simply needed
something or someone else to take their gigantic but largely revenue free user
base and capitalize on it. I suspect that, being out of ideas themselves, they
just decided sale was the best option.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: tahoma, arial, georgia; font-size: 14px; font-stretch: inherit; line-height: 16.8pt; margin: 0cm 0cm 0.0001pt; vertical-align: baseline;">
<b style="box-sizing: border-box; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none; font-family: inherit , serif; font-size: 13pt; padding: 0cm;">Did anyone else bid, or was
Microsoft the only offer?</span></b><span style="font-family: "georgia" , serif; font-size: 13pt;"><o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: tahoma, arial, georgia; font-size: 14px; font-stretch: inherit; line-height: 16.8pt; margin: 12pt 0cm; vertical-align: baseline;">
<span style="font-family: "georgia" , serif; font-size: 13pt;">Based on some general background knowledge and LI’s filings, we
can guess a bit of what happened here. After the March plummet, they did one
main thing with their shareholder meeting in April: bring in George (Skip)
Battle and Michael Moritz as directors. Why? Because these two are individually
connected to about 45 of the top companies around, they know everyone with cash
to spare or desirable equity (depending on which way the deal is structured),
and they have direct phone access to everyone with the seniority and
inclination to acquire LI.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: tahoma, arial, georgia; font-size: 14px; font-stretch: inherit; line-height: 16.8pt; margin: 12pt 0cm; vertical-align: baseline;">
<span style="font-family: "georgia" , serif; font-size: 13pt;">Why Microsoft? It was probably an early contender to approach from
the start. MSFT tried to buy Salesforce, and they have been on a B2B kick for a
while, since their acquisition of Yammer<o:p></o:p></span></div>
<div style="font-family: tahoma, arial, georgia; font-size: 14px; line-height: 16.8pt; margin: 0cm 0cm 0.0001pt; vertical-align: baseline;">
<strong><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;"><a href="https://www.quora.com/topic/Microsoft-Acquires-LinkedIn-for-26-2-Billion-June-2016" target="_blank"><span style="color: #003891;">Answers</span></a></span></strong><span class="apple-converted-space"><b><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;"> </span></b></span><strong><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;">by</span></strong><span class="apple-converted-space"><b><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;"> </span></b></span><strong><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;"><a href="https://www.quora.com/profile/Alexandra-Damsker" style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit;" target="_blank"><span style="color: #003891;">Alexandra
Damsker</span></a>, Entrepreneur, recovering lawyer, on</span></strong><span class="apple-converted-space"><b><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;"> </span></b></span><strong><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;"><a href="http://www.quora.com/" style="-webkit-tap-highlight-color: transparent; box-sizing: border-box; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit;" target="_blank"><span style="color: #003891;">Quora</span></a>:
</span></strong><b><span style="border: 1pt none; font-family: inherit , serif; font-size: 8pt; padding: 0cm;">What does the deal look like?</span></b><span style="font-family: "georgia" , serif; font-size: 8pt;"><o:p></o:p></span></div>
<div style="font-family: tahoma, arial, georgia; font-size: 14px;">
<br /></div>
<div class="MsoNormal" style="box-sizing: border-box; font-family: tahoma, arial, georgia; font-size: 14px; font-stretch: inherit;">
<br /></div>
<div class="MsoNormal" style="box-sizing: border-box; font-family: tahoma, arial, georgia; font-size: 14px; font-stretch: inherit;">
<span style="font-size: 12pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="box-sizing: border-box; font-family: tahoma, arial, georgia; font-stretch: inherit;"><span style="font-family: "times new roman";"><span style="font-size: medium;"><b><u>Motives for Acquisitions : Why companies look for mergers and acquisitions</u></b></span></span></div>
<h3 style="font-family: "times new roman"; font-size: 14px; line-height: 28.08px;">
<span style="font-family: "times new roman"; line-height: 28.08px;">Acquire undervalued firms</span></h3>
<h1 style="font-family: "times new roman"; font-size: 14px; line-height: normal; margin: 12pt 0in 3pt;">
<div class="MsoBodyTextIndent3" style="font-size: medium; font-weight: normal; line-height: 24px;">
<span style="font-family: "times new roman";">Firms that are undervalued by financial markets can be targeted for acquisition by those who recognize this mispricing. The acquirer can then gain the difference between the value and the purchase price as surplus.</span></div>
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: 24px;">
<span style="font-family: "times new roman";">While the strategy of buying under valued firms has a great deal of intuitive appeal, it is daunting, especially when acquiring publicly traded firms in reasonably efficient markets, where the premiums paid on market prices can very quickly eliminate the valuation surplus. The odds are better in less efficient markets or when acquiring private businesses.<o:p></o:p></span></div>
</h1>
<h3 style="font-family: "times new roman"; font-size: 14px; line-height: 28.08px;">
<span style="font-family: "times new roman";">Diversify to reduce risk<o:p></o:p></span></h3>
<h1 style="font-family: "times new roman"; font-size: 14px; line-height: normal; margin: 12pt 0in 3pt;">
<div class="MsoBodyTextIndent3" style="font-size: medium; font-weight: normal; line-height: 24px; text-indent: 0.5in;">
<span style="font-family: "times new roman";">Although diversification has benefits, it is an open question whether it can be accomplished more efficiently by investors diversifying across traded stocks, or by firms diversifying by acquiring other firms. If we compare the transactions costs associated with investor diversification with the costs and the premiums paid by firms doing the same, investors in most publicly traded firms can diversify far more cheaply than firms can.<o:p></o:p></span></div>
<div class="MsoBodyTextIndent3" style="font-size: medium; font-weight: normal; line-height: 24px;">
<span style="font-family: "times new roman";">However in the case of a private firm, where the owner may have all or most of his or her wealth invested in the firm. Here, the argument for diversification becomes stronger, since the owner alone is exposed to all risk. This risk exposure may explain why many family-owned businesses in Asia, for instance, diversified into multiple businesses and became conglomerates.</span></div>
</h1>
<h3 style="font-family: "times new roman"; font-size: 14px; line-height: 28.08px;">
<span style="font-family: "times new roman";">Create Operating or Financial Synergy<o:p></o:p></span></h3>
<h1 style="font-family: "times new roman"; font-size: 14px; line-height: normal; margin: 12pt 0in 3pt;">
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: 24px; text-indent: 0.5in;">
<span style="font-family: "times new roman";">The third reason to explain the significant premiums paid in most acquisitions is <b>synergy</b></span><span style="font-family: "times new roman";">. Synergy is the potential additional value from combining two firms. It is probably the most widely used and misused rationale for mergers and acquisitions.<o:p></o:p></span></div>
</h1>
<h4 style="font-family: "times new roman"; font-size: medium; line-height: 24px;">
<span style="font-family: "times new roman";"><span style="mso-tab-count: 1;"></span></span> <span style="font-family: "times new roman";">Take over poorly managed firms and change management</span></h4>
<h1 style="font-family: "times new roman"; font-size: 14px; line-height: normal; margin: 12pt 0in 3pt;">
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: 24px; text-indent: 0.5in;">
<span style="font-family: "times new roman";">Some firms are not managed optimally and others often believe they can run them better than the current managers. Acquiring poorly managed firms and removing incumbent management, or at least changing existing management policy or practices, should make these firms more valuable, allowing the acquirer to claim the increase in value. This value increase is often termed the <b>value of control</b></span><span style="font-family: "times new roman";">.<o:p></o:p></span></div>
</h1>
<h4 style="font-family: "times new roman"; font-size: medium; line-height: 24px;">
<span style="font-family: "times new roman";">Cater to Managerial Self Interest (Not so Noble cause but it happens)<o:p></o:p></span></h4>
<h1 style="line-height: normal; margin: 12pt 0in 3pt;">
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 24px; text-indent: 0.25in;">
<span style="font-family: "times new roman";">In most acquisitions, it is the managers of the acquiring firm who decide whether to carry out the acquisition and how much to pay for it, rather than the stockholders of the firm. Given these circumstances, the motive for some acquisitions may not be stockholder wealth maximization, but managerial self-interest, manifested in any of the following motives for acquisitions.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 24px; margin-left: 0.25in; text-indent: -0.25in;">
<span style="font-family: "symbol";">�<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span style="font-family: "times new roman";"><i>Empire building</i></span><span style="font-family: "times new roman";">: Some top managers interests� seem to lie in making their firms the largest and most dominant firms in their industry or even in the entire market. This objective, rather than diversification, may explain the acquisition strategies of firms like Gulf and Western and ITT </span><span style="font-family: "times new roman";">in the 1960s and 1970s. Note that both firms had strong-willed CEOs, Charles Bludhorn in the case of Gulf and Western, and Harold Geneen, in the case of the ITT, during their acquisitive periods.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 24px; margin-left: 0.25in; text-indent: -0.25in;">
<span style="font-family: "symbol";">�<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span style="font-family: "times new roman";"><i>Managerial Ego</i></span><span style="font-family: "times new roman";">: It is clear that some acquisitions, especially when there are multiple bidders for the same firm, become tests of machismo</span><span style="font-family: "times new roman";"> for the managers involved. Neither side wants to lose the battle, even though winning might cost their stockholders billions of dollars.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 24px; margin-left: 0.25in; text-indent: -0.25in;">
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<span style="font-family: "symbol";">�<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span style="font-family: "times new roman";"><i>Compensation and side-benefits</i></span><span style="font-family: "times new roman";">: In some cases, mergers and acquisitions can result in the rewriting of management compensation contracts. If the potential private gains to the managers from the transaction are large, it might blind them to the costs created for their own stockholders.</span></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<span style="font-family: "times new roman";"><br /></span>
<span style="font-family: "times new roman";"><br /></span>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 6.75pt 0cm 0cm;">
<b><span style="color: #333333; font-family: "merriweather" , serif; font-size: 14pt;">Snapdeal
calls off merger with Flipkart; to tweak biz model, lay off staff<o:p></o:p></span></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Online
retailer Snapdeal has scrapped a proposed merger with bigger rival Flipkart
after months of negotiations and will now tweak its business model, cut costs
and slash headcount in a bid to revive its fortunes.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">“Snapdeal has been exploring
strategic options over the last several months. The company has now decided to
pursue an independent path and is terminating all strategic discussions as a
result,” the e-tailer said in a statement on Monday.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Snapdeal
had engaged with Flipkart on a merger for the past six months at the behest of
its biggest investor, Japan’s SoftBank Group Corp., after a few unsuccessful
attempts to raise capital. The Delhi-based e-commerce firm, which trails
Flipkart and Amazon, first <a href="https://www.vccircle.com/exclusive-snapdeal-dials-flipkart-amazon-explore-merger-possibilities/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">explored a merger</span></a> with
rivals about a year ago. It later carried out a rebranding exercise, <a href="https://www.vccircle.com/snapdeal-lays-600-founders-forego-salary/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">slashed its workforce</span></a>and
started serious talks with Flipkart for a sale.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">However, six months of excruciating
discussions culminated in both camps <a href="https://www.vccircle.com/sale-to-flipkart-are-snapdeal-board-members-fully-on-board-yet/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">calling off the merger</span></a> thanks
to differences between SoftBank and Snapdeal founders, besides several clauses
put forward by Flipkart.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Snapdeal’s announcement to call off
the deal comes a week after its board, which includes representatives of investors
SoftBank and Nexus Venture Partners as well as its founders, <a href="https://www.vccircle.com/snapdeal-board-approves-flipkarts-900-950-mn-takeover-offer/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">agreed to negotiate</span></a> with
Flipkart on its revised offer of around $900 million.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Snapdeal,
which sold its digital payments unit FreeCharge for $60 million to Axis Bank
last week, plans to divest its logistics arm Vulcan Express soon. After raising
fresh capital by selling these subsidiaries, the company wants to chart out a
new journey that it calls Snapdeal 2.0.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">A Snapdeal
spokesperson said in the statement that the company has made “significant
progress” towards executing its new strategy by achieving a gross profit this
month. “With the sale of certain non-core assets, Snapdeal is expected to be
financially self-sustainable,” the statement said.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Separately, founders Kunal Bahl and
Rohit Bansal, in a <a href="https://www.vccircle.com/snapdeal-founders-outline-path-to-profitability-after-ending-flipkart-merger-talks/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">letter to employees</span></a> announcing
the termination of merger talks, said: “There isn’t going to be one successful
model for e-commerce in India. In every market, there are multiple successful
e-commerce businesses, and as long as one’s strategy is differentiated and has
a clear path to success, there is a great company that can be built.”<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">They claimed the new business model
that the company had rolled out a few months ago was already profitable at the
net margin level.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">SoftBank, which was looking to
acquire a stake in Flipkart through the planned merger, said in a statement
that it “respects the decision to steer the company in a different direction”.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">“We look forward to the results of
the Snapdeal 2.0 strategy, and to remaining invested in the vibrant Indian
e-commerce space,” the Japanese investor said.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<strong><span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Snapdeal 2.0</span></strong><span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;"><br style="box-sizing: border-box;" />
Two people with direct knowledge of the company’s plans said Snapdeal now wants
to position itself as a “true marketplace” without any inventory.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">“This will be a seller-centric
marketplace similar to Alibaba-owned Taobao in China and eBay in the US. The
management has been working on this plan for the past two months,” one of the
persons said on the condition of anonymity.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">The company had briefly courted the
idea of <a href="https://www.vccircle.com/is-snapdeal-a-shortcut-to-top-for-infibeam-or-a-temptation-it-must-resist/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">merging with Infibeam</span></a> but
did not make any substantial progress in this regard. “With all strategic
conversations coming to an end the company can now focus on the actual
business,” the person said.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">However, this move would entail
further downsizing of its operations and workforce. The second person said the
company would eventually end up with fewer than 200 people. The e-tailer is
estimated to have around 1,500 employees currently.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">Snapdeal,
which originally began as a discount coupon seller 10 years ago, had gone
through several changes in its business model. It later transitioned into an
online deal site. By 2012, it had adopted a pure marketplace model without
managing its own inventory.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">“There are certain advantages of
the inventory-led model but they come at a crazy cost. To me, inventory is just
a very expensive way of marketing,” <a href="http://techcircle.vccircle.com/500/we-should-do-a-billion-dollar-in-gross-merchandise-value-by-2015-snapdeals-kunal-bahl/" style="box-sizing: border-box;" target="_blank"><span style="color: #ec1c24; text-decoration-line: none;">Bahl had then told</span></a> VCCircle
in an interview defending his zero-inventory model.<o:p></o:p></span></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<br /></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">After raising around $1.65 billion
from SoftBank, Alibaba and other investors, Snapdeal pivoted to the
capital-intensive inventory-led model. But this has not quite worked out and
the company is now returning to the earlier model, which was championed by its
erstwhile investor eBay.<o:p></o:p></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; font-size: medium; font-weight: normal; margin: 0cm 0cm 0.0001pt;">
<span style="color: #5d5d5d; font-family: "opensans" , serif; font-size: 15pt;">eBay itself failed against Flipkart
and Amazon in India and it rolled its India business into Flipkart earlier this
year with the US parent putting in additional money into the homegrown
e-tailer.<o:p></o:p></span></div>
<div style="font-family: "Times New Roman"; font-size: medium; font-weight: normal;">
<span style="font-family: "times new roman";">
</span></div>
<div class="MsoNormal">
<div style="font-family: "Times New Roman";">
<u style="font-size: medium;"><br /></u>
<span face=""arial" , sans-serif" style="color: blue; font-size: medium;"><b><u>Redbus.com acquisition by IBibo</u></b></span></div>
<div style="box-sizing: border-box; font-family: "Times New Roman"; line-height: 15.75pt; margin-top: 0cm;">
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<div dir="ltr">
<div style="line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<br />
<span face=""arial" , sans-serif" style="color: black; font-size: 10pt;">Tickets used to be booked through the traditional brick-and-mortar agents till 2005. That is when<span> </span></span><a href="https://en.wikipedia.org/wiki/BITS_Pilani" title="BITS Pilani"><span face=""arial" , sans-serif" style="color: #0b0080; font-size: 10pt;">BITS Pilani</span></a><span><span face=""arial" , sans-serif" style="color: black; font-size: 10pt;"> </span></span><span face=""arial" , sans-serif" style="color: black; font-size: 10pt;">alumni Phanindra Sama, Sudhakar Pasupunuri and Charan Padmaraju started Redbus, to sell bus tickets online.</span></div>
<div style="line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<span face=""arial" , sans-serif" style="color: black; font-size: 10pt;">The idea emanated from an experience that Phanindra had in the winter of 2005 in Bangalore, when he struggled to book bus tickets to make it home for Diwali and spend the vacations with his family. Diwali is one of the peak times in the year and every single bus agent in the city seemed to be booked and he could not make it to home in time. Phanindra realised the need for a convenient, hassle-free portal where customers could book their tickets from the comforts of their home. An additional benefit of RedBus was the fact that you could book your ticket for the return journey in advance without having to travel to the destination with the uncertainty of securing a ticket looming over your head. RedBus would provide the same convenience that customers enjoyed while booking tickets for trains or flights to the bus transport business. Phanindra took the idea to his college friends and colleagues and that was the beginning of RedBus.</span></div>
<div style="line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<span face=""arial" , sans-serif" style="color: black; font-size: 10pt;"> Phani explains, "Your travel agent may say that the last bus for Cochin today is at 8pm, because that's the last bus of the operator he works with. That doesn't mean there isn't a bus for 10 or 11 pm from another operator. Also, the return ticket is something you'll get only from the place where you visit.RedBus solves these problems by allowing consumers to look at availability across all the operators and book in advance, even across state lines. "We even give a layout of the bus seating, and if you want a return ticket from the present destination, we update our inventory online at the final destination and you can get your ticket,"</span></div>
<div style="line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<span face=""arial" , sans-serif" style="color: black; font-size: 10pt;">Phani and his two co-founders undertook extensive market surveys to understand the market and the aspirations of the customers. Once they felt they understood the business, they developed a plan for the business and submitted it to a TiE (the Indus Entrepreneurs) mentorship competition - where they were among the three winners. The portal was created with the help of the initial seed funding and mentoring that was provided by the competition.</span></div>
<div style="line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<span face=""arial" , sans-serif" style="color: black; font-size: 10pt;">RedBus also sells two cloud based software, called BOSS and Seat Seller which it developed in-house, to bus operators (for managing their operations), and travel agents (to aggregate and sell tickets across multiple operators)</span></div>
<div class="MsoNormal">
<span face=""arial" , sans-serif" style="font-size: 10pt; line-height: 15.3333px;">In June 2013, Phanindra Sama and Charan Padmaraju, the engineers from Andhra Pradesh who created the bus ticketing service redBus, sold their stake in the venture to the Ibibo Group, a subsidiary of South Africa's Naspers.<br /><br />Other investors in the company - SeedFund, Kanwal Rekhi's Inventus, and Helion Ventures also exited for what is said to be an enterprise value of Rs 600-700 crore, making it the biggest overseas strategic acquisition of an Indian internet asset. Estimated value of the deal was said to be Rs 800 crore</span></div>
</div>
</div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-weight: 400; text-indent: 0px;">
<span style="color: blue; font-size: medium;">Sri Chaitanya Educational Group obtains PE</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: arial, sans-serif; font-weight: 400; line-height: 18pt; margin: 0cm 0cm 18pt; text-indent: 0px; vertical-align: baseline; white-space: pre-line;"><span style="color: #333333; font-family: "georgia" , "serif"; font-size: small;">New Silk Route, a leading private equity firm with USD 1.4 bn of AUM, has invested up to $ 25 mn in Hyderabad-based Sri Chaitanya Educational Group, which claims to be the country’s largest network of private schools and junior colleges.</span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; font-family: arial, sans-serif; font-weight: 400; line-height: 18pt; margin: 0cm 0cm 18pt; text-indent: 0px; vertical-align: baseline; white-space: pre-line;"><span style="color: #333333; font-family: "georgia" , "serif"; font-size: small;">It is learnt that the money will be infused into the comany in various tranches for a 35%-40% stake in the group, which seems to have been valued at somewhere between Rs 2800 to Rs 3500 crores.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="color: #333333; font-family: "georgia" , "serif";">Sri Chaitanya runs around 160 institutions, mostly in Andhra Pradesh, including 116 schools and junior colleges. Started with a small junior college in Vijayawada in 1986, the group has expanded into 7 states and has become the most trusted education brand in Andhra Pradesh.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="color: #333333; font-family: "georgia" , "serif";"><span style="color: blue;">K12 Techno Services (Gowtham Model Schools) attracts PE</span></span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
K12 Techno Services Pvt Ltd, runs 70 Gowtham Model School units in Andhra Pradesh.</div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
PE <span style="mso-spacerun: yes;"> </span>investment of Rs 75 crore made in July 2010, has been jointly put by Sequoia and SONG Investment Advisors in an 80:20 ratio. Second round funding of Rs 25 crore was made in March 2011.With this, Sequoia-SONG hold 49 percent in K12 Techno Services while the rest is with the promoters.</div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
K12 Techno Services managing director M Venkatnarayana said the funds would be used to open 25 new schools, upgrade infrastructure and invest in teacher training this year. It is in talks to open 30-40 schools in Orissa, Chhattisgarh, Maharashtra and Karnataka next year. It has tied up with Brilliant Tutorials for partnership in IIT-JEE preparatory courses, with CfBT Education Trust (UK) for teacher training and the Indian School of Business for training school principals in business management.</div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
Sequoia has invested in two other education ventures, TutorVista and Brainvisa, apart from K12 Techno Services.</div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
According to its managing director GV Ravishankar Sequoia Capital India Advisors Pvt Ltd. the education sector is worth $40 billion, but it was a tough-to-execute market.</div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="font-size: medium; text-indent: 0px;">
<span style="color: blue;"><u>Tirumala milk Acquisition by Lactalis</u></span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<br /></div>
<div style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0% 0%; background-repeat: repeat; background-size: initial; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;">
<span style="color: #2d2b2c; font-size: small;">Lactalis </span><span style="background-attachment: scroll; background-image: none; background-position: 0% 0%; background-repeat: repeat; color: #3b3a39; font-size: small;">World’s largest dairy player</span><span style="font-size: small;"> <span style="color: #2d2b2c;">agreed to buy Indian dairy producer Tirumala Milk Products Pvt. from<span class="apple-converted-space"> private equity firm </span><b>Carlyle Group</b><span class="apple-converted-space"> </span>and its promoters, in its first acquisition in the South Asian nation.</span></span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span></div>
<div style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0% 0%; background-repeat: repeat; background-size: initial; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;">
<span style="color: #2d2b2c; font-size: small;">Lactalis will take over 100 percent of the Indian company and retain the existing management. Carlyle, the world’s second-biggest buyout firm, invested $22 million in the Indian company in 2010.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span></div>
<div style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0% 0%; background-repeat: repeat; background-size: initial; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;">
<span style="background-attachment: scroll; background-image: none; background-position: 0% 0%; background-repeat: repeat; color: #3b3a39; font-size: small;">Shankar Narayanan, Managing Director, Carlyle India, said that Carlyle’s investment in Tirumala exemplifies its ability to partner with entrepreneurs to create value for all stakeholders. During Carlyle’s investment, he added that the company’s revenues grew two-and-a-half times and profits more than quadrupled.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span></div>
<div style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0% 0%; background-repeat: repeat; background-size: initial; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="background-attachment: scroll; background-image: none; background-position: 0% 0%; background-repeat: repeat; color: #3b3a39; font-size: small;">We are extremely happy to have partnered with Carlyle, who provided numerous value creation activities and acted as a catalyst in the growth of the company over the past few years.<span class="apple-converted-space"> </span></span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; box-sizing: border-box; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="color: #2d2b2c; font-size: small;">The deal will help Lactalis reduce its reliance on Europe, where it gets<span class="apple-converted-space"> </span><b>60 percent</b><span class="apple-converted-space"> </span>of its revenue.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;"><br /></div><div style="background-attachment: scroll; background-clip: initial; background-image: none; background-origin: initial; background-position: 0% 0%; background-repeat: repeat; background-size: initial; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="color: #2d2b2c; font-size: small;">Foreign companies announced $15.6 billion of acquisitions in India last year, up from $11 billion in 2012, according to data Bloomberg compiled.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; box-sizing: border-box; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="color: #2d2b2c; font-size: small;">“India is an important place of opportunity for the development of the group worldwide,” Nalet said. “With the size of Tirumala today we think we have a good opportunity for the development of the Indian dairy market.”</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;"><br /></div><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; box-sizing: border-box; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="font-size: small;"><b><span style="color: #2d2b2c;">India</span></b><span class="apple-converted-space"><span style="color: #2d2b2c;"> </span></span><span style="color: #2d2b2c;">was the No. 3 producer of liquid, or non-powdered, cow’s<span class="apple-converted-space"> </span><b>milk</b><span class="apple-converted-space"> </span>in the world in 2013, behind the European Union and U.S., according to the U.S. Department of Agriculture.</span></span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;"><br /></div><div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; box-sizing: border-box; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="color: #2d2b2c; font-size: small;">Hyderabad-based Tirumala’s sales for the year ended March 2013 was 14.24 billion rupees ($229 million), according to its<span class="apple-converted-space"> </span><b>website</b>. It had net income of 700 million rupees in the year. The company has seven plants across south India, and Lactalis will help expand the company in both north and South India, said Danda Brahmanandam, Tirumala’s founder and managing director.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; box-sizing: border-box; color: #333333; font-family: arial, sans-serif; font-size: 13px; font-weight: 400; line-height: 15.75pt; margin-top: 0cm; text-indent: 0px; white-space: pre-line;"><span style="color: #2d2b2c; font-size: small;">Tirumala is the second-largest private sector dairy producer in southern India, Brahmanandam said.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
<span style="font-size: small;"><br /></span><span style="color: #2d2b2c; font-size: small;">Carlyle had invested around $1.1 billion in India as of Sept. 30, according to a December statement. Carlyle will invest in strong owner driven companies in sectors including consumer, health-care, technology and engineering services, said Carlyle India Managing Director Shankar Narayanan said in a phone interview from Mumbai today.</span></div>
<div style="font-size: medium; font-weight: 400; text-indent: 0px;">
</div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<u><br /></u><u>SKS Micro finance/Bharat Financial Acquisition by Indus Ind Bank</u></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<u><br /></u>
</div>
<div style="margin: 0px 0px 30px; padding: 0px; text-indent: 0px;">
<div style="color: #333333; line-height: 19px; margin: 3px 0px 0px; padding: 0px;"><span face="fira sans extra condensed, sans-serif"><span style="font-size: 15px; font-weight: 400;">S</span></span><b style="font-family: georgia, serif; font-size: 18px; font-weight: normal;">ep 2017:</b><span style="font-family: georgia, serif; font-size: 18px; font-weight: normal;"> The about 12-year-old journey of Bharat Financial Inclusion Ltd, formerly known as SKS Microfinance, has been tumultuous.</span></div></div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
It suffered its biggest blow after the then undivided Andhra Pradesh promulgated a state law to severely restrict microfinance activity because of a spate of suicides by borrowers in late 2010, allegedly driven by coercive loan recovery practices. Subsequently, management differences saw the exit of its founder Vikram Akula and the central bank denied the microlender's claim to run a small finance bank (SFB).</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Bharat Financial overcame the stress and has since improved its profitability. But it now faces <a href="http://www.livemint.com/Industry/sQkh9G4nLpVpbHQTJvOk0J/IndusInd-Bank-Bharat-Financial-Inclusion-to-start-merger-ta.html" style="color: #009fe3; font-weight: 700; text-decoration-line: none;">a potential takeover</a>by the private sector lender IndusInd Bank, which some experts say is the only way for the survival of the microlender. The changing regulatory space has shrunk the microfinance industry to only three large companies, including Bharat Financial. Bharat Financial started its journey as a non-profit in 1998. Founded as Swayam Krishi Sangam by Vikram Akula, it later morphed into a non-banking financial company (NBFC) in 2005.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
The microlender along with its peers saw unprecedented growth because of the reluctance of banks to serve the financial needs of poor customers who were not part of the formal banking system.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Five years later, it became the only microfinance lender to be listed on stock exchanges. In August 2010, Akula steered the initial public offering, which was subscribed almost 14 times. The success of SKS led to talks that other companies in the sector may also tap capital markets</div><div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">The party was, however, short-lived, not only for the company but also for the microfinance industry.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
The suicides in Andhra Pradesh led to the state government putting severe restrictions on microlenders in a state that then accounted for a fourth of the industry's business.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin: 20px 0px; padding: 0px; text-indent: 0px;">
<a href="http://www.livemint.com/r/LiveMint/Period2/2017/09/12/Photos/Processed/w-bfil-kDdH--414x621@LiveMint.jpg" style="color: #009fe3; font-weight: 700; text-decoration-line: none;"><img src="http://www.livemint.com/r/LiveMint/Period2/2017/09/12/Photos/Processed/w-bfil-kDdH--414x621@LiveMint.jpg" style="display: block; height: auto; margin-left: auto; margin-right: auto; max-width: 100%;" /></a><br />
<div style="margin: 0px; padding: 0px;">Andhra Pradesh enacted a law greatly limiting the ability of microfinance companies to lend and recover their loans in the state. Operations of most MFIs came to a near halt. SKS was one of the worst hit due to the crisis.</div></div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
In September 2010, just before the microfinance crisis unfolded, SKS's exposure to Andhra Pradesh was at over 27% of its total loan book, its highest in any state. In October that year, 30 poor women borrowers in Andhra Pradesh committed suicide within a period of 45 days. Among these 30 women, 17 were then reported to be borrowers of SKS Microfinance.</div><div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">In the years that followed, SKS Microfinance provided fully for the outstanding exposure in Andhra Pradesh, wrote off exposure of Rs1,360 crore in the state, and stopped fresh disbursals there.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
"It (AP crisis) had a long-lasting adverse impact but BFIL (Bharat Financial) was an exception. We met all our commitments to lenders including to banks on time and never went into CDR (corporate debt restructuring) structure," said non-executive chairman P.H. Ravikumar.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Today, a chunk of SKS's assets are in Odisha, Bihar, West Bengal, Karnataka and Maharashtra.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
While most believe that the industry has managed to survive the Andhra crisis, the recent loan waivers announced by the state governments of Maharashtra, Uttar Pradesh (UP) and Karnataka could trigger another round of defaults in repayments. "The market at large, particularly investment community, feels that for MFIs, Andhra Pradesh like event or UP or Maharashtra election like scenario which adversely affect their operations is going to be a periodic recurring feature. This increases the credit costs," Ravikumar said.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
A year later in November 2011, Akula exited the company, allegedly owing to differences with the board.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
This happened amid a changing regulatory framework.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
As a fallout of the Andhra crisis, in December 2011, the Reserve Bank of India (RBI) put in place regulations based on the recommendation of a high-powered committee headed by Y.H. Malegam, a member of the central bank's board. The norms capped the margin between the cost of borrowing and the price at which loans were given, and interest rates and loans were regulated.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Despite this, the company maintained its growth momentum. Assets under management, consisting of non-Andhra exposure, grew at a compounded annual growth rate of 46% between fiscal 2013 and 2017. As of June-end, its non-Andhra Pradesh portfolio grew 14% year-on-year to over Rs9,630 crore.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Following the Andhra crisis, the company reported losses due to loan write-offs and a shrinking credit book. From the December 2011 quarter, when losses peaked to around Rs428 crore, the lender swung back to profit a year later. However, demonetization also impacted the collection of loans, which forced the lender to make higher provisions, resulting in losses.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
With improving collection, its net loss narrowed to Rs37 crore in the June quarter from Rs235 crore a quarter ago.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Even as things look normal, Bharat Financial faced another hurdle with the central bank killing its banking aspiration. In September 2015, RBI handed out in-principle SFB licences to 10 applicants, eight of which were microfinance lenders. SKS Microfinance was left out.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
According to Vikram Akula, the central bank's decision puzzled him because the lender seemed to meet all the criteria for an SFB. "Perhaps it was the RBIs discomfort with the current management team," he said on Monday.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Dilli Raj, the then president of the company, was under the scanner of the Enforcement Directorate in a complaint filed by IDBI Bank against First Leasing Company of India, where he worked previously.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
The conversion of MFIs into SFBs and RBI regulations are also being seen as reasons for the fall of the MFI industry.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Regulations on loan spread and lending has been unfavourable for the micro lending industry. For instance, MFIs are not allowed to lend to a borrower who already has two loans but is not applicable to banks. SFBs have access to low-cost deposits, which gives them advantage of lower cost of funds. MFIs are not allowed to access deposits.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
According to Bharat Financial's Ravikumar, the banks and SFBs today already have 70% share in the overall microfinance lending in the country and trends indicate that in another two or three years that share of MFIs would be less than 20-25% from 30% currently.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Monday's announcement by IndusInd Bank about the merger talks with Bharat Financial follows months of speculation. Several banks as well as non-banking financial companies were rumoured to be either picking-up a strategic stake or taking over the company.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
According to analysts, most of the talks were based on the fact that a bank partnership would give the microlender a leverage to expand its horizon into other loan products such as gold credit, two-wheeler loan.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Akula, former head of Bharat Financial, said that it appears to him that the RBI has decided to focus on expanding financial inclusion through focusing on banks rather than through standalone MFIs.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
"In light of the history of political backlash against standalone MFIs, I think this is a prudent tactical move. I just would like to see the RBI accelerate this process so that all standalone MFI-NBFCs move under the umbrella of a bank, either by becoming SFBs or merging with a bank," he said.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
When asked if merger is natural choice for Bharat Financial given the challenging environment, Ravikumar did not offer any comments.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
If the Bharat Financial-IndusInd Bank merger deal goes through, Grameen Koota Financial Services Pvt. Ltd, and Satin Creditcare Network, which are the other two large microlenders, will be the ones left in the space.</div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
Jindal Haria, associate director, financial institutions, India Ratings and Research said, There are over 40 NBFC-MFIs in the country. It is a given that there will be further consolidation in the sector. "Given that private banks are looking for a way to reach the microfinance and missing middle customers and hence would gain from the distribution networks that MFIs have set up. It also could be an easy source of PSL. For MFIs, We are already seeing that the customer acquisition in urban areas is in single digits for most of them and in very few rural pockets it is over 20%." He further added, "They may have to evolve their loan products and may not be able to maintain high growth in group loan products without increasing borrower leverage. Hence there is clear synergy between banks and MFIs."</div>
<div style="font-family: georgia, serif; margin-bottom: 20px; padding: 0px; text-indent: 0px;">
<div style="font-size: 18px; font-weight: normal;">
<i>alekh.a@livemint.com</i></div>
<div style="font-size: 18px; font-weight: normal;">
<i><br /></i>
<br /><br />
<div class="MsoNormal">
SEP 01, 2018, </div>
<div class="MsoNormal">
<b><u>Beverage giant
Coca-Cola’s global $5.1-billion buyout of Whitbread Plc owned UK café chain
Costa Coffee</u></b> has set the world’s biggest soda maker in direct
competition with coffee giants such as Starbucks and Nestle, as it looks to
hedge its risks in a sluggish soft drinks market and broaden its portfolio
beyond sugary drinks. </div>
<div class="MsoNormal">
“Costa gives Coca-Cola new capabilities and expertise in
coffee, and our system can create opportunities to grow the Costa brand
worldwide,” Coca-Cola president James Quincey said in a statement. “Hot
beverages is one of the few segments of the total beverage landscape where
Coca-Cola does not have a global brand. Costa gives us access to this market
with a strong coffee platform.” </div>
<br />
<div class="MsoNormal">
Analysts said the deal will give Coca-Cola a scalable coffee
platform across parts of Europe, the Asia-Pacific, the Middle East and Africa,
with the opportunity for additional expansion, besides expertise in coffee
supply chain, sourcing, vending and distribution. CocaCola’s own coffee brand,
Georgia, remains small. Coca-Cola is urgently broadbasing its portfolio beyond
its core sugary drinks to retain consumers switching to healthier drinks. The
acquisition is to close in the first half of 2019 once all approvals are
received. Whitbread said Friday that it would focus on its hospitality
businesses under the Premier Inn franchise in the UK and Germany. It acquired
Costa Coffee for £19 million in 1995.</div>
<div class="MsoNormal">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-HWynG1Y0ABg/W4pXBAEH3JI/AAAAAAAAFeo/KLG3ic2uCeEC-c5KHF7v1ibmJBMbsyKJQCLcBGAs/s1600/Costa.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="900" data-original-width="1600" height="180" src="https://3.bp.blogspot.com/-HWynG1Y0ABg/W4pXBAEH3JI/AAAAAAAAFeo/KLG3ic2uCeEC-c5KHF7v1ibmJBMbsyKJQCLcBGAs/s320/Costa.jpg" width="320" /></a></div>
<br /></div>
</div>
<div class="MsoNormal" style="font-size: 18px; font-weight: normal; line-height: normal; margin-bottom: 15pt;">
<u style="color: #030303; font-family: arial, sans-serif; font-size: 13pt;">Success stories of Mergers and Acquisitions</u></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 15pt;">
<div style="font-size: 18px; font-weight: normal;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;"><br /></span></div>
<div style="font-size: 18px; font-weight: normal;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;"></span></div>
<div style="font-family: "times new roman";">
<div style="font-size: medium; font-weight: normal;">
2 stories to begin with </div>
<div style="font-size: medium; font-weight: normal;">
1. Nokia refused Android </div>
<div style="font-size: medium; font-weight: normal;">
2. Yahoo refused Google </div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Story Over </div>
<div style="font-size: medium; font-weight: normal;">
Lessons Learnt</div>
<div style="font-size: medium; font-weight: normal;">
1. Take risks</div>
<div style="font-size: medium; font-weight: normal;">
2. Embrace changes </div>
<div style="font-size: medium; font-weight: normal;">
3. If you refuse to change with time, you might perish </div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Ok 2 More stories </div>
<div style="font-size: medium; font-weight: normal;">
1. Facebook takes over whatsapp and instagram</div>
<div style="font-size: medium; font-weight: normal;">
2. Flipkart takes over Myntra and flipkart owned Myntra takes over jabong </div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Story Over</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Lessons learnt</div>
<div style="font-size: medium; font-weight: normal;">
1. Become so powerful that your competitors become your allies</div>
<div style="font-size: medium; font-weight: normal;">
2. Reach the top position and then eliminate the competition</div>
<div style="font-size: medium; font-weight: normal;">
3. Keep innovating</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
2 More stories </div>
<div style="font-size: medium; font-weight: normal;">
1. Colonel sanders founded KFC at the age of 65</div>
<div style="font-size: medium; font-weight: normal;">
2. Jack Ma, who coudnt get job in KFC, founded Ali baba</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Story over </div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Lessons learnt</div>
<div style="font-size: medium; font-weight: normal;">
1. Age is just a number</div>
<div style="font-size: medium; font-weight: normal;">
2. Only those who keep trying succeeds</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Last but not the least </div>
<div style="font-size: medium; font-weight: normal;">
1. Lamborghini was founded as result of revenge of a tractor owner who was insulted by Enzy Ferrari, the founder of ferrari</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Story Over </div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Lessons learnt</div>
<div style="font-size: medium; font-weight: normal;">
1. Never underestimate anyone, ever !! </div>
<div style="font-size: medium; font-weight: normal;">
2. Success is the best revenge</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
Just keep working hard !! </div>
<div style="font-size: medium; font-weight: normal;">
Invest your time wisely !! </div>
<div style="font-size: medium; font-weight: normal;">
Do what pleases you !! </div>
<div>
<div style="font-size: medium; font-weight: normal;">
Dont be afraid to fail !!!</div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: normal; margin-bottom: 15pt;">
<div style="text-align: center;">
<b><u><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">Joint Ventures</span></u></b></div>
<b><u><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">Tata - Docomo</span></u></b></div>
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: normal; margin-bottom: 15pt;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">NTT Docomo and Tata Teleservices (TTSL) runs the Tata Docomo brand in India. After their joint venture, started </span><span face=""arial" , sans-serif" style="color: #ec1f33; font-size: 13pt;">posting continuous losses</span><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">, TTSL was ordered to pay </span><span face=""arial" , sans-serif" style="color: #ec1f33; font-size: 13pt;">$1.17 (~Rs 7,538.89 crore) billion in damages </span><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">to NTT by a London court in June last year. NTT paid </span><a href="http://www.medianama.com/2015/01/223-ntt-docomo-intl-arbitration-charges-tata-tele-stake-sale/"><span face=""arial" , sans-serif" style="color: #ec1f33; font-size: 13pt;">Rs 12,924 crore</span></a><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;"> in 2009 for an initial 26% stake in TTSL.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: normal; margin-bottom: 15pt;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">According to </span><span face=""arial" , sans-serif" style="color: #ec1f33; font-size: 13pt;">Tata’s proposal made to the CCI</span><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">, it will “acquire equity shares of TTSL comprising 21.63% of the paid-up equity share capital” owned by “Docomo pursuant to certain consent terms entered into between Tata Sons and Docomo.” Tata did not expand about consent terms set between it and NTT Docomo in the proposal.<o:p></o:p></span></div>
<div class="MsoNormal" style="font-size: medium; font-weight: normal; line-height: normal; margin-bottom: 15pt;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">The stake buy-back is a settlement for the </span><span face=""arial" , sans-serif" style="color: #ec1f33; font-size: 13pt;">lengthy legal battle</span><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;"> between Tata Sons and NTT Docomo. The terms of the agreement between Tata and NTT Docomo had an option for the acquirer (NTT Docomo) to request a suitable buyer for at least 50% of the acquired price, in case the joint venture turns non-profitable. Tata, however, ran into trouble with RBI regulations over foreign exchange trade when it tried to settle ts payment. </span><span face=""arial" , sans-serif" style="color: #ec1f33; font-size: 13pt;">RBI told the HC in March</span><span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;"> that Tata’s payout of $1.17 billion in damages to the Japanese telco cannot be approved, and is illegal since it involves the transfer of shares to a foreign company. However, Tata used the CCI route to settle its dispute by buying back shares owned by NTT Docomo.<o:p></o:p></span></div>
<div style="font-size: medium; font-weight: normal;">
<br /></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 15pt;">
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;">Tata Sons, the promoter of Tata Teleservices has received approval from the Competition Commission of India (CCI), to buy back 21.6% stake owned by Japan’s NTT Docomo.<o:p></o:p></span></div>
<div style="font-family: georgia, serif; font-size: 18px; font-weight: normal;">
<span face=""arial" , "sans-serif"" style="color: #030303; font-size: 13pt;"><br /></span></div>
<div style="font-family: georgia, serif;">
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-bottom: 1pt solid rgb(238, 238, 238); border-image: initial; border-left: none; border-right: none; border-top: none; font-weight: 700; padding: 0in 0in 15pt;">
<h2 style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 14.4pt; margin-bottom: 7.5pt; padding: 0in; text-align: left; vertical-align: baseline;">
<b><u><span style="color: #111516; font-family: "times new roman" , serif;"><span style="font-size: large;">SalesForce and
MuleSoft</span></span></u></b></h2>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; font-size: 18px; line-height: 14.4pt; margin-bottom: 7.5pt; padding: 0in; vertical-align: baseline;">
<b><span style="color: #111516; font-family: "times new roman" , "serif"; font-size: 12pt;">$6.5 billion
acquisition that everyone hated a year ago was the only thing everyone loved
about Salesforce's latest quarter </span></b><span style="font-size: 9pt; text-transform: uppercase;">ROSALIE CHANMAR
6, 2019, 07.17 AM</span></div>
</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 18px; font-weight: 700; margin: 0in 0in 0.0001pt;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 18px; margin: 0in 0in 0.0001pt;">
<span style="font-weight: normal;"><span style="border: 1pt none; color: #111516; font-size: 13pt; padding: 0in;">Salesforce
acquired MuleSoft in 2018 for a whopping $6.5 billion, the
largest deal in the company's history. The big-ticket deal raised plenty
of skepticism at the time, especially since MuleSoft didn't fit neatly
into Salesforce's customer relationship management business. Salesforce's stock
sank about 5% in the immediate aftermath of the deal.</span><span style="color: #111516; font-size: 13pt;"><o:p></o:p></span></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 18px; font-style: inherit; font-variant: inherit; margin-bottom: 1.9rem; margin-top: 1.9rem; vertical-align: baseline;">
<span style="font-weight: normal;"><span style="border: 1pt none; color: #111516; font-family: "inherit" , "serif"; font-size: 13pt; padding: 0in;">On
Tuesday, UBS analyst Jennifer Swanson Lowe called MuleSoft a
"standout" in Salesforce's final quarter of the year.</span><span style="color: #111516; font-size: 13pt;"><o:p></o:p></span></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 18px; font-style: inherit; font-variant: inherit; margin-bottom: 1.9rem; margin-top: 1.9rem; vertical-align: baseline;">
<span style="font-weight: normal;"><span style="border: 1pt none; color: #111516; font-family: "inherit" , "serif"; font-size: 13pt; padding: 0in;"><a href="https://www.businessinsider.com/salesforce-mulesoft-acquisition-ma-price-2018-4" style="outline: 0px;"><span style="color: #185f7d;">MuleSoft</span></a> generated $181 million
in total revenue, including $156 million in subscription and support
revenue, during Salesforce's fiscal fourth quarter.</span><span style="color: #111516; font-size: 13pt;"><o:p></o:p></span></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 18px; font-style: inherit; font-variant: inherit; margin-bottom: 1.9rem; margin-top: 1.9rem; vertical-align: baseline;">
<span style="font-weight: normal;"><span style="border: 1pt none; color: #111516; font-family: "inherit" , "serif"; font-size: 13pt; padding: 0in;">"This
came in far ahead of our initial guidance as we quickly executed on our plans
to integrate <a href="https://www.businessinsider.com/salesforce-mulesoft-acquisition-price-too-expensive-2018-3" style="outline: 0px;"><span style="color: #185f7d;">MuleSoft</span></a> and
accelerate digital transformation projects for customers around the
world," <a href="https://www.businessinsider.com/salesforce-launches-new-learning-platform-called-mytrailhead-2019-3" style="outline: 0px;"><span style="color: #185f7d;">Salesforce</span></a>CFO Mark
Hawkins said on the earnings call.</span><span style="color: #111516; font-size: 13pt;"><o:p></o:p></span></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 18px; font-style: inherit; font-variant: inherit; margin-bottom: 1.9rem; margin-top: 1.9rem; vertical-align: baseline;">
<span style="border: 1pt none; color: #111516; font-size: 13pt; font-weight: normal; padding: 0in;">Hawkins
said that this quarter was <a href="https://www.businessinsider.com/salesforce-mulesoft-acquisition-ma-price-2018-4" style="outline: 0px;"><span style="color: #185f7d;">MuleSoft</span></a>'s
"largest quarter of the year," but its products are more seasonal and
may see some revenue declines depending on the quarter. However, Salesforce
still sees much potential for MuleSoft. In the past year, <a href="https://www.businessinsider.com/salesforces-benioff-calls-artificial-intelligence-a-new-human-right-2019-1" style="outline: 0px;"><span style="color: #185f7d;">Salesforce</span></a> hired
450 new employees for <a href="https://www.businessinsider.com/salesforces-mulesoft-acquistion-is-part-of-an-already-big-year-in-ma-2018-3" style="outline: 0px;"><span style="color: #185f7d;">MuleSoft</span></a>.</span><span style="color: #111516; font-size: 13pt; font-weight: inherit;"><o:p></o:p></span></div>
<div style="font-size: 18px; font-weight: 700;">
</div>
<div class="MsoNormal" style="font-size: 18px; font-weight: 700;">
<br /></div>
</div>
</div>
</div>
<div style="font-size: medium; font-weight: normal;">
<div style="font-family: "Times New Roman";">
<b><u>Mindtree acquisition by LT</u></b></div>
<div style="font-family: "Times New Roman";">
<br /></div>
<div style="font-family: "Times New Roman";">
Larsen and Toubro<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;"> has bought the 20.32% stake at Rs 980 per share in </span>Mindtree<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;"> from early investor V G Siddhartha, after a lot of noise and the firing of a warning shot by promoters of the mid-tier IT services firm.</span></div>
<div style="font-family: "Times New Roman";">
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; display: block; font-family: "open sans", arial, sans-serif; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman";">
<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;">The Rs 3,269 crore deal was signed on Monday night and gives exit to investor VG Siddhartha</span></div>
<div style="font-family: "Times New Roman";">
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; display: block; font-family: "open sans", arial, sans-serif; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman";">
<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;">Engineering giant L&T is expected to spend as much as Rs 5,039 crore in an open offer to increase its stake to 51% and wrest majority control of the IT services firm, which would remain an independent listed entity. It is offering investors Rs 980 per share in the open offer, L&T and Mindtree disclosed separately on the BSE.</span></div>
<div dir="auto" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "open sans", arial, sans-serif; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<br /></div>
<div style="font-family: "Times New Roman";">
<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;">L&T has also advised its broker Axis Capital Ltd to buy as much as 15% shares from the open market to the tune of Rs 2,434 crore. With this, L&T is looking to increase its stake to 66.32% in Mindtree.</span><br />
<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;"><br /></span>
<br />
<div class="MsoNormal" style="margin-bottom: 0in;">
<b><span style="color: #282828; font-size: 16pt; letter-spacing: -0.4pt; line-height: 115%;">PVR
to acquire SPI Cinemas <o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span face=""arial" , sans-serif" style="color: #133b5a; font-size: 7.5pt; letter-spacing: 0.5pt; line-height: 115%; text-transform: uppercase;">Published</span><b><span style="color: #282828; font-size: 16pt; letter-spacing: -0.4pt; line-height: 115%;"> </span></b><span face=""arial" , sans-serif" style="color: #133b5a; font-size: 7.5pt; letter-spacing: 0.5pt; line-height: 115%; text-transform: uppercase;">AUGUST
12, 2018<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">PVR Ltd. will buy SPI
Cinemas, south India’s largest cinema chain and owner of the iconic Sathyam
Cinemas in Chennai in a transaction valued at </span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;">850
crore<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">The deal would help
PVR, which is listed on the stock exchanges, strengthen its base in Tamil Nadu,
a key movie market.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">As per the terms of the
proposal, PVR would buy 71.7% stake in SPI Cinemas from existing shareholders
for a total consideration of </span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;">633 crore.</span><span style="color: #282828; font-size: 13.5pt; line-height: 115%;"> Further, PVR would
issue 1.6 million shares or 3.3% shares in PVR as part of the transaction.
Based on PVR Ltd.’s closing share price of </span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;">1,317.20
on Friday, the 3.3% stake amounts to 210.75 crore. Overall, the cash and stock </span><span style="color: #282828; font-size: 13.5pt; line-height: 115%;">transaction is valued
at </span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;">843.75 crore. PVR currently operates a cinema circuit comprising
638 screens at 137 properties in 54 cities (19 States and UTs), serving 76
million patrons annually.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">Post-transaction, PVR’s
total screen count will increase to 706 screens across 152 properties and 60
cities.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">The acquisition will
also propel PVR as the seventh-largest cinema exhibitor in the world in terms
of annual admissions at its theatres, which will be in excess of 100 million,
according to a statement.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">As on March 2018, SPI
had total assets of </span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;">₹319.63 crore and a
turnover of ₹309.60 crore. Ajay Bijli, chairman-cum-managing director, PVR
Ltd., said the transaction is a significant step in helping the firm achieve
its goal of 1,000 screens by 2020.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<span face=""open sans" , "arial" , sans-serif" style="font-size: 17.2497px;">
</span><br />
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="color: #282828; font-size: 13.5pt; line-height: 115%;">The statement added
there was also a provision for the customary call/put option for the firm to
buy the remaining 28.31% stake in SPI from SS Theatres LLP at an aggregate
price not exceeding </span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;">300 crore, if triggered</span><span style="font-size: 16pt; line-height: 115%;"><o:p></o:p></span><br />
<span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 13.5pt; line-height: 115%;"><br /></span>
<br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 16.5pt; margin-bottom: 0.0001pt;">
<b><span style="color: #6f6f6f; font-family: "georgia" , "serif"; font-size: 12pt;">Business Today speaks
with Ajay Bijli, chairman and managing director of PVR, about how the multiplex
chain : March 13 2015<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 16.5pt; margin-bottom: 0.0001pt;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<i><span style="color: #3d4239; font-family: "georgia" , "serif";">The Indian movie exhibition
industry was in the thick of action in 2014 with many acquisitions in the
multiplex business. All the big players - PVR, Carnival, INOX and Cinepolis -
are also betting big on small towns with malls. Ajay Bijli, chairman and
managing director of PVR, speaks with Arunima Mishra about how PVR Cinemas, the
largest chain of multiplexes in India with 462 screens, plans to maintain its
leadership position. Excerpts:</span></i><span style="color: #3d4239; font-family: "georgia" , "serif";"><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<b><span style="color: #3d4239; font-family: "georgia" , "serif";">Q. Besides
having the first-mover advantage, what else would you attribute to PVR's
leadership?</span></b><span style="color: #3d4239; font-family: "georgia" , "serif";"><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<b><span style="color: #3d4239; font-family: "georgia" , "serif";">A.</span></b><span style="color: #3d4239; font-family: "georgia" , "serif";"> My father had a
trucking company first and he struggled in the trucking business. My father
used to be in arbitration. In one of the arbitrations, the settlements were
such he couldn't find a way to settle it but told the multiple owners of Priya:
"If you guys are fighting amongst each other, let me just buy it". I
was interested in cinemas and I thought I could look at the single-screen
cinema at Priya [in south Delhi]. I used to play Hollywood films there first as
that catchment was attuned to that. Most cinemas at that time looked drab; the
designs were not very exciting. I started asking whether the cinemas could look
exciting as people watch movies and what could we do to make the space outside
the cinema hall - toilets, concessionaire and gangways - exciting and vibrant,
so that people should feel that they can't get the experience at home.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">I did not know
that the habit of watching movies will one day turn into a business. Because
the family had a property, because I was unsettled a little bit in the trucking
business and said "Can I do something to Priya rather than run the
trucking business?" And the single screen did so well that it encouraged
me to get into multiplexes. As Priya was doing so well, I did not want to break
something that is doing really well.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">And, quality
must result in good revenue, EBIDTA margins, profitability - only then you are
also respected among shareholders. Happy customers lead to happy shareholders -
that's our philosophy.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<b><span style="color: #3d4239; font-family: "georgia" , "serif";">Q. Now
everyone wants to be in the race to be the big player, if not by building
cinemas then by acquiring them. How's PVR reacting to it?</span></b><span style="color: #3d4239; font-family: "georgia" , "serif";"><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<b><span style="color: #3d4239; font-family: "georgia" , "serif";">A.</span></b><span style="color: #3d4239; font-family: "georgia" , "serif";"> The number of screens
is not the only parameter to measure leadership, which we already have the
highest now [462 screens]. I'm driven by a qualitative approach because we have
investors and shareholders. Rather than just saying leadership, scale is very
important. Then only you get the economies that improve your margins. Whether
it's negotiating with producers and distributors for the film, if one has the
scale, one gets better deals. This will ultimately improve one's bottom line.
And, of course, who doesn't like leadership. It does come with a
responsibility. I'm not complaining about it... You just can never rest on your
laurels; you can never take your position for granted.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">We will be
opening organically about 100 screens a year, there's a certain pace at which
malls are developing, cinema screens are coming up. There are a lot of players
who are fighting for it. There's INOX, Cinepolis, who are also trying to get
those screens. But, currently, we are sure that most mall developers prefer PVR
as an anchor tenant over anybody else. Hopefully, we will be in the leadership
position.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">Carnival is a
new player. They are growing more inorganically than organically. They have
taken the acquisition route. Again, we should not underestimate anyone.<br />
<b><br />
Q. How profitable has the Cinemax story been? Any takeaways? What's next
besides Sathyam?</b><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<b><span style="color: #3d4239; font-family: "georgia" , "serif";">A. </span></b><span style="color: #3d4239; font-family: "georgia" , "serif";">It's about scale, focus,
core competence and core business. Everybody has got a reason to be in the
business; and a reason to get out of the business. The acquisition is
co-incidental. I never imagined that so many acquisitions will happen in one
go. Everybody who has exited, it appears that it was not their core business.
Kanakias are the ones from whom we bought Cinemax; their core business was real
estate and at some point of time they realised it was time to exit. Somebody
gets good valuation, they exit. Or if someone has got more passion to follow
something else, they exit.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">We are open to
acquire any of the other leaders if they are also open. We are completely
growth driven; if it [a deal] is at the right price, a right fit, then why not?<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">The largest
companies in the world are much larger than what we are. Regal Cinema, the
largest in the world, is 7,000 screens; there's AMC in China with 5,000
screens. In a country like India, which is grossly under-screened and there is
plenty of potential to open more screens, we will be open to acquisitions at
the right price. We are, however, not open to acquiring single screens because
I feel the world has moved on.<br />
<b><br />
Q. How is PVR looking at building its brand recall in the markets it's
entering? Also, does a movie-goer choose a cinema over another for the brand
value or it's the pricing and content?</b><o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<b><span style="color: #3d4239; font-family: "georgia" , "serif";">A.</span></b><span style="color: #3d4239; font-family: "georgia" , "serif";"> It's evident from the
five to six films that release every week, people want to have variety under
one roof. The debate about single screens and multiplexes is long over now.
Single screens are 1,000 plus seats, which are difficult to fill up and they
don't have the infrastructure of car parking. Few single screens have a similar
experience like multiplexes. Consumers want to have a variety of things. They
want to eat, relax etc.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">To talk about
smaller towns - in Bhopal we have opened just now, and in a mall in Jalandhar
also. Even in smaller towns - Raipur, Bilaspur, Ranchi, Bokaro - malls are the
shopping and entertainment destinations. We would rather be there than anywhere
else. Our strategy is to be there in malls.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 0.0001pt;">
<span style="color: #3d4239; font-family: "georgia" , "serif";">As far as a
moviegoer is concerned, it's difficult to articulate. Beyond a point, the
consumer is emotional about the brand... I'm not looking at attracting
consumers on the basis of wider seats, better technology... That's a table's
takeaway anyway. It has to be the overall package.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 16.5pt; margin-bottom: 0.0001pt;">
<br /></div>
</div></div></div></div></div></div></div></div></h1><h1 style="box-sizing: border-box; color: #154194; font-family: "Open Sans", sans-serif; font-size: x-large; font-weight: 300; line-height: 1.2; margin-bottom: 0.5rem; margin-top: 0px;"> The PVR-INOX Merger</h1><div><br /></div><div><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">On March 27, 2022, PVR Limited ("<span style="box-sizing: border-box; font-weight: bolder;">PVR</span>") announced that it proposes to merge with INOX Leisure Limited ("<span style="box-sizing: border-box; font-weight: bolder;">INOX</span>"). Pursuant to the merger, the shareholders of INOX will receive shares of PVR at the approved share exchange (swap) ratio (the "<span style="box-sizing: border-box; font-weight: bolder;">PVR-INOX Transaction</span>").</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">While existing screens of PVR and INOX are proposed to continue their present branding (<u style="box-sizing: border-box;">i.e.</u>, 'PVR' or 'INOX', respectively), new cinemas opened following the merger will be branded as 'PVR-INOX'. The PVR-INOX Transaction is expected to bring together two of India's largest cinema brands with a combined network of more than 1,500 screens.<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">1</sup></p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Ordinarily, a deal of this magnitude would require the prior approval of the Competition Commission of India ("<span style="box-sizing: border-box; font-weight: bolder;">CCI</span>"). In fact, PVR's acquisition of 39 screens from DT Cinemas (the "<span style="box-sizing: border-box; font-weight: bolder;">PVR-DT Transaction</span>") in 2016 also required the approval of the CCI.</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">However, owing to the decreased revenues of the parties (and the cinema industry generally) caused by the pandemic, the PVR-INOX Transaction has been able to benefit from a revenue based statutory exemption to CCI approval requirements.</p><h3 style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 15.84px; font-weight: 500; line-height: 1.2; margin-bottom: 0.5rem; margin-top: 0px;">Market Positions of PVR and INOX</h3><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">According to the press release issued by PVR, it currently operates 871 screens in 73 cities and INOX operates approximately 675 screens across 72 cities. The combined entity is headed to become the largest film exhibition company in India operating 1,546 screens across 109 cities.<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">2</sup></p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Based on publicly available information, the combined entity will have around 50 per cent multiplex screen market share and around 42 per cent box office collection market share.<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">3</sup></p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">The creation of such an entity, particularly given that its market shares will cross 50% on a nation-wide basis, could potentially have effects on competition in the markets where the parties are present.</p><h3 style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 15.84px; font-weight: 500; line-height: 1.2; margin-bottom: 0.5rem; margin-top: 0px;">Review of Transactions by the CCI</h3><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">The CCI was established under the Competition Act, 2002 ("<span style="box-sizing: border-box; font-weight: bolder;">Competition Act</span>") to prevent practices that have an appreciable adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets in India.</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Transactions involving enterprises which cross certain asset and turnover values (as prescribed under the Competition Act), are required to be notified to, and approved by the CCI prior to completion (unless any exemptions apply).</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Pursuant to an exemption notified by the Ministry of Corporate Affairs, transactions are exempt from the approval requirements under the Competition Act where: (a) the value of assets being acquired, taken control of, merged or amalgamated is not more than INR 350 crore in India; <u style="box-sizing: border-box;">or</u> (b) the turnover of the target (<u style="box-sizing: border-box;">i.e.</u>, the enterprise whose control, shares, voting rights or assets are being acquired) or the turnover attributable to the assets being acquired, taken control of, merged or amalgamated (as applicable), is not more than INR 1,000 crore in India (the "<span style="box-sizing: border-box; font-weight: bolder;">Target Based Exemption</span>").<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">4</sup> Recently, the applicability of the Target Based Exemption was extended to March 2027.<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">5</sup></p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Based on the financial statements for the year ended 2020-21, the revenue for PVR was INR 280 crore<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">6</sup>, and INOX was INR 106 crore<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">7</sup>. These revenue numbers are below the thresholds provided in the Target Based Exemption, and allow the PVR-INOX Transaction to be exempt from notification and approval requirements under the Competition Act.</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">As stated above, in 2016, the CCI reviewed the PVR-DT Transaction and found that it was likely to have an appreciable adverse effect on competition in India due to a large increase in market shares in certain locations such as Noida, Gurgaon, and South Delhi. Therefore, the CCI directed divestiture of 7 screens belonging to DT, along with other commitments to be undertaken by PVR, prior to the completion of PVR-DT Transaction.<sup style="box-sizing: border-box; font-size: 10.8px; line-height: 0; position: unset; top: -0.5em; z-index: -1;">8</sup></p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Given that the Competition Act does not grant the CCI powers to examine transactions that are exempt from approval requirements, the PVR-INOX Transaction is unlikely to be reviewed by the CCI.</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">However, the subsequent conduct of the combined entity could be examined under the provisions relating to (i) the abuse of dominance under Section 4 of the Competition Act (for example, by way of imposing unfair prices or conditions) or (ii) anti-competitive agreements under Section 3(4) of the Competition Act (including, for example, with respect to tie-in arrangements, exclusive agreements, etc.)</p><p style="box-sizing: border-box; color: #212529; font-family: "Open Sans", sans-serif; font-size: 14.4px; margin-bottom: 1rem; margin-top: 0px;">Accordingly, it appears that due to revenue losses owing to the pandemic, the PVR-INOX Transaction will escape the CCI's scrutiny, and could result in an asset heavy company that would otherwise have been subject to the CCI's view on whether divestitures are needed based on competition concerns.</p></div>
<h2 style="color: #333333; font-family: "pt serif"; font-size: 26px; line-height: 32px; margin-bottom: 0px; margin-top: 0px; padding-bottom: 20px;">
<u>Adani Ports Strengthens presence on the Eastern Coast</u></h2>
<h1 style="line-height: normal; margin: 12pt 0in 3pt;">
<div class="MsoNormal" style="line-height: 24px; margin-left: 0.25in; text-indent: -0.25in;">
<div class="MsoNormal">
<div style="margin-bottom: 20px; padding: 0px; text-indent: 0px;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 15pt;">
<div class="MsoNormal" style="margin-bottom: 0in;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 16.5pt; margin-bottom: 0.0001pt;">
<div dir="auto">
<div style="color: #47525e; font-family: "pt serif"; font-size: 22px; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<u><span style="font-size: small;"><strong></strong></span></u></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">Gautam Adani-led Adani Ports and Special Economic Zone Ltd (APSEZ) will buy a 75 per cent stake in Krishnapatnam Port Company Ltd, the entity that runs a private deep-water port at Krishnapatnam in Andhra Pradesh's Nellore district, for <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>13,500 crore.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">Business Line was the first to report on the deal in its edition dated August 19, 2019.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The deal is APSEZ's biggest acquisition yet in India's port sector in terms of value and size and helps it build scale in an industry that is dominated by the 12 state-owned ports.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The acquisition, finalised today, fits well with the Group's strategy to take-over stressed assets, said a person briefed on the deal.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The acquisition will give APSEZ, India's biggest private port operator, access to the country's largest waterfront area (for a port) of 12.5 kms and a transit storage area of 6,800 acres. The port started operations in 2008.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">Krishnapatnam, a port owned by the Andhra Pradesh government, was given to the Hyderabad-based CVR Group for development and operations on a 30-year contract beginning September 2004. The port contract can be extended up to 50 years (30+20 years).</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">Chinta Sasidhar, the managing director of Krishnapatnam Port Co Ltd and the youngest son of C Visweswara Rao, its chairman, will continue to hold the balance 25 per cent stake in the port operating company.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">Currently, the port has a draft of 18.5 metres, a depth that can accommodate full-loaded Capesize vessels of 200,000-tonne capacity.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The port, located 180 kilo metres north of Chennai, currently has a capacity to handle 92 million tonnes (mt) of cargo from 10 berths, including 67 mt of bulk cargo and 2 million twenty-foot equivalent units (TEUs) of containers which is equivalent to 25 mt.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The port handled 54.37 mt in FY 19 including 506,168 TEUs.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The port has applied for environment and coastal regulation zone (CRZ) clearances to expand capacity further.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">Krishnapatnam Port Company is 90.6 per cent owned by the CVR Group, which has interests in construction, ports, power, steel, information technology and exports.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">London-based private equity firm 3i Group Plc invested $161 million in the port operating company in February 2009 through its India Infrastructure Fund for a 26% stake. 3i's stake has since dropped to 9.4 per cent due to change in valuations and rupee depreciation.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The deal will give 3i an exit route for its investment over which it has been wrangling with the CVR Group for some time.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">This will be APSEZ's third acquisition on the eastern coast after the purchase of Dhamra port in 2014 and Kattupalli port in 2016.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The deal will also help APSEZ expedite the vision of handling 400 million tonnes (mt) of cargo by 2025 and expand its market share among India's ports.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">The proceeds will be used by the CVR Group to settle lenders' dues, a person briefed on the deal said.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">In FY19, APSEZ loaded a combined 207.7 mt of cargo, clocking a growth of 15 per cent over FY18. The standalone port business earned <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>8,897 crore in FY19 and a net profit of <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>4,006 crore.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">APSEZ's 10 strategically located ports and terminals — Mundra, Dahej, Kandla and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu — have the capacity to handle a combined 395 mt of cargo, accounting for 24 per cent of the country's total port capacity.</span></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal; line-height: 32px; margin-bottom: 10px;">
<span style="font-size: small;">APSEZ is also developing a container transhipment port at Vizhinjam in Kerala and a container terminal at Yangon in Myanmar.</span></div>
<div style="line-height: 32px; margin-bottom: 10px;">
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal;">
<span style="font-size: small;">Krishnapatnam is Adani's second acquisition in the port logistics space in less than a week after the purchase of Snowman Logistics Ltd for <span color="rgb(107 , 107 , 107)" face=""conv_lato-regular"">₹</span>296 crore on December 27</span></div>
<div style="color: #47525e; font-family: "pt serif";">
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span></div>
<span style="font-size: large;">WhiteHat Jr acquired by Byju</span><br />
<span style="font-size: small;"><span style="font-family: "faustina" ,; font-size: 20.002px; font-weight: normal;">Think and Learn which owns and operates education technology platform Byju’s — The Learning App — has acquired Mumbai-based </span>WhiteHat Jr<span style="font-family: "faustina" ,; font-size: 20.002px; font-weight: normal;"> in a $300 million all-cash transaction, according to an announcement late Wednesday evening.</span><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: faustina, sans-sarif; font-size: 20.002px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: faustina, sans-sarif; font-size: 20.002px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /><span style="font-family: "faustina" ,; font-size: 20.002px; font-weight: normal;">WhiteHat Jr, founded in 2018 by </span>Karan Bajaj<span style="font-family: "faustina" ,; font-size: 20.002px; font-weight: normal;">, the former CEO of Discovery Networks India, operates in the K-12 segment, teaching students to code and helping them build commercial-ready games, animations and apps, using the fundamentals of coding.</span></span><br />
<div dir="auto" style="font-weight: normal;">
<span style="font-family: "faustina" ,;"><span style="font-size: 20.002px;"><br /></span></span>
<div dir="auto">
<span style="font-family: "faustina" ,; font-size: 20.002px;">The startup has developed a proprietary coding curriculum, focused on product creation, and imparts lessons through live, interactive online classes. It claims to be clocking a revenue run rate of $150 million. DC Advisors acted as the exclusive financial advisors to the transaction.</span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: faustina, sans-sarif; font-size: 20.002px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span style="font-family: "faustina" ,; font-size: 20.002px;">According to an official statement released by Byju’s, it will make significant investments in WhiteHat Jr’s technology platform, product innovation while expanding the teacher base to cater to demand from new markets. Bajaj will continue to lead and scale this business in India and the US.</span><span style="font-family: "faustina" ,; font-size: 20.002px;"><br /></span></div>
<div dir="auto">
<span style="font-family: "faustina" ,; font-size: 20.002px;"><br /></span></div>
<div dir="auto">
<span style="font-family: "faustina" ,; font-size: 20.002px;">WhiteHat Jr is the leader in the live online coding space. Karan has proven his mettle as an exceptional founder and the credit goes to him and his team for creating coding programs that are loved by kids. Under his leadership the company has achieved phenomenal growth in India and the US in a short span of time," said </span><span style="font-size: small;">Byju Raveendran</span><span style="font-family: "faustina" ,; font-size: 20.002px;">, founder and chief executive of Byju's.</span><span style="font-family: "faustina" ,; font-size: 20.002px;"><br /></span></div>
<div dir="auto">
<span style="color: #222222; font-family: "faustina" ,; font-size: 20.002px;">The closure of the deal comes even as Byju's is reportedly in advanced stages of negotiations to acquire Doubtnut, a two-year-old learning app, for as much as $100-$150 million, in what is also expected to be an all-cash transaction.</span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #222222; font-family: faustina, sans-sarif; font-size: 20.002px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span style="color: #222222; font-family: "faustina" ,; font-size: 20.002px;">The purchase of WhiteHat Jr is also the largest acquisition, till date, by Byju's . It had previously acquired Osmo, a US-based learning platform, for which it paid $120 million, in January 2019. At the time, the deal was said to be part of the Bengaluru-based firm's plan to aggressively expand internationally. Before that, Byju's had acquired Math Adventures, TutorVista and Vidyarth.</span><br />
<br style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #222222; font-family: faustina, sans-sarif; font-size: 20.002px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" />
<span style="color: #222222; font-family: "faustina" ,; font-size: 20.002px;">The Bengaluru-based unicorn, which is valued between $10-$10.5 billion, has also been on a fundraising spree over the course of the current calendar year. Earlier this week, Bloomberg reported that DST Global, the investment firm led by Israeli-Russian billionaire Yuri Milner, was in advanced stages of investing an estimated $400 million into the company.</span><br />
<div class="yj6qo" style="color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small;">
</div>
</div>
</div>
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span></div>
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span></div>
</div>
<div style="color: #47525e; font-family: "pt serif";">
<span style="font-size: small;"><u>CORPORATE FINANCE MINI COURSE</u></span></div>
<span style="color: #47525e; font-family: "pt" serif; font-size: small;">https://youtu.be/5eGRi66iUfU</span><br />
<span style="color: #47525e; font-family: "pt" serif; font-size: small;"><a href="https://courses.corporatefinanceinstitute.com/courses/introduction-to-corporate-finance">https://courses.corporatefinanceinstitute.com/courses/introduction-to-corporate-finance</a></span><br />
<div class="separator" style="clear: both; color: #47525e; font-family: "pt serif"; font-weight: normal; text-align: center;">
<a href="https://1.bp.blogspot.com/-YxfZlr5RS1k/XwG3P_BjwgI/AAAAAAAANfQ/fK0wnQM-6mAdzEzNjD-9mh_2hw9j7F5WwCLcBGAsYHQ/s1600/Corporate%2BFinance.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="348" data-original-width="786" height="141" src="https://1.bp.blogspot.com/-YxfZlr5RS1k/XwG3P_BjwgI/AAAAAAAANfQ/fK0wnQM-6mAdzEzNjD-9mh_2hw9j7F5WwCLcBGAsYHQ/s320/Corporate%2BFinance.png" width="320" /></a></div>
<div style="color: #47525e; font-family: "pt serif"; font-weight: normal;">
<span style="font-size: small;"><br /></span></div>
<div style="color: #47525e; font-family: "pt serif";">
<div style="font-weight: normal;">
<b><u><span style="font-size: small;"></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="color: black; font-size: 12pt; line-height: 115%;"><u>TR Foods owner Orkla to acquire Eastern Condiments</u></span></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="color: black; font-size: 12pt; line-height: 115%;"><u><br /></u></span></div>
</div>
<div style="color: #47525e;">
<div class="separator" style="clear: both; font-family: "pt serif"; font-weight: normal; text-align: center;">
<a href="https://1.bp.blogspot.com/-ijSGkM1zcRo/X1NMP5VHA0I/AAAAAAAANtM/05oG10aTCiM0G5y51qcVJb2N1tcCU8TPQCLcBGAsYHQ/s1600/mtr%2Beastern.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="216" data-original-width="622" height="110" src="https://1.bp.blogspot.com/-ijSGkM1zcRo/X1NMP5VHA0I/AAAAAAAANtM/05oG10aTCiM0G5y51qcVJb2N1tcCU8TPQCLcBGAsYHQ/s320/mtr%2Beastern.png" width="320" /></a></div>
<span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "pt serif"; font-size: 12pt; font-weight: normal; line-height: 115%;">In a major development in
the food and beverages industry, Norwegian consumer conglomerate Orkla ASA that
also owns MTR Foods is set to acquire one of South India’s leading spice
makers, Eastern Condiments. Orkla will pick up 68 percent stake of Eastern Condiments,
and initiate a merger with MTR Foods.</span><span style="font-family: "pt serif"; font-size: 12pt; font-weight: normal; line-height: 115%;"> </span><br />
<div class="MsoNormal" style="font-family: "pt serif"; font-weight: normal;">
<span style="font-size: 12pt; line-height: 115%;"> </span><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-size: 12pt; line-height: 115%;">The transaction will </span><span style="font-size: 12pt; line-height: 115%;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: maroon; text-decoration-line: none;">see</span></span><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-size: 12pt; line-height: 115%;"><span style="word-spacing: 3px;"> MTR acquire 41.8 percent stake from the Meeran Family,
who are the promoters of Eastern. The balance of 26 percent will be picked up
from McCormick Spices which holds the stake. </span></span><span face=""Arial","sans-serif"" style="color: black; font-size: 12pt; line-height: 115%;">After the first leg of acquisition, an application to merge
Eastern with MTR will be submitted and the merged company will be owned by
Orkla ASA and the two brothers — Firoz and Navas Meeran, with a split stake of
90.1 and 9.99 percent respectively.</span></div>
<div class="MsoNormal" style="font-family: "pt serif"; font-weight: normal;">
<span face=""Arial","sans-serif"" style="color: black; font-size: 12pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="font-family: "pt serif"; font-weight: normal;">
<span face=""Arial","sans-serif"" style="color: black; font-size: 12pt; line-height: 115%;"><span style="font-size: 12pt; line-height: 115%;">Eastern Condiments was founded by Kothamangalam native
late ME Meeran in Adimali in 1983. The brand’s name can be traced back to the
Eastern Trading Company which Meeran founded in 1968. The company has grown
into one of India’s largest spice exporters</span><span style="font-size: 11pt; line-height: 115%;">.</span><span style="font-size: 12pt; line-height: 115%;">Apart
from spices, Eastern also sells Sambar podi, Adai Dosai mix, Upma mix, pickles
and other ready-to-eat food items. They have also diversified to other
unrelated fields like mattress manufacturing. They even dabbled in Education
and Wind Energy</span><span style="font-size: 11pt; line-height: 115%;">.</span><span style="font-size: 12pt; line-height: 115%;">The company also acquired
actor Mohanlal’s company — Mohanlal’s Taste Buds — in 2007. Three years later,
McCormick Spices acquired 26 percent stake in Eastern for Rs 162 crore from a
PE Fund and the Meeran Family. The same year, MTR had lost out in the race to
McCormick. According to a spokesperson from Avendus Capital, financial
advisors to Eastern and McCormick on the transaction, Eastern and MTR combined
have “significant synergy potential in terms of product portfolio and
geography.” The deal, according to the representative, “is a testament to the
strong interest in branded spices from large F and B players</span><span style="font-size: 11pt; line-height: 115%;">”</span><span style="font-size: 12pt; line-height: 115%;">.</span><span style="font-size: 11pt; line-height: 115%;"> </span><span style="font-size: 12pt; line-height: 115%;">Orkla
ASA which is headquartered in Oslo is a major supplier of branded consumer
goods in the Nordics, Baltics and a few markets in Central Europe and India</span></span></div><div class="MsoNormal" style="font-family: "pt serif"; font-weight: normal;"><span face=""Arial","sans-serif"" style="color: black; font-size: 12pt; line-height: 115%;"><span style="font-size: 12pt; line-height: 115%;"><br /></span></span></div><div class="MsoNormal" style="font-family: "pt serif";"><span face=""Arial","sans-serif"" style="color: black; line-height: 115%;"><span style="line-height: 115%;"><p class="MsoNormal" style="font-size: 12pt; font-weight: normal;"><b><u><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202122; font-size: 13pt; line-height: 115%;">M&M and</span></u></b><u><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202122; font-size: 13pt; line-height: 115%;"> <b>SsangYong</b><o:p></o:p></span></u></p>
<p class="MsoNormal" style="font-size: 12pt; font-weight: normal;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202122; font-size: 13pt; line-height: 115%;">In April 2010, the company
released a statement citing interest of three to four local and foreign
companies in acquiring SsangYong Motor Company.The companies were later
revealed to be </span><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 13pt; line-height: 115%;">Mahindra & Mahindra<span style="color: #202122;">, Ruia Group, SM Aluminum, Seoul Investments and
French-owned </span></span>Renault Samsung Motors<span style="color: #202122;"> of
South Korea.</span>In August 2010, Mahindra & Mahindra Limited was chosen
as the preferred bidder for SsangYong<o:p></o:p></p>
<p class="MsoNormal" style="font-size: 12pt; font-weight: normal;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202122; font-size: 13pt; line-height: 115%;">M&M intended to become
global SUV player with this acquisition. However a decade later M&M has
written off SsangYong Investment, in the results declared for the quarter ended
March 2020. In September 2020 it had informed that over 98% shareholders had
approved the company’s decision to transfer, dilution or cessation of
controlling stake in its Korean subsidiary after it failed to turn it around
even nearly a decade after acquisition.</span> On 21Dec 2020 SsangYong
filed for Bankruptcy.</p><p class="MsoNormal" style="font-weight: normal;"><u><span style="font-size: medium;">Byju acquisition of Aakash</span></u></p><div class="separator" style="clear: both; font-size: 12pt; text-align: center;"><a href="https://1.bp.blogspot.com/-QI2feqi_pSc/YAcTluuC6YI/AAAAAAAAOA0/jkcFp40IAL8jPEO1JnKQpvn_jOPiuFl0ACLcBGAsYHQ/s980/Byju.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="980" data-original-width="750" height="320" src="https://1.bp.blogspot.com/-QI2feqi_pSc/YAcTluuC6YI/AAAAAAAAOA0/jkcFp40IAL8jPEO1JnKQpvn_jOPiuFl0ACLcBGAsYHQ/s320/Byju.jpg" /></a></div><div class="MsoNormal" style="font-size: 12pt;"><span face=""Arial","sans-serif"" style="color: black; font-size: 12pt; line-height: 115%;"><span style="font-size: 12pt; line-height: 115%;"><br /></span></span></div><p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 26.8pt; margin-bottom: 0.0001pt;"><span style="color: #333333; font-family: newsreader, serif; font-size: 22pt;">Vertical Integration :Nextbillion to buyout Indiabulls
Mutual Fund for </span><span style="color: #333333; font-family: "Times New Roman", serif; font-size: 22pt;">175 cror</span><span style="color: #333333; font-family: newsreader, serif;"><span style="font-size: 22pt;">e</span><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 26.8pt; margin-bottom: 8.35pt;"><span face="Arial, sans-serif" style="color: #47525e; font-weight: normal;"><o:p><span style="font-size: small;"> </span></o:p></span><span face="Arial, sans-serif" style="color: #47525e; font-size: medium; font-weight: normal;">In May 2021, Nextbillion Technology Private had
entered into a deal with the fund house to buy out the entire stake for 175
crore.</span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 26.8pt; margin-bottom: 8.35pt;"><span face="Arial, sans-serif" style="color: #47525e; font-weight: normal;"><span style="font-size: small;">The proposed transaction will mark the entry of
Nextbillion Technology (Groww) in asset management space of managing mutual
fund schemes. Prior to this transaction, the acquirer did not own and manage
any asset management business.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 26.8pt; margin-bottom: 8.35pt;"><span face="Arial, sans-serif" style="color: #47525e; font-weight: normal;"><span style="font-size: small;">Existing Domain: Registered distributor<o:p></o:p></span></span></p>
<span face="Arial, sans-serif" style="color: #47525e; font-weight: normal; line-height: 115%;"><span style="font-size: small;">Nextbillion Technology is a stockbroker and
depository participant. It is also registered with Association of Mutual Funds
in India as a mutual funds distributor. It is engaged in providing an online
platform named Groww that allows investors to invest in mutual funds and
stocks.Indiabulls AMC is a subsidiary of Indiabulls Housing Finance.</span></span><br /><u style="font-size: 12pt;"><br /></u><p style="font-size: 12pt;"></p></span></span></div><div class="MsoNormal"><span face=""Arial","sans-serif"" style="color: black; line-height: 115%;"><span style="line-height: 115%;"><span style="font-size: 12pt;"><p class="MsoNormal" style="font-family: "pt serif"; line-height: normal; margin-bottom: 0cm; text-decoration-line: underline; vertical-align: baseline;"><b><u><span style="color: #727272; font-family: Montserrat; font-size: 10.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN; mso-font-kerning: 0pt; mso-ligatures: none;">Reliance-Disney Deal may face antitrust review<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: left; vertical-align: baseline;"><span style="color: #727272; font-size: 10.5pt; font-weight: normal;"><span style="font-family: arial;"> A merger between Walt Disney's
India division and Mukesh Ambani's media enterprise could form a strong
entertainment giant in India. However, legal experts suggest the merger might
face intense antitrust scrutiny. The merger could require shedding assets.
Disney and Reliance, both with significant streaming services and a total of
120 TV channels, are reportedly considering a merger where Ambani's group would
probably hold the majority stake.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="text-align: left;"><span style="font-size: 9pt; font-weight: normal;"><span style="font-family: arial;">A merger of Walt Disney's
India unit and billionaire Mukesh Ambani's media business would create an
entertainment powerhouse in India, but lawyers say any deal would draw intense
antitrust scrutiny and assets would likely need to be shed.</span></span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: left;"><span style="font-family: arial; font-weight: normal;"><span style="font-size: 9pt;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Disney and India's Reliance, which each have a
major streaming service as well as 120 TV channels between them, are looking at
merging into an entity in which Ambani's group would likely have a majority
stake, sources said this week.</span></span><span style="font-size: 12pt;"><o:p></o:p></span></span></p>
<p class="MsoNormal" style="text-align: left;"><span style="font-family: arial; font-size: 9pt; font-weight: normal;">If a deal was struck, it would be the second to
seismically reshape India's TV and streaming landscape as Japan's Sony also
plans to merge its India business with India's Zee Entertainment.</span></p><p><span style="font-weight: normal;"><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">One key area of regulatory scrutiny for a
Disney-Reliance merger would be their streaming businesses and their power over
advertising during cricket - a sport that commands fanatical devotion in India.</span></span></span><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><br /></span></span><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Disney Hotstar, India's biggest streaming app
with 38 million users, owns the rights for International Cricket Council's
matches in India until 2027, while Reliance's growing JioCinema app has the
rights for popular cricket league IPL.</span></span></span><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><br /></span></span><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">The CCI would be worried that the "combined
entity, due to its strong market presence in streaming can command their own
rates and advertisers will be left without bargaining power," said Vaibhav
Choukse, head of competition law at Indian law firm JSA.</span></span></span><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><br /></span></span><span style="font-family: arial;"><span style="font-size: 9pt;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">While divesting certain channels would be an
option to assuage CCI's concerns, the merged entity could also offer commitments to not raise ad rates for a certain period, according to Gautam
Shahi of Dua Associates.</span></span></span><span style="font-family: arial;"><span style="font-size: 9pt;"><br /></span></span></span></p><span style="font-family: arial; font-weight: normal;"><span style="font-size: 9pt; line-height: 107%;">
<!--[if !supportLineBreakNewLine]-->
<!--[endif]--></span><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></span><p></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: left;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 9pt; font-weight: normal;"><span style="font-family: arial;">The Zee-Sony plan cleared a
review by the Competition Commission of India (CCI) last year and could close
in the coming weeks. The two companies have said they will divest three of
Zee's Hindi TV channels as part of their agreement for regulatory acceptance.<o:p></o:p></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: left;"><span style="font-family: arial; font-weight: normal;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 9pt;"><o:p> </o:p></span><span style="font-size: 9pt;">This deal may get closer scrutiny because of the
increased concentration of market power post the Zee-Sony merger. That makes
their path to CCI approval more challenging," said Avimukt Dar, founding
partner at India's IndusLaw.</span></span></p><p class="MsoNormal" style="text-align: left;"><span style="font-weight: normal;"><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Disney declined to comment. Reliance, its
broadcast unit Viacom18 and the CCI did not respond to Reuters queries.</span><br /></span></span><span style="font-family: arial;"><span style="font-size: 9pt; line-height: 107%;">
<!--[if !supportLineBreakNewLine]-->
<!--[endif]--></span><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: left;"><span style="font-weight: normal;"><span style="font-family: arial;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 9pt;">"If the market shares
of the parties exceed 40-50% in any market, CCI is likely to conduct a detailed
investigation," said Choukse.</span><span style="font-size: 9pt;"><br /></span></span><span style="font-family: arial;"><span style="font-size: 9pt;">
<!--[if !supportLineBreakNewLine]-->
<!--[endif]--></span><span style="font-size: 12pt;"><o:p></o:p></span></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm; text-align: left;"><span style="font-family: arial; font-weight: normal;"><span style="font-size: 9pt;">Reuters</span><span style="font-size: 12pt;"> Dec 16, 2023</span></span><span style="font-family: Montserrat; font-size: 9pt;"><br /></span></p></span></span></span></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</h1>
<div class="MsoNormal" style="font-family: "times new roman"; font-size: medium; line-height: normal;">
<div style="margin: 0px;">
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-44980361581060935372022-03-18T19:43:00.000-07:002022-08-21T01:22:09.467-07:00 Minimum Alternate Tax (MAT), Dividend Distribution Tax (DDT), Buy Back Tax - applicable to assesses who are Corporates<div dir="ltr" style="text-align: left;" trbidi="on">
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 663px;">
<colgroup><col style="mso-width-alt: 19273; mso-width-source: userset; width: 395pt;" width="527"></col>
<col style="mso-width-alt: 4973; mso-width-source: userset; width: 102pt;" width="136"></col>
</colgroup><tbody>
<tr height="30" style="height: 22.5pt; mso-height-source: userset;">
<td class="xl63" height="30" style="height: 22.5pt; width: 395pt;" width="527"><br /></td>
<td class="xl64" style="width: 102pt;" width="136">Amount</td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">Computation of Minimum Alternate Tax (MAT) for AY 2016 and after</td>
<td class="xl66" style="border-left: none; border-top: none;"></td>
</tr>
<tr height="24" style="height: 18pt;">
<td class="xl67" height="24" style="height: 18pt;"><b>Net profit as per Profit and
Loss account (A)</b></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;"></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl69" height="21" style="height: 15.75pt;"><b>Add: Positive adjustments</b></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">1) Income-tax and provision
thereof</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">2) Reserve created during the
year</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">3) Provisions for
unascertained liabilities</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">4) Provision for losses of
subsidiary companies</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">5) Dividend paid or proposed</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">6) Expenditure to earn income
exempt under Sec. 10, 11 and 12</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">7) Depreciation (including
the depreciation on revalued amount)</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">8) Deferred tax liability
created during the year</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">9) Provision for diminution
in the value of any asset</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="41" style="height: 30.75pt;">
<td class="xl70" height="41" style="height: 30.75pt; width: 395pt;" width="527">10)
Revaluation reserve relating to revalued asset on retirement or disposal of
such asset</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl69" height="21" style="height: 15.75pt;"><br />
<b>Total positive adjustments
(B)</b></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;"></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl69" height="21" style="height: 15.75pt;"><b>Less: Negative adjustments</b></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">1) Amount withdrawn from any
reserve or provision</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">2) Income exempt under Sec.
10, 11 and 12</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">3) Depreciation (excluding
depreciation on revalued amount)</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">4) Lower of brought forward
book losses or book depreciation</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">5) Profits of sick industrial
company (if losses doesn't exceed net worth)</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">6) Deferred tax assets
created during the year</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="61" style="height: 45.75pt;">
<td class="xl70" height="61" style="height: 45.75pt; width: 395pt;" width="527">7)
Amount withdrawn from revaluation reserve and credited to the P&L
account, to the extent it does not exceed amount of depreciation on account
of revaluation of assets as referred above.</td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl69" height="21" style="height: 15.75pt;"><b>Total negative adjustments
(C)</b></td>
<td class="xl71" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl72" height="21" style="height: 15.75pt;"></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="24" style="height: 18pt;">
<td class="xl73" height="24" style="height: 18pt;"><b>Book profits for purpose of
MAT (A + B - C)</b></td>
<td class="xl74" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;"></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="24" style="height: 18pt;">
<td class="xl73" height="24" style="height: 18pt;">Minimum Alternative Tax</td>
<td class="xl75" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">Add: Surcharge</td>
<td class="xl76" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">Add: Education Cess</td>
<td class="xl76" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;">Add: Secondary and Higher
Education Cess</td>
<td class="xl77" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl69" height="21" style="height: 15.75pt;">Total tax payable as per MAT</td>
<td class="xl76" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl72" height="21" style="height: 15.75pt;"></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="41" style="height: 30.75pt;">
<td class="xl78" height="41" style="height: 30.75pt; width: 395pt;" width="527"><b>Tax
payable as per normal provisions (including surcharge and cess)</b></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;"><b><span class="font6">Less:</span><span class="font5"> MAT Credit</span></b></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="21" style="height: 15.75pt;">
<td class="xl65" height="21" style="height: 15.75pt;"></td>
<td class="xl68" style="border-left: none;"></td>
</tr>
<tr height="25" style="height: 18.75pt;">
<td class="xl79" height="25" style="height: 18.75pt;"><b>Final tax payable during the
year</b><br />
<b><br /></b>
<b><br /></b>
<b><br /></b>
<u>Salient Features</u><br />
<b><br /></b>
<b><br /></b>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">This provision is applicable only to a company.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">This section overrides other provisions of Income Tax Act.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Section 115JB (5): Starts with wording “Save as otherwise provided in this section”, hence all other provisions of this Act shall apply to book profit. i.e. Advance tax, TDS, Interest, surcharge etc.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Section 115JB is not applicable to a foreign company which is not having Permanent Establishment in India.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">When applicable: Tax payable under the normal tax provision (as per books of accounts) is less than 18.50%+SC+EC+SHEC of book profit.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Book profit refers to Net profit as per Schedule VI of the companies Act, which is carried to balance sheet and shown in shareholders fund. Here the term net profit read as profit and loss appropriation a/c balance appear below the line.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Heads of income classification is only for tax payable under the normal tax provision. From Schedule VI perspective, such classification does not exist. The principle of accrual concept is applied. Income of the year matched with expenses of the year and all the revenue of the entity should be booked in profit and loss account.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Section 115JAA: The excess of tax paid, over and above normal tax, will be allowed as tax credit and permitted to be carried forward for ten assessment years succeeding the AY in which the credit become <span style="mso-spacerun: yes;"> </span>allowable. The excess of tax paid referred above shall be known as MAT credit.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">MAT credit adjustment can take place when normal tax is more than MAT, provided adequate MAT credit is available.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Conversion of net profit into book profit is made by adjustments as permitted under law.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">MAT is applicable only in the year, in which book profits exist. So, MAT is not applicable when a company reports loss.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Section 211(2) of the Companies Act, 1956: Certain companies like Insurance companies, Banking companies, Electricity companies etc., are allowed to prepare their profit and loss account in accordance with the form specified in or under the Act governing such class of companies. Hence an option is available to prepare its profit and loss accounts either in accordance with the provisions of Schedule VI of the Companies Act, 1956 (or) in accordance with the provisions of the Act governing such company.<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
<span style="font-family: "symbol"; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font-size-adjust: none; font-stretch: normal; font: 7pt "Times New Roman";"> </span></span></span><span style="font-family: "calibri";">Any income accruing or arising to a company from life insurance business would not be subject to MAT provision. {(Retrospective w.e.f. 2000-01)(Fin. Act, 2012)}<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-indent: -18pt;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-sSDWI8zCaSg/VtCKf6wmj2I/AAAAAAAACHs/PAPunRf7ODo/s1600/MAT%2Btax.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-sSDWI8zCaSg/VtCKf6wmj2I/AAAAAAAACHs/PAPunRf7ODo/s320/MAT%2Btax.jpg" width="320" /></a></div>
<br />
<div style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; margin: 0px; orphans: auto; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<br /></div>
</td>
<td class="xl80" style="border-left: none;"></td>
</tr>
</tbody></table>
<br />
<br />
<div style="text-align: center;">
<b><u>Various Issues in MAT</u></b></div>
<div style="text-align: center;">
<br /></div>
<br />
There are many issues related to Section 1 15JB, which have been the matter of contention between the assessees and the Department. Some of these issues have been settled by way of amendment in the Act or by way of judgements of the Hon’ble Supreme Court; however, some of these issues are still controversial.<br />
<br />
Both type of issues are discussed here under<br />
<br />
1. The amount of deferred tax and the provision therefor:Earlier deferred tax was not added back by the assessees while computing book profit on the plea that this is not an income-tax as mentioned in clause (a) in Explanation-1. Clause (h) was inserted in the Explanation to remove this difficulty. Now, if deferred tax or any provision on this account is debited in P&L account, then it has to be added back as per clause (h) of Explanation-1. This amendment was made by the FINANCE Act, 2008 and it has been made effective from A.Y. 200 1-02 onwards.<br />
<br />
2. The provision for doubtful debts:Majority of the A.Os. were adding this item while computing book profit under clause(c) of Explanation-1. Clause (c) refers to the amount set-aside for liabilities, other than ascertained liabilities. The Hon’ble Supreme Court in the case of CIT v/s HCL Comnet Systems & Services Ltd., 174 Taxman 118 has held that provision for doubtful debts is not a liability. The provision for doubtful debt is a provision made for likelihood of ir-recoverability of any money advanced by the assessee. Hence, by no stretch of imagination it can be termed as liability.<br />
The Act has now been amended and clause (i) has been inserted in Explanation-1 by FINANCE Act, 2009 w.r.e.f. 01/04/2001. As per clause (i), the amount or amounts set-aside as provision for diminution in the value of any asset has to be added back in net profits, if this amount was debited to P&L account.<br />
Thus, now provision for doubtful debts should be added under clause (i) of Explanation-1.<br />
<br />
3. Scope of the term ‘Income-tax’:<br />
As per clause (a) the amount of Income-tax paid or payable and the provision therefor is to be added back while computing book profit, if the same is debited in the P&L account. Whether tax on distributed profits or surcharge on Income-tax is covered in clause (a) was a matter of dispute between the assessees and the Department. This dispute has been settled by way of insertion of Explanation-2 in Section 1 15JB of the Act. Explanation-2 has been inserted by the FINANCE Act, 2008 w.r.e.f. 01/04/2001. As per this explanation, dividend distribution tax, surcharge, education cess and secondary and higher education cess is included in the definition of Income-tax for the purposes of clause (a).<br />
A peculiar situation arises sometimes when it is observed that the companies make provision for taxation to be paid by their foreign branches under tax laws of those countries. The question arises that such tax payable in foreign countries is to be added back or not while computing book profits. The AAR in the case of Bank of India, In re AAR No.732 of 2006 has held that such provision is required to be added back to book profits, because ‘income-tax’ in clause (a) does not mean only income-tax payable in India..<br />
<br />
4. Applicability of the provisions of Advance tax:It has been clarified by Circular No.13/2001 dated 09/11/2001 that provisions of advance tax are also applicable on the companies paying MAT and interest under Section 234B & 234C is leviable in case of default by these companies. This view has been affirmed by the Honb’le Supreme Court in the case of JCIT vs. Rolta India Ltd. reported in 196 Taxman 594.<br />
<br />
5. Tax credit under Section 115JAA and calculation of interest under Section 234B:The controversy in this regard has been settled in favour of the assessee by way of substitution of explanation to sub-section(1) of Section 234B of the Act. The tax credit under Section 1 15JA has to be given before calculating the shortage in respect of payment for advance tax. This explanation was substituted by the FINANCE Act, 2006 and is applicable from A.Y. 2007-08 onwards.<br />
<br />
6. Depreciation on account of revaluation of assets:Earlier there was a dispute whether higher amount of depreciation on re-valued assets can be allowed while computing book profit. The dispute has been settled now by way of amendment in the Act. The depreciation on account of revaluation of assets cannot be reduced while calculating book profit and this can be understood from combined reading of clause (g) and clause (iia) of Explanation-1. The amount of depreciation is to be added back to the net profits, if debited to P&L account as per provisions of clause (g) of Explanation-1. As per the provisions of clause (iia), the amount of depreciation debited to the P&L account (excluding the depreciation on account of revaluation of assets) is to be reduced from the net profits. The net effect is that depreciation on account of revaluation of assets is not to be reduced for the purpose of computation of book profit. Clause (g) and clause (iia) were inserted in the Act by the FINANCE Act, 2006 and are applicable for A.Y. 2007-08 onwards.<br />
However, it has to be noted that if any amount is withdrawn from revaluation reserve and credited to P&L account, the amount to the extent of depreciation on account of revaluation of assets would be reduced while computing the book profit as per the provisions of clause (iib) of explanation-1.<br />
<br />
7. Amount withdrawn from any reserve:<br />
As per clause (i) of Explanation-1 to Section 11 5JB of the Act, the amount withdrawn from any reserve or provision and credited to the P&L account is to be reduced while computing book profits only if the book profit was increased by amount of reserve in the year in which the reserve was created.<br />
Therefore, the A.O. should examine the P&L account of the year in which the reserved was created. The P&L account of the assessee company should be effectively credited by the amount of reserve in the year of creation and it should not be merely an adjustment contra entry. The Hon’ble Supreme Court in a very well reasoned and speaking judgement in the case of Indo Rama Synthetics (I) Ltd. vs. CIT, 196 Taxman 535 has discussed this provision at length. This judgement should be read by every A.O. in order to clarify concepts regarding reserves and credits in P&L account.<br />
It is to be further noted that amount transferred to every kind of reserve is to be added to net profit to determine book profit. Therefore, if any amount is transferred to reserve account under Section 36(1)(viii), 80IA(6), 10A(1A) or 10AA of the Act; though it is allowed as a deduction while computing the total income under normal provision, it should be added back to compute book profits, if debited to P&L account.<br />
<br />
8. Carry forward of unabsorbed depreciation and business losses:<br />
Taxation on the basis of book profits does not affect the carry forward and set off of business losses and unabsorbed depreciation under the normal provisions of the Act. This has been amply clarified in sub-section (3) of Section 115JB of the Act. Carry forward of losses for the purposes of book profits and carry forward of the losses for the purposes of normal provisions of the Act are two parallel streams and each stream is unaffected and untouched by the other stream. It is to be further observed that carry forward of losses and unabsorbed depreciation under the normal provisions of the Act will be computed as per the provisions of Income-tax Act. On the other hand the carry forward of business losses and unabsorbed depreciation for the purposes of book profits will be as per the books of account of the assessee company.<br />
The hon’ble Supreme Court in the case of Karnataka Small Scale Industries Development Corporation vs. CIT, 258 ITR 770 has held that the brought forward business losses, unabsorbed depreciation or investment allowance etc determined as per the normal provisions of the Act should be set-off against the total income as per the normal provisions and only balance amount should be carried forward, even if when the tax has been determined and paid on the basis of book profits and not on the basis of total income as per the normal provisions.<br />
The AAR in the case of Rashtrya Ispat Nigam Ltd., In re reported in 155 Taxman 60 has ruled that the applicant does not have the option to reduce the current year’s profits by the loss brought forward or unabsorbed depreciation for the purpose of carry forward under Section 115JB in its accounts in a manner different from the manner adopted for determination of book profits under Section 1 15JB of the Act.<br />
In the above case, the applicant had correctly applied the provisions of Section 115 JB in the current year by reducing brought forward business losses , but while carrying forward it had adjusted the book profit from unabsorbed depreciation. This was done in order to ensure that figure of carried forward business losses does not become nil in near future. The applicant pleaded that it has right to set-off income as per its option in its books of account and it is not bound by the manner of computation specified in Section 1 15JB for carry forward of business losses and unabsorbed depreciation.<br />
The AAR did not accept the contentions of the assessee. Although the ruling of AAR is only applicable for a specific case under consideration, but it has a persuasive value. Further, the reasoning given in the ruling is very sound. Therefore, the A.O. should carefully scrutinise the manner of computation of carry forward of losses and unabsorbed depreciation in earlier years, while computing book profit. The correct manner has also been explained in Circular No.495, dated 22/09/1987.<br />
<br />
9. The amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account:<br />
As per clause (iii) of Explanation-1 of Section 11 5JB of the Act, the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account has to be reduced for the purpose of computation of book profit. The controversy regarding whether loss shall include depreciation or whether provisions of clause (iii) will apply in case if any of these amounts is nil has been put to rest by insertion of explanation in clause (iii) itself. It has been clarified that the business loss shall not include depreciation loss and should be calculated after reducing deprecation amount. It has been further clarified that the provisions of this clause shall not apply if the amount of loss brought forward or unabsorbed depreciation is nil.<br />
However, one more debatable issue whether accumulated figures of unabsorbed depreciation/brought forward loss is to be taken into account and lesser of these two is to be reduced or whether unabsorbed deprecation/brought forward loss is to be reckoned on year to year basis has not been resolved. The view of the Department is that the quantification should be done on year to year basis.<br />
<br />
The view of the assessee is that the quantification should be done on the accumulated amount. This can be understood from the following table –<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>Depreciation as per books<span class="Apple-tab-span" style="white-space: pre;"> </span>Loss as per<br />
books excluding<br />
depreciation<span class="Apple-tab-span" style="white-space: pre;"> </span>Total (Rs.)<br />
A.Y. 1999-2000<span class="Apple-tab-span" style="white-space: pre;"> </span>42,25,696/-<span class="Apple-tab-span" style="white-space: pre;"> </span>94,88,756/-<span class="Apple-tab-span" style="white-space: pre;"> </span>1,37,14,352/-<br />
A.Y. 2000-2001<span class="Apple-tab-span" style="white-space: pre;"> </span>44,42,777/-<span class="Apple-tab-span" style="white-space: pre;"> </span>1,30,33,168/-<span class="Apple-tab-span" style="white-space: pre;"> </span>1,74,76,945/-<br />
A.Y. 2001-2002<span class="Apple-tab-span" style="white-space: pre;"> </span>44,53,565/-<span class="Apple-tab-span" style="white-space: pre;"> </span>(7,30,402)<span class="Apple-tab-span" style="white-space: pre;"> </span>37,23,163/-<br />
A.Y. 2002-2003<span class="Apple-tab-span" style="white-space: pre;"> </span>19,93,456/-<span class="Apple-tab-span" style="white-space: pre;"> </span>22,84,195/-<span class="Apple-tab-span" style="white-space: pre;"> </span>42,77,650/-<br />
<span class="Apple-tab-span" style="white-space: pre;"> </span>1,51,15,393/-<span class="Apple-tab-span" style="white-space: pre;"> </span>2,40,75,717/-<span class="Apple-tab-span" style="white-space: pre;"> </span>3,91,91,110/-<br />
In the above case, the assessee had reduced Rs. 1,51,15,393 while computing book profit as per clause (iii). However, the A.O. allowed reduction of only Rs.1,06,61,828. The A.O. took the correct plea that since there was no loss in AY 2001-02, therefore, no amount was available for set-off as per clause (iii) in this year.<br />
Although the ITAT in the case of Amline Textiles (P) Ltd v/s ITO, 27 SOT, 152 did not accept the plea of the Department and allowed the appeal of the assessee; however with due respect to ITAT, the view taken by it in the above case is not the correct proposition of law and reasoning given in the Order is flawed. Therefore, The A.O. should allow the reduction on year to year basis in the correct spirit of law and not on the consolidated amount.<br />
<br />
10. Treatment of capital gains:<br />
There may be instances where the surplus arising out of transfer of capital assets is taken directly by the assessee company to the reserves and said transaction is not routed through the P&L account. The assessee may take plea that since this transaction is not routed through the P&L account, therefore, the A.O. cannot make any adjustment in view of the judgement of the Hon’ble Supreme Court in the case of Apollo Tyres Ltd. vs. CIT.<br />
The Hon’ble Bombay High Court in the case of CIT vs. Veekaylal Investment Co. (P) Ltd., 116 Taxman 104 has held that capital gains would be part of computation of book profits. It has been held by the Hon’ble high Court that under clause (2) of part-II of Schedule VI to the Companies Act where a company receives the amount on account of surrender of leasehold rights, the company is bound to disclose in the P&L account the said amount as non recurring transaction or a transaction of an exceptional nature irrespective of its being capital or revenue in nature. It would be inappropriate to directly transfer such amount to capital reserve. Such receipts are also covered by clause 2 (b) of Part-II of Schedule VI of the Companies Act which, inter-alia, states that P&L account shall disclose every material feature including credits or receipts and debits or expenses in respect of non recurring transactions or transactions of exceptional nature. The Hon’ble High Court further held that capital gains would certainly be one of the various items whose information is required to be given to the share holders under clause 3 (xii) (b). The Hon’ble High Court overruled the order of the Calcutta Special Bench of ITAT in the case of Sutlej Cotton Mills Ltd. vs. Asst. CIT, 199 ITR 164 in this case.<br />
It is to be kept in mind by the A.O.s that even if the long term capital gains is nil because of any exemption like exemption under Section 54E of the Act as per the normal provisions of the Act, then also long term capital gains is to be included while computing book profits.<br />
<br />
11. Scope of scrutiny of P&L account by the A.O. while applying MAT provisions:<br />
The Hon’ble Supreme Court in the landmark judgement of Apollo Tyres Ltd. vs. CIT, 122 Taxman 562 has held that the A.O. while computing the income under Section 1 15J has only the power of examining whether the books of account are certified by the authorities under the Companies Act as having been properly maintained in accordance with the Companies Act. The A.O. thereafter has limited power of making additions and reductions as provided for in the Explanation to the said section. To put it differently, the A.O. does not have the jurisdiction to go behind the net profit shown in the P&L account except to the extent provided in the Explanation to Section 115J.<br />
In the case of Malayala Manorama Co. Ltd., the A.O. observed that the depreciation debited in the P&L account as per the IT Rules was not admissible and the company should have debited depreciation as per the provisions of the Companies Act. The case travelled upto the Supreme Court. Following the judgement in the case of Apollo Tyres, the Hon’ble Supreme Court did not accept the argument of the Revenue that the A.O. can re-scrutinize the account and satisfy himself that these accounts are prepared as per the provisions of the Companies Act.<br />
Fortunately, Hon’ble Supreme Court in the case of Dynamic Orthopaedics (P) Ltd. vs. CIT reported in 190 Taxman 288 has differed from the above judgement delivered in the case of Malayala Manorama Co. Ltd. vs. CIT 169 Taxman 471 and referred the matter to a larger Bench of the Court.<br />
Therefore, issue of scrutiny of P&L account prepared by the Company is still wide open and it is expected that the issue will be decided by a larger Bench of the Supreme Court.<br />
<br />
12. Applicability of MAT provisions on statutory corporations and boards etc.:<br />
Sometimes it is observed that some corporation or boards are governed by specific Acts and they are created by such Acts. In the Income-tax proceedings, their status is Company. However, they are not required to prepare their P&L account and balance sheet as per the provisions of the Companies Act and they are required to prepare their P&L account as per their governing Acts. In the case of Kerala State Electricity Board vs. DCIT reported in 196 Taxman 1, the Hon’ble Kerala High Court observed that MAT provisions are not applicable on Kerala State Electricity Board since it is required to prepare its P&L account as per Electricity Act and not as per the Companies Act.<br />
If any corporation/board is not required to prepare its P&L account as per the Companies Act, then it will be very difficult to put forth the Revenue’s case for applicability of MAT provisions. However, this difficulty has been removed in the case of certain companies by way of insertion of clause(b) in sub-section (2) in Section 115JB by the Finance Act, 2012. It has been been mandated in this clause that every company , to which proviso to sub-section (2) of Section 211 of the Companies Act is applicable, shall prepare its P&L account as per the Act governing such company for the purposes of Section 115 JB.<br />
The following companies have been mentioned in proviso to sub-section (2) of Section 211 of the Companies Act<br />
(i) Insurance or banking company.<br />
(ii) Any company engaged in the generation or supply of electricity.<br />
(iii) Any other class of company for which a form of P&L account has been specified in or under the Act governing such class of company.<br />
<br />
<br />
13. Arrears of depreciation:<br />
Although, the assessee has an option under the Companies Act of adopting a straight line method or WDV method for claiming depreciation; however, deduction of extra depreciation as arrears of past years while computing book profit is not allowable, as has been held by the Hon’ble M.P. High Court in the case of Gilt Pack Ltd. vs. Union of India reported in 163 Taxman 331. While arriving this conclusion, the Hon’ble High Court followed the judgement of the Hon’ble Supreme Court in the case of Karnataka Small Scale Industries Development Corporation vs. CIT.<br />
<br />
<br />
14. Prior period expenses:<br />
The predominant view of the Courts is that if prior period expenses are debited in P&L account in accordance with the provisions of the Companies Act, then such expenses are liable for deduction.<br />
However, if it is found by the A.O. that prior period expenses are not debited in P&L account and these expenses are shown in P&L appropriation account, then the A.O. should not allow these expenses to be reduced while computing book profits since the judgement of the Hon’ble Supreme Court in the case of Apollo Tyres is equally applicable to the assessees also. The judgements of the Hon’ble Kerala High Court in the case of Sree Bhagwathy Textiles Ltd. vs. ACIT, 199 Taxman 14 and Hon’ble Madras High Court in the case of CIT vs. Swamiji Mills Ltd., 25 Taxmann.com 110 are the judgements in the favour of the Department on this issue.<br />
One more example that the judgement of the Supreme Court in the case of Apollo Tyres is equally applicable to the assessee is the case of the Gujarat State Petroleum Corporation Ltd. vs. JCIT reported in 308 ITR (AT) 248 (Ahmedabad). The ITAT, Ahmedabad following the judgement in the case of Apollo Tyres has held that deduction under Section 42 for business engaged in prospecting for extraction or production of mineral oil not debited in the accounts cannot be claimed as deduction while computing book profits.<br />
<br />
15. Applicability of MAT provisions on foreign companies:The applicability of MAT provisions on foreign companies has been a matter of dispute since long. The Authority for Advance Ruling in P.No.14 of 1997, In re 234 ITR 335 held that Dutch Company was liable to tax on book profits. In the case of Timken Company, In re 326 ITR 193, the AAR has held that since the non resident US Company has no PE in India, therefore, it cannot be liable for MAT.<br />
<br />
16. MAT credit of amalgamated Company to the amalgamating Company:The tax credit determined under Section 11 5JAA of the Act is allowed as set off in a year in which tax is payable on the total income in accordance with the normal provisions of the Act. Set off of MAT credit brought forward in allowed to the extent of the difference between tax on total income and tax which would have been payable under Section 115JB of the Act. As per the provisions of sub-section (1A) of Section 1 15JAA of the Act, if tax is paid by any company under Section 1 15JB then credit in respect of the tax so paid shall be allowed to him in accordance with the provisions of this section.<br />
It is clear from sub Section (1A) that tax credit is to be allowed to the company which has paid taxes under Section 1 15JB. When amalgamating company has not paid any tax and tax was paid by the amalgamated company, then credit cannot be provided to the amalgamating company. Further, wherever certain benefits are to be provided to the amalgamating company, then the same have been mentioned in the Act itself. Since there is no specific provision for credit of MAT in the case of the amalgamating company, therefore, the A.O. should not allow any credit to the amalgamating company.<br />
<br />
17. Applicability of MAT on undertakings covered under Sections 10A & 10B:<br />
Earlier MAT was not applicable on income of the units covered under Section 10A and 10B. Now, these undertakings have been brought under MAT provisions from A.Y. 2008-09 onwards.<br />
<br />
<br />
<b><u>Dividend Distribution Tax Computation - Grossing up from Oct 2014 to March 2020</u></b><br />
<b><u><br /></u></b>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-npZuM8xmlS4/XAuloPY52wI/AAAAAAAALPE/BOrP7eM3FVE4sVJIxHYNVNGN_9lY-d6BwCLcBGAs/s1600/DDT.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="349" data-original-width="500" height="223" src="https://3.bp.blogspot.com/-npZuM8xmlS4/XAuloPY52wI/AAAAAAAALPE/BOrP7eM3FVE4sVJIxHYNVNGN_9lY-d6BwCLcBGAs/s320/DDT.png" width="320" /></a></div>
<br />
<div dir="ltr" trbidi="on">
*DDT impact on foreign investors* The committee led by CBDT member Arbind Modi is expected to submit its report to the finance ministry in the coming days. It is unclear whether it will be made available for public comments. </div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
Currently, an Indian company declaring dividends has to pay DDT at the rate of 20.55% (including surcharge and cess). Dividend income is tax-free in the hands of foreign shareholders. Certain tax residents of India, such as individuals, Hindu Undivided Families (HUFs) and firms, having dividend income aggregating to Rs 10 lakh or more, have to pay tax at 10% plus applicable surcharge and cess.</div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
The task force examined the mechanism for taxing dividends across countries. While India’s mechanism of DDT was drawn from the South African regime, the latter abolished this system several years ago. With countries also lowering their corporate tax rate — for instance, US lowered it from 35% to 21% — it was felt that the maximum marginal rate for India Inc of 35% (for companies with a turnover of more than Rs 250 crore) and the DDT of 20.55% is onerous.</div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
Foreign tax credit (FTC), which is a credit in the home country (that is, in the country of the investor) for taxes paid overseas, is challenging to avail in respect of DDT. Major investor countries in India — such as Singapore, Japan and the UK — adopt a territorial tax regime and foreign dividend is not taxed. After recent tax reforms, dividends from a foreign subsidiary are exempt in the hands of a US company, subject to meeting a 10% ownership requirement. </div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
As foreign dividend is tax-free, FTC is not available in these countries. In such cases, DDT is a heavy sunk cost for the parent or affiliate investor company. Participation exemption clauses in several EU countries entail that a significant portion of foreign dividend is exempt in the hands of shareholders of such countries. FTC is available, but only to the extent it relates to taxable foreign income. Other countries, such as Mauritius or Australia, tax foreign dividend but grant an FTC for the taxes paid in the source country (eg, India).</div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
As DDT is levied on the Indian company and not on the shareholders who receive the dividend, claiming FTC generally poses difficulties or requires meeting of certain conditions. Underlying tax credit (for DTT) can be claimed in Mauritius by investors who meet certain threshold norms in the Indian investee company. “Even overseas individual investors, say a green card holder who has to pay tax on his worldwide income in the US, suffer. While DDT is an indirect burden borne by them, they do not get or find it difficult to get an FTC,” says Gautam Nayak, tax partner at CNK & Associates. </div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
“Removal of DDT and its replacement with withholding tax will benefit international investors significantly. First, the rate of withholding tax under many tax treaties is low — typically at 10%. Second, the ambiguity that exists today on whether DDT is available as a credit in the home country of the foreign investor will go away,” says Abhishek Goenka, tax expert.</div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
“Most foreign shareholders will be able to claim an FTC for the taxes withheld in India. The lower withholding tax rates will also result in enhanced dividend payouts and boost investor sentiment,” adds Punit Shah, partner, Dhruva Advisors.</div>
<div dir="ltr" trbidi="on">
<br /></div>
<div dir="ltr" trbidi="on">
“Of course, if foreign dividends are tax-exempt in the home country, no FTC will be available for taxes withheld in India. But, owing to a lower withholding rate as compared to DDT, the sunk cost burden will be reduced,” says Nayak.</div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on"><br /></div><div dir="ltr" trbidi="on"><p style="background: white;"><strong><span style="font-family: Montserrat;">Interplay of DDT in hands of co vs Dividend tax in hands of investor
vs Share Buyback tax on companies</span></strong><span style="font-family: Montserrat;"><o:p></o:p></span></p>
<p style="--wp--custom--content--default-width: 1000px; --wp--custom--content--padding: 20px; --wp--custom--content--wide-width: 1200px; --wp--custom--font-main: "Montserrat", sans-serif; --wp--custom--font-secondary: "PT Serif", serif; --wp--preset--color--black: #000; --wp--preset--color--brand-accent-dark: #09112D; --wp--preset--color--brand-accent: #346f99; --wp--preset--color--brand-primary: #dc0505; --wp--preset--color--gray-dark: #333; --wp--preset--color--gray-light: #eff3f6; --wp--preset--color--gray-warm: #808080; --wp--preset--color--gray: #7B7B7B; --wp--preset--color--white: #fff; background: white; box-sizing: inherit; font-size: 1.0625rem; line-height: 1.875rem; margin-bottom: 1.5rem; margin-top: 1.5rem;"><span style="font-family: Montserrat;">In 2019 Government
extended the applicability of Sec 115QA to Listed Companies, which was earlier
applicable to only private companies,<o:p></o:p></span></p>
<p style="background: white;"><span style="font-family: Montserrat;">Dividends
earned by investors with an annual income of Rs 5 crore or more are taxed at
43% after abolition of DDT in 2020. <o:p></o:p></span></p>
<p style="background: white;"><span style="font-family: Montserrat;">The
change made shareholders who were in the higher tax slab pay more tax on the
dividend received. “Since the dividend is taxed in the hands of shareholders,
investors in the higher tax bracket are liable to pay more tax on their
dividend income. Especially a company with a high promoter stake would go for a
share buyback offer, as the tax out is relatively less as compared to dividend
payout,” Rajnath Yadav, Research Analyst, Choice Broking, told Financial
Express Online.<o:p></o:p></span></p>
<p style="--wp--custom--content--default-width: 1000px; --wp--custom--content--padding: 20px; --wp--custom--content--wide-width: 1200px; --wp--custom--font-main: "Montserrat", sans-serif; --wp--custom--font-secondary: "PT Serif", serif; --wp--preset--color--black: #000; --wp--preset--color--brand-accent-dark: #09112D; --wp--preset--color--brand-accent: #346f99; --wp--preset--color--brand-primary: #dc0505; --wp--preset--color--gray-dark: #333; --wp--preset--color--gray-light: #eff3f6; --wp--preset--color--gray-warm: #808080; --wp--preset--color--gray: #7B7B7B; --wp--preset--color--white: #fff; background: white; box-sizing: inherit; font-size: 1.0625rem; line-height: 1.875rem; margin-bottom: 1.5rem; margin-top: 1.5rem;"><strong style="box-sizing: inherit;"><span style="font-family: Montserrat;">Share buybacks in focus</span></strong><span style="font-family: Montserrat;"><o:p></o:p></span></p>
<p style="--wp--custom--content--default-width: 1000px; --wp--custom--content--padding: 20px; --wp--custom--content--wide-width: 1200px; --wp--custom--font-main: "Montserrat", sans-serif; --wp--custom--font-secondary: "PT Serif", serif; --wp--preset--color--black: #000; --wp--preset--color--brand-accent-dark: #09112D; --wp--preset--color--brand-accent: #346f99; --wp--preset--color--brand-primary: #dc0505; --wp--preset--color--gray-dark: #333; --wp--preset--color--gray-light: #eff3f6; --wp--preset--color--gray-warm: #808080; --wp--preset--color--gray: #7B7B7B; --wp--preset--color--white: #fff; background: white; box-sizing: inherit; font-size: 1.0625rem; line-height: 1.875rem; margin-bottom: 1.5rem; margin-top: 1.5rem;"><span style="font-family: Montserrat;">After the dividend became
taxable for recipients, the winds of change have helped listed firms switch to
share buybacks as an efficient way to distribute wealth among shareholders.
“Post the taxability of the dividend income in the hands of shareholders and
abolishing of DDT, the companies shifted to share buybacks as there was no tax
implication on the listed entities,” Rajnath Yadav said.<o:p></o:p></span></p>
<p style="--wp--custom--content--default-width: 1000px; --wp--custom--content--padding: 20px; --wp--custom--content--wide-width: 1200px; --wp--custom--font-main: "Montserrat", sans-serif; --wp--custom--font-secondary: "PT Serif", serif; --wp--preset--color--black: #000; --wp--preset--color--brand-accent-dark: #09112D; --wp--preset--color--brand-accent: #346f99; --wp--preset--color--brand-primary: #dc0505; --wp--preset--color--gray-dark: #333; --wp--preset--color--gray-light: #eff3f6; --wp--preset--color--gray-warm: #808080; --wp--preset--color--gray: #7B7B7B; --wp--preset--color--white: #fff; background: white; box-sizing: inherit; font-size: 1.0625rem; line-height: 1.875rem; margin-bottom: 1.5rem; margin-top: 1.5rem;"><span style="font-family: Montserrat;">Earlier, retail investors
got away scot-free without paying any taxes. Prior to the budget of 2020,
dividends issued by the listed entities were taxable in the hands of the
recipient if they received more than Rs 10 lakh at the rate of 10%. “Therefore,
after February 2020, payout of profits in the form of dividends has become less
attractive from the investors perspective and buyback has again gained more
attraction,” Mohnish Wadhwa added.<o:p></o:p></span></p>
<p style="--wp--custom--content--default-width: 1000px; --wp--custom--content--padding: 20px; --wp--custom--content--wide-width: 1200px; --wp--custom--font-main: "Montserrat", sans-serif; --wp--custom--font-secondary: "PT Serif", serif; --wp--preset--color--black: #000; --wp--preset--color--brand-accent-dark: #09112D; --wp--preset--color--brand-accent: #346f99; --wp--preset--color--brand-primary: #dc0505; --wp--preset--color--gray-dark: #333; --wp--preset--color--gray-light: #eff3f6; --wp--preset--color--gray-warm: #808080; --wp--preset--color--gray: #7B7B7B; --wp--preset--color--white: #fff; background: white; box-sizing: inherit; font-size: 1.0625rem; line-height: 1.875rem; margin-bottom: 1.5rem; margin-top: 1.5rem;"><span style="font-family: Montserrat;">Owing to the higher tax burden on dividend payments, many
analysts seeing share buybacks as the more convenient way of wealth distribution going forward.<o:p></o:p></span></p></div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-70221005484056421272022-02-07T23:42:00.000-08:002023-12-16T23:16:10.223-08:00Tax amendments Applicable for Assessment Year <div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="mso-layout-grid-align: none; text-align: justify;">
<div style="font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px; text-align: justify; text-indent: 0px;">
<div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><b><u>Budget 2021 Income tax Highlights</u></b></div><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-WRK97YUezpo/YB66PLZApgI/AAAAAAAAODw/aJfIZyChRr4vX-pFIdsbqnjCLLsoEDqJwCLcBGAsYHQ/s1267/Budget%2B2021.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1267" data-original-width="1057" height="640" src="https://1.bp.blogspot.com/-WRK97YUezpo/YB66PLZApgI/AAAAAAAAODw/aJfIZyChRr4vX-pFIdsbqnjCLLsoEDqJwCLcBGAsYHQ/w534-h640/Budget%2B2021.jpg" width="534" /></a></div><br /></b></div><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><b><u><span style="font-size: medium;">TDS Rate chart 2021-22</span></u></b></div><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-cyLlri2PEyM/YM76Rko9diI/AAAAAAAAORI/jQkokm4oHfwVz-hHTiee7yhkTLu5CALOACLcBGAsYHQ/s1088/TDS%2B2021-22.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1088" data-original-width="590" height="690" src="https://1.bp.blogspot.com/-cyLlri2PEyM/YM76Rko9diI/AAAAAAAAORI/jQkokm4oHfwVz-hHTiee7yhkTLu5CALOACLcBGAsYHQ/w374-h690/TDS%2B2021-22.png" width="374" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div></b></div><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><b><u> FY 2020-21 on wards </u></b></div>
<div class="separator" style="background-color: white; clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-TneT9i1BYuA/X4PaAoOXnvI/AAAAAAAANwU/iulMqAhRg14rO4hAJTRosNku1Ksl-fhVQCLcBGAsYHQ/s1024/Rates%2BFY2021.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="512" data-original-width="1024" height="200" src="https://1.bp.blogspot.com/-TneT9i1BYuA/X4PaAoOXnvI/AAAAAAAANwU/iulMqAhRg14rO4hAJTRosNku1Ksl-fhVQCLcBGAsYHQ/w400-h200/Rates%2BFY2021.jpg" width="400" /></a></div><br /><div class="separator" style="background-color: white; clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-aGGqoqUqWZU/YMTb5ZEJZ5I/AAAAAAAAOQQ/cSH9Svst__UKuVgzRvbRpCNG25F5f_ewQCLcBGAsYHQ/s644/TDS%2B194Q.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="536" data-original-width="644" height="333" src="https://1.bp.blogspot.com/-aGGqoqUqWZU/YMTb5ZEJZ5I/AAAAAAAAOQQ/cSH9Svst__UKuVgzRvbRpCNG25F5f_ewQCLcBGAsYHQ/w400-h333/TDS%2B194Q.png" width="400" /></a></div><br /><div class="separator" style="background-color: white; clear: both; text-align: center;"><b><u>MAT & AMT</u></b></div>
<div class="separator" style="background-color: white; clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz6JDoeeoQualTNy8ClTJiY1v2U47rPZdZaa5nzr3oU0EZRpiU0pYRrKUVKxva4UrcigTnIrmYFhYZhYtgaXjTsf3fDf6gWbGMTCxosrJIlIz6TIJlCWIm2Te64-ZCPVt2aZh8f3Udwb9m2egeKaZRX4D0TXW-nhsu9bQ9vJSD1lZ2-jXCarEtv2OCSQ/s493/MAT%20vs%20AMT.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="310" data-original-width="493" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhz6JDoeeoQualTNy8ClTJiY1v2U47rPZdZaa5nzr3oU0EZRpiU0pYRrKUVKxva4UrcigTnIrmYFhYZhYtgaXjTsf3fDf6gWbGMTCxosrJIlIz6TIJlCWIm2Te64-ZCPVt2aZh8f3Udwb9m2egeKaZRX4D0TXW-nhsu9bQ9vJSD1lZ2-jXCarEtv2OCSQ/s320/MAT%20vs%20AMT.png" width="320" /></a></div><br /><div class="separator" style="background-color: white; clear: both; text-align: center;"><br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div><div class="separator" style="background-color: white; clear: both; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><div dir="auto" style="font-family: "Times New Roman"; font-size: medium; text-align: center;"><b><u><span style="color: #990000;">Beneficial tax rate for domestic companies: 115BAA</span></u></b></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><br /></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">1. Section 115BAA has been inserted in the Income Tax Act,1961 to give the benefit of a reduced corporate tax rate for all domestic companies. Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% plus surcharge of 10% and cess of 4%. </div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><br /></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">2. The company shall not claim deductions U/S 10A, 33AB, 35AD, 35CCC, 35CCD, Chapter VIA except for 80JJAA, additional depreciation, set off of losses in respect of above. </div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><br /></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">3. The beneficial tax rate shall be opted for by the due date of filing returns. </div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><br /></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">4. Such companies shall not be required to pay MAT. </div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><br /></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">5. Set off of brought forward depreciation and MAT credit shall not be allowed. </div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;"><br /></div><div dir="auto" style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">6. The option should be in Form 10-IC, as notified by the CBDT. The form should be submitted online under a digital signature or EVC. </div></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-o9lDYCzkjd8/YA7h5yxi2tI/AAAAAAAAOCU/yV-tdkkbi2cwXerwUB_fdlcmSQtkvHfiACLcBGAsYHQ/s585/tax%2Brates%2Bfor%2Bcompanies2021.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="372" data-original-width="585" height="253" src="https://1.bp.blogspot.com/-o9lDYCzkjd8/YA7h5yxi2tI/AAAAAAAAOCU/yV-tdkkbi2cwXerwUB_fdlcmSQtkvHfiACLcBGAsYHQ/w400-h253/tax%2Brates%2Bfor%2Bcompanies2021.jpg" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-VYW7W4oJpAo/YA70aaN7aMI/AAAAAAAAOCk/UU2rVIxYb2w69udsv-uRl_51B1gc2gt2ACLcBGAsYHQ/s900/corporate-tax-regime.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="527" data-original-width="900" height="234" src="https://1.bp.blogspot.com/-VYW7W4oJpAo/YA70aaN7aMI/AAAAAAAAOCk/UU2rVIxYb2w69udsv-uRl_51B1gc2gt2ACLcBGAsYHQ/w400-h234/corporate-tax-regime.jpg" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div><h3 style="clear: both; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><u><b><span style="background-color: white; color: #3d85c6; font-size: large;">TCS</span></b></u></h3><div class="separator" style="background-color: white; clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-x1qDW2XAJ3Q/X3cQuRHnnII/AAAAAAAANvE/7FXL26YidGAIZ57dGNhr1Lu8c9nLwCqCACLcBGAsYHQ/s668/tcs.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="668" data-original-width="552" height="640" src="https://1.bp.blogspot.com/-x1qDW2XAJ3Q/X3cQuRHnnII/AAAAAAAANvE/7FXL26YidGAIZ57dGNhr1Lu8c9nLwCqCACLcBGAsYHQ/w525-h640/tcs.png" width="525" /></a></div><br /><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><a href="https://4.bp.blogspot.com/-SlQlWGBExyw/WQW_1GzAogI/AAAAAAAADa8/4SaGf0n8wksIdJhVI4rEZVJHNlbxoqAdQCLcB/s1600/changes%2Bin%2Btds%2Bprovisions%2Bin%2Bbudget-2017%2B%25281%2529.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="333" src="https://4.bp.blogspot.com/-SlQlWGBExyw/WQW_1GzAogI/AAAAAAAADa8/4SaGf0n8wksIdJhVI4rEZVJHNlbxoqAdQCLcB/w640-h333/changes%2Bin%2Btds%2Bprovisions%2Bin%2Bbudget-2017%2B%25281%2529.png" width="640" /></a></div><div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-PGkG4yGnFrA/WQW3VyMgdAI/AAAAAAAADas/6dxb4dxFu2M4UM4i93-YPzoDxaEeuoDmACLcB/s1600/Investments-to-Save-Tax-under-Section-80C.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="244" src="https://4.bp.blogspot.com/-PGkG4yGnFrA/WQW3VyMgdAI/AAAAAAAADas/6dxb4dxFu2M4UM4i93-YPzoDxaEeuoDmACLcB/w392-h244/Investments-to-Save-Tax-under-Section-80C.png" width="392" /></a></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
<b><u>LOSS ON HOUSE PROPERTY LIMITED TO 2 LACS IN LINE WITH CAP ON SELF OCCUPIED LOSS</u></b></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://3.bp.blogspot.com/-JWE5KO5NWY0/WQWy3ZRXZZI/AAAAAAAADag/ykJaT_K6qxA-pQAmBHm6Ig-zRsEmAKKDQCLcB/s1600/loss-on-home-loan-Section-24-2017.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="333" src="https://3.bp.blogspot.com/-JWE5KO5NWY0/WQWy3ZRXZZI/AAAAAAAADag/ykJaT_K6qxA-pQAmBHm6Ig-zRsEmAKKDQCLcB/w640-h333/loss-on-home-loan-Section-24-2017.jpg" width="640" /></a></div>
<div style="font-weight: normal;">
<br /></div>
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>FY 2016-17 AY 2017-18</u></b></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="https://3.bp.blogspot.com/-vXZfpb93MVg/Vt5tF53Q1wI/AAAAAAAACKE/0osNr71PrvM/s1600/TDS%2Bthreshold.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="514" src="https://3.bp.blogspot.com/-vXZfpb93MVg/Vt5tF53Q1wI/AAAAAAAACKE/0osNr71PrvM/w640-h514/TDS%2Bthreshold.png" width="640" /></a></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: blue;"></span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="color: blue;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-9ZT4P2dpIG8/WYdLJWsjVmI/AAAAAAAADo8/V3X6PvhvmwgxD0vujgaS7Ig6FcUeZ1ORQCLcBGAs/s1600/Mutual-Fund-Tax-Rate.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="274" data-original-width="563" height="194" src="https://2.bp.blogspot.com/-9ZT4P2dpIG8/WYdLJWsjVmI/AAAAAAAADo8/V3X6PvhvmwgxD0vujgaS7Ig6FcUeZ1ORQCLcBGAs/w400-h194/Mutual-Fund-Tax-Rate.jpg" width="400" /></a></div>
<span style="color: blue;"><br /></span>
<span style="color: blue;"><br /></span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
</div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="http://4.bp.blogspot.com/-3EdfP0hxztI/Vp44RZFDAAI/AAAAAAAAB94/KE7j6DlLJCU/s1600/tds%2Bon%2Btransporters.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="315" src="https://4.bp.blogspot.com/-3EdfP0hxztI/Vp44RZFDAAI/AAAAAAAAB94/KE7j6DlLJCU/w400-h315/tds%2Bon%2Btransporters.png" width="400" /></a></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>Income Tax Slabs for corporate tax</u></b></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="https://2.bp.blogspot.com/-7RaQ_om8hfs/V11n6ewJ6NI/AAAAAAAACUo/484xTXRdOkcQcEuZjG1A9OE5aSdfcgq2QCLcB/s1600/New%2Bmanufacturing%2Bco.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="336" src="https://2.bp.blogspot.com/-7RaQ_om8hfs/V11n6ewJ6NI/AAAAAAAACUo/484xTXRdOkcQcEuZjG1A9OE5aSdfcgq2QCLcB/w640-h336/New%2Bmanufacturing%2Bco.png" width="640" /></a></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u><br /></u></b></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>Presumptive tax</u></b></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u><br /></u></b></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="https://1.bp.blogspot.com/-mV9P-sKL1s8/VxTXv0nJZGI/AAAAAAAACM4/oIuTaHjoxIUTIZt8Y50nmcvMyiPOAllbgCKgB/s1600/presumptive%2Btax.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="363" src="https://1.bp.blogspot.com/-mV9P-sKL1s8/VxTXv0nJZGI/AAAAAAAACM4/oIuTaHjoxIUTIZt8Y50nmcvMyiPOAllbgCKgB/w640-h363/presumptive%2Btax.jpg" width="640" /></a></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u><br /></u></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>Cost Inflation Index for Capital Gains</u></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-J3snuG92EXw/VxTdadwXB2I/AAAAAAAACNU/UPDGm33pQBwZ2GMlLZk1dvTcbW-X6lkwQCLcB/s1600/Calculation-of-long-term-Capital-Gains.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="196" src="https://1.bp.blogspot.com/-J3snuG92EXw/VxTdadwXB2I/AAAAAAAACNU/UPDGm33pQBwZ2GMlLZk1dvTcbW-X6lkwQCLcB/w400-h196/Calculation-of-long-term-Capital-Gains.jpg" width="400" /></a></div>
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="https://2.bp.blogspot.com/-S-OB4hFieSg/WfS2fy3lfyI/AAAAAAAADr8/_6qzjxwh2j8BbYj1DA4DHrhXy_6pEO58wCLcBGAs/s1600/Capital-Gain%2Bindex-3.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="959" data-original-width="1600" height="191" src="https://2.bp.blogspot.com/-S-OB4hFieSg/WfS2fy3lfyI/AAAAAAAADr8/_6qzjxwh2j8BbYj1DA4DHrhXy_6pEO58wCLcBGAs/s320/Capital-Gain%2Bindex-3.png" width="320" /></a></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-G77SxdCv8y8/VxTbtC9X8RI/AAAAAAAACNE/2l77OGIJ3U4L-bGsBndld-LfNBBzFVXegCLcB/s1600/capital%2Bgain%2Bexemptions%2B54.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="228" src="https://4.bp.blogspot.com/-G77SxdCv8y8/VxTbtC9X8RI/AAAAAAAACNE/2l77OGIJ3U4L-bGsBndld-LfNBBzFVXegCLcB/s640/capital%2Bgain%2Bexemptions%2B54.png" width="640" /></a></div>
<br /></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>IT Exemptions List</u></b>: <a href="https://www.blogger.com/www.incometaxindia.gov.in/Charts%20%20Tables/Allowances_Available.htm">www.incometaxindia.gov.in/Charts%20%20Tables/Allowances_Available.htm</a></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="https://4.bp.blogspot.com/-hlxyTmonWoA/VrW8t7qzSrI/AAAAAAAACFg/xuS0OXUk0Us/s1600/exemptions%2Bdeductions.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://4.bp.blogspot.com/-hlxyTmonWoA/VrW8t7qzSrI/AAAAAAAACFg/xuS0OXUk0Us/w400-h300/exemptions%2Bdeductions.jpg" width="400" /></a></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
</div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;"><br /></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>Medical Insurance</u></b><br />
<div style="font-weight: normal;">
<br /></div>
</div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin: 0in; text-transform: none; white-space: normal; word-spacing: 0px;">
<o:p></o:p></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="https://2.bp.blogspot.com/-q6GQ7odcyT4/Vtf_C-Z8wtI/AAAAAAAACIY/WYqwauOtH6A/s1600/80D%2Bmedical.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="150" src="https://2.bp.blogspot.com/-q6GQ7odcyT4/Vtf_C-Z8wtI/AAAAAAAACIY/WYqwauOtH6A/s200/80D%2Bmedical.jpg" width="200" /></a><a href="https://4.bp.blogspot.com/-KCe4Qk6ZVbE/Vrsyj_Q7IgI/AAAAAAAACG0/f1jztBtd5-4/s1600/health-insurance-premium-section-80d-deduction.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="355" src="https://4.bp.blogspot.com/-KCe4Qk6ZVbE/Vrsyj_Q7IgI/AAAAAAAACG0/f1jztBtd5-4/w640-h355/health-insurance-premium-section-80d-deduction.jpg" width="640" /></a></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<div class="separator" style="clear: both; font-weight: normal; text-align: left;">
<b style="text-align: justify;"><u>Donations</u></b></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://2.bp.blogspot.com/-HlXULXvWWcI/VuarWe6RmwI/AAAAAAAACLQ/jN34BHZqmzAZJ17U8XVxSBAUFNcSEHs5A/s1600/80G%2BDonations.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="172" src="https://2.bp.blogspot.com/-HlXULXvWWcI/VuarWe6RmwI/AAAAAAAACLQ/jN34BHZqmzAZJ17U8XVxSBAUFNcSEHs5A/s200/80G%2BDonations.jpg" width="200" /></a></div>
<div style="font-weight: normal;">
<b><u><br /></u></b></div>
<div style="font-weight: normal;">
<b><u><br /></u></b></div>
<b><u>80JJAA</u></b><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-S6GP82PT3qc/V11klwMIHEI/AAAAAAAACUQ/wsYFfa-ODvo6FkjIy2zUBivIdm5FGpSFgCLcB/s1600/80JJAA.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://1.bp.blogspot.com/-S6GP82PT3qc/V11klwMIHEI/AAAAAAAACUQ/wsYFfa-ODvo6FkjIy2zUBivIdm5FGpSFgCLcB/s1600/80JJAA.png" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-xurchGm1pK0/WWJdTCgqMAI/AAAAAAAADgw/szp87Raz-K4RnLciPff8Pq5e4m7E4qOgACLcBGAs/s1600/NPS%2Bdeduction.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="168" data-original-width="585" height="179" src="https://2.bp.blogspot.com/-xurchGm1pK0/WWJdTCgqMAI/AAAAAAAADgw/szp87Raz-K4RnLciPff8Pq5e4m7E4qOgACLcBGAs/w640-h179/NPS%2Bdeduction.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<b>Difference in advance tax schedule of Companies and Individuals removed</b></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<span face="arial, sans-serif" style="font-size: 9pt; line-height: 12.84px;">The current advance tax payment schedule for a company is 15%, 45%, 75% and 100% (cumulative) of income tax payable on the full financial year's income to be paid by 15th June, 15th September, 15th December and 15th March, respectively. </span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<span face="arial, sans-serif" style="font-size: 9pt; line-height: 12.84px;"><br /></span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<span face="arial, sans-serif" style="font-size: 9pt; line-height: 12.84px;">Till last financial year, individuals liable to pay advance tax, had to pay 30%, 60% and 100% (cumulatively) of tax payable on the full fiscal's income by 15th September, 15th December and 15th March, respectively. An individual with a tax liability of Rs 10,000 or or more in a financial year is required to pay advance tax in that year as per current income tax law. Budget 2016 has replaced the separate advance tax payment schedule for individuals with the same schedule as applicable to companies. </span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<span face="arial, sans-serif" style="font-size: 9pt; line-height: 12.84px;"><br /></span></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
Computation of Advance tax</div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<a href="https://1.bp.blogspot.com/-e1lbg6TYRhA/V-ecaPmZeLI/AAAAAAAAC0U/S-_A0ckdS_4piyRtFDydb0DXUaEtsX28QCLcB/s1600/Advance-Tax-Calculation..png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="332" src="https://1.bp.blogspot.com/-e1lbg6TYRhA/V-ecaPmZeLI/AAAAAAAAC0U/S-_A0ckdS_4piyRtFDydb0DXUaEtsX28QCLcB/s400/Advance-Tax-Calculation..png" width="400" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<a href="https://2.bp.blogspot.com/-LDJADxo9xnk/V-eeTBcMLUI/AAAAAAAAC0k/blUX7lKs3EA8xRiRtGUpXzPX2LvJM6omgCLcB/s1600/adv%2Btax%2Bdelay%2B234%2Babc.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="https://2.bp.blogspot.com/-LDJADxo9xnk/V-eeTBcMLUI/AAAAAAAAC0k/blUX7lKs3EA8xRiRtGUpXzPX2LvJM6omgCLcB/s400/adv%2Btax%2Bdelay%2B234%2Babc.JPG" width="400" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<b><u>Dividend Distribution Tax Compution - From Oct 2014 till it was omitted in 2020</u></b></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; text-align: center;">
<a href="https://3.bp.blogspot.com/-npZuM8xmlS4/XAuloPY52wI/AAAAAAAALPE/BOrP7eM3FVE4sVJIxHYNVNGN_9lY-d6BwCLcBGAs/s1600/DDT.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="349" data-original-width="500" height="278" src="https://3.bp.blogspot.com/-npZuM8xmlS4/XAuloPY52wI/AAAAAAAALPE/BOrP7eM3FVE4sVJIxHYNVNGN_9lY-d6BwCLcBGAs/s400/DDT.png" width="400" /></a></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-se-sk_LNq2g/WWoq8neHRNI/AAAAAAAADh8/Iv-jBcE8sxoqua_mKPlYuDxd7OT0dIm0QCEwYBhgL/s1600/PENALTIES%2BON%2BNON%2BCOMPLIANCE%2BOF%2BTDS%2BPROVISIONS%2B%25281%2529.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="470" data-original-width="570" height="445" src="https://2.bp.blogspot.com/-se-sk_LNq2g/WWoq8neHRNI/AAAAAAAADh8/Iv-jBcE8sxoqua_mKPlYuDxd7OT0dIm0QCEwYBhgL/w539-h445/PENALTIES%2BON%2BNON%2BCOMPLIANCE%2BOF%2BTDS%2BPROVISIONS%2B%25281%2529.png" width="539" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<b><u> Applicability of Advance Tax requirements in MAT Cases</u></b></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
With the introduction of section 115JB ,clarity on the issue of advance tax was brought in by by CBDT which issued circular saying that the advance tax is applicable and so also section 234B & 234 C for MAT payment for section 115JB.</div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<span face="arial, sans-serif" style="font-size: 9pt; line-height: 12.84px;"><u>Example of Advance tax default which cannot be avoided : in case estimated income keeps increasing every quarter</u></span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: left;">
<span face="arial, sans-serif" style="font-size: 9pt; line-height: 12.84px;"><br /></span></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; font-size: medium; line-height: normal; text-align: center;">
<a href="https://3.bp.blogspot.com/-XmeGcCqP-P8/V9fmzx47uJI/AAAAAAAACxw/6XwT5qtTc-sx00RVLt80NR3pn9mE3a63wCLcB/s1600/advance%2Btax-table1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="133" src="https://3.bp.blogspot.com/-XmeGcCqP-P8/V9fmzx47uJI/AAAAAAAACxw/6XwT5qtTc-sx00RVLt80NR3pn9mE3a63wCLcB/s320/advance%2Btax-table1.jpg" width="320" /></a></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<b><u>Tax on Receipt of Dividend</u></b><br />
<div style="font-weight: normal;">
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://3.bp.blogspot.com/-Dq-WR2T2DjM/V11q4z0lbXI/AAAAAAAACU0/mDU1d1vLfAcI9cQLZl0d6lfBYVnvq5XjQCLcB/s1600/Tax%2Bon%2BReceipt%2Bof%2BDividend.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://3.bp.blogspot.com/-Dq-WR2T2DjM/V11q4z0lbXI/AAAAAAAACU0/mDU1d1vLfAcI9cQLZl0d6lfBYVnvq5XjQCLcB/s320/Tax%2Bon%2BReceipt%2Bof%2BDividend.png" width="320" /></a></div>
<div style="font-weight: normal;">
<b><u><br /></u></b>
<b><u><br /></u></b>
<b><u>Residential Status</u></b></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://3.bp.blogspot.com/-K4IEgCSqcI4/V4JDIaCKe7I/AAAAAAAACiY/jP_0uKOmUYcKOshH9T3Al9eRnqigJt3FwCLcB/s1600/basic%2Bconditions%2Bfor%2Bresidential%2Bstatus-11-728.jpg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="150" src="https://3.bp.blogspot.com/-K4IEgCSqcI4/V4JDIaCKe7I/AAAAAAAACiY/jP_0uKOmUYcKOshH9T3Al9eRnqigJt3FwCLcB/s200/basic%2Bconditions%2Bfor%2Bresidential%2Bstatus-11-728.jpg" width="200" /></a></div>
<div style="font-weight: normal;">
<br /></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://1.bp.blogspot.com/-Yw_ogGhA3vY/V4JDIaQoOHI/AAAAAAAACic/otAIej_AS0UnkpUtK_trC95rkdNgJfodQCLcB/s1600/additional%2Bconditions%2Bfor%2Bresidential%2Bstatus%2B-12-728.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="150" src="https://1.bp.blogspot.com/-Yw_ogGhA3vY/V4JDIaQoOHI/AAAAAAAACic/otAIej_AS0UnkpUtK_trC95rkdNgJfodQCLcB/s200/additional%2Bconditions%2Bfor%2Bresidential%2Bstatus%2B-12-728.jpg" width="200" /></a></div>
<b><u>Due Dates for filing Returns</u></b><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-58_nlnchsII/WQXAiSFluJI/AAAAAAAADbE/X1RKyCqPjwMTokVzuxblk9R8Kpovxm3RwCLcB/s1600/INCOME%2BTAX%2BRETURN%2BDUE%2BDATE%2BAY%2B2017-18%2BFY%2B2016-17.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="209" src="https://3.bp.blogspot.com/-58_nlnchsII/WQXAiSFluJI/AAAAAAAADbE/X1RKyCqPjwMTokVzuxblk9R8Kpovxm3RwCLcB/w400-h209/INCOME%2BTAX%2BRETURN%2BDUE%2BDATE%2BAY%2B2017-18%2BFY%2B2016-17.png" width="400" /></a></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<br /></div>
<div style="font-weight: normal;"><div class="separator" style="clear: both; text-align: center;"><br /></div></div></div></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; letter-spacing: normal; text-align: left; text-transform: none; white-space: normal; word-spacing: 0px;">
<b><u>TDS Threshold crossed during the year</u></b></div>
<div class="separator" style="background-color: white; clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-xAq9GR-XCwM/Xqv9FcfiCSI/AAAAAAAANQQ/MhFoGKRMoyEjS6E-LBzRO8pZ0xcHdgyRQCLcBGAsYHQ/s1600/194C%2Bthreshold.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="480" src="https://1.bp.blogspot.com/-xAq9GR-XCwM/Xqv9FcfiCSI/AAAAAAAANQQ/MhFoGKRMoyEjS6E-LBzRO8pZ0xcHdgyRQCLcBGAsYHQ/w640-h480/194C%2Bthreshold.jpg" width="640" /></a></div>
<div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-align: center; text-transform: none; white-space: normal; word-spacing: 0px;">
<br /></div>
<div style="background-color: white; box-sizing: border-box; color: #475055; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; line-height: 1.6; margin-bottom: 10px; text-transform: none; white-space: normal; word-spacing: 0px;">
<strong style="box-sizing: border-box;">INCOME COMPUTATION DISCLOSURE STANDARDS (ICDSs)</strong></div>
<div style="background-color: white; box-sizing: border-box; color: #475055; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; line-height: 1.6; margin-bottom: 10px; text-transform: none; white-space: normal; word-spacing: 0px;">
The central government has notified ten ICDSs effective from A.Y. 2017-18.These are applicable to all assesses (other than an individual or a Hindu undivided family who are not subject to tax audit under section 44AB of the said Act) for the purposes of computation of income chargeable to income-tax under the head “Profits and gains of business or profession” or “Income from other sources”.</div>
<div style="background-color: white; box-sizing: border-box; color: #475055; font-family: arial, helvetica, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; line-height: 1.6; margin-bottom: 10px; text-transform: none; white-space: normal; word-spacing: 0px;">
<strong style="box-sizing: border-box;"><u style="box-sizing: border-box;">Proposed Amendment</u></strong><strong style="box-sizing: border-box;">: </strong>The Delhi High Court in case of <em style="box-sizing: border-box;">Chamber of Tax Consultants & Anr Vs. Union Of India & Ors </em>has held that certain provisions of ICDSs are <em style="box-sizing: border-box;">ultra vires </em>the Income-tax Act, 1961. In order to bring certainty, the following amendments are proposed to be effected with retrospective effect from A.Y. 2017-18, in the Income-tax Act in line with the ICDSs:<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-J7biFyd7t-8/XIUXe_r0R7I/AAAAAAAALYc/58l16ZJNYHIPyHzak3x21odKXJKWNh6SQCLcBGAs/s1600/ICDS.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="369" data-original-width="600" height="390" src="https://1.bp.blogspot.com/-J7biFyd7t-8/XIUXe_r0R7I/AAAAAAAALYc/58l16ZJNYHIPyHzak3x21odKXJKWNh6SQCLcBGAs/w640-h390/ICDS.png" width="640" /></a></div>
<div>
<br /></div>
</div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<b style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;"><u>20 Imp changes to the Income Tax Changes in 2017 Budget</u></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; text-transform: none; white-space: normal; word-spacing: 0px;">
<div dir="ltr" style="color: black; font-family: "times new roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left;">
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
1. Reduced Tax for Lower slab:</div>
<div dir="auto" style="font-family: "times new roman";">
The tax rate for income between Rs 2.5 lakh to Rs 5 lakhs has been reduced to 5% from 10%. </div>
<div dir="auto" style="font-family: "times new roman";">
However there has been NO change in tax rates for other slabs.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
2. Rebate under Section 87A reduced to Rs 2,500</div>
<div dir="auto" style="font-family: "times new roman";">
The income tax rebate under section 87A has been reduced from Rs 5,000 to Rs 2,500. Also the eligibility of taxable income limit has been reduced from Rs 5 lakh to Rs 3.5 lakh. HUF or NRIs are not eligible for this rebate. Due to this change Senior citizens with income between Rs 3.5 lakhs to 4 lakhs would pay more tax in FY 2017-18 as compared to FY 2016-17.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
3. 10% Surcharge for Income above Rs 50 Lakhs</div>
<div dir="auto" style="font-family: "times new roman";">
Budget 2017 has introduced 10% surcharge for people with taxable income of more than Rs 50 lakhs but less than Rs 1 crore. The surcharge of 15% on income above Rs 1 crore still applies.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
4. NO RGESS Tax exemption from FY 2017-18</div>
<div dir="auto" style="font-family: "times new roman";">
Tax exemption under section 80CCG for RGESS (Rajiv Gandhi Equity Scheme) would NOT be available from FY 2017-18 on wards. The deduction was introduced in Budget 2012 to encourage retail participation in stock market but failed to take off as desired.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
5. Interest deduction on rented property capped at Rs 2 Lakh</div>
<div dir="auto" style="font-family: "times new roman";">
Budget 2017 has bridged the gap between self-occupied and rented property by capping the deduction on home loan interest to Rs 2 lakh in both cases. Earlier for rented property there was NO capping. However additional loss can be carried forward for 8 years.<span class="Apple-tab-span" style="white-space: pre;"> </span></div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
6. More tax deduction on NPS for self-employed</div>
<div dir="auto" style="font-family: "times new roman";">
From next financial year self-employed individuals can claim deduction up to 20% of their gross income for contribution made to National Pension System (NPS). The limit was 10% earlier. This deduction is part of Section 80C and hence not very beneficial!</div>
<div dir="auto" style="font-family: "times new roman";">
Additional tax deduction on investment upto Rs. 50,000 under Section 80CCD (1B) will continue to remain the same for all NPS subscribers whether salaried or self-employed.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
7. Tax-exemption to partial withdrawal from NPS</div>
<div dir="auto" style="font-family: "times new roman";">
Partial withdrawal up to 25% of the contribution made by an employee would be exempted from tax</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
8. TDS of 5% if the monthly rent paid is more than Rs 50,000</div>
<div dir="auto" style="font-family: "times new roman";">
The TDS deduction has to be done on the last month of the financial year or the last month of tenancy. The TDS would be less of last month rent or 5% of total rent paid. This has been done to track high value transactions and do away with the problem of fake rent receipts.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
9. Lower Taxes for Small Business:</div>
<div dir="auto" style="font-family: "times new roman";">
The taxes for small business with turnover of less than Rs 50 crores has been reduced to 25%. This is significant cut in taxes from earlier 30%. However, there continues to be a 7% surcharge on tax for profit of Rs. 1 to 10 crores. And 12% surcharge on tax above Rs. 10 crore.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
10. Audit Threshold Limit raised to Rs 2 crore</div>
<div dir="auto" style="font-family: "times new roman";">
The limit for tax audit has been raised from Rs 1 crore to Rs 2 crore for business entities who opt for presumptive income tax scheme.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
11. Change of Base year for Indexation:</div>
<div dir="auto" style="font-family: "times new roman";">
For calculation of indexation in case of Long Term capital gains for all assets, the base year has been changed from April 1, 1981 to April 1, 2001. This would in most cases be beneficial for tax payers.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
12. Long Term Capital Gains for Property:</div>
<div dir="auto" style="font-family: "times new roman";">
Budget 2017 changed the holding period for property to 2 years (from 3 years earlier) to qualify for Long Term Capital gains. This would lead to lower taxes.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
13. Long Term Capital Gains on Shares:</div>
<div dir="auto" style="font-family: "times new roman";">
Long term capital gains on shares would only be available if securities transaction tax (STT) was paid while acquisition of shares. This will apply to all shares acquired after October 1, 2004. However this does not include bonus shares or shares allotted during IPO (initial public offer) or FPO (follow- on public offer). It would impact ESOPs, etc.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
14. Aadhaar number must for applying for PAN Card and filing Income tax Return</div>
<div dir="auto" style="font-family: "times new roman";">
Effective July 1, 2017 Aadhaar number would be compulsory to obtain a new PAN card. Also you will need to link your existing PAN Car to your Aadhaar number. You will also have to mention your Aadhaar number in the income tax return form from this year (AY 2017-18 onwards). This used to be optional field until now.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
15. Penalty for Late filing of Income Tax Return</div>
<div dir="auto" style="font-family: "times new roman";">
If the income tax return is filed after the due date but on or before the December 31 of the assessment year, there will be a fine of Rs 5,000. In all other cases, there would be fine of Rs 10,000. However, in case the total income is less than Rs 5 lakh, the penalty should not exceed Rs 1,000.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
16. Simple Tax Return Form:</div>
<div dir="auto" style="font-family: "times new roman";">
A simple one page income tax return (ITR) form would be introduced for people with income less than Rs 5 lakhs with NO income from Business.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
17. NO Scrutiny for First Time ITR</div>
<div dir="auto" style="font-family: "times new roman";">
There would be NO scrutiny of income tax returns for people who file ITR for the first time unless there is specific information available with the Department regarding his high value transactions.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
18. Reduced Time to revise ITR</div>
<div dir="auto" style="font-family: "times new roman";">
The time period to revise tax returns has been reduced to 12 months.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
19. Tax Cases can be reopened for up to 10 years</div>
<div dir="auto" style="font-family: "times new roman";">
The income tax department can now scrutinize income tax returns up to previous 10 years if it suspects undisclosed income or assets of more than Rs 50 lakhs. Currently this limit was 6 years.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
20. Cash Donation Limit to Rs 2,000</div>
<div dir="auto" style="font-family: "times new roman";">
Any donation above Rs 2,000 in cash would not be eligible for tax exemption u/s 80G. Donations have to be digital or by cheque to qualify for tax breaks.</div>
<div dir="auto" style="font-family: "times new roman";">
<br /></div>
<div dir="auto" style="font-family: "times new roman";">
21. Limit of Rs 2 Lakh for cash transaction</div>
<div dir="auto" style="font-family: "times new roman";">
Now you cannot pay more than Rs 2 lakh in cash for any transaction. The limit has been amended in the finance bill from the earlier proposed limit of Rs 3 lakh. This limit is not only per day, but per transaction and per event. In case of violation, the person has to pay 100% of the cash used in transaction as penalty.<br />
<br /></div>
<b><u>🌲Finance Act Changes applicable from *1/6/16*</u></b></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-size: medium; font-weight: normal; line-height: normal; text-align: left;">
<br /></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<br /></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
👉E<span>lectronic Hearing under Income Tax law enabled</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Document required to be issued by an Income Tax Authority can be issued in paper form or communicated in electronic form</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Equalization Levy @ 6% on _online digital advertisement and incidental services_ or provision of digital advertising space</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉TCS @ 1% on luxury vehicles and cash sale of goods or provision of services</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Exit Tax for Charitable Institutions</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Non resident not having PAN shall not be subjected to 20% TDS</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Jurisdiction of Assessing Officer not to questioned in serach cases after one month from notice u/s 153A</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Non Corporate assessee also to pay advance tax , _15% by 15th June . 45% by 15th Sep, 75% by 15th Dec and 100% by 15th March_</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉In case of presumptive Income 100% advance tax to be paid by 15th March_</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Application for Waiver of Interest u/s 220(2A) to be disposed off with in one year</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Interest under section 234C shall not be chargeable in case of an assessee having income under the head "Profits and gains of business or profession" for the first time,</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉 Interest on Refund for timely filed return to be allowed from 1st April but interest on refund for belated return to be allowed from date of furnishing of return_</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉 Interest on refund of self assessment tax to be allowed from date of filing of return or payment of tax, whichever is later._</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉No Interest to be allowed if refund is lesser than 10% of determined tax_</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Additional 3% Interest for Appeal Effect delayed beyond 3 months</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉In ITAT post of Sr Vice President abolished</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Rectification period of ITAT orders limited from 4 years to 6 months</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Monetary limit for Hearing of appeal by SMC in ITAT raised from 15 lacs to 50 lacs u/s 255(3)</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Time Limit for completion of assessments reduced from 24 months to 21 months . Assessments to be complted by 31st December.</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Order for appeal effect to be passed with in 3 months from the end of month in which appeal order is received</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Limit of Rs. 5000/- for Winnings from Horse Races enhanced to Rs. 10,000/-</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉For TDS on payment to Contractors Aggregate Annual Limit of Rs. 75000/- increased to Rs 100000/-_</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Monetary Limit of Rs. 20,000/- for TDS on Insurance Commission u/s 194D reduced to Rs. 15000</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉Monetary Limit for TDS on Commission u/s 194H enhanced from Rs. 5000/- to Rs. 15000/- and rate reduced from 10% to 5% to bring parity with Insurance Commission._</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉Monetary Limit for TDS on Commission on Lottery Tickets u/s 194G enhanced from Rs. 1000/- to Rs. 15000/- and rate reduced from 10% to 5% to bring parity with Insurance and other Commission</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉TDS rate on withdrawl of NSS Deposits reduced from 20% to 10% u/s 194EE</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉TDS on LIC Maturities exceeding Rs. 1,00,000/- not exempt u/s 10(10D) was charged @2% by Finance Act 2014 wef 01-10-2014 . TDS rate lowered to 1%.</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉TDS @10% for compulsory acquisition of immovable property other than agriculture land where aggregate payments during financial year exceed Rs. 2 lacs now enhanced to Rs 2.50 lacs.</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>_👉Form 15G/15H enabled for rental payments also_</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉The Direct Tax Dispute Resolution Scheme for immunity from post assessment interest, penalty and prosecution for cases pending before CITA on 29-02-2016 [Scheme Available up to 31st December]</span></div>
<div dir="ltr" style="color: black; font-family: "times new roman"; font-weight: normal; line-height: normal; text-align: left;">
<span>👉The Income Declaration Scheme 2016. Tax, Surcharge and Penalty @ 45% of Undisclosed Income. Declaration to be filed till 30th September. Tax etc to be paid till 30th November.</span></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<span style="font-size: x-small;"><br /></span></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://3.bp.blogspot.com/-ks_RrJlp5BQ/V11YUtFp8lI/AAAAAAAACTw/0aZO3U9f29Qlm9PPLUg6BnXl4yD7f8B8gCLcB/s1600/Equilisation%2Blevy.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="187" src="https://3.bp.blogspot.com/-ks_RrJlp5BQ/V11YUtFp8lI/AAAAAAAACTw/0aZO3U9f29Qlm9PPLUg6BnXl4yD7f8B8gCLcB/s320/Equilisation%2Blevy.png" width="320" /></a></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<span style="font-size: x-small;"><br /></span></div>
<div style="font-weight: normal; line-height: 15.75pt;">
<b><u><span face="arial, sans-serif" style="color: black; font-size: x-small;"><br /></span></u></b>Cost of Inflation Index</div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-ncJf_n5t8ag/YCfoasuY4zI/AAAAAAAAOE8/IBLcWoVMW5wGT0a2VfapBcNfiZ-lt_YXQCLcBGAsYHQ/s505/Cost-of-Inflation-Index-FY-2020-21-AY-2021-22-CII.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="505" data-original-width="469" height="320" src="https://1.bp.blogspot.com/-ncJf_n5t8ag/YCfoasuY4zI/AAAAAAAAOE8/IBLcWoVMW5wGT0a2VfapBcNfiZ-lt_YXQCLcBGAsYHQ/s320/Cost-of-Inflation-Index-FY-2020-21-AY-2021-22-CII.jpg" /></a></div><br /><div style="font-weight: normal; line-height: 15.75pt;"><br />
<div style="-webkit-text-stroke-width: 0px; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
</div>
<br />
<div style="-webkit-text-stroke-width: 0px; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: medium; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<div class="MsoNormal">
<div style="margin: 0px;">
CHECKLIST FOR STATUTORY COMPLIANCES</div>
<div style="margin: 0px;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://4.bp.blogspot.com/-uMeIGjxseDw/VbR9npA3OnI/AAAAAAAABpg/kps3N1MXOzM/s1600/ANDHRA%2BPRADESH%2BCST%2Bdue%2Bdates.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="87" src="https://4.bp.blogspot.com/-uMeIGjxseDw/VbR9npA3OnI/AAAAAAAABpg/kps3N1MXOzM/s320/ANDHRA%2BPRADESH%2BCST%2Bdue%2Bdates.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://3.bp.blogspot.com/-7MKdfR8ReQw/VbR9ndIzfjI/AAAAAAAABpc/hJMe2XOkV8c/s1600/ANDHRA%2BPRADESH%2BPROFESSION%2BTAX.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="85" src="https://3.bp.blogspot.com/-7MKdfR8ReQw/VbR9ndIzfjI/AAAAAAAABpc/hJMe2XOkV8c/s320/ANDHRA%2BPRADESH%2BPROFESSION%2BTAX.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://4.bp.blogspot.com/-GALdGHz-urk/VbR9oALKKeI/AAAAAAAABpo/wYFcsz_XaOE/s1600/Andhra%2BPradesh%2Brules%2BAnnual%2BReturns%2Bunder%2Bvarious%2BLabour%2BLaws.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="141" src="https://4.bp.blogspot.com/-GALdGHz-urk/VbR9oALKKeI/AAAAAAAABpo/wYFcsz_XaOE/s320/Andhra%2BPradesh%2Brules%2BAnnual%2BReturns%2Bunder%2Bvarious%2BLabour%2BLaws.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://2.bp.blogspot.com/-EioZAkGFKe8/VbR9n9uMunI/AAAAAAAABpk/HLmtC1SyVOg/s1600/ANDHRA%2BPRADESH%2BVAT%2Bdue%2Bdates.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="169" src="https://2.bp.blogspot.com/-EioZAkGFKe8/VbR9n9uMunI/AAAAAAAABpk/HLmtC1SyVOg/s320/ANDHRA%2BPRADESH%2BVAT%2Bdue%2Bdates.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://3.bp.blogspot.com/-xgyR29AvGNM/VbR9oQtknAI/AAAAAAAABp0/68vo6iDgnqo/s1600/Due%2Bdate%2Bfor%2Bdepositing%2BAdvance%2Btax.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="73" src="https://3.bp.blogspot.com/-xgyR29AvGNM/VbR9oQtknAI/AAAAAAAABp0/68vo6iDgnqo/s320/Due%2Bdate%2Bfor%2Bdepositing%2BAdvance%2Btax.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://2.bp.blogspot.com/-egUAqLVfNPg/VbR9ossppGI/AAAAAAAABqA/gK1iq6cSM3U/s1600/Due%2Bdate%2Bfor%2Bpayment%2Bof%2Bexcise%2Bduty.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="277" src="https://2.bp.blogspot.com/-egUAqLVfNPg/VbR9ossppGI/AAAAAAAABqA/gK1iq6cSM3U/s320/Due%2Bdate%2Bfor%2Bpayment%2Bof%2Bexcise%2Bduty.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://2.bp.blogspot.com/-xH2doYVWEtk/VbR9o-jbsyI/AAAAAAAABqE/25Kfk5pb-nI/s1600/EMPLOYEE%2527S%2BSTATE%2BINSURANCE%2BCORPORATION%2BACT%252C%2B1958.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="133" src="https://2.bp.blogspot.com/-xH2doYVWEtk/VbR9o-jbsyI/AAAAAAAABqE/25Kfk5pb-nI/s320/EMPLOYEE%2527S%2BSTATE%2BINSURANCE%2BCORPORATION%2BACT%252C%2B1958.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://2.bp.blogspot.com/-jPUOr_4ge2U/VbR9pD1YaiI/AAAAAAAABqM/eoO--R_b7TA/s1600/EMPLOYEES%2BPROVIDENT%2BFUND.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="176" src="https://2.bp.blogspot.com/-jPUOr_4ge2U/VbR9pD1YaiI/AAAAAAAABqM/eoO--R_b7TA/s320/EMPLOYEES%2BPROVIDENT%2BFUND.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://4.bp.blogspot.com/-bGAWLIpobRE/VbR9qBFMovI/AAAAAAAABqk/ECEAZI9FvuQ/s1600/IT%2Band%2BWealth%2Btax%2Band%2Bother%2Breturns%2B-%2B1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://4.bp.blogspot.com/-bGAWLIpobRE/VbR9qBFMovI/AAAAAAAABqk/ECEAZI9FvuQ/s320/IT%2Band%2BWealth%2Btax%2Band%2Bother%2Breturns%2B-%2B1.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://3.bp.blogspot.com/-CUrKvkKumNk/VbR9qIfBwaI/AAAAAAAABqc/_QDC2LfoAEw/s1600/Payment%2Bof%2BBonus%2BAct%252C%2B1957.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="120" src="https://3.bp.blogspot.com/-CUrKvkKumNk/VbR9qIfBwaI/AAAAAAAABqc/_QDC2LfoAEw/s320/Payment%2Bof%2BBonus%2BAct%252C%2B1957.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://3.bp.blogspot.com/-H-3i12KXhqo/VbR9qJsVeeI/AAAAAAAABqg/vmx5c8u-HoQ/s1600/SERVICE%2BTAX%2BDUE%2BDATES.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="142" src="https://3.bp.blogspot.com/-H-3i12KXhqo/VbR9qJsVeeI/AAAAAAAABqg/vmx5c8u-HoQ/s320/SERVICE%2BTAX%2BDUE%2BDATES.jpg" style="cursor: move;" width="320" /></a></div>
<div style="color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "times new roman"; line-height: normal; margin: 0px; text-align: center;">
<a href="http://1.bp.blogspot.com/-Cwg2JegbFx0/VbR9qyIbbzI/AAAAAAAABqs/Erl0GAE0qs0/s1600/TDS%2BTCS%2BREMITTANCE%2BDUE%2BDATES.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="173" src="https://1.bp.blogspot.com/-Cwg2JegbFx0/VbR9qyIbbzI/AAAAAAAABqs/Erl0GAE0qs0/s320/TDS%2BTCS%2BREMITTANCE%2BDUE%2BDATES.jpg" style="cursor: move;" width="320" /></a></div>
<div>
<br /></div>
</div>
<div style="font-size: 13px;">
<div style="margin: 0px;">
<br /></div>
</div>
<div style="font-size: 13px;">
<div style="margin: 0px;">
<br /></div>
</div>
</div>
<b><u><span face="arial, sans-serif" style="color: black; font-size: x-small;"><br /></span></u></b></div><div style="font-size: 13px;">
<b><u>NON COMPLIANCE OF TDS</u></b></div>
<div class="MsoNormal" style="font-size: 13px; font-weight: normal;">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-VcYICf5PB3Q/WQXBd05umUI/AAAAAAAADbQ/k6i9XMTDCB4KbIKC2ITxZkNrzBvX6ddSQCLcB/s1600/PENALTIES%2BON%2BNON%2BCOMPLIANCE%2BOF%2BTDS%2BPROVISIONS%2B%25281%2529.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="263" src="https://2.bp.blogspot.com/-VcYICf5PB3Q/WQXBd05umUI/AAAAAAAADbQ/k6i9XMTDCB4KbIKC2ITxZkNrzBvX6ddSQCLcB/s320/PENALTIES%2BON%2BNON%2BCOMPLIANCE%2BOF%2BTDS%2BPROVISIONS%2B%25281%2529.png" width="320" /></a></div>
<a href="https://1.bp.blogspot.com/-eaTT7-f2uEs/XQ3FMgXOS7I/AAAAAAAALcI/mMp3ZFfAQms4QC5CFEBU3m1pAlRbSCfmACLcBGAs/s1600/income%2Btax%2Bcompounding.png" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="570" data-original-width="936" height="389" src="https://1.bp.blogspot.com/-eaTT7-f2uEs/XQ3FMgXOS7I/AAAAAAAALcI/mMp3ZFfAQms4QC5CFEBU3m1pAlRbSCfmACLcBGAs/w640-h389/income%2Btax%2Bcompounding.png" width="640" /></a></div>
<div class="MsoNormal" style="font-weight: normal; line-height: normal; margin: 12pt 0cm;">
<b><span face="arial, sans-serif" style="color: #080000; font-size: 17.5pt;">Time Limits for Issuance of Notices, Orders under Different Sections of
Income Tax Act, 1961<span style="font-size: 17.5pt;"><o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="font-size: 13px; font-weight: normal; line-height: 14.3pt;">
<span face="arial, sans-serif" style="color: #080000; font-size: 10.5pt;">Income Tax Act, 1961 contains different time limits
for issuance of notice, filing of application, completion of assessments,
passing of penalty order under several sections. <o:p></o:p></span><br />
<span face="arial, sans-serif" style="color: #080000; font-size: 10.5pt;"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; font-size: 13px; font-weight: normal; width: 642px;">
<tbody>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-size: x-small;"><b><span style="font-family: "times new roman", serif; font-size: 12pt;">Sl. No.</span></b><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></span></div>
</td>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-size: x-small;"><b><span style="font-family: "times new roman", serif; font-size: 12pt;">Section</span></b><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></span></div>
</td>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-size: x-small;"><b><span style="font-family: "times new roman", serif; font-size: 12pt;">Activity</span></b><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></span></div>
</td>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-size: x-small;"><b><span style="font-family: "times new roman", serif; font-size: 12pt;">Time Limit</span></b><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></span></div>
</td>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-size: x-small;"><b><span style="font-family: "times new roman", serif; font-size: 12pt;">Remarks</span></b><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 118.55pt; mso-yfti-irow: 1;">
<td style="border: 1pt solid; height: 118.55pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">1<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 118.55pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 142(1)(i)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 118.55pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notice requiring assessee to furnish return.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 118.55pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If assessee has not furnished ROI within time
prescribed under Sec 139(1), then AO MAY issue notice requiring assessee to
furnish return within time prescribed in notice. This notice can also be
issued after the end of relevant Assessmeny Year.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 118.55pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If Assessee fails to repond to notice issued u/s
142(1)(i), than AO can make Best Judgemnt Assessment u/s 144.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">2<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 142(2A)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Special Audit<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">At any Stage of proceedings pending before AO,
notice for SPECIAL AUDIT can be issued, but not after completion of
proceedings. Aggregate time period of furnishing report post extension, if
any granted by AO shall not exceed 180 days from the original date of
direction received by the assessee. AO to consider nature and complexity of
the accounts, volume of accounts, doubts about correctness of accounts,
multiplicity of transactions in the accounts or specialised nature of business
activity of the assessee and interest of the Revenue.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No Appeal can be filed against direction for
audit , only WRIT PETITION and thereafter SPECIAL LEAVE PETITION.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">3<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 143(1)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Intimation of Return<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No intimation shall be sent to assessee under
Sub-Section 143(1) after the expiry of 1 year from the end of financial year
in which return is made.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Acknowledgement (ITR V) shall be deemed as
Intimation in case where no sum is payable, refundable and where no
adjustment has been made u/s 143(1).<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">4<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 143(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notice for making Scrutiny Assessment under Sec
143(3)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No notice under Section 143(2) shall be served on
the assessee after the expiry of 6 months from the end of financial year in
which return is furnished.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notice under this section can only be made, when assessee
has filed ROI.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">5<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for making Assessment Order under Sec
143(3)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No order of assessment/ reassessment under
section 143(3) shall be made after the expiry of 2 years from the end of
relevant Assessment Year.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made to Transfer
Pricing Officer to determine Arm’s Length Price, then 3 years from the end of
relevant Assessment Year.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">6<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for making Assessment Order under Sec
144<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No order of assessment/ reassessment under
section 144 shall be made after the expiry of 2 years from the end of
relevant Assessment Year.<br />
No SCN is required to be issued, where a notice under Sec 142(1)(i) has
already been issued to the assessee and the same has not been complied with.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made to Transfer
Pricing Officer to determine Arm’s Length Price, then 3 years from the end of
relevant Assessment Year.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">7<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 149<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time Limit for issue of notice under Sec 148<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No notice under Section 148 shall be issued for
the relevant Assessment Year:<br />
(a) If 4 years have lapsed from the end of relevant assessment year, unless
the case falls under following two categories;<br />
(b) If 4 years, but not more than 6 years, have elapsed from the end of
relevant assessment year unless the income chargeable to tax which has
escaped assessment amounts to or is likely to amount to Rs. 1 Lac or more for
that year;<br />
(c) If 4 years, but not more than 16 years, have elapsed from the end of
relevant assessment year unless the income in relation toi any asset
(including financial interest in any entity) located outside India,
chargeable to tax, has escapsed assessment.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Mere signing of of notice cannot tantamount to
issuance of notice as contemplated under Sec 149. The date of issue would be
the date on which notice was handed over to the proper officer for the
purpose of effecting service on the assessee.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">8<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 149(3)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time Limit for issue of notice under Sec 148 to
the agent of Non Resident<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No notice under Sec 148 shall be issued on agent
of Non Resident after the expiry of 6 years from the end of relevant
assessment year.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">AO appoint can appoint a person in India as the
agent of Non Resident by passing an Order under Sec 163(1). Appeal lies to
CIT(A) against such Order.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">9<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 150<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No Time limit for issuance of notice under Sec
148<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notice under Sec 148 can be issued at any time
for the purpose of making assessment or reassessment under Sec 147 in
consequence of or in order to give effect to the finding or direction
contained in an order of Supreme Court passed under Sec 262.<br />
But to give effect of retrospective amendments through Finance Acts, Notices
under Sec 148 can be issued within the time limits prescribed under Sec
149(1). Sec 150 shall not apply in such cases.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notice under Sec 148 can be issued at any time
for the purpose of making assessment or reassessment under Sec 147 in
consequence of or in order to give effect to the finding or direction
contained in an order passed under Sec 250, 254, 263, 264.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">10<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 148<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for issuance of Notice under Sec
143(2) in response to Returns filed under Sec 148<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">In response to returns filed under Sec 148
notice, the notice under Sec 143(2) must be served within 6 months from the
end of financial year in which return was filed, otherwise assessment/
assessment under Sec 147 shallbe void.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If assessee demands the reasons recorded by AO
for issue of notice, AO is bound to supply in writing, otherwise AO cannot
proceed for assessment.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">11<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Order of assessment/ reassessment u/s 147<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No order of assessment/ reassessment u/s 147
shall be made after the expiry of 1 year from the end of financial year in
which notice u/s 148 was served on the assessee.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made to Transfer
Pricing Officer to determine Arm’s Length Price, then 2 years from the end of
the financial year in which notice u/s 148 was served.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">12<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153(2A)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for completion of Fresh assessment
where original assessment was cancelled or set aside under Sec 254(ITAT), 263
or 264(CIT)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where an assessment is cancelled or set aside by
an order under section 254, 263 or 264 and a direction is given to the AO in
such Order to make a fresh assessment, then such fresh assessment shall not
be made after the expiry of 1 year from the end of financial year in which
order u/s 254 received by CIT or Order u/s 263 or 264 is passed by the CIT.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made to Transfer
Pricing Officer to determine Arm’s Length Price, then 2 years from the end of
financial year in which order u/s 254 is received by the CIT or u/s 263 or
264 was passed by the CIT.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">13<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153(3)(a)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No Time limit for completion of assessment or
reassessment<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">In case assessment is not cancelled/set aside but
a direction is given u/s 250, 254, 263 or 264 as a result of which income of
any assessment year escapes assessment, then there is no time limit for
making assessment/ reassessment .<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Also applicable , where in case of a firm, an
assessment is made on the partner of the firm in consequence of an assessment
or reassessment made on the firm u/s 147.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">14<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 154<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Rectification of Mistake<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No order of rectification shall be passed after
expiry of 4 years from the end of the financial year in which the order
sought to be amended was passed.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Income Tax Authority referred to in Sec 116 may
amend any order passed by it, any intimation or deemed intimation u/s 143(1)
or amend any intimation passed u/s 200A.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">15<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 154<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Rectification of Mistake<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where an application for rectification is made by
the assessee to Income Tax Authority, then authority shall pass an order
within 6 months from the end of the month in which application is received by
it.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If order is not passed within 6 months, then the
recification application shall be deemed to be allowed in favour of assessee.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">16<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153B<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for completion of assessment u/s 153A<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">AO shall make an order of assessment/
reassessment, as follows:<br />
(a) in respect of each assessment year falling within 6 assessment years
referred to in clause (b) of Sec 153A, within a period of 2 years from the
end of the financial year in which search was completed.<br />
(b) in respect of the assessment year relevant to the previous year in which
search is conducted under Sec 132, within a period of 2 years from the end of
the financial year in which search was completed.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made to Transfer
Pricing Officer to determine Arm’s Length Price, then 3 years from the end of
financial year in which search was completed.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">17<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153C<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for completion of assessment u/s 153A
in case of other person referred u/s 153C<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">AO shall make an order of assessment/
reassessment, as follows:<br />
(a) (i) in respect of each assessment year falling within 6 assessment years
referred to in clause (b) of Sec 153A, within a period of 2 years from the
end of the financial year in which search was completed;<br />
(ii) 1 year from the end of the financial year in which books of accounts,
assets are handled over u/s 153C to the AO having jurisdiction over such
other person; which ever is later.<br />
(b) (i) in respect of the assessment year relevant to the previous year in
which search is conducted under Sec 132, within a period of 2 years from the
end of the financial year in which search was completed.<br />
(ii) 1 year from the end of the financial year in which books of accounts,
assets are handled over u/s 153C to the AO having jurisdiction over such
other person; which ever is later.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made to Transfer
Pricing Officer to determine Arm’s Length Price, then the said period gets
extended by 1 year under both cases.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">18<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 153(4)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for completion of Assessment/
Reassessment which revives u/s 153A(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notwithstanding the time limits for making
assessments/ reassessments under Sec 143(3)/ 144/147 given in Sec 153 and
notwithstanding the time limits given in Sec 153B, the order of assessment or
reassessment relating to any AY, which stands revived u/s 153A(2) shall be
made;<br />
(a) within 1 year from the end of the month of such revival, or<br />
(b) within the time period specified in Sec 153;<br />
(c) within the time period specified in Sec 153B; whichever is later.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Revival takes place on the date of receipt of
order of annulment by CIT<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">19<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 245D (4A)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for passing Order of Settlement
Commission<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The Settlement Commission shall pass an order of
Settlement u/s 245D(4), within 18 months from the end of month in which
application was made.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">When no Order is made by Settlement within 18
months, the proceedings shall abate u/s 245HA.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">20<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 245D(6B)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Rectification of Mistake apparent from record by
Settlement Commission<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The Settlement Commission MAY at any time within
a period of 6 months from the date of the Order, with a view to rectify any
mistake apparent from the record, amend any order passed by it.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where an amendment has the effect of modifying
the liability of applicant, no such amendment order shall be passed unless
opportunity of being heard is given to the applicant anf Commissioner.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">21<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 245D(7)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Revival of proceedings, when Settlement becomes
Void<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If Settlement becomes void, the Income Tax
proceedings in respect of matters covered by settlement shall be deemed to
have been revived and Income Tax Authority can complete such proceedings at any
time before the expiry of 2 years from the end of financial year in which the
settlement became Void.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Settlement becomes Void if it has been obtained
by fraud or misrepresentation of facts.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">22<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 245HA<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Abatement of Proceedings before Settlement Commission<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Proceedings before Settlement Commission shall
abate:<br />
(i) Where an application made under Sec 245C has been rejected u/s
245D(1)—(To be rejected within 7 days maxi).<br />
(ii) Where an application made under Sec 245C has been declared as invalid
u/s 245D(2C)—(To be declared as invalid maxi within 45 days of receipt of
application).<br />
(iii) In respect of any other application–when Settlement Order was not
passed within the time specified u/s 245D(4A)—(To be passed within 18 months
from the end of the month in which settlement application was received).<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The application shall abate on:<br />
(i) On the date the application was rejected;<br />
(ii) On the last date of the month in which application declared invalid;<br />
(iii) On the date on which prescribed time expires, respectively.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">23<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 245HA<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit to complete assessment in case
Settlement abates u/s 245HA<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Period from date of application of Settlement
Commission till date of its abatement shall be excluded for determining
period of limitation.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">After excluding the period from date of
application of Settlement Commission till date of its abatement, if period of
limitation available to AO u/s 149 and 153 becomes less then 1 year, then it
shall be deemed to have been extended to 1 year.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">24<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 273A<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">CIT possess the power to reduce the penalty
imposed or imposable u/s 271(1) (c)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">There is no time limit for making an application
u/s 273A and also, there is no time limit for passing an order u/s 273A.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">CIT can exercise power u/s 273A even of assessee
has challenged the penalty order in any appellate proceedings or before any
court.<br />
CIT can reduce/ waive penalty even if paid, through refund.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">25<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 275<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for passing of Penalty Order in case
of Concealment of Income<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">(A) Where an appeal has been filed against the
assessment order to CIT(A) or ITAT;<br />
(i) Where order is passed by the CIT(A) and no appeal is made to ITAT—1 year
from the end of financial year in which order of CIT(A) is received by the
CIT.<br />
(ii) Where Order is passed by the ITAT—6 months from the end of the month in
which order of ITAT is received by the CIT.<br />
(B) Where Revision application has been made u/s 264—6 months from the end of
the month in which revision order u/s 264 is passed.<br />
(C) Where no appeal has been filed against the assessment order and no
application made for revision u/s 264, later of;<br />
(i) End of the financial year in which assessment proceedings are completed;
or<br />
(ii) 6 months from the end of the month in which penalty proceedings are
initiated.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Penalty order for other than Concealment of
Income can be passed within 6 months from the end of the month in which
penalty proceedings were initiated.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">26<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 281B<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Provisional Attachment of Property to protect
interest of the Revenue<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">AO can provisonally attach by an order in
writing, property belonging to the assessee but with the prior approval of
CCIT or CIT for a period of 6 months. However, CCIT, CIT, DG, D for reasons
to be recorded in writing extend the aforesaid period further as he thinks
fit.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">But the total period of extension shall not in
any case exceed 2 years or 60 days after the date of order of assessment /
reassessment, whichever is later.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">27<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 285<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Submission of Statement by a Non Resident having
Liason office<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Every person being Non resident having a liason
office in India set up in accordance with the guidelines issued by the RBI
under FEMA,1999 shall, in respect of its activities in a financial year,
prepare and deliver to the respective AO, within 60 days from the end of such
financial year.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Format and content of statement shall be as
prescribed.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">28<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 249<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for filing appeal to CIT(A)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The appeal shall be furnished within 30 days of
the following date:<br />
(a) Where appeal is u/s 248, the date of payment of tax.<br />
(b) Where the appeal relates to any assessment or penalty, the date of
service of notice of demand relating to the assessment or penalty.<br />
(c) In any other case, the date on which the order sought to be appealed is
served.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Condonation of delay possible, otherwise remedy
available is Sec 264[CIT]<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">29<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 250<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for issue of Order by CIT(A)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where it is possible CIT(A), MAY hear and decide
the appeal withina period of 1 year from the end of financial in which such
appeal is filed before him under Sec 246A.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">This is not mandatory, its directory for CIT(A).<br />
CIT(A) cannot set aside assessment & ask AO to make fresh assessment im
its direction.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">30<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 254<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Order of Stay by ITAT<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">ITAT may after considering the merits of the application
made by the assessee, pass an order of stay in any proceedings relating to an
appeal filed under Sec 253, for a period not exceeding 180 days from the date
of such order and the Appellate Tribunal shall dispose of the appeal within
the said period os stay specified in that order.<br />
Provided that when appeal is not so disposed off in within said period, ITAT
may on an application made in this behalf by the assessee and on being
satisfied that the delay in disposing of the appeal is not attributable to
the assessee, extend the period of stay. However, the aggregate period of
stay shall not exceed 365 days.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If appeal is not disposed within time allowed,
maxi period of 365 days then the order of stay shall stand vacated after the
expiry of such period, even if delay in disposing of the appeal is not
attributabe to the assessee.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">31<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 253<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for filing appeal to ITAT<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The appeal to ITAT shall be filed within 60 days
of the date on which the order sought to be appealed against is communicated
to the assessee or to the CIT, as the case may be.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Other party to file Memorandum of cross
Objections to the ITAT within 30 days in Form 36A.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">32<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 254<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for issuance of Order by ITAT<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where it is possible ITAT, MAY hear and decide
the appeal within a period of 4 years from the end of financial in which such
appeal is filed before him under Sec 253.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">This time limit is not mandatory, its directory
for ITAT.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">33<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 254(2)<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Rectification of mistake by ITAT<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The ITAT may, at any time within 4 years from the
date of the order, with a view to rectify any mistake apparent from the
record, amend any order passed by it u/s 254(1).<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">If application for rectification is made within 4
years, then rectification order can be passed u/s 254(2), even after 4 years
but to the advantage of the assessee.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">34<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 260A<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Appeal to High Court<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The CIT or the assessee aggrieved by an order
passed by the Appellate Tribunal may file an appeal to the High Court, within
120 days from the date on which the order appealed against is received by the
CIT or the assessee.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Needs substantial question of law; can condone
the delay on sufficient cause.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">35<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 263<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Revision Order by CIT u/s 263<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The Order u/s 263 shall not be passed after the
expiry of 2 years from the end of the financial year in which order sought to
be revised was passed. However, an order this secton can be passed at any
time to give effect to the findings or directions contained in an order of
the Supreme Court.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Against order passed u/s 263 an appeal can be
filed to ITAT.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">36<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 264<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Revision application u/s 264<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">CIT cannot on his own motion revise any order if
the order has been made more than 1 year previously, but where an application
is made by the assessee, the application shall filed within 1 year from the
date on which the order was communicated to him.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">CIT shall not revise the order:<br />
(i) Where an appeal against the order lies to the CIT(A) but has not been
made and;<br />
(a) The time within which such as appeal may be made has not expired;<br />
(b) The assessee has not waived his right of appeal.<br />
(ii) Where the order has been made the subject of an appeal to the CIT(A).<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">37<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 264<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Revision Order by CIT u/s 264<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">On receipt of revision application by the
assessee u/s 264, an order shall be passed by the CIT within 1 year from the
end of financial year in which such application u/s 264 is made by the
assesee. No appeal is possible against such order, only remedy available is
WRIT PETITION or SLP.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">In case of application, if revision order is not
passed u/s 264 within 1 year from the end of financial year in which such
application u/s 264 is made by the assesee, then it shall be deemed that the
reliefs claimed by the assessee in the application have been allowed.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">38<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 92CA<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Reference to Transfer Pricing Officer<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Where a reference has been made under sub-section
(1) of Sec 92CA to the Transfer Pricing Officer, an order under Sub-section
(3) may be made at any time before 60 days prior to the date on which the
period of limitation referred to in Sec 153 or 153B expires.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Determination of ALP, previous approval of CIT is
required<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">39<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 92CC<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Advance Pricing Agreement —Time limit if
agreement becomes Void<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Agreement becomes void if obtained through fraud
or misrepresentation of facts. If period of limitation after excluding the
period from date of agreement till date of declaring it Void, is less then 60
days then the remaning period shall be extended to 60 days accordingly.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">APA is binding for a period not exceeding 5
consecutive years<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">40<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 92CD<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for completion of assessment in case
APA is applicable for the years for which Returns were already filed<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notwithstanding anything contained in Sec 153 or
153B or Sec 144C(DRP);<br />
(a) The order of assessment, reassessment or recomputation of total income
u/ss (3) of Sec 92CD shall be passed within a period of 1 year from the end
of the financial year in which the modified return u/ss (1) is furnished;<br />
(b) The period of limitation as provided in Sec 153 or 153B or Sec 144C(DRP)
for completion of pending assessment or reassessment proceedings referred to
in sub-sec (4) shall be extended by a period of 12 months.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">The APA is final, no appeal is possible to CIT(A).
CIT cannot reopen under Sec 263, also AO cannot reopen under Sec 147.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">41<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 144C<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Dispute Resolution Panel<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Notwithstanding anything contained in Sec 153 or
153B, AO shall pass the assessment order u/ss (3) within 1 month from the end
of the month in which,-<br />
(a) The acceptance is received; or<br />
(b) The period of filing of objecions u/ss (2) expires—(Within 30 days of
receipt of draft order).<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">AO to forward of the proposed order od assessment
to the eligible assessee if he proposes to make any variation in the income
or loss returned which is prejudicial to the interest of the such assessee.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">42<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 144C<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Issue of directions to AO, on receipt of
Objections from eligible assessee<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No direction shall be issued after 9 months from
the end of the month in which the draft order is forwarded to the eligible
assessee.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">No direction unles opportunity of being heard is
given to the assessee and AO, where such directions are prejudicial to the
interest of assessee or revenue, respectively.<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border: 1pt solid; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 29.95pt;" valign="top" width="40"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">43<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 61.1pt;" valign="top" width="81"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Sec 144C<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 88.6pt;" valign="top" width="118"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Time limit for completion of assessment on
receipt of Directions from DRP<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 188.65pt;" valign="top" width="252"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Upon receipt of directions, AO shall in
confirmity of such directions, complete the assessment without providing any
further opportunity of being heard to the assessee, within 1 month from the
end of the month in which such direction is received.<o:p></o:p></span></div>
</td>
<td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 4cm;" valign="top" width="151"><div class="MsoNormal" style="margin: 12pt 0cm;">
<span style="font-family: "times new roman", serif; font-size: x-small;">Appeal against such order lies to ITAT<o:p></o:p></span></div>
</td>
</tr>
</tbody></table>
<div style="font-weight: normal;">
<span style="font-size: x-small;"><br /></span>
</div>
<div style="font-weight: normal;">
<span style="font-size: x-small;"><br /></span>
</div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://3.bp.blogspot.com/-gioX8ZMp1Jg/WD2DIWxZV-I/AAAAAAAAC4k/70p2wp2THEQ344-vLeVXqaMOSO0pU8k3gCLcB/s1600/Demonetisation%2Btaxes.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://3.bp.blogspot.com/-gioX8ZMp1Jg/WD2DIWxZV-I/AAAAAAAAC4k/70p2wp2THEQ344-vLeVXqaMOSO0pU8k3gCLcB/w120-h400/Demonetisation%2Btaxes.jpeg" width="120" /></a></div>
<div style="font-weight: normal;">
<span style="font-size: x-small;"><br /></span>
<span style="font-size: x-small;"><br /></span><p style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; margin: 0in 0in 9.35pt;"><span face=""Arial","sans-serif"" style="color: #475055; font-size: 15pt;"><u>Amendments made by <em style="box-sizing: border-box;"><b>Finance
Act 2020 </b></em>to be effective from April 1, 2021 i.e. the assessment
year 2021-22</u><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face=""Arial","sans-serif"" style="color: #475055; font-size: 15pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> </span></b><b><span face="Arial, sans-serif" style="color: #475055;">1. Section 6:</span></b></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Residential Status</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 11.2pt;"><b><i><u><span style="color: #444444; font-family: "Times New Roman", serif;">Residential Status –
determined by the number of days of his stay in India</span></u></i></b><b><span style="color: #444444; font-family: "Times New Roman", serif;"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The exception
provided in Explanation 1(b) to section 6(1), for Indian citizens and persons
of India origin visiting India in that year has been decreased to 120
days, </span><i><span face="Arial, sans-serif" style="color: #475055;">only in cases where the total income of such visiting
individuals during the financial year from sources, other than foreign sources,
exceeds INR 15 lakhs.</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The term ‘income
from foreign sources’ has been defined to mean </span><i><span face="Arial, sans-serif" style="color: #475055;">income which accrues
or arises outside India (except income derived from a business controlled in or
a profession set up in India).</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><i><span face="Arial, sans-serif" style="color: #475055;">Residential Status –</span></i><span face="Arial, sans-serif" style="color: #475055;"> </span><i><span face="Arial, sans-serif" style="color: #475055;">Provision of ‘Deemed <u>Resident’ applicable if total
income exceeds INR 15 lakhs</u></span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The amendment to
clause (1A), introduced by the Finance Bill, 2020 targeted individuals who do
not spend considerable amount of time in any country so as to be treated as tax
residents of such foreign countries.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– This created a lot
of misapprehension in the non-resident Indian (NRI) community, especially for
Indians who are bonafide employed in other countries or carry on business
there, etc.; and who are not subject to tax in those countries as per the
domestic tax law of those countries, will be taxed in India on the income that
they have earned outside India.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– Hence, to avoid such
misapprehension, the CBDT issued a Press Release dated 2 February 2020, </span><i><span face="Arial, sans-serif" style="color: #475055;">clarifying that in
case of an Indian citizen who becomes deemed resident of India, income earned
outside India by him shall not be taxed in India unless it is derived from an
Indian business or profession.</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The scope of clause
(1A) has been now limited through the Finance Act, 2020, and shall only be
applicable to such Indian citizens who meet the </span><i><span face="Arial, sans-serif" style="color: #475055;">threshold*</span></i><span face="Arial, sans-serif" style="color: #475055;">. Accordingly, all Indian citizens who fail to
meet the threshold, but are not subject to tax in any other jurisdiction, will
not be considered as Indian tax resident<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><i><span face="Arial, sans-serif" style="color: #475055;">(*Threshold: an individual, being a citizen of India, having
total income, other than the income from foreign sources, exceeding fifteen
lakh rupees during the previous year)</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><i><u><span face="Arial, sans-serif" style="color: #475055;">Deemed resident to be treated as ‘Not Ordinarily Resident’</span></u></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The proposed
relaxation to the Resident but Not Ordinarily Resident (RNOR’) under the
Finance Bill have been removed through the Finance Act, 2020, that is:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><i><span face="Arial, sans-serif" style="color: #475055;">The Finance Bill proposed to streamline the test for RNORs by
providing that an individual or an HUF shall qualify as an RNOR, if such
individual or manager of the HUF has been a non-resident in India for seven out
of the ten previous years preceding that year</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The Finance Act,
2020, now adds two categories to the test for RNOR in section 6(6).<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The below persons
shall also be treated as RNOR:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #475055; font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif" style="color: #475055;">Indian citizens/
persons of Indian origin who meet the threshold and have been in India for a
period of more than 120 days but less than 182 days i.e. those Indian citizens
/ persons of Indian origin who fulfil the conditions mentioned above in
Explanation 1(b) to section 6(1) and<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #475055; font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif" style="color: #475055;">Indian citizens who
fulfil the conditions mentioned above in Explanation (1A) to section 6(1).<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The above amendments
mean that even where an Indian citizen qualifies as a tax resident under
section 6(1) of the Act but owing to the amendment as mentioned above to
Explanation 1(b) and Explanation (1A) to section 6(1), he will still not be
taxed on a worldwide basis (unless as per section 5 of the Act, such foreign
income is derived from a business controlled in or a profession set up in
India), even if he does exceed the threshold.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">-The day count and
total income criteria has to be examined every financial year<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The same shall be
applicable from AY 2021-22<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">2. Section 43CA:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Special provision for full value of
consideration for transfer of assets other than capital assets in
certain cases</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">Earlier, 5% variation
in the value of consideration received or accruing as a result of transfer of
an asset (other than capital asset) being land or building or both was allowed.
Now, this variation rate is increased to 10%. </span><span face="Arial, sans-serif" style="color: #078cad;">It means, if the value adopted or assessed or
assessable by the authority for the purpose of payment of stamp duty does not
exceed one hundred and ten per cent of the consideration received or accruing
as a result of the transfer, the consideration so received or accruing as a
result of the transfer shall, for the purposes of computing profits and gains
from transfer of such asset, be deemed to be the full value of the
consideration.</span><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">Consequently, even
section 50C and section 56(2)(x)(B), are amended on a similar basis, and
provides for a ten percent tolerance limit.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">The above amendments
are effective from AY 2021-2022.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">3. Section 44AB:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Audit of accounts of certain persons carrying on business
or profession</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">A new proviso to
section 44AB(a) has been added, whereby the threshold limit for a person
carrying on business who is required to get his accounts audited, has been
increased from one crore rupees as provided in section 44AB(a) to five crore
rupees, only in cases where both the below conditions are satisfied:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #475055; font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif" style="color: #475055;">aggregate of all
receipts including sales, turnover or gross receipts, in cash during the
previous year does not exceed five per cent of such receipt; and<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin: 0in 0in 0.0001pt; text-indent: -0.25in;"><!--[if !supportLists]--><span style="color: #475055; font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><!--[endif]--><span face="Arial, sans-serif" style="color: #475055;">aggregate of all
payments made including amount incurred for expenditure, in cash during the
previous year does not exceed five per cent of such payment<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– Further, to enable
pre-filling of returns in case of persons having income from business or
profession, it is required that the tax audit report may be furnished by the
said assessees at least one month prior to the due date of filing of return of
income.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">It means, as the due
date for furnishing return of income U/s 139(1) is made as 31</span><sup><span face=""Arial","sans-serif"" style="color: #475055; mso-fareast-font-family: "Times New Roman";">st</span></sup><span face="Arial, sans-serif" style="color: #475055;"> October of
relevant assessment year, the due date for submission of audit report under
this section will be 30</span><sup><span face=""Arial","sans-serif"" style="color: #475055; mso-fareast-font-family: "Times New Roman";">th</span></sup><span face="Arial, sans-serif" style="color: #475055;"> September of relevant of assessment
year.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">4. Section 50C:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Special provision for full value of consideration in certain
cases.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">Earlier, 5% variation
in the value of consideration received or accruing as a result of transfer of
capital asset, being land or building or both, was allowed. Now, this variation
rate is increased to 10%. </span><span face="Arial, sans-serif" style="color: #078cad;">It
means, if the value adopted or assessed or assessable by the authority for the
purpose of payment of stamp duty does not exceed one hundred and ten per cent
of the consideration received or accruing as a result of the transfer, the
consideration so received or accruing as a result of the transfer shall, for
the purposes of computing profits and gains from transfer of such asset, be
deemed to be the full value of the consideration.</span><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">Consequently, even
section 43CA and section 56(2)(x)(B), are amended on a similar basis, and
provides for a ten percent tolerance limit.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">The above amendments
are effective from AY 2021-2022.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">5. Section 55:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Meaning of “adjusted”, “cost of improvement” and “cost of
acquisition”.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">The following proviso
is inserted-<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">In case of capital
assets being land or building or both, the fair market value [FMV] of such
asset as on the 1</span><sup><span face=""Arial","sans-serif"" style="color: #475055; mso-fareast-font-family: "Times New Roman";">st</span></sup><span face="Arial, sans-serif" style="color: #475055;"> day of April, 2001 shall not exceed the
stamp duty value, wherever available, of such asset as on 1</span><sup><span face=""Arial","sans-serif"" style="color: #475055; mso-fareast-font-family: "Times New Roman";">st</span></sup><span face="Arial, sans-serif" style="color: #475055;"> day of April,
2001.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">6. Section 57: </span></b><b><span face="Arial, sans-serif" style="color: purple;">Deduction</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">As all the dividends
are made taxable in the hands of recipient, the deductions from such income are
brought in by inserting the following proviso.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">No expenses are
allowed as deduction </span><i><span face="Arial, sans-serif" style="color: #475055;">except the interest expenses</span></i><span face="Arial, sans-serif" style="color: #475055;"> incurred to earn the income in the nature of Dividend or
income in respect of units of MF specified under clause (23D) of section 10 or
income in respect of units from a specified company defined in the explanation
to clause(35) of section 10.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">And such
deduction </span><i><span face="Arial, sans-serif" style="color: #475055;">shall not exceed 20%</span></i><span face="Arial, sans-serif" style="color: #475055;"> of the dividend income, or income in respect of such units
included in the total income for that year.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">7. Section 80EEA</span></b><span face="Arial, sans-serif" style="color: #475055;">:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Deduction in respect of interest on loan taken for certain house
property.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">The benefit of
deduction given under this section relating to the interest paid on the
specified housing loans was allowed only to the loan availed on or before
31.03.2020. But now through this amendment, </span><i><span face="Arial, sans-serif" style="color: #475055;">this benefit is
extended to the loans sanctioned before 01.04.2021.</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">8. Section 80GGA:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Deduction in respect of certain donations for scientific research
or rural development.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">Earlier the donation
could have been paid by cash upto Rs. 10000/-. But now through this amendment
the limit is fixed to Rs. 2000/-. It means, any donations referred in Sec.
80GGA paid by cash exceeding Rs. 2000/- will not be allowed as deduction.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">9. Section 80M:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Deduction in respect of certain inter-corporate dividends.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">This section was
omitted by the Finance Act, 2003 w.e.f 01.04.2004. But now again brought into
effect as the taxability of dividend is shifted from payer to the receiver.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">As the dividend income
is made taxable in the hands of recipient, this section aims to provide
deduction to the companies receiving dividend from another company.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">As per this section,
Where the gross total income of a domestic company in any previous year
includes any income by way of dividends from any other domestic company, there
shall in accordance with and subject to the provisions of this section, be
allowed in computing the total income of such domestic company, a deduction of
an amount equal to so much of income by way of dividends received from such
other domestic company as does not exceed the amount of dividend distributed by
the first mentioned domestic company on or before the due date.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">10. Section 115BAA</span></b><span face="Arial, sans-serif" style="color: #475055;">:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Tax on income of certain domestic companies.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">This section is
amended so as to provide deduction </span><i><span face="Arial, sans-serif" style="color: #475055;">U/s 80M: Deduction in respect of certain
inter-corporate dividends</span></i><span face="Arial, sans-serif" style="color: #475055;"> to
the domestic Companies opting to pay tax @ 22%, without claiming any deductions
as per this section.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">It means, now the
companies opting to pay tax under this section can claim deduction </span><b><span face="Arial, sans-serif" style="color: #475055;"><a href="https://www.google.com/url?client=internal-element-cse&cx=005806580856307734652:gr7eqrjogaq&q=https://taxguru.in/income-tax/80m-computing-deduction-gross-dividend-presumptive-expenditure-reduced-absence-actual-expenditure.html&sa=U&ved=2ahUKEwj5xJyD4NPoAhX3xzgGHbp-AkQQFjABegQICRAC&usg=AOvVaw1iz7MezsPMe99tcWmnhRAD" target="_blank"><span style="color: #337ab7; text-decoration-line: none;">U/s. 80M</span></a></span></b><span face="Arial, sans-serif" style="color: #475055;">.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">11. Section 115BAB:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Tax on income of new manufacturing domestic companies</span></i></b><b><span face="Arial, sans-serif" style="color: purple;">.</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">This section is
amended so as to provide deduction </span><i><span face="Arial, sans-serif" style="color: #475055;">U/s 80M: Deduction in respect of certain
inter-corporate dividends</span></i><span face="Arial, sans-serif" style="color: #475055;"> to
the domestic Companies opting to pay tax @ 15%, without claiming any deductions
as per this section.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">It means, now the
companies opting to pay tax under this section can claim deduction U/s.80M.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">12. Section 115BAC</span></b><span face="Arial, sans-serif" style="color: #475055;">:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: #475055;">Alternative Tax Rates Slab for Individuals and HUF</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> If an individual
and HUF exercises an option to not to claim various exemptions or deductions
provided otherwise under the Act, the applicable slabs and tax rates will be as
under<o:p></o:p></span></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border-collapse: collapse; border: none; width: 764px;">
<tbody><tr>
<td style="background: rgb(249, 249, 249); border-left: none; border: 1pt solid rgb(221, 221, 221); padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span face="Arial, sans-serif" style="color: #353435;">Sl.No.</span></b><span face="Arial, sans-serif" style="color: #353435;"><o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-left: none; border: 1pt solid rgb(221, 221, 221); mso-border-left-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span face="Arial, sans-serif" style="color: #353435;">Total Income(Rs.)</span></b><span face="Arial, sans-serif" style="color: #353435;"><o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-left: none; border: 1pt solid rgb(221, 221, 221); mso-border-left-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><span face="Arial, sans-serif" style="color: #353435;">Rate of Tax</span></b><span face="Arial, sans-serif" style="color: #353435;"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">1<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">Upto 2,50,000<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">Nil<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">2<o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">From 2,50,001 to
5,00,000<o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">5 %<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">3<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">From 5,00,001 to
7,50,000<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">10%<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">4<o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">From 7,50,001 to
10,00,000<o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">15%<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">5<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">From 10,00,001 to
12,50,000<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">20%<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">6<o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">From 12,50,001 to
15,00,000<o:p></o:p></span></p>
</td>
<td style="background: rgb(249, 249, 249); border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">25%<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 72.75pt;" valign="top" width="97">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 2.75in;" valign="top" width="264">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">Above 15,00,000<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid rgb(221, 221, 221); border-left: none; border-right: 1pt solid rgb(221, 221, 221); border-top: none; mso-border-left-alt: solid #DDDDDD 1.0pt; mso-border-top-alt: solid #DDDDDD 1.0pt; padding: 7.5pt; width: 99pt;" valign="top" width="132">
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face="Arial, sans-serif" style="color: #444444;">30%<o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Any individual or
HUF who exercises such option shall not be eligible to claim various exemptions
or deductions available under the Act including the following:-<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(i) Standard deduction
of Rs.50,000<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(ii) Leave Travel
Allowance under Section 10(5)<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(iii) House Rent
Allowance under Section 10(13A)<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(iv) Certain
allowances under Section 10(14) as will be prescribed<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(v) Deduction of
interest up to Rs.2,00,000/- allowable under Section 24(b) in respect of self
occupied property.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(vi) Deduction of
1/3rd of family pension allowable under Section 57(iia)<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(vii) All deductions
allowed under Chapter VI-A (except the deduction under Section 80 CCD(2) and
Section 80 JJAA ) including of Rs. 1,50,000/- under Section 80C in respect of
contribution to provident fund, life insurance premium and deduction of
Rs.50,000/- as contribution to NPS under Section 80CCD (1B).<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(viii) Allowance for
Minor Child Income allowable under Section 10(32) on clubbing of minor income<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">In addition to the
above, the following deductions/exemptions allowed while computing income of
business or profession shall also not be available</span><i><span face="Arial, sans-serif" style="color: #475055;">.</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><i><span face="Arial, sans-serif" style="color: #475055;">(ix</span></i><span face="Arial, sans-serif" style="color: #475055;">) Exemption for SEZ
Unit under Section 10AA<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(x) Additional initial
depreciation in respect of plant and machinery under Section 32(1)(iia)<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(xi) Investment
allowance in respect of new plant and machinery in notified backward areas
under Section 32AD<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(xii)
Tea/Coffee/Rubber development benefit under Section 33AB<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(xiii) Site
restoration benefit under Section 33ABA<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(xiv) Various
deductions for donation for expenditure on scientific research or social
sciences research under section 35(1)(ii), section 35(1)(iia), section
35(1)(iiia) or under section 34(2AA)<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(xv) Accelerated
capital deduction for specified businesses under Section 35AD<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(xvi) Expenditure on
agricultural extension project under Section 35CCC<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Further, such
individual or HUF who exercises such option- Shall not be allowed to set off
any loss or depreciation carried forward from an earlier assessment year if
such loss or depreciation is attributable to any other deductions referred
hereinabove.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> No set off of any
loss under the head “<a href="https://www.google.com/url?client=internal-element-cse&cx=005806580856307734652:gr7eqrjogaq&q=https://taxguru.in/income-tax/income-house-properties.html&sa=U&ved=2ahUKEwiO2cCy5NXoAhVDIbcAHUYXA1IQFjAAegQIBhAC&usg=AOvVaw0HPxN0iSA2dVOIHcr1tzn8" target="_blank"><b><span style="color: #337ab7; text-decoration-line: none;">Income from House Property</span></b></a>”
shall be allowed against income under any other head.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Carried forward
loss or depreciation shall be deemed to have given full effect to and no
further adjustment in respect of such carried forward loss or depreciation
shall be available meaning thereby that such loss or depreciation carried
forward shall lapse.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> If the option to
pay tax under section 115BAC is exercised in respect of assessment year </span><i><span face="Arial, sans-serif" style="color: #475055;">2021-2022</span></i><span face="Arial, sans-serif" style="color: #475055;">, then the written down value of the </span><i><span face="Arial, sans-serif" style="color: #475055;">block of asset shall
be increased by the amount of depreciation</span></i><span face="Arial, sans-serif" style="color: #475055;"> carried forward which is not available for set-off due to
the restrictions contained in the proposed newly inserted section 115BAC.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> To claim benefit
by paying the tax at the applicable rates under this section, assessee </span><i><span face="Arial, sans-serif" style="color: #475055;">having business income</span></i><span face="Arial, sans-serif" style="color: #475055;"> has to opt on or before the due date U/s
139(1) for furnishing return of income for any previous year relevant to
assessment year on or after 01.04.2021 and such option once exercised shall
apply to subsequent assessment years.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> To claim benefit
by paying the tax at the applicable rates under this section, assessee </span><i><span face="Arial, sans-serif" style="color: #475055;">not having business
income</span></i><span face="Arial, sans-serif" style="color: #475055;"> has to opt </span><i><span face="Arial, sans-serif" style="color: #475055;">along with the return
of income</span></i><span face="Arial, sans-serif" style="color: #475055;"> to be furnished
U/s 139(1) for a previous year relevant to assessment year.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> However if an
assessee having business income exercises this option in a previous year and
subsequently he can withdraw only once for a previous year other that the year
in which it was exercised and thereafter, the person shall never be eligible to
exercise option under this section except where such person ceases to have any
business income in which case, he can opt the benefit available to person not
having business income.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">13. Section 115BAD:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Tax on income of certain resident co-operative societies.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> If a person being
a co-operative society resident in India, exercises not to claim the exemptions
and deductions provided otherwise under the act, then such person can pay tax
at the rate of 22%.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> To claim benefit
by paying the tax at the applicable rates under this section, assessee has to
opt on or before the due date specified U/s 139(1) for furnishing return of
income for any previous year relevant to assessment year on or after 01.04.2021
and such option once exercised shall apply to subsequent assessment years.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Option once
exercised for any previous year, it cannot be subsequently withdrawn for the
same of any other previous years.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> The income of the
person shall be computed without giving effect of any of the following
deductions/ exemptions – Sec 10AA, clause (iia) of sub-section (1) of section
32 or section 32AD or section 33AB or section 33ABA of sub-clause (ii) of
sub-clause (iia) of sub-clause (iii) of sub-section (1) or sub-section (2AA) of
section 35 or section 35AD or section 35CCC or under any of the provisions of
Chapter VI-A other than the provisions of Section 80JJAA.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Shall not be
allowed to set off any loss or depreciation carried forward from an earlier
assessment year if such loss or depreciation is attributable to any other
deductions referred hereinabove.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Carried forward
loss or depreciation shall be deemed to have given full effect to and no
further adjustment in respect of such carried forward loss or depreciation
shall be available meaning thereby that such loss or depreciation carried
forward shall lapse.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> If the option to
pay tax under section 115BAD is exercised in respect of assessment year </span><i><span face="Arial, sans-serif" style="color: #475055;">2021-2022</span></i><span face="Arial, sans-serif" style="color: #475055;">, then the written down value of the </span><i><span face="Arial, sans-serif" style="color: #475055;">block of asset shall
be increased by the amount of depreciation</span></i><span face="Arial, sans-serif" style="color: #475055;"> carried forward which is not available for set-off due to
the restrictions contained in the proposed newly inserted section 115BAD.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">14. Section 115BBDA:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Tax on certain dividends received from domestic companies.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">As per this section,
the dividend received by the specified assessee exceeding Rs.10,00,000/-, such
dividend received in excess Rs.10,00,000/- will be taxed at the rate of 10%.
This provision will be applicable till AY 2020-21. From AY 2021-22, this section
will be inactive.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">15. Section 115JC:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Special provisions for payment of tax by certain persons other
than a company. [Alternate Minimum Tax]</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If an assessee opts
to tax under Sec.115BAC or Sec.115BAD, then Alternate Minimum Tax is not
applicable to such assessee.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">16. Section 115JD</span></b><span face="Arial, sans-serif" style="color: #475055;">:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Tax credit for alternate minimum tax.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If any assessee opts
to pay tax under Sec.115BAC or Sec.115BAD and if any brought forward Alternate
Minimum Tax [AMT] credit exists, such credit will lapse as it is not allowed to
carry forward further.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">17. Section 115-O:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Dividend Distribution Tax</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">DDT is removed from AY
2021-22. It means, the companies are not required to pay tax on the dividend
distributed by them. It will be taxed in the hands of recipient i.e.,
Shareholders.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">18. Section 115-R:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Tax on income distributed to unit holders</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">Tax on distributed
income to unit holders is removed from AY 2021-22. It means, the specified
company/mutual fund is not required to pay tax on the income distributed by
them. It will be taxed in the hands of recipient i.e., Unit holders.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">19. Section 139:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Due date for filing of ITR is amended as under-</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">a. Date of filing
Audit Report delinked from date of filing return.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">b. For audit cases due
date is changed as </span><i><span face="Arial, sans-serif" style="color: #475055;">31</span></i><i><sup><span face=""Arial","sans-serif"" style="color: #475055; mso-fareast-font-family: "Times New Roman";">st</span></sup></i><i><span face="Arial, sans-serif" style="color: #475055;"> Oct of relevant
Assessment Year.</span></i><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">c. Earlier, the due
date for filing ITR of </span><i><span face="Arial, sans-serif" style="color: #475055;">only the Working partner</span></i><span face="Arial, sans-serif" style="color: #475055;"> was that of same for audit cases. But now, it is amended
and made as due date for filing of ITR of </span><i><span face="Arial, sans-serif" style="color: #475055;">partners</span></i><span face="Arial, sans-serif" style="color: #475055;"> (i.e., </span><i><span face="Arial, sans-serif" style="color: #475055;">both the sleeping and
working partner</span></i><span face="Arial, sans-serif" style="color: #475055;">) will be that of
audit cases (i.e. 31</span><sup><span face=""Arial","sans-serif"" style="color: #475055; mso-fareast-font-family: "Times New Roman";">st</span></sup><span face="Arial, sans-serif" style="color: #475055;"> Oct of relevant Assessment year).<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">20. Section 194:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">TDS on Dividends</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> The Company
distributing dividend has to deduct TDS as under-<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– On dividend
distributed in any Mode i.e., either in cash or cheque, etc.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If such dividend
paid is more than Rs.5000/- (earlier it was 2500/-)<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The rate of TDS is
10%<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">21. Section 194A</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">TDS on interest other than interest on securities:</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Keeping other
things same as mentioned already in the section, Applicability for Individual
and HUF (payer) is changed as under –<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">If an Individual or
HUF is having business turnover more than Rs. 1,00,00,000/- in the financial
year immediately preceding the financial year in which such amount liable for
tds is paid or credited &<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">If an Individual or
HUF is having professional receipts more than Rs. 50,00,000/- in the financial
year immediately preceding the financial year in which such amount liable for
tds is paid or credited, </span><b><i><span face="Arial, sans-serif" style="color: #475055;">is required to deduct TDS.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> The scope of
section 194A to deduct tax at source in respect of payment of interest is being
widened in respect of the Cooperative Societies.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If the total sales,
gross receipt or turnover of the Cooperative Society exceeds Rs. 50 crore
during the financial year immediately preceding the financial year and the
amount of interest to be credited or paid during the financial year is more
than Rs. 40,000 in the case of such cooperative society, the cooperative
society shall be required to deduct tax at the rate of 10% in case the amount
of interest credited or paid or likely to be credited or paid during the
financial year.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">-However, in the case
of the senior citizen, the tax shall be required to be deducted at source in
case this amount is more than Rs. 50,000/-<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">22. TDS U/s 194C, 194H, 194I, 194J</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">> Keeping other
things same as mentioned already in the section, Applicability for Individual
and HUF (payers) is changed as under –<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If an Individual or
HUF is having business turnover more than Rs. 1,00,00,000/- in the financial
year immediately preceding the financial year in which such amount liable for
tds is paid or credited &<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If an Individual or
HUF is having professional receipts more than Rs. 50,00,000/- in the financial
year immediately preceding the financial year in which such amount liable for
tds is paid or credited,<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;"> </span><b><i><span face="Arial, sans-serif" style="color: #475055;">is required to deduct
TDS.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: #475055;">23. </span></i></b><b><span face="Arial, sans-serif" style="color: #475055;">Section 194K:[newly inserted]</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">TDS in respect of units</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– Any person
responsible for paying to a resident any income in respect of Units,<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– Shall deduct TDS at
the rate of 10%<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;"> – If any sum
paid is more than Rs. 5000/-<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">24. 194-O:[newly inserted]</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Payment of certain sums by e-commerce operator to the e-commerce
participant.</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– an E-commerce
operator shall be required to deduct TDS at the rate of 1% at the time of
credit of </span><i><span face="Arial, sans-serif" style="color: #475055;">amount of sale or service or both</span></i><span face="Arial, sans-serif" style="color: #475055;"> to the account of the E-commerce participant
or at the time of payment thereof to such participant by any mode, whichever is
earlier.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The rate of TDS is
1%<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The amount shall
include the payment directly made by the purchaser of the goods or services to
the E-commerce participant.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– However, this
provision shall not be applicable for E-commerce participant if the E-commerce
participant happens to be </span><i><span face="Arial, sans-serif" style="color: #475055;">an individual or HUF</span></i><span face="Arial, sans-serif" style="color: #475055;"> and the gross amount of sales or
services or both of such individual or HUF through such E-commerce operator
during the year </span><i><span face="Arial, sans-serif" style="color: #475055;">does not exceed Rs.5 lakhs</span></i><span face="Arial, sans-serif" style="color: #475055;"> and such E-commerce participant furnishes a PAN or aadhar
Number.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– In case the
E-commerce participant does not furnish PAN or Aadhar Number to the e-commerce
operator, TDS shall be deducted at the rate </span><i><span face="Arial, sans-serif" style="color: #475055;">of 5%</span></i><span face="Arial, sans-serif" style="color: #475055;"> under section 206AA of the Act<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">25. Section 197:</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Certificate for deduction at lower rate</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">For TDS under 194-O,
lower deduction certificate can be obtained by the assessee.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><span face="Arial, sans-serif" style="color: #475055;">26. Section 271AAD:[newly inserted]</span></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><b><i><span face="Arial, sans-serif" style="color: purple;">Penalty for false or omitted entries found in books of accounts</span></i></b><span face="Arial, sans-serif" style="color: #475055;"><o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– If it is found
during any proceeding under the Act that in the books of accounts maintained by
any person, there is a (i) false entry or (ii) any entry relevant for
computation of total income of such person has been omitted to evade tax
liability, then such person shall be liable to pay by way of penalty, a sum
which is equal to the aggregate amounts of such false entries or omitted entry.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– Further, penalty
will be levied of the aggregate amounts of such false entries or omitted entry
on any other person who causes the assessee in making the false entry or omits
or causes to omit an entry.<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">– The term ‘false
entry’ has been defined in an inclusive manner to include use or intention to
use:<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(a) Forged or
falsified documents such as a false invoice, or a false piece of documentary
evidence, or<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(b) invoice for supply
or receipt of goods or services or both issued by or received by the assessee
in respect of which no actual goods or services have been provided or received;
or<o:p></o:p></span></p>
<p class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 9.35pt;"><span face="Arial, sans-serif" style="color: #475055;">(c) Invoice issued for
supply of goods or services or both issued by or received from a non-existent
person.<span style="font-size: 15pt;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face="arial, sans-serif" style="color: #333333; font-size: 12pt;">.</span><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt;"><b><span face="arial, sans-serif" style="color: #333333; font-size: 18pt;">changes in income tax laws proposed in Budget 2018:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt;">
<span face="arial, sans-serif" style="color: #333333; font-size: 12pt;"><br />
1) <b>Rs. 40,000 standard deduction introduced</b>: This additional
deduction has been proposed in place of existing deductions of Rs. 19,200
for transport allowance and Rs. 15,000 for medical reimbursement.
This will benefit 2.5 crore salaried employees. Pensioners, who normally do not
enjoy any allowance for transport and medical expenses, will also benefit from
it. After the introduction of standard deduction, the salaried class will
enjoy a flat deduction of Rs.40,000 from their taxable income. Standard
deduction was earlier available for salaried individuals previously, till it
was abolished with effect from assessment year 2006-07. The benefits
arising from standard deduction depends on the tax bracket a salaried
individual falls in.<br />
<br />
<br />
2) <b>Higher cess</b>: The finance minister also raised cess on income tax
to 4 per cent from 3 per cent for individual taxpayers on the amount of income
tax payable. <o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt;">
<span face="arial, sans-serif" style="color: #333333; font-size: 12pt;"><br />
3) <b>Introduction of long-term capital gains tax on equity investments</b>:
A new 10 per cent tax (cess extra) will be applicable on capital gains
exceeding Rs. 1,00,000 upon sale of equity share or units of equity
oriented funds. However, for the benefit of tax payers, the gains till January
31, 2018, are being grandfathered. This means that only gains over January 31,
2018, prices will be taxed. In some relief, the benefit of indexation will
be allowed in unlisted shares for computing long-term capital gains tax that
were unlisted as on January 31, 2018.<br />
<br />
<br />
<br />
4) <b>Tax on dividend income from equity mutual funds</b>: A tax at
the rate of 10 per cent will be levied on dividend distributed by
equity-oriented mutual funds.<br />
<br />
5) <b>More income tax benefits on single premium health insurance policies</b>:
Health insurers typically provide some discount if you pay premium for a few
years upfront. But earlier, an individual could claim deduction only up
to Rs. 25,000. Under the proposed changes in Budget 2018, in case of
single premium health insurance policies having cover of more than one year,
deduction will be allowed on a proportionate basis for the number of years for
which health insurance cover is provided, subject to the specified limit. For
example, your insurer is offering a 10 per cent discount on health insurance
premium if you pay Rs. 40,000 for the two-year cover. Under the
proposed changes, the individual can claim Rs. 20,000 in both years.<br />
<br />
6) <b>Income tax benefit on NPS withdrawal</b>: The government has
proposed an extension to the benefit of tax-free withdrawal from NPS (National
Pension System) to non-employee subscribers. Currently, an employee
contributing to the NPS is allowed an exemption in respect of 40 per cent of
the total amount payable to him or her on closure of account or on opting out.
This exemption is currently not available to non-employee subscribers. The
extension of tax-free withdrawal to non-employee subscribers will be available
from financial year 2018-19.<br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<span face="arial, sans-serif" style="color: #333333; font-size: 12pt;">7) </span><b><span face="arial, sans-serif" style="color: #333333; font-size: 12pt;">Deduction in respect of interest income to
senior citizens</span></b><span face="arial, sans-serif" style="color: #333333; font-size: 12pt;">:
Senior citizens will get higher interest income exemption limit on deposits in
banks and post offices, including recurring deposits. Currently, a
deduction up to </span><span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt;">Rs.</span><span face="arial, sans-serif" style="color: #333333; font-size: 12pt;"> 10,000 is allowed under
Section 80TTA of the Income Tax Act to an individual in respect of interest
income from a savings account. Under the tax laws, a new Section 80TTB is
proposed to be inserted to allow a deduction up to </span><span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt;">Rs.</span><span face="arial, sans-serif" style="color: #333333; font-size: 12pt;">50,000 in respect of interest income from
deposits held by senior citizens. However, no deduction under Section 80TTA
shall be allowed for senior citizens. </span><span style="font-family: "times new roman", serif; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; margin-bottom: 0.0001pt;">
<span face="arial, sans-serif" style="color: #333333; font-size: 12pt;">The government also
proposed to increase the investment limit in Pradhan Mantri Vaya Vandana Yojana
or PMVVY to Rs. 15 lakh from Rs. 7.5 lakh. It also proposed
to extend the Pradhan Mantri Vaya Vandana (PMVVY) scheme till March 2020.
Pradhan Mantri Vaya Vandana Yojana, a scheme meant for senior citizens, offers
a guaranteed interest rate of 8 per cent.<br />
<br />
<br />
8) <b>Higher TDS or tax deducted limit for senior citizens</b>: The
threshold for deduction of tax at source on interest income for senior citizens
is proposed to be hiked from Rs. 10,000 to Rs.50,000.<br />
<br />
9) <b>Higher deduction limit under Section 80D of the Income Tax Act for
senior citizens</b>: In Budget 2018, the government proposes to increase the
deduction for senior citizens on payment of health insurance premiums. The
limit is set to go up from Rs. 30,000 Rs. 50,000. For
individuals below 60 years of age, the deduction under Section 80D continues to
be Rs.25,000. But if their parents are senior citizens, above 60 years,
they can claim an additional deduction of up to Rs. 50,000-taking the
total deduction to Rs. 75,000 (Rs. 25,000 + Rs. 50,000),
higher than the current limit of Rs. 55,000.<br />
<!--[if !supportLineBreakNewLine]--><br />
<!--[endif]--></span><span face="arial, sans-serif" style="color: white; font-size: 9pt; text-transform: uppercase;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span face="arial, sans-serif" style="color: #333333; font-size: 12pt; line-height: 115%;">10) </span><b><span face="arial, sans-serif" style="color: #333333; font-size: 12pt; line-height: 115%;">Higher income tax deduction for senior citizens for medical
treatment of specified diseases</span></b><span face="arial, sans-serif" style="color: #333333; font-size: 12pt; line-height: 115%;">: The deduction available payment towards
medical treatment of specified disease is proposed to be hiked to </span><span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; line-height: 115%;">Rs.</span><span face="arial, sans-serif" style="color: #333333; font-size: 12pt; line-height: 115%;"> 1
lakh for very senior citizen (earlier </span><span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; line-height: 115%;">Rs.</span><span face="arial, sans-serif" style="color: #333333; font-size: 12pt; line-height: 115%;"> 80,000) and senior citizen (earlier </span><span style="color: #333333; font-family: "times new roman", serif; font-size: 12pt; line-height: 115%;">Rs.</span><span face="arial, sans-serif" style="color: #333333; font-size: 12pt; line-height: 115%;"> 60,000).</span></div>
<span style="font-size: x-small;">
</span> </div>
</div>
</div>
<b><u>Important Amendment in Income Tax, in Budget 2017 FY 2017-18 </u></b><br />
<b><u><br /></u></b>
1) Deemed sale value for sale of unquoted shares introduced. To be taxed at fair value. Sec 50CA<br />
2) In absence of PAN,the rate of TCS will be twice of the extent rate or 5%, whichever is higher. Sec.206CC.<br />
3) New Section 269ST introduced whereby Rs three lakh in cash cannot be received on a single day or inrespect of single transaction.<br />
4) If Return not filed as per Sec. 139 (1), concept of late fee introduced. Rs. 5000 for delay up to 31st Dec. and Rs. 10000 thereafter. Late fee to be paid before filing the Return. Sec 234F<br />
5) CA issuing wrong certificate would be penalised with Rs. 10000<br />
6) Capital gain on shares will be exempt only if STT was paid while purchasing the shares.<br />
7) HP loss can be setoff against other head of income only to the extent of 200000 in same year. Balance loss can be c/f to 8 A.Ys.<br />
8) Indl and HUF to deduct tds even if unaudited @ 5% if rent is paid 50000<br />
9) Tds in 194J amended, now 2 percent tds instead of 10<br />
10) The scope of section 56 will be widened and will also cover any kind of gifts in cash or kind or for no consideration with few exemptions and exception<br />
11) MAT book profit calculation aslo ammended<br />
12) Disallowance of expenditure from income from other sources if tds is not deducted<br />
13) Self employed can also claim 20% contribution to NPS as deduction.<br />
<br />
<br /><div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><div style="font-weight: normal;"><div style="font-weight: normal;"><span style="font-size: medium;"><span style="color: blue;">Budget 2015</span><span> - </span><span style="color: blue;">Assessment Year 2016-17 ( Financial Year 2015-16)</span></span></div>
</div>
</div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;">
<br />
<b style="margin: 0px; padding: 0px;"><span style="font-size: medium;">Direct Taxes</span></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;">
<b style="margin: 0px; padding: 0px;"><span style="font-size: medium;">2. Rates of tax</span></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
2.1 It is proposed that there will be no change in the rate of personal income-tax and the rate of tax for companies in respect of income earned in the financial year 2015-16, assessable in the assessment year 2016-17.<span id="more-65556" style="margin: 0px; padding: 0px;"></span></span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
2.2 It is further proposed to levy a surcharge @12% on individuals, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative societies and local authorities having income exceeding ` 1 crore. Surcharge in the case of domestic companies having income exceeding ` 1 crore and upto ` 10 crore is proposed to be levied @ 7% and surcharge @ 12% is proposed to be levied on domestic companies having income exceeding ` 10 crore.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
2.3 It is further proposed that in the case of foreign companies the surcharge will continue to be levied @2% if the income exceeds ` 1 crore and is upto ` 10 crore, and @5% if the income exceeds ` 10 crore.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
2.4 It is also proposed to levy a surcharge @12% as against current rate of 10% on additional income-tax payable by companies on distribution of dividends and buyback of shares, or by mutual funds and securitisation trusts on distribution of income.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
2.5 The education cess on income-tax @ 2% for fulfilment of the commitment of the Government to provide and finance universalised quality based education and 1% of additional surcharge called ‘Secondary and Higher Education Cess’ on tax and surcharge is proposed to be continued for the financial year 2015-16 for all taxpayers.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;">
<span style="font-size: medium;"><br /></span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;">
<b style="margin: 0px; padding: 0px;"><span style="font-size: medium;"> Benefits to taxpayers</span></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
With a view to encourage savings and to promote health care among individual taxpayers, a number of measures are proposed to be taken by way of incentives under the Income-tax Act. The same are enumerated below:-</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.1 It is proposed to provide that investment in Sukanya Samriddhi Scheme will be eligible for deduction u/s 80C and any payment from the scheme shall not be liable to tax.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.2 It is proposed to increase the limit of deduction u/s 80D of the Income-tax Act from ` 15,000 to ` 25,000 on health insurance premium (in case of senior citizen from ` 20,000 to ` 30,000). It is also proposed to allow deduction of expenditure of similar amount in case of a very senior citizen not eligible to take health insurance.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.3 It is proposed to increase the limit of deduction in case of very senior citizens u/s 80DDB of the Income-tax Act on expenditure on account of specified diseases from ` 60,000 to ` 80,000.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.4 It is proposed to increase the limit of deduction u/s 80DD of the Income-tax Act in respect of maintenance, including medical treatment of a dependant who is a person with disability, from ` 50,000 to `75,000. It is also proposed to increase the limit of deduction from ` 1 lakh to `1.25 lakh in case of severe disability.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.5 It is proposed to increase the limit of deduction u/s 80U of the Income-tax Act in case of a person with disability, from ` 50,000 to ` 75,000. It is also proposed to increase the limit of deduction from ` 1 lakh to `1.25 lakh in case of severe disability.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.6 It is proposed to increase the limit of deduction u/s 80CCC of the Income-tax Act on account of contribution to a pension fund of LIC or IRDA approved insurer from ` 1 lakh to ` 1.5 lakh.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.7 It is proposed to increase the limit of deduction u/s 80CCD of the Income-tax Act on account of contribution by the employee to National Pension Scheme (NPS) from ` 1 lakh to ` 1.50 lakh. It is also proposed to provide a deduction of upto ` 50,000 over and above the limit of ` 1.50 lakh in respect of contributions made to NPS.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.8 It is proposed to amend the provisions of section 197A of the Income-tax Act so as to provide the facility of filing self-declaration of non-deduction of tax by the recipients of taxable maturity proceeds of life insurance policy.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.9 Under the existing provisions of the Income-tax Act, an individual buying an immovable property from a resident is required to deduct tax but is not required to obtain TAN for depositing the tax so deducted. With a view to extend the same facility to an individual or HUF purchasing an immovable property from a non-resident, it is proposed to relax the requirement of obtaining TAN by the individual or HUF who is required to deduct tax on acquisition of immovable property from a non-resident.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.10 It is proposed to provide that donation made to National Fund for Control of Drug Abuse (NFCDA) shall be eligible for 100% deduction under section 80G of the Income-tax Act.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
7.11 Details of tax deductions referred to in para 99.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
· Deduction u/s 80C `1,50,000</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
· Deduction u/s 80CCD `50,000</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
· Deduction on account of interest</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
on house property loan</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
(Self occupied property) `2,00,000</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
· Deduction u/s 80D on health insurance premium `25,000</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
· Exemption of transport allowance `19,200</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
Total `4,44,200</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;">
<b style="margin: 0px; padding: 0px;"><span style="font-size: medium;">8. F. Stand alone proposals to maximise benefits to the economy</span></b></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
8.1 It is proposed to provide for chargeability of interest paid by a permanent establishment (PE) or a branch of foreign bank to its Head Office (HO) and other overseas branches under the source rule of taxation and for treating the PE or branch as a taxable entity for computation of income and for purpose of levy of TDS.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
8.2 With a view to providing a uniform method of computation of period of stay in Indian for the purposes of determination of ‘resident’ status in the case of a India seafarer, whether working on a Indian-ship or foreign-ship, it is proposed to provide an enabling power to CBDT to prescribe the same in the rules.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
8.3 In search cases, it is proposed to allow seized cash to be adjusted towards the assessee’s tax liability under his settlement application.</span></div>
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px;"><span style="font-size: medium;">
8.4 With a view to ensuring proper deduction of tax on payments made to non-residents, it is proposed to amend the provisions of section 195 of the Income-tax Act so as to provide for enabling power to the CBDT for capturing information about prescribed foreign remittances which are claimed to be not chargeable to tax</span></div>
<br />
<br />
<div style="background: white; border: 1pt solid; padding: 1pt 31pt 1pt 4pt;">
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; margin-bottom: 0.0001pt; padding: 0cm; vertical-align: baseline;">
<span style="color: #444444; font-family: "times new roman", serif; font-size: 21.5pt;"><span style="border: 1pt none; color: #444444; font-size: 20.5pt; padding: 0cm;">Tax Related Highlights of Union Budget 2016-17</span><o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 18pt; margin-bottom: 0.0001pt; padding: 0cm; vertical-align: baseline;">
<i><span style="border: 1pt none; color: #38761d; font-size: 11.5pt; padding: 0cm;">Budget Highlights 2016 (Tax Related)</span></i><span style="font-size: 11.5pt;"><br /><br />1.<span style="border: 1pt none; padding: 0cm;"> </span>Raise the ceiling of tax rebate under section 87A from `2000 to `5000 to lessen tax burden on individuals with income upto 5 lakhs.<br /><br />2.<span style="border: 1pt none; padding: 0cm;"> </span>Increase the limit of deduction of rent paid under section 80GG from `24000 per annum to `60000, to provide relief to those who live in rented houses.<br /><br />3.<span style="border: 1pt none; padding: 0cm;"> </span>Increase the turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act to 2 crores to bring big relief to a large number of assessees in the MSME category.<br /><br />4.<span style="border: 1pt none; padding: 0cm;"> </span>Extend the presumptive taxation scheme with profit deemed to be 50%, to professionals with gross receipts up to `50 lakh.<br /><br />5.<span style="border: 1pt none; padding: 0cm;"> </span>Accelerated depreciation wherever provided in IT Act will be limited to maximum 40 percent from 1.4.2017.<br /><br />6.<span style="border: 1pt none; padding: 0cm;"> </span>Benefit of deductions for Research would be limited to 150% from 1.4.2017 and 100 percent from 1.4.2020.<br /><br />7.<span style="border: 1pt none; padding: 0cm;"> </span>Benefit of section 10AA to new SEZ units will be available to those units which commence activity before 31.3.2020.<br /><br />8.<span style="border: 1pt none; padding: 0cm;"> </span>The weighted deduction under section 35CCD for skill development will continue up to 1.4.2020.<br /><br />9.<span style="border: 1pt none; padding: 0cm;"> </span>New manufacturing companies incorporated on or after 1.3.2016 to be given an option to be taxed at 25% + surcharge and cess provided they do not claim profit linked or investment linked deductions and do not avail of investment allowance and accelerated depreciation.<br /><br />10.<span style="border: 1pt none; padding: 0cm;"> </span>Lower the corporate tax rate for the next financial year for relatively small enterprises i.e companies with turnover not exceeding ` 5 crore (in the financial year ending March 2015), to 29% plus surcharge and cess.<br /><br />11.<span style="border: 1pt none; padding: 0cm;"> </span>100% deduction of profits for 3 out of 5 years for startups setup during April, 2016 to March, 2019. MAT will apply in such cases.<br /><br />12.<span style="border: 1pt none; padding: 0cm;"> </span>10% rate of tax on income from worldwide exploitation of patents developed and registered in India by a resident.<br /><br />13.<span style="border: 1pt none; padding: 0cm;"> </span>Complete pass through of income-tax to securitization trusts including trusts of ARCs. Securitisation trusts required to deduct tax at source.<br /><br />14.<span style="border: 1pt none; padding: 0cm;"> </span>Period for getting benefit of long term capital gain regime in case of unlisted companies is proposed to be reduced from 3 to 2 years.<br /><br />15.<span style="border: 1pt none; padding: 0cm;"> </span>Non-banking financial companies shall be eligible for deduction to the extent of 5% of its income in respect of provision for bad and doubtful debts.<br /><br />16.<span style="border: 1pt none; padding: 0cm;"> </span>Determination of residency of foreign company on the basis of Place of Effective Management (POEM) is proposed to be deferred by one year.<br /><br />17.<span style="border: 1pt none; padding: 0cm;"> </span>Commitment to implement General Anti Avoidance Rules (GAAR) from 1.4.2017.<br /><br />21.<span style="border: 1pt none; padding: 0cm;"> </span> Withdrawal up to 40% of the corpus at the time of retirement to be tax exempt in the case of National Pension Scheme (NPS). Annuity fund which goes to legal heir will not be taxable.<br /><br />22.<span style="border: 1pt none; padding: 0cm;"> </span> In case of superannuation funds and recognized provident funds, including EPF, the same norm of 40% of corpus to be tax free will apply in respect of corpus created out of contributions made on or from 1.4.2016.<br /><br />23.<span style="border: 1pt none; padding: 0cm;"> </span> Limit for contribution of employer in recognized Provident and Superannuation Fund of ` 1.5 lakh per annum for taking tax benefit. Exemption from service tax for Annuity services provided by NPS and Services provided by EPFO to employees.<br /><br />25.<span style="border: 1pt none; padding: 0cm;"> </span>100% deduction for profits to an undertaking in housing project for flats upto 30 sq. metres in four metro cities and 60 sq. metres in other cities, approved during June 2016 to March 2019 and completed in three years. MAT to apply.<br /><br />26.<span style="border: 1pt none; padding: 0cm;"> </span> Deduction for additional interest of `50,000 per annum for loans up to `35 lakh sanctioned in 2016-17 for first time home buyers, where house cost does not exceed ` 50 lakh.<br /><br />27.<span style="border: 1pt none; padding: 0cm;"> </span> Distribution made out of income of SPV to the REITs and INVITs having specified shareholding will not be subjected to Dividend Distribution Tax, in respect of dividend distributed after the specified date.<br /><br />30.<span style="border: 1pt none; padding: 0cm;"> </span>Additional tax at the rate of 10% of gross amount of dividend will be payable by the recipients receiving dividend in excess of ` 10 lakh per annum.<br /><br />31.<span style="border: 1pt none; padding: 0cm;"> </span> Surcharge to be raised from 12% to 15% on persons, other than companies, firms and cooperative societies having income above ` 1 crore.<br /><br />32.<span style="border: 1pt none; padding: 0cm;"> </span> Tax to be deducted at source at the rate of 1 % on purchase of luxury cars exceeding value of ` ten lakh and purchase of goods and services in cash exceeding ` two lakh.<br /><br />33.<span style="border: 1pt none; padding: 0cm;"> </span> Securities Transaction tax in case of ‘Options’ is proposed to be increased from .017% to .05%.<br /><br />34.<span style="border: 1pt none; padding: 0cm;"> </span> Equalization levy of 6% of gross amount for payment made to nonresidents exceeding ` 1 lakh a year in case of B2B transactions.<br /><br /></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: none; line-height: 18pt; margin-bottom: 0.0001pt; padding: 0cm; vertical-align: baseline;"><span style="font-size: 11.5pt;">42.<span style="border: 1pt none; padding: 0cm;"> </span>Domestic taxpayers can declare undisclosed income or such income represented in the form of any asset by paying tax at 30%, and surcharge at 7.5% and penalty at 7.5%, which is a total of 45% of the undisclosed income. Declarants will have immunity from prosecution.<br /><br />44.<span style="border: 1pt none; padding: 0cm;"> </span> New Dispute Resolution Scheme to be introduced. No penalty in respect of cases with disputed tax up to ` 10 lakh. Cases with disputed tax exceeding ` 10 lakh to be subjected to 25% of the minimum of the imposable penalty. Any pending appeal against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty and tax interest on quantum addition.<br /><br />47.<span style="border: 1pt none; padding: 0cm;"> </span> Penalty rates to be 50% of tax in case of underreporting of income and 200% of tax where there is misreporting of facts.<br /><br />48.<span style="border: 1pt none; padding: 0cm;"> </span> Disallowance will be limited to 1% of the average monthly value of investments yielding exempt income, but not exceeding the actual expenditure claimed under rule 8D of Section 14A of Income Tax Act.<br /><br />49.<span style="border: 1pt none; padding: 0cm;"> </span> Time limit of one year for disposing petitions of the tax payers seeking waiver of interest and penalty.<br /><br />50.<span style="border: 1pt none; padding: 0cm;"> </span> Mandatory for the assessing officer to grant stay of demand once the assesse pays 15% of the disputed demand, while the appeal is pending before Commissioner of Income-tax (Appeals).<br /><br />51.<span style="border: 1pt none; padding: 0cm;"> </span>Deduction under Section 80JJAA of the Income Tax Act will be available to all assesses who are subject to statutory audit under the Act.<o:p></o:p></span></div>
</div>
<br />
<br />
<div class="separator" style="clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 20px; text-align: center;">
</div>
<div class="separator" style="clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 20px; text-align: center;">
</div>
<div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-v31fP4aXyNc/WWojuwq65wI/AAAAAAAADhw/E0gp3y1HgvMLmDb9DRqCY-Ao30Nwqi1WwCLcBGAs/s1600/tAX.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="480" data-original-width="640" height="240" src="https://2.bp.blogspot.com/-v31fP4aXyNc/WWojuwq65wI/AAAAAAAADhw/E0gp3y1HgvMLmDb9DRqCY-Ao30Nwqi1WwCLcBGAs/s320/tAX.jpg" width="320" /></a></div>
<br />
<div style="text-align: center;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u>Taxability of Gifts</u></b></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u><br /></u></b></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><b><u>Less than 50,000</u></b></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;">As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts received from Donors does not exceeds Rs. 50,000/- then sum sum received is not taxable under any head of Income. </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span><span style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman";"><span style="background-color: white; font-size: 13px; line-height: 19.5px;"><b><u>Specified Circumstances</u></b></span></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;">Also, Second Proviso to Section 56(2)(vii) of Income Tax Act, 1961 provides for certain conditions where any sum received as gift is not to be provided for tax under Income Tax Act, 1961 whether that exceeds Rs. 50,000/- or not. </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;">a) from any relative; or </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;">(b) on the occasion of marriage of the individual; or </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;">(c) under a will or by way of inheritance; or</span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"> (d) in contemplation of death of the payer or donor, as the case may be; or </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;">(e) from any local authority as defined in the Explanation to clause (20) of section 10; or</span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"> (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or</span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"> (g) from any trust or institution registered under section 12AA </span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-cWucMsIdOEc/V1uk3bKCxFI/AAAAAAAACSg/AacqxeQDUO4crOxOpgVCjN4cP-tsbdjtQCLcB/s1600/TAX%2BFREE%2BGIFT%2BTO%2BINDIVIDUAL%2B.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="182" src="https://4.bp.blogspot.com/-cWucMsIdOEc/V1uk3bKCxFI/AAAAAAAACSg/AacqxeQDUO4crOxOpgVCjN4cP-tsbdjtQCLcB/s400/TAX%2BFREE%2BGIFT%2BTO%2BINDIVIDUAL%2B.png" width="400" /></a></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span><span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="text-align: left;">
<span style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; line-height: 19.5px;"><br /></span></div>
<div style="background-color: white; border: 0px; outline: 0px; padding: 0px; text-align: left;">
<span style="color: #333333; font-family: times, "times new roman", serif; line-height: 12px;"><b><u>Wealth Tax</u></b></span><br />
<div style="color: #333333; line-height: 12px;">
<span style="font-family: times, "times new roman", serif;"><br /></span></div>
<div style="color: #333333; line-height: 12px;">
<span style="font-family: times, "times new roman", serif;">WealthTax used to be charged @ 1% of the amount by which the net wealth exceeds Rs. 15 Lakhs.</span></div>
</div>
<div style="background-color: white; border: 0px; color: #333333; font-family: arial; font-size: 12px; line-height: 12px; outline: 0px; padding: 0px; text-align: left;">
<br /></div>
<div style="background-color: white; border: 0px; color: #333333; font-family: arial; font-size: 12px; line-height: 12px; outline: 0px; padding: 0px; text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span style="background: white; color: #3f3f3f; font-family: georgia, serif; font-size: 11.5pt; line-height: 16.4067px;">In the 2015 Budget finance minister said, “There was no point in continuing the Wealth Tax as the cost of collection was high, abolition of wealth tax will lead to tax simplification and widening of the tax base.</span>”<span style="color: #3f3f3f; font-family: georgia, serif; font-size: 11.5pt; line-height: 16.4067px;"><br /></span></div><br />
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-2101417030605938482021-12-27T03:53:00.000-08:002023-08-20T10:36:09.882-07:00Global Business Tax Planning - Mauritius<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin: auto auto auto 4.65pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184; width: 626px;">
<tbody>
<tr style="height: 12.75pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><u><span style="background: white; font-family: Montserrat;">Mauritius as Tax Heaven</span></u></b></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><b><u><span style="background: white; font-family: Montserrat; font-size: 9pt;">(10
May2023)<o:p></o:p></span></u></b></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background: white; font-family: Montserrat;"><o:p> </o:p></span><span style="background-color: white; font-family: Montserrat;">Mauritian Financial Services
Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg
Research's allegations of the presence of 'shell' companies in the Island
nation are 'false and baseless' and that Mauritius was in compliance with
OECD-mandated tax rules.</span></p><p class="MsoNormal" style="line-height: normal; margin-bottom: 0cm;"><span style="background-color: white; font-family: Montserrat;">Listing out the requirements for companies
registering in Mauritius, the minister said they first have to carry out their
core income-generating activities in or from the country. They must be managed
and controlled from Mauritius, have at least two directors resident in
Mauritius, maintain at all times their principal bank account in the country,
keep and maintain at all times their accounting records at their registered
office in Mauritius and prepare their statutory financial statements and cause those
financial statements to be audited in Mauritius.</span></p><p class="MsoNormal"><span style="background-color: white; font-family: Montserrat;">With
respect to the allegation of Mauritius being a tax haven, I wish to inform the
House that Mauritius strictly complies with the international best practices
and has been rated as compliant with the Organisation for Economic Cooperation
and Development OECD standards," the Mauritian minister told the
Parliament.</span></p><span style="font-family: Montserrat; line-height: 107%;"><span style="background: white;">Since 2018, Mauritius has reformed its global
business framework and tax regime with a view to removing harmful tax
practices. "As per the peer review conducted by the OECD is satisfied that
Mauritius does not have any harmful features in its tax regimes, thus
recognizing Mauritius as a well-regulated, transparent and compliant
jurisdiction," he said.</span><br />
<!--[if !supportLineBreakNewLine]--><br /><p style="background-color: white; border: 0px; box-sizing: border-box; color: #2d2d2d; font-family: "PwC Helvetica Neue", Arial, sans-serif; line-height: 1.6em; margin: 0px 0px 35px; padding: 0px; vertical-align: baseline;">As from 01 July 2021, grandfathered companies holding Category 1 Global Business Licences will be converted into Global Business Licence companies (GBL) and companies holding Category 2 Global Business Licences will cease to exist. Prior to 01 July 2021, grandfathered GBC 2 companies can either be converted into GBL or Authorised Companies. </p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #2d2d2d; font-family: "PwC Helvetica Neue", Arial, sans-serif; line-height: 1.6em; margin: -8px 0px 35px; padding: 0px; vertical-align: baseline;">In order to maintain their GBL licences, GBL companies will have to adhere to the new substance requirements such as carrying out their core income generating activities (“CIGA”) in or from Mauritius. </p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #2d2d2d; font-family: "PwC Helvetica Neue", Arial, sans-serif; line-height: 1.6em; margin: -8px 0px 35px; padding: 0px; vertical-align: baseline;">The deemed 80% foreign tax credit will no longer be available. An 80% exemption on specific types of income including foreign dividend and interest, subject to meeting prescribed conditions, is now available. Other types of income, e.g. management fees and service fees will now be taxable at 15%. </p><p style="background-color: white; border: 0px; box-sizing: border-box; color: #2d2d2d; font-family: "PwC Helvetica Neue", Arial, sans-serif; line-height: 1.6em; margin: -8px 0px 35px; padding: 0px; vertical-align: baseline;">Post the grandfathering period, income flows between GBL companies will no longer be considered as foreign source income. Therefore, income which were previously exempt from tax may now become taxable in Mauritius. </p><b><u>Erstwhile Structure of GBC 1 and GBC 2 <br /><br /></u></b><!--[endif]--></span></td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 1;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 15.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<b><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">Global Business Category 1<o:p></o:p></span></b><br />
<b><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 2;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; line-height: 115%;">Mauritius as one
of the leading International Financial Services Centre offers two most common
types of companies to international clients, namely the Category One Global
Business companies and the Category Two Global Business companies. The choice
between the two types of companies will depend on a number of factors, some
of which being the proposed activities and the geographical area of
operation.GBC 1 structures are most efficient to those clients wishing to
benefit from the various Double Taxation Avoidance Agreements which Mauritius
has with other jurisdictions. This is because a GBC 1 company is considered,
for tax purposes, to be resident in Mauritius. A company holding a GBC1
license can engage in any activity ranging from simple investment holding,
fund management, insurance to other non-banking financial services.</span><span style="font-family: "times new roman" , "serif"; line-height: 115%;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
</div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">A GBC 1 benefits from a deemed tax credit so that it will end up
paying a maximum effective tax rate of 3% on its tradable profits;<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
</div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• There is no capital gains tax and no withholding tax on dividends,
interest and royalties paid by a GBC 1 company;<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
</div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• As soon as a GBC 1 is qualified as tax resident in Mauritius, it
will benefit from the tax treaty network;<o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 3;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• There is no minimum capital requirement for a GBC 1 and the stated
capital can be denominated in any currency except Mauritian Rupee;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 4;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 5;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• It is to be noted that it is possible to apply for occupational
permit for expatriates who are employees of the GBC 1 company;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 6;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 7;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">Main characteristics of a GBC 1:-</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 8;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 1 must have a minimum of two (2) Resident Directors in order
to avail of treaty benefits, with board meetings held in Mauritius. It is to
be noted that the concept of Corporate Director is not applicable in case of
a GBC 1;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 9;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 10;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 1 must at all times have a Resident Secretary and a Registered
Office in Mauritius;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 11;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 12;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• In addition, a GBC 1 must have a local auditor and a local bank
account;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 13;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 14;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 1 must file an annual tax return with the Mauritius Revenue
Authority (MRA);</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 15;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 16;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 1 must also file its audited financials prepared in accordance
with internationally acceptable accounting standards, not later than 6 months
after its financial year end;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 17;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 18;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• The shareholders of a GBC 1 must hold an Annual Meeting in every
calendar year and within 6</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 19;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 20;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">months of the company’s balance sheet date;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 21;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• It is to be noted that the names of shareholders and beneficial
owners coupled with their corresponding due diligence documents must be
disclosed to the FSC. However, such information, in addition to any filing
and return of the GBC 1 with the Registrar of Companies, are not available
for public inspection;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 22;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 23;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• Accounting records and statutory records such as register of
members, register of directors, minutes of all directors’ and shareholders’
meetings and resolutions, amongst others, must be kept at all times at the
registered office of the GBC 1.</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 24;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 25;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• Conversion of a GBC 1 into a GBC 2 is permissible.</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 26;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 27;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">A company having a GBC 1 status is given the highest degree of
confidentiality under Mauritius law and no information regarding its
shareholding, accounts or activities are publicly accessible.</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 28;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 15.75pt; mso-yfti-irow: 29;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 15.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<b><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"> <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<b><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"> Global Business Category 2 /GBC 2</span></b><b><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></b></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 30;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 31;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">A GBC 2 company applies to tax exempt entities, with no access to the
network of Double Taxation Agreements of Mauritius, and which are mainly used
for international business transactions, consultancy services or for private
investment holdings where treaty benefits are not required. Such a structure
provides for greater flexibility and is a suitable vehicle for holding and
managing private assets.</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 32;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">A GBC 2 cannot carry out business of company formation, banking,
insurance, administration and management or provide professional nominee or
trusteeship services. It is furthermore prohibited from raising capital from
the public and offer financial services or other services to any investment
fund or collective investment scheme.</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 33;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">Benefits of a GBC 2:-</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 34;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 is exempt from paying any stamp or estate duty as well as
any tax on its worldwide profits to Mauritius. In addition, there is no
income, withholding or capital gains tax levied on such a structure;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 35;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 36;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• There is no minimum or maximum capital requirement for a GBC 2 and
the stated capital can be denominated in any convertible currency;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 37;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 38;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 is not subject to any exchange control requirement;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 39;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 40;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 is allowed to have either par value (which may be stated in
more than one currency) or no par value shares. The shares can be in the form
of registered shares, preference shares, redeemable shares and fractional
shares. Bearer shares are not permissible in the case of a GBC 2;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 41;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 42;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• Both individual and corporate bodies are allowed to be shareholders
of a GBC 2. The latter is required to have at least one shareholder at all
times;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 43;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 44;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• The law in Mauritius does not impose on a GBC 2 the requirement to
hold annual general meetings. These are solely on the discretion of the
entity’s shareholder;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 45;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 46;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 is allowed to have only a minimum of one director,
preferably resident in Mauritius, but who can be either an individual or a
body corporate;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 47;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 48;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• There is no requirement for a GBC 2 to have a company secretary in
Mauritius. However, if appointed, the company secretary can be either an
individual or a body corporate;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 49;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 50;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• There is no statutory requirement for the meetings of the
shareholders and directors of a GBC 2 to be held in Mauritius, same may even
be held outside Mauritius;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 51;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 52;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 53;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• There is no statutory requirement for a GBC 2 to have a
constitution. In the absence of the latter, the company will be governed by
the provisions under the Companies Act 2001. The shareholders of the GBC 2
may adopt a constitution at any time through a special resolution;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 54;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 55;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 is not required to have its financial statements audited</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 56;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 57;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">Main characteristics of a GBC 2:-</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 58;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 must, at all times, have a Registered Office & a
Resident Agent in Mauritius;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 59;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 60;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 needs to file an annual financial summary with the Financial
Services Commission (FSC) within 6 months of its balance sheet date;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 61;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 62;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• Details of the Ultimate Beneficial Owner of the GBC 2 should be
provided to the FSC;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 63;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 64;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• It is to be noted that application for occupational permit for
expatriates who are employees of the GBC 2 company are not allowed;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span></div>
</td>
</tr>
<tr style="height: 4pt; mso-yfti-irow: 65;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 4pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"></td>
</tr>
<tr style="height: 12.75pt; mso-yfti-irow: 66; mso-yfti-lastrow: yes;">
<td nowrap="" style="background-color: transparent; border: rgb(0, 0, 0); height: 12.75pt; padding: 0cm 5.4pt; width: 469.5pt;" valign="bottom" width="626"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;">• A GBC 2 can be converted into a GBC 1 and may also transfer its
registered office to another jurisdiction;</span><span style="font-family: "times new roman" , "serif"; font-size: 10pt;"><o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span>
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span>
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span>
<br />
<div style="text-align: center;">
<b><u>solvency test - duty cast on directors before declaring dividends in Mauritius</u></b></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt; mso-outline-level: 1;">
<b><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">Section 61 of Mauritius Companies Act:</span></b></div>
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt; mso-outline-level: 1;">
</div>
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt; mso-outline-level: 1;">
<b><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">Board may authoris<a href="http://www.blogger.com/null" name="b61"></a>e distributions<o:p></o:p></span></b></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;"> </span><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(1)<span style="mso-tab-count: 1;"> </span>A company shall not make any distribution to any shareholder unless that distribution -<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 36pt; text-indent: 36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(a)<span style="mso-tab-count: 1;"> </span>has been authorized by the Board under subsection (2); and<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 108pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(b)<span style="mso-tab-count: 1;"> </span>subject to the constitution, has been approved by the shareholders by ordinary resolution.</span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 72pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(2)<span style="mso-tab-count: 1;"> </span>The Board may authorize a distribution at such time and of such amount as it thinks fit, if it is that the company shall, upon the distribution being made, satisfy the solvency test. <o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 72pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(3)<span style="mso-tab-count: 1;"> </span>The directors who vote in favour of a distribution shall sign a certificate stating that, in their opinion, the company shall, upon the distribution being made, satisfy the solvency test.<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 72pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(4)<span style="mso-tab-count: 1;"> </span>Where, after a distribution is authorized and before it is made, the Board ceases to be satisfied that the company shall, upon the distribution being made, satisfy the solvency test, any distribution made by the company shall be deemed not to have been authorised.<o:p></o:p></span></div>
<br />
<strong>What is solvency Test : Section 6</strong><br />
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">Meaning of "solvenc<a href="http://www.blogger.com/null" name="b6"></a>y test"</span></b></div>
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt;">
</div>
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 72pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(1)<span style="mso-tab-count: 1;"> </span>For the purposes of this Act, a company shall satisfy the solvency test where -<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 108pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(a)<span style="mso-tab-count: 1;"> </span>the company is able to pay its debts as they become due in the normal course of business; and<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 36pt; text-indent: 36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(b)<span style="mso-tab-count: 1;"> </span>the value of the company's assets is greater than the sum of -</span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-stretch: normal;"> </span></span></span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;"> <o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 126pt; mso-list: l0 level1 lfo1; tab-stops: list 90.0pt 126.0pt; text-indent: -18pt;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-stretch: normal;"> </span></span></span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(i)<span style="mso-tab-count: 1;"> </span>the value of its liabilities; and<o:p></o:p></span></div>
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 126pt; mso-list: l0 level1 lfo1; tab-stops: list 90.0pt 126.0pt; text-indent: -18pt;"><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 11pt;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-stretch: normal;"> </span></span></span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 7pt;"> </span><span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(ii)<span style="mso-tab-count: 1;"> </span>the company's stated capital.<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt; text-indent: 36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(2)<span style="mso-tab-count: 1;"> </span>For the purposes of this Act, other than sections 246 and 247, in<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 72pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">determining whether the value of a company's assets is greater than the value of its liabilities, the Board may take into account -<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 108pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(a)<span style="mso-tab-count: 1;"> </span>in the case of a public company or a private company other than a small private company, the most recent financial statements of the company prepared in accordance with International Accounting Standards;<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 108pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(b)<span style="mso-tab-count: 1;"> </span>in the case of a small private company, the most recent financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances; and<o:p></o:p></span></div>
<br />
<div class="MsoPlainText" style="margin: 0cm 0cm 0pt 108pt; text-indent: -36pt;">
<span face=""arial" , "sans-serif"" lang="EN-US" style="font-size: 11pt;">(c)<span style="mso-tab-count: 1;"> </span>a valuation of assets or estimates of liabilities that are reasonable in the circumstances.</span></div>
</div>
</td>
</tr>
</tbody></table>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-70399049427651943002021-11-02T07:59:00.000-07:002023-12-16T23:50:41.392-08:00Role of Company Secretary in India and applicability of Secretarial Standards - mandatory under section 118 of Companies Act 2013<div dir="ltr" style="text-align: left;" trbidi="on"><br /><div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px; text-align: justify;">
<b style="text-align: left;"><u>Applicability of Secretarial Standards - mandatory under section 118 of Companies Act 2013</u></b></div>
<b><u> Clarification on Applicability of Secretarial Standards </u></b><br />
Dear Professional Colleagues<br />
<br />
The Secretarial Standards on Meetings of the Board of Directors (SS-1) and Secretarial
Standards on General Meetings (SS-2) (together referred to as the Secretarial Standards), as
approved by the Central Government, have been issued by the Institute of Company Secretaries
of India (ICSI) under the provisions of Section 118(10) of the Companies Act, 2013 (the Act),
vide ICSI Notification No. 1 (SS) of 2015 dated April 23rd, 2015 and published in the Gazette of
India Extraordinary Part III - Section 4. These Secretarial Standards shall come into force w.e.f.
1st July 2015.<br />
<br />
The Secretarial Audit Report issued pursuant to the provisions of Section 204 (1) of the Act read
with Rule 9(2) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, shall be in Form No. MR-3 (Secretarial Audit Report) and shall inter-alia mention
about the examination conducted by the Secretarial Auditor w.r.t. the compliance by a
Company under the applicable clauses of the Secretarial Standards.<br />
<br />
Considering the date of effectiveness of Secretarial Standards, the Institute clarifies the
following:<br />
<br />
1. These Secretarial Standards (SS-1 and SS-2) shall apply to Board Meetings and General
Meetings, in respect of which Notices are issued on or after 1st July, 2015.<br /></div><blockquote style="border: none; margin: 0px 0px 0px 40px; padding: 0px;"><div dir="ltr" style="text-align: left;" trbidi="on"><div style="text-align: left;"><a href="https://1.bp.blogspot.com/-RhnYfmVFVrw/X4cq0208frI/AAAAAAAANxA/4K_WUcLJtt06VF93hdEv7JycQxmLfPtnACLcBGAsYHQ/s924/secreterial%2Bstandards.jpg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="375" data-original-width="924" height="260" src="https://1.bp.blogspot.com/-RhnYfmVFVrw/X4cq0208frI/AAAAAAAANxA/4K_WUcLJtt06VF93hdEv7JycQxmLfPtnACLcBGAsYHQ/w640-h260/secreterial%2Bstandards.jpg" width="640" /></a></div></div></blockquote><div dir="ltr" style="text-align: left;" trbidi="on">
<br />Other Secretarial Standards issued by ICSI in line with the provisions of the
Companies Act, 1956 are under revision to align with the provisions of the Companies
Act, 2013. Accordingly, such other Secretarial Standards are not applicable presently.<br />
<br /><br />
<br />
<b><u>Companies Act 2013 :Duties of Company Secretary defined, role of CS in service and practice enhanced</u></b><br />
<br />
<div style="background: white; margin: 0cm 0cm 0pt; text-align: justify;">
</div>
<span face=""arial" , "sans-serif"" style="color: #222222;">For the purposes of clause (c) of sub-section (1) of section 205, the duties of Company Secretary shall also include-</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span><br />
<br />
<div style="background: white; margin: 0cm 0cm 0pt; text-align: justify;">
</div>
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">1) to provide to the directors of the company, collectively and individually, such guidance as they may require, with regard to their duties, responsibilities and powers;</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">2) to convene and<span class="apple-converted-space"> </span></span><strong><span face=""arial" , "sans-serif"" style="color: red; font-weight: normal;">attend</span></strong><span class="apple-converted-space"><b><span face=""arial" , "sans-serif"" style="color: red;"> </span></b></span><span face=""arial" , "sans-serif"" style="color: #222222;">Board, committee and general meetings, and maintain the minutes of these meetings;</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">3) To obtain approvals from the Board, general meetings, the Government and such other authorities as required under the provisions of the Act.</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">4) To represent before various regulators, Tribunal and other authorities under the Act in connection with discharge of various functions under the Act;</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<strong><span face=""arial" , "sans-serif"" style="color: red;">5</span></strong><strong><span face=""arial" , "sans-serif"" style="color: red; font-weight: normal;">) to assist the Board in the conduct of the affairs of the company;</span></strong><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">6) to assist and advise the Board in ensuring good corporate governance and in complying with the corporate governance requirements and best practices; and</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 8.75pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">7) to discharge such other duties as may be assigned by the Board from time to time</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div style="background: white; margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #222222;">8) Such other duties as have been prescribed under the Act and Rules.</span><span face=""arial" , "sans-serif"" style="color: #222222; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<b><u>SECRETARIAL AUDIT</u></b></div><div dir="ltr" style="text-align: left;" trbidi="on"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-iGHJnAyn8hA/X4c3NRAFbSI/AAAAAAAANxI/HkwH-tjuv4cICwO1629VTx1p1vMyeZ7jwCLcBGAsYHQ/s879/Secreterail%2Baudit.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="375" data-original-width="879" height="171" src="https://1.bp.blogspot.com/-iGHJnAyn8hA/X4c3NRAFbSI/AAAAAAAANxI/HkwH-tjuv4cICwO1629VTx1p1vMyeZ7jwCLcBGAsYHQ/w400-h171/Secreterail%2Baudit.png" width="400" /></a></div><br /><u><br /></u></b>
<br />
<div style="background-repeat: initial initial;"><span face=""arial" , sans-serif" style="color: #333333;"><u>Companies Act 2013 has given a prominent role for company secretary in practice as well as company secretary in employment.<b></b></u></span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">FUNCTIONS OF COMPANY SECRETARY</span></b></div>
<div style="text-align: justify;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt; line-height: 13.8px;">The functions of the company secretary shall include,—</span></div>
<div style="text-align: justify;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt; line-height: 13.8px;">(a) to report to the Board about compliance with the provisions of this Act, the rules made thereunder and other laws applicable to the company;</span></div>
<div style="text-align: justify;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt; line-height: 13.8px;">(b) to ensure that the company complies with the applicable secretarial standards;</span></div>
<div style="text-align: justify;">
<a href="https://www.blogger.com/null" name="more"></a><span face=""arial" , sans-serif" style="color: black; font-size: 9pt; line-height: 13.8px;">(c) to discharge such other duties as may be prescribed.</span></div>
<div style="text-align: justify;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt; line-height: 13.8px;">Explanation.—For the purpose of this section, the expression "secretarial standards" means secretarial standards issued by the Institute of Company Secretaries of India constituted under section 3 of the Company Secretaries Act, 1980 and approved by the Central Government.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">INCORPORATION OF COMPANY:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">We find mention Company Secretaries in Practice first time after definitions in Section 7 of the Act, which deals with incorporation of companies. Company Secretary in Practice has to compete here with other professionals. For incorporation of a company there is a requirement that a declaration is to be given by company secretary practice, which is engage in formation of the company that all the requirements of Act and rules related to registration, matter precedent and incidental thereto.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Any person making false declaration shall be liable for action under Section 447.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">ANNUAL RETURN:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Section 92 of the Act contains provisions about Annual Return of the Companies. Every company shall prepare annual return containing details as mentioned in Sub – section (1) of this section.; like registered office, principle activities, shareholding pattern, members, debenture – holders, Promoters, Directors, Key Managerial persons, meetings, managerial remuneration, penalty punishment and other matters as prescribed. This Annual Return shall be signed by a director and company secretary of the company. Where there is no company secretary, it shall be signed by Company Secretary in Practice.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">In case of listed companies and certain other companies determined on the basis of paid – up capital and turnover; this annual return shall be certified by company secretary. The company secretary shall certify that annual return discloses all facts correctly, adequately and in compliance with all provision of the Companies Act.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">In any case, Company Secretary in Practice certify Annual Return otherwise than in conformity with requirement of the section, it shall be punishable with fine of Fifty thousand to Five Lakh rupees.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">MINUTES OF APPOINTMENT OF COMPANY SECRETARY IN PRACTICE:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Sub – section (8) of Section 118 has an interesting reading. It say that where the minutes have been kept in accordance with sub-section (1) then, the meeting shall be deemed to have been duly called and held, and all proceedings thereat to have duly taken place, and the resolutions passed by postal ballot to have been duly passed and in particular, all appointments of directors, key managerial personnel, auditors or company secretary in practice, shall be deemed to be valid. Even though, there is no clarity, whether appointment of Company Secretary in Practice will be take place by Board of Directors or Members in General Meeting, but certainly in some meeting as per the above, by implication.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">REPORT OF BOARD OF DIRECTORS:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Clause (f) to Sub – section (3) of Section 134 makes it clear that report by Board of Directors shall include an explanations or comments by the Board on every qualification, reservation or adverse remark or disclaimer made by the company secretary in practice in his secretarial audit report. This clearly specifies importance of secretarial audit report in eye of legislature. Now, this is on Company Secretary Community to meet these expectations of legislature and corporate community. Hope, Secretarial Audit report by Company Secretaries will win confidence among stakeholders including investors.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">POWER AND DUTIES OF AUDITORS:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Sub – section (14) of Section 143 make it clear that company secretary in practice conducting secretarial audit under section 204 shall have same power and duties as auditor of the company.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Sub – section (1) emphasis on power by saying that every auditor of a company shall have a right of access at all times to the books of account and vouchers of the company, whether kept at the registered office of the company or at any other place and shall be entitled to require from the officers of the company such information and explanation as he may consider necessary for the performance of his duties as auditor.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Sub – section (12) cast very important duty; if an auditor, Company Secretary in practice or Cost Accountant of a company, in the course of the performance of his duties has reason to believe that an offence involving fraud is being or has been committed against the company by officers or employees of the company, he shall immediately report the matter to the Central Government within such time and in such manner as may be prescribed.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">This section, in fact, turns auditors into whistle – blowers, which was really a role for them intended by law – makers.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">SECRETARIAL AUDIT:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Every listed company and a company belonging to other class of companies as may be prescribed shall annex with its Board's report made a secretarial audit report, given by a company secretary in practice, in such form as may be prescribed. It shall be the duty of the company to give all assistance and facilities to the company secretary in practice, for auditing the secretarial and related records of the company. The Board of Directors, in their report shall explain in full any qualification or observation or other remarks made by the company secretary in practice in his report. If a company or any officer of the company or the company secretary in practice contravenes the provisions of this section, the company, every officer of the company or the company secretary in practice, who is in default, shall be punishable with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">SEARCH AND SEIZURE:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Where, upon information in his possession or otherwise, the Registrar or inspector has reasonable ground to believe that the books and papers of a company, or relating to the key managerial personnel or any director or auditor or company secretary in practice are likely to be destroyed, mutilated, altered, falsified or secreted, he may, after obtaining an order from the Special Court for the seizure of such books and papers,— (a) enter, with such assistance as may be required, and search, the place or places where such books or papers are kept; and (b) seize such books and papers as he considers necessary after allowing the company to take copies of, or extracts from, such books or papers at its cost.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">This is clear that Company Secretary in practice is considered an important functionary related to company and record at his possession is being considered important evidence. At this point, I request all fellow company secretaries, please maintain proper record at their offices other piecemeal record may cause problem and make them party for unwanted situations.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">MERGER AND AMALGAMATION:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Certainly company secretaries have important role as consultants in merger and amalgamation but here under sub – section (7) of Section 232 provide an opportunity after order of approval for merger and amalgamation. Every company in relation to which the order is made shall, until the completion of the scheme, file a statement in such form and within such time as may be prescribed with the Registrar every year duly certified by a chartered accountant or a cost accountant or a company secretary in practice indicating whether the scheme is being complied with in accordance with the orders of the Tribunal or not. Please note that any contravention of this section attract penalty of one lakh rupees. Company secretary has to give an statement that the scheme is being complied.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">QUALIFICATION FOR TECHNICAL MEMBER OF TRIBUNAL:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Among other qualifications, practice as a company secretary for at least fifteen years or being a person of proven ability, integrity and standing having special knowledge and experience, of not less than fifteen years, in law, industrial finance, industrial management or administration, industrial reconstruction, investment, accountancy, labour matters, or such other disciplines related to management, conduct of affairs, revival, rehabilitation and winding up of companies is a qualification for appointment as technical member of the National Company Law Tribunal.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333;">MANAGERIAL REMUNERATION:</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Section III of Schedule V of the Company Act deals with Remuneration payable by companies having no profit or inadequate profit without Central Government approval in certain special circumstances. Proviso to this section list some conditions to comply by the company before approving managerial remuneration in such circumstances. Two important conditions are:</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">(i) the auditor or Company Secretary of the company or where the company has not appointed a Secretary, a Secretary in whole-time practice, certifies that all secured creditors and term lenders have stated in writing that they have no objection for the appointment of the managerial person as well as the quantum of remuneration and such certificate is filed along with the return as prescribed under sub-section (4) of section 196</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">(ii) the auditor or Company Secretary or where the company has not appointed a secretary, a secretary in whole-time practice certifies that there is no default on payments to any creditors, and all dues to deposit holders are being settled on time.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Further, Part III of the Schedule V make a condition from the auditor or the Secretary of the company or where the company is not required to appointed a Secretary, a Secretary in whole-time practice that the requirement of this Schedule have been complied with and such certificate shall be incorporated in the return filed with the Registrar.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Thus, present companies Act, 2012 have many opportunities for Company Secretaries in Practice. They have to grab these opportunities and win confidence of stakeholders, legislature and corporate world. Hope, this confidence will not be broken and make this profession a just another useless employment providing opportunity at the cost of industries.</span></div>
<div style="background-repeat: initial initial;">
<b><span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">EXPERT</span></b></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Company Secretaries has scope of practice as Company Secretaries in practice as such as well as Expert under the Act.</span></div>
<div style="background-repeat: initial initial;">
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;">Sub – section (38) of Section 2 of the Act define an expert, as an engineer, a valuer, a chartered accountant, a company secretary, a cost accountant and any other person who has the power or authority to issue a certificate in pursuance of any law for the time being in force.</span><br />
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;"><br /></span>
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;"><br /></span>
<u><b>Certificates to be issued by practising company secretary</b></u><br />
<u><b>MGT 8 to be filed along with Annual Return</b></u><br />
<u><br /></u>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-t3QHAXhfqKo/WHEKI_p5b0I/AAAAAAAAC5Q/UC3PkQBYdjE449SHwJj8dzH5g2y2q8pLwCLcB/s1600/MGT-8-CTE-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-t3QHAXhfqKo/WHEKI_p5b0I/AAAAAAAAC5Q/UC3PkQBYdjE449SHwJj8dzH5g2y2q8pLwCLcB/s320/MGT-8-CTE-page-001.jpg" width="232" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-3Mxm-yleiRE/WHEKI2n_hNI/AAAAAAAAC5U/STiBDzc47WwOWJOubeCVyGClvau6uDV6ACLcB/s1600/MGT-8-CTE-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-3Mxm-yleiRE/WHEKI2n_hNI/AAAAAAAAC5U/STiBDzc47WwOWJOubeCVyGClvau6uDV6ACLcB/s320/MGT-8-CTE-page-002.jpg" width="232" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-kXJzu1L9mZQ/WHEKI0X-tEI/AAAAAAAAC5Y/RSZOeu22iv8GMv1xCU4zvAZWug0ItQNvgCLcB/s1600/MGT-8-CTE-page-003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://2.bp.blogspot.com/-kXJzu1L9mZQ/WHEKI0X-tEI/AAAAAAAAC5Y/RSZOeu22iv8GMv1xCU4zvAZWug0ItQNvgCLcB/s320/MGT-8-CTE-page-003.jpg" width="232" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-7muVW9tKCQM/WHEKJbThx6I/AAAAAAAAC5c/8JJSmNVldEwqIX2nBndGDEHutdR9h17CgCLcB/s1600/MGT-8-CTE-page-004.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-7muVW9tKCQM/WHEKJbThx6I/AAAAAAAAC5c/8JJSmNVldEwqIX2nBndGDEHutdR9h17CgCLcB/s320/MGT-8-CTE-page-004.jpg" width="232" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-ebQ1dahvqo0/WHEKJV_YtYI/AAAAAAAAC5g/iPLNJop90DoIDjyXXv3hA88mOw6vSpP4wCLcB/s1600/MGT-8-CTE-page-005.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-ebQ1dahvqo0/WHEKJV_YtYI/AAAAAAAAC5g/iPLNJop90DoIDjyXXv3hA88mOw6vSpP4wCLcB/s320/MGT-8-CTE-page-005.jpg" width="232" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-T7xoMK2Lag8/WHEKJUlEfvI/AAAAAAAAC5k/0HR_1o6zBjUkW6ByTmWfr_VR_ywwNarLACLcB/s1600/MGT-8-CTE-page-006.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-T7xoMK2Lag8/WHEKJUlEfvI/AAAAAAAAC5k/0HR_1o6zBjUkW6ByTmWfr_VR_ywwNarLACLcB/s320/MGT-8-CTE-page-006.jpg" width="232" /></a></div>
<u><br /></u><u><br /></u><u><br /></u><u><br /></u><u>Deligence Report issued by practicing company secretary to Lenders</u><br />
<br />
<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><u><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">DILIGENCE REPORT</span></u></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;">To</b></div>
<div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Deputy General Manager,</span></div>
<div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">State Bank of Hyderabad,</span></div>
<div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Hyderabad.</span></div>
<div class="MsoNormal" style="tab-stops: 337.8pt;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"> </span></div>
<div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Dear Sir,</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">I have examined the registers, records, books and papers of <b style="mso-bidi-font-weight: normal;">BG Tollways Limited</b> (the Company), having its registered office at 5<sup>th</sup> Floor, Progressive Towers, Khairatabad, Hyderabad – 500 004, as required to be maintained under the Companies Act, 1956 (the Act) and the rules made there under, the provisions of various statues, wherever applicable, the provisions contained in the Memorandum and Articles of Association of the Company as well as the provisions contained in the Listing Agreement/s, if any, entered into by the Company with the recognized stock exchange/s, as may be applicable for the <b style="mso-bidi-font-weight: normal;">half year ended on September 30, 2011</b>. In my opinion and to the best of my information and according to the examination carried out by us and explanations furnished to me by the Company, its officers and agents, I report that in respect of the aforesaid period:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">1.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The management of the Company is carried out by the Board of Directors comprising the following persons and the Board was duly constituted:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div align="center">
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; width: 429px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="border: 1pt solid; padding: 0in 5.4pt; width: 31.625px;" valign="top" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">No.</b></div>
</td><td style="border: 1pt solid; padding: 0in 5.4pt; width: 88.625px;" valign="top" width="24%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">Name</b></div>
</td><td style="border: 1pt solid; padding: 0in 5.4pt; width: 92.625px;" valign="top" width="25%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">Designation</b></div>
</td><td style="border: 1pt solid; padding: 0in 5.4pt; width: 154.625px;" valign="top" width="39%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">Date of Appointment/</b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">Reappointment</b></div>
</td></tr>
<tr style="mso-yfti-irow: 1;"><td style="border: 1pt solid; padding: 0in 5.4pt; width: 31.625px;" valign="top" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">1</b></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 88.625px;" valign="top" width="24%"><div class="MsoNormal" style="text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">B. Seenaiah</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 92.625px;" valign="top" width="25%"><div class="MsoNormal" style="text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Director</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 154.625px;" valign="top" width="39%"><div class="MsoNormal" style="text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">21/01/2010</span></div>
</td></tr>
<tr style="mso-yfti-irow: 2;"><td style="border: 1pt solid; padding: 0in 5.4pt; width: 31.625px;" valign="top" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">2</b></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 88.625px;" valign="top" width="24%"><div class="MsoNormal" style="text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">T. Dayakar</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 92.625px;" valign="top" width="25%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Director</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 154.625px;" valign="top" width="39%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">21/01/2010</span></div>
</td></tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;"><td style="border: 1pt solid; padding: 0in 5.4pt; width: 31.625px;" valign="top" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">3</b></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 88.625px;" valign="top" width="24%"><div class="MsoNormal" style="text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">U. Jayakodi</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 92.625px;" valign="top" width="25%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Director</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 154.625px;" valign="top" width="39%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">21/01/2010</span></div>
</td></tr>
</tbody></table>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">During the period under review, there were no changes in the Board of Directors.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">2.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The shareholding pattern of the Company as on September 30, 2011 was as under:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div align="center">
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; width: 436px;"><tbody>
<tr style="height: 26.05pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="border: 1pt solid; height: 26.05pt; padding: 0in 5.75pt; width: 31.6875px;" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">No.</b></div>
</td><td style="border: 1pt solid; height: 26.05pt; padding: 0in 5.75pt; width: 214.688px;" width="52%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">Name</b></div>
</td><td style="border: 1pt solid; height: 26.05pt; padding: 0in 5.75pt; width: 72.6875px;" width="20%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">No. of<br />Shares</b></div>
</td><td style="border: 1pt solid; height: 26.05pt; padding: 0in 5.75pt; width: 51.6875px;" width="15%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">% of</b></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">stake</b></div>
</td></tr>
<tr style="height: 0.2in; mso-yfti-irow: 1;"><td nowrap="" style="border: 1pt solid; height: 0.2in; padding: 0in 5.75pt; width: 31.6875px;" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">1</b></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 214.688px;" width="52%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Promoters Holding (A)</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 72.6875px;" width="20%"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">12,47,506</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 51.6875px;" width="15%"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">100</span></div>
</td></tr>
<tr style="height: 0.2in; mso-yfti-irow: 2;"><td nowrap="" style="border: 1pt solid; height: 0.2in; padding: 0in 5.75pt; width: 31.6875px;" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">2</b></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 214.688px;" valign="top" width="52%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Foreign Companies’ Holding (B)</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 72.6875px;" valign="top" width="20%"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">NIL</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 51.6875px;" valign="top" width="15%"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">NIL</span></div>
</td></tr>
<tr style="height: 0.2in; mso-yfti-irow: 3;"><td nowrap="" style="border: 1pt solid; height: 0.2in; padding: 0in 5.75pt; width: 31.6875px;" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;">3</b></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 214.688px;" valign="top" width="52%"><div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Indian Companies’ Holding (C)</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 72.6875px;" valign="top" width="20%"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">NIL</span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 51.6875px;" valign="top" width="15%"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-font-weight: bold; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">NIL</span></div>
</td></tr>
<tr style="height: 0.2in; mso-yfti-irow: 4; mso-yfti-lastrow: yes;"><td nowrap="" style="border: 1pt solid; height: 0.2in; padding: 0in 5.75pt; width: 31.6875px;" width="10%"><div align="center" class="MsoNormal" style="text-align: center;">
<br /></div>
</td><td nowrap="" style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 214.688px;" valign="top" width="52%"><div align="right" class="MsoNormal" style="text-align: right;">
<b style="mso-bidi-font-weight: normal;">TOTAL [A +B+ C]</b></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 72.6875px;" width="20%"><div align="right" class="MsoNormal" style="text-align: right;">
<b>12,47,506</b></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; height: 0.2in; padding: 0in 5.75pt; width: 51.6875px;" width="15%"><div align="right" class="MsoNormal" style="text-align: right;">
<b style="mso-bidi-font-weight: normal;">100.00</b></div>
</td></tr>
</tbody></table>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">During the period under review there were no changes in the shareholding pattern.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">3.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has not altered any of the provisions of the Memorandum and Articles of Association of the Company during the period under review.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">4.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has entered into transactions with business entities in which directors of the Company were interested as detailed in <b style="mso-bidi-font-weight: normal;">Annexure 1</b> – Related Party transactions are enclosed.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">5.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company, during the period under review, has not advanced loans, given guarantees and provided securities to its directors and /or persons or firms or companies in which directors are interested.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">6.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has not made any loans and investments; or given guarantees or provided securities to other business entities.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">7.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The amount borrowed by the Company from its directors, members, financial institutions, banks and others were within the borrowing limits of the Company. Such borrowings were made by the Company in compliance with applicable laws. The breakup of the Company’s domestic borrowings was as detailed in <b style="mso-bidi-font-weight: normal;">Annexure 2 </b>- Outstanding Loans as on 30.09.2011 are enclosed.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">8.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has not defaulted in the repayment of public deposits, unsecured loans, debentures, facilities granted by banks, financial institutions and non – banking financial companies.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">9.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has during the period under review not created, modified or satisfied charges on the assets of the Company.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">10.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Investments in wholly owned Subsidiaries and/or Joint Ventures abroad made by the Company are NIL.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">11.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Principal value of the Forex exposure and Overseas Borrowings of the Company as on date is NIL.</span></div>
<div class="MsoListParagraph">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">12.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Company has not issued, offered and allotted any securities during the period under review.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">13.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has insured all its secured assets.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">14.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has complied with the terms and conditions, set forth by the lending bank/financial institution at the time of availing any facility and also during the currency of the facility.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">15.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has not declared and paid any dividends to its shareholders during the period under review.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">16.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has insured fully all its assets – Not Applicable</span></div>
<div class="MsoListParagraph">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">17.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The name of the Company and / or any of its Directors does not appear in the Defaulters’ List of Reserve Bank of India.</span></div>
<div class="MsoListParagraph">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">18.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The name of the Company and / or any of its Directors does not appear in the Specific Approval List of Export Credit Guarantee Corporation.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">19.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has paid all its statutory dues and satisfactory arrangements had been made for arrears of any such dues.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">20.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The funds borrowed from banks / financial institutions have been used by the Company for the purpose for which they were borrowed.</span></div>
<div class="MsoListParagraph">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">21.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has complied with the provisions stipulated in Section 372A of the Companies Act, 1956 in respect of its Inter Corporate loans and investments.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">22.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">It has been observed from the Reports of the Directors and the Auditors that the Company has complied with the applicable Accounting Standards issued by the Institute of Chartered Accountants in India.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">23.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">There is no unpaid dividend and hence credit to the Investor Education and Protection Fund does not arise.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">24.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Prosecutions initiated against or show cause notices received by the Company for alleged defaults/offences under various statutory provisions and also fines and penalties imposed on the Company and/or any other action initiated against the Company and/or its directors in such cases are NIL.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">25.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company is NOT a listed company and hence the provisions of Listing Agreement are not applicable</span></div>
<div class="MsoListParagraph">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; mso-list: l0 level1 lfo1; tab-stops: list .25in; text-align: justify; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-list: Ignore;">26.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; font-weight: normal; line-height: normal;"> </span></span></span></b><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">The Company has deposited within the stipulated time both Employees’ and Employers’ contribution to Provident Fund with the prescribed authorities – Not Applicable.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Signature</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><span style="mso-tab-count: 7;"> </span><span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Place: Hyderabad<span style="mso-tab-count: 2;"> </span></span></div>
<span face=""arial" , sans-serif" style="color: #333333; font-size: 9.5pt;"></span><br />
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;">Date:</span><br /><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span><span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"><br /></span><br />
<div class="MsoNormal" style="margin-bottom: 0in;">
<b><br /></b></div>
<div class="MsoNormal" style="text-align: left;">
<b> <u><span style="font-family: "book antiqua" , "serif";"> SECRETARIAL COMPLIANCE CERTIFICATE for a Pvt Ltd Co</span></u></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"> </span></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"> To</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Members</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "book antiqua" , "serif"; font-size: 12pt;">NEW ENERGY PRIVATE LIMITED</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">SECUNDERABAD</span></b></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">I have examined the registers, records, books and papers of <b style="mso-bidi-font-weight: normal;">M/s.<span style="color: black;"> NEW ENERGY PRIVATE LIMITED </span></b>(The company) as required to be maintained under the Companies Act, 1956, (the Act) and the rules made there under and also the provisions contained in the Memorandum and Articles of Association of the Company for the period ended on <b style="mso-bidi-font-weight: normal;">31<sup>st</sup> March, 2014</b> In my opinion and to the best of my information and according to the examinations carried out by me and explanations furnished to me by the Company, its officers and agents, I certify that in respect of the aforesaid financial year:</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">1.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has kept and maintained all registers as stated in <b style="mso-bidi-font-weight: normal;">Annexure ‘A’</b> to this certificate, as per the provisions and the rules made there under and all entries therein have been duly recorded.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">2.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has duly filed the forms and returns as stated in <b style="mso-bidi-font-weight: normal;">Annexure ‘B’</b> to this certificate, with the Registrar of Companies, Regional Director, Central Government, Company Law board or other authorities within the time prescribed under the Act and the rules made there under.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">3.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company being a private limited company, has the minimum prescribed paid up capital and its maximum number of members during the said financial year was<b style="mso-bidi-font-weight: normal;"> </b>less than the Maximum Number of Members of <b style="mso-bidi-font-weight: normal;">Fifty (50) </b>excluding its present and past employees and the company during the year under scrutiny:</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 1.25in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">ii)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">Has not invited public to subscribe for its shares or debentures and</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 1.25in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">iii)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">Has not invited or accepted any deposits from persons other than its members, directors or relatives.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">4.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Board of Directors duly met Thirteen (13) times 30<sup>th</sup> June 2013, 30<sup>th</sup> July 2013, 26<sup>th</sup> August 2013, 12<sup>th</sup> September 2013, 21<sup>st</sup> September 2013, 30<sup>th</sup> September 2013, 11<sup>th</sup> October 2013, 21<sup>st</sup> October 2013, 25<sup>th</sup> November 2013, 20<sup>th</sup> December 2013, 26<sup>th</sup> December 2013, 17<sup>th</sup> January 2014 and 22<sup>nd</sup> March 2014 in respect of which meetings proper notices were given and proceedings were properly recorded and signed including the circular resolution passed in the Minutes Book maintained for the purpose.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">5.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not closed its Registrar of Members during the financial year.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">6.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Annual General Meeting for the financial year ended on 31<sup>st</sup> March 2013 was held on 30<sup>th</sup> September 2013 after giving due notice to the members of the company and the resolutions passed there at were duly recorded in the Minutes Book maintained for the purpose.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">7.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">No Extra Ordinary General Meeting was held during the financial year under review.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">8.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company being a private company, section 295 of the Act is not applicable.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">9.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has duly complied with the provisions of the Section 297 of the Act in respect of contracts specified in that section.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">10.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has made necessary entries in the register maintained under section 301 of the Act.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">11.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">As there were no instances falling within the purview of section 314 of the Act, the Company has not obtained any approvals from the Board of Directors, members or central Government.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">12.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The company has not issued any duplicate share certificates during the financial year.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">13.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has:</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 1.25in; text-align: left;">
<span style="font-family: "book antiqua" , "serif"; mso-bidi-font-family: "Book Antiqua"; mso-fareast-font-family: "Book Antiqua";"><span style="mso-list: Ignore;">(i)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif";"><span style="mso-spacerun: yes;"> </span>There was no allotment/transfer/transmission of any securities during the financial year under review.</span></div>
<div class="MsoBodyTextIndent" style="margin-left: 1.25in; text-align: left; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 1.25in; text-align: left;">
<span style="font-family: "book antiqua" , "serif"; mso-bidi-font-family: "Book Antiqua"; mso-fareast-font-family: "Book Antiqua";"><span style="mso-list: Ignore;">(ii)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif";"><span style="mso-spacerun: yes;"> </span>The Company has not deposited any amount in a Separate Bank Account as no dividend was declared during the financial year.</span></div>
<div class="MsoBodyTextIndent" style="margin-left: 0.5in; text-align: left; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 1.25in; text-align: left;">
<span style="font-family: "book antiqua" , "serif"; mso-bidi-font-family: "Book Antiqua"; mso-fareast-font-family: "Book Antiqua";"><span style="mso-list: Ignore;">(iii)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif";">The Company was not required to post warrants for dividends to any member of the company as no dividend was declared during the financial year.</span></div>
<div class="MsoBodyTextIndent" style="margin-left: 0in; text-align: left; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 1.25in; text-align: left;">
<span style="font-family: "book antiqua" , "serif"; mso-bidi-font-family: "Book Antiqua"; mso-fareast-font-family: "Book Antiqua";"><span style="mso-list: Ignore;">(iv)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif";">The Company has not declared any dividend, issued any debentures and has not accepted deposits, the question of transfer of dividend in the unpaid dividend account, application money due for refund, matured deposits, matured debentures and the interest accrued thereon which have remained unclaimed or unpaid for a period of seven years to Investor Education and Protection Fund does not arise.</span></div>
<div class="MsoBodyTextIndent" style="margin-left: 0.5in; text-align: left; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin-left: 1.25in; text-align: left;">
<span style="font-family: "book antiqua" , "serif"; mso-bidi-font-family: "Book Antiqua"; mso-fareast-font-family: "Book Antiqua";"><span style="mso-list: Ignore;">(v)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif";"><span style="mso-spacerun: yes;"> </span>The Company has duly complied with the requirement of Section 217 of the Act.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">14.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Board of Directors of the Company is duly constituted. There was no appointment of additional directors, alternate directors and directors to fill casual vacancy during the financial year.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoBodyTextIndent2" style="margin: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">15.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company being Private Company, the provisions of Section 269 of the Act with regard to appointment of Managing Director/Whole-time director/ Manager are not applicable.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">16.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not appointed any sole selling agents during the financial year.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">17.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company was not required to obtain any approvals of the Company Law Board, Regional Director, Registrar and / or such authorities prescribed under the various provisions of the Act during the financial year.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">18.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The directors have disclosed their interest in other firms / companies to the Board of Directors pursuant to the provisions of the Act and the rules made there under.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">19.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not issued any shares, debentures or any other securities during the financial year under review.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">20.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not bought back any shares during the financial year.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">21.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not issued any preference shares / debentures and hence the question of redemption of preference shares / debentures does not arise during the financial year under review.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">22.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">There were no transactions necessitating the Company to keep in abeyance the rights to dividend, rights shares and bonus shares pending registration of transfer of shares.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">23.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company being a private Company has not invited/accepted any deposits from public within the meaning of Section 58A and the Rules framed there under except from its members, Directors or their relatives and the requisite declaration has been obtained from them<span style="color: #993366;">.</span></span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">24.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The company, being a private limited company, the borrowings made during the financial year does not attract the provisions of section 293(1) (d) of the Act. Further the complied with the provisions of Section 180 (1) (c) of Companies Act 2013.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">25.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company being a Private Limited Company, the provisions of Section 372A of the Act is not applicable.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">26.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not altered the provisions of the Memorandum with respect to situation of the Company’s registered office from one state to another during the year under scrutiny.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">27.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not altered the provisions of the Memorandum with respect to the objects of the Company during the year under scrutiny.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">28.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not altered the provisions of the Memorandum with respect to the name of the Company during the year under scrutiny.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">29.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not altered the provisions of the Memorandum with respect to Share Capital of the Company during the year under scrutiny.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">30.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not altered the provisions of Articles of Association during the year under scrutiny.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">31.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">There was/were no prosecution initiated against or show cause notices received by the company and no fines or penalties or any other punishment was imposed on the company during the financial year, for offences under the Act.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">32.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has not received any money as security from its employees during the financial year.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0in 0.75in; text-indent: -0.5in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;"><span style="mso-list: Ignore;">33.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">The Company has deposited both employee’s and employer’s contribution to Provident fund with the concerned authorities in compliance with the provisions of Section 418 of the Act.</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">Place: Hyderabad<span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 2;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>V. XXXXXXXXXXX</span></div>
<div class="MsoNormal" style="margin-bottom: 0in;">
<span style="font-family: "book antiqua" , "serif"; font-size: 12pt;">Date:<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 1;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-tab-count: 2;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Company Secretary in Practice</span></div>
<span style="mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin;"></span><br />
<div class="MsoNormal" style="margin-bottom: 0in;">
</div>
<br />
<br />
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<strong>XBRL- EXTENSIBLE BUSINESS REPORTING LANGUAGE</strong></div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
XBRL is a standardized communication language in electronic form to express, report or file a financial statements by a Companies. XBRL is only a method of presentation or reporting. It does not attempt to make any changes in the content to be reported. The idea behind XBRL is simple. Instead of treating financial information as a block of text – as in a standard internet page or a printed document – it provides an identifying label (tag) for each individual line item of data. This data then becomes computer readable.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<strong>Benefits:</strong></div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
XBRL offers major benefits at all stages of business reporting and analysis such as: cost savings, greater efficiency, improved accuracy, reliability to all those involved in supplying or using financial data.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
So If you wonna measure your company’s business process and achievement effectively. Voluntarily Codify it and get measure it with your or our company’s expert team and Measure it. Always remember – IF YOU CAN’T MEASURE ; YOU CAN’T ACHIEVE AND REACH YOUR DESTINATION.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<strong>Statutory Requirement – Applicability of XBRL Filing with Registrars:</strong></div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Below mentioned class of companies shall file their financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in e-form AOC-4 XBRL:</div>
<div dir="auto" style="color: #353535; font-family: merriweather, "times new roman", times, serif; padding-bottom: 15px; padding-top: 20px; text-align: center;">
<div style="background-color: rgba(200, 200, 200, 0.05);">
</div>
</div>
<ul style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin: 0px 0px 1em 1em; padding: 0px;">
<li style="margin-left: 15px;">All public companies listed in a stock exchange in India and their Indian subsidiaries.</li>
<li style="margin-left: 15px;">All companies with a turnover of Rs 100 crores or more</li>
<li style="margin-left: 15px;">All companies with a paid up capital of Rs 5 crores or more</li>
</ul>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
(other than banking companies, insurance companies, power companies and NBFCs), Graphical Representation as mentioned below for better understanding.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<u>Major Change:</u></div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
In <a data-saferedirecturl="https://www.google.com/url?q=https://taxguru.in/company-law/companies-filing-documents-forms-extensible-business-reporting-language-rules-2015.html&source=gmail&ust=1545614645243000&usg=AFQjCNHnI1fb4wbpFExeLXUyMrTzpuLFIg" href="https://taxguru.in/company-law/companies-filing-documents-forms-extensible-business-reporting-language-rules-2015.html" style="color: #0a89c0;" target="_blank">XBRL Rules 2015</a> first three categories of applicability of XBRL was same. However, there was one more category i.e. “<em>all companies which were hitherto covered under the <a data-saferedirecturl="https://www.google.com/url?q=https://taxguru.in/company-law/companies-file-bs-pl-account-xbrl-file-form-23acxbrl-23acaxbrl.html&source=gmail&ust=1545614645244000&usg=AFQjCNF7cJngQznopHshN_2dmeuA--iJAw" href="https://taxguru.in/company-law/companies-file-bs-pl-account-xbrl-file-form-23acxbrl-23acaxbrl.html" style="color: #0a89c0;" target="_blank">Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2011</a>”.</em></div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Therefore a Company which was required to file financial statement in XBRL under previous rules but not falling under applicability limit as of now. Such Companies are exempted for filing of financial statement in XBRL under Amendment Rules, 2017.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Query : A Company voluntary prepared financial statement into XBRL for some financial year. Whether such Company required preparing the financial statement into XBRL in future also?</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Opinion – As Per the applicability of filing of financial statement into XBRL Rules, 2017, it is not mandatory for such companies to file financial statement into XBRL in future. It can file the normal AOC-4 form. Only Companies falling under XBRL Amendment Rules, 2017 required to file financial statement into XBRL.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<b>L</b><strong>ist of required documents need to be process XBRL for MCA : </strong>The following components of Annual reports need to be filed in XBRL Format:</div>
<ul style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin: 0px 0px 1em 1em; padding: 0px;">
<li style="margin-left: 15px;">Balance Sheet</li>
<li style="margin-left: 15px;">Profit and Loss Statement</li>
<li style="margin-left: 15px;">Cash Flow Statement</li>
<li style="margin-left: 15px;">Schedules related to Balance Sheet and Profit and Loss Statement</li>
<li style="margin-left: 15px;">Notes to Accounts</li>
<li style="margin-left: 15px;">Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries</li>
<li style="margin-left: 15px;">Audit and Annual Report</li>
</ul>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
What if – If you fails to file the copy of the Financial Statements to ROC within prescribed time limit</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<strong>: Penalty Provisions :</strong></div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Company: Fine 1,000.00 for everyday till default continue but max. 10,00,000.00</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Directors: Fine Min. 1 Lakhs to Max. 5 Lakhs – OR – Imprisonment – Max. 6 months</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
CFO : Same as in the case of Directors</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Authorised Director : Same as in the case of Directors</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<strong>How does XBRL work ?</strong></div><div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-aof04RHnOtA/X4cmDHaqq2I/AAAAAAAANw4/8cPTp9TV5FAhtIT7coCaoTi95fMuayJiQCLcBGAsYHQ/s1002/XBRL.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="814" data-original-width="1002" src="https://1.bp.blogspot.com/-aof04RHnOtA/X4cmDHaqq2I/AAAAAAAANw4/8cPTp9TV5FAhtIT7coCaoTi95fMuayJiQCLcBGAsYHQ/s320/XBRL.png" width="320" /></a></div><div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;"><br /></div>XBRL makes the data readable, with the help of two documents:</div>
<ul style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin: 0px 0px 1em 1em; padding: 0px;">
<li style="margin-left: 15px;">Taxonomy</li>
<li style="margin-left: 15px;">Instance Document.</li>
</ul>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBRL documents.</div>
<div style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin-bottom: 1em; padding: 0px;">
<strong>Steps involved in XBRL to file statements with MCA:</strong></div>
<div style="text-align: center;">
<span face=""roboto" , sans-serif" style="font-size: large; margin: 0px; outline: none; padding: 0px;"></span><br /></div>
<ul style="color: #353535; font-family: merriweather, "times new roman", times, serif; margin: 0px 0px 1em 1em; padding: 0px;">
<li style="margin-left: 15px;">Mapping</li>
<li style="margin-left: 15px;">Tagging</li>
<li style="margin-left: 15px;">Review, verify and validate the XBRL instance document</li>
<li style="margin-left: 15px;">Scrutiny through tool</li>
<li style="margin-left: 15px;">Creating a XBRL docs and filling as an attachment in ROC Form.</li>
</ul>
<div>
<span style="color: #353535; font-family: merriweather, times new roman, times, serif;"><br /></span></div>
<div>
<div style="border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-element: para-border-div; padding: 1pt 4pt;">
<div class="MsoNormal" style="border-bottom: .5pt solid windowtext; border: none; line-height: normal; margin-bottom: 0in; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; padding-bottom: 1.0pt; padding: 0in;">
<b><span style="color: #171717;">What is the Role of
the Company Secretary in Board Meeting</span></b></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">The role of
the company secretary is to act as the chief advisor
on corporate governance to the board, so the role of the company
secretary at board meetings goes well beyond administrative
operations and taking the board minutes.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: normal; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-outline-level: 2; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<b><span style="color: #d3222a; font-family: proxima_nova_altbold, serif;">Duties
of the Company Secretary and Preparing the Meeting</span></b><span style="color: #d3222a; font-family: proxima_nova_altbold, serif;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">Tact and sensitivity are
key to a company secretary's success in this aspect of the job. That's because
it involves dealing with directors, the chair and top management – all of these
must be brought together in a civil discussion so that decisions can be made.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">Preparing the focus of
the board meeting is a collaboration between the company secretary and the
chair. While the chair will run the board meeting, the company secretary may
advise the board on governance issues that derive from the meeting focus, or
enter into debates with a corporate governance perspective.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">It is the company
secretaries duty to oversees the process of structuring board meetings, helping
to determine the focus and purpose of those meetings. In this, the company
secretary works closely with the chair to ensure that the most critical and
timely issues are under discussion at the meeting. A board meeting has to cover
a lot of ground; it would be difficult to achieve all that is necessary in an
unstructured, informal chat.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">Any compliance
requirements that must be addressed at the time of the meeting will be added to
the agenda by the company secretary, who will also include any new legal or regulatory
changes of which the board should be made aware.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">It then falls to
the </span><u><span style="color: #d3222a; font-family: proxima_nova_altbold, serif;">company secretary</span></u><span style="color: #171717; font-family: "proxima nova", serif;"> to
discuss the meeting focus with all the other board members, and to take into
consideration their ideas while preparing the final agenda. This document will
then be shared among all the board members for any further updates or issues,
as well as with the administrator, who will manage the practical details, see
that the necessary equipment is made available, etc.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">The company secretary
should also ensure that </span><u><span style="color: #d3222a; font-family: proxima_nova_altbold, serif;">board members have all the materials</span></u><span style="color: #171717; font-family: "proxima nova", serif;"> they
need for preparation for this specific meeting, including, of course, board
papers, but also other types of background.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<b><span style="color: #d3222a; font-family: proxima_nova_altbold, serif;">Helps Manage the Board
Meeting</span></b><span style="color: #171717; font-family: "proxima nova", serif;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">The chair conducts the
meeting, and the company secretary helps in various ways to manage it.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;"><span style="color: #171717; font-family: "proxima nova", serif;">As a company
secretary represent the interests of the company, its management and its
investors, he must be prepared to intervene in board
discussions when some aspect of these interests seems to be neglected or
ignored.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">To do this requires emotional
intelligence and attention to detail — a company secretary who is too intrusive
or who hasn't made the necessary preparation will soon find that directors have
little patience for his/her interventions.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">The company secretary
must see that all matters needing to be discussed are discussed, and that
enough time is allowed to reach each decision with the appropriate level of
concentration. The company secretary should also intervene with background
points should they be ignored or neglected.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">With all this, the
company secretary must take notes to prepare the board meeting minutes
expertly. <a href="https://diligent.com/en-gb/blog/legal-requirements-for-board-meeting-minutes-in-the-uk/"><span style="color: #d3222a; font-family: "proxima_nova_altbold","serif"; mso-bidi-font-size: 11.0pt;">Minutes that carefully reflect board meetings are a legal obligation.</span></a> The company
secretary should take care to include all relevant material, and
especially all decisions, as well as a clear list of votes in each case. An
electronic <a href="https://diligent.com/en-gb/board-portal"><span style="color: #d3222a; font-family: "proxima_nova_altbold","serif"; mso-bidi-font-size: 11.0pt;">board portal</span></a> makes taking the minutes easy and
secure.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<b><span style="color: #d3222a; font-family: proxima_nova_altbold, serif;">Must Finalise the Board
Meeting</span></b><span style="color: #171717; font-family: "proxima nova", serif;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">When the meeting is over,
the company secretary should discuss with individual board members any issues
that still need to be resolved, and possibly consider them for the agenda of
the next meeting. If necessary or desirable, it is useful to arrange informal
discussion in between board meetings so that ongoing issues can be moved
forward. It may also be necessary to arrange discussions between board members
and management, or board members and external advisors.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">Then it will be time to
write up the board minutes – it's best to do this as soon as possible after the
meetings so that all the details are fresh in mind. Then the draft minutes
should be shared with the chair for approval, and the chair's signature should
be obtained for the approved board minutes from the previous meeting.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border-bottom: .5pt solid windowtext; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-border-bottom-alt: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-bottom-alt: 1.0pt; mso-padding-top-alt: 1.0pt; padding-bottom: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">Often, at board meetings,
there are action points decided which are the responsibility of a specific
board member, a committee chair or management. The company secretary is
responsible for following up on these, sending reminders when necessary and
putting the outcomes up for discussion at the next meeting.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; border: none; line-height: 22.45pt; mso-border-alt: solid windowtext .5pt; mso-border-between: .5pt solid windowtext; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-padding-alt: 1.0pt 4.0pt 1.0pt 4.0pt; mso-padding-between: 1.0pt; mso-padding-top-alt: 1.0pt; padding-top: 1.0pt; padding: 0in;">
<span style="color: #171717; font-family: "proxima nova", serif;">All of
the company secretary's tasks can be facilitated by with <a href="https://diligent.com/en-gb/modern-governance/"><span style="color: #d3222a; font-family: "proxima_nova_altbold","serif"; mso-bidi-font-size: 11.0pt;">Modern
Governance</span></a> tools included in high-quality <a href="https://diligent.com/en-gb/company-secretary-software/"><span style="color: #d3222a; font-family: "proxima_nova_altbold","serif"; mso-bidi-font-size: 11.0pt;">company secretarial software</span></a>: from taking the minutes
to arranging meetings with board members, to storing relevant documents and
data. <span style="font-size: 15pt;"><o:p></o:p></span></span></div>
</div>
</div>
<div style="font-family: "times new roman"; line-height: normal; margin: 0px; text-align: left;">
</div>
</div>
</div>
</div><div class="separator" style="clear: both; text-align: center;"><br /></div><br />
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-86790053094297973142021-09-18T22:37:00.001-07:002022-05-22T01:19:00.598-07:00FTA Free Trade Agreements<div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 13pt; line-height: 115%;"><br /></span></div><div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 17.3333px; line-height: 115%;"><h1 style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; line-height: 40px; margin: 0px;">IndAus ECTA': India-Australia Interim Free Trade Deal</h1></span></div><div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 17.3333px; line-height: 115%;"><b><u><br /></u></b></span></div><div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 17.3333px; line-height: 115%;"><b><u><br /></u></b></span></div><div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 17.3333px; line-height: 115%;"><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">The India-Australia ECTA is the first trade agreement that India has signed with a developed country after over a decade, the Commerce Ministry said on Saturday (2 April) </p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">According to the Commerce Ministry, the salient features of India-Australia ECTA, negotiations for which were formally re-launched on 30 September 2021 and concluded on a fast-track basis by the end of March 2022, include:</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">1. The agreement encompasses cooperation across the entire gamut of bilateral economic and commercial relations between the two friendly countries, and covers areas like Trade in Goods, Rules of Origin, Trade in Services, Technical Barriers to Trade (TBT), Sanitary and Phytosanitary (SPS) measures, Dispute Settlement, Movement of Natural Persons, Telecom, Customs Procedures, Pharmaceutical products, and Cooperation in other Areas.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">2. Eight subject specific side letters covering various aspects of bilateral economic cooperation were also concluded as part of the Agreement.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;"><strong style="box-sizing: inherit;">Impact or benefits of the trade deal for India and Australia:</strong></p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">3. ECTA provides for an institutional mechanism to encourage and improve trade between the two countries. The ECTA between India and Australia covers almost all the tariff lines dealt in by India and Australia respectively.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">India will benefit from preferential market access provided by Australia on 100 per cent of its tariff lines. This includes all the labour-intensive sectors of export interest to India such as Gems and Jewellery, Textiles, leather, footwear, furniture, food, and agricultural products, engineering products, medical devices, and Automobiles.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">On the other hand, India will be offering preferential access to Australia on over 70 per cent of its tariff lines, including lines of export interest to Australia which are primarily raw materials and intermediaries such as coal, mineral ores and wines etc.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">4. Further, as regards trade in services, Australia has offered wide ranging commitments in around 135 sub sectors and Most Favoured Nation (MFN) in 120 sub sectors which cover key areas of India’s interest like IT, ITES, Business services, Health, Education, and Audio visual.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">Some of the key offers from Australia in the services space include: Quota for chefs and yoga teachers; Post study work visa of 2-4 years for Indian students on reciprocal basis; mutual recognition of Professional Services and Other licensed/regulated Occupations; and Work and Holiday visa arrangement for young professionals.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">On the other hand, India has offered market access to Australia in around 103 sub-sectors and Most Favoured Nation in 31 sub-sectors from the 11 broad service sectors such as ‘business services’, ‘communication services’, ‘construction and related engineering services’, and so on.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">5. Both sides have also agreed to a separate annex on Pharmaceutical products under this agreement, which will enable fast track approval for patented, generic and bio-similar medicines.</p></div></div><div style="background-color: #fafafa; box-sizing: inherit; color: #4b4b4b; font-family: "Open Sans"; font-size: 16px;"><div style="box-sizing: inherit;"><p style="box-sizing: inherit; color: var(--color-3); font-size: 1em; line-height: 28px; margin: 0px 0px 30px; overflow: hidden;">According to the Commerce ministry, the India-Australia ECTA will further cement the already deep, close and strategic relations between the two countries and will significantly enhance bilateral trade in goods and services, create new employment opportunities, raise living standards, and improve the general welfare of the peoples of the two countries.</p></div></div></span></div><div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 17.3333px; line-height: 115%;"><b><u><br /></u></b></span></div><div dir="auto"><b style="font-size: 17.3333px;"><u>Importing under FTA tightened with rejig of Rules of origin</u></b></div><div dir="auto"><span face="Arial, sans-serif" style="background: white; font-size: 13pt; line-height: 115%;">Aug 24, 2020</span> <span face="Arial, sans-serif" style="background: white; font-size: 13pt; line-height: 115%;">Indian
businesses looking to import under free trade agreements (FTAs) will now
closely look into their supplier’s manufacturing process and ensure that
minimum threshold value addition is met as the country unveils new framework
for rules of origin. “Trade will need to look at tariff shift and value
addition, the two key elements of FTA, which are technical in nature,
critically going forward to avail the benefit,” said Rahul Shukla, executive
director-indirect tax at PwC.</span><span face="Arial, sans-serif" style="font-size: 13pt; line-height: 115%;"><br />
<br />
<span style="background: white;">All exporters may not have elaborate procedures
and standard operating procedures to seek confirmations from their supplier, he
added, which may lead to increased compliance burden.</span><br />
<br />
<span style="background: white;">India has notified new rules of origin that aim
to provide more teeth to revenue authorities to check misuse of trade agreements
to route third country goods. India is reviewing its FTA strategy to prevent
their abuse.</span><br />
<br />
<span style="background: white;">Experts say the modified rules are set to
increase dependence of importers on the suppliers.“These rules will increase
dependence on exporter who may not share manufacturing or value addition
details to keep commercial information confidential,” said Harpreet Singh,
partner-indirect tax at KPMG India.</span><br />
<br />
<span style="background: white;">“Genuine importers may face difficult
interpretation given that the onus to prove the country of origin is on the
importer and elaborate documentation may be required in case processing//value
addition on the product happens in multiple countries,” said Bipin Sapra,
partner-indirect tax at EY India.</span></span></div> charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-64926142207927334252021-09-12T08:09:00.005-07:002023-02-04T19:57:43.643-08:00Tax buzz words and Jargon<div dir="auto"><span style="font-size: large;">What is grand fathering?</span></div><div dir="auto"><span style="font-size: medium;">What is speaking order?</span></div><div dir="auto"><div dir="auto"><span style="font-size: medium;">Deduction vs exemption - are the different ?</span></div><div><span style="font-size: medium;"><br /></span></div><div><span style="font-size: medium;"><br /></span></div><div><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><u><span style="color: #404040; font-family: "Times New Roman", serif;"><span style="font-size: medium;">Grandfathering<o:p></o:p></span></span></u></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="color: #404040; font-family: "Times New Roman", serif;"><span style="font-size: medium;">While presenting the new provisions of long-term
capital gains (LTCG), Finance Minister Arun Jaitley said that "I propose
to tax such long term capital gains exceeding Rs1 lakh at the rate of 10%
without allowing the benefit of any indexation. However, all gains up to 31
January 2018 will be grandfathered.” What is this grandfather the FM was
talking about? <o:p></o:p></span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: medium;"><span style="color: #404040; font-family: "Times New Roman", serif;"> </span><span style="color: #404040; font-family: "Times New Roman", serif;">Well, a grandfather clause (or policy) is a
provision in which an old rule continues to apply to some existing situations
while a new rule will apply to all future cases. “Those exempt from the new
rule are said to have grandfather rights or acquired rights, or to have been
grandfathered in. Often, such a provision is a compromise to allow new rules to
be enacted without upsetting a well-established situation. ( grandfathering is like prospective as against retrospective) </span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: medium;"><span style="color: #404040; font-family: "Times New Roman", serif;"> </span><span style="color: #404040; font-family: "Times New Roman", serif;">In this case of 2018 LTCG, the FM imposed a 10% tax
on long term capital gains. But, all gains up to 31 January 2018 will not be
taxed. It has been grandfathered. Although the new rule would tax LTCG in the
future, the current gains on investments done before a certain date are
protected from the new tax, even after law is changed to make future gains
taxable.</span></span></p>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span style="font-size: medium;"><span style="color: #404040; font-family: "Times New Roman", serif;"> </span><span style="color: #404040; font-family: "Times New Roman", serif;">Like many evocative terms like blue-sky law or
sunset clause, this concept too originated in the US. In the late 19th century,
a number of US Southern states passed legislation and constitutional amendments
that imposed a number of new requirements. In some cases these regulations
exempted some of those whose ancestors (grandfathers) had the right to vote
before the Civil War, from such requirements. The idea was to prevent poor and
illiterate African-American former slaves and their descendants from voting,
but allow poor and illiterate whites the right to vote. While the term has its
origins in such discrimination, today it was used to protect equity holders
from the new law.</span></span></p></div></div><div dir="auto"><br /><div dir="auto"><br /></div><div dir="auto"><br /></div><div dir="auto"><br /></div><div dir="auto"><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><br /></div></div> charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-5085489423140040072021-07-27T07:36:00.000-07:002022-10-08T10:08:18.634-07:00Running a business legally sound<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoTitle" style="margin: 0in 0in 0pt;">
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<b><u><br /></u></b>
<b><u>Running a Business Legally Sound</u></b><br />
<br /><table align="center" border="0" cellpadding="0" cellspacing="0" style="background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 12.8px; width: 630px;"><tbody>
<tr><td height="10" style="font-size: 0px; line-height: 0; margin: 0px; padding: 0px;"></td></tr>
<tr><td colspan="3" style="margin: 0px;"><div style="line-height: 26px; margin: 0px; padding-top: 10px;">
<span style="font-size: 12px;"><b>Running a business Legally Sound -</b></span><b style="font-size: 12px;">ALL THE MORE IMPORTANT FOR STARTUPS</b><br />
<div style="font-size: 12px;">
<b>Nothing can slow down a business like the courtroom, particularly in India. It costs money, you invest effort and worst of all - it can shift your focus from growing your business to a petty matter. This is why every business must take measures to ensure minimal damage in case any relationship - between co-founders or with clients and employees - is headed the wrong way. The only way to do this is to enter into agreements as early as possible. While the needs of your business may well extend beyond the following four, these documents are essential to any new business:</b></div>
</div>
<div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
</div>
</td></tr>
<tr><td style="font-size: 0px; line-height: 0; margin: 0px;"><h2 style="color: #2980b9; font-size: 22px; line-height: 26px; margin: 0px; padding: 0px;">
✔ Founders' Agreement</h2>
</td></tr>
<tr><td colspan="3" style="margin: 0px;"><div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
<b>Your co-founders may be your friends or family, but you can never be too sure. Disagreements can grow, over what the role of each founder is, what the vision for the business is, among much else. A Founders' Agreement will ensure that all partners are on the same page and have clarity on crucial aspects of the business.</b></div>
<div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
</div>
</td></tr>
<tr><td style="font-size: 0px; line-height: 0; margin: 0px;"><h2 style="color: #2980b9; font-size: 22px; line-height: 26px; margin: 0px; padding: 0px;">
✔ Employment Agreement:</h2>
</td></tr>
<tr><td colspan="3" style="margin: 0px;"><div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
<b>Start-up hiring can be ridiculously informal. Two years in, the new HR resource will find that not a single early hire signed an agreement. This simply won't do. Think of all you're putting at risk every day you let an employee access your code, business plans or customer database.</b></div>
<div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
</div>
</td></tr>
<tr><td style="font-size: 0px; line-height: 0; margin: 0px;"><h2 style="color: #2980b9; font-size: 22px; line-height: 26px; margin: 0px; padding: 0px;">
✔ Non-disclosure Agreement:</h2>
</td></tr>
<tr><td colspan="3" style="margin: 0px;"><div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
<b>If you believe your start-up truly is destined for greatness, you're making a mistake not signing an NDA before disclosing anything about it with potential tech co-founders and business partners, consultants and the like. You may feel awkward asking them to sign one, but it's part of the game. If they're professional, they won't mind one bit.</b></div>
<div style="font-size: 12px; line-height: 26px; margin: 0px; padding-top: 10px;">
</div>
</td></tr>
<tr><td style="font-size: 0px; line-height: 0; margin: 0px;"><h2 style="color: #2980b9; font-size: 22px; line-height: 26px; margin: 0px; padding: 0px;">
✔ Terms of Service/Privacy Policy:</h2>
</td></tr>
<tr><td colspan="3" style="margin: 0px;"><div style="line-height: 26px; margin: 0px; padding-top: 10px;">
<div style="font-size: 12px;">
<b>Gone are the days when 'Customer is King' was just an adage. In the Internet age, you need to live up to it. After all, they can do serious damage on social media. So be nice and tell them the terms and conditions of using your website and what you do with information they provide you.<br /><br />Please revert in case you require any assistance for the above documents. If you don't need them now, do think of us when you do. Just send in a request and you'll have them in 2 to 4 business days at the best price in town.</b></div>
<div style="font-size: 12px;">
<u><b><br /></b><b>Founders Agreement</b></u><br />
<u><b><br /></b></u>
<a href="http://4.bp.blogspot.com/-Iba0REEtk80/W8GMzp_yvUI/AAAAAAAAFj4/Qruz-On07RQaYg4D3g25SW7tluc9ng5UACK4BGAYYCw/s1600/image_80d7e12e-a351-4dc5-81af-a17ebf65acf920181013_114129-748983.jpg" style="font-family: "Times New Roman"; font-size: medium;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6611720547031235906" src="https://4.bp.blogspot.com/-Iba0REEtk80/W8GMzp_yvUI/AAAAAAAAFj4/Qruz-On07RQaYg4D3g25SW7tluc9ng5UACK4BGAYYCw/s320/image_80d7e12e-a351-4dc5-81af-a17ebf65acf920181013_114129-748983.jpg" /></a><br />
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
<b>Cheque Dishonour Case</b></div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
<b><br /></b></div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
<b>Supreme Court rules Directors not responsible for dishonoured cheque<br />Aug 3, 2010 Corporate Law</b></div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
The Supreme Court ruled last week that prosecution for issuing a cheque which was dishonoured for want of credit in the bank can be initiated only against the person who issued the cheque and not against the company or directors who were not aware of it. It quashed the Madras high court order to try the company, the chairman and the managing director in the judgement, PJ Agro Tech Ltd vs Water Base Ltd. The two companies had entered into an agreement for distribution of prawn feed in Andhra Pradesh. However, it did not succeed and PJ Agro authorised the other company to collect its dues from customers who had not paid for the goods. It appointed a coordinator for the purpose. He issued a cheque to Water Base which bounced, leading to the filing of charges under the Negotiable Instruments Act.</div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
The Supreme Court explained that the coordinator might have issued the cheque for the benefit of PJ Agro, but the directors of the latter company were not responsible for the default.</div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "times new roman"; font-size: medium;">
<b><u>Amendment in Negotiable Instrument Act<o:p></o:p></u></b></div>
<div class="MsoNormal" style="color: black; font-family: "times new roman"; font-size: medium;">
The President of India has promulgated the Negotiable Instruments (Amendment) Ordinance, 2015 (No.6 of 2015) on 15th June, 2015. The Ordinance provides for determination of territorial jurisdiction of courts for trying cases relating to offence of dishonour of cheques under Section 138 of the Negotiable Instruments Act, 1881 (NI Act).<o:p></o:p></div>
<div class="MsoNormal" style="color: black; font-family: "times new roman"; font-size: medium;">
The Ordinance has amended the NI Act to, interalia, stipulate the follow: • Filing of cases only in a court within whose local jurisdiction the bank branch of the payee, where the payee delivers the cheque for payment through his account, is situated, except in case of bearer cheques, which are presented to the branch of the drawee bank in that case the local court of that branch would get jurisdiction;<o:p></o:p></div>
<div class="MsoNormal" style="color: black; font-family: "times new roman"; font-size: medium;">
• Providing that where a complaint has been filed against the drawer of a cheque in the court having jurisdiction under the new scheme of jurisdiction, all subsequent complaints arising out of section 138 of the NI Act against the same drawer shall be filed before the same court, irrespective of whether those cheques were presented for payment within the territorial jurisdiction of that court; and<o:p></o:p></div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium;">
<div style="color: black; font-family: "times new roman"; font-size: medium;">
• Providing that if more than one prosecution is filed under section 138 of the NI Act against the same drawer of cheques before different courts, upon the said fact having been brought to the notice of the court, the court shall transfer the case to the court having jurisdiction as per the new scheme of jurisdiction. This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today. Category : Corporate Law | Comments : 0 | Hits : 374 Post free classified ads The Court Negotiable Instruments Income tax slabs Ministry of finance Jobs Register domain names State Event</div>
<div style="color: black; font-family: "times new roman"; font-size: medium;">
<br /></div><div style="color: black; font-family: "times new roman"; font-size: medium;"><div dir="auto" style="font-family: "Times New Roman";"><b><u>Time is the Essence Of the Contract</u></b></div><div dir="auto" style="font-family: "Times New Roman";"><br /></div><div dir="auto" style="font-family: "Times New Roman";">The Supreme Court observed that merely having an explicit clause may not be sufficient to make time the essence of the contract.<div dir="auto"><br /></div><div dir="auto">The contractual clauses having extension procedure and imposition of liquidated damages, are good indicators that 'time was not the essence of the contract', the bench comprising CJI NV Ramana and Justice Surya Kant observed in a judgment delivered on Saturday. The court added whether time is of the essence in a contract', has to be culled out from the reading of the entire contract as well as the surrounding circumstances..</div><div dir="auto"><br /></div><div dir="auto">In this case, the Arbitral Tribunal (considering a dispute between Welspun Specialty Solutions Limited (formerly known as Remi Metals Gujarat Ltd.) and Oil and Natural Gas Corporation Ltd.) held that merely having a clause in the contract making time the essence of it would not be determinative; rather, an overall view having regard to all the terms of contract are to be taken into consideration. It was noted that contracts containing provision for extension of time or payment of penalty on default would dilute the obligation of timely performance and render the clauses imbuing time as essence of the contract ineffective. That generally, under construction contracts, time is not the essence. Therefore, the Arbitral Tribunal held that liquidated damages, which are pre-estimated damages, cannot be granted as there was no breach of contract due to the fact that time was not the essence.</div><div dir="auto"><br /></div><div dir="auto">In the petition filed under Section 34 of the Arbitration and Conciliation Act, the District Court upheld this view of the Tribunal holding that time was not the essence of the contract and only the losses actually suffered could be granted. Allowing the Arbitration Appeal, the Uttarakhand High Court disagreed with this view and set aside the Arbitration award.</div><div dir="auto"><br /></div><div dir="auto">In appeal before the Apex Court, the appellant contended that the view taken by the Arbitral Tribunal that the time was not the essence of the contract, as the contract provided for extension of time as well as for liquidated damages, was reasonable and can be sustained. The respondent ONGC contended that the reading of the contract makes it clear that the time was of the essence, which was also signified in every extension given.</div><div dir="auto"><br /></div><div dir="auto">The court observed that the Arbitral Tribunal's reliance on the contractual conditions and conduct of parties to conclude that existence of extension clause dilutes time being the essence of the contract, was in accordance with rules of contractual interpretation. The court noted the following principles regarding the relevancy of time conditioned obligations:</div><div dir="auto"><br /></div><div dir="auto">Subject to the nature of contract, general rule is that promisor is bound to complete the obligation by the date for completion stated in the contract. [Refer to Percy Bilton Ltd. v. Greater London Council, [1982] 1 WLR 794]</div><div dir="auto"> That is subject to the exception that the promisee is not entitled to liquidated damages, if by his act or omissions he has prevented the promisor from completing the work by the completion date. [Refer Holme v. Guppy, (1838) 3 M & W 387]</div><div dir="auto">These general principles may be amended by the express terms of the contract as stipulated in this case.</div><div dir="auto">Whether time is of the essence in a contract', has to be culled out from the reading of the entire contract as well as the surrounding circumstances. Merely having an explicit clause may not be sufficient to make time the essence of the contract.</div><div dir="auto">As the contract was spread over a long tenure, the intention of the parties to provide for extensions surely reinforces the fact that timely performance was necessary. </div><div dir="auto">Referring to Section 55 of the Contract Act [ Effect of such failure when time is not essential], the bench further observed:</div><div dir="auto">The Arbitral Tribunal construed the aforesaid provision to interpret the term 'loss' to mean actual tangible loss provable by evidence, instead of pre-estimated loss. Such interpretation, in the facts and circumstances, could be held to be a reasonable interpretation, as the other party was not able to impugn the same by pointing to any documents or correspondence to the contrary. When a standard form of a contract is utilised, ONGC is assumed in law to have the larger bargaining power to enter into a contract, unless clear intention is shown to the contrary. In this case at hand, a reasonable interpretation against ONGC may be utilised.</div><div dir="auto">The court noted that, in this case, ONGC waived liquidated damages twice before giving extension with pre-estimated damages. Allowing the appeal, the bench restored the Arbitration award and observed:</div><div dir="auto"><br /></div><div dir="auto">The Arbitral Tribunal's interpretation of contractual clauses having extension procedure and imposition of liquidated damages, are good indicators that 'time was not the essence of the contract'. The Arbitral Tribunal's view to impose damages accrued on actual loss basis could be sustained in view of the waiver of liquidated damages and absence of precise language which allows for reimposition of liquidated damages. Such imposition is in line with the 2nd para of Section 55 of the Indian Contract Act. The Arbitral Tribunal was correct in distinguishing the dictum of this Court in Saw Pipes (supra), which validated imposition of liquidated damages in a similar contract.</div></div></div><h2 style="font-family: "open sans bold"; font-size: 1.35em; line-height: 1.2em; margin: 0px; outline: 0px; padding: 0px 11.7812px 12px; vertical-align: baseline;"><u><br /></u></h2><h2 style="font-family: "open sans bold"; font-size: 1.35em; line-height: 1.2em; margin: 0px; outline: 0px; padding: 0px 11.7812px 12px; vertical-align: baseline;"><u>Blue tick on WhatsApp can be treated as legal notice served</u></h2>
<div style="color: #818181; font-size: 0.75em; margin: 0px; outline: 0px; padding: 0px 11.7812px 12px; vertical-align: baseline;">
By <span color="rgb(0 , 0 , 0)" style="font-size: 13.2013px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">ET Online</span> | Updated: Jun 16, 2018, 11.11 AM IST</div>
<div style="display: table; float: left; font-size: 17.6018px; height: 37px; margin: 13px 0px 0px; outline: 0px; padding: 0px 11.7812px; vertical-align: baseline; width: auto;">
<br /></div>
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 17.6018px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<img alt="" src="https://img.etimg.com/thumb/height-480,width-640,msid-64603742,imgsize-33512/whatsapp-agencies.jpg" style="border: 0px; font-size: 17.6018px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline; width: 393px;" /><br />
<br />
The company approached the high court with the execution application after Jadhav refused to take their calls or meet their officers.</div>
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 17.6018px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 17.6018px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="font-size: 0.98em; line-height: 1.6em; margin: 0px; outline: 0px; padding: 15px 11.7812px 0px; vertical-align: baseline;">
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
<a href="https://m.economictimes.com/topic/Legal-notice" style="color: #0b89d1; font-family: "open sans semibold"; font-size: 17.2497px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Legal notice</a> or messages sent through <a href="https://m.economictimes.com/topic/WhatsApp" style="color: #0b89d1; font-family: "open sans semibold"; font-size: 17.2497px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">WhatsApp</a> messaging app is a valid legal evidence under law, and the blue tick over the messaging app is a valid proof that the respondent has accepted the physical copies of the communication, said <a href="https://m.economictimes.com/topic/Bombay-High-Court" style="color: #0b89d1; font-family: "open sans semibold"; font-size: 17.2497px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Bombay High Court</a>.</div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
<br style="color: white; display: block; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
The Bombay High Court, while hearing an application filed by the SBI Cards and Payments Services Pvt Ltd (the claimant) against a resident Rohit Jadhav, observed that the defaulter, who was evading the bank, had not only received the notice in a PDF file but also opened it and read its contents.</div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
<br style="color: white; display: block; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
"(Jadhav) was served by an authorised officer by sending a PDF and message to his mobile number as a WhatsApp message," Justice Gautam S Patel said in his order.</div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
<br style="color: white; display: block; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
"For the purposes of service of notice under Order XXI Rule 22 of the <a href="https://m.economictimes.com/topic/Code-of-Civil-Procedure" style="color: #0b89d1; font-family: "open sans semibold"; font-size: 17.2497px; font-weight: 600; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Code of Civil Procedure</a>, I will accept this. I do so because the icon indicators clearly show that not only were the message and its attachment delivered to the respondent's number, but that both were opened," Justice Patel said.</div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
<br style="color: white; display: block; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
SBI Cards had filed a case against Jadhav, a Nalasopara (Mumbai) resident for recovery of credit card dues of Rs 1.17 lakh, but Jadhav was not accepting any notice or communication from the company or its legal representatives. After tracing Jadhav's mobile number, the company sent a notice on WhatsApp and the kept the record of the message.</div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
Jadhav had credit card dues of Rs 85,000 in 2010. In 2011, following arbitration proceedings, he was ordered to pay back the amount along with interest. When he failed to make the payment, the company approached the high court with the execution application in 2015 to enforce the award. Over the past two years, the bank had been trying to serve the notice about the litigation on Jadhav but without success as he kept shifting his rental accommodation.</div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
<br style="color: white; display: block; font-size: 17.2497px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" /></div>
<div style="font-family: "Times New Roman"; font-size: 17.2497px;">
Law states that a notice is served in person or through registered post. Following the enactment of the I-T Act, which recognises electronic communication as evidences, courts have allowed legal notices through email.</div>
<div>
<br /></div>
</div>
</div>
</div>
</div>
</div>
</div>
</td></tr>
</tbody></table>
<b><u><span style="font-family: "garamond" , "serif"; font-size: large;">Non-Disclosure Agreement To be entered with prospective vendors and partners to impose confidentiality </span></u></b><br />
<b><u><span style="font-family: "garamond" , "serif"; font-size: 12pt;"><br /></span></u></b>
<b><u><span style="font-family: "garamond" , "serif"; font-size: 12pt;"> </span><span style="font-family: "garamond" , "serif"; font-size: 12pt;"> </span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;"> with prospective vendors</span></span></u></b><br />
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;"><br /></span></span></div>
<h2 style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Non-Disclosure Agreement Number: _________</span></span></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">This Agreement is made and entered into on this ___day of ______200<u>_</u></span></span></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;">
<br /></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;">
<b><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">By and Between</span></span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">BUYER having its Registered Office at New Delhi-110019 at its Corporate Office at Plot No. 90, Sector-32, Gurgaon – 122001, Haryana ("BUYER") and M/s ____________________________, a Company incorporated under the Companies Act, 1956, having its Registered Office at ________________________, ("SERVICE PROVIDER"). Whereas SERVICE PROVIDER and BUYER wish to discuss the possibility of a business relationship or transaction or have engaged in a contract on professional services that are provided by SERVICE PROVIDER. </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Whereas in the course of such discussions / contract period, SERVICE PROVIDER will gain access to information that is proprietary and confidential to BUYER.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Therefore, each party hereby agrees as of the date mentioned above:</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">1.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">All information in written, electronic, or other physical form delivered to it by the other party is designated to be proprietary and confidential will be safeguarded in the same manner in which the receiving party safeguards its own proprietary and confidential information of like character and will not be divulged to third parties. It is understood that, in the course of disclosing the Confidential Information, BUYER will endeavour to identify such Confidential Information to the Service Provider provided always that failure to so identify such Confidential Information shall not relieve the Service Provider of its obligations hereunder.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">2.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Such information designated as proprietary and confidential shall be used by the receiving party only for the purpose of evaluating the proposed business relationship or transaction described above unless there is a specific written agreement permitting wider use. The Service Provider shall not disclose any such Confidential Information to any person other than to directors, officers or employees of the Service Provider, and only if they have clear need to know such confidential information in connection with the performance of their professional responsibilities.</span></span></div>
<div class="MsoNormal" style="line-height: 8pt; margin: 0in 0in 0pt 0.25in;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">3.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">This Agreement shall terminate three (3) years from the date as set forth above. However, the obligation to keep the proprietary information of BUYER confidential shall survive for the period of ten(10) years from the date of termination of the Agreement.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Notwithstanding the above, in the event of material breach or default of any provisions of this Agreement by the Service Provider, BUYER is entitled to terminate the Agreement immediately by giving written notice to this effect.</span></span></div>
<div class="MsoNormal" style="line-height: 8pt; margin: 0in 0in 0pt 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">4.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">This agreement shall not impose any obligation upon the receiving party with respect to any portion of the received information which </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">(i)</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">is now, or which hereafter, through no act or failure to act on the part of the receiving party, becomes generally known or available; </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">(ii)</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">is known to the receiving party at the time of receiving such information; </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">(iii)</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">is subsequently developed by the receiving party independently of information received from the other party; </span></span></div>
<div class="MsoBodyTextIndent" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">(iv)</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">is furnished to the receiving party by a third party, as a matter of right and without restriction on disclosure.</span></span></div>
<div class="MsoBodyTextIndent" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">(v)</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Service Provider may disclose Confidential Information if compelled to do so by a Court or other authority of competent jurisdiction, provided however, that in such case the Service Provider shall immediately upon receiving notice that disclosure may be required, shall give written notice by facsimile and overnight mail to BUYER so that BUYER may seek a protective order or other remedy from said court or tribunal. In any event, Service Provider shall disclose only that portion of Confidential Information that, in the opinion of its legal counsel, is legally required to be disclosed and will exercise reasonable efforts to ensure that any such information so disclosed will be accorded confidential treatment by said court or tribunal through protective orders, filings under seal and other appropriate means.</span></span></div>
<div class="MsoBodyTextIndent" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">5.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Upon completion of business purpose, each party agrees that upon written request from the other it will return any proprietary and confidential written material or electronic furnished to it which has not been provided in accordance with some agreement transferring rights to such material and will state in writing that no copy of such material has been provided to others or has been retained.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">6.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">The parties expressly agree that the provision of information under this Non-disclosure Agreement and discussions held in connection with the business purpose shall not prevent furnishing party from pursuing similar discussions with third parties or obligate the furnishing party to continue discussions with the receiving party or to take, continue or forgo any action relating to the business purpose. Any business forecasts provided by either party to the other shall not constitute commitments. </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">7.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">In the event of Receiving party breaches this Agreement, The furnishing Party shall have the right to temporary and permanent injunctive or other equitable relief from a court of competent jurisdiction, in addition to, and independent of, any damages which the Furnishing Party shall have incurred as a consequence of the breach.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">8.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the parties hereto. No failure or delay in exercising any right, power or privilege hereunder shall operate as a waiver thereof.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">9.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">The Receiving Party agrees that in consideration of being provided further Confidential Information, any Confidential Information released prior to the execution of this Agreement shall be deemed to have been delivered hereunder and shall be subject to the terms of this Agreement.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">10.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Nothing in this Agreement requires the Disclosing Party to disclose any Confidential Information, which will be disclosed, if at all, solely at the option of the disclosing party It is understood that neither party will be obliged to enter into any further agreement and further that nothing contained herein shall be construed as granting any right or license to use for any other purpose any of the Confidential Information or any patents, patent applications or technologies relating to it. </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">11.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Receiving Party undertakes not to discuss, disclose or divulge to any competitor or its subsidiary or affiliate or sub contractor or any ancillary unit of or any company, firm or person which/who is likely to be a competitor or is a sub contractor or ancillary unit of BUYER any Confidential Information or commence any business using the skill and knowledge obtained under this agreement.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">12.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">BUYER gives no warranty and makes no representation in relation to the Confidential Information their properties or their fitness for any purpose and further that the use of the Confidential Information will not infringe any patent, copyright trademark or other right.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">13.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">The Receiving Party agrees that the disclosure of Confidential Information without the express written consent of BUYER will cause irreparable loss to BUYER, and that any breach or threatened breach of this Agreement by the Receiving Party will entitle BUYER to injunctive relief, in addition to any other legal remedies available to it, in any court of competent jurisdiction. The Receiving Party further acknowledges that any breach by it of the provisions of this Agreement could result in significant economic losses by or damages to BUYER, The Receiving Party agrees to indemnify BUYER in respect of all claims, demands, actions, causes of action, losses and damages which BUYER may suffer or incur, or which may be brought against BUYER, as a result or in any way arising out of any breach by the Receiving Party of the provisions of this Agreement.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">14.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Nothing in this Confidentiality Agreement shall be regarded as implying any sort of agency, partnership, joint venture or common liability between the Receiving Party and BUYER.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">15.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-family: "garamond" , "serif";"><span style="font-size: small;">No modification, amendment or waiver of any provision of the terms of this Agreement shall be effective unless it is made in writing and duly signed by each of the parties hereto.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: small;">16.</span><span style="font: 7pt "Times New Roman";"> </span></span><span style="font-size: small;"><span style="font-family: "garamond" , "serif";">This Agreement is regulated by the laws of India. The courts in </span><span style="font-family: "garamond" , "serif";">New Delhi</span><span style="font-family: "garamond" , "serif";"> shall have the jurisdiction to decide the dispute_and the language shall be English</span><span style="font-family: "garamond" , "serif";"></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective authorized representatives as of the day and year first above written.</span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse;"> <tbody>
<tr> <td style="background-color: transparent; border-bottom: 1pt solid windowtext; border-left: rgb(236, 233, 216); border-right: rgb(236, 233, 216); border-top: rgb(236, 233, 216); padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 221.25pt;" valign="top" width="295"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 33.4pt;" valign="top" width="45"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td> <td style="background-color: transparent; border-bottom: 1pt solid windowtext; border-left: rgb(236, 233, 216); border-right: rgb(236, 233, 216); border-top: rgb(236, 233, 216); padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 224.15pt;" valign="top" width="299"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td></tr>
<tr> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 221.25pt;" valign="top" width="295"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "garamond" , "serif";">----------------</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Director – Research Information</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 33.4pt;" valign="top" width="45"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 224.15pt;" valign="top" width="299"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Name:</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Designation: </span></span></div>
</td></tr>
<tr> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 221.25pt;" valign="top" width="295"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">BUYER . </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">77-B, Sector – 18</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Udyog Vihar Industrial Area</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Gurgaon – 1220015,</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Haryana.</span></span></div>
</td> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 33.4pt;" valign="top" width="45"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td> <td style="background-color: transparent; border-bottom: #ece9d8; border-color: rgb(236, 233, 216); border-left: #ece9d8; border-right: #ece9d8; border-style: initial; border-top: #ece9d8; border-width: initial; padding-bottom: 0in; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding: 0in 5.4pt; width: 224.15pt;" valign="top" width="299"><div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">M/s ______________________</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "garamond" , "serif";"><span style="font-size: small;">Address:<b> </b></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<div class="MsoNormal">
<span style="background-color: white;"><span face=""calibri" , sans-serif" style="color: #1f497d; font-size: large;"><o:p><u>Mutual confidentiality agreement (MCA) or Non-disclosure Agreement (NDA)</u></o:p></span></span><br />
<span style="background-color: white;"><span face=""calibri" , "sans-serif"" style="color: #1f497d; font-size: 11pt;"><o:p><br /></o:p></span></span>
<span style="background-color: white;"><span face=""calibri" , "sans-serif"" style="color: #1f497d; font-size: 11pt;"><o:p> </o:p></span><b><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;">THIS AGREEMENT</span></b><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;"> (the agreement) is dated 01<sup>st</sup> June 2015 and is entered into between</span></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">
<span style="background-color: white;"><b><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">XYZ Ltd</span></b><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;">, a company incorporated under Indian Companies Act 1956, whose registered office is at<u> </u>, represented by<u> </u> duly authorized for the purposes hereof,</span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">Hereinafter referred to as</span><b><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;"> XYZ,</span></b></span></div>
<div class="MsoNormal">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;"><br /></span></div>
<div class="MsoNormal">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">and:<o:p></o:p></span></div>
<div class="MsoPlainText" style="text-align: justify;">
<b><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;"><br /></span></b></div>
<div class="MsoPlainText" style="text-align: justify;">
<span style="background-color: white;"><b><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">New Tech Private Limited,</span></b><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"> a company incorporated under Indian Companies Act 1956, whose registered office is at Jubilee Hills, Hyderabad - 500033, represented by ABC, Director duly authorized for the purposes hereof,</span></span><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px; text-align: left;">Here in after referred to as <b>New Tech</b></span><b style="text-align: left;"><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;"> </span></b><u style="text-align: left;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;"> </span></u></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">BACKGROUND:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="background-color: white;"><span style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;"><b>XYZ</b> was conceived by highly qualified engineers aimed at providing multifarious optimized solutions to ensure high reliability and cost-effectiveness in solar power plants design and installation. With a highly qualified team and a strong R&D focus, we are continuously improving our technical capabilities to be at the forefront of developments in the Indian solar energy field. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="background-color: white;"><span style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">Each Party wishes to disclose to the other Party Confidential Information in relation to the Purpose. Each Party wishes to ensure that the other Party maintains the confidentiality of its Confidential Information. In consideration of the benefits to the Parties of the disclosure of the Confidential Information, the Parties have agreed to comply with the following terms in connection with the use and disclosure of Confidential Information.<o:p></o:p></span></div>
<div class="MsoBodyText" style="margin-top: 0in;">
<br /></div>
<div class="MsoBodyText" style="margin-top: 0in;">
<br /></div>
<div class="MsoBodyText" style="margin-top: 0in;">
<br /></div>
<div class="MsoBodyText" style="margin-top: 0in;">
<b><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">AGREED TERMS<o:p></o:p></span></b></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788505"></a><a href="https://www.blogger.com/null" name="a80007"><span lang="EN-GB" style="font-family: "times new roman" , serif;">1)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Definitions and interpretation</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">The following definitions and rules of interpretation in this clause apply in this agreement:<o:p></o:p></span></span></h2>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;"><tbody>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span style="background-color: white; font-size: x-small;"><span class="Defterm"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Business Day</span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="Definitions">
<span lang="EN-GB" style="background-color: white; font-size: x-small;">a day (other than a Saturday, Sunday or public holiday) when banks in India are open for business.<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span style="background-color: white; font-size: x-small;"><span class="Defterm"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Confidential Information</span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="Definitions">
<span lang="EN-GB" style="background-color: white; font-size: x-small;">all information (however recorded, preserved or disclosed) that is disclosed by a Party or its Representatives to the other Party or to members of the other Party’s Group and their respective Representatives including but not limited to:<o:p></o:p></span></div>
<h3 style="margin: 0in 0in 6pt 65.5pt; text-indent: -28.35pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">the fact that discussions and negotiations are taking place concerning the Purpose and the status of those discussions and negotiations;<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 65.5pt; text-indent: -28.35pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">the existence and terms of this agreement;<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 65.5pt; text-indent: -28.35pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">any information relating to:<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 86.75pt; text-indent: -14.2pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">(i)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">the business, affairs, customers, clients, suppliers, plans, intentions, or market opportunities of the Disclosing Party or of the Disclosing Party's Group; and<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 86.75pt; text-indent: -14.2pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">(ii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">the operations, processes, product information, know-how, designs, trade secrets or software of the Disclosing Party or of the Disclosing Party's Group;<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 65.5pt; text-indent: -28.35pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">d)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">any information or analysis derived from Confidential Information;<o:p></o:p></span></span></h3>
<div class="Definitions">
<span lang="EN-GB" style="background-color: white; font-size: x-small;">but Confidential Information does not include any information that:<o:p></o:p></span></div>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">A.<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">is or becomes generally available to the public other than as a result of its disclosure by the Recipient or its Representatives in breach of this agreement or of any other undertaking of confidentiality addressed to the Party to whom the information relates (except that any compilation of otherwise public information in a form not publicly known shall nevertheless be treated as Confidential Information); or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">B.<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">was available to the Recipient on a non-confidential basis prior to disclosure by the Disclosing Party; or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">C.<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">was, is or becomes available to the Recipient on a non-confidential basis from a person who, to the Recipient's knowledge, is not bound by a confidentiality agreement with the Disclosing Party or otherwise prohibited from disclosing the information to the Recipient; or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">D.<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">was lawfully in the possession of the Recipient before the information was disclosed to it by the Disclosing Party; or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">E.<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">the Parties agree in writing is not confidential or may be disclosed; or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">F.<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">is developed by or for the Recipient independently of the information disclosed by the Disclosing Party;<o:p></o:p></span></span></h3>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span class="Defterm"><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">Control<o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">In relation to an undertaking means the ability:<o:p></o:p></span></div>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">to nominate or remove a majority of the members of that undertaking’s governing body or bodies and/or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">to decide the actions taken by that undertaking; and/or<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 72.55pt; text-indent: -35.4pt;">
<span style="background-color: white; font-size: x-small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">to exercise a determining influence over those nominations, removals or actions (in each case either directly or indirectly, for example via another undertaking),<o:p></o:p></span></span></h3>
<div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">whether by way of a majority shareholding or other direct or indirect ownership interest in the undertaking, by the exercise of voting rights of any kind, by the exercise of contractual rights or otherwise. The terms Controlled and Controlling shall be construed accordingly.<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span style="background-color: white; font-size: x-small;"><span class="Defterm"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Disclosing Party</span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">a Party to this agreement which discloses or makes available directly or indirectly Confidential Information.<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span style="background-color: white; font-size: x-small;"><span class="Defterm"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Group</span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">in relation to an undertaking, means that undertaking, and each and every undertaking Controlled by that undertaking, Controlling the undertaking or under common Control with that undertaking from time to time (in each case such Control being exercised either directly or indirectly, for example via another undertaking).<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span class="Defterm"><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">Purpose<o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">Means evaluate or engage in discussions concerning the business opportunity and / or to effectuate potential transactions between the parties.<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span class="Defterm"><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">Recipient<o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">a Party or its Representative to this agreement which receives or obtains directly or indirectly Confidential Information.<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 125.9pt;" valign="top" width="168"><div class="MsoBodyText" style="margin-top: 0in;">
<span class="Defterm"><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: x-small;">Representative<o:p></o:p></span></span></div>
</td><td style="padding: 0in 5.4pt; width: 334.65pt;" valign="top" width="446"><div class="MsoBodyText" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif;"><span style="font-size: x-small;">in relation to a person means its employees, officers, contractors, agents advisors and other representatives.</span><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="Definitions" style="margin-left: 0in;">
<br /></div>
<div class="Definitions" style="margin-left: 0in;">
<br /></div>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Clause, schedule and paragraph headings shall not affect the interpretation of this agreement.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">A person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's legal and personal representatives, successors and permitted assigns.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">d)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">A reference to a statute or statutory provision is a reference to it as it is in force for the time being, taking account of any amendment, extension, or re-enactment, and includes any subordinate legislation for the time being in force made under it.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">e)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Any obligation in this agreement on a person not to do something includes an obligation not to agree or allow that thing to be done.<o:p></o:p></span></span></h2>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788506"></a><a href="https://www.blogger.com/null" name="a785029"><span lang="EN-GB" style="font-family: "times new roman" , serif;">2)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Obligations of confidentiality</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">The Recipient shall keep the Disclosing Party's Confidential Information confidential and, except with the prior written consent of the Disclosing Party, shall, and shall procure that its Representatives shall:<o:p></o:p></span></span></h2>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">i)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">not use or exploit the Confidential Information in any way except for the said Purpose;<o:p></o:p></span></span></h3>
<div class="MsoBodyText">
<span lang="EN-GB" style="font-family: "times new roman" , serif;">ii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">not use confidential information without Disclosing Party’s written consent to develop its own business or to compete with Disclosing Party, nor shall Recipient reverse engineer, disassemble or decompile any prototypes, or any other tangible objects that embody Disclosing Party’s confidential information.</span></div>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">iii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Not directly or indirectly interfere with, circumvent or attempt to circumvent, avoid, by-pass or obviate disclosing party’s interest, or the interest or relationship between disclosing party and its technology providers, manufacturers, to change, increase or avoid directly or indirectly<o:p></o:p></span></span></h3>
<div class="MsoBodyText" style="margin-left: 1.5in; mso-list: l5 level2 lfo7; text-indent: -0.25in;">
<span style="background-color: white;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Payment of established or to be established fees or commissions<o:p></o:p></span></span></div>
<div class="MsoBodyText" style="margin-left: 1.5in; mso-list: l5 level2 lfo7; text-indent: -0.25in;">
<span style="background-color: white;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Continuance of pre-established relationships or<o:p></o:p></span></span></div>
<div class="MsoBodyText" style="margin-left: 1.5in; mso-list: l5 level2 lfo7; text-indent: -0.25in;">
<span style="background-color: white;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">to obtain rights or access to technologies directly. In the event that one or several of the technology providers, manufacturers does not renew any existing rights or similar contracts or ceases its relationship with disclosing party, recipient cannot directly contact the technology provider, manufacturer for the current project under discussion from the rights lapsing or relationship being terminated without the expressed written permission of disclosing party.<o:p></o:p></span></span></div>
<div class="MsoBodyText">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif;"> <o:p></o:p></span></div>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">iv)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">not disclose or make available the Confidential Information in whole or in part to any third party, except as expressly permitted by this agreement or by any other written agreement between parties.<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">v)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">not copy, reduce to writing or otherwise record the Confidential Information except as strictly necessary for the Purpose (and any such copies, reductions to writing and records shall be the property of the Disclosing Party);<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">vi)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">apply the same security measures and degree of care to the Confidential Information as the Recipient applies to its own confidential information, which the Recipient warrants as providing adequate protection from unauthorised disclosure, copying or use;<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">vii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">apply any other security measure as agreed by either parties, </span><span lang="X-NONE" style="font-family: "times new roman" , serif;">provided the existing security measure seems inadequate for protection</span><span lang="EN-GB" style="font-family: "times new roman" , serif;">.<o:p></o:p></span></span></h3>
<div class="MsoBodyText">
<br /></div>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">The Recipient may only disclose the Disclosing Party's Confidential Information to those of its Representatives and the members of the Recipient’s Group and their respective Representatives to the extent that they have a need to know this Confidential Information for the Purpose, provided that:<o:p></o:p></span></span></h2>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">i)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">it informs these persons of the confidential nature of the Confidential Information before disclosure and obtains from those persons enforceable undertakings to keep the Confidential Information confidential in terms at least as extensive and binding upon those persons as the terms of this agreement are upon the Parties; and<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">ii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">at all times, it is responsible for those persons’ compliance with the obligations set out in this agreement.<o:p></o:p></span></span></h3>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">A Party may disclose Confidential Information to the extent required by law, by any governmental or other regulatory authority, or by a court or other authority of competent jurisdiction provided that, to the extent it is legally permitted to do so, it gives the other Party as much notice of this disclosure as possible and, where notice of disclosure is not prohibited and is given in accordance with this clause </span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">2)c</span><span lang="X-NONE" style="font-family: "times new roman" , "serif";">)</span><span lang="X-NONE"></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">, it takes into account the reasonable requests of the other Party in relation to the content of this disclosure.</span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_GoBack"></a><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">d)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">No Party shall make, or permit any person to make, any public announcement concerning this agreement, the Purpose or its prospective interest in the Purpose without the prior written consent of the other Party (such consent not to be unreasonably withheld or delayed) except as required by law or any governmental or regulatory authority (including, without limitation, any relevant securities exchange) or by any court or other authority of competent jurisdiction. No Party shall make use of the other Party's name or any information acquired through its dealings with the other Party for publicity or marketing purposes without the prior written consent of the other Party.<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788507"></a><a href="https://www.blogger.com/null" name="a516279"><span lang="EN-GB" style="font-family: "times new roman" , serif;">3)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Return of information</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">At the request of the Disclosing Party, the Recipient shall:<o:p></o:p></span></span></h2>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">i)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">destroy or return to the Disclosing Party all documents and materials (and any copies) containing, reflecting, incorporating, or based on the Disclosing Party's Confidential Information;<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">ii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">erase all the Disclosing Party's Confidential Information from its computer systems on which is stored in electronic form (to the extent possible); and<o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">iii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">certify in writing to the Disclosing Party that it has complied with the requirements of this clause, provided that a Recipient may retain documents and materials containing, reflecting, incorporating, or based on the Disclosing Party's Confidential Information to the extent required by law or any applicable governmental or regulatory authority and to the extent reasonable to permit the Recipient to keep evidence that it has performed its obligations under this agreement. The provisions of this clause 3 shall continue to apply to any such documents and materials retained by the Recipient, subject to clause </span><span lang="EN-GB" style="font-family: "times new roman" , serif;">6)a</span><span lang="X-NONE" style="font-family: "times new roman" , "serif";">)</span><span lang="X-NONE"></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">.<o:p></o:p></span></span></h3>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">If the Recipient develops or uses a product or a process which, in the reasonable opinion of the Disclosing Party, might have involved the use of any of the Disclosing Party's Confidential Information, the Recipient shall, at the request of the Disclosing Party, supply to the Disclosing Party information reasonably necessary to establish that the Disclosing Party's Confidential Information has not been used or disclosed.<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788508"></a><a href="https://www.blogger.com/null" name="a938262"><span lang="EN-GB" style="font-family: "times new roman" , serif;">4)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Reservation of rights and acknowledgement</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">All Confidential Information shall remain the property of the Disclosing Party. Each Party reserves all rights in its Confidential Information. No rights, including, but not limited to, intellectual property rights, in respect of a Party's Confidential Information are granted to the other Party and no obligations are imposed on the Disclosing Party other than those expressly stated in this agreement.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Except as expressly stated in this agreement, no Party makes any express or implied warranty or representation concerning its Confidential Information, or the accuracy or completeness of the Confidential Information.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">The disclosure of Confidential Information by the Disclosing Party shall not form any offer by, or representation or warranty on the part of, the Disclosing Party to enter into any further agreement in relation to the Purpose, or the development, purchase or supply of any product or service to which the Confidential Information relates.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">d)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">The Recipient acknowledges that damages alone may not be an adequate remedy for the breach of any of the provisions of this agreement. Accordingly, without prejudice to any other rights and remedies it may have, the Disclosing Party shall be entitled to apply for interim measures, orders or relief concerning any threatened or actual breach of any of the provisions of this agreement.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">e)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">To the extent that they constitute a breach of this agreement, the Recipient shall be liable to the Disclosing Party for the actions or omissions of the Recipient, of the members of the Recipient’s Group and of their respective Representatives in relation to this agreement, as if they were the actions or omissions of the Recipient. Nothing in this agreement shall constitute any guarantee or other undertaking to perform any obligation or pay any sum under another agreement.<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788509"></a><a href="https://www.blogger.com/null" name="a164711"><span lang="EN-GB" style="font-family: "times new roman" , serif;">5)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Warranty</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<div class="Bodysubclause" style="margin: 0in 0in 6pt;">
<span lang="EN-GB" style="background-color: white;">Each Disclosing Party warrants that it has the right to disclose its Confidential Information to the Recipient and to authorise the Recipient to use such Confidential Information for the Purpose.<o:p></o:p></span></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788510"></a><a href="https://www.blogger.com/null" name="a312109"><span lang="EN-GB" style="font-family: "times new roman" , serif;">6)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Term and termination</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<div style="text-align: left;">
<span style="background-color: white; font-size: small;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">If either Party decides not to become, or continue to be involved in the Purpose with the other Party it shall notify the other Party in writing immediately. The obligations of each Party shall, notwithstanding any earlier termination of negotiations or discussions between the Parties in relation to the Purpose, continue for a period of one (1) year from the termination of this agreement.</span></span></div>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Termination of this agreement shall not affect any accrued rights or remedies to which either Party is entitled.<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788511"></a><a href="https://www.blogger.com/null" name="a899582"><span lang="EN-GB" style="font-family: "times new roman" , serif;">7)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Entire agreement and variation</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">This agreement constitutes the whole agreement between the Parties and supersedes all previous agreements between the Parties relating to its subject matter. Each Party acknowledges that, in entering into this agreement, it has not relied on, and shall have no right or remedy in respect of, any statement, representation, assurance or warranty (whether made negligently or innocently) other than as expressly set out in this agreement. Nothing in this clause shall limit or exclude any liability for fraud or for fraudulent misrepresentation. Provided however that such fraud or fraudulent misrepresentation is proven in a first judicial order then the liability shall not exceed an amount of Rs 10,00,000/- (Rs Ten lakh only) per MWp.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">No variation of this agreement shall be effective unless it is in writing and signed by each of the Parties (or their authorised representatives).<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788512"></a><a href="https://www.blogger.com/null" name="a592798"><span lang="EN-GB" style="font-family: "times new roman" , serif;">8)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">No waiver</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Failure to exercise, or any delay in exercising, any right or remedy provided under this agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict any further exercise of that or any other right or remedy.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">No single or partial exercise of any right or remedy provided under this agreement or by law shall preclude or restrict the further exercise of that or any other right or remedy.<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788513"></a><a href="https://www.blogger.com/null" name="a586161"><span lang="EN-GB" style="font-family: "times new roman" , serif;">9)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Assignment</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<div class="Bodysubclause" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white;">Except as otherwise provided in this agreement, no Party may assign, sub-contract or deal in any way with, any of its rights or obligations under this agreement or any document referred to in it.<o:p></o:p></span></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788514"></a><a href="https://www.blogger.com/null" name="a340491"><span lang="EN-GB" style="font-family: "times new roman" , serif;">10)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Notices</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Any notice required to be given under this agreement, shall be in writing and shall be delivered personally, or sent by recorded delivery with acknowledgement of receipt or by commercial courier, to each Party required to receive the notice at its address as set out below:<o:p></o:p></span></span></h2>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="X-NONE" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt;">i)<span style="font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;">XYZ ltd : </span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;">To</span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;"> XYZ , Director</span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;">, </span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;">at ----</span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;">,</span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;"> Hy</span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt;">derabad - 500 0</span><span lang="X-NONE" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-size: 12pt;"><o:p></o:p></span></span></h3>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="X-NONE">ii)<span style="font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">New Tech:</span><span lang="EN-GB" style="font-family: "times new roman" , serif;"> To ABC, Jubilee Hills, Hyderabad - 500033 or as otherwise specified by the relevant Party by notice in writing to each other Party.</span><span lang="EN-GB"></span><span lang="X-NONE"><o:p></o:p></span></span></h3>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Any notice shall be deemed to have been duly received:<o:p></o:p></span></span></h2>
<h3 style="margin: 0in 0in 6pt 0.75in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , serif;">i)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">if delivered personally, when left at the address and for the contact referred to in this clause; or </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: small; font-weight: normal;">ii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: small; font-weight: normal;">if sent by recorded delivery, at 9.00 am on the third Business Day after posting; or </span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: small; font-weight: normal;">iii)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: small; font-weight: normal;">if delivered by commercial courier, on the date and at the time that the courier's delivery receipt is signed.</span></h3>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">A notice required to be given under this agreement shall not be validly given if sent by e-mail.<o:p></o:p></span></span></h2>
<div class="MsoBodyText">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788515"></a><a href="https://www.blogger.com/null" name="a77503"><span lang="EN-GB" style="font-family: "times new roman" , serif;">11)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">No </span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;">FURTHER COMMITMENT<o:p></o:p></span></span></h1>
<div class="Bodysubclause" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white;">Nothing in this agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the Parties, constitute any Party the agent of another Party, nor authorise any Party to make or enter into any commitments for or on behalf of any other Party.<o:p></o:p></span></div>
<div class="Bodysubclause" style="margin-top: 0in;">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788516"></a><a href="https://www.blogger.com/null" name="a1030732"><span lang="EN-GB" style="font-family: "times new roman" , serif;">12)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Third party rights</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<div class="Bodysubclause" style="margin-top: 0in;">
<span lang="EN-GB" style="background-color: white;">A person who is not a party to this agreement shall not have any rights under or in connection with it.<o:p></o:p></span></div>
<div class="Bodysubclause" style="margin-top: 0in;">
<br /></div>
<h1 style="margin-top: 12pt;">
<span style="background-color: white; font-size: small; font-weight: normal;"><a href="https://www.blogger.com/null" name="_Toc259788517"></a><a href="https://www.blogger.com/null" name="a181342"><span lang="EN-GB" style="font-family: "times new roman" , serif;">13)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , serif;">Governing law and jurisdiction</span></a><span lang="EN-GB" style="font-family: "times new roman" , serif;"><o:p></o:p></span></span></h1>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">a)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the Republic of India.</span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">b)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="X-NONE" style="font-family: "times new roman" , "serif";">To the extent that the Parties cannot resolve them amicably they irrevocably agree that any dispute or claim involving, arising out of, in connection with, or relating to this agreement including any question regarding its existence, breach, termination or invalidity hereof (“Dispute”) shall be referred at the request in writing (“Notice of Arbitration”) of any Party to binding arbitration by a panel of 3 (three) arbitrators (the “Arbitration Board”) and finally resolved by arbitration in Hyderabad in accordance with the Arbitration and Conciliation Act, 1996 INDIA. Within twenty one (21) days after the Notice of Arbitration has been served, each Party shall each appoint 1 (one) arbitrator. The 2 (two) arbitrators so appointed shall appoint a third arbitrator within 14 (fourteen) days of the appointment of the last of the two arbitrators. If one or more arbitrators fail to be appointed in accordance with this procedure, the Court shall appoint the arbitrator(s) in question. All arbitration proceedings shall be conducted in English language. The arbitrators shall decide any such dispute or claim strictly in accordance with the governing law specified in clause a) above. Judgment upon any arbitral award rendered hereunder may be entered in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be.</span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">c)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Any award made by the arbitration tribunal shall be final and binding on each of the Parties to the arbitration.<o:p></o:p></span></span></h2>
<h2 style="margin: 0in 0in 6pt 0.5in; text-indent: -0.25in;">
<span style="background-color: white; font-size: small; font-weight: normal;"><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">d)<span style="font-family: "times new roman"; font-stretch: normal;"> </span></span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Subject to the award of the arbitration tribunal, neither the existence of any Dispute nor the fact that any arbitration is pending hereunder shall relieve any of the Parties of their obligations under this agreement. Subject to any award of the arbitration tribunal, the pendency of a Dispute in any arbitration proceeding shall not affect the performance of the obligations under this agreement.<o:p></o:p></span></span></h2>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">This agreement has been entered into on the date stated at the beginning of it.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 3.55pt 0in 3.55pt; mso-table-layout-alt: fixed;"><tbody>
<tr><td style="border: none; padding: 0in 3.55pt; width: 155.95pt;" valign="top" width="208"><div class="MsoNormal" style="break-after: avoid;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">For New Tech Pvt Ltd<o:p></o:p></span></div>
<div class="MsoNormal" style="break-after: avoid;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">ABC<o:p></o:p></span></div>
<div class="MsoNormal" style="break-after: avoid;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">Director<o:p></o:p></span></div>
<div class="MsoNormal" style="break-after: avoid;">
<br /></div>
</td><td style="padding: 0in 3.55pt; width: 127.6pt;" valign="top" width="170"><div class="MsoNormal" style="break-after: avoid;">
<br /></div>
</td><td style="border: none; padding: 0in 3.55pt; width: 173.6pt;" valign="top" width="231"><div class="MsoNormal" style="break-after: avoid;">
<span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">For XYZ ltd<o:p></o:p></span></div>
<div class="MsoNormal" style="break-after: avoid;">
<span style="background-color: white;"><span lang="EN-GB" style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">XYZ</span><span lang="EN-GB" style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">
<b><span lang="EN-GB" style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt; line-height: 18.4px;">Director<o:p></o:p></span></b></div>
<div class="MsoNormal" style="break-after: avoid;">
<br /></div>
</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<span style="background-color: white;"><span style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;"><br clear="all" style="break-before: page;" /></span></span>
<br />
<div class="MsoNormal">
<span style="background-color: white;"><b><span style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;">Appendix:</span></b><span style="font-family: "times new roman" , "serif"; font-size: 12pt; line-height: 18.4px;"> All the below mentioned items are referred to as “Confidential Information”<o:p></o:p></span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; border: none; margin-left: 0.5in; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184;"><tbody>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Strategic plans and alliances<o:p></o:p></span></div>
</td><td style="border: 1pt solid; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Drawings, designs and blueprints<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">The Identity of one or more business partners<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Specifications<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Descriptions of business operations, billing and receivable operations<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Equipment<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Marketing Strategies<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Tests or results therefrom<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Product Development methodologies and strategies<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Manuals<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Business plans and strategies<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Reports and Analyses<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Policies<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Research & Development Data<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Procedures, Whether operational, employee, marketing, testing or otherwise<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Material<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Methods<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Costs<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Products yet to be released to the public<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Financial Performance figures or Projections<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Client or customer lists<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Credit Information<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Engineering data<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Procurement and sales activities and procedures<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Inventory Systems<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">The nature and content of client contracts and records<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Lists or identities of suppliers<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Mailing lists<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Distribution networks<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Trade secrets or formulas<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Software or source code<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Know-how<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Process descriptions or block diagrams<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Ideas, Discoveries and inventions<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Technical systems<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Algorithms<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid; padding: 0in 5.4pt; width: 224.55pt;" valign="top" width="299"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Manufacturing data<o:p></o:p></span></div>
</td><td style="border-bottom: 1pt solid; border-left: none; border-right: 1pt solid; border-top: none; padding: 0in 5.4pt; width: 187.25pt;" valign="top" width="250"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="background-color: white; font-family: "times new roman" , serif; font-size: 12pt;">Patent applications<o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
</div>
<br />
<div class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin-left: -31.5pt; orphans: 2; text-align: left; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<br /></div>
</div>
</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br />
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; text-align: center;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><b><u>CONSULTING AGREEMENT</u></b><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>This Consulting Agreement ("Agreement"), made and entered into this [day] of [month], 20__, by and between [name of business] (the "Company"), and [name of consultant/name of consulting business] (the "Consultant"),<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; text-align: center;">
<u><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;">WITNESSETH</span></u><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>WHEREAS, the Company wishes to receive consulting services from Consultant from time to time and Consultant is willing to provide such consulting services, and Company and Consultant wish to enter into this Agreement to set forth the terms and conditions on which services will be provided.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>NOW, THEREFORE, the Company and Consultant hereby mutually covenant and agree as follows:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>1. <u>Engagement of Consultant</u>.<span style="mso-spacerun: yes;"> </span>Consultant is hereby retained by the Company, and Consultant hereby accepts such retainment, as a general advisor and consultant to the Company for the compensation and on the terms and conditions hereinafter expressed. Consultant shall perform such consulting duties as are reasonably assigned to him by the Company in regard to the business of the Company and its Subsidiaries ("Services"). Services will include Consultant's advice, counsel and assistance to be furnished at the reasonable request of the Company from time to time in connection with (i) maintaining contract volume on existing contracts with customers, (ii) making introductions with new potential customers and maintaining relations with ongoing customers, (iii) making introductions with, and maintaining relations with, key local and state persons having any relationship to the Company and its operations, and (iv) other general matters related to the conduct of the Company's business. The Services shall also include: (i) finding and evaluating potential business acquisitions, (ii) evaluation of the Company's internal research and development organizations and programs, (iii) recommendations as to new areas of technology in which the Company may engage, and (iv) general advisor in the field of Consultant's expertise. Services to be performed by Consultant hereunder shall, however, be subject to the following limitations: (i) in the event that Consultant has not received at least fourteen days' prior notice of the date upon which Services will be required hereunder, Services to be performed by Consultant shall not require more than [number]% of Consultant's time, and (ii) in the event that Consultant has received at least fourteen days' prior notice of the date upon which Services will be required hereunder, Services to be performed by Consultant may require up to [number]% of Consultant's time.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>2. <u>Consultant's Duties</u>.<span style="mso-spacerun: yes;"> </span>Consultant will make himself available for general consultation at all reasonable times by telephone or correspondence, and will be available at the Company's premises for up to<span style="mso-spacerun: yes;"> </span>days per month on mutually-agreed dates. The Company agrees to give Consultant reasonable notice of what Services it desires and when it desires them to be performed. In that connection, the Company and Consultant agree to cooperate in resolving any scheduling problems that may arise with respect to Consultant being available at the times requested.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>3. <u>Compensation for Services</u>.<span style="mso-spacerun: yes;"> </span>The Company agrees to pay to Consultant the following fees (collectively, the "Fee"):<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>(a) On the last day of each month falling within the Term, [$amount], and<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>(b) for each hour (including fractions thereof) of services rendered in excess of<span style="mso-spacerun: yes;"> </span>hours during such month the sum of $ per hour (prorated for fractional hours). The amounts payable under this Subsection shall be payable on or before the tenth day after receipt by the Company of a statement from Consultant setting forth the amounts then owing. The parties understand that billing will not be more frequent than once a month.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>In addition to the Fee, the Company shall reimburse Consultant for all valid out-of-pocket expenses approved by the Company, which shall be reimbursed to Consultant.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>4. <u>Term</u>.<span style="mso-spacerun: yes;"> </span>The term of this Agreement (the "Term") shall begin on the date of this Agreement and expire on [date], 20__; provided that it may be extended by mutual agreement in writing for additional one-year terms and may be terminated during the Term as provided in Section 6 hereof.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>5. <u>Duties of Consultant Relating to Consulting Services</u>.<span style="mso-spacerun: yes;"> </span>Consultant shall at all times be acting and performing hereunder as an independent contractor. In connection with the performance by Consultant of Services, the Company shall not have or exercise any control or direction over the Services performed by Consultant, and will not in any way supervise or control his activities. Consultant shall perform all of the Services herein provided for relying on his own experience, knowledge, judgment and techniques. Consultant shall not, in the performance of his duties, be managed or advised concerning the same by the Company. Consultant will not be acting as the employee, agent, partner, servant or representative of the Company, and Consultant will not have any authority to bind the Company or any subsidiary of the Company in any manner.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>6. <u>Termination of Agreement</u>.<span style="mso-spacerun: yes;"> </span>Notwithstanding that the Term shall not have been completed, the Company may terminate this Agreement (a) upon the death of Consultant, (b) if Consultant should be incapacitated by illness or any other matter from performing his duties hereunder for a continuous period of sixty days, or (c) for cause by delivery by the Company to Consultant of notice specifying such cause. If this Agreement is terminated, the Company shall only be obligated to make payments of Fee due on a pro rata basis to the date of termination.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>7. <u>Confidential Information</u>.<span style="mso-spacerun: yes;"> </span>Consultant agrees that, during the Term and at all times after the termination of this Agreement for whatever reason, he will treat as confidential and maintain in confidence all information relating to the business of the Company, including without limitation the identity of the customers and suppliers of the Company, the Company's arrangements with such suppliers and customers, and technical data relating to the Company's products and services. In addition, Consultant agrees that, without the prior written approval of the Company, he will not disclose any such information at any time to any person, corporation, association or other entity except authorized personnel of the Company or a subsidiary of the Company. Upon the termination of this Agreement for any reason, Consultant will not take or retain from the premises of the Company or any subsidiary of the Company any records, files or other documents, or copies thereof, relating in any way to the business operations of the Company or any subsidiary of the Company. It is expressly agreed that the remedy at law for breach of the agreements set forth in this Section<span style="mso-spacerun: yes;"> </span>is inadequate and that the Company shall, in addition to any other available remedies (including, without limitation, the right of offset), be entitled to injunctive relief to prevent the breach or threatened breach thereof.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>8. <u>Inventions and Patents</u>.<span style="mso-spacerun: yes;"> </span>Consultant agrees that:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>(a) He will disclose to the Company promptly and fully any and all inventions, improvements, discoveries, techniques and processes (herein referred to collectively as "Inventions"), whether patentable or not, conceived, discovered or invented during the Term or within<span style="mso-spacerun: yes;"> </span>months thereafter, whether conceived, discovered or invented solely by Consultant or jointly with others and whether conceived, discovered or invented during regular working hours or on the premises of the Company or otherwise, or resulting from or suggested by any work which Consultant may do for the Company. Such Inventions shall be and remain the sole and exclusive property of the Company and Consultant shall not be entitled to any payment therefor.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>(b) Consultant will keep and maintain adequate and current written records of all such Inventions at all stages of development thereof, in the form of notes, sketches, drawings and reports relating thereto, which records shall be and remain the property of and be available to the Company at all times.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>(c) Consultant will, upon request, promptly make, execute and deliver to the Company any and all assignments in writing which may be deemed by the Company proper, necessary or desirable to transfer to the Company or any subsidiary of the Company the entire right, title and interest, domestic and/or foreign, in and to any and all of the Inventions and in and to any and all applications for Letters Patent which may be filed therefor, and in and to all Letters Patent which may issue on such applications.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>(d) Without limiting the generality of the foregoing, Consultant will make, execute and deliver all documents, instruments and papers requested by the Company for use in applying for, obtaining and maintaining such patents for the Inventions as the Company may desire to obtain, and make all rightful oaths, and testify in all legal proceedings, involving such patents and the Inventions.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>9. <u>Assignability</u>.<span style="mso-spacerun: yes;"> </span>The Company shall have the right to assign this Agreement to any subsidiary of the Company and all covenants and agreements hereunder shall inure to the benefit of and be enforceable by or against said assigns. The rights, benefits and obligations of Consultant under this Agreement are personal to him, and no such rights, benefits or obligations shall be subject to voluntary or involuntary alienation, assignment or transfer.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>10. <u>Governing Law; Consent to Jurisdiction</u>.<span style="mso-spacerun: yes;"> </span>This Agreement shall be deemed to have been made under, and shall be construed and interpreted in accordance with, the laws of the State of [state], excluding any conflicts-of-law rule or law which might refer such construction and interpretation to the laws of another state, republic or country. The parties hereby submit to the jurisdiction of the state and federal courts in , [state] and waive any right to which they might be entitled to submit any dispute hereunder to the courts of another state, republic or country.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>11. <u>Modifications; Waiver</u>.<span style="mso-spacerun: yes;"> </span>This Agreement shall not be amended or modified except by written instrument executed by the Company and Consultant. The failure of the Company or Consultant to insist upon strict performance of any provision hereof shall not constitute a waiver of, or estoppel against asserting, the right to require such performance in the future, nor shall a waiver or estoppel in any one instance constitute a waiver or estoppel with respect to a later breach of a similar nature or otherwise.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>12. <u>Remedies</u>.<span style="mso-spacerun: yes;"> </span>The remedies accorded to the parties by this Agreement are in addition to, and not in lieu of, all other remedies to which the parties may be entitled at law or in equity.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>13. <u>Inconsistent Obligations</u>.<span style="mso-spacerun: yes;"> </span>Consultant represents and warrants that, at the date of this Agreement, he has no obligations that are inconsistent with those of this Agreement.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>14. <u>Sole Agreement</u>.<span style="mso-spacerun: yes;"> </span>All prior negotiations and agreements between the parties hereto relating to the transactions, employment and services contemplated hereby are superseded by this Agreement, and there are no representations, warranties, understandings or agreements with respect to such transactions, employment or services other than those expressly set forth herein.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>15. <u>Severability</u>.<span style="mso-spacerun: yes;"> </span>If any of the terms or conditions of this Agreement are held by any court of competent jurisdiction to be unenforceable or invalid, such unenforceability or invalidity shall not render unenforceable or invalid the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be unenforceable or invalid, the rights and obligations of the parties shall be construed and enforced accordingly, and this Agreement shall thereupon remain in frill force and effect.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><span style="mso-tab-count: 1;"> </span>IN WITNESS WHEREOF, the Company and Consultant have executed this Agreement as of the day and year first above written.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<u><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"> </span></u><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Consultant<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;">By: <u><span style="mso-tab-count: 6;"> </span></u><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt; mso-hyphenate: none; tab-stops: -36.0pt; text-align: justify;">
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;">Company's Duly Authorized Representative<o:p></o:p></span><br />
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"><br /></span><br />
<div class="MsoTitle">
<b><u><span style="text-transform: uppercase;">SAMPLE </span>EMPLOYMENT AGREEMENT</u></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
This AGREEMENT, entered into this ___ day of [Month], 20__, between [Business], a [state of incorporation] (the "Company"), and [name of employee] (the "Employee"),</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div align="center" class="MsoNormal" style="text-align: center; text-indent: 0.5in;">
<b>WITNESSETH THAT:<o:p></o:p></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
WHEREAS, the parties hereto desire to enter into this Agreement to define and set forth the terms and conditions of the employment of the Employee by the Company;</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Company and the Employee as follows:</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
1. <u>Position; Employment Period</u> </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
The Company hereby employs the Employee as its [position], and the Employee hereby agrees to serve in such capacity, for the period beginning [start date], 20__, and ending on the date on which the Employee's employment is terminated in accordance with paragraph 8 below (the "Employment Period").</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
2. <u>Performance of Duties </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
The Employee agrees that during the Employment Period he shall devote his full business time to the business affairs of the Company and shall perform his duties faithfully and efficiently subject to the direction of the [President] of the Company; provided that the foregoing shall not limit or prevent the Employee from serving on the board of directors of charitable organizations or other business corporations not in competition with the Company. The Employee shall not be assigned duties and responsibilities that are not generally within the scope and character associated or required of other employees of similar rank and position.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
3. <u>Compensation </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
(a) Subject to the following provisions of this Agreement, during the Employment Period the Employee shall be compensated for his services as follows:</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
(b) He shall receive an annual salary, payable in monthly or more frequent installments, in an amount which shall initially be [$ amount] per annum, subject to such increases as may from time to time be determined by the [President] of the Company.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
[specify pension and other non-salary benefits.]</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
(c) He shall be entitled to vacations of not less than [amount] per year.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
(d) He shall be entitled to such other perquisites as may be customarily granted by the Company to employees of similar rank and position.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
4. <u>Disability </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
Subject to the provisions of paragraph 8, if the Employee's employment is terminated during the Employment Period by reason of his Disability (as defined below), the Employee shall continue to receive an annual salary and benefits in accordance with paragraphs 3(a) and 3(b) through the end of the [number] full calendar month of such disability but not in any event beyond the end of the Employment Period. For purposes of this Agreement the term "Disability" means a physical or mental disability which renders the Employee incapable of performing his duties under this Agreement and which disability has existed for at least [number] months, as determined by an independent physician selected by the Company and agreed to by the Employee. Any salary payments to the Employee shall be reduced by the amount of any benefits paid for the same period of time under the Company's disability insurance programs.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
5. <u>Competing Businesses </u> </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
During the period of his employment under this Agreement, the Employee shall not be employed by or otherwise engage in or be interested in any business in competition with the Company, or with any of its subsidiaries or affiliates, except that the Employee's investment in any such business shall not be considered a violation of this paragraph if either (a) the Employee owns less than [number]% of the equity thereof, or (b) such business is not in competition with the Company.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
6. <u>Confidentiality </u> </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
During and after the Employment Period, the Employee will not divulge or appropriate to his own use or to the use of others, in competition with the Company, any secret or confidential information or knowledge pertaining to the business of the Company, or of any of its subsidiaries, obtained by him in any way while he was employed by the Company or by any of its subsidiaries.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
7. <u>Remedies </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
If at any time the Employee violates to a material extent any of the covenants or agreements set forth in paragraphs 5 and 6, the Company shall have the right to terminate all of its obligations to make further payments under this Agreement. The Employee acknowledges that the Company would be irreparably injured by a violation of paragraph 5 or 6 and agrees that the Company shall be entitled to an injunction restraining the Employee from any actual or threatened breach of paragraph 5 or 6 or to any other appropriate equitable remedy without any bond or other security being required.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
8. <u>Amendment and Termination </u> This Agreement may be amended or cancelled by mutual agreement of the parties without the consent of any other person and, so long as the Employee lives, no person, other than the parties hereto, shall have any rights under or interest in this Agreement or the subject matter hereof The Employment Period shall terminate as of the earliest of:</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
(a) [date];</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
(b) the last day of the month in which the date of the Employee's death occurs; or</div>
<div class="MsoNormal" style="text-align: justify;">
the date on which the Company gives notice to the Employee if such termination is for Cause or Disability.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
(c) For purposes of this Agreement, "Cause" means the Employee's gross misconduct resulting in material damage to the Company or willful and material breach of this Agreement.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
9. <u>Notices </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and if sent by registered mail to the Company at its principal executive offices or to the Employee at the last address filed by him in writing with the Company, as the case may be.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
10. <u>Non-Assignment </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
The interests of the Employee under this Agreement are not subject to the claims of his creditors and may not be voluntarily or involuntarily assigned, alienated or encumbered.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
11. <u>Successors </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company's assets and business.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
12. <u>Applicable Law </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
The provisions of this Agreement shall be construed in accordance with the laws of the State of Illinois.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
13. <u>Counterparts </u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-align: justify;">
The Agreement may be executed in two or more counterparts, any one of which shall be deemed the original without reference to the others.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-indent: 0.5in;">
IN WITNESS WHEREOF, the Employee has hereunto set his hand, and the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year first above written.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u> </u></div>
<div class="MsoNormal" style="text-align: justify;">
[Employee Name]</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
[name of business] Inc.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
By:<u> </u></div>
<br />
<span lang="EN-US" style="font-family: "times new roman" , "serif"; font-size: 12pt;"></span><br />
<div class="MsoNormal" style="text-align: justify;">
Its: Duly Authorized Representative<br />
<br />
<br />
<br />
<br />
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in; text-align: left;">
<div style="text-align: center;">
<b><u><span style="font-size: large;">Offer Letter format</span></u></b></div>
</div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in; text-align: left;">
</div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">REF.NO:AMR/HR/APPT/2011-12</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">Date: 30<sup>th</sup> July 2011.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">To</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">------</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">Dear T.Venu Gopal,</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">Subject:<span style="mso-spacerun: yes;"> </span>Offer of Appointment as “<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">Senior Accountants Officer</i></b><i style="mso-bidi-font-style: normal;">”</i></span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">Please accept our hearty compliments on your selection as <i style="mso-bidi-font-style: normal;">“Senior Accountant”</i></span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">You may please refer to the discussions you had with us and we are pleased to offer you the position of <i style="mso-bidi-font-style: normal;">“Senior Accountants Officer</i><b style="mso-bidi-font-weight: normal;">”.</b> Your place of posting will be at our site Khargone and report to <span style="mso-spacerun: yes;"> </span>Sr. <i style="mso-bidi-font-style: normal;">Vice President –Energy</i> or any other assigned person.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">You shall join us on or before 2<sup>nd</sup>, August 2011.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><u><span lang="EN-IN">Terms & Conditions of appointment:</span></u></b></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-IN">1)<span style="mso-spacerun: yes;"> </span><u>Remuneration & Other Benefits:</u></span></b></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">a)<span style="mso-spacerun: yes;"> </span>You will be paid CTC of Rs.29000/- (Rupees Twenty Nine Thousand Only) per month worked</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN"><span style="mso-spacerun: yes;"> </span>Out as cost to the company.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in -5.65pt 0in 35.45pt; text-indent: -38.3pt;">
<span lang="EN-IN"><span style="mso-spacerun: yes;"> </span>b)<span style="mso-spacerun: yes;"> </span>The Company may periodically, modify any remuneration, benefit, facility or perquisite that been<span style="mso-spacerun: yes;"> </span>extended to you. You will follow the Company’s rules and regulations currently in<span style="mso-spacerun: yes;"> </span>force and any future amendments.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in 28.35pt; text-indent: -21.25pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">c)<span style="mso-spacerun: yes;"> </span>Your next compensation review will be as per the Compensation policy and performance<span style="mso-spacerun: yes;"> </span>Review Process.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in 28.35pt; text-indent: -21.25pt;">
<span lang="EN-IN">d)<span style="mso-spacerun: yes;"></span> You will be entitled to leave and other benefits as per the policy framed by the Company<span style="mso-spacerun: yes;"> </span>from time to time, as applicable.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-IN">2)<u> Probation period:</u></span></b></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in 35.45pt; text-indent: -35.45pt;">
<span lang="EN-IN">a)<span style="mso-spacerun: yes;"> </span>You will be on probation for a period of 6 months. Your performance would be reviewed<span style="mso-spacerun: yes;"> </span>after completion of the probation for confirmation. In case your performance is not mention the expectation of the role, we may have to extend the probation period further.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<span lang="EN-IN">b)<span style="mso-spacerun: yes;"> </span>Your services will be governed by the rules and regulations of the company.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt; text-align: left;">
</div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-IN">3)<u> Duties & Responsibilities:</u></span></b></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">a)<span style="mso-spacerun: yes;"> </span>You will efficiently discharge your duties, entrusted to you from time to time,</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">b)<span style="mso-spacerun: yes;"> </span>The company may send you on deputation lend or transfer your services to any of its Departments, Affiants, Subsidiaries or Associate Companies or in future. Upon such transfer, you will be governed by the rules and regulations as applicable to the place of work.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">c)<span style="mso-spacerun: yes;"> </span>During the employment in our company, we expect you not to carry on any business off your own or engage yourself in any other business/service. You shall not at any time during the service period or thereafter disclosed to anyone any information, know-how, Knowledge, shall liable to immediate termination of the services and the company may take any other action suitable for branch of the contract.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-IN">4)<u> Resignation/Termination of Services:</u></span></b></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">a) <span style="mso-spacerun: yes;"> </span>Company shall be at liberty to terminate the contract forthwith without any notice or compensation, if you are found guilty off any act or any breach of duty, either by way of commission or commission, which is prejudicial to the Organization or in case of absence from duty for a continuous period of 10 days without intimation/ permission.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">b)<span style="mso-spacerun: yes;"> </span>During the period of your probation, you are required to serve notice for a moth or pay us a</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">Month’s salary in lieu of such notice period for separation. Upon completion of<span style="mso-spacerun: yes;"> </span>probation/confirmation, the notice period for separation on either side will be one months. When either side offer the payment in lieu of notice, the notice pay shall mean the basic Salary only and does not include any other allowances.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<span lang="EN-IN">c)<span style="mso-spacerun: yes;"> </span>Your continuance in employment is always subject to you are being physically and mentally fit.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-IN">5)<u> Confidentiality and Non-disclosure:</u></span></b></div>
<div class="MsoNormal" style="break-after: avoid; margin: 0in 0in 0in -7.1pt;">
<br /></div>
<div class="MsoListParagraph" style="break-after: avoid; margin: 0in 0in 0in 10.9pt; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><b style="mso-bidi-font-weight: normal;">Proprietary and Customer Information: </b><span lang="EN-IN"><span style="mso-spacerun: yes;"> </span>Over the course of Employer’s relationship with Employee: Employee has and/or will have access to and exposed to important information, data, and trade secrets and has and/or will<span style="mso-spacerun: yes;"> </span>become familiar with Employer’s “Proprietary Information”, and technicalities of agreements and contracts,financial,business and marketing models and plans.</span></div>
<div class="MsoNormal" style="break-after: avoid; margin-bottom: 0in;">
<br /></div>
<div align="center" class="MsoNormal" style="break-after: avoid; margin-bottom: 0in; text-align: center;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN">b) Non-disclosure: Employee agrees not to use or cause to be used for his/her own benefit or for the benefit of any third parties or to disclose to any third party in any manner, directly or indirectly, and Proprietary information, Customer’s Confidential information, trade secrets or any other knowledge or information, except that which is public knowledge, of/or relating to the business of Employer or its customers at any time during or after Employee’s term of employment with Employer, without the express prior written consent of Employer.</span><br />
<span lang="EN-IN"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN">All information regarding your remuneration and terms of employment is confidential and you shall not divulge the content to any company employee except to your appropriate superior authorities.</span><br />
<span lang="EN-IN"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN">c) Return of Employer Materials : Employee agrees to return to Employer before the termination of Employee’s employment with Employer, any and all written information, documents, materials, floppy disks, CD’s, data files or other media containing<span style="mso-spacerun: yes;"> </span>computer programs or data and all other property and equipment which constitutes, contains or relates in any way to Proprietary information, Customer’s Confidential Information or trade secrets of Employer or its customers , and any other written information, documents, materials, disks or other media containing computer programs or data and all other property and equipment of any kind relating in any way business of Employer or its customers, which are or may be in the possession, custody or control of Employee and which are or may be the<span style="mso-spacerun: yes;"> </span>property of Employer<span style="mso-spacerun: yes;"> </span>or its customer, whether confidential or not, including any and all copies thereof which may have been made by or for Employee.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN"><br /></span><span lang="EN-IN">d) Business Information : Employee agrees that during the term of employment with Employer and thereafter and except<span style="mso-spacerun: yes;"> </span>as may be required in the performance of Employee’s duties with Employer, Employee will not utilize for Employee’s own benefit or<span style="mso-spacerun: yes;"> </span>that of any third party and will not use or disclose to any third party Employee’s knowledge of or any information concerning to the internal organization or business structure of Employer<span style="mso-spacerun: yes;"> </span>or its customers, or the work assignments or capabilities of any office and/or<span style="mso-spacerun: yes;"> </span>employee of Employer without the express prior written consent of Employer.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN"><br /></span><span lang="EN-IN">e) Restrictive Covenant: Employee acknowledges that his/her services to be rendered to Employer are of a special nature and character as “Confidential: which has a unique value to Employer, the loss of which cannot adequately be compensated by damages in an action at law. In view of (i) the unique value to Employer of the services of Employee, (ii) the Proprietary Information, and project Management Information to be obtained by or disclosed to Employee by Employer, and as a material inducement to Employer to employ Employee, Employee covenants and agrees to the provisions set forth in his/her Paragraph.</span></div>
<div class="MsoNormal" style="line-height: 24px;">
<br /></div>
<div class="MsoNormal" style="line-height: 24px;">
<b><u>6) Pre-employment check;</u></b></div>
<div class="MsoNormal" style="line-height: 24px;">
<span lang="EN-IN"><span style="mso-spacerun: yes;"> </span>This offer letter is subject to undergoing medical check-up at our designated diagnostic Centre. It is suggested that you may undergo the same before reporting at our office.</span></div>
<div class="MsoNormal" style="line-height: 24px;">
<span lang="EN-IN"><br /></span><span lang="EN-IN"><b><u>7) Verification Report:</u></b></span></div>
<div class="MsoNormal" style="line-height: 24px;">
<span lang="EN-IN">On the day of your joining please fill in the required forms and submit copies of these documents, along with originals for verification.</span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: 24px; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">a.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span lang="EN-IN">Duly filled company bio-data, if not submitted earlier.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 24px; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">b.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span lang="EN-IN">Relieving letter from previous employer</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 24px; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">c.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span lang="EN-IN">Two passport size Photographs</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 24px; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">d.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span lang="EN-IN">Photocopies of relevant educational qualifications and originals for verification</span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: 24px; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">e.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span lang="EN-IN">Family member’s details and two photographs of each member for Mediclaim Insurance</span></div>
<div class="MsoListParagraphCxSpLast" style="line-height: 24px; text-indent: -0.25in;">
<span lang="EN-IN" style="mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><span style="mso-list: Ignore;">f.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span lang="EN-IN">Proof of last drawn salary</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN"><br /></span><span lang="EN-IN"><b><u>8) Retirement Age:</u></b></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN">You shall retire upon completion of 60 years of age.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-IN">Any dispute arising out of this appointment will be subject to the jurisdiction of Hyderabad only</span></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-IN" style="font-family: "times new roman" , "serif";"><br /></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-IN" style="font-family: "times new roman" , "serif";"><br /></span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-IN" style="font-family: "times new roman" , "serif";">We wish you a challenging and rewarding career!!!</span></b></div>
<div class="MsoNormal" style="text-align: left;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";">Yours truly,</span></div>
<div class="MsoNormal" style="text-align: left;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";">For ……</span></div>
<div class="MsoNormal" style="text-align: left;">
<br /></div>
<div class="MsoNormal" style="text-align: left;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";">Authorized Signatory</span></div>
<div align="right" class="MsoNormal" style="text-align: right;">
<br /></div>
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";">I accept the above offer and terms of employment</span></div>
<div align="right" class="MsoNormal" style="text-align: right;">
<br /></div>
<div align="right" class="MsoNormal" style="text-align: right;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";">(Signature of the Candidate)</span><br />
<span lang="EN-IN" style="font-family: "times new roman" , "serif";"><br /></span><span lang="EN-IN" style="font-family: "times new roman" , "serif";"><br /></span><span lang="EN-IN" style="font-family: "times new roman" , "serif";"><br /></span><br />
<div style="text-align: left;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";"><br /></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span face=""arial" , "sans-serif"" style="font-size: 14pt;">LABOUR CONTRACT - AGREEMENT</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">This Contract of Agreement is made and entered on this 1<sup>st</sup> day of July 2006 Between M/s B. SEENAIAH & COMPANY (PROJECTS) LIMITED having their office situated at 6-2-913 / 914, Vth Floor, Progressive Towers, Khairtabad, Hyderabad – 500 004. (hereinafter referred to as “<b style="mso-bidi-font-weight: normal;">THE COMPANY”) </b><span style="mso-spacerun: yes;"> </span>of the First part and <b style="mso-bidi-font-weight: normal;">Mr G. Mallesh </b>S/o G. Krishnaiah resident of Kothakota (Mandal), Kothakota, Mahaboobnagar District A.P. (hereinafter referred to as <b style="mso-bidi-font-weight: normal;">“THE CONTRACTOR”)</b> of the second part.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">WHEREAS the Company is in the business of Construction and is on the look out for a suitable contractor who can supply un-skilled <span style="mso-spacerun: yes;"> </span>labour for their various sites.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">WHEREAS<span style="mso-spacerun: yes;"> </span>the Company is desirous of availing contract of labour<span style="mso-spacerun: yes;"> </span>supplying service of<span style="mso-spacerun: yes;"> </span>G. Mallesh<b> </b>from time to time for the site work.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">AND WHEREAS <span style="mso-spacerun: yes;"> </span>G. Mallesh (The Contractor) has expressed his willingness to render the services through his own labour<span style="mso-spacerun: yes;"> </span>to<span style="mso-spacerun: yes;"> </span>B. Seenaiah & Company (Projects) Limited as per the requirements from time to time and in accordance with the terms and conditions of this Agreement.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">NOW THEREFORE, in consideration of the mutual covenants contained hereinafter, it is agreed by and between the parties hereto as follows:</span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">1.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">This agreement shall remain in force for a period of Two years from 1<sup>st</sup> July 2006 to 30<sup>th </sup><span style="mso-spacerun: yes;"> </span>June, 2008 subject to renewal in writing on such terms and conditions as may be decided by both<span style="mso-spacerun: yes;"> </span>the parties. It is agreed that either party to this agreement can terminate this contract before expiry of this contract by giving 30 days clear notice in writing to others.</span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">2.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Company </span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">shall give the requirement of labour to be deployed at various sites. The nature of job and the responsibilities of the contractor <span style="mso-spacerun: yes;"> </span>shall be informed by the Company and that of labourers shall be given by the Company’s representative / site manager at sites.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; tab-stops: 6.0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">3.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Company will decide the number of workmen required for the completion of the Job.<span style="mso-spacerun: yes;"> </span>The contractor is responsible for supplying of required manpower from time to time and may increase or decrease only after confirming with the company.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; tab-stops: 6.0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-right: 40.5pt; tab-stops: 6.0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">4.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Contractor will be paid 3%<span style="mso-spacerun: yes;"> </span>towards commission for the supply of labour.</span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">5.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Contractor </span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">shall maintain attendance register for all the employees deployed by them at<b> </b><span style="mso-bidi-font-weight: bold;">B. Seenaiah & Company (Projects) Limited sites<b>. </b></span>Based on their attendance and their performance of work, the invoice for payment with statutory liabilities shall be prepared and submitted to<span style="mso-spacerun: yes;"> </span>the Company every fortnightly.</span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">6.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Company will be paying bhatwada to each worker on fortnightly<span style="mso-spacerun: yes;"> </span>basis for their food and necessary provisions, the same is deducted after the season while settling the final account with the contractor. The amount of bhatwada will be decided on as is basis as per the prevailing rates mutually agreed upon by the<span style="mso-spacerun: yes;"> </span>project manager / site in charge and the contractor.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">7.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">Payments to the workers shall be disbursed every fortnightly.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">8.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Contractor will be given an advance for mobilization of labour for the sites and the same shall be deducted while making subsequent payment / final payment.<span style="mso-spacerun: yes;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">9.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>The Contractor is solely responsible for making all the statutory payments for his workers and is required to pay the same to the concerned authorities and to confirm compliances with the Company. <span style="mso-spacerun: yes;"> </span>However all other medical facilities will be provided at the site by the Company for all the workers.</span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">10.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Company will have right to deduct Income tax or TDS as applicable from time to time.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">11.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Contractor shall submit the bills to the Company along with attendance details, performance of work as per contract and shall be paid based on those documents.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">12.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Contractor also will decide and take disciplinary actions against the work man if he is found to have committed any acts of misconduct and take disciplinary action as deemed necessary including discharge or dismissal after compliance with the labour law.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">13.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Contractor shall be responsible for damage or loss to the Company caused due to the negligence of the workmen employed by him and shall compensate or reimburse the company adequately for such loss which shall be assessed and determined by the Company.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">14.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">The Company shall provide the Contractor articles agreed to provide as mentioned in the agreement.</span><span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">15.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">It is agreed and clearly understood that this deed of agreement shall not create any relationship of employer and employee between M/s B. Seenaiah & Company (Projects) Limited <b><span style="mso-spacerun: yes;"> </span></b>and the workers engaged by the Contractor Mr.<span style="mso-bidi-font-weight: bold;">G. Mallesh</span></span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 40.5pt 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">16.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">If any of the Contractor’s employee is suffering injury or accident while on duty on the Site of M/s B.Seenaiah & Company (Projects), Limited, Company will be solely responsible for payment of<span style="mso-spacerun: yes;"> </span>compensation of damages, if<span style="mso-spacerun: yes;"> </span>any, to the employee. BSCPL hereby indemnifies and undertakes to keep<span style="mso-spacerun: yes;"> </span>contractor indemnified and against all disputes, claims or actions raised by his employees or by any third party in connection with his obligations under this Contract. <span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin-right: 0.55in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0.55in 0in 0.5in; text-align: justify; text-indent: -0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><span style="mso-list: Ignore;">17.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt;">Any dispute concerning this agreement entered into by the parties shall be referred only to the appropriate court having jurisdiction in Hyderabad only.</span></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-right: 40.5pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0.55in 0in 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">IN WITNESS WHEREOF, B. SEENAIAH AND COMPANY (PROJECTS) LIMITED AND MR. G. MALLESH have executed this agreement on the 1<sup>ST</sup> day of July, 2006 <span style="mso-spacerun: yes;"> </span>first mentioned above.</span></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-left: 0.25in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">Authorised Signatory.</span><br />
<div>
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"><br /></span>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-size: large;"><b><span face="Times-Bold" style="font-size: 10pt; mso-bidi-font-family: Times-Bold;">General Terms & Conditions of Purchase for Goods and Services (</span></b><b> very generic - but very much part of contract )</b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">1.0<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Definition<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">1.1 <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Buyer means ABC CO who places the order by way of the Purchase Order/Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">1.2.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">Supplier means the person, firm or company, who receives the Purchase Order /Work Order<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>from the Buyer and confirm the Buyer to provide Products/Services as specified in Purchase <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Order/ Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">1.3. <span style="mso-spacerun: yes;"> </span>Products means the products, goods or items which are the subject of the Purchase Order /<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Work Order and which may (without limitation) include Software.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">1.3.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">Services means work and/or other services which are the subject of the Purchase Order/<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">Work Order and which may (without limitation) comprise, include or relate to Software.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">2.0<span style="mso-spacerun: yes;"> </span>Application<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">2.1. <span style="mso-spacerun: yes;"> </span>These Conditions shall apply to and be incorporated into the Purchase Order/Work Order<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>signed between the Supplier and the Buyer.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">2.2. <span style="mso-spacerun: yes;"> </span>In case of any discrepancy between the Purchase Order/Work Order and theses<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Conditions, the Purchase Order/Work Order shall prevail.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">3.0<span style="mso-spacerun: yes;"> </span>Price and payment<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">3.1.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">All prices are fixed and include delivery and all other charges, including costs of transport, <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>insurance and packing, taxes levies and fees attributed and/or attributable to the Supplier as <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>the result of the supply of the Products and/or Services unless specified otherwise in the<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">3.2.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">The Supplier warrants that the price charged for the Products or Services is the lowest price <span style="mso-spacerun: yes;"> </span>charged by the Supplier to buyers of a class similar to the Buyer purchasing in quantities and under circumstances comparable to those specified in the Purchase Order/Work Order. Any price reduction in the Products or Services the same as covered by the Purchase Order/Work Order made by the Supplier after the placement of the Purchase Order/Work Order and prior to the Buyer’s receipt of the Products or Services shall apply to the Purchase Order/Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">3.3.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">Standard Payment term are within thirty (30) days after receipt of full Products or Services<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>and commercial invoices and other despatch documents unless specified otherwise in the<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">3.4.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">The Buyer shall be entitled to set off or withhold any payment to a reasonable extent for <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>reasons of deficiency. The period for payment shall commence after the complete<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>rectification of any deficiency.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 22.5pt; text-align: left; text-indent: -22.5pt;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-list: Ignore;">3.5.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">The Buyer shall be entitled to set off against the amount any such sums owed to the Buyer <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>by the Supplier whatsoever the dues may be.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">4. 0<span style="mso-spacerun: yes;"> </span>Delivery<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">4.1. The Products and/or Services shall be delivered on the date (Delivery date) at the rates and <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>places specified in the Purchase Order/Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">4.2. The Supplier shall ensure that all Products shall be packed so as to reach places of delivery <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>undamaged and in good condition.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">4.3. If the Supplier fails to deliver the Products or Services in accordance with the Purchase<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Order /Work Order by the Delivery Date, then the Supplier shall pay to the Buyer penalty of<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>1/2% of the total Purchase Order/Work Order value per week up to a maximum of 5% of the <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>total Purchase value starting from the date of default until the actual delivery date of the <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Delayed Products or Services portion. The Buyer may, but shall not be bound to, deduct<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>such penalty, whether in whole or in part, from any money due from the Buyer to the Supplier<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>under any Purchase Order/Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">4.4. If the Supplier:<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>-fails to deliver Products or Services in accordance with the their specifications stated in <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Purchase Order/Work Order; or<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>-notifies the Buyer of a prospective delay in delivery by the Delivery Date and still fails to <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>deliver Products or Services after a reasonable period agreed by the Buyer then, the <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Buyer reserves the right to cancel the Purchase Order/Work Order or any part of it without <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>charge or liability and reserves all rights in damages and otherwise arising including but not<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>limited to the right to purchase substitute Products or Services elsewhere and to hold the<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Supplier liable for any loss, expense or additional cost incurred thereby.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">5.0 <span style="mso-spacerun: yes;"> </span>Warranty<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">5.1. The Supplier warrants that it has all necessary permits and licenses to allow it to sell the<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Products and/or Services to the Buyer, and that it has complied with all relevant laws, roles<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>and regulations affecting its obligations and the performance of the Purchase Order/Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">5.2. The Supplier warrants that all Products are new and do not contain any used or<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Reconditioned parts or materials.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">5.3. The Seller indemnifies Buyer for the indented performance of Products/Services and its<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>performance parameters. Unless specified in the Purchase Order/Work Order, the Products <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>or Services under the Purchase Order/ Work Order are guaranteed for 12 months from Date <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>of Acceptance or 24 months from Date Delivery whichever is earlier.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">5.3 <span style="mso-spacerun: yes;"> </span>In case of defect during Warranty period, the Supplier shall replace, repair or<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>rectify the Products or Service free of charge to the Buyer.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">6.0<span style="mso-spacerun: yes;"> </span>Sub Contracting<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">6.1<span style="mso-spacerun: yes;"> </span>The Supplier has no right to sublet this Purchase Order/Work Order to any third party <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>without prior written consent from the Buyer. In such case, the Buyer has the right to withhold <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>or cancel one or full part of the Purchase Order/Work Order, subject to Article 7.2(i)<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">7.0 <span style="mso-spacerun: yes;"> </span>Confidentiality<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>The Supplier shall treat as confidential all information supplied by the Buyer, unless prior <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>written consent to divulge the same has been obtained. This shall not apply to information <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>that has rightfully become public knowledge and to the record of supply of Supplier, which<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>serves Supplier to promote its sales activities.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">8.0<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Indemnity<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">8.1. The Supplier shall fully indemnify the Buyer and its assigns, sub contractors and customers <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>from and against any claims, liabilities, actions, damages, loss, cost and expenses (including<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>but not limited to legal costs on an indemnity basis):<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>- sustained by the Buyer and its assigns, sub contractors and customer or for which the Buyer <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>and its assigns, sub contractors and customers may be liable as a result of the Supplier’s<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>breach of or failure to perform its obligations under the Purchase Order/Work Order; and<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>- resulting from death, injury, loss or damage to persons or property caused or contributed by<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>the negligence, act, default or omission of the Supplier, its employees, sub-supplier (if <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>permitted) or agent,<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>while rendering services as part of obligation..<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">8.2. The Supplier accepts liability for all other claims, liabilities, actions, demand, loss, damage,<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>costs and expenses (including but not limited to legal costs on an indemnity basis) incurred<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>by the Buyer and its assigns, sub contractors and customers and which is attributable to <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>negligence, act, default or omission on the part of the Supplier, its employees, sub<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>contractors (if permitted) or agents or resulting from or in connection with the furnishing of the<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Products or Services by the Supplier or otherwise arises or results from a breach of the<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>Purchase Order/Work Order.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">9.0 <span style="mso-spacerun: yes;"> </span>Termination<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">9.1 <span style="mso-spacerun: yes;"> </span>The Buyer shall be entitled to cancel the Purchase Order/Work Order in respect of all or part<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>only of the Products or Services by giving notice to the Supplier at any time prior to delivery,<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>however the Buyer at its own discretion may accept delivery of some finished Products<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>manufactured by the Supplier and Services properly rendered at the date of cancellation.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">9.2. The Buyer shall be entitled to terminate the Purchase Order/Work Order forthwith without<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>liability <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>to the Supplier by giving notice to the Supplier at any time if:-<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 9pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>i) the Supplier is in breach of the Purchase Order/Work Order and capable of resolving such<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>breach, but fails to remedy the breach within the reasonable time of being notified; or<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>(ii) the Supplier becomes subject to any proceedings under any bankruptcy or insolvency law.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>In this case supplier should immediately inform the Buyer by written notice<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>(iii) in case of Force Majeure as stated in Clause 10<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">10.0 Force Majeure<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">10.1 Should any circumstances arise beyond Supplier’s control preventing the Supplier from <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>wholly or partly carrying out its obligations under this Purchase Order/Work Order shall be<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>referred to Force Majeure include, but shall not be limited to the followings:<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>- Acts of God, including storm, earthquake, flood or any other such operation of the forces of<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>nature as his reasonable foresight & ability could not foresee or reasonably provide remedy.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>- War (declared or undeclared), hostilities, invasion, act of any foreign enemy, threat of or <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>preparation for war, riot, insurrection, civil commotion, rebellion, revolution, civil war, and<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>labour troubles blockages, sabotage of labour.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">10.2 In case of Force Majeure, both parties shall notify each other of the events of Force Majeure <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>and possible consequence for performance of the Purchase Order/Work Order. The Buyer<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>shall allow to the Supplier a reasonable period for execution of the Buyer Order. If beyond<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>this period, the Supplier still fail to fulfill the Purchase Order/Work Order, the Purchase shall<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>cancel one or whole part of the Purchase Order/Work Order, subject to Clause 9.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte23b1eb0t00"; font-size: 10pt;">11.0 Jurisdiction<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">11.1 For all the legal matters, the Indian Laws are applicable and disputes to be settled<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>according to the rules of law in force in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">11.2 Any disputes or discrepancies in connection with the Purchase Order/Work Order, which<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span>cannot be settled amicably or by Arbitration, shall be settled by the Court of Law in <st1:country-region w:st="on"><st1:place w:st="on">India</st1:place></st1:country-region> and<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;"><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>Jurisdiction for all such disputes is <st1:place w:st="on"><st1:city w:st="on">Hyderabad</st1:city>, <st1:country-region w:st="on">India</st1:country-region></st1:place>.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">11.3 The fees for settling disputes and/or other charges shall be borne by the losing party.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<span style="font-family: "tte21eb6f8t00"; font-size: 10pt;">These General Terms & Conditions of Purchase for Goods /Services is an integral part of the Purchase /Work order and together forma total Purchase/Work order.<o:p></o:p></span></div>
<span face=""arial" , "sans-serif"" style="font-size: 10pt;"></span><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: left;">
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<b><u>Master services Agreement (for Time & material Basis)</u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<h3 style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"><u>AGREEMENT FOR SERVICES</u></span></h3>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<b><span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">THIS </span></b><b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">AGREEMENT FOR SERVICES</span></b><b><span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"> ("AGREEMENT")</span></b><span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"> is entered into with effect from ------- Day of ------------, 2007 ("<b>Effective Date</b>") by and between [ ] (hereinafter referred to as "<b>Customer</b>"), a company registered under the Companies Act, 1956 with its registered office at ----------------------------------And <b>IT Services Co</b>(hereinafter referred to as "<b>IT Services Co</b>"), a company registered under the Companies Act, 1956 having its registered office at Mayfair Centre, S.P. Road, Secunderabad - 500 003, Andhra Pradesh, India.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">WHEREAS,</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"> IT Services Co is engaged in the business of providing information technology services and wishes to provide Customer IT services as agreed between the parties.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">WHEREAS,</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"> Customer is, engaged in the business of ------------------------- and would like to avail services of IT Services Co on the terms and conditions described in this Agreement and in the relevant Statement of Work (SOW).</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">NOW THEREFORE in consideration of the various covenants, and conditions set forth below, the parties agree as follows:</span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><br clear="all" /></span></b>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<h5 style="margin: 0in 0in 0pt;">
<span style="font-size: 9pt; line-height: 18px;">DEFINITION CLAUSES<span style="background: lime;"></span></span></h5>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">1.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;"> "Offsite"</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;"> shall mean the IT Services Co development offices.</span></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">2.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">"Onsite" </span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">shall mean the premises of Customer.</span></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">3.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">"Overtime"</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;"> shall mean any work done in excess of a Weekday or any work performed during Saturday or Sunday (Weekend) or public holidays.</span></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">4.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">"Proprietary Information"</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;"> means the confidential information of either Party, marked "Confidential" or with a similar legend.</span></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">5.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">"Services"</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;"> shall mean any services offered by IT Services Co including but not limited to, professional computer programming, consulting and software development and software installation services as set out in an SOW, on a time and materials basis.</span></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">6.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">"<b>Weekday</b>" shall mean, at Onsite, Monday through Saturday, not exceeding eight hours a day and at Offsite, Monday through Friday, (8) hours a day.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"> </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><br clear="all" /></span></b>
<br />
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;">
<b><span face=""arial" , "sans-serif"">1. SERVICES</span></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"> 1.1 IT Services Co will offer Services to Customer upon the execution by both parties of mutually agreed SOWs, each of which shall be deemed to be incorporated into and be subject to the terms of this Agreement. Such SOWs shall be in the form of <b>Exhibit 'A'.</b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1.2<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">IT Services Co personnel shall perform such Services with care, skill and diligence in accordance with the applicable industry and professional standards.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1.3<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">IT Services Co personnel shall perform the Services at the locations agreed to by the parties in the SOW.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1.4<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">The infrastructure required for performance of Services at Onsite such as desktops/laptops, office infrastructure, software and communication link will be provided by the Customer at no extra cost to IT Services Co.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1.5<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">It is understood that part of the Services provided may be performed by IT Services Co personnel at Offsite, using Customer's computer facilities via a telecommunication link to Customer's network. Customer agrees to provide IT Services Co personnel, access to and use of their computer facilities/network as required to at no charge to IT Services Co.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1.6<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">For the Services rendered at IT Services Co's facilities, IT Services Co shall provide at its sole expense standard hardware, software and office infrastructure ("Equipment") specified as Exhibit A. Any infrastructure other than the Equipment that is required for performance of the Services, shall be provided/paid for entirely by Customer.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">1.7<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">During the term of a SOW, either Customer or IT Services Co may require changes to the scope of services under this Agreement (hereinafter referred to as "Variations") by way of written notification to the other party. Both parties shall then discuss the revised fees and/or time schedules for implementation of the Variations, in writing. Until such time as the Variations are agreed upon by the parties hereto, IT Services Co shall continue providing services in accordance with the existing SOW and Customer shall make all payment due for the rendering of such Services.</span></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 align="right" style="margin: 0in 0in 0pt 0.5in; text-align: right;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>2. TERM</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">2.1 The initial term of this Agreement shall be for a period of one (1) year from the Effective Date ("<b>Initial Term</b>"). Thereafter, this Agreement shall automatically renew for further terms of one year each till the third anniversary, unless either party notifies the other of its intention not to renew by giving a sixty (60) day prior written notice before the end of each anniversary or as otherwise specified in the Termination clause below. Termination by a sixty (60) day notice other than at the end of the Term shall be treated as a termination for convenience.</span></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>3. FEES & PAYMENT TERMS</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.1 Customer shall pay IT Services Co at the rates as agreed in Exhibit B or as specified in the SOW. Rates will be subject to an annual increment as mutually agreed in case of time and material SOWs. If there is no agreement between the parties on the extent of the increase, the rates shall be increased automatically over the existing rates by 5% and 10% percent for Onsite and Offsite respectively and apply from the anniversary date.</span><i><span style="color: red;"><span style="font-family: "times new roman";"><span class="msoDel"><del cite="mailto:VS52529" datetime="2007-04-16T12:13"></del></span></span></span></i></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.2 For Services performed on a time and materials basis, IT Services Co shall invoice the Customer for fees and expenses, monthly in arrears. To support IT Services Co's invoices, IT Services Co personnel assigned to work shall utilize IT Services Co's web-based electronic timesheets and submit authorized time sheets to Customer. Customer shall approve the time sheets within one (1) working day of submission by IT Services Co, failing receipt of notification of approval the submitted time sheet shall be deemed approved. Customer shall provide internet access to IT Services Co personnel, situated on Customer's premises, to enable them to complete such web-based timesheets IT Services Co shall maintain adequate records to support expenses claimed and shall make such records available to Customer upon request.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.3 For Services performed on time and materials basis, IT Services Co would charge pre-approved Overtime at 1.25 times the normal rate<span style="color: teal;"><span class="msoIns"><ins cite="mailto:VS52529" datetime="2007-04-16T11:58">.</ins></span></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.4 For assignments of less than 91 calendar days at Onsite, Customer shall reimburse actual cost of travel and pre-agreed per diem expenses in addition to the rates. </span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Travel expenses for travel from the base location of Customer to any other location will be treated as project travel and charged at actuals. In addition to the travel expenses Customer shall also pay perdiem expenses</span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">.</span><span face=""arial" , "sans-serif"" style="font-size: 9pt;"></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.5 Customer shall pay invoices issued in accordance with these terms within fifteen (15) days of receipt of invoice. Discrepancy on the submitted invoices shall be communicated to IT Services Co within 7 days and in the absence of any written communication within the stipulated time, the invoice shall be deemed correct and accepted</span><span face=""arial" , "sans-serif"">.</span><span face=""arial" , "sans-serif"" style="font-size: 9pt;"></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.6 Any delay in making payment within the required time period as stated above shall attract interest at the rate of 1.5% per month.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">3.7 IT Services Co shall be solely liable for (i) any and all taxes based on or measured on IT Services Co's income. Except as set forth herein above, it is understood by both the parties that the prices set forth in the applicable SOW or attached Rate card, are exclusive of all and any applicable taxes, including but not limited to sales and use taxes, Value Added Taxes (VAT) and such other similar taxes. IT Services Co shall include said taxes on its invoice separately while invoicing. The amount payable to IT Services Co shall be net of withholding taxes/tax deducted at source apart from Customer paying for applicable sales, use, VAT etc taxes.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>4. ACCEPTANCE</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt 0.5in;">
<span style="font-size: 9pt;">4.1 When in IT Services Co's opinion, its testing of Services due under the SOW is complete, IT Services Co shall provide written notification to Customer of completion of testing. Customer shall have twenty (20) days, or an alternate period agreed in the SOW, ("<b>Acceptance Period</b>") to determine if the Services conform to the specifications as per the SOW or the deliverables meet the acceptance criteria agreed to in writing between the Parties ("<b>Acceptance Criteria</b>"). If the Services are substantially in conformity with the Acceptance Criteria, then on or prior to expiration of the Acceptance Period, Customer shall provide IT Services Co with written notice of acceptance.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">4.2 Customer shall be deemed to have accepted the Services unless prior to the expiration of the Acceptance Period Customer provides IT Services Co with written notice to the effect that the Services fail to conform to the Acceptance Criteria, it being understood that all the particulars forming the basis for such notice will be contained therein. In the absence of such particulars, the notice shall be invalid and Customer shall be deemed to have accepted the Services.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt 0.5in;">
<span style="font-size: 9pt;">4.3 In the event that program deficiencies are reported, IT Services Co shall at its expense depute the appropriate personnel to investigate and correct, if necessary, program deficiencies reported by Customer during the Acceptance Period. Except as provided herein, Customer shall have fifteen (15) days from the date of correction of identified deficiencies to test Services and give an acceptance or notice of further deficiencies in the Services and if no notice is received the Deliverable shall be deemed to be accepted at the end of the fifteen (15) day period and this process shall be repeated till acceptance.</span></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>5. WARRANTY</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 34.15pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">5.1 IT Services Co warrants only that the technical quality and performance of the Services provided will be consistent with the applicable professional and industry standards currently recognized.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 34.15pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 34.15pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">5.2 Where any software, or any part thereof, is provided by Customer to IT Services Co for the performance of services under the SOW, Customer warrants that it has all the requisite legal rights, including relevant intellectual property rights, to provide the Software, or any part thereof, to IT Services Co.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 34.15pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">5.3 EXCEPT FOR THE WARRANTIES MENTIONED ABOVE, NO OTHER WARRANTIES WHETHER EXPRESS OR IMPLIED IS PROVIDED BY IT SERVICES CO UNDER THIS AGREEMENT. CUSTOMER AGREES TO <b>WAIVE ANY IMPLIED WARRANTIES, INCLUDING THOSE OF MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE OR IMPLIED RIGHTS NOT PROVIDED FOR IN THIS AGREEMENT.</b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"> </span></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>6. INSTALLATION</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">6.1 System integration testing and installation of the software into Customer's computer systems is the responsibility of Customer unless stated otherwise in an SOW.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">6.2 At Customer's request, IT Services Co shall provide to Customer any necessary assistance to install and to perform system integration testing of the developed software. Such Services shall be at the hourly rate plus expenses provided for in Section 3.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>7. SECURITY AND CONFIDENTIALITY</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">7.1 Each Party agrees that Proprietary Information of the other Party received by it shall be confidential and proprietary to the other Party. A Party receiving Proprietary Information ("Receiving Party") shall not disclose the Proprietary Information of the other Party ("Disclosing Party") to any third party without the express written permission of the Disclosing Party, and agrees to take all necessary precautions to maintain the secrecy and confidentiality of such Proprietary Information.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">7.2 The obligation of non disclosure described in the Agreement will not be deemed to restrict the Receiving Party from disclosing any Proprietary Information of the Disclosing Party which:</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">is or becomes publicly known or within the public domain without the breach of this Agreement,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">b) was known to the Receiving Party prior to its receipt thereof from the Disclosing Party,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">c) is separately developed, whether before or after the date of this Agreement, by persons not privy to that Proprietary Information,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent3" style="margin: 0in 0in 0pt 0.5in;">
<span style="font-size: 9pt;">d) has been or is subsequently disclosed by third parties who are not under an obligation of confidence to the Disclosing Party or</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">e)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">the Receiving Party is requested or required by law or by any court or governmental agency or authority to disclose, in which case the Receiving Party will provide the Disclosing Party with prompt notice of such request or requirement prior to such disclosure.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 31.5pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">6.3<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Each Party <span style="layout-grid-mode: line;">agrees to comply and ensure that its personnel comply with all applicable laws, rules and regulations relating to privacy and collection, use, disclosure, storage and management of Proprietary Information of the other Party, as notified by that other Party.</span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 31.5pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">6.4<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Each Party agrees that the transmission of documents whether in print or otherwise to the Receiving Party and/ or the access of the Receiving Party to Proprietary Information of the Disclosing Party shall not be construed to grant the Receiving Party a license or other rights owned or controlled by the Disclosing Party unless otherwise specified in Section 8 (Ownership).</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>8. OWNERSHIP</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center;">
<br /></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt 0.5in;">
<span style="font-size: 9pt;">8.1 The results or deliverables of all Services, other than generic tools and methodologies developed by IT Services Co under this Agreement or the proprietary software, tools or other materials of IT Services Co shall be the exclusive property of Customer. IT Services Co agrees that Customer owns the entire right, title and interest to any inventions, designs, discoveries, writings and works of authorship produced as a result of the Services, including all copyrights.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">8.2 IT Services Co owns, and shall continue to own all intellectual property rights in software, tools and methodology developed by it outside the scope of the requirements specified in the SOW ('IT Services Co IP'). In case any such IT Services Co IP is incorporated by IT Services Co in the deliverables of the Services provided by it to Customer, IT Services Co provides a non-exclusive, perpetual license to Customer to use such IT Services Co IP as part of the deliverables in which it is incorporated, provided that Customer shall not separate and use such IT Services Co IP independently from the deliverables in which they are incorporated.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">8.4 Subject to Section 8.2, IT Services Co agrees to include in the deliverables produced by IT Services Co for Customer any copyright and/or proprietary notice designated by Customer.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">8.5 Upon expiration or termination of the Agreement and on all amounts as due and payable to IT Services Co under the Agreement having been received by IT Services Co, all Services, programs partially or wholly completed, or materials which are directly related to any project under the Agreement shall be delivered to Customer or at Customer's written instruction destroyed, and no copies shall be retained by IT Services Co without Customer's written consent. In the event that Customer does not make complete payment to IT Services Co of all the fees and charges and reimbursable expenses due under Sections 3 of this Agreement, Customer hereby grants to IT Services Co an irrevocable, non-exclusive, perpetual, worldwide, fully paid up, license to make, have made, use, have used, sublicense, reproduce and modify all Services developed by IT Services Co under this Agreement and to prepare derivative works based upon the same.</span></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">8.6 Subject to IT Services Co's obligations towards Customer under Section 7 on Confidentiality and Section 8 on Ownership, IT Services Co shall not be precluded from marketing, developing or using for itself or others, services or products that are the same as or similar to those provided to Customer by IT Services Co pursuant to this Agreement. Furthermore, IT Services Co will continue to be free to use its general knowledge, skills, experience and techniques acquired in the course of performing its obligations hereunder. </span><span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"></span></div>
<div class="MsoHeader" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>9. NATURE OF AGREEMENT</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">9.1 The relationship between Customer and IT Services Co is solely that of an independent contractor. Neither IT Services Co nor its personnel shall be entitled to any of the benefits provided by Customer to its employees, including, but not limited to, workers compensation insurance, unemployment insurance, and health retirement and welfare benefits.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">9.2 IT Services Co shall assume full and exclusive responsibility for payment of all federal, state and local taxes or contributions imposed or required under employment, social security and income tax laws with respect to IT Services Co or any of IT Services Co's employees engaged in the performance of Services under this Agreement. <span style="color: red;"></span></span></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>10. INDEMNIFICATION</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">10.1<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">INDEMNITY BY IT SERVICES CO</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">: IT Services Co shall assume responsibility for, indemnify Customer against and hold Customer and its employees and representatives harmless from :</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any loss, expenses or damage arising out of any claims of personal injury or death by any party attributable to acts of omissions of IT Services Co or its employees or representatives,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(b)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any claim for payment of compensation, salary, retirement benefits, or any other fringe benefits asserted by an employee of IT Services Co,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(c)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any loss, expenses or damage arising out of IT Services Co's breach of its obligations under Section 7 (Security and Confidentiality).</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">10.2<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">INDEMNITY BY CUSTOMER</span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt;">: Customer shall assume responsibility for, indemnify IT Services Co against and hold IT Services Co and its employees and representatives harmless from:</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any loss, expenses or damage arising out of any claims of personal injury or death by any party attributable to acts or omissions of Customer or its employees or representatives,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(b)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any claim for payment of compensation, salary, retirement benefits, or any other fringe benefits asserted by an employee of Customer or</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(c)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any claim that any materials provided by Customer to IT Services Co for use in the provision of Services infringe a copyright, patent, trademark or other intellectual property right of any third party or</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(d)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any loss, expenses or damage arising out of Customer's breach of its obligations under Section 7 (Security and Confidentiality).</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">10.3<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">As a condition of this indemnity, the Party seeking to be indemnified shall (a) notify the indemnifying Party promptly in writing the details of any allegation claim or loss ("Claim") upon becoming aware of such Claim, (b) make no admission relating to any Claims and (c) allow the indemnifying Party to conduct and settle all negotiations and proceedings and give the indemnifying Party all reasonable assistance in respect thereof.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">10.4<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Customer shall not be obliged to indemnify IT Services Co under Section 10.2 (c) if the claim mentioned therein arises out of:</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">any use of the materials by IT Services Co in a manner or purpose not intended by the SOW or against specific instructions of Customer,</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(b)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 9pt;">use of the materials in conjunction with third party materials or services if the claim of infringement would not have arisen in the absence of such use.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>SECTION 11. INSURANCE</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">11.1 Both Parties shall procure and maintain such insurance as will protect the other Party, its directors, officers and employees from claims arising out of their obligations under this Agreement.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">11.2 Upon request in writing, IT Services Co shall submit relevant certificate(s) of insurance to Customer as evidence that the specified forms and endorsements are in force. Such certificate(s) shall include a clause obligating the insurer(s) to give not less than thirty (30) days prior notice of any material change in, cancellation of, or intent not to renew the insurance.</span></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center;">
<br /></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>12. TERMINATION</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">12.1 This Agreement or an SOW may be terminated in whole or in part, by either Party in the event of material breach by a Party that is not cured within 30 days of notice of such breach, from the other Party.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">12.2 This Agreement or SOW may be terminated in whole or in part, by a Party for convenience on 90 (ninety) days prior written notice to the other Party.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">12.3 In the event of any termination of any part of this Agreement or an SOW, Customer is obligated to pay for actual Services rendered by IT Services Co prior to the effective date of termination, mutually agreed costs associated with early termination and for other expenses as per Section 3. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">12.4 Section 3 (Fees & Payment Terms), Section 8 (Ownership), Section 10 (Indemnification), Section 13 (Limitation of Liability), Section 14.1 (Notices), Section 14.2 (Dispute Resolution), Section 14.3 (Publicity), Section 14.8 (Non Hire), shall survive the expiry/ termination of this Agreement. Section 7 shall survive for a period of three years from the date of expiry/ termination of this Agreement.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center;">
<br /></div>
<h1 align="left" style="line-height: normal;">
<u><span style="font-size: 9pt; text-decoration-line: none;"> </span><span style="font-size: 9pt;">13. LIMITATION OF LIABILITY<span style="color: blue;"></span></span></u></h1>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent3" style="margin: 0in 0in 0pt 0.5in;">
<span style="font-size: 9pt;">13.1 Notwithstanding anything to the contrary in this Agreement, any SOW or any other document signed between the parties regarding the subject matter of this Agreement, either prior or subsequent to this Agreement, in no event shall either party be liable for any loss of profits or revenue, loss of business or loss or inaccuracy of data or for any indirect, incidental, special or consequential damages incurred by the other party. A party's liability for damages, if any, whether in an action in contract or based on warranty, in law or equity shall not exceed total amount of fees paid to IT Services Co by Customer under a particular SOW during the preceding six months from the event causing damage.</span></div>
<div class="MsoBodyTextIndent3" style="margin: 0in 0in 0pt; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent3" style="margin: 0in 0in 0pt 0.5in;">
<span style="font-size: 9pt;">13.2 The above limitations are not applicable to breaches of Sections 7 (Security and Confidentiality) or Indemnification claims arising under Sections 10.1 and 10.2. A Party's total liability for such claims, shall not exceed the actual direct damages awarded, for such breaches, by a court of law or arbitrator or under any dispute resolution mechanism adopted by the Parties under this Agreement.</span></div>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><span style="text-decoration: none;"><u> </u></span></span></h4>
<h4 style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"><u>14. GENERAL PROVISIONS</u></span></h4>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent" style="text-indent: 0in;">
<span style="font-size: 9pt; line-height: 18px;">14.1 <b><u><span style="color: black; layout-grid-mode: line;">NOTICES:</span></u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Any notice or other communication under this Agreement given by either Party to the other Party shall be deemed properly given if in writing and; </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt 0.5in;">
<span style="color: black; font-size: 9pt;">(i)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span style="color: black; font-size: 9pt;">when hand delivered during normal business hours of the recipient, acknowledgment taken.</span></div>
<div class="MsoBodyText3" style="line-height: normal; margin: 0in 0in 0pt 0.5in;">
<span lang="EN-GB" style="font-size: 9pt; layout-grid-mode: line;">(ii) if transmitted by facsimile during normal business hours of the recipient; proof of delivery taken. A copy sent by registered mail/ first class courier, return receipt requested should follow all fax notices.</span></div>
<div class="MsoBodyText3" style="line-height: normal; margin: 0in 0in 0pt 0.5in;">
<span lang="EN-GB" style="font-size: 9pt; layout-grid-mode: line;">(iii) if mailed by registered mail/ first class courier, return receipt requested, within five working days of posting,</span><span lang="EN-GB" style="font-size: 9pt;"> properly addressed and stamped with the required postage, to the intended recipient at its address specified at the in the first page of this Agreement<span style="layout-grid-mode: line;">.</span></span></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt; text-indent: 0in;">
<span style="font-size: 9pt; layout-grid-mode: line;">In case there is any change in the address of one Party, it shall be communicated in writing to the other Party.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.2<b><u> DISPUTE<span style="layout-grid-mode: line;"> RESOLUTION/ ARBITRATION/ CHOICE OF LAW </span></u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.75in;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(i) <b>Dispute Resolution</b>. Each party shall identify in the SOW one First Level Officer (Manager or above), one Second Level Officer (General Manager or above) and one Executive Reviewer (Vice President or above). Names of these designated officers may be changed by written notice to another person of equivalent status and expertise. Any resolution of a problem/ issue/ dispute/ claim etc. ("Dispute") will be in three easy steps. Either party may refer a Dispute in writing to the First Level Officers in the first instance, to Second Level Officers in the second instance and to the Executive Reviewers in the last instance. The relevant designated officers will meet and attempt to resolve the Dispute within 10 (ten) business days of referral, failing which the Dispute may be escalated by either party to the next level designated officers. If a Dispute cannot be resolved through Executive Reviewers, either party shall have the right to refer such dispute to arbitration as given below.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 1in;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(ii)<b> Arbitration</b>. Any Dispute arising out of or with respect to this Agreement shall be determined by arbitration in Hyderabad/Secunderabad in accordance with the Indian Arbitration and Conciliation Act, 1996. The Parties shall appoint a mutually agreed single Arbitrator. Each party will pay its own cost and expenses. All testimony shall be transcribed. The award of the panel shall be accompanied by findings of fact and a statement of reasons for the decision. All parties agree to be bound by the results of this arbitration; judgment upon the award so rendered may be entered and enforced in any court of competent jurisdiction. All matters relating to such arbitration shall be maintained in confidence.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.25in;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">(iii) <b>Choice of Law; Choice of Forum</b>. This Agreement shall be governed by and interpreted in accordance with the laws of India.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.3</span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"> <u>PUBLICITY</u></span></b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Customer agrees that IT Services Co may refer to Customer and to this Agreement, in any manner, including in any customer listings published on IT Services Co's Web Site or set forth in IT Services Co's sales presentations, promotional materials, business plans or news releases etc.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.4<b><u> FORCE MAJEURE</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Neither party shall be liable for damages for any delay or failure to perform its obligations hereunder, if such delay or failure is due to causes beyond its control or without its fault or negligence, including, without limitation, strikes, riots, wars, fires, epidemics, lack of human or material resources, quarantine restrictions, unusually severe weather, earthquakes, explosions, acts of god or state or any public enemy, or acts mandated by any applicable laws, regulation or order (whether valid or invalid) of any governmental body. If a force majeure event occurs the affected Party shall inform the other Party promptly and will use reasonable efforts to mitigate adverse effects and to resume performance as soon as practicable. Should the force majeure event extend beyond fifteen (15) days either party shall have the right to terminate the Agreement or applicable SOW upon immediate written notice without any penalty or liability. However Customers payment obligations for Services performed shall remain and not be affected by the force majeure event. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.5 <b><u>DISASTER RECOVERY</u></b> </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Notwithstanding the provisions of Section 14.4 above, IT Services Co shall maintain throughout the term of this Agreement a disaster recovery plan ("Disaster Recovery Plan") reasonably acceptable to Customer, which Disaster Recovery Plan shall cover all the Work to be performed by IT Services Co under this Agreement. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText2" style="text-indent: 0in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">14.6<b><u> SUCCESSORS:</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">This Agreement shall bind and inure to the benefit of the parties, and their respective successors and permitted assigns.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"><br />14.7 <b><u>ASSIGNMENT</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText3" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-GB" style="font-size: 9pt;">This Agreement or any rights or obligations hereunder shall not be assigned by either party to any third party without the prior written consent of the other party and any attempted assignment without such consent shall be null and void, except that either party may make such assignment, without aforesaid consent, to an affiliate or to any entity which survives a merger or consolidation in which such party participates or to any entity which acquires all or substantially all of the assets of such party.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.8 <b><u>NON HIRE</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">During the term of the Agreement and for a period of one year thereafter, neither party shall (either directly or indirectly through a third party) employ, solicit to employ, cause to be solicited for the purpose of employment or offer employment to any employee/s or sub contractor/s of the other party, or aid any third person to do so, without the specific written consent of the other party. For the avoidance of doubt this restriction applies only to those employees who are connected with the Services performed under this Agreement. The clause does not prevent hiring based on responses by employees to public advertisement on any media that are not specifically targeted at the other party's employees.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.9<b><u> NON WAIVER:</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">No provision of this Agreement may be waived or changed except by a writing signed by the party against whom such waiver is sought to be enforced. The failure or omission by either party at any time to enforce or require strict or timely compliance to any provision of this Agreement shall not affect or impair that provision or any other provision in any way or the rights of such party hereof, to avail itself of the remedies it may have in respect of any subsequent breach of that or any other provision.<u></u></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 14.15pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.10<b><u> SEVERABILITY:</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText2" style="margin: 0in 0in 0pt; text-indent: 0in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">The invalidity or unenforceability of any provision of this Agreement shall not in any way effect, impair or render unenforceable this Agreement or any other provision contained herein, which shall remain in full force and effect.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 9pt;">14.11<b><u> MODIFICATION:</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText2" style="margin: 0in 0in 0pt; text-indent: 0in;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">This Agreement may not be modified or amended except in writing signed by duly authorised representatives of each party with express mention thereto of this Agreement. </span></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<br /></div>
<h1 align="left" style="text-indent: 0in;">
<u><span style="font-size: 9pt; font-weight: normal; line-height: 18px; text-decoration-line: none;">14.12</span><span style="font-size: 9pt; line-height: 18px;"> ENTIRE AGREEMENT:</span><span style="font-size: 9pt; line-height: 18px;"></span></u></h1>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">This Agreement, including all SOWs and other documents or communications incorporated herein, represents the entire agreement between the parties and supersedes all prior negotiations, understandings and agreements, written or oral, relating to the subject matter herein. This Agreement, including all applicable SOW and other documents and communications incorporated herein, shall supersede and control over any conflicting terms, representations, promises, or conditions included in any purchase orders, invoices or other documents issued by either party.</span></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<br /></div>
<h1 align="left" style="text-indent: 0in;">
<u><span style="font-size: 9pt; font-weight: normal; line-height: 18px; text-decoration-line: none;">14.13</span><span style="font-size: 9pt; line-height: 18px;"> SECTION HEADINGS:</span></u></h1>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">The headings of the Sections are inserted for reference only and are not intended to be part of or affect the meaning or interpretation of this Agreement.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.14<b><u> PRECEDENCE:</u></b></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">In the event of a conflict between the terms of any documents (including but not limited to SOW) signed between the Parties and this Agreement, the terms of this Agreement shall take precedence.<span style="color: black;"></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoBodyTextIndent" style="margin: 0in 0in 0pt; text-indent: 0in;">
<span style="font-size: 9pt; line-height: 18px;"> 14.15<b><u> EFFECTIVE DATE:</u></b></span></div>
<div class="MsoBodyTextIndent" style="line-height: normal; margin: 0in 0in 0pt; text-indent: 0in;">
<span style="font-size: 9pt;">This Agreement shall be effective as of the date first above written when signed by both parties hereto.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 24px; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt; line-height: 18px;">14.16<b> <u> DUE AUTHORISATION:</u></b></span></div>
<div class="MsoBodyText3" style="line-height: normal; margin: 0in 0in 0pt;">
<span lang="EN-GB" style="font-size: 9pt;">Each of the undersigned hereby represents to the other that she/ he is authorised to enter into this Agreement and bind the respective parties to this Agreement.</span></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">14.17<b><u> COUNTERPART:</u></b></span></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyText" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">This Agreement is executed in duplicate and each copy is treated as original for all legal purposes.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">14.18 <b><u>NO THIRD PARTY BENEFICIARIES</u></b></span><u><span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;"></span></u></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<h2 align="left" style="margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" lang="EN-GB" style="font-size: 9pt;">This Agreement and the SOWs shall not benefit, or create any right or cause of action in or on behalf of, any person or entity other than Customer and IT Services Co.</span></h2>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 12pt 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"">IN WITNESS WHEREOF, the parties have executed this Agreement by their authorized representatives as of the date first written above.</span><b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"></span></b></div>
<div class="MsoNormal" style="margin: 12pt 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif""> IT Services Co Customer</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"">Authorized Signatory Authorized Signatory</span></div>
<div class="MsoNormal" style="margin: 12pt 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"">________________________ ______________________________</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"">Name Name</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"">__________________________ ______________________________ </span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"">Title Title</span></div>
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center;">
<br /></div>
<br />
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; text-align: center;">
</div>
<br />
<div align="center" class="MsoNormal" style="-webkit-text-stroke-width: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; margin: 0in 0in 0pt 0.5in; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<div style="margin: 0px;">
<br /></div>
</div>
<br />
<br />
<div class="IPOS2" style="margin: 6pt 0in 6pt 0.25in; mso-list: none; tab-stops: list .55in; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><u><span face=""arial" , "sans-serif"" style="color: blue; font-size: 11pt;">General Terms & conditions of IT services mentioned in IT services Proposal Document are the conditions subject to which the IT co is giving its quotation/AGREEING TO SERVE</span></u></b></div>
<div class="IPOS2" style="margin: 6pt 0in 6pt 0.25in; mso-list: none; tab-stops: list .55in; text-indent: -0.25in;">
<b style="mso-bidi-font-weight: normal;"><u><span face=""arial" , "sans-serif"" style="color: blue; font-size: 11pt;">Terms and Conditions<o:p></o:p></span></u></b></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Non Hire:<o:p></o:p></span></span></u></b></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">During the term of the Agreement and for a period of one year thereafter, neither party shall (either directly or indirectly through a third party) employ, solicit to employ, cause to be solicited for the purpose of employment or offer employment to any employee/s or sub contractor/s of the other party, or aid any third person to do so, without the specific written consent of the other party. The party so desirous of employing other party’s employee/ sub contractor shall do so only upon payment of an agreed upon compensation to the other party.<o:p></o:p></span></span></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Limitation of Liability:<o:p></o:p></span></span></u></b></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">In no event shall either party be liable for any loss of profits or revenue, loss of business or loss or inaccuracy of data or for any indirect, incidental, special or consequential damages incurred by the other party. “Typical IT services co”’s liability for damages, if any, whether in an action in contract or based on warranty, in law or equity shall not exceed 20% of the total amount of fees paid to “Typical IT services co” by “ EXAMPLE IT SERVICES CLIENT” for Services performed under this Proposal. The above mentioned limitation shall not apply to loss incurred due to:<o:p></o:p></span></span></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt 81pt; mso-list: l0 level1 lfo1; mso-text-indent-alt: -9.0pt; tab-stops: list 81.0pt; text-indent: -81pt;">
<span style="font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span><span style="font-family: "arial";">I.</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Breach of confidentiality<o:p></o:p></span></span></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt 81pt; mso-list: l0 level1 lfo1; mso-text-indent-alt: -9.0pt; tab-stops: list 81.0pt; text-indent: -81pt;">
<span style="font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span><span style="font-family: "arial";">II.</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Breach of Intellectual property rights<o:p></o:p></span></span></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt 81pt; mso-list: l0 level1 lfo1; mso-text-indent-alt: -9.0pt; tab-stops: list 81.0pt; text-indent: -81pt;">
<span style="font-size: 10pt; mso-bidi-font-family: Arial; mso-fareast-font-family: Arial;"><span style="mso-list: Ignore;"><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span><span style="font-family: "arial";">III.</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Willful misconduct of “Typical IT services co” personnel<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: x-small;">All the other applicable terms and conditions would be agreed upon by “Typical IT services co” and “ EXAMPLE IT SERVICES CLIENT” subsequent to the contract being awarded to “Typical IT services co”.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Validity:<o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: x-small;">This proposal is valid for thirty days from the date of submission and subject to revalidation of the same thereafter<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Force Majeure:<o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: x-small;">Neither party shall be liable for damages for any delay or failure to perform its obligations hereunder, if such delay or failure is due to causes beyond its control or without its fault or negligence, including, without limitation, strikes, riots, wars, fires, epidemics, lack of human or material resources, quarantine restrictions, unusually severe weather, earthquakes, explosions, acts of god or state or any public enemy, or acts mandated by any applicable laws, regulation or order (whether valid or invalid) of any governmental body.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Additional Costs:<o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: x-small;">The following situations would cause additional cost:<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""arial" , "sans-serif""><span style="font-size: x-small;">Changes to project phase scope or requirements<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: x-small;"><b style="mso-bidi-font-weight: normal;"><span face=""arial" , "sans-serif"">Client</span></b><span face=""arial" , "sans-serif""> fails to complete tasks, or deliver identified deliverables in accordance with the quality required or the timescales identified in the mutually defined and agreed project plan<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: x-small;"><b style="mso-bidi-font-weight: normal;"><span face=""arial" , "sans-serif"">Client</span></b><span face=""arial" , "sans-serif""> halts work on the project<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: x-small;"><b style="mso-bidi-font-weight: normal;"><span face=""arial" , "sans-serif"">Client</span></b><span face=""arial" , "sans-serif""> is unable to staff the project in a manner that will meet needs of timelines provided<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""arial" , "sans-serif""><span style="font-size: x-small;">Delays in sign-off / approvals will affect project costs & timelines<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""arial" , "sans-serif""><span style="font-size: x-small;">Ramp down costs<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span style="font-size: x-small;"><b style="mso-bidi-font-weight: normal;"><span face=""arial" , "sans-serif"">Client</span></b><span face=""arial" , "sans-serif""> terminates the project without providing notice<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt 0.5in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-align: justify; text-indent: -0.25in;">
<span style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"><span style="mso-list: Ignore;"><span style="font-size: x-small;">ü</span><span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""arial" , "sans-serif""><span style="font-size: x-small;">Wait time, if any, for “Typical IT services co” resources onsite and offshore will be billed to <b style="mso-bidi-font-weight: normal;">client</b> if there is any delay due to <b style="mso-bidi-font-weight: normal;">client</b> in the scheduled progress. Any such extension will also impact the project plan.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Acceptance:<o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;"><span style="font-size: x-small;">When in “Typical IT services co”'s opinion, its formal testing of deliverables (“Deliverables”) is complete, “Typical IT services co” shall provide written (including telefax or electronic mail) notification to Customer of completion of testing. Customer shall have twenty (20) days (“Acceptance Period”) to determine if the Deliverables conform to the specifications and those specifications or acceptance criteria agreed to in writing between the Parties (“Acceptance Criteria”). If the Deliverables are in substantially conform with the Acceptance criteria, then on or prior to expiration of the Acceptance Period, Customer shall provide “Typical IT services co” with written notice of acceptance. Customer shall be deemed to have accepted the Deliverables unless prior to the expiration of the Acceptance Period Customer provides “Typical IT services co” with written notice to the effect that the Deliverables fail to conform to the Acceptance Criteria, it being understood that all the particulars forming the basis for such notice will be contained therein. In the absence of such particulars, the notice shall be invalid and Customer shall be deemed to have accepted the Deliverables.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Change Control:<o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif""><span style="font-size: x-small;">Any additions/deviations to the scope will be considered as a change & will be evaluated separately in terms of cost, effort & schedule. Change Control procedures shall be agreed between client and “Typical IT services co” for changes identified during the execution of the project that are not included in the “scope document” part of the contract. Changes may be raised by either party, which will be on a standard format and agreed by both the parties in writing before implementing them. Any change to the project schedule as a result of the changes must also be agreed upon. “Typical IT services co” shall provide the effort and cost estimates for the changes.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-size: x-small;"><b style="mso-bidi-font-weight: normal;"><span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;">Client</span></b><span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;"> is expected to review the documents, clarify on any issues and provide all intermediate sign-offs within two (2) working day of submission of the relevant documents. Any delay in sign-off or on account of non-availability of client project manager will lead to proportionate delay in the final delivery and hence qualify for automatic extension of the final delivery date.<o:p></o:p></span></span></div>
<div class="IPOSBody" style="margin: 0in 0in 0pt;">
<br /></div>
<div class="IPOSBodyCharChar" style="margin: 0in 0in 0pt;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-size: 10pt; mso-bidi-font-family: Arial;"><span style="font-family: "arial";">Termination:<o:p></o:p></span></span></u></b></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;"><span style="font-size: x-small;">“Typical IT services co” will have the right to terminate for cause in case of non-payment of fees by Customer or bankruptcy of Customer. “Typical IT services co” to also have right of termination for convenience on 90 days notice provided that any ongoing SOWs would be completed. Immediate termination by Customer without notice is not acceptable.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 24px; margin: 0in 0in 0pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span face=""arial" , "sans-serif""><span style="font-size: x-small;">Jurisdiction:</span></span></u></b><span face=""arial" , "sans-serif"" style="font-size: 11pt; line-height: 22px;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
</div>
<br />
<div class="MsoNormal" style="font-family: "times new roman"; line-height: normal; margin: 0in 0in 0pt; text-align: justify;">
<div style="margin: 0px;">
<span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;"><span style="font-size: x-small;">The validity, performance and construction of the proposed contract and associated documents shall be governed by and construed in accordance with the laws of <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>. Any unresolved dispute or controversy arising under or in connection with the execution of the work herein, shall be settled exclusively by arbitration, conducted in accordance with the laws of <st1:place w:st="on"><st1:country-region w:st="on">India</st1:country-region></st1:place>.<span style="mso-spacerun: yes;"> </span>The arbitrators shall not have the authority to add, detract from, or modify any provision hereof nor to award punitive damages to any injured party.</span></span><br />
<span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;"><span style="font-size: x-small;"><br /></span></span>
<br />
<h1 style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-align: left;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;"> TEAMING AND COOPERATION AGREEMENT where joint venture or joint bidding is not allowed or intended but execution is intended to be shared and carried out jointly</span></h1>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">THIS TEAMING AND COOPERATION AGREEMENT (the "Agreement") is made and entered into this [ ] day of [ ], 20XX (the "Effective Date"), by and between:</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">IT Services co., a company incorporated under the (Indian) Companies Act, 1956, having its registered office at Secunderabad 500 003, India ("IT Services co"),</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">and </span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">[ ], a company organized under the laws of [ ], having its registered office at [ ] ("Company"). </span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">IT Services co and the Company are individually referred to as the "Party" and collectively referred to herein as the "Parties."</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<h1 style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-align: left;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">RECITALS</span></h1>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">ALTERNATIVE 1</span></i></b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"> - WHEREAS the Parties believe that there are mutually beneficial opportunities to use the Parties' expertise to offer combined product and service offerings to different customers, and desire to enter into this agreement to create a standard framework by which the Parties may work together to address and respond to identified commercial opportunities.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div align="center" class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-align: center;">
<i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">OR</span></i></div>
<div align="center" class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-align: center;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">ALTERNATIVE 2</span></i></b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"> - WHEREAS the Parties have identified an opportunity in respect of a request for tender/proposal issued by [Customer's name] in [country] for the provision of [fill in].</span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">(Delete the alternative not applicable)</span></i></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">NOW, THEREFORE, in consideration of the recitals and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">1. RELATIONSHIP OF THE PARTIES AND PROGRAMS</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<b><i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">(In the case of Alternative 1)</span></i></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">1.1<i> </i>On the identification of a specific opportunity, one of the Parties shall be designated as the prime contractor ("Prime") in Exhibit A, who shall enter into a contract ("Prime Contract") with the identified customer ("Customer"). The Prime shall enter into a subcontract ("Subcontract") with the other party ("Subcontractor") under which performance of certain obligations under the Prime Contract shall be performed by the Subcontractor.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">1.2 Each specific business opportunity which the Parties mutually agree to pursue is hereafter referred to as a "Program" and the Parties' agreement to pursue a Program shall be documented by identification of such Program in a writing to be attached hereto as an Exhibit, which shall be signed by each Party, identify the roles and responsibilities of the parties, set forth an effective date and which then shall become a part of this Agreement. Each new Exhibit number for each separate Program shall be consecutively numbered starting with Exhibit 1. The nature of services offered under a Program and the geographical location and division/department of the Customer shall be described in the Exhibit.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<i><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">OR</span></u></i></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<b><i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">(In the case of Alternative 2)</span></i></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">1.1 The Parties have agreed that [Party name] shall be designated as the prime contractor ("Prime") and shall enter into a contract with the Customer ("Prime Contract"). The Prime shall enter into a subcontract ("Subcontract") with the other party ("Subcontractor") under which performance of certain obligations under the Prime Contract shall be performed by the Subcontractor.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">1.2<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">The specific business opportunity which the Parties mutually agree to pursue is hereafter referred to as a "Program" and the Parties' agreement to pursue the Program shall be documented by identification of such Program in a writing to be attached hereto as an Exhibit, which shall be signed by each Party, identify the roles and responsibilities of the parties, set forth an effective date and which then shall become a part of this Agreement. The nature of services offered under the Program and the geographical location and division/department of the Customer shall be described in the Exhibit.</span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><i><span face=""arial" , "sans-serif"" style="font-size: 11pt;">(Delete the alternative not applicable)</span></i></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">2. RESPONSIBILITIES</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">2.1 The Prime shall have primary responsibility for the preparation and submission of a Program proposal pursuant to which the Subcontractor will act as a first-tier subcontractor.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">3. SCOPE</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"> </span></b></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">3.1 <b>Change of Scope</b>. The Parties recognize that, subsequent to this Agreement becoming effective, and subsequent to an Exhibit being executed for a Program, conditions relating to a Program may change causing a change in the scope of work set forth in such Exhibit. In such an event, the Parties shall in good faith revise the Exhibit to reflect the change in scope of work and commercial and other terms. </span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">3.2 <b>Consent Required</b>. During the term of an Exhibit for a Program, neither Party shall, without the consent of the other enter into any other collaboration, teaming or similar arrangement with other entities to provide services to the Customer under that Program. However each Party shall be free to market, promote, quote, offer to sell, or sell, products or services in respect of any other project, to any party including the Customer. </span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">4. PREPARATION AND SUBMISSION OF PROPOSALS WITH RESPECT TO PROGRAMS</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">4.1 <b>Prime</b>. The Prime shall be the leader in the proposal preparation with respect to the Program identified thereon and shall be identified as the prime contractor in the execution of documents relating to the Prime Contract.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">4.2 <b>Identification of Subcontractor</b>. The Prime may identify the Subcontractor as a subcontractor in the proposal for a Program.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">4.3 <b>Subcontract</b>. If a Prime Contract is awarded to the Prime, the Prime shall use commercially reasonable efforts to subcontract to the Subcontractor and the Subcontractor agrees to accept a subcontract to perform work for the Customer through the Prime. The Parties shall discuss in good faith and mutually agree upon the Subcontract which shall govern the scope of work and terms and conditions on which the Subcontractor shall perform such work. The Subcontractor agrees that certain provisions of the Prime Contract will flow down to the Subcontract, subject to review and acceptance of the terms of the Prime Contract by the Subcontractor.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">4.4 <b>Proposal Submittal</b>. The Prime will have the responsibility for the preparation, content, evaluation and submission of the combined management, technical, price, and cost proposal and other requirements to the Customer. Each Party will supply, in a timely manner, all necessary management, technical and other services, as well as cost and pricing information, exhibits, designs and plans and other requirements related to the Program, which it proposes to perform, so as to enable the Prime to fully respond to the Customer's proposal requirements. Upon submission, a copy of the final proposal and the rates and payment terms of the Subcontractor for the work to be performed as per the final proposal shall be attached as annexures to the Exhibit which the final proposal relates to and shall be deemed to be a part of this Agreement.</span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">4.5 <b>Co-operation and Diligence</b>. Each Party will act in good faith and exert reasonable efforts to prepare and submit a proposal acceptable to the Customer. The Subcontractor shall on request by the Prime support the Prime in discussions, briefings, presentations and negotiations with a Customer.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">4.6 <b>Expenses</b>. Each Party shall bear their respective costs, risks and liabilities incurred by it as a result of its activities and obligations, including but not limited to all expenses it incurs in connection with the preparation of its own portion of the proposal, any briefings, presentations, and negotiations which may follow, and all other efforts under this Agreement, unless the same are reimbursed by the Customer. The Subcontractor shall as may be mutually agreed between the Parties provide bid security, performance guarantee or the like, if any required by the Customer, commensurate with its participation in the Program.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">5. INDEPENDENT CONTRACTOR RELATIONSHIP</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"></span></b></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0.25in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">The Parties shall act as independent contractors to each other and not as agent for, partner of, or joint venturers with the other Party. No other relationship outside of that contemplated by the terms of this Agreement shall be created. The employees of each Party shall not be entitled to any of the benefits provided by the other Party to its employees, including, but not limited to, workers compensation insurance, unemployment insurance, and health retirement and welfare benefits.</span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">6. ASSIGNMENT</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"></span></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.25in;">
<br /></div>
<div class="MsoBodyText" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;"><u>Neither Party may assign its rights and obligations under this Agreement to a third party without the prior written consent of the other Party.</u></span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">7. NON-DISCLOSURE OF CONFIDENTIAL INFORMATION</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">7.1 "<b>Confidential Information</b>" means and includes all business, financial, technical and other data and information relating to the business, operations, products, services or solutions of either Party ("Disclosing Party") disclosed to the other Party ("Receiving Party") for the purposes of this Agreement.</span></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">7.2 Each Party agrees that Confidential Information is and shall be confidential and proprietary to the Disclosing Party and where it is the Receiving Party, agrees not to disclose Confidential Information to any third party without the express written permission of the Disclosing Party. The Receiving Party shall take all necessary precautions to maintain the secrecy and confidentiality of such Confidential Information. However a Receiving Party may reveal Confidential Information disclosed by the other Party to those of its employees, representatives and affiliates (collectively "Representatives") who have a need-to-know provided the Receiving Party puts similar obligations of confidentiality on such Representatives.</span></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0.5in;">
<br /></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">7.3 The above obligation of non disclosure will not be deemed to restrict a Receiving Party from using and/or disclosing any of the Confidential Information which:</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">a)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">is or becomes publicly known or comes within the public domain without the breach of this Agreement,</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">b) was known to it prior to its receipt thereof from the Disclosing Party,</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">c) is separately developed, whether before or after the date of this agreement, by persons not privy to the Confidential Information,</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">d) has been or is subsequently disclosed to it by a third party who is not under an obligation of confidence to the Disclosing Party or</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">e)<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">is required by law or by any Court or governmental agency or authority to be disclosed, in which case the Receiving Party will provide prompt notice of such request or requirement to the Disclosing Party.</span></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">7.4 The provisions of this Section 7 shall survive termination of the Agreement for a period of five years.</span></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">8. TERM AND TERMINATION</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"></span></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">8.1 This Agreement shall be effective for a period of one (1) year from the Effective Date and may be renewed upon mutual agreement of the Parties for such further period as may be agreed upon. Either Party may terminate this Agreement upon thirty (30) days written notice to the other Party. Any Exhibit in existence at the expiry of this Agreement shall continue in force until expiry or termination as per Section 8.2 below.</span></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">8.2 This Agreement or applicable Exhibit with respect to a given Program shall terminate upon any of the following circumstances:</span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">a.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">The written agreement of the Parties, as evidenced by signature of the authorised signatories of the Parties.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">b.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">One year from the effective date of the Exhibit for the Program.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">c.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">Written notice from the Customer that the Program has been canceled or that the Program has been changed to eliminate the work contemplated for the Subcontractor.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">d.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">Rejection of the Prime by the Customer or the award of a contract for the Program by the Customer to a party other than the Prime.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">e.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">The rejection of the Subcontractor by the Customer (including a prohibition on the Prime from subcontracting any obligations under the Prime Contract).</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">f.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">The execution of a Subcontract between the Prime Contractor and the Subcontractor in respect of the Program.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.75in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">g.<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 11pt;">A material breach of this Agreement by a Party, by notice of thirty days from the other Party.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="Legal2" style="font-family: "Times New Roman"; margin: 0in 0in 6pt; text-align: left; text-indent: 0in;">
<b><u><span lang="EN-AU">9. INTELLECTUAL PROPERTY RIGHTS</span></u><span lang="EN-AU"></span></b></div>
<div class="Legal2" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.5in; text-align: left; text-indent: 0in;">
<br /></div>
<div class="Legal2" style="font-family: "Times New Roman"; margin: 0in 0in 6pt 0.5in; text-align: left; text-indent: 0in;">
<span lang="EN-AU">Intellectual Property existing prior to the date of this Agreement will continue to be owned by the Party that owned such Intellectual Property immediately prior to the date of this Agreement. Intellectual Property developed in the course of services under a Prime Contract shall be as provided in the Prime Contract.</span></div>
<div class="Legal2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-align: left; text-indent: 0in;">
<span style="font-size: small;">In this clause "Intellectual Property" includes any document, text, graphic or artistic work, computer software or other subject-matter in which intellectual property rights subsist. <span style="font-size: 10pt; layout-grid-mode: line;"></span></span></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0in;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">10. LIMITATION OF LIABILITY</span></u></b></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0in;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-indent: 0in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">Notwithstanding anything to the contrary in this agreement, any Exhibit or Attachment or any other document signed between the Parties regarding the subject matter of this agreement, either prior or subsequent to this agreement, in no event shall either Party be liable for any loss of profits or revenue, or loss or inaccuracy of data or for any, indirect, incidental, special or consequential damages incurred by the other Party. A Party's liability for direct damages, if any, whether in an action or contract based on warranty, in law or equity shall not exceed the lesser of the (a) actual damages awarded by the dispute resolution authority or (b) a sum of US $100,000</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">11. FORCE MAJEURE</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyText2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-align: left;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">Neither Party shall be liable for damages for any delay or failure to perform its obligations hereunder, if such delay or failure is due to causes beyond its control or without its fault or negligence, including, without limitation, strikes, riots, wars, fires, epidemics, lack of human or material resources, quarantine restrictions, unusually severe weather, earthquakes, explosions, acts of god or state or any public enemy, or acts mandated by any applicable laws, regulation or order (whether valid or invalid) of any governmental body.</span></div>
<div class="MsoBodyText2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-align: left;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">12. GOVERNING LAW AND JURISDICTION</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">The Parties will attempt in good faith to resolve any dispute or claim arising out of or relating to this Agreement promptly through negotiations between them. Subject to aforesaid the Parties shall refer any dispute arising out of or in connection with this Agreement to arbitration to be carried out by a single arbitrator agreed by the Parties and according to the provisions of the Indian Arbitration & Conciliation Act, 1996 and the decision of the arbitrator shall be final and binding on both Parties. This Agreement shall be governed and construed in accordance with the laws of India and be subject to the exclusive jurisdiction of courts at Hyderabad/ Secunderabad, Andhra Pradesh, India.</span></div>
<div class="MsoBodyText2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-align: left;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">13. ENTIRE AGREEMENT</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"></span></b></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-indent: 0in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">This Agreement, including any Exhibits that may be attached hereto, represent the entire agreement between the Parties, with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements.</span></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">14. SECTION HEADINGS</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-indent: 0in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">The headings of the Sections are inserted for reference only and are not intended to be part of nor affect the meaning or interpretation of this Agreement.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">15. SUCCESSORS AND ASSIGNS</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-indent: 0in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns.</span></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0in;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">16. NON HIRE</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-indent: 0in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">During the term of this Agreement or any Exhibit and for a period of one year thereafter, neither Party shall (either directly or indirectly through a third party) employ, solicit to employ, cause to be solicited for the purpose of employment or offer employment to any employee/s or subcontractor/s of the other Party, or aid any third person to do so, without the specific written consent of the other Party.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman";">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">17. <span style="color: black; layout-grid-mode: line;">NOTICES</span></span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt; text-indent: 0.5in;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">Any notice or other communication under this Agreement given by either Party to the other Party shall be deemed properly given if in writing and <span style="color: black; layout-grid-mode: line;">when hand delivered during normal business hours of the recipient, acknowledgment taken or i</span><span style="layout-grid-mode: line;">f transmitted by facsimile during normal business hours of the recipient; proof of delivery taken. A copy sent by registered mail/ first class courier, return receipt requested should follow all fax notices; if mailed by registered mail/ first class courier, return receipt requested, within ten working days of posting,</span> properly addressed and stamped with the required postage, to the intended recipient at its address specified below its signature at the end of this Agreement<span style="layout-grid-mode: line;">.</span></span></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyTextIndent" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">In case there is any change in the address of one Party, it shall be communicated in writing to the other Party.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">18. </span></u></b><b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt;">PUBLICITY</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"></span></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">The Company agrees that it will not refer to IT Services co and to this Agreement, in any manner, including in any customer listings or sales presentations, promotional materials, business plans or news releases etc, without the prior written consent of IT Services co.</span><span face=""arial" , "sans-serif"" style="font-size: 11pt;"></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><u><span face=""arial" , "sans-serif"" style="color: black; font-size: 11pt;">19. MODIFICATION</span></u></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoBodyText2" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in; text-align: left;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">This Agreement may not be modified or amended except in writing signed by duly authorised representatives of each Party with express mention thereto of this Agreement. </span></div>
<div class="MsoBodyText" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<b><span face=""arial" , "sans-serif"" style="font-size: 11pt;"><u>20. NON WAIVER</u></span></b></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt 0.5in;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">No provision of this Agreement may be waived or changed except by a writing signed by the Party against whom such waiver is sought to be enforced. The failure or omission by either Party at any time to enforce or require strict or timely compliance to any provision of this Agreement shall not affect or impair that provision or any other provision in any way or the rights of such Party hereof, to avail itself of the remedies it may have in respect of any subsequent breach of that or any other provision.<u></u></span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; line-height: 24px;">
<b><u><span face=""arial" , "sans-serif"" style="font-size: 11pt; line-height: 22px;">21. DUE AUTHORISATION</span></u></b><b><span face=""arial" , "sans-serif"" style="font-size: 11pt; line-height: 22px;"></span></b></div>
<div class="MsoBodyText3" style="font-family: "Times New Roman"; line-height: normal; margin: 0in 0in 0pt 0.5in; text-align: left;">
<span lang="EN-GB" style="font-size: 11pt;">Each of the undersigned hereby represents to the other that she/ he is authorised to enter into this agreement and bind the respective Parties to this Agreement.</span></div>
<div class="MsoFooter" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">[<b>The Company's name</b>] <b>IT Services co</b>.</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">By: <u> </u> By: _______________________</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">Name: <u> </u> Name:</span></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<br /></div>
<span face=""arial" , "sans-serif"" style="mso-bidi-font-size: 12.0pt;"><span style="font-size: x-small;"></span></span><br />
<div class="MsoNormal" style="font-family: "Times New Roman"; margin: 0in 0in 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 11pt;">Title: <u> </u> Title: Managing Director</span></div>
</div>
</div>
</div>
</div>
</div>
<div style="text-align: left;">
<span lang="EN-IN" style="font-family: "times new roman" , "serif";"></span></div>
<div class="MsoNormal">
</div>
</div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-9424769142295749752021-07-25T00:31:00.000-07:002023-12-30T00:57:58.690-08:00Computation of Income chargeable to tax , Adjustments to the profit and Loss as per books, ICDS, tax management<div dir="ltr" style="text-align: left;" trbidi="on">
<h2>
</h2>
<div style="text-align: justify;">
<div class="separator" style="clear: both; text-align: left;">
<br /></div><div class="separator" style="clear: both; text-align: center;"><p style="background: white; margin: 0in 0in 12.15pt; text-align: left;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">Taxation statute is a fiscal statute which
imposes the pecuniary burden on the taxpayer. So such statutes are construed
strictly. Plain, clear and direct grammatical meaning is given. Where there are
two possible outcomes then that interpretation is given which is in favour of
assessee</span><span face=""Arial","sans-serif"" style="color: #4c4c4c; font-size: 13.5pt;"><o:p></o:p></span></p>
<p style="background: white; margin: 0in 0in 12.15pt; text-align: left;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">Every income is not taxable under Income tax
Act. For being chargeable under Income Tax Act, it has to be the specified by
the charging section of the Act as well as computation methodology to be
specified.<o:p></o:p></span></p>
<p style="background: white; box-sizing: border-box; margin: 0in 0in 12.15pt; text-align: start;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">In the example of Capital Gains the test of taxability
becomes more relevant. <o:p></o:p></span></p>
<p style="background: white; margin: 0in 0in 12.15pt; text-align: left;"><u><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">Charging section</span></u><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;"> : Section 45 charges the profits or gains arising from the
transfer of a capital asset to income-tax. The asset must be one which falls
within the contemplation of the section. For the purpose of imposing the
charge, Parliament has enacted detailed provisions in order to compute the
profits or gains under that head. No existing principle or provision at
variance with them can be applied for determining the chargeable profits and
gains.<o:p></o:p></span></p>
<p style="background: white; box-sizing: border-box; margin: 0in 0in 12.15pt; text-align: start;"><u><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">Computation provisions</span></u><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;"> :All transactions encompassed by sec 45 must fall under the
governance of its computation provisions. A transaction to which those
provisions cannot be applied must be regarded as never intended by sec. 45 to
be the subject of the charge. This inference flows from the general arrangement
of the provisions in the IT Act, where under each head of income the charging
provision is accompanied by a set of provisions for computing the income
subject to that charge.<o:p></o:p></span></p>
<p style="background: white; box-sizing: border-box; margin: 0in 0in 12.15pt; text-align: start;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">The character of the computation provisions in
each case bears a relationship to the nature of the charge. Thus, the charging
section and the computation provisions together constitute an integrated code.
When there is a case to which the computation provisions cannot apply at all,
it is evident that such a case was not intended to fall within the charging
section. Otherwise, one would be driven to conclude that while a certain income
seems to fall within the charging section there is no scheme of computation for
quantifying it. <o:p></o:p></span></p>
<p style="background: white; box-sizing: border-box; margin: 0in 0in 12.15pt; text-align: start;"><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">The legislative pattern discernible in the Act
is against such a conclusion. It must be borne in mind that the legislative
intent is presumed to run uniformly through the entire conspectus of provisions
pertaining to each head of income. No doubt there is a qualitative difference
between the charging provision and a computation provision. And ordinarily the
operation of the charging provision cannot be affected by the construction of a
particular computation provision. But the question here is whether it is
possible to apply the computation provision at all if a certain interpretation
is pressed on the charging provision. That pertains to the fundamental
integrality of the statutory scheme provided for each head.<o:p></o:p></span></p>
<p style="background: white; box-sizing: border-box; margin: 0in 0in 12.15pt; text-align: start;"><i><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124;"> </span></i><span face="Arial, sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #202124; font-size: 13.5pt;">With above
observation, the Hon’ble Supreme Court have held that no capital gain tax
liability arises if there is no cost of acquisition. This is the principle laid
down in the case of CIT vs. B.C. Srinivasa Setty (1981) 128 ITR 0294
(SC), (1981) 21 CTR (SC) 138. <o:p></o:p></span></p>
<p class="MsoNormal"><span face="Arial, sans-serif" style="background: white; color: #202124; font-size: 13.5pt; line-height: 115%;"><o:p> </o:p></span></p></div>
<div class="separator" style="clear: both; text-align: center;">
CERTAIN RECEIPTS ARE DEEMED AS INCOME AND CERTAIN EXPENSES ARE NOT ALLOWED AS DEDUCTION</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-mbne9DgUYzY/VxOA6F1jXhI/AAAAAAAACMY/BcgQE-PX2SMRwDL9AYuwTZbpNcO7eRuqACLcB/s1600/contra.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="228" src="https://4.bp.blogspot.com/-mbne9DgUYzY/VxOA6F1jXhI/AAAAAAAACMY/BcgQE-PX2SMRwDL9AYuwTZbpNcO7eRuqACLcB/s320/contra.jpg" width="320" /></a></div>
<span lang="EN-US"><strong><br /></strong></span>
<span lang="EN-US"><strong>Certain Receipts are deemed as dividend income under section 2(22)(a) to 2(22)(e)</strong></span><br />
<span lang="EN-US"><strong><span style="color: red;">Exception </span>: </strong></span><strong>Advance in ordinary course of business cannot be considered as deemed dividend U/s. 2(22)(e) of IT Act, 1961</strong><br />
<span lang="EN-US"><strong><br /></strong></span>
<span lang="EN-US"><strong>SUMMARY OF CASE LAW </strong></span></div>
<div style="text-align: justify;">
<span lang="EN-US">Once it is held that the <span class="ilad">business transactions</span> do not fall within <span class="ilad">section</span>
2(22)(e), one need not to go further to section 2(22)(e)(ii) to take away the
basic <span class="ilad">meaning</span>, intent and purport of the <span class="ilad">main</span> part of section 2(22)(e). </span></div>
<div style="text-align: justify;"><strong><span lang="EN-US"><br /></span></strong></div><div style="text-align: justify;">
<strong><span lang="EN-US">CASE LAW DETAILS</span></strong></div>
<div style="text-align: justify;">
<strong><span lang="EN-US">Decided by:</span></strong><span lang="EN-US"> HIGH COURT OF <st1:city w:st="on"><st1:place w:st="on">DELHI</st1:place></st1:city>,
<strong>In The case of:</strong> CIT v. Creative Dyeing & Printing Pvt.
Ltd., <strong>Appeal No.: </strong>ITA No. 250/2009, <strong>Decided on: </strong>September
22, 2009</span></div>
<div style="text-align: justify;">
<strong><span lang="EN-US">RELEVANT PARAGRAPH </span></strong></div>
<div style="text-align: justify;">
<span lang="EN-US">9.
In <span class="ilad">the present</span> case the <span class="ilad">Tribunal</span> on considering decisions in various cases held as
under:</span></div>
<div style="text-align: justify;">
<span lang="EN-US">“From the ratio laid down in
above cases and on the basis of judicial <span class="ilad">interpretation</span>
of words. ‘Loans’ or ‘Advances’, it can be held that section 2(22)(e)can be
applied to ‘Loans’ or ‘Advances’. Simplicitor and not to those transactions
carried out in course of business as such. In the course of carrying on
business transaction between <span class="ilad">a company</span> and a
stockholder, the company may be required to give advance in mutual interest.
There is no legal bar in having such transaction. What is to be ascertained is
what is <span class="ilad">the purpose</span> of such advance. If the amount is
given as advance simplicitor or as such per se without any further obligation
behind receiving such advances, may be treated is ‘deemed <span class="ilad">dividend</span>’,
but if it is otherwise, the amount given cannot be branded as ‘advances’ .
Within the meaning of deemed dividend under section 2(22)(e). Just as per
clause (ii) of section 2(22)(e), dividend is not to include advance or loan
made by a company in the ordinary course of business where the lending of money
is a substantial part of <span class="ilad">the business</span> of the company
advance in the ordinary course of carrying on business cannot be considered as
dividend within the meaning of section 2(22)(e). By granting advance if the
business purpose of the company is served and which is not the sum, which it
otherwise would have distributed as dividend, cannot be brought within the
deeming provision of treating such ‘Advance’ as deemed dividend ”</span></div>
<div style="text-align: justify;">
<span lang="EN-US">10. We agree with the aforesaid
observations. The finding of facts, arrived at by the Tribunal in the present
case is that the transaction in question was a<strong> </strong>business
transaction and which transaction would have benefited both the assessee
company and M/s. Pee Empro Exports Pvt. Ltd. In fact, as stated above, the
counsel for the appellant has conceded that the amount is in fact not a loan
but only an advance because the amount paid to the assessee company would be
adjusted against the entitlement of moneys of the assessee company payable by
M/s. Pee Empro Exports Pvt. Ltd. in the subsequent years.</span></div>
<div style="text-align: justify;">
<span lang="EN-US">11. The counsel for the
appellant has very strenuously urged that neither the Tribunal nor the judgment
o f this Court in Rajkumar .s case (supra) deals with that part of the
definition of deemed dividend under Section 2(22)(e) which states that deemed
dividend does not include an advance or loan made to a shareholder by a company
in the ordinary course of its business where the lending of money is a
substantial part of the business of the company [Section 2(22)(e)(ii)] i.e.
there is no deemed dividend only if the lending of moneys is by a company which
is engaged in the business of money lending. Dilating further the counsel for
the appellant contended that since M/s. Pee Empro Exports Pvt. Ltd. is not
intothe business of lending of money, the payments made by it to the assessee
company would therefore be covered by Section 2(22)(e)(ii) and consequently
payments even for business transactions would be a deemed dividend. We do not
agree. The Tribunal has dealt with this aspect as reproduced in para (9) above.
The provision of Section 2(22)(e)(ii) is basically in the nature of an
explanation. That cannot however, have bearing on interpretation of the main
provision of Section 2(22)(e) and once it is held that the business
transactions does not fall within Section 2(22)(e), we need not to go further
to Section 2(22)(e)(ii). The provision of Section 2(22)(e)(ii) gives an example
only of one of the situations where the loan/advance will not be treated as a
deemed dividend, but that .s all. The same cannot be expanded further to take
away the basic meaning, intent and purport of the main part of Section
2(22)(e). We feel that this interpretation of ours is in accordance with the
legislative intention of introducing Section 2(22)(e) and which has been
extensively dealt with by this Court in the judgment in Raj Kumar .s
case(supra). This Court in Raj Kumar .s case (supra) extensively referred to
the report of the Taxation Enquiry Commission and the speech of the Finance
Minister in the Budget while introducing the Finance Bill. Ultimately, this
Court in the said judgment held as under:</span></div>
<div style="text-align: justify;">
<span lang="EN-US">“10.3 A bare reading of the
recommendations of the Commission and the Speech of the then Finance Minister
would show that the purpose of insertion of clause (e) to section 2(6A) in the
1922 Act was to bring within the tax net monies paid by closely held companies
to their principal shareholders in the guise of loans and advances to avoid
payment of tax.</span></div>
<div style="text-align: justify;">
<span lang="EN-US">10.4 Therefore, if the said
background is kept in mind, it is clear that sub-clause (e) of section 2(22) of
the Act, which is <em>pari material </em>with clause (e) of section 2(6A) of
the 1922 Act, plainly seeks to bring within the tax net accumulated profits
which are distributed by closely held companies to its shareholders in the form
of loans.The purpose being that persons who manage such closely held companies
should not arrange their affairs in a manner that they assist the shareholders
in avoiding the payment of taxes by having these companies pay or distribute,
what would legitimately bedividend in the hands of the shareholders, money in
the form of an advance or loan. </span></div>
<div style="text-align: justify;">
<span lang="EN-US">10.5 If this purpose is kept in
mind then, in our view, the word ‘advance’ has to be read in conjunction with the
word ‘loan’. Usually attributes of a loan are that it involves positive
act of lending coupled with acceptance by the other side of the money as loan:
it generally carries an interest and there is an obligation of repayment. On
the other hand, in its widestmeaning the term ‘advance’ may or may not include
lending. The word ‘advance’ if not found in the company of or in conjunction
with a word ‘loan’ may or may not include the obligation of repayment. If it
does then it would be a loan. Thus, arises the conundrum as to whatmeaning one
would attribute to the term ‘advance’. The rule of construction to our
minds which answers this conundrum is <em>noscitur a sociis. </em>The said rule
has been explained both by the Privy Council in the of <em>Angus Robertson v.
George Day </em>(1879) 5 AC 63 by observing “it is a legitimate rule of
construction to construe words in an Act of Parliament with reference to words
found in immediate connection with them” and our Supreme Court in the case of <em>Rohit
Pulp & Paper Mills Ltd. v. Collector of Central Excise, </em>AIR 1991 SC
754 and <em>State of Bombay v. Hospital Mazdoor Sabha </em>A IR 1960 SC 610.”</span></div>
<br />
<form>
</form>
<br />
<div style="text-align: justify;">
<span lang="EN-US">12. Therefore, we hold that the
Tribunal was correct in holding that the amounts advanced for business
transaction between the parties, namely, the assessee company and M/s. Pee
Empro Exports Pvt. Ltd. was not such to fall within the definition of
deemeddividend under Section 2(22)(e). The present appeal is therefore
dismissed. </span><br />
<span lang="EN-US"><br /></span>
<br />
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; font-stretch: normal; margin: 0.75em 0px 0px; position: relative; text-align: left;">
<span face=""arial" , "tahoma" , "helvetica" , "freesans" , sans-serif" style="color: #222222;"><span style="font-size: 22px;"><u>Section 14A read with Rule 8D - Expenditure on Exempt income not allowable</u></span></span></h3>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-jlvYbQKMvCM/WJyPTQDGp6I/AAAAAAAADEs/7aQtPGhaQG8lYqn6IMtgv-UYstzWcczjwCLcB/s1600/13-14_draft_Assessment_order-3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-jlvYbQKMvCM/WJyPTQDGp6I/AAAAAAAADEs/7aQtPGhaQG8lYqn6IMtgv-UYstzWcczjwCLcB/s320/13-14_draft_Assessment_order-3.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-_UVGlO1JETw/WJyPTRVa7HI/AAAAAAAADEo/l5AeXLb-F6EvVjx3ks-saWG6aCahTkKwQCLcB/s1600/13-14_draft_Assessment_order-4.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-_UVGlO1JETw/WJyPTRVa7HI/AAAAAAAADEo/l5AeXLb-F6EvVjx3ks-saWG6aCahTkKwQCLcB/s320/13-14_draft_Assessment_order-4.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-JD8AZOLMC_M/WJyPTU5xrWI/AAAAAAAADEw/Dh3FvNckYBEE3MLa7ogRlYG_vLXZ_kcYwCLcB/s1600/13-14_draft_Assessment_order-5.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/-JD8AZOLMC_M/WJyPTU5xrWI/AAAAAAAADEw/Dh3FvNckYBEE3MLa7ogRlYG_vLXZ_kcYwCLcB/s320/13-14_draft_Assessment_order-5.jpg" width="226" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-nPFqbURqpac/WJyPUHyncwI/AAAAAAAADE0/LDBa3RRnmHc8DLGtVUVtS59r9Ra-j9fPwCLcB/s1600/13-14_draft_Assessment_order-6.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://1.bp.blogspot.com/-nPFqbURqpac/WJyPUHyncwI/AAAAAAAADE0/LDBa3RRnmHc8DLGtVUVtS59r9Ra-j9fPwCLcB/s320/13-14_draft_Assessment_order-6.jpg" width="226" /></a></div>
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 22px; font-stretch: normal; font-weight: normal; margin: 0.75em 0px 0px; position: relative; text-align: left;">
</h3>
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-stretch: normal; margin: 0.75em 0px 0px; position: relative; text-align: left;">
<div style="text-align: justify;">
<div style="font-size: 22px;">
<div style="line-height: 12pt; margin: 0cm;">
<span lang="EN-US" style="color: black; font-family: "eyinterstate" , serif; font-size: small; mso-ansi-language: EN-US; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-fareast-language: EN-US;"><u>14A while computing MAT</u></span><br />
<div style="font-size: 22px; font-weight: normal;">
<strong><span lang="EN-US" style="color: black; font-family: "eyinterstate" , serif; font-size: 11pt;">Special Bench confirms non-applicability of
expense disallowance methodology under Rule 8D to Minimum Alternate Tax </span></strong><span face=""arial" , sans-serif" style="color: #333333; font-size: 9pt;"><o:p></o:p></span></div>
</div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<br /></div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt;">This Tax
Alert summarizes the Delhi Tribunal Special Bench (SB) ruling dated 16 June
2017 in the case of Vireet Investment Pvt. Ltd. (Taxpayer) where the issues
before the SB were (a) whether the disallowable expense computation mechanism
of Section (S.) 14A of the Indian Tax Laws (ITL) for computing expenditure
incurred in relation to exempt income would extend to Minimum Alternate Tax (MAT)
while determining the “book profit” and (b) whether investments on which no
exempt income is earned during the relevant tax year should be included in the
disallowance computation. </span><span face=""arial" , sans-serif" style="color: #333333; font-size: 9pt;"><o:p></o:p></span></div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<br /></div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt;">On the first
issue relating to MAT, noticing the conflict of views expressed by the
jurisdictional Delhi High Court (Delhi HC) in the earlier case of Goetze India
Ltd. (in favor of Tax Authority) and later in the case of Bhushan Steel (in
favor of taxpayer, but without noticing the earlier Goetze ruling), the SB
preferred to follow the later ruling favoring the taxpayer. For this, the SB
relied on the Supreme Court (SC) ruling in the case of Vegetable Products Ltd.
Accordingly, the SB held that while expenditure relatable to income that is
exempt under both normal and MAT computation, needs to be added to “book
profit”, the computation mechanism of S. 14A disallowance relevant to normal
computation cannot be applied while computing book profit under MAT provisions.
The MAT disallowance has to be based on expenditure debited to Profit &
Loss Account (P&L).</span><span face=""arial" , sans-serif" style="color: #333333; font-size: 9pt;"><o:p></o:p></span></div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<br /></div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<span face=""arial" , sans-serif" style="color: black; font-size: 9pt;">On the
second issue relating to normal tax computation, having regard to Delhi HC
rulings in cases of Holcim India Pvt. Ltd. and Cheminvest Ltd. which held that
disallowance under S.14A does not apply to investments on which no exempt
income is earned during the tax year under reference, the SB held that such
investments should also be excluded while computing disallowance as per the
normative methodology prescribed in the Income Tax Rules.</span><span face=""arial" , sans-serif" style="color: #333333; font-size: 9pt;"><o:p></o:p></span></div>
<div style="font-size: 22px; font-weight: normal; line-height: 12pt; margin: 0cm;">
<br /></div>
<div style="font-size: 22px; font-weight: normal;"><br /></div>
<div style="font-size: 22px; font-weight: normal;">
<span style="color: #3333ff;"><b><u>Deferred Revenue Expenditure treatment under Accounting and Tax Laws</u></b></span></div>
</div>
<div style="font-size: 22px; font-weight: normal;">
<span style="color: #3333ff;"><br /></span></div>
<div style="font-weight: normal;">
<span style="color: #3333ff; font-size: small;">Generally any pre incorporation costs and pre operating costs will be deferred over 3 to 5 years. These preliminary expenses not written off will be carried to balance sheet and shown after current assets.</span></div>
<div style="font-weight: normal;">
<span style="color: #3333ff; font-size: small;"></span><br /></div>
<div style="font-weight: normal;">
<span style="color: #3333ff;"><span style="font-size: small; font-weight: bold;">But after issue of AS-26 by ICAI, companies cannot carry forward it in their Balance sheet.</span></span></div>
<div style="font-weight: normal;">
<span style="font-size: small;"><span style="color: #3333ff;"><span style="font-weight: bold;"><br /></span></span><span style="color: #3333ff;"></span></span>
<span style="font-size: small;"><span style="color: #3333ff;"></span><span style="color: #3333ff;">The reason being as per AS 26, an intangible asset can be recognised only when it meets the following criteria</span></span></div>
<div style="font-weight: normal;">
<span style="color: #3333ff; font-size: small;"></span><br /></div>
<div style="font-weight: normal;">
<span style="color: #3333ff; font-size: small;">(a) it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and</span></div>
<div style="font-weight: normal;">
<span style="color: #3333ff; font-size: small;">(b) the cost of the asset can be measured reliably.</span></div>
<div style="font-weight: normal;">
<span style="color: #3333ff; font-size: small;"></span><br /></div>
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Preliminary expenses, therefore, incurred on or after, the date on which the Standard becomes mandatory for an enterprise or the preliminary expenses incurred on or after the date on which the enterprise opts to apply the Standard in the preparation and presentation of financial statements would be <b>written off in the year in which they are incurred</b>.</span></div>
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">The expenditure on preliminary expenses <b>shall not be carried forward in the balance sheet</b> to be written off in subsequent accounting periods.</span></div>
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span>
<span style="font-size: small; font-weight: bold;">Applicability of AS 26:</span></div>
<div style="font-weight: normal;">
<span style="font-size: small;"><br /></span>
<span style="font-size: small;">Accounting Standard (AS) 26, 'Intangible Assets' comes into effect in respect of expenditure incurred on intangible items during accounting periods commencing <span style="font-weight: bold;">on or after 1‑4‑2003</span> and is mandatory nature from that date for the following:</span></div>
</div>
<div style="font-weight: normal; margin-left: 0.75in; text-align: justify; text-indent: -0.5in;">
<span style="font-size: small;">(i) Enterprises whose equity or debt securities are listed on a recognised stock exchange in India, and enterprises that are in the process of issuing equity or debt securities that will be listed on a recognised stock exchange in India as evidenced by the board of directors' resolution in this regard.</span></div>
<div style="font-weight: normal; text-align: justify;">
</div>
<div style="font-weight: normal; margin-left: 0.75in; text-align: justify; text-indent: -0.5in;">
<span style="font-size: small;">(ii) All other commercial, industrial and business reporting enterprises, whose turnover for the accounting period exceeds Rs. 50 crores.</span></div>
<div style="font-weight: normal; text-align: justify;">
</div>
<div style="font-weight: normal; text-align: justify;">
<span style="font-size: small;">In respect of all other enterprises, the Accounting Standard comes into effect in respect of expenditure incurred on intangible items during accounting periods commencing on or after 1‑4‑2004 and is mandatory from that date. The Accounting Standard, however, encourages earlier application.</span></div>
<div style="font-weight: normal; text-align: justify;">
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;"><br /></span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;"><span style="color: #3333ff;"></span>Paragraph 56 ofAS 26 provides some examples where the <b>expenditure is recognised as an expense when it is incurred</b>. The examples given include,</span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;"><br /></span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;">Expenditure on start‑up of activities (<b>start‑up costs</b>), unless the expenditure is included in the cost of an item of fixed asseet under AS 10. Start-up costs may consist of preliminary expenses incurred in establishing a legal entity such as legal and secretarial costs, expenditure to open a new facility or business (<b>pre‑opening costs</b>) or expenditure for commencing new operations or launching new products or processes (<b>pre‑operating costs</b>).</span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;"><br /></span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;"><span style="font-weight: bold;"></span><span style="color: #3333ff;"></span></span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="font-size: small;"><br /></span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="color: #3333ff; font-size: small;"><span style="font-weight: bold;"></span>As per IT Act, Preliminary expenses shall be allowed for 10 years under section 35D. That means only one tenth of total expenditure is allowed each year for 10 years. This is a timing difference as per AS 22 and company shall create DTL for this difference.</span></div>
<div style="color: black; font-family: "Times New Roman";">
<span style="color: #3333ff; font-size: small;"><br /></span></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
</div>
</h3>
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 22px; font-stretch: normal; margin: 0.75em 0px 0px; position: relative; text-align: left;">
<u>CASE LAWS</u></h3>
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 22px; font-stretch: normal; font-weight: normal; margin: 0.75em 0px 0px; position: relative; text-align: left;">
Whether for computing book profit u/s 115JB(2), expenditure incurred in relation to exempt income is to be disallowed by invoking Sec 14A read with Rule 8D - NO: ITAT</h3>
<div class="post-header" style="background-color: white; color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 10.8px; line-height: 1.6; margin: 0px 0px 1.5em; text-align: left;">
<div class="post-header-line-1">
</div>
</div>
<span lang="EN-US"></span><br />
<a name='more'></a><br />
<br />
<div class="post-body entry-content" id="post-body-1179520080193418768" itemprop="description articleBody" style="background-color: white; line-height: 1.4; position: relative; text-align: left; width: 570px;">
<div dir="ltr" trbidi="on">
<div style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;">
<span style="font-family: "verdana";"><strong><span style="font-size: xx-small;">THE </span></strong><span style="font-size: xx-small;">issue is - Whether for computing book profit u/s 115JB(2), expenditure incurred in relation to exempt income is to be disallowed by invoking Sec 14A read with Rule 8D. NO is the answer.</span></span></div>
<div align="justify" style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;"><strong>Facts of the case</strong></span></div>
<div align="justify">
<div style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;">Assessee company is engaged in the business of manufacturing of S.S. Billets, Angles, Flat Bars, Channels, S.S.Wire Rods etc. During the year under consideration, the assessee company derived income of Rs.28,19,03,964/- from Business & Profession after claiming deduction of Rs.1,20,36,43,184/- u/s 10B and Rs 67,03,000/- u/s 80G of the Act.</span><a href="https://www.blogger.com/null" name="more"></a><span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;"><br />During the course of the assessment proceedings, the AO noticed that the assessee company has investments in equity shares of various companies totaling to Rs.51,03,59,701/- as on 31-03-2008. The assessee company was asked to explain as to why disallowance u/s 14A of the Act read with Rule 8D of Income Tax Rules, 1962 should not be invoked in respect of the exempt income. In response, the assessee company submitted that the assessee company has not earned any exempt income during the relevant assessment year and with prejudice to the above contentions, the assessee company submitted the working of disallowance u/s 14A of the Act. The AO rejected the contentions of the assessee company and held that since the assessee company has blocked its funds in investments not yielding any income or yielding exempt income, the invocation of Section 14A of the Act is proper. The AO relied upon the decision of Special Bench, ITAT, Mumbai in ITA NO 8057/Mum/03 dated 20.10.2008 in the case of M/s Daga Capital Management Private Limited = 2008-TIOL-509-ITAT-MUM-SB and held that both direct and indirect expenses are disallowable u/s 14A of the Act which have any relation with the income not chargeable to tax under Act. The AO also relied upon the decision of Bombay High Court in Godrej & Boyce Manufacturing Company Limited v. DCIT <em><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=38&filename=legal/hc/2010/2010-TIOL-564-HC-MUM-IT.htm" style="color: #888888; text-decoration: none;" target="_blank">2010-TIOL-564-HC-MUM-IT</a></strong></em> and made disallowance of Rs.73,07,018/- u/s 14A of the Act read with Rule 8D(2)(ii) (Rs.58,87,196/-) and 8D(2)(iii)(Rs.14,19,892/-) of Income Tax Rules, 1962.<br /><br />Similarly for computing book profits u/s 115JB of the Act, the AO added Rs.73,07,018/-being disallowance u/s 14A of the Act read with Rule 8D of Income Tax Rules,1962 being expenditure in relation to the earning of exempt income to the book profit in accordance with clause (f) to explanation 1 to Section 115JB(2) of the Act.<br /><br />With Respect to the re-computation of the book profit u/s 115JB of the Act by the AO by adding the sum of Rs.73,07,018/- disallowed u/s 14A of the Act, the assessee company submitted before the CIT(A) that disallowance u/s 14A of the Act cannot be added while computing the book profit u/s 115JB of the Act as the provisions of Section14A of the Act are limited for the purpose of computation of income under Chapter IV of the Act and the same cannot be extended to the MAT provisions u/s 115JB of the Act which is a self contained code. The assessee company submitted that no exempt income has been earned during the assessment year. The assessee company also submitted that no expenditure has been incurred by the assessee company in relation to the exempt income. The assessee company submitted that since no amount has been debited to the Profit and Loss Account as referred to in clause (f) to Explanation (1) to Section 115JB(2) of the Act the disallowance made by the AO by invoking the provision of Section 14A of the Act read with Rule 8D of Income Tax Rules, 1962 amounting to Rs.73,07,018/- cannot be increased for the purpose of arriving at the book profit. The assessee company relied upon the judgments in the case of Apollo Tyres Limited v. CIT <strong><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=37&filename=legal/sc/2002/2002-TIOL-185-SC-IT-LB.htm" style="color: #888888; text-decoration: none;" target="_blank"><em>2002-TIOL-185-SC-IT-LB</em></a></strong></strong>; CIT v. HCL Connect Systems and Services Limited <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=37&filename=legal/sc/2008/2008-TIOL-182-SC-IT.htm" style="color: #888888; text-decoration: none;" target="_blank"><em>2008-TIOL-182-SC-IT</em></a></strong>; ACIT v. Spray Engineering devices Limited <strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=39&filename=legal/itat/2012/2012-TIOL-438-ITAT-CHD.htm" style="color: #888888; text-decoration: none;" target="_blank"><em>2012-TIOL-438-ITAT-CHD</em></a>.</strong><br />The CIT(A) allowed the appeal of the assessee company by holding that as observed in Apollo Tyres Limited v. CIT by Apex court that where Profit and Loss Account has been prepared in accordance with Part II and III of Schedule VI to the Companies Act,1956 and which has been scrutinized and certified by the statutory auditors and relevant authorities, the AO has no power to scrutinize the net profit and loss account except to the extent provided in the explanation to Section 115JB of the Act. The CIT(A) also held that the same view has been reiterated by Bombay High Court in Kinetic Motor Co. Ltd. v. DCIT wherein it has been held that there is no scope for the AO to make adjustment to Book Profits beyond what was authorized by the definition in Explanation1 to Section 115J of the Act. The term book profit has been defined as the net profit as per Profit and Loss Account as adjusted in accordance with the statutory additions and statutory deductions as provided. The CIT(A) held that the AO cannot go beyond the net profit as shown in the Profit and Loss Account except to the extent provided in the explanation to Section 115JB of the Act and hence the CIT(A) held that the AO while computing Book Profit u/s 115JB of the Act cannot make disallowance u/s 14A of the Act as such disallowances are not covered by the exceptions as provided in the explanation to Section115JB of the Act.<br /><br />Aggrieved by the orders of the CIT(A), the Revenue is in appeal before Tribunal with respect to the orders of the CIT(A) deleting the additions of Rs.73,07,018/- made u/s 14A read with Section 115JB of the Act disregarding the provisions of Section 115JB(2) read with explanation 1 read with clause f of which requires any expenditure in relation to the exempt income also to be taken into consideration while computing the book profit u/s 115JB(2) of the Act.<br /><br /><strong>Having heard the matter, the Tribunal held that,</strong><br /><br />++ the explanation 1 clause (f) to Section 115JB(2) of the Act stipulates that amount of expenditure relatable to any exempt income, other than Section 10(38) of the Act, is liable to be added back to net profit shown in Profit and Loss Account if the amount referred to therein is debited to Profit and Loss Account;<br /><br />++ Perusal of Section 14A of the Act provides that it mandates disallowance of expenditure ‘in relation' to the income which does not form part of the total income under the Act while clause (f) in explanation1 to Section 115JB (2) of the Act mandates disallowance of expenditure ‘relatable' to the income to which Section 10 (other than Section 10(38) of the Act) or Section 11 or Section 12 of the Act applies. The close perusal of the both the above provisions reveals that more or less similar language is used in both the afore-stated provisions. The dividend income is declared on the share investment which is exempt u/s 10(33) of the Act (not Section 10(38) of the Act). The clause (f) to explanation 1 to Section 115JB(2) of the Act requires expenditure relatable to the exempt income to be disallowed provided the same is debited to Profit and Loss Account while Section14A(2) of the Act mandates that if the AO is not satisfied with the correctness of the claim of the assessee with regard to the expenditure incurred by the assessee in relation to the income which does not form part of the total income, then disallowance shall be computed in accordance with the prescribed method. Rule 8D of Income Tax Rules, 1962 prescribes the method for computing disallowance of expenditure in relation to earning of exempt income. The said Rule 8D is a machinery provision to compute disallowance of expenditure u/s 14 A of the Act in relation to the income which does not form part of the total income and is held to be applicable w.e.f. assessment year 2008-09 as held by Bombay High Court in Godrej and Boyce Manufacturing Limited decision. The impugned assessment year under appeal in present case is also assessment year 2008-09 and hence Section 14A of the Act read with Rule 8D of Income Tax Rules,1962 is applicable;<br /><br />++ It is axiomatic to assume that the amount computed under Section 14A of the Act read with Rule 8D of Income Tax Rules, 1962 shall have no reference to the amount debited to the Profit and Loss Account and there cannot be any disallowance u/s 14A of the Act unless the expenditure is debited to Profit and Loss Account and hence disallowance u/s 14A is always a part of expenditure debited to the Profit and Loss Account. In the instant case under appeal, the AO has disallowed the expenditure of Rs.73,07,018 computed u/s 14A of the Act read with Rule 8D of Income Tax Rules, 1962 for computing normal taxable income which is upheld by the CIT(A) in the first appeal and the same amount of expenditure of Rs.73,07,018/- is added to compute book profit u/s 115JB of the Act which is computed u/s 14A of the Act read with Rule 8D of Income Tax Rules,1962;<br /><br />++ the AO cannot tinker with the profit and loss prepared by the assessee company in accordance with the Provisions of The Companies Act,1956 and which are certified by the statutory auditors and approved by the Company in Annual General Meeting and scrutinised by the Registrar of Companie to be so maintained in accordance with the Provisions of the Companies Act, 1956 . Perusal of Section 115JB of the Act will reveal that the tinkering with the Profit and Loss Account as prepared in accordance with the Provisions of The Companies Act, 1956 is permitted to the extent provided in explanation 1 to Section 115JB(2) of the Act. Clause (f) to explanation 1 to Section 115JB(2) of the Act permit the Book profit to be increased with the expenditure relatable to any income to which Section 10 (other than Section 10(38) of the Act), Section 11 or Section12 of the Act applies and hence the decision in Apollo Tyres Limited <strong><strong><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=37&filename=legal/sc/2002/2002-TIOL-185-SC-IT-LB.htm" style="color: #888888; text-decoration: none;" target="_blank"><em>2002-TIOL-185-SC-IT-LB</em></a></strong></strong> is not applicable to the facts of the case;<br /><br />++ In view of foregoing discussion, there is no infirmity with the orders of the AO and it was held that the AO has rightly disallowed the expenditure of Rs.73,07,018/- by invoking the provisions of Section 14A of the Act read with Rule 8D of Income Tax Rules, 1962 for computing book profit u/s 115JB(2) of the Act read with clause (f) to explanation 1 to clause 115JB(2) of the Act. Therefore, the orders of the CIT(A) was set aside and restored the orders of the AO.</span></div>
<div style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;"><br /></span></div>
<div style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;"><b><u><br /></u></b></span>
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;"><b><u>Section 41 : Reversal of Liability is deemed as Income</u></b></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<b>Liability outstanding for long period of time in books is also assessable as income ( even if not written back)</b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;">In a 2013 decision, Mumbai Income Tax Tribunal has held that where a liability was outstanding on books for a disproportionately long period of time and the assessee is unable to prove the identity & genuineness of creditors, such long outstanding liability will be assessed as income under section 41(1) of the Income Tax Act, 1961.</span><span style="color: #222222;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;">In the case before the Mumbai Tribunal, the assessee, engaged in the business of civil construction and labour contractor, had an amount of Rs. 86.25 lakhs shown as outstanding labour charges in his balance sheet that had remained unpaid for more than three years. The Assessing Officer (AO) held that the fact that the amount was outstanding for so many years was abnormal. As the assessee was unable to give the addresses and labour bills of the labourers, he held that the assessee had failed to prove the genuineness of the liability and that it had ceased to exist. He therefore assessed the said sum as income u/s 41(1). On appeal, the CIT(A) reversed the AO on the ground that the fact that the amount was outstanding for a long period and that the assessee was unable to furnish confirmations did not mean that there was a remission or cessation of liability during the assessment year so as to attract s. 41(1).</span><span style="color: #222222;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;">On appeal by the department to the Tribunal while allowing the appeal observed that it is very improbable that payments to labour can remain outstanding for more than three years. The assessee has not been able to produce the records relating to the name, addresses and bills of the labour etc to prove that the liability continues to exist. It is accordingly a case of cessation of liability. The assessee has just continued the entry of the same in his books of account without any intention to pay back the same.</span><span style="color: #222222;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;">The view was taken that it would be illogical to say that a debtor or an employer, holding on to unpaid dues, should be given the benefit of his showing the amount as a liability, even though he would be entitled in law to say that a claim for its recovery is time barred, and continue to enjoy the amount. It was observed that the assessee cannot be allowed to show an amount as a liability even though he has no intention to pay it back but to enjoy the same for an unlimited period without being added to his income only on the excuse that he has not written off the same in his books of accounts. However, if the facts of the case establish that the liability has been genuinely shown by the assessee and his subsequent conduct shows that he has paid back the said credits and his intention was not to enjoy the amount for unlimited period without any intention to pay back the same, then it cannot be said to be a case of cessation of liability.</span><span style="color: #222222;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;">On the above premise, the Tribunal opined that on facts, not only is the existence of outstanding liability of labour charges for so many years improbable in the normal course of business but the assessee has also failed to give any evidence regarding the identity & genuineness of the creditors. Accordingly it is a case of cessation of liability and s. 41(1) applies.</span><span style="color: #222222;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;">The above decision of the Mumbai Tribunal is contrary to the law laid down by the Mumbai High Court in J.K.Chemicals and by the Delhi High Court in Vardhaman Overseas Ltd where the law was laid down that section 41(1) does not apply if the amount of liability is not written back in the accounts.</span><br />
<br />
<span face=""verdana" , "sans-serif"" style="color: #222222; font-size: 9pt;"></span><br />
<table border="0" style="font-family: verdana; font-size: 13.3333px;"><tbody>
<tr><td align="center" colspan="2" style="font-size: 10pt;"><br /></td></tr>
<tr><td colspan="2" style="font-size: 10pt;"><table border="0" style="font-size: 13.3333px;"><tbody>
<tr><td align="right" style="font-family: arial, arial, helvetica, sans-serif; font-size: 10pt;"></td></tr>
<tr><td align="center" colspan="2" style="font-size: 10pt;"><br />
<table border="0" style="font-size: 13.3333px;"><tbody>
<tr><td align="center" colspan="2" style="font-size: 10pt;"><span style="color: #000099; font-size: x-small;"><b><u>Interest paid for delayed deposit of TDS is allowable expenditure</u></b></span></td></tr>
<tr><td colspan="2" style="font-size: 10pt;"><ins style="background-color: transparent; border: none; display: inline-table; height: 90px; margin: 0px; padding: 0px; width: 728px;"></ins></td></tr>
</tbody></table>
<span style="color: #000099; font-size: x-small;"><b><u>TDS IS PART OF SUM PAYABLE TO PAYEE and is trading liability- </u></b></span></td></tr>
</tbody></table>
</td></tr>
<tr><td align="right" colspan="2" style="font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 21px; text-align: justify;"><i>October, 13th 2017</i></td></tr>
<tr><td colspan="2" style="font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 21px; text-align: justify;">References and links:<br />
Lachmandas Mathura vs. CIT 254 ITR 799 (SC) 1997 (12) TMI 16 - SUPREME Court Interest paid on sales tax arrears is deductible u/s. 37(1) Ld. CIT(A) after considering the submission of assessee has deleted the addition made<br />
Commissioner Of Income-Tax Versus Mysore Electrical Industries Limited 1991 (3) TMI 30 - KARNATAKA High Court<br />
- Interest for failure to pay PF contribution was held deductible u/s. 37(1).<br />
Bharat Commerce And Industries Ltd. Versus Commissioner of Income-Tax 1998 (3) TMI 2 - SUPREME Court<br />
Recent judgment of Kolkata ITAT in case<br />
DCIT, Circle-3(1), Kolkata Vs. M/s Narayani Ispat Pvt. Ltd dt. 30.08.2017 in ITA No.2127/Kol/2014 for Assessment Year: 2010-11 2017 (10) TMI 67 - ITAT KOLKATA<br />
Summary:<br />
TDS/TCS are part of sum payable for business expenses. Deposit of TDS/ TCS results into payment to payee who get credit for TDS/ TCS deposited. In case of delay in deposit of TDS/ TCS, interest is payable for such late deposit. This is in relation to business expenditure. Therefore, interest paid for delay in deposit of TDS/ TCS is also a business expenditure. In this article author had discussed several aspects of TDS/TCS . Recently honourable Kolkata ITAT has considered this issue and allowed such interest under section 37.<br />
This judgment of ITAT, on issue of interest for late deposit of TDS seems to be first reported judgment. In the judgment ITAT has also not referred to any other judgment on the issue.This way we can consider that generally such interest is being allowed by tax authorities.<br />
Tax Deducted at Source(TDS) and Tax collection at source (TCS)<br />
Tax may be deducted from various sums payable by assessee to his employees, service providers and suppliers. The tax has to be deducted as per provisions and then deposited within time prescribed from time to time.<br />
Similarly Tax may be collected from customers or suppliers of goods as per law. TCS is also required to be collected in respect of prescribed transactions and then deposited within prescribed period.<br />
TDS and TCS are part of trading or business operations:<br />
In case of assessee engaged in business or profession he employ people or receives services from others, purchase or sell goods in course of business. TDS and TCS are intimately connected to such business operations.<br />
Just like GST, VAT, sales tax, profession tax, or any other tax collected from other parties or otherwise payable in account of other government or authorities the amount of TDS and TCS are also payable. Amount of TDS and TCS arises in course of business or profession and such obligation is imposed on assessee and therefore, he deduct or collect tax and then pay to or deposit in account of concerned government or its department, as per prescribed method of deposits in banks or treasury.<br />
TDS is part payment of business expenditure or trading liability:<br />
TDS is a part of payment to be made to payee (supplier or service provider).<br />
For example:<br />
A. Suppose gross salary payable is ? 1000 K, out of which following deductions are made<br />
For PF ? 100 K<br />
For profession tax Rs. 10 K<br />
TDS Rs. 90 K<br />
Net salary payable to employees ? 800 K<br />
In accounting entry ? 1000K will be debited to salary account, deductions will be credited to respective accounts. Then when payments are made respective account will be debited.<br />
Salary of ? 1000 K (Rs. ten lakh) is allowable expenditure. PF, PT, and TDS are sums withheld by employer and are deposited in respective account, for which employees will get credit as the sums were deducted from their salary. Gross salary of ? 1000K is income of employees. The will get deductions for sums deducted from their salary. TDS will also be credited in their account with Income-tax Department and it will be reflected in their TDs report in form 26AS. PF will be credited in their account. Profession tax is tax paid on behalf of employees and is allowable in their hands against salary income.<br />
<br />
Therefore, the amount first deducted and then paid or deposited for PF, P.Tax and TDS are part and parcel of salary payable by employer.<br />
B. payment to contractor:<br />
Suppose gross sum payable to a contractor is Rs. ten lakh, out of which TDS is ? 20K. The assessee shall pay ? 980K to contractor and deposit ? 20K as TDS for which contractor shall get credit against income-tax payable by him.<br />
C. payment to professionals:<br />
Suppose gross sum payable to a professional is Rs. ten lakh, out of which TDS is Rs. one lakh. The assessee shall pay ? 9 lakh to professional and deposit Rs. one lakh as TDS for which professional shall get credit against income-tax payable by him.<br />
TDS can also be at lower rate:<br />
Suppose contractor or professional furnishes permission or order form his Assessing Officer (AO) for TDS at lower rate, then the assessee will deduct tax at such lower rate and deposit amount based on such rate. The amount so deducted will be deposited and balance amount shall be payable to the contractor or professional.<br />
Similarly in case of payment of salary, the amount of TDS can be lower, if employees had made investments in tax saving scheme and furnished evidence to the employer.<br />
TDS is against personal liability of tax payable by payee:<br />
Above discussions and examples are given just to emphasise that the payment of salary to employees or to contractors and professionals are made in course of business or profession and TDS is a part of full amount payable by assessee to his employees, contractor or professionals.<br />
The sum do TDS is tax paid on behalf of payee. This will be adjusted against tax liability of payee. This will be credited in account / PAN of payee and reflected in tax credit in form 26AS.<br />
Tax deductor has separate and independent personal liability to pay his income-tax<br />
Tax deductor also earn income and he has separate and independent personal liability to pay his income-tax, on the total income which he earns during any previous year. A tax deductor, may not have tax liability due to exemption or loss. Even if there is no personal liability of income-tax, still he is liable to deduct or collect tax if makes payment of prescribed sums from which tax is to be deducted or collected.<br />
This also make clear that the amount of TDS is not part of tax payable by tax deductor on his income. The tax deductor has to pay his income-tax separately. This can be by way of TDs of various sums received by him if they are subject to provisions of TDS/ TCS , balance income-tax payable by him has to be paid by him by way of instalment of advance tax, self- assessment tax, and in case on assessment additional liability arises, then pay tax determined by AO. These are his personal liabilities and his income-tax is payable out of his income.<br />
Interest payable to employee, supplier service provider is allowable:<br />
Suppose there is delay in payment of salary, or payment to contractor or professional and assessee is to make payment of interest for such delay, then interest so payable / paid will be allowable expenditure.<br />
Allowability of interest payable under two circumstances:<br />
In case TDS / TCS is deposited late, interest is payable by tax deductor / tax collector.<br />
As discussed earlier, TDS is in discharge of business expenditure. Therefore, in case there is delay in deposit of TDS, interest paid for such delay should be allowed as business expenditure being incidental to business or profession and in relation to business expenditure.<br />
In case instalment of advance tax, and self- assessment tax or assessed tax is paid, then also interest is payable by assessee. However, this is for delayed payment of personal income-tax of assessee and not of any other person. This is for delayed discharge of personal tax obligation. The income-tax payable by assessee on his income is not allowable, so the interest payable for delayed deposit of such tax is also not allowable.<br />
The position about allowability of interest for delayed deposit of statutory liabilities like Excise duty, GST, VAT, sales tax, Cess, is well settled. Generally interest payable is compensatory in nature and is allowable. In other words, when it is compensatory in nature and is not in nature of penalty it is allowable.<br />
However, allowability of interest for late deposit of TDS is a bit new area of litigation. Based on discussion, made hereinbefore, author had always considered that interest for delayed deposit of TDS/ TCS is allowable expenditure. However, when sums involved are small, assesses may avoid litigation.<br />
Recent judgment of Kolkata Tribunal:<br />
Recently a judgment, as referred in opening of the article, was pronounced in which some of aspects as discussed by author were considered in relation to allowability of interest paid for late deposit of TDS. The Tribunal, while confirming order of CIT(A) and dismissing ground of revenue, held that interest for delayed deposit is also allowable under section 37 of the Income-tax Act, 1961.<br />
The relevant ground (with highlights added by author about interest on delayed deposit of TDS) reads as follows:<br />
" On the facts and circumstances of the case, the Learned CIT(A) is not justified in deleting disallowance of interest of ? 15,880/- on service tax and Rs.70,000/- on TDS because of the fact that the assessee failed to deposit the taxes of other parties to the other parties to the Central Government account within due time.<br />
xxx<br />
<br />
Relevant facts on the issue of interest on TDS are analysed below:<br />
The assessee during the year has claimed the interest & finance expenses in its profit and loss account for ? 3,48,00,349.00 which inter alia includes Interest paid for late deposit of TDS amounting to ? 70,777/-<br />
Assessing Officer was of the view that interest paid for the late payment of TDS is not allowable for the deduction from the income.<br />
AO relied on the judgment of Hon'ble Supreme Court in the case of Bharat Commerce Industries Ltd. Vs. CIT (1998) reported in 1998 (3) TMI 2 - SUPREME Court and disallowed the claim of such interest<br />
On appeal of assessee the Ld. CIT(A) allowed the claim . Considering submission of assessee the the ratio laid down by the Hon'ble Supreme Court in the case of Bharat Commerce Industries Ltd. (supra) has been misunderstood by the AO as, in that case, the disallowance was made on account of interest under section 215 of the Act due to the delay in the payment of income tax on the income disclosed under Voluntary Disclosure of income and Wealth Act, 1976.<br />
In the case before CIT(A) the issue relates to the interest charged on account of late deposit of TDS and not personal income-tax on income of assessee.<br />
Assessee relied on Lachmandas Mathura vs. CIT 1997 (12) TMI 16 - SUPREME Court in which case Interest paid on sales tax arrears is deductible u/s. 37(1) and CIT vs. Mysore Electrical Industries Ltd. 1991 (3) TMI 30 - KARNATAKA High Court = 196 ITR 884 (Kar)in which interest for failure to pay PF contribution was held deductible u/s. 37(1) .<br />
Ld. CIT(A) after considering the submission of assessee has deleted the addition made<br />
by the AO by observing as under:-<br />
"4-. Ground No. (i) relates to disallowance of ? 86,657/- made by the Assessing Officer The total amount of ? 86,657/- includes ? 15,880/- towards interest paid on service tax and ? 70,777/- towards interest disallowed the same following the decision of Hon'ble Supreme Court in the case of Bharat Commerce And Industries Ltd. Versus Commissioner of Income-Tax 1998 (3) TMI 2 - SUPREME Court = 230 ITR 733(SC). However, in that case the dispute was related to allowability of interest u/s.139 & 215 of the IT Act, 1961 whereas in the present case the expenditure related to interest paid on service tax and interest paid on TDS. In view of the facts and submission of the appellant, I find that the expenses are allowable u/s. 37 of the IT Act, 1961 as the same were incurred wholly and exclusively for the purpose of business. Therefore, the AO was not justified to disallow the same. Hence, he is directed to delete the addition."<br />
Analysis of order of ITAT on issue of interest for TDS:<br />
Tribunal considered the rival contentions of both the parties and perused the material available on record.<br />
The AO has disallowed the interest expenses incurred by the assessee on account of late deposit of TDS after having reliance on the judgment of Hon'ble Supreme Court in the case of Bharat Commerce Industries Ltd. Vs. CIT (1998) (Supra) in which the Supreme Court has settled law that when interest is paid for liability to pay income tax by assessee ( that is personal income-tax) and interest is levied for late payment under any provision ( in that case it was S.139 and 215 **of I.T. Act) then such interest will not be allowable because income-tax itself is not allowable. In conclusion it was held as follows:<br />
Under the Act, the payment of such interest is inextricably connected with the assessee's tax liability. If income-tax itself is not permissible deduction under section 37, any interest payable for default committed by the assessee in discharging his statutory objection under the Act, which is calculated with reference to the tax on income, cannot be allowed as a deduction.<br />
Therefore, it was to be held that deduction of interest levied under sections 139 and 215 would not be allowable under section 37.<br />
Per author: (** At present such interest on own tax liability will be u/s 234A, 234B and 234C) and this will not be allowable.<br />
The Tribunal noted that the facts of the instant case are distinguishable as in the case is for interest paid for delayed deposit of TDS. The interest for the delay in making the payment of service tax & TDS is compensatory in nature.<br />
As such the interest on delayed payment is not in the nature of penalty.<br />
The issue of delay in the payment of service tax is directly covered by the judgment of Hon'ble Apex Court in the case of Lachmandas Mathura vs. CIT 254 ITR 799 (SC) 1997 (12) TMI 16 - SUPREME Court in favour of assessee. The relevant extract of the judgment is reproduced below (highlights added):<br />
"The High Court has proceeded on the basis that the interest on arrears of sales tax is penal in nature and has rejected the contention of the assessee that it is compensatory in nature. In taking the said view the High Court has placed reliance on its Full Bench's decision in Saraya Sugar Mills (P.) Ltd. v. CIT 1978 (5) TMI 22 - ALLAHABAD High Court = [1979] 116 ITR 387 (All.) The learned counsel appearing for the appellant-assessee states that the said judgment of the Full Bench has been reversed by the larger Bench of the High Court in Triveni Engg. Works Ltd. v. CIT 1983 (10) TMI 49 - ALLAHABAD High Court = [1983] 144 ITR 732 (All.) (FB), wherein it has been held that interest on arrears of tax is compensatory in nature and not penal. This question has also been considered by this Court in Civil Appeal No. 830 of 1979 titled Saraya Sugar Mills (P.) Ltd. v. CIT decided on 29-2-1996. In that view of the matter, the appeal is allowed and question Nos. 1 and 2 are answered in favour of the assessee and against the revenue."<br />
<br />
Tribunal held that in view of the above judgment, there remains no doubt that the interest expense on the delayed payment of service tax is allowable deduction.<br />
Then Tribunal held that The above principles can be applied to the interest expenses levied on account of delayed payment of TDS as it relates to the expenses claimed by the assessee which are subject to the TDS provisions. The assessee claims the specified expenses of certain amount in its profit & loss account and thereafter the assessee from the payment to the party deducts certain percentage as specified under the Act as TDS and pays to the Government Exchequer. The amount of TDS represents the amount of income tax of the party on whose behalf the payment was deducted & paid to the Government Exchequer. Thus the TDS amount does not represent the tax of the assessee but it is the tax of the party which has been paid by the assessee. Thus any delay in the payment of TDS by the assessee cannot be linked to the income tax of the assessee and consequently the principles laid down by the Hon'ble Apex Court in the case of Bharat Commerce Industries Ltd. Vs. CIT (1998) reported in 230 ITR 733 cannot be applied to the case on hand.<br />
Accordingly Tribunal concluded that :<br />
Law laid down by the Hon'ble Supreme Court in the case of Bharat Commerce Industries Ltd. (supra) is not applicable in the instant facts of the case. And that the Assessing Officer in the instant case has wrongly applied the principle laid down by the Hon'ble Supreme Court in the case of Bharat Commerce Industries Ltd.(supra).<br />
Law laid down by the Hon'ble Supreme Court in the case of Lachmandas Mathura (Supra) in which Hon'ble Supreme Court has allowed the deduction on account of interest on late deposit of sales tax u/s 37(1) of the Act. In view of the above, we conclude that the interest expenses claimed by the assessee on account of delayed deposit of service tax as well as TDS liability are allowable expenses u/s 37(1) of the Act.<br />
Therefore Tribunal confirmed order of CIT(A) and dismissed ground of Revenue.<br />
Conclusion:<br />
The order of the ITAT is based on settled legal position by way of precedence from the honourable Supreme Court. The law applied is correct. On facts also as discussed in article, TDS is nothing but a part payment to payee. If there is delay in such part payment and tax deductor is required to pay interest, such interest is also an allowable expenditure.<br />
Author hopes that revenue will not challenge the judgment of ITAT.</td></tr>
</tbody></table>
</div>
<div style="color: #222222; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 13.2px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: xx-small;"></span></div>
<div style="line-height: normal;">
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: center;">
<span lang="EN-US"><b><u>DEPRECIATION</u></b></span></div><div style="color: black; font-family: "times new roman"; font-size: medium; text-align: center;"><span lang="EN-US"><b><u><br /></u></b></span></div><div style="color: black; font-family: "times new roman"; font-size: medium; text-align: center;"><span lang="EN-US"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-7mHNld0-6SM/YETLGhdK-DI/AAAAAAAAOIg/4srQG-NdPU89in5u9q_8Ppz-JFYvVB3UQCLcBGAsYHQ/s979/DEP%2BON%2BGOODWILL.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="433" data-original-width="979" height="285" src="https://1.bp.blogspot.com/-7mHNld0-6SM/YETLGhdK-DI/AAAAAAAAOIg/4srQG-NdPU89in5u9q_8Ppz-JFYvVB3UQCLcBGAsYHQ/w640-h285/DEP%2BON%2BGOODWILL.png" width="640" /></a></div><br /><u><br /></u></b></span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: center;">
<b><u>UNDERSTANDING TAX JARGON</u></b></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><b><u><br /></u></b></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><b><u>Distinction between Unabsorbed Depreciation carry forward and Loss Carry Forward</u></b></span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><br /></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;">Business Loss can be carried forward and set off for period of </span><span style="font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><span style="color: red;">8 years</span></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"> (even if the business in respect of which it was incurred has been discontinued). However, such loss cannot be set off against income under any other head. In respect of unabsorbed depreciation from business,it can be set off </span><span style="font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><span style="color: red;">against any</span></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"> other source of income in the absence of business income and can be carried forward </span><span style="font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><span style="color: red;">indefinitely</span></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;">,( even if the business through which depreciation was incurred has ceased to exist.)</span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><br /></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"> Carry forward of losses is permissible only if the return of income for the year, in which loss is incurred, is filed in time. Such </span><span style="font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><span style="color: red;">late filing will not impact</span></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"> </span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"> loss from house property and unabsorbed depreciation</span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><br /></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><br /></span><span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"><b style="color: black; font-family: "Times New Roman"; line-height: normal;"><u>Prior period expenditure- Allowability under Income Tax</u></b></span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #5e5e5e; font-family: "arial" , "verdana" , "tahoma" , "times new roman"; line-height: 19.5px;"></span><br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
In case of CIT vs. Vishnu Industrial Gases (Delhi High Court)Where the department had not disputed that the expenditure was deductible in principle but was only disputing the year in which the deduction could be allowed HELD, castigating the department, that as the tax rates were the same in both years, the department should not fritter away its energies in raising questions as to the year of deductibility/taxability.</div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; text-align: left;">
<div style="font-size: medium;">
<br /></div>
<div style="font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman";">
<span style="font-size: large;"><b><u>whether notional exchange gain/loss arising on account of exchange rate adjustment </u></b><b><u>is taxable?</u></b></span></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
A: Gain on <span style="font-weight: bold;">revenue account</span> is taxable on <span style="font-weight: bold;">accrual basis</span> and in case of loss it is an allowable expenditure .(CIT Vs Woodward Governor (SC))</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
However increase /decrease in cost of <span style="font-weight: bold;">depriciable asset</span> due to exchange fluctuation is added/deducted in the block of assets in the year of <span style="font-weight: bold;">actual payament</span> under section 43A. Prior to 2003, 43A allowed adjustment of cost of asset as on date of balance sheet on <span style="font-weight: bold;">accrual basis</span></div>
<div style="font-size: medium;">
<br /></div>
</div>
<div style="font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="font-weight: bold;"><u><b>How to account for foreign exchange fluctuation : AS 11 vs Companies Act Vs IT Act</b></u></span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #3333ff; font-weight: bold;"><br /></span><span style="color: #3333ff; font-weight: bold;">AS - 11 :</span><span style="color: #3333ff;">As per AS 11 any foreign exchange loss or gain (including on loans taken for acquisition of capital asset) shall be transferred to P&L Account.</span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #006600; font-weight: bold;">Companies Act :</span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="color: #006600;">Companies (accounting standards) Amendment Rules, 2009 has given an option to capitalise the fluctuation difference. This option is available only up to 01-04-2011.</span><span style="color: #006600;">That means both AS 11 and Companies Act are same in treating the revenue related fluctuation i.e it shall be transferred to P&L Account.</span><span style="color: #006600;">But in case of fluctuation difference relating to acquisition of depreciable capital asset, company has an option to capitalise the difference.</span></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; text-align: left;">
<span style="font-weight: bold;">Income Tax Act:</span></div>
<div style="color: black; text-align: left;"><span style="font-family: times new roman; font-size: medium;">
As per IT Act, the cost of asset shall be effected only on actual payment. (Sec. 43A) Reinstatement of loan liability incurred for acquisition of capital asset will not effect cost of the asset under IT Act unlike Companies Act.</span><br />
<br />
<br />
<br />
<div style="font-family: "Times New Roman"; font-size: medium;">
<b><u>Distinction between shares held as stock-in-trade and shares held as investment</u></b></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
1.The Income Tax Act, 1961 makes a distinction between a capital asset and a trading asset.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
2. Capital asset is defined in Section 2(14) of the Act. Long-term capital assets and gains are dealt with under Section 2(29A) and Section 2(29B). Short-term capital assets and gains are dealt with under Section 2(42A) and Section 2(42B).</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
3. Trading asset is dealt with under Section 28 of the Act.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
4. The Central Board of Direct Taxes (CBDT) through Instruction No.1827 dated August 31, 1989 had brought to the notice of the assessing officers that there is a distinction between shares held as investment (capital asset) and shares held as stock-in-trade (trading asset). In the light of a number of judicial decisions pronounced after the issue of the above instructions, it is proposed to update the above instructions for the information of assessees as well as for guidance of the assessing officers.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
5. In the case of Commissioner of Income Tax (Central), Calcutta Vs Associated Industrial Development Company (P) Ltd (82 ITR 586), the Supreme Court observed that: Whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any distinction between those shares which are its stock-in-trade and those which are held by way of investment.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
6. In the case of Commissioner of Income Tax, Bombay Vs H. Holck Larsen (160 ITR 67), the Supreme Court observed : The High Court, in our opinion, made a mistake in observing whether transactions of sale and purchase of shares were trading transactions or whether these were in the nature of investment was a question of law. This was a mixed question of law and fact.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
7. The principles laid down by the Supreme Court in the above two cases afford adequate guidance to the assessing officers.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
8. The Authority for Advance Rulings (AAR) (288 ITR 641), referring to the decisions of the Supreme Court in several cases, has culled out the following principles :- (i) Where a company purchases and sells shares, it must be shown that they were held as stock-in-trade and that existence of the power to purchase and sell shares in the memorandum of association is not decisive of the nature of transaction; (ii) the substantial nature of transactions, the manner of maintaining books of accounts, the magnitude of purchases and sales and the ratio between purchases and sales and the holding would furnish a good guide to determine the nature of transactions; (iii) ordinarily the purchase and sale of shares with the motive of earning a profit, would result in the transaction being in the nature of trade/adventure in the nature of trade; but where the object of the investment in shares of a company is to derive income by way of dividend etc. then the profits accruing by change in such investment (by sale of shares) will yield capital gain and not revenue receipt.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
9. Dealing with the above three principles, the AAR has observed in the case of Fidelity group as under:- We shall revert to the aforementioned principles. The first principle requires us to ascertain whether the purchase of shares by a FII in exercise of the power in the memorandum of association/trust deed was as stockin-trade as the mere existence of the power to purchase and sell shares will not by itself be decisive of the nature of transaction. We have to verify as to how the shares were valued/held in the books of account i.e. whether they were valued as stock-in-trade at the end of the financial year for the purpose of arriving at business income or held as investment in capital assets. The second principle furnishes a guide for determining the nature of transaction by verifying whether there are substantial transactions, their magnitude, etc., maintenance of books of account and finding the ratio between purchases and sales. It will not be out of place to mention that regulation 18 of the SEBI Regulations enjoins upon every FII to keep and maintain books of account containing true and fair accounts relating to remittance of initial corpus of buying and selling and realizing capital gains on investments and accounts of remittance to India for investment in India and realizing capital gains on investment from such remittances. The third principle suggests that ordinarily purchases and sales of shares with the motive of realizing profit would lead to inference of trade/adventure in the nature of trade; where the object of the investment in shares of companies is to derive income by way of dividends etc., the transactions of purchases and sales of shares would yield capital gains and not business profits.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
10. CBDT also wishes to emphasise that it is possible for a tax payer to have two portfolios, i.e., an investment portfolio comprising of securities which are to be treated as capital assets and a trading portfolio comprising of stock-in-trade which are to be treated as trading assets. Where an assessee has two portfolios, the assessee may have income under both heads i.e., capital gains as well as business income.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
11. Assessing officers are advised that the above principles should guide them in determining whether, in a given case, the shares are held by the assessee as investment (and therefore giving rise to capital gains) or as stock-in-trade (and therefore giving rise to business profits). The assessing officers are further advised that no single principle would be decisive and the total effect of all the principles should be considered to determine whether, in a given case, the shares are held by the assessee as investment or stock-in-trade.</div>
<div style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium;">
12. These instructions shall supplement the earlier Instruction no. 1827 dated August 31, 1989.</div>
<br />
<br />
<br />
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><u>Issues in deductions allowable under computation of Business Income - By K.C. Devdas, Chartered Accountant</u></b></div>
<div style="text-align: left;">
<b><u><br /></u></b></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">1.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><span lang="EN-GB">Some of the issues concerning Deductions allowable under computation of Business Income are presented hereunder<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><span lang="EN-GB">Section 28 of the IT act, 1961 mostly deals with deduction of losses and Section 37 deals with expenditure expended by the company.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.1.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">Section 29 - INCOME FROM PROFITS AND GAINS OF BUSINESS OR PROFESSION, HOW COMPUTED<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.2.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">TRADING LOSSES:-<o:p></o:p></span></u></b></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Losses incidental to business are allowable as deduction despite there being no specific provision for the same. Some of the important tests laid down by leading judgements as to allowability of trading losses are as follows:-<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">i)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Business loss is allowable if it is of a non-capital in nature and if the same is not only connected with trade but is incidental to trade itself.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">ii)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The degree of the risk or its frequency is not of much relevance but its nexus to the nature of business is material.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">iii)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The loss for which a deduction is claimed must be one that springs directly from the carrying on of the business and is incidental to it, and not any loss sustained by the Assessee even if it has some connection with his business.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">iv)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">If there is a direct and proximate nexus between the business operation and the loss or it is incidental to its, then the loss is deductible, as without the business operation and all that is incidental to is, no profit can be earned.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">v)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The two requisites are (a) the loss is incidental to trade itself, that is to say, there must be a nexus between the loss and the trade which should have been incurred in the course of the trade and (b) the loss should have been incurred by one in the character of a trader and the same should fall on him the said character.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">In Sellora International Ltd vs. Joint CIT (2003) 74 TR (Dir-Tax) (Del-Trib) 244; (2003) 44 SCL 686 (Del-Trib) it was held that if an Assessee could not receive the goods in exchange of advance, the amount has to be treated as a business loss.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> Likewise the Mumbai Tribunal in BDC vs. Dy. C.I.T. reported in 175 Taxation 60 held that an advance given during the course of business against supply of gift articles, therefore, non-recovery of such advance clearly represented the loss suffered by the Assessee during the course of business and was held deductible.<b><o:p></o:p></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.3.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">LOSS DUE TO ILLEGALITY OF TRANSACTIONS</span></u></b><b><span lang="EN-GB"><o:p></o:p></span></b></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">As a general rule, loss due to infraction of law is not allowable as deduction. Loss arising out of confiscation of valuable goods and levy of fine in respect of legal business are not allowable as deduction from profits computed of such business.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">But losses due to infraction of law in respect of illegal business are allowable while computing profits of such business (CIT v. S.C. Kothari (1971) 82 ITR 794 (SC). The Hon’ble Supreme Court in CIT v. Piara Singh (1980) 124 ITR 40 has laid down as follows:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">“if the activity of smuggling can be regarded as business, those are carrying on that business must be deemed to be aware that a necessary incident involved in the business, its detection by the customs authorities and the consequent confiscation of the currency notes. It is an incident as predictable in the course of carrying on the activity as any other feature of it. Having regard to the nature of the activity possible detection by the customs authorities constitutes a normal feature integrated into all that is implied and involved in it. The confiscation of the currency notes is a loss occasioned in pursuing the business, it is a loss in much the same way as if the currency notes had been stolen or dropped on the way while carrying on the business. It is a loss which springs directly from the carrying on of the business and is incidental to it”.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Hon’ble Supreme court in Piara Singh’s case, distinguished the earlier quoted decisions on the ground that the infraction of law in those cases was not the business of the Assessee and therefore the loss was not allowed.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">In CIT v. Badam Subha Rao (1996) 85 Taxman 631 (AP) the assessee claimed to be carrying on business of money lending. Central Excise authorities had seized and confiscated some gold and silver articles from Assessee’s premises. The Assessing Officer added the value of the same as income under section 69. On appeal, the Assessee claimed that the business was illegal and therefore loss due to confiscation was allowable as deduction. On reference, the Hon’ble High Court held that the Assessee never claimed that he was carrying on business of smuggling and therefore loss due to confiscation was not allowable as deduction.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">In Ishwar Das alias Ishwar Lal Sindhi V. CIT, 155 CTR (All) 373, another case of its kind, it has been held that the loss due to confiscation of gold by customs department in case of a licensed goldsmith would not be allowed as deduction.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> With regard to expenses allowable under section 37, explanation has been inserted with retrospective effect from 1.4.1962 to provide that any expense, the purpose of which is an offence or is prohibited by law shall not be allowed as deduction.<b><u><o:p></o:p></u></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.4.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">Section 37 – THE OMINIBUS PROVISION</span></u></b><b><span lang="EN-GB"><o:p></o:p></span></b></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">(1)<span style="font-size: 7pt; font-stretch: normal;"> </span></span>Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession".<u><span lang="EN-GB"><o:p></o:p></span></u></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<i>Explanation [1], - For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure.<o:p></o:p></i></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<i> Explanation 2, - For the removal of doubts it is hereby declared that for the purposes of sub-section (1), any expenditure incurred by an Assessee on the activities relating to corporate social responsibility referred to in section 135 of the Companies Act, 2013 (18 of 2013) shall not be deemed to be an expenditure incurred by the Assessee for the purposes of the business or profession.</i><span lang="EN-GB"><o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
(2B) Notwithstanding anything contained in sub-section (1), no allowance shall be made in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party.<o:p></o:p></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<b><u><span lang="EN-GB">EXPLANATION TO SECTION 37(1)<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Explanation has been inserted to sub section (1) of section 37 by Finance (No.2) Act, 1988, with retrospective effect from 1-4-1962 to restrict the scope of deduction allowable under section 37(1). It provides that any expenditure incurred by an Assessee for any purpose (a) which is an offence or (b) which is prohibited by law shall not be allowed as deductio0n. As such, even if an expenditure is otherwise allowable as deduction under section 37(1), if the same is for any purpose which is an offence or which is prohibited by law shall not be allowable as deduction.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">As observed by the Apex Court in Maddi Venkataraman & Co. (P) Ltd. V. CIT [1998] 229 ITR 534, it would be against the public policy to allow the benefit of deduction under one statute of expenditure incurred in violation of the provisions of another statute. The mere fact that payment has been made by itself does not constitute a justification for allowing that payment as an item of deduction under section 37 of the Act. The fact that payment has been reflected in the books of account does not also lead to the conclusion that such payment has been made bonafide.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Participants may consider allowability of following expenditure in light of explanation to section 37(1).<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB" style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">è<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Mr. XYX had, in financial year 1998-99, written off in its books of accounts a debt due in respect of export sales without obtaining prior permission from the RBI. Further, a payment of commission to a foreign agent was made without obtaining prior permission. Both the transactions have been subsequently permitted by the RBI in August, 1999, and penalty was levided which has been paid. Whether the following are allowable as deduction:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 2.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">a)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Penalty Paid.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 2.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">b)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Bad debts written off in AY 1999-00.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 2.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">c)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Commission paid.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB" style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">è<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">M/s. PQR has constructed a high storied building and sold all the units therein by the Financial Year 1997-98 and accordingly profit was determined and offered to tax for the assessment year 1998-99. Recently, the local administration has initiated proceedings on the ground that top three stories of the building are in violations of the rules and the permission for work granted and has initiated proceedings. The firm is now attempting to regularize the construction by purchasing TDR’s and compounding the matter with the local authorities. The assessment proceedings are in progress and the Assessing Officer is proposing to disallow cost of construction of top three stories without reducing sale consideration received for sale of such units. Please advice.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB" style="font-family: "wingdings"; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;">è<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Mr. A is chairman and Managing Director of a listed company, B Ltd. carrying on business of manufacturing household utilities. The management of the company were receiving threats for extortion from gang which were not entertained. Mr. A’s son was kidnapped by the said gang and the board of directors decided to pay the ransom out of companies funds as the kidnapping of the son of Chairman was as a fall out of unheeded threats received by the company. Please advise whether the same is allowable as deduction. Whether the same can be disallowed as personal expense. Also consider the applicability of explanation to section 37(1).<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> Also consider whether the answer would be different if the money was paid in pursuance of threats before kidnapping. Also consider whether the answer would be different in chairman was kidnapped instead of his son and all other facts remain the same.<b><u><o:p></o:p></u></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.5.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><span lang="EN-GB">Sub-section 1 of section 37 is an omnibus provision for deductions in computing business income. Following conditions have been specified which need to be satisfied for claiming deduction under the said section:<b><o:p></o:p></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">i)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">It is not an expenditure of the nature described under sections 30 to 36. Sections 30 to 36 prescribe different set of conditions for allowability of expense and therefore it is those conditions that need to be satisfied to claim deduction. The Courts have been liberal in construing this condition. If an expense, though similar in nature to those described in sections 30 to 36, does not fall within the exact description in those sections, that such expense has been held to be allowable under section 37.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">ii)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The expenditure is not capital in nature.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> The expenditure is not personal expense of the assessee. In the new millennium, when seamless office and paperless communication is the order of the day, and when the thin line between personal life and professional life is fast eroding, it will become more and more difficult to determine whether an expense was incurred in personal capacity or professional capacity. In CIT v. Jeevandas Laljee & Sons [1999] 106 Taxman 139 (Mad), the Hon’ble Court has dealt with the thin line following words: “Though the expenditure incurred for the purpose of business can be varied forms and cannot be exhaustively enumerated, a line has to be drawn between the expenditure for business purpose and expenditure on gifts made on occasions of marriages in the families of directors of the companies with which the Assessee has business dealings, friends and relatives, which cannot quality as business expenditure. If the Assessee chooses to make such gifts out of the income received by the Assessee in the course of his business, he can do so but cannot claim it as a legitimate expenditure while computing his income for the purpose of taxation. The gift made by an Assessee carrying on business, on such occasions would be similar to that of any other person, who makes a gift on such occasions to his friends or relatives or official superiors or colleagues, such gift being made out of taxed income. Though it is difficult to draw a line with precision demarcating business from personal relationships, nevertheless, it has to be drawn somewhere and the marriages within the family of business associates, friends and relatives cannot be regarded as occasions requiring an Assessee carrying on business to make gifts as a matter of commercial expediency and claim the same as business expenditure. Therefore, expenses incurred by Assessee on occasion of marriage of daughter of Chairman of the company with which he had business relations and personal gifts on festive occasions to others, would not be allowable as business expenditure.”<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.6.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">LEASE EQUALISATION CHARGES (LEC):</span></u></b><b><span lang="EN-GB"><o:p></o:p></span></b></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> The (T & AP) High Court in CIT vs. PACT Securities & Financial Services reported in 374 ITR 681 held that according to standards issued by ICAI are not to be disregarded and held that LEC are deductible from Lease Rental Income.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.7.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">SECTION 43-B DISALLOWANCE</span></u></b><b><span lang="EN-GB"><o:p></o:p></span></b></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> The Hon’ble Supreme Court in CIT vs. Travancore Sugars & Chemicals Ltd reported in 374 ITR 585 held that levy of vend fee is arrack business is a “fee” and attract disallowance.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.8.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">PREMIUM ON KEYMEN INSURANCE<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> The Bombay HC in CIT vs. Agarwal Enterprises reported in 374 ITR 240 (Bom) held that premium on Keyman Insurance of persons was held deductable u/s 37 of the IT Act, 1961.<b><u><o:p></o:p></u></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.9.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">INTEREST FREE ADVANCES TO SUBSIDIARIES<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Hyderabad Bench of I.T.A.T in Addl. CIT vs. Hill Country Properties reported in 154 ITD 177 held that no disallowance could be made of Interest on Borrowed Capital where Assessee was having share capital, reserves & surplus, interest free advances from customers and deposits to give interest free advances to subsidiaries and thus no disallowance could be made of interest. See also Bombay HC decision in the case of Reliance Utilities & power Ltd reported in 313 ITR 340. Please also see 24 iTR (Tribunal) Hyd 290 – SSPDL LTd vs. DCIT.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.10.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">BUSINESS EXPENDITURE – YEAR IN WHICH ALLOWABLE<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> The Supreme Court in Taparia Tools Ltd vs. JCIT reported in 372 ITR 605 held that the option give to non-convertible debenture holders to receive periodically or as a one time payment of lower sum payable immediately accrued in the year of excercise of the option by subscriber notwithstanding the fact that onetime payment of interest was shown in the books as a deferred expenditure. Please also see Allahabad HC decision in CIT vs. Shivram Motors Pvt Ltd – 272 CTR (All) 277.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.11.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">COMMISSION<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Supreme Court in the case of Premier Breweries Ltd vs. CIT repoted in 372 ITR 180 held that where the Govt Corporation exclusively marketed alchoholic bewerages in state and the Assessee pays commission to agents to obtain supply orders from government, government corporation were not deductible.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.12.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">BOGUS PURCHASES<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Bombay HC in CIT vs. Nikmy Exim Enterprises Pvt. Ltd reported in 372 ITR 619 held that where suppliers filed confirmation letters, copies of invoices, bank statements and none appeared before authorities could not be a ground to hold that purchases were bogus and therefore no addition could be made.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.13.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">DEDUCTION OF DEPRECIATION AND INTEREST WHERE PROFITS ARE ESTIMATED<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The (T&AP) High Court in the case of CIT vs. Y. Ramchandra Reddy reported in 372 ITR 77 held that depreciation and interest are deductible even where profits are estimated.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.14.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">EXPENDITURE INCURRED ON CORPORATE SOCIAL RESPONSIBILITY<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB"> The Finance (No.2) Act, 2014 amended section 37 of the IT Act, 1961 with effect from 1-4-2015 to clarify that for the purposes of sub section (1) of section 37 any expenditure incurred by an Assessee on Corporate Social Responsibility shall not be deemed to have been incurred for the purpose of business and hence, shall not be allowed as a deduction u/s 37. Please see section 37 – explanation 2 of IT Act, 1961.<b><o:p></o:p></b></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.15.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">EXPENDITURE INCURRED IN PROMOTING COMPANIES</span></u></b><u><span lang="EN-GB"><o:p></o:p></span></u></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">EXP: Incurred in promoting other companies can be claimed as a deduction and ser off against the profits of the existing company. On the facts and circumstances of the case in CIT vs. Senapathy Whitley Ltd., reported in 198 ITR 753 the Karnataka High Court held that the expenditure was deductible as:-<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">i.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The existing company was in the Business of manufacturing and sale of elec: insulating press boards & multiple press paper.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">ii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The M/s & A/A authorised the company to carry on the Business of promoting other companies.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">iii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The Exp; was incurred as part of it’s existing Business operations for promoting a new company for the manufacture of Mica Paper.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<span lang="EN-GB">iv.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">If for any reason the new company could not obtain the import licenses or issue shares to the Assessee in lieu of transfer of assets, these assets would have been with the company.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.16.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">PENSION TO WIDOW EMPLOYEE<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Pension to a widow of a Director of the basis of the policy decision of the Board to pay pension to the Director during his lifetime and after his death to his widow was held deductible by the Madras H.C. in CIT vs. Lucas Indian Service Ltd., reported in 239 ITR 429. Please also see 118 ITR 261 (SC).<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.17.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">CONTRIBUTION TO DEATH RELIEF FUND<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraph" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Such exp; was held deductible as it was for the benefit of employees as a labour welfare measure in CIT vs. E.I.D. Parry India Ltd., 240 ITR 253 (Mad).<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.18.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">DEDUCTION ON AMOUNT SPENT FOR OBTAINING SURVEY AND FEASIBILITY REPORT</span></u></b><u><span lang="EN-GB"><o:p></o:p></span></u></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Expenditure incurred for obtaining survey & Feasibility reports deductible when the setting up of the plant was necessary for the products manufactured by the Assessee as held by the Rajasthan High Court in Maharaj Shri Umaid Mills Ltd., vs. CIT reported in 175 ITR 72.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">When an existing business incurs an expenditure on Feasibility in connection with a new venture and the new unit has not been established and the decision was to utilize the surplus funds more profitability and efficiently such expenditure was held deductible by the A.P. High Court in C.I.T. vs. Coramandal Fertilizers 105 Taxman – 490 (AP).<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Gauhati High Court in Deputy CIT vs. Assam Asbestos Ltd. reported in 263 ITR 7 held that where a company manufacturing asbestos sheets incurs expenditure on a feasibility report for setting up a Mini Cement Plant, but the project did not materialize; such expenditure being abortive expenditure was deductible.<b><o:p></o:p></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.19.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">EXPENDITURE ON DEVELOPMENT OF SOFTWARE:</span></u></b><u><span lang="EN-GB"><o:p></o:p></span></u></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Expenditure on Development of Software is deductible as held by the Jaipur Bench of the I.T.A.T in Business Information Processing Services vs. ACIT – 239 ITR (AT) 19.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">It seems to me that the cost of software itself acquired for use in business involving rapid obsolescence is deductible following the ratio laid down by the SC in Alembic Chemical Works vs. CIT 177 ITR 377 (SC) & 187 ITR 688 (SC). . However presently software is clubbed with computers and qualifies for Depreciation @ 60%.<b><o:p></o:p></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.20.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">TRAVELLING EXPENSES OF WIFE OF DIRECTOR<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Accompaniment of the spouse is for purposes of promoting the Business rather than the pleasure of those who manage the company and whether it would help the Business of the Assessee cannot be judged by the Assessing Officer as held by the Madras High Court in CIT vs. Sundaram Clayton reported in 240 ITR 271 (Mad). Please also see:-<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: center;">
<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none;"><tbody>
<tr style="height: 18.4pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="height: 18.4pt; padding: 0in 5.4pt; width: 174.1pt;" valign="top" width="232"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<b><u><span lang="EN-GB">Decisions in Favour<o:p></o:p></span></u></b></div>
</td><td style="height: 18.4pt; padding: 0in 5.4pt; width: 132.6pt;" valign="top" width="177"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<b><u><span lang="EN-GB">Decisions Against<o:p></o:p></span></u></b></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 174.1pt;" valign="top" width="232"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">207 / 647 (Cal)<o:p></o:p></span></div>
</td><td style="padding: 0in 5.4pt; width: 132.6pt;" valign="top" width="177"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">153 / 422 (Mad)<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 174.1pt;" valign="top" width="232"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">234 / 130 (Gan)<o:p></o:p></span></div>
</td><td style="padding: 0in 5.4pt; width: 132.6pt;" valign="top" width="177"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">153 / 437 (Bmy)<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 174.1pt;" valign="top" width="232"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">235 / 106 (Ker)<o:p></o:p></span></div>
</td><td style="padding: 0in 5.4pt; width: 132.6pt;" valign="top" width="177"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">110 / 855 (All)<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 174.1pt;" valign="top" width="232"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">237 / 76\06 (Ker)<o:p></o:p></span></div>
</td><td style="padding: 0in 5.4pt; width: 132.6pt;" valign="top" width="177"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">220 / 552 (MP)<o:p></o:p></span></div>
</td></tr>
<tr><td style="padding: 0in 5.4pt; width: 174.1pt;" valign="top" width="232"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<br /></div>
</td><td style="padding: 0in 5.4pt; width: 132.6pt;" valign="top" width="177"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">257 / 289 (Ker)<o:p></o:p></span></div>
</td></tr>
</tbody></table>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">It appears that the issue is essentially one of the fact so that the amount would be admissible in the case that is able to show that the wife would help to promote Assessee’s Business.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.21.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">COST OF EDUCATION AND RELATED PERSON<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">It is not unusual in the business for an employer to meet the cost of higher education of its employees so that they can attain proficiency, which would help the business in return. Where the person deputed for education happens to be a related person, the reason for incurring the expenditure becomes a matter of doubt as to whether it is bona fide incurred for purposes of business. In such matters, it could only be a matter of inference from the relevant facts as to the nature and course of study, its usefulness for the business and other relevant factors. Court have taken different views on the subject non on account of any difference in principle, but with reference to the facts of the case. Even the cost of education of a partner was allowed in CIT v Kohinoor Paper Products [1997] 226 ITR 220 (MP), while a similar payment was found to be of personal nature in CIT v. Hindustan Hosiery Industries [1994] 209 ITR 383 (Bom).<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;"><div style="text-align: left;"><span lang="EN-GB">The Delhi High Court in N.K. (India) Rubber Company Pvt. Ltd. vs. CIT reported in 263 ITR 521 held that the amount claimed towards educational expenses of relatives of Directors was not proved to be deductible because the private employment of the Son of the Managing Director was not of any duration, but only shortly before departure and it did not appear to be solely intended for the benefit of the company.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;"><br /></div></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Again the Delhi High Court in the case of Siddho Mal & Sons vs. ITO, 122 ITR 839, while examining the issue observed that the courts and Authorities are not to bear blinkers to overlook or condone the passing of public revenue to one’s own kith and kin by subterfuge or clandestine or clever devices clothed in legalistic jargon. Instead it is the duty to lift the veil of apparent legality and to get to the truth or substance of a transaction to deal with it in accordance with law. It is only appropriate, indeed normal, that dealings involving transfer of funds to dear ones need to be looked into with care and caution and necessary inferences are drawn if there are abnormalities attaching to such transactions.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Bombay High Court in the case of CIT vs. Hindustan Hosiery Industries reported in 209 ITR 383 was concerned with the case of a partner being sent abroad for pursuing his higher studies. The claim was negative for the following reasons:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.25in;">
<div style="text-align: left;">
<span lang="EN-GB">i.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The firm is more of a family concern of the mother and her four sons; and<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -0.25in;">
<div style="text-align: left;">
<span lang="EN-GB">ii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The business of the firm and the higher education pursued abroad had no nexus.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Madras High Court in the case of M. Subramanian & Bros vs. CIT, 250 ITR 769, negative the claim primarily for the following reasons:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;"><div style="text-align: left;"><span lang="EN-GB">The agreement does not provide for any penalty in the event of breach of the condition to work for the firm for 5 years;<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">It cannot i.e., considered as deputation form the firm; and<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The agreement merely gives a colour of commercial expediency.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;"><div style="text-align: left;"><span lang="EN-GB">In CIT vs. RKKR Steels (P) Ltd., 258 ITR 306, the Madras High Court negative the case for the following reasons:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">i.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">There is no scheme for sending employees abroad for training;<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">ii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">No agreement between the beneficiary and the company; and<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1in; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">iii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">No requirement has been stipulated that he should join the company after coming back to India.</span></div></div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">In Delhi High Court, in the case of Enkay (India) Rubber Co. (P) Ltd vs. CIT, 132 Taxman 35, rejected the claim in view of the fact that there was no scheme prepared by the Company. Besides, the person was not working in the company when the expenditure was incurred.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">In the case of T.V. Sundaram Ieyngar & Sons vs. CIT, 244 ITR 133 (Mad), the employee was sent abroad within a few days of appoint for post-graduation. Even after coming back to India, he did not render any service to the company. There was no agreement for indemnity to the company. On these grounds, the disallowance of expenditure incurred was upheld.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">However, the claim was favourably considered in the case of Jahlani Holdings Pvt. Ltd. Vs. ITO, 105 Taxation 6 (Delhi). The Tribunal held that the expenditure is allowable for the reason that the education of the employee has improved the business of the company and the company was largely benefited by his commercial knowledge in business. The employee joined the company as undertaken by him before going abroad. After he came back he joined the company on a merger salary of Rs.1000 per month. On these facts the Tribunal came to the conclusion that just because the employee happens to be the Director’s son the expenditure cannot be disallowed.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Bombay High Court in Sakpal Papers (P) Ltd vs. CIT, 114 ITR 256, reversing the order of the Tribunal, held that the expenditure is allowable on the following facts;<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">i.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The person sponsored worked for nearly five years as an apprentice before sent to abroad;<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">ii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The course pursued and training undergone were relevant to the business and benefited the company; and<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">iii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">On return from abroad the employee once again joined the company and was still working with the company.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Similarly, the Madhya Pradesh High Court in CIT vs. Kohinoor Paper Products, 226 ITR 220, held allowable the education expenses of a partner, on the ground that on return to India he continued to serve the firm and his experience proved beneficial to the firm.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Karnataka HC in Mallinage Medical Centre (P) Ltd vs. JCIT reported in 375 ITR 522 held that the higher studies expenditure of MD’s daughter who was working in hospital was deductible as she joined the hospital on return and the expenditure had a direct nexus with business of assessee.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">From the above analysis, it emerges that in order to avail the deduction of expenditur4e incurred by an Assessee enterprise by deputing a person for higher education and training abroad the following aspects must be taken care:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">i.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The person concerned must be an employee for a reasonable period before sent abroad;<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">ii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">There must be a scheme evolved entailing the employees to go abroad with stringent conditions regarding the resumption of service on return; salary payable and indemnity on breach thereof.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">iii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">There must be an agreement evidencing the above terms and more particularly stipulating the specific period for which employee shall serve the company on his return.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">iv.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">There must be nexus between the business of the Assessee and the course/ training offered abroad and the expenditure should be incurred in furtherance of the interest of the assessee.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">v.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">On return the employee should serve the Assessee enterprise as undertaken before learning India.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">vi.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The son/daughter of the director should be major & not be minor.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">vii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">He/She should preferably be an employee of the assessee before he / she is sent abroad for higher education.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">viii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The higher educational course to be undertaken should have intimate connection with the business of the assessee.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">ix.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">There should be an enforceable undertaking by the son/daughter of the director given to the assessee to rejoin the business of the assessee for specified number of years after the completion of the course.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">x.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Salary offered after the completion of the course should be competitive having regard to market conditions and the qualifications obtained.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xi.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The likely benefit to be reaped by the assessee for which, the son/daughter was being sent abroad for higher education, should find exhaustive mention in the sponsorship letter.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">After completion of the course, the son/daughter should join the employment for the undertaken period.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xiii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Detailed record should be kept to substantiate the contribution of the son/daughter in the overall performance of the business of the assessee and role of such higher education in that business.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xiv.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Sponsorship agreement should be comprehensively drafted so as to bring the business interest of the assessee at the forefront.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xv.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Expenses on education including boarding and lodging alone may be deductible. Any personal expenditure of the son/daughter would be liable to be disallowed.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xvi.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Copy of degree / diploma as evidence of completion of higher education may be retained to be furnished at appropriate time.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 1.25in; text-align: right; text-indent: -40.5pt;">
<div style="text-align: left;">
<span lang="EN-GB">xvii.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">Board resolution authorizing the company-assessee to send the son/daughter for higher education in the interest of the business should preferably be passed.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.22.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">REVENUE EXPENDITURE</span></u></b><u><span lang="EN-GB"><o:p></o:p></span></u></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Madras High Court in CIT vs. Sakthi Textiles Ltd. [2001] 250 ITR 449 / [2000] 120 Taxman 268 held that installation of dust extraction plant to protect health of workmen in revenue in nature.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Similarly in CIT vs. Steel Complex Ltd. [1999] 238 ITR 1054 (Ker), the Assessee in the course of business of manufacture of steel, claimed expenditure in the course of business of manufacture of steel, claimed expenditure incurred on installation or water treatment plant and fume extraction plant as revenue expenditure. In this case the Tribunal gave the following finding:-<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 85.5pt; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">(a)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">That the two plants were for the purposes of improvement in operation of the existing systems with greater efficiency and profitability;<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 85.5pt; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">(b)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">That originally the municipality was supplying water to the Assessee for running the factory, that since it was found that the municipality was not supplying sufficient quantity of water, the Assessee dug wells, but the well water was found to be salty, that therefore, they installed the water treatment plant for getting pure water with an intention to improve the functioning of the factory;<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; margin-left: 85.5pt; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">(c)<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">That the installation of water treatment plant did not in any way enhance the production of steel.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">In further support of the claim of the Assessee the Tribunal noted that the fume extraction plant also did not lead to any increase in the volume of production and it was installed to ward off the health hazards and in compliance with statutory requirements. The Kerala High Court affirmed the finding of the Tribunal and held that the expenditure incurred on each of the two items was revenue in nature and hence, an allowable deduction.<b><o:p></o:p></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.23.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">ALLOWABILITY OF DEPRECIATION ON TOLL ROAD:<o:p></o:p></span></u></b></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Delhi HC in the case of Moradabad Toll Road Co. Ltd vs. Asst. CIT ( 2014 Taxpub (DT) 4494 (Del-HC) on a claim for depreciation on Toll Road treating it as plant held that Toll road could not be treated as plant but only as Building and allowed depreciation as such. The Allahabad HC in CIT vs. NOIDA Toll Bridge Co. Ltd (2013) 213 Taxman 333 held that Toll Road was eligible for Depreciation.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">However the Bombay HC struck a dissenting note in North Karnataka Expressway Ltd. Vs. CIT (2014) Taxpub (DT) 4206 held that under THE NATIONAL HIGHWAY Act 1956 the ownership of the Toll Road vests with the Government and the Assessee is not entitled to depreciation on Toll Road.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">2.24.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">ALLOWABILITY OF EMPLOYEE’S CONTRIBUTION TO PROVIDENT FUND DEPOSITED BEFORE DUE DATE OF FURNISHING OF RETURN OF INCOME</span></u></b><span lang="EN-GB"><o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Whether the employees contribution towards PF deposited in allowable where it is deposited after due date specified under section 36(1)(v)(a) that before due for furnishing of return has been the subject matter of controversy. Most of the High Courts except Gujarat has taken the view that it is deductible if paid before the due date of filing the return of income. The decisions in favour are:-<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none;"><tbody>
<tr><td style="background: rgb(221, 217, 195); border: 1pt solid black; padding: 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<b>SNo<o:p></o:p></b></div>
</td><td style="background: rgb(221, 217, 195); border: 1pt solid black; padding: 0in 5.4pt; width: 182.35pt;" valign="top" width="243"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<b>Name of the Case<o:p></o:p></b></div>
</td><td style="background: rgb(221, 217, 195); border: 1pt solid black; padding: 0in 5.4pt; width: 78.3pt;" valign="top" width="104"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<b>Court<o:p></o:p></b></div>
</td><td style="background: rgb(221, 217, 195); border: 1pt solid black; padding: 0in 5.4pt; width: 124.5pt;" valign="top" width="166"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<b>Citation<o:p></o:p></b></div>
</td></tr>
<tr><td style="border: 1pt solid black; padding: 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">1<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 182.35pt;" valign="top" width="243"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">CIT vs. SABARI Entreprises<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 78.3pt;" valign="top" width="104"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">Karnataka<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 124.5pt;" valign="top" width="166"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">298 ITR 141<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">215 Taxmann 597<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid black; padding: 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">2<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 182.35pt;" valign="top" width="243"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">CIT vs. Kicha Sugar Company<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 78.3pt;" valign="top" width="104"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">Uttarakhand<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 124.5pt;" valign="top" width="166"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">356 ITR 351<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">216 Taxman 90<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid black; padding: 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">3<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 182.35pt;" valign="top" width="243"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">CIT vs. AIML Ltd<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 78.3pt;" valign="top" width="104"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">Delhi<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 124.5pt;" valign="top" width="166"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">321 ITR 508<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid black; padding: 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">4<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 182.35pt;" valign="top" width="243"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">CIT Vs. Nipso Poly Fabricks<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 78.3pt;" valign="top" width="104"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">HP<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 124.5pt;" valign="top" width="166"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">350 ITR 327<o:p></o:p></span></div>
</td></tr>
<tr><td style="border: 1pt solid black; padding: 0in 5.4pt; width: 43.8pt;" valign="top" width="58"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">5<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 182.35pt;" valign="top" width="243"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">Essae Teraoka (P) Ltd vs. DCIT<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 78.3pt;" valign="top" width="104"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">Kar<o:p></o:p></span></div>
</td><td style="border-bottom-color: black; border-bottom-width: 1pt; border-bottom: 1pt solid black; border-left-style: none; border-right-color: black; border-right-width: 1pt; border-right: 1pt solid black; border-style: none solid solid none; border-top-style: none; padding: 0in 5.4pt; width: 124.5pt;" valign="top" width="166"><div class="MsoNormal" style="margin-left: 0.5in; text-indent: -0.5in;">
<span lang="EN-GB">57 (I) ITCL 28<o:p></o:p></span></div>
</td></tr>
</tbody></table>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The Gujarat HC in CIT vs. Gujarat State Road Transport Corporation reported in 57 (I) ITCL 72 held to the contrary.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">3.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">PROVISO TO SECTION 69C</span></u></b><span lang="EN-GB"><o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpLast" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Along with insertion of the explanation to section 37, the Finance [No.2] Act, 1998 also inserted proviso to section 69C though prospectively with effect from 1-4-1999. Section 69C provides that where an Assessee has incurred any expenditure and he is not able to explain the source thereof, than the amount of such expenditure which cannot be explained shall be treated as income. The new proviso thereto provides that where any sum is so treated as income than expense shall not allowed as deduction even if it is otherwise allowable as deduction. As such, where the source from which the expenditure is incurred cannot be explained and the amount represented by such expenditure is treated as income, than such expenditure cannot be allowed as deduction in computation of income.<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">The participants may consider applicability of proviso to section 69C in following circumstance:<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-left: 0.5in; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpFirst" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<span lang="EN-GB">i.<span style="font-size: 7pt; font-stretch: normal;"> </span></span><span lang="EN-GB">The Assessee if found to be in possession of excess stock and the amount of purchase price thereof is treated as income. The said stock was in hand even at the end of the year and accordingly has been included in closing stock. Whether the Assessee will be allowed deduction of purchase price so determined and assessed as income.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<b><span lang="EN-GB">ii.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><span lang="EN-GB">The Assessing Officer doubted the amount of cost of construction of factory debited in the books of accounts. To avoid disputes, the Assessee accepted an additional sum of Rs.40 lakhs as being spent on construction of factory building and offered the same as income. Whether the Assessee would be entitled to depreciation on enhanced cost as offered in view of non-obstante clause in the proviso of section 69C.<b><u><o:p></o:p></u></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; margin-left: 94.5pt; text-align: right; text-indent: -27pt;">
<div style="text-align: left;">
<b><span lang="EN-GB">iii.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><span lang="EN-GB">The department has detected that the part of the business transaction of the Assessee are unrecorded. The unrecorded transaction includes transaction of sales, purchase and expenses. The Assessee has offered estimated gross profit on estimated unrecorded sales. The department has accepted the estimate of profit bus intends to apply provisions of sections 40A(3) and proviso to section 69C and disallow most of the expense and purchase which are unrecorded. Whether the stand of the department is correct.<b><u><o:p></o:p></u></b></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<b><span lang="EN-GB">4.<span style="font-size: 7pt; font-stretch: normal; font-weight: normal;"> </span></span></b><b><u><span lang="EN-GB">ENTRIES IN BOOKS OF ACCOUNTS – HOW FAR RELEVANT FOR ALLOWABILITY OF DEDUCTION</span></u></b><u><span lang="EN-GB"><o:p></o:p></span></u></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB">Section 145 provides that profit shall be determined as cash or mercantile system of accounting regularly followed by the Assessee in maintaining its books of accounts. Books of accounts maintained by the Assessee in regular course and in accordance with accepted system of accounting is the starting point for determination of income and thereby allowability of deductions. However, the entries in books of account are not sacrosanct and only by presence of or absence of certain entries would not determine allowability of any expense. In Kedarnath Jute Mfg. Co. Ltd. V. CIT (1971) 82 ITR 363 (SC), the Hon’ble Supreme Court had held that the Assessee cannot be denied deduction of liability incurred merely because of absence of entries in his books of accounts.<o:p></o:p></span></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "Times New Roman"; font-size: medium; text-align: right; text-indent: -0.5in;">
<div style="text-align: left;">
<br /></div>
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-align: right;">
<div style="text-align: left;">
<span lang="EN-GB" style="font-family: "Times New Roman"; font-size: medium;">In United Commercial Bank vs. CIT 240 ITR 355 [SC], the said principle of Kedarnath’s case was reiterated.</span><br />
<span lang="EN-GB" style="font-family: "Times New Roman"; font-size: medium;"><br /></span><span lang="EN-GB" style="font-family: "Times New Roman"; font-size: medium;"><br /></span><b style="font-family: "Times New Roman"; font-size: medium;"><u>Depreciation In Company Books On Vehicle Registered In The Director's Or Other Officer</u></b><br />
<br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 13.65pt; margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><span style="color: black; font-family: "times" , "times new roman" , serif; font-size: small;">It is observed that in many instances Vehicles purchased by Companies were registered in the name of Director's or other officers of company</span> </span><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 12pt;">under the Motor Vehicles Act, 1988 (generally for ease of insurance claim settlement)</span><span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 13.65pt; margin: 0cm 0cm 0pt; text-align: justify;">
<span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"> </span><span style="color: black;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 12pt;">So the question arises as to whether Companies are entitled to claim depreciation under Income tax act, on vehicles registered in the name of its directors or other officers of company.</span><span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><o:p></o:p></span></span></div>
<span style="color: black;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 13.65pt; margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: black;"><span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><o:p> </o:p></span><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 12pt;">In the case of SWAGAT INFRASTRUCTURES v. JCIT-2013 (Ahd.) tribunal held that claim of depreciation cannot be denied to the taxpayer as long as it is proved that the asset is under its dominion control and is being utilised for the business purpose of assesse, even though the tax payer is not registered owner of the asset.</span><span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><o:p></o:p></span></span></div>
<span style="color: black;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 13.65pt; margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: black;"><span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><o:p> </o:p></span><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 12pt;">Companies should ensure the following to use the above mentioned judgement.<o:p></o:p></span></span></div>
<span style="color: black;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; font-family: "Times New Roman"; font-size: medium; line-height: 13.65pt; margin: 0cm 0cm 0pt; text-align: justify;">
<span style="color: black;"><span face=""arial" , "sans-serif"" style="color: #4e2800; font-size: 10pt;"><o:p> </o:p></span><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 12pt;">1. A resolution should be passed by the Company to purchase and register these vehicle in the name of the Director or other officer of the company.<o:p></o:p></span></span></div>
<span style="color: black;"></span><br />
<span lang="EN-GB"></span><br />
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 12pt;">2. Proper documentation should be prepared to substantiate that the vehicles were utilized for business purposes</span><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;">. </span></span><br />
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span></span>
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span></span><br />
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<b>Income Tax Case Laws : Reimbursement of expenses can not be included in income</b><br />
<br />
<strong><span style="text-decoration: underline;">SUMMARY <span class="IL_AD" id="IL_AD3">OF THE CASE</span> LAWS</span></strong></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
The question as to whether a <span class="IL_AD" id="IL_AD9">reimbursement</span> for expenses would form part of the <span class="IL_AD" id="IL_AD8">taxable income</span> is not res integra insofar as this Court is concerned. In CIT v. <span class="IL_AD" id="IL_AD2">Siemens</span> Aktiongesellschaft [2009] 177 Taxman 81 (Bom.), a Division Bench of this Court held that sharing of expenses of the research utilised by the subsidiaries as well as the head <span class="IL_AD" id="IL_AD4">office organization</span> would not be income which would be assessable to tax.<span id="more-27277"></span><br />
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<strong><span style="text-decoration: underline;">CASE LAWS DETAILS</span></strong>I<strong></strong></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<strong>DECIDED BY:</strong> <span class="IL_AD" id="IL_AD6">HIGH COURT</span> OF BOMBAY, <strong>IN THE CASE OF:</strong> DIT (Int’l Taxation) v. Krupp Udhe GmbH, <strong>APPEAL NO:</strong> ITA No. 2626 of 2009, <strong>DECIDED ON</strong> March 9, 2010<strong></strong></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<strong><span style="text-decoration: underline;"><br /></span></strong><strong><span style="text-decoration: underline;">RELEVANT PARAGRAPH</span></strong></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
2. The appeal by the Revenue against the order of the <span class="IL_AD" id="IL_AD1">Income Tax</span> Appellate Tribunal for assessment year 1998 1999 raises the following three questions of law :</div>
<div style="font-family: "Times New Roman"; font-size: medium; padding-left: 30px; text-align: justify;">
i)Whether on the facts and in the circumstances of the case and in law ITAT was justified in holding that charges towards reimbursement of expenses cannot be included in income?</div>
<div style="font-family: "Times New Roman"; font-size: medium; padding-left: 30px; text-align: justify;">
ii)Whether when income is taxed on gross basis, non inclusion of charges towards reimbursement of expenses would be in violation of law as it would tantamount to taxation of income partly on net basis ?</div>
<div style="font-family: "Times New Roman"; font-size: medium; padding-left: 30px; text-align: justify;">
iii)Whether on the facts and in the circumstances of the case and in law the ITAT was justified in approving the deletion of levy of interest under Section 234B of the Act ?</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
3. The learned Counsel appearing on behalf of the Revenue has stated that the first and second question relate to the same issue namely whether reimbursement of expenses would be liable to be included in the income and hence they are taken up together.</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
4. The assessee had entered into a contract with M/s.EID Parry (India) Limited (EID Parry) for the supply of a compressor for an Ammonia Storage Tank. The compressor was found to be in a damaged condition. The assessee deputed two technicians from Germany to the establishment of EID Parry in India. EID Parry remitted an amount of DM202,433,37 comprising of (i) Inspection fees in the amount of DM 170,701.37 for technicians; and (ii) Reimbursement of expenses for air tickets for travel between Germany and India in the amount of DM 11,732. The Commissioner of Income Tax, on the question of reimbursement of expenses, followed the decision of the Andhra Pradesh High Court in <span class="IL_AD" id="IL_AD7">the case</span> of Elkem Technology Vs. DCIT 1 and of the Kerala High Court in the case of Cochin Refineries Limited V/s. CIT and held that the decision of the Assessing Officer to treat the reimbursement of expenses as part of taxable income was correct.</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
5 In appeal, the Tribunal dealt with the issue as regards the payment of fees received by the assessee and of the reimbursement of expenses separately. Inso far as the receipt of fees was concerned, the Tribunal noted that the assessee had deputed its technicians for inspection of the equipment. Inspection could not be done unless the personnel deputed had technical knowledge in respect of the equipment to be inspected. Consequently the fees received by the assessee were held to amount to fees for technical services. In so far as the issue of reimbursement is concerned, the Tribunal held that though there was a conflict between the judgment of the Kerala High Court, which was relied upon by the Commissioner of Income Tax (Appeals) and the judgment of the Calcutta High Court in the case of CIT V/s. Dunlop Rubber Company Limited, it would follow a view which was favourable to the assessee, consistent with the judgment in Vegetable Products Limited.</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
6.The question as to whether a reimbursement for expenses would form part of the taxable income is not res integra in so far as this Court is concerned. In Commissioner of Income Tax V/s . Siemens Aktiongesellschaft, a Division Bench of this Court held that it was in agreement with the view taken by the Calcutta High Court in Dunlop Rubber Company Limited (supra) and by the Delhi High Court in Commissioner of Income Tax V/s. Industrial Engineering Products (Private) Limited. The observations of this court in Siemens (supra) are as follows :</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
“33.That leaves us with the last contention as to whether the amounts by way of reimbursement are liable to tax. To answer that issue, we may gainfully refer to the judgment of a Division Bench of the Delhi High Court in CIT V. Industrial Engineering Products(P) Ltd., (supra). The learned Division Bench of the Delhi High Court was pleased to hold that reimbursement of expenses can, under no circumstances, be regarded as a revenue receipt and in the present case the Tribunal had found that the assessee received no sums in excess of expenses incurred. A similar issue had also come up for consideration before the Division Bench of the Calcutta High Court in CIT v. Dunlop Rubber Co. Limited (supra). The learned Division Bench was answering the following question :</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
Whether, on the facts and in the circumstances of the case, the amounts received by the assessee (English company ) from M/s. Dunlop Rubber Co. (India) Ltd., (Indian company) as per agreement dt. 29 th Jan., 1957 constituted income assessable to tax ?</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
<br /></div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
On considering the issue the learned Bench noted that the Tribunal was of the view that what was recouped by the English company was part of the expenses incurred by it. The learned Court upheld the said finding. The learned Bench was pleased to hold that sharing of expenses of the research utilised by the subsidiaries as well as the head office organisation would not be income which would be assessable to tax. A similar view was taken in CIT v. Stewarts & Lloyds of India Ltd., (supra).</div>
<div style="font-family: "Times New Roman"; font-size: medium; text-align: justify;">
Consequently , in view of the judgment in Siemens , the first and second issue would not raise any substantial question of law since they are covered against the Revenue.</div>
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;"></span></span>
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span></span>
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;"><br /></span></span>
<br />
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<b><u> Case Law Summary </u></b></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
'The following case laws are from the first three chapters of Direct Taxation Paper. </div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT v. Saurashtra Cement Ltd</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
liquidated damages received by a company from the supplier of plant for failure to supply machinery to the company within the stipulated time is. a capital receipt.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT v. M.Venkateswara Rao</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
The partnership firm has to explain the source of income of the partners as regards the amount contributed by them towards capital of the firm, in the absence of which the same would be treated as the income of the firm, was not tenable.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT v. Kribhco</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
No disallowance can be made under section 14A in respect of income included in total income in respect of which deduction is allowable under section 80C to 80U.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
DIT (Exemption) v. Khetri Trust</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
In a case where properties bequeathed to a trust could not be transferred to it due to ongoing court litigation and pendency of probate proceedings, violation of the provisions of section 11(5) will not be attracted.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
DIT (Exemptions) v. Ramoji Foundation</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Trust deed amended by the trustees can be relied upon by the Revenue authorities for the purpose of granting registration under section 12AA.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT v. Shankar Krishnan</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Notional interest on security deposit given to the landlord in respect of residential premises taken on rent by the employer and provided to the employee, shall not be included in the perquisite value of rent-free accommodation given to the employee.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT (TDS) v. Director, Delhi Public School</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Rs.1,000 per month per child is not a standard deduction to be provided while calculating such a perquisite.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
New Delhi Hotels Ltd. v. ACIT</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Rental income derived from unsold flats which were shown as stock-in-trade in the books of the assessee should be assessed under the head "Income from house property" and not under the head "Profits and gains from business or profession".</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Azimganj Estate (P.) Ltd. v. CIT</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Rental income from the unsold flats of a builder shall be taxable as "Income from house property" but not as business income.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT v. Hariprasad Bhojnagarwala</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Benefit of self-occupation of house property under section 23(2) cannot be denied to a HUF on the ground that it, being a fictional entity, cannot occupy a house property.</div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
CIT v. Asian Hotels Ltd</div>
<span style="color: black; font-family: "Times New Roman"; font-size: medium;"><span style="color: #333333; font-family: "times new roman" , "serif"; font-size: 10pt;"></span></span><br />
<div dir="ltr" style="font-family: "Times New Roman"; font-size: medium;">
Notional interest on interest-free deposit received by an assessee in respect of a shop let out on rent can neither be brought to tax as business income nor as income from house property.</div>
<div>
<br />
<br />
<h2 style="font-family: "lucida grande", tahoma, verdana, arial, sans-serif; font-size: medium; line-height: 14px; margin: 0px 0px 5px; overflow-wrap: break-word; padding: 0px; word-wrap: break-word;">
<u><span style="font-size: small;">Tax Accounting Standards by CBDT :Income Computation and Disclosure Standards (ICDS) applicable w.e.f 1.4.2015</span><span style="font-size: 11px;"> </span></u></h2>
<div style="font-family: "Times New Roman"; font-size: medium;">
<span style="font-size: 11px;"><br /></span></div>
<h5 class="uiStreamMessage userContentWrapper" data-ft="{"type":1,"tn":"K"}" style="font-family: "lucida grande", tahoma, verdana, arial, sans-serif; font-size: 11px; font-weight: normal; line-height: 14px; margin: 0px 0px 5px; overflow-wrap: break-word; padding: 0px; word-wrap: break-word;">
<span style="font-size: small;"><span style="font-weight: normal;"><span class="messageBody" style="color: #333333; line-height: 1.38;">Business Income and Other income to be as per the standards laid down by the Central Board of Direct Taxes (CBDT) from AY 2016-17<br /><br />The new standards will reduce the discretion which is currently available with the taxpayers under the standards prescribed by the Institute of Chartered Accountants of India (ICAI), thus bringing down chances of litigation with the tax department.<br /><div class="text_exposed_show" style="display: inline;">
<br />
The tax accounting standards are expected to bring certainty in treatment of various items. The standards may affect sectors such as real estate, construction, and treatment of contracts, government grants, and foreign exchange treatment.<br />
<br />
For example, there is lot of litigation about treatment of government grant. The CBDT panel has proposed that it should be treated as income and if it is treated as capital than one should account for depreciable asset.<br />
<br />
<b style="border: 0px none; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px; padding: 0px; vertical-align: baseline;"></b><span style="font-weight: normal;"><b style="border: 0px none; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px; padding: 0px; vertical-align: baseline;"></b></span><span style="border: 0px none; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="color: #333333;">T</span>ax auditors of entities need to be more cautious while checking income tax calculation.</span><br />
<br />
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Main Features of ICDS:</b></div>
<ol style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; list-style-image: initial; list-style-position: initial; margin: 0px 0px 30px 40px; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">Effective Date of ICDS is 01stApril, 2015 i.e. FY: 2015-16 & AY: 2016-17.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">ICDS applicable to all Assesses i.e. Corporate & Non Corporate Assesses.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">ICDS is meant for normal computation of income not for Minimum Alternate Tax (MAT) Calculation.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">Entity need not to maintain Books of accounts for ICDS. ICDS is only for computation of income under the head “Profit and gains of business or profession” or “Income from other sources”.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">No Net Worth or Turnover Criteria Prescribed for applicability.</li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;">In the case of conflict between the provisions of the Income‐tax Act, 1961 and Income Computation and Disclosure Standard, the provisions of the Act shall prevail to that extent.</li>
</ol>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<span style="border: 0px none; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px; padding: 0px; vertical-align: baseline;"> </span><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Major Standards</b></div>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></b><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></i>Inventories: (ICDS-II):</b><span class="Apple-converted-space"> </span>Clause No:22 envisage valuation opening stock i.e.<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">The value of the inventory as on the beginning of the previous year shall be</i></b></div>
<ol style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; list-style-image: initial; list-style-position: initial; margin: 0px 0px 30px 40px; padding: 0px; vertical-align: baseline;">
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">the cost of inventory available, if any, on the day of the commencement of the business when the business has commenced during the previous year; and</i></b></li>
<li style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px 0px 5px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">the value of the inventory as on the close of the immediately preceding previous year, in any other case.</i></b></li>
</ol>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></i></b><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Construction Contract: ICDS-III:</b><span class="Apple-converted-space"> </span>Clause No:20 envisage revenue recognition of contract at early stage i.e<span class="Apple-converted-space"> </span><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">During the early stages of a contract, where the outcome of the contract cannot be estimated reliably contract revenue is recognised only to the extent of costs incurred. The early stage of a contract shall not extend beyond 25 % of the stage of completion.</i></b></div>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"></i></b><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Borrowing Cost: ICDS-IX:</b><span class="Apple-converted-space"> </span>the definition of borrowing cost as per ICDS does not provide for exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs. The same provision contained in para 4(e) of AS-16 and para 6(e) of INDAS-23. Entity having borrowing cost by virtue of above mentioned AS & IndAS will not be entitled to claim borrowing cost under ICDS while computation of income.</div>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<br />
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Government Grants: ICDS-VII</i></b><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">:<span class="Apple-converted-space"> </span></i><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Clause no5 envisage treatment of Government Grant i.e.</i><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Where the Government grant relates to a depreciable fixed asset or assets of a person, the grant shall be deducted from the actual cost of the asset or assets concerned or from the written down value of block of assets to which concerned asset or assets belonged to.</i></b></div>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span style="font-weight: normal;"><span class="messageBody" style="color: #333333; line-height: 1.38;"></span></span></span></i></b></div>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<br />
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Effects of changes in foreign exchange rates</i></b><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span class="Apple-converted-space"> </span>: ICDS-VI:</b><span class="Apple-converted-space"> </span>Clause No:9(c): exchange differences on translation of non-integral foreign operations i.e.<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">all resulting exchange differences shall be recognised as income or as expenses in that previous year.</i></b></span></span></i></b></div>
<div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;">
<br />
<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Effects of changes in foreign exchange rates</i></b><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span class="Apple-converted-space"> </span>: ICDS-VI: ClauseNo: 5 (i)</b>envisage recognition of exchange difference arising on settlement of monetary items.<b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;">Exchange Difference in respect of monetary items, exchange differences arising on the settlement thereof or on conversion thereof at last day of the previous year shall be recognized as income or as expense in that previous year.</i></b></span></span></i></b></div><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span data-iceapw="23" style="color: black; font-family: "Times New Roman"; font-size: 11pt; font-style: normal; font-weight: 400; text-align: justify;"><b><u>ALL RECEIPTS ARE NOT INCOME</u></b></span></i></b></span></span></i></b></div><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span data-iceapw="23" style="color: black; font-family: "Times New Roman"; font-size: 11pt; font-style: normal; font-weight: 400; text-align: justify;"><b><u>Compensation is not income earned</u></b></span><br style="color: black; font-family: "Times New Roman"; font-style: normal; font-weight: 400; text-align: justify;" /><span data-iceapw="23" style="color: black; font-family: "Times New Roman"; font-size: 11pt; font-style: normal; font-weight: 400; text-align: justify;"><b><u><br /></u></b></span><span style="color: black; font-family: "Times New Roman"; font-style: normal; font-weight: 400; text-align: justify;"></span><br style="color: black; font-family: "Times New Roman"; font-style: normal; font-weight: 400; text-align: justify;" /><div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-style: normal; font-weight: 400; text-align: center;"><a href="https://4.bp.blogspot.com/-2E2HaST3jZQ/W_lvu__5bYI/AAAAAAAALLo/EAR49EYVuEE1wdaE6wD_JnO_8WF6igOyQCLcBGAs/s1600/compensation%2Bis%2Bnot%2Bincome.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1040" data-original-width="453" height="320" src="https://4.bp.blogspot.com/-2E2HaST3jZQ/W_lvu__5bYI/AAAAAAAALLo/EAR49EYVuEE1wdaE6wD_JnO_8WF6igOyQCLcBGAs/s320/compensation%2Bis%2Bnot%2Bincome.jpeg" width="138" /></a></div><div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-style: normal; font-weight: 400; text-align: center;"><br /></div><div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-style: normal; font-weight: 400; text-align: center;">RECONCILIATION OF VARIOUS FILINGS</div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-joX8OMz2il0/X_cy08OS_RI/AAAAAAAAN-c/gdeq3FEDA1oSApTj9Z921YbzyJD-Io20gCLcBGAsYHQ/s1672/tax%2Bfigures.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1672" data-original-width="1080" height="320" src="https://1.bp.blogspot.com/-joX8OMz2il0/X_cy08OS_RI/AAAAAAAAN-c/gdeq3FEDA1oSApTj9Z921YbzyJD-Io20gCLcBGAsYHQ/s320/tax%2Bfigures.jpg" /></a></div><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><br /></i></b></span></span></i></b></div><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><div class="MsoNormal" data-iceapc="2" data-iceapw="6" style="border: none; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; padding: 0in; text-align: justify;"><div class="separator" style="clear: both; text-align: center;"><u>Tax planning, Tax avoidance and Tax Evasion - Dividend stripping, loss harvesting, round tripping, tax holiday schemes</u></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: left;"><b><u><span style="font-size: large;">Tax planning, Tax avoidance and Tax Evasion</span></u></b></div><div style="text-align: left;"><b><u><br /></u></b>There are various ways in which assessees try to acheive cutting of tax outflow, some genuine exemptions are available in tax laws, some loopholes are available for certain period of time. Planning the transaction to minimize tax impact is always possible.</div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://4.bp.blogspot.com/-ntu7JGJXX2I/V4J7XR1E9WI/AAAAAAAACjk/jnZ1cUR3cLEuj4q2_Q17x5Ec1SgQLT0UACLcB/s1600/tax-planning-avoidance.jpg" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="132" src="https://4.bp.blogspot.com/-ntu7JGJXX2I/V4J7XR1E9WI/AAAAAAAACjk/jnZ1cUR3cLEuj4q2_Q17x5Ec1SgQLT0UACLcB/s400/tax-planning-avoidance.jpg" width="400" /></a></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><a href="https://1.bp.blogspot.com/-m3vd3VMqC2g/V4JpxxvcJrI/AAAAAAAACjA/EbgirtacGuY1q46GZ3Fkcg1yU0Ay3S6RwCLcB/s1600/tax%2Bplanning%2Bevasion%2Bavoidance.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="101" src="https://1.bp.blogspot.com/-m3vd3VMqC2g/V4JpxxvcJrI/AAAAAAAACjA/EbgirtacGuY1q46GZ3Fkcg1yU0Ay3S6RwCLcB/s400/tax%2Bplanning%2Bevasion%2Bavoidance.png" width="400" /></a></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b><u><br /></u></b><b><u>Tax Management</u></b></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-kuEfvg6f8JY/V4J36FeiMwI/AAAAAAAACjU/jgHtRS7WVtI_TZP5fbGHq6BCxXQtnM9dwCLcB/s1600/taxplanning-141130223322-conversion-gate01-3.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://1.bp.blogspot.com/-kuEfvg6f8JY/V4J36FeiMwI/AAAAAAAACjU/jgHtRS7WVtI_TZP5fbGHq6BCxXQtnM9dwCLcB/s320/taxplanning-141130223322-conversion-gate01-3.jpg" width="320" /></a></div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://3.bp.blogspot.com/-dYYF5emgiUY/V4J36HtM88I/AAAAAAAACjY/KENIKW10-Gw8IroispuK0RHcmiiZfRCeACLcB/s1600/taxplanning-141130223322-conversion-gate01-4.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://3.bp.blogspot.com/-dYYF5emgiUY/V4J36HtM88I/AAAAAAAACjY/KENIKW10-Gw8IroispuK0RHcmiiZfRCeACLcB/s320/taxplanning-141130223322-conversion-gate01-4.jpg" width="320" /></a></div><div style="text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibi2al7DWb-dnYCAHFzCvd5b_rEAmWtdnCulcwP200GH8q9zfdtLELVAdpiwa_IexMw-N6hxnaPq8xZ5P0JWeI_S7qVqiha_OLrx38PrredDpDGLaTzz4iZMbqiQFPsR5jSf3G24n55FcjKx8P5McQPSWP9k_dXEXysVQTEXVlZ3VSHwuSnUik3O__zw/s654/Life%20saving%20advice.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="416" data-original-width="654" height="204" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibi2al7DWb-dnYCAHFzCvd5b_rEAmWtdnCulcwP200GH8q9zfdtLELVAdpiwa_IexMw-N6hxnaPq8xZ5P0JWeI_S7qVqiha_OLrx38PrredDpDGLaTzz4iZMbqiQFPsR5jSf3G24n55FcjKx8P5McQPSWP9k_dXEXysVQTEXVlZ3VSHwuSnUik3O__zw/s320/Life%20saving%20advice.png" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div style="text-align: left;"><br /></div><div align="justify"><b><u>Dividend Stripping - tax planing</u></b><br /><br />As per the Pronouncement of Hon'ble Supreme Court of India, Dividend Stripping is tax planing only. This view has been up held in the case of <strong>WALL FORT SHARES & STOCK BROKERS.</strong>Gist of the case is as follows:<br />In the said case, a five members special bench of the Mumbai tribunal held that the subject issue only tax planing(96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)). Hence, loss incurred by the assesse cannot be disallwed on the grounds of the Tax planing. This view was up held by the Hon'ble Supreme Court of India and dismissed the SLP filed by the Dept. on 6th, July,2010.</div><div align="justify">Authors note: This is only informative purpose for full details please go through the text of respective Judgements.<br /><br /><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-outline-level: 3;"><b><span style="color: #333333; font-family: "source sans pro" , serif; font-size: 13.5pt;">Tax loss harvesting<o:p></o:p></span></b></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-outline-level: 3;"><b><span style="color: #333333; font-family: "source sans pro" , serif; font-size: 13.5pt;"><br /></span></b></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span face=""arial" , sans-serif" style="color: #666666; font-size: 11.5pt;">Tax loss harvesting is an opportunistic way to bolster your post tax returns. It is the act of booking any unrealized loss to reduce the tax outgo on your realized gain before the end of a financial year.<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span face=""arial" , sans-serif" style="color: #666666; font-size: 11.5pt;">As an investor, if you have any short term capital gains for the year you will have to pay 15% of this as tax. Assuming you have stocks sitting in your portfolio making a short term capital loss, you can book this loss, set it off against the gains, and hence reduce your tax outgo.<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span face=""arial" , sans-serif" style="color: #666666; font-size: 11.5pt;">So assume you have made Rs 1 lakh in trading profits from your short term equity delivery trades. This would mean your tax liability is Rs 15,000 on this gain. If you had stocks in your portfolio which are making Rs 50,000 in short term losses, you can sell these and book the loss. So now your net profit for the year is Rs 50,000 and hence your tax outgo is Rs 7500 (15%), a saving of Rs 7500.<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span face=""arial" , sans-serif" style="color: #666666; font-size: 11.5pt;">To make up for the stocks that you just sold to book losses, you can either immediately buy a similar stock or wait till those stocks are delivered from your demat to buy them back again. So if you sold ICICI Bank to book a loss on Monday, you can either buy say a HDFC Bank immediately for the same value or wait for Wednesday to buy back ICICI Bank again. So you continue to hold the same portfolio, but by doing this transaction you would have saved Rs 7500.<o:p></o:p></span></div><div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span face=""arial" , sans-serif" style="color: #666666; font-size: 11.5pt;">As an investor, long term gain is exempt from taxes, and hence you can’t use long term capital loss to adjust against short term gain. Only short term capital loss can be adjusted against short term capital gain.<o:p></o:p></span></div><br /><div class="MsoNormal"><br /></div><br /><div style="text-align: left;"><b><u>Roundtripping through tax heavens like Mauritius</u></b> ( DTAA optimisation)</div><div style="text-align: left;"><br /></div><div style="text-align: left;">"Mauritius and Singapore with their small economies cannot be the sources of such huge investments and it is apparent that the investments are routed through these jurisdictions for avoidance of taxes and/or for concealing the identities from the revenue authorities of the ultimate investors, many of whom could actually be Indian residents, who have invested in their own companies, through a process known as round-tripping."</div><div style="text-align: left;"><br /></div><div style="text-align: left;">The <i>modus operandi </i>of this round-tripping process has been laid bare. A database put out by the International Consortium of Investigative Journalists shows that a few hundred Indians are owners of companies registered in offshore financial centres such as the British Virgin Islands and Cayman Islands. While some of these might be for legitimate purposes, others certainly are not. Some centres, such as Singapore, have cleaned up their act and have enforced stringent conditions such as minimum capital requirements and employment conditions for companies in their jurisdictions. However, it is not clear whether these address the question of tracking down the ultimate beneficial owner. And when the government tries to confront people named in such databases, they seem to be hiding behind the claim that the data were stolen. When the government asks for the data, the banks and intermediaries cite client confidentiality - and if someone gets the data by other means, they cry foul. That leaves only two points for the authorities to check illicit money flows: the point of exit and the point of re-entry.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">The government seems to be in better control of the latter. However, offshore financial centres, such as Mauritius, argue that India should intercept black money when it exits the country in the first place, since targeting the re-entry point could deter genuine investments. They also point out that a fund manager who is raising money from around the world cannot become a forensic accountant and go several layers behind the client's money. If he is asked too many questions, he may not raise enough money to invest in India. But that concern could be exaggerated. In any case, India should not relax in its drive against round-tripping or illicit money flows.</div></div><div style="text-align: left;"><br /></div><div style="text-align: left;"><span style="font-size: large;">Turning Losses into Gains -Tax benefits allowed in cases of losses</span></div><div style="text-align: left;"><br /></div><div class="MsoNormal" style="line-height: 15.75pt; margin: 0cm 0cm 12pt; text-align: left;"><span face=""arial" , "sans-serif"" style="color: #3d4239; font-size: 11.5pt;">No one wants losses. However, profit opportunities come with the risk of losing money. Though these risks cannot be eliminated, you can maximise income by properly accounting for losses while calculating your </span><b><span face=""arial" , "sans-serif"" style="color: #004990; font-size: 11.5pt;">tax liability</span></b><span face=""arial" , "sans-serif"" style="color: #3d4239; font-size: 11.5pt;">. Know the rules to ease your burden of losses.<br /><br /><b>HANDLING LOSSES</b><br /><br />Income comes under five heads - salary, income from house property, income from business and profession, capital gain and income from other sources. The law allows you to set off losses in one against gains in another, depending upon the various criteria.<br /><br />First, loss from one source is set off against income from the same source. If the loss is still more than the profit, it can be adjusted against income from other streams. However, there are exceptions. A loss on a capital asset can be adjusted only against a capital gain. But losses from other sources can be adjusted against capital gains.<br /><br />Any loss on sale of a long-term capital asset (such as house and gold held for three years) can be adjusted only against a long-term capital gain. A loss due to a shortterm capital asset can be adjusted against both long- and short-term capital gains. For such adjustments, the loss/gain can be from any capital asset other than shares.<br /><br />A loss from business or profession can be set off against all income heads other than salary while losses from a speculative activity or owning/maintaining race horses can be adjusted only against profits under the respective heads.<br /><br />If an income is tax-exempt, it cannot be adjusted against any loss from an income that is taxable.<br /><br />Casual income, such as from lottery, horse race and gambling, is fully taxable. "No loss or expense can be set off against income from lottery, crossword puzzle, gambling, etc," says Sudhir Kaushik, cofounder, TaxSpanner.com, a tax intermediary website.<o:p></o:p></span></div><div style="text-align: left;"><br /></div><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; text-align: left;"><span face=""arial" , "sans-serif"" style="color: #3d4239; font-size: 11.5pt;"><br /><b>CARRY FORWARD</b><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">When a loss is more than the income against which it can be adjusted, the net loss is carried forward into the next year. "If the entire loss cannot be adjusted in one financial year, it can be carried forward for up to eight years," says Kaushik.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Losses from speculative activity or owning/maintaining race horses can be carried forwarded for only up to four years.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">When a loss is set off in the year it is incurred, it is first adjusted against income from the same source, different sources under the same head or incomes from different heads. In contrast, a rolled over loss cannot be adjusted against income from a different head.</span><br /><br /><b>EQUITY EQUATION</b><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Equity and equity-based </span></span><b><span face=""arial" , "sans-serif"" style="color: #004990; font-size: 11.5pt;">mutual funds</span></b><span face=""arial" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #3d4239; font-size: 11.5pt;"> are considered long-term assets when held for at least a year. Though shares are a capital asset, a loss from equity can be adjusted only against income from equity.</span><span face=""arial" , "sans-serif"" style="color: #3d4239; font-size: 11.5pt;"><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">As equity trades on exchanges attract securities transaction tax (STT), long-term gains from stocks are tax-free. So, you cannot claim relief for any long-term capital loss.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Short-term capital losses from equities (held for less than 12 months) can be adjusted against short-term gains from stocks.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">If you are losing money on an equity holding, you can put it to good use by selling within a year to book short-term capital loss. Even if you are sure about a future recovery, you can do this every year as hedge against a possible loss. Short-term capital gains from equities are taxed at 15%. Here is how it works.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Let us say you buy 100 shares for Rs 1,000. If the price falls to Rs 500 just before a year of the purchase, you can sell the lot and buy an equal number of shares. This short-term loss of Rs 500 can be set off against any short-term gain from shares. Now, you have also made a new investment of Rs 500. In the second year, you sell these shares for Rs 1,500, which translates into a short-term gain of Rs 1,000. You have a total carry-forward short-term loss of Rs 500 if you haven't adjusted it. The effective short-term gain is Rs 500, on which you will have to pay 15% tax. If you had held on to the initial investment, the net gain would have been tax-free, but you would have also taken a higher risk.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">You can make a </span></span><b><span face=""arial" , "sans-serif"" style="color: #004990; font-size: 11.5pt;">long-term equity loss</span></b><span face=""arial" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #3d4239; font-size: 11.5pt;"> eligible for deduction by transacting outside the exchanges at the existing market rate with simultaneous delivery to the buyer. "A long-term loss on listed equities where STT is paid cannot be adjusted because the income is exempt. If you sell the shares offline without paying STT, the loss can be adjusted against a long-term capital gain," says Kaushik.</span><span face=""arial" , "sans-serif"" style="color: #3d4239; font-size: 11.5pt;"><br /><br /><b>HOUSE PROPERTY</b></span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div><div style="text-align: left;"><br /></div><div style="font-size: 12pt;"><u style="color: #444444; font-family: "Roboto Condensed", sans-serif; font-size: 24px; letter-spacing: 0.1px; line-height: 40px;"></u></div><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: left;"><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><span face=""arial" , "sans-serif"" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #3d4239; font-size: 11.5pt; line-height: 17.6333px;">Losing money on house property shouldn't bother you much. All houses, let out or not, have an annual value, which is the higher of the actual rent received or the standard rent under the Rent Control Act (in the absence of standard rent, the highest of the actual rent, the fair market rent and municipal value) for taxation purposes. To arrive at a house's net annual value, first municipal taxes are deducted. Then, 30% rental income is deducted for maintenance and other expenses.</span><span face=""arial" , "sans-serif"" style="color: #3d4239; font-size: 11.5pt; line-height: 17.6333px;"><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Houses bought or constructed on borrowed money are eligible for deduction of loan interest from the net annual value while calculating the income from house property.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">The annual value of one selfoccupied house is treated as nil. So, the entire interest paid for it becomes a loss from house property, subject to the Rs 1.5 lakh limit. In case of a let-out (or deemed to be rented out) house, you can deduct the entire interest amount. The interest paid on a loan for reconstruction or modification of an existing house can be deducted up to Rs 30,000. (Home loan principal is deducted separately.)</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Any loss in such a case has to be first adjusted against income from other house properties. If the net result is still negative, the remaining has to be adjusted against any other head in the same assessment year. If the entire loss cannot be adjusted, it can be carried forward for eight years, but adjusted against only income from house property.</span><br /><br /><b>OTHER LOSSES</b><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">You can incur losses in business or due to speculation. Business losses cannot be set off against salary, leaving the rest income heads open. However, salary from a business partnership is treated as 'profits and gains of business and profession' and can be adjusted against a loss in business. Business losses can be carried forward and set off in the subsequent years even if the business has been discontinued. Losses from specified businesses that are allowed investment-linked deduction under Section 35AD of the Income Tax Act can be set off against gains from only the specified businesses.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Certain businesses, such as intra-day trading in shares and commodities, are speculative. Losses from speculative businesses can be adjusted against only speculative profits. However, one can adjust nonspeculative losses against gains from speculative businesses.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">"Intra-day trading is considered speculative as there is no delivery of the asset. If it can be proved that the transaction was a normal business transaction, income from it can be treated as a non-speculative business income or a short-term capital gain," says Kaushik.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">As an exception, trade in derivatives (futures and options of stocks, currencies and commodities) is treated as non-speculative.</span><br /><br /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">If you want to adjust your losses against future income, it is important to file your return within the stipulated time. Losses under the heads 'capital gains' and 'profits or gains of business or profession' cannot be carried forward if you miss the return-filing deadline.</span></span></div><div style="text-align: center;"><span style="font-size: 24px; letter-spacing: 0.1px; line-height: 40px;"><span face=""roboto condensed" , sans-serif" style="color: #444444;"><u>Tax Holiday Schemes in India</u></span></span></div><div style="font-size: 12pt;"><u style="color: #444444; font-family: "Roboto Condensed", sans-serif; font-size: 24px; letter-spacing: 0.1px; line-height: 40px;">100% Tax Deduction U/s 80IAC - Startups</u></div><div style="font-size: 12pt;"><strong data-iceapc="1" data-iceapw="6"><span data-iceapw="6" style="font-size: 15pt;"><span face=""open sans" , sans-serif" style="color: #6a6a6a; font-size: 15px; font-weight: normal; line-height: 24px; text-align: left;">The profit of a startup will get tax deduction u/s 80IAC equal to 100% of the profit earned in 3 out of first five years. So salient rules for claiming deduction u/s 80IAC are as under :</span></span></strong></div><ol style="color: #6a6a6a; font-family: "open sans", sans-serif; font-size: 15px; line-height: 24px; margin: 0px 0px 0px 25px; padding: 10px 0px 20px; text-align: left;"><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">Startup is incorporated on or after the 1st day of April, 2016 but before the 1st day of 20 April, 2019; </li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">The total turnover of business of startup does not exceed <b>twenty-five crore rupees</b> in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021; and</li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">Deduction u/s 80IAC is allowed to eligible startups setup before 01/04/2019 only .</li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">The deduction is for eligible business or professional income.</li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">The deduction of one hundred per cent. is allowed for three consecutive assessment years.</li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">The assessee can chose the start year of three consecutive years out of first five years . </li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">Startup should not :</li><ol style="margin: 0px 0px 0px 25px; padding: 10px 0px 20px;"><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;">be started <i>by splitting up, or the reconstruction, of a business already in existence.</i></li><li style="list-style-type: decimal; margin: 0px; padding: 0px 0px 5px;"><i> </i>it is not formed by the transfer to a new business of machinery or plant previously used for any purpose.</li></ol></ol><div style="font-size: 12pt;"><strong data-iceapc="1" data-iceapw="6"><span data-iceapw="6" style="font-size: 15pt;"><span face=""open sans" , sans-serif" style="color: #6a6a6a; font-size: 15px; font-weight: normal; line-height: 24px; text-align: left;">Section 80IAC of the Income Tax Act</span></span></strong></div><blockquote style="border-color: rgb(204, 204, 204); border-style: dashed; border-width: 2px 0px; color: #888888; font-family: "open sans", sans-serif; font-size: 15px; font-style: italic; line-height: 24px; margin: 10px 0px; padding: 8.0625px 16px 16.125px; quotes: "" ""; text-align: left;"><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>80-IAC. (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business for three consecutive assessment years.</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(2) The deduction specified in sub-section (1) may, at the option of the assessee, be claimed by him for any three consecutive assessment years out of five years beginning from the year in which the eligible start-up is incorporated.</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>3) This section applies to a start-up which fulfils the following conditions, namely:—</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of a start-up which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as referred to in section 33B, in the circumstances and within the period specified in that section;</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(ii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose.</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>Explanation 1.— For the purposes of this clause, any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled, namely:—</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(a) such machinery or plant was not, at any time previous to the date of the installation by the assessee, used in India;</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(b) such machinery or plant is imported into India;</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(c) no deduction on account of depreciation in respect of such machinery or plant has been allowed or is allowable under the provisions of this Act in computing the total income of any person for any period prior to the date of the installation of the machinery or plant by the assessee. </i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>Explanation 2.—Where in the case of a start-up, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed twenty per cent. of the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have 10 been complied with.</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(4) The provisions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the purpose of allowing deductions under sub-section (1).</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>Explanation.—For the purposes of this section,—</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i><b>(i) “eligible business”</b> means a business which involves innovation, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property;</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i><b>(ii) “eligible start-up”</b> means a company engaged in eligible business which fulfils the following conditions, namely:—</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(a) it is incorporated on or after the 1st day of April, 2016 but before the 1st day of 20 April, 2019;</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(b) the total turnover of its business does not exceed twenty-five crore rupees in any of the previous years beginning on or after the 1st day of April, 2016 and ending on the 31st day of March, 2021; and</i></div><div data-mce-style="text-align: justify;" style="margin: 0px; padding: 0px; text-align: justify;"><i>(c) it holds a <a href="http://startupofindia.blogspot.in/2016/02/how-to-apply-for-startup-government.html" style="color: #4183bf; margin: 0px; outline: none; padding: 0px; text-decoration-line: none;">certificate of eligible business</a> from the Inter-Ministerial Board of Certification as notified in the Official Gazette by the Central Government.’.</i></div></blockquote><div style="font-size: 12pt;"><strong data-iceapc="1" data-iceapw="6"><span data-iceapw="6" style="font-size: 15pt;"><br /></span></strong><strong data-iceapc="1" data-iceapw="6"><span data-iceapw="6" style="font-size: 15pt;"><br /></span></strong><strong data-iceapc="1" data-iceapw="6"><span data-iceapw="6" style="font-size: 15pt;"><br /></span></strong><strong data-iceapc="1" data-iceapw="6"><span data-iceapw="6" style="font-size: 15pt;">SPECIAL ECONOMIC ZONE [ SECTION 10AA]</span></strong></div></div><div class="MsoNormal" style="border: none; color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; padding: 0in; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="1" data-iceapw="12" style="border: none; color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; padding: 0in; text-align: justify;"><strong data-iceapw="12">(SPECIAL PROVISION IN RESPECT OF NEWLY ESTABLISHED UNITS IN SPECIAL ECONOMIC ZONE)</strong></div><div class="MsoNormal" style="border: none; color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; padding: 0in; text-align: justify;"><br /></div><div data-iceapc="3" data-iceapw="6" style="border-bottom-color: windowtext; border-bottom-width: 1pt; border-bottom: 1pt solid windowtext; border-left-style: none; border-right-style: none; border-style: solid none; border-top-color: windowtext; border-top-width: 1pt; border-top: 1pt solid windowtext; color: black; font-family: "Segoe UI"; font-size: 12px; font-style: normal; font-weight: 400; padding: 0in 0in 1pt;"><div class="MsoNormal" data-iceapc="1" data-iceapw="6" style="border: none; color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 16px; margin: 0in 0in 0.0001pt; padding: 0in; text-align: justify;"><strong data-iceapw="6"><a href="https://www.blogger.com/null" id="1" name="1"></a>1. CONDITIONS TO BE SATISFIED :</strong></div><div class="MsoNormal" style="border: none; color: blue; font-family: Arial, Helvetica, sans-serif; font-size: 16px; margin: 0in 0in 0.0001pt; padding: 0in; text-align: justify;"><br /></div></div><div class="MsoNormal" data-iceapc="1" data-iceapw="11" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><span data-iceapw="11" style="font-size: 11pt;">The following conditions should be satisfied to claim <span class="IL_AD" color="rgb(89 , 57 , 170)" id="IL_AD5" style="background-attachment: scroll; background-image: none; background-position: 0% 50%; background-repeat: repeat; border-bottom-color: rgb(89 , 57 , 170); border-bottom-style: dotted; border-bottom-width: 1px; border-bottom: 1px dotted rgb(89, 57, 170); cursor: pointer; display: inline; float: none; padding: 0px 0px 1px; position: static;">deduction</span> u/s 10AA :</span></div><div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="5" data-iceapw="51" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><em data-iceapc="1" data-iceapw="3"><span data-iceapw="3" style="font-size: 11pt;">Condition 1 :</span></em><span data-iceapc="2" data-iceapw="48" style="font-size: 11pt;"> A<span data-iceapc="1" data-iceapw="47">ssessee, being an entrepreneur as referred to in clause (<em data-iceapw="1">j</em>) of section 2 of the Special Economic Zones <span class="IL_AD" color="rgb(89 , 57 , 170)" id="IL_AD9" style="background-attachment: scroll; background-image: none; background-position: 0% 50%; background-repeat: repeat; border-bottom-color: rgb(89 , 57 , 170); border-bottom-style: dotted; border-bottom-width: 1px; border-bottom: 1px dotted rgb(89, 57, 170); cursor: pointer; display: inline; float: none; padding: 0px 0px 1px; position: static;">Act</span>, 2005. Entrepreneur is a person who has been granted a letter of approval by the Development Commissioner to set a unit in a Special Economic Zone.</span></span></div><div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="3" data-iceapw="40" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><em data-iceapc="1" data-iceapw="3"><span data-iceapw="3" style="font-size: 11pt;">Conditions 2 : </span></em><span data-iceapw="37" style="font-size: 11pt;">The Unit in Special Economic Zone who begins to manufacture or produce articles or things or provide any services during the previous year relevant to any <span class="IL_AD" color="rgb(89 , 57 , 170)" id="IL_AD12" style="background-attachment: scroll; background-image: none; background-position: 0% 50%; background-repeat: repeat; border-bottom-color: rgb(89 , 57 , 170); border-bottom-style: dotted; border-bottom-width: 1px; border-bottom: 1px dotted rgb(89, 57, 170); cursor: pointer; display: inline; float: none; padding: 0px 0px 1px; position: static;">assessment</span> year commencing on or after the 1st day of April, 2006.</span></div><div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="3" data-iceapw="19" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><em data-iceapc="1" data-iceapw="3"><span data-iceapw="3" style="font-size: 11pt;">Conditions 3 : </span></em><span data-iceapw="16" style="font-size: 11pt;">It is not formed by the splitting up, or reconstruction, of a business already an existence.</span></div><div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="3" data-iceapw="35" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><em data-iceapc="1" data-iceapw="3"><span data-iceapw="3" style="font-size: 11pt;">Conditions 4 : </span></em><span data-iceapw="32" style="font-size: 11pt;">It not formed by the transfer to a new business, of old plant and machinery. However, it can be formed by transfer of old plant or machinery to the extent of 20%.</span></div><div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="3" data-iceapw="52" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><em data-iceapc="1" data-iceapw="3"><span data-iceapw="3" style="font-size: 11pt;">Condition 5 : </span></em><span data-iceapw="49" style="font-size: 11pt;">The assessee has income from export of articles or thing or from services from such unit. In other words, the assessee has exported goods or provided services out of India from the Special Economic Zone by land, sea , air, or by any other mode, whether physical or otherwise.</span></div><div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><br /></div><div class="MsoNormal" data-iceapc="3" data-iceapw="26" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><em data-iceapc="1" data-iceapw="3"><span data-iceapw="3" style="font-size: 11pt;">Conditions 6 : </span></em><span data-iceapw="23" style="font-size: 11pt;">Books of Accounts of the taxpayer should be audited. The Tax payer should submit <span class="IL_AD" color="rgb(89 , 57 , 170)" id="IL_AD1" style="background-attachment: scroll; background-image: none; background-position: 0% 50%; background-repeat: repeat; border-bottom-color: rgb(89 , 57 , 170); border-bottom-style: dotted; border-bottom-width: 1px; border-bottom: 1px dotted rgb(89, 57, 170); cursor: pointer; display: inline; float: none; padding: 0px 0px 1px; position: static;">Audit Report</span> in Form No.56F along with the return of income</span><br /><span data-iceapw="23" style="font-size: 11pt;"><br /></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBIsQnWOQrZUxBThZ0Jr0in_9eTVBd94zOwL5JMS6X7aG_mamm-It6DIkPUwFFeKlLg2POL5zt-acOUN6wJd2TvHyb14jtH_TZe4CXWHkvAmhF_VfsmA8C3GsBBdDXPwN7YmIKU5qxc5QCOfdqd5PJUYdNU2WWagEEug9hksRone8nQJMRvT4VaNRFpvZ0/s1754/CA%20Final%20Nov22_page-0001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBIsQnWOQrZUxBThZ0Jr0in_9eTVBd94zOwL5JMS6X7aG_mamm-It6DIkPUwFFeKlLg2POL5zt-acOUN6wJd2TvHyb14jtH_TZe4CXWHkvAmhF_VfsmA8C3GsBBdDXPwN7YmIKU5qxc5QCOfdqd5PJUYdNU2WWagEEug9hksRone8nQJMRvT4VaNRFpvZ0/w283-h400/CA%20Final%20Nov22_page-0001.jpg" width="283" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_C52wDjZH2eKBrf0War_eQyhvvh6PBLlm2uvj9qj62-iWcl97p7-WBJDrVESiDwVeNDMNHx1SHkq7PdfDRkFatZuiKmJqKxrMpEM1EcBryl5PSrdG5A_FLVZGtGh_oueZKTzsoX3Brt_22_iatBtbvrqrMILep7WCM1IRe5ANZofzJAkTyPjFBZ7fuNuJ/s1754/CA%20Final%20Nov22_page-0002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_C52wDjZH2eKBrf0War_eQyhvvh6PBLlm2uvj9qj62-iWcl97p7-WBJDrVESiDwVeNDMNHx1SHkq7PdfDRkFatZuiKmJqKxrMpEM1EcBryl5PSrdG5A_FLVZGtGh_oueZKTzsoX3Brt_22_iatBtbvrqrMILep7WCM1IRe5ANZofzJAkTyPjFBZ7fuNuJ/w283-h400/CA%20Final%20Nov22_page-0002.jpg" width="283" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1EOkYNao61d0b4jKox_94N_SeFe_QYJ0k8P5eY7FpMNfSilIFeJwUtpdDXhslCRZ7esG8NDndR1tVpaeGwkI6KRPGC_nqWPW7W1H7DYI3dfIJrVTIGoYKKasv75ni3aIeeQVmdKcuuytufdF-Z4GnLYJfGzM_2R3zgcsyQXCrIN8Hgq4A4x1-IQCViyQA/s1754/CA%20Final%20Nov22_page-0003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1EOkYNao61d0b4jKox_94N_SeFe_QYJ0k8P5eY7FpMNfSilIFeJwUtpdDXhslCRZ7esG8NDndR1tVpaeGwkI6KRPGC_nqWPW7W1H7DYI3dfIJrVTIGoYKKasv75ni3aIeeQVmdKcuuytufdF-Z4GnLYJfGzM_2R3zgcsyQXCrIN8Hgq4A4x1-IQCViyQA/w283-h400/CA%20Final%20Nov22_page-0003.jpg" width="283" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipuNDK9Ea466aXhCUahVp6TPMrN1W4dx9PkEFLsGbx9_CBiKTSeyt2A53-2JgS8bIUoRL9j6PmfmBIPueTwV1-FmXZrXLSkF2_oNHdJMdOHS4Lg8HbGvhtzBHHOT0e03UzkBXpV87-2Q-G0os9KmoxKh_8nB9xHW1EN4QG50asFnRsSiDdDiIY_iI7nqxw/s1754/CA%20Final%20Nov22_page-0004.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipuNDK9Ea466aXhCUahVp6TPMrN1W4dx9PkEFLsGbx9_CBiKTSeyt2A53-2JgS8bIUoRL9j6PmfmBIPueTwV1-FmXZrXLSkF2_oNHdJMdOHS4Lg8HbGvhtzBHHOT0e03UzkBXpV87-2Q-G0os9KmoxKh_8nB9xHW1EN4QG50asFnRsSiDdDiIY_iI7nqxw/w283-h400/CA%20Final%20Nov22_page-0004.jpg" width="283" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEYXW0S_y3xc69_USqYW009DV2I5TXcNcC8eNd0hwUs4zsNdF9MlQ-ZCtHwoqMyTnevNTTyHmRMcdYOYejBt9aNcJ9yprUmhtn222DCHfxri18vPJkleWTa0Ab_bbz8VBNN2fjc3QyEbC-ZeR8HHG0AheT9kUJnvNTHDmJoMkkQgv8bAEwxyXTGtv7bAe2/s1754/CA%20Final%20Nov22_page-0005.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiEYXW0S_y3xc69_USqYW009DV2I5TXcNcC8eNd0hwUs4zsNdF9MlQ-ZCtHwoqMyTnevNTTyHmRMcdYOYejBt9aNcJ9yprUmhtn222DCHfxri18vPJkleWTa0Ab_bbz8VBNN2fjc3QyEbC-ZeR8HHG0AheT9kUJnvNTHDmJoMkkQgv8bAEwxyXTGtv7bAe2/w283-h400/CA%20Final%20Nov22_page-0005.jpg" width="283" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVYA5ugWEl6gZDJ_eXEtpCLV6Zk4IeBzPsk9ET5Se6eOwhZV4-6wX11N_UvzjS2SgESQVVSRKZM87aO98n2qVtpmN17Cf8re8QhmBr18ILVd972Y6nPuMOQVCQEpjLacTdmpXRPPiEgN83adu1Rb1z_StTiSiEjl-UDoQsXvTxWaenofV1N634FVYDbXCn/s1754/CA%20Final%20Nov22_page-0006.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgVYA5ugWEl6gZDJ_eXEtpCLV6Zk4IeBzPsk9ET5Se6eOwhZV4-6wX11N_UvzjS2SgESQVVSRKZM87aO98n2qVtpmN17Cf8re8QhmBr18ILVd972Y6nPuMOQVCQEpjLacTdmpXRPPiEgN83adu1Rb1z_StTiSiEjl-UDoQsXvTxWaenofV1N634FVYDbXCn/w283-h400/CA%20Final%20Nov22_page-0006.jpg" width="283" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwTB3OWVfi4u_GBXVP7xhK1U0pZTbz67mDptPRM2ZhFVbJ3TuwzJUducaoi8OCYF0W6ESlxaRWEbqPIThHaIPfLUGqKyLvFrT0N5HH73eCk6NAPyt-Bla0qPI_9zN3wb9Z8pEcrkiUBP-uRosAlVms_2FiQr54bM-TtxAIjG-30D_i7RKSpXw4u7NUlbWr/s1754/CA%20Final%20Nov22_page-0007.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1754" data-original-width="1241" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwTB3OWVfi4u_GBXVP7xhK1U0pZTbz67mDptPRM2ZhFVbJ3TuwzJUducaoi8OCYF0W6ESlxaRWEbqPIThHaIPfLUGqKyLvFrT0N5HH73eCk6NAPyt-Bla0qPI_9zN3wb9Z8pEcrkiUBP-uRosAlVms_2FiQr54bM-TtxAIjG-30D_i7RKSpXw4u7NUlbWr/w283-h400/CA%20Final%20Nov22_page-0007.jpg" width="283" /></a></div></div></i></b></span></span></i></b></div></i></b></span></span></i></b></div></div></span></span></span></h5><h1 align="center" style="font-family: "Times New Roman"; font-size: medium; margin-bottom: 0cm; margin-left: 35.75pt; margin-right: 23.25pt; margin-top: 5.0pt; margin: 5pt 23.25pt 0cm 35.75pt; text-align: center;"><span style="font-family: arial; font-size: x-small;"><span lang="EN-US" style="mso-font-width: 80%;">CA Final Nov 22:<span style="letter-spacing: 1.3pt;"> </span>DIRECT<span style="letter-spacing: 1.35pt;"> </span>TAX<span style="letter-spacing: 1.25pt;"> </span>LAWS<span style="letter-spacing: 1.5pt;"> </span>&<span style="letter-spacing: 1.2pt;"> </span>INTERNATIONAL<span style="letter-spacing: 1.3pt;"> </span>TAXATION</span><span lang="EN-US"><o:p></o:p></span></span></h1><h5 class="uiStreamMessage userContentWrapper" data-ft="{"type":1,"tn":"K"}" style="font-weight: normal; line-height: 14px; margin: 0px 0px 5px; overflow-wrap: break-word; padding: 0px; word-wrap: break-word;"><span><span><span class="messageBody" style="color: #333333; line-height: 1.38;"><div class="text_exposed_show" style="display: inline;"><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><div class="MsoNormal" data-iceapc="3" data-iceapw="26" style="color: black; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><p class="MsoBodyText" style="line-height: 101%; margin: 6.35pt 10.95pt 0.0001pt 24pt;"><span style="font-family: arial; font-size: x-small;"><span lang="EN-US">M/s MPK Pharma Ltd, a company
resident in India, in which the public are not substantially<span style="letter-spacing: 0.05pt;"> </span>interested,<span style="letter-spacing: 0.5pt;"> </span>is<span style="letter-spacing: 0.45pt;"> </span>engaged<span style="letter-spacing: 0.55pt;"> </span>in<span style="letter-spacing: 0.45pt;"> </span>the<span style="letter-spacing: 0.45pt;"> </span>manufacture<span style="letter-spacing: 0.6pt;"> </span>of<span style="letter-spacing: 0.45pt;"> </span>pharmaceutical<span style="letter-spacing: 0.65pt;"> </span>products.<span style="letter-spacing: 0.45pt;">
</span>The<span style="letter-spacing: 0.45pt;"> </span>Statement<span style="letter-spacing: 0.5pt;"> </span>of<span style="letter-spacing: 0.45pt;"> </span>Profit<span style="letter-spacing: -2.45pt;"> </span>& Loss for the year ended 31</span><span lang="EN-US" style="line-height: 101%; position: relative; top: -3pt;">st </span><span lang="EN-US">March, 2022 shows a net profit of </span><span lang="EN-US" style="line-height: 101%;">` </span><span lang="EN-US">50,75,000 after debiting or<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">crediting<span style="letter-spacing: 0.1pt;"> </span>the<span style="letter-spacing: 0.1pt;"> </span>following<span style="letter-spacing: 0.15pt;">
</span>items:</span></span><span lang="EN-US" style="font-family: "Times New Roman"; font-size: 12pt;"><o:p></o:p></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 100%; margin: 4.7pt 11.1pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(i)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">One-time license fee of </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">12 lakhs paid to a foreign company for obtaining a
franchise on<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">28</span></i><i><span lang="EN-US" style="line-height: 100%; position: relative; top: -3pt;">th<span style="letter-spacing: .85pt;"> </span></span><span lang="EN-US">July,<span style="letter-spacing: -.05pt;"> </span>2021.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; margin: 5.25pt 11.35pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(ii}<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">Convertible debentures were issued by the
company on which expenditure of issue and<span style="letter-spacing: 0.05pt;"> </span></span><span lang="EN-US">collection<span style="letter-spacing: .15pt;"> </span>of </span></i><i><span lang="EN-US" style="font-family: Georgia, serif;">`<span style="letter-spacing: .25pt;"> </span></span><span lang="EN-US">3,15,000<span style="letter-spacing: .2pt;"> </span>was<span style="letter-spacing: .1pt;"> </span>incurred.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 100%; margin: 5pt 11.05pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(iii)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">The company has paid </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">2,25,000 to share brokers for transactions in
relation to equity<span style="letter-spacing: .05pt;"> </span>shares listed in
stock exchange and </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">1,20,000 to commodity broker for
transactions in<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">relation<span style="letter-spacing: 1.4pt;">
</span>to<span style="letter-spacing: 1.35pt;"> </span>commodities<span style="letter-spacing: 1.5pt;"> </span>at<span style="letter-spacing: 1.3pt;"> </span>MCX.<span style="letter-spacing: 1.15pt;"> </span>Tax<span style="letter-spacing: 1.45pt;"> </span>was<span style="letter-spacing: 1.4pt;"> </span>not<span style="letter-spacing: 1.35pt;"> </span>deducted<span style="letter-spacing: 1.4pt;"> </span>at<span style="letter-spacing: 1.15pt;"> </span>source<span style="letter-spacing: 1.45pt;"> </span>on<span style="letter-spacing: 1.3pt;"> </span>such<span style="letter-spacing: 1.35pt;"> </span>transactions.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 101%; margin: 5.1pt 11.35pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(iv)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">Contributed 15% of basic salary in
National Pension Scheme referred in section 80CCD<span style="letter-spacing: .05pt;"> </span>towards salary paid to an employee Mr. Gaurav whose basic salary
was </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 101%;">` </span><span lang="EN-US">6,00,000 p.a.<span style="letter-spacing: .05pt;"> </span>and<span style="letter-spacing: .05pt;"> </span>Dearness allowance<span style="letter-spacing: .05pt;"> </span>of 30% of basic<span style="letter-spacing: .05pt;"> </span>salary<span style="letter-spacing: .05pt;"> </span>was considered.<span style="letter-spacing: .05pt;"> </span>50% of Dearness·<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">allowance<span style="letter-spacing: .05pt;"> </span>formed<span style="letter-spacing: .05pt;"> </span>part<span style="letter-spacing: .05pt;"> </span>of the<span style="letter-spacing: .05pt;"> </span>salary.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; margin: 4.75pt 0cm 0.0001pt 45.6pt; text-indent: -21.65pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US"><span> </span>(v)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">Expense<span style="letter-spacing: 1.95pt;">
</span>of<span style="letter-spacing: 1.95pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif;">`<span style="letter-spacing: 2.05pt;"> </span></span><span lang="EN-US">7,00,000<span style="letter-spacing: 2.15pt;">
</span>has<span style="letter-spacing: 1.9pt;"> </span>been<span style="letter-spacing: 1.95pt;"> </span>incurred<span style="letter-spacing: 1.95pt;">
</span>for<span style="letter-spacing: 1.85pt;"> </span>providing<span style="letter-spacing: 2.0pt;"> </span>freebies<span style="letter-spacing: 2.0pt;">
</span>to<span style="letter-spacing: 1.9pt;"> </span>medical<span style="letter-spacing: 2.0pt;"> </span>practitioners.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 101%; margin: 4.95pt 11.4pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(vi)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">Expenditure<span style="letter-spacing: .05pt;"> </span>of<span style="letter-spacing: .05pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 101%;">`<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">5,20,000<span style="letter-spacing: .05pt;"> </span>incurred<span style="letter-spacing: .05pt;">
</span>on<span style="letter-spacing: .05pt;"> </span>feasibility<span style="letter-spacing: .05pt;"> </span>study<span style="letter-spacing: .05pt;"> </span>conducted<span style="letter-spacing: .05pt;"> </span>for<span style="letter-spacing: .05pt;"> </span>examining<span style="letter-spacing: -2.65pt;"> </span></span><span lang="EN-US">proposals<span style="letter-spacing: .05pt;"> </span>for<span style="letter-spacing: .05pt;"> </span>technological<span style="letter-spacing: .05pt;"> </span>advancement<span style="letter-spacing: .05pt;"> </span>for<span style="letter-spacing: .05pt;"> </span>existing<span style="letter-spacing: .05pt;">
</span>business.<span style="letter-spacing: .05pt;"> </span>The<span style="letter-spacing: .05pt;"> </span>project<span style="letter-spacing: .05pt;">
</span>was<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">abandoned<span style="letter-spacing: -.1pt;"> </span>without<span style="letter-spacing: -.25pt;"> </span>creating<span style="letter-spacing: -.2pt;">
</span>a<span style="letter-spacing: -.2pt;"> </span>new<span style="letter-spacing: -.3pt;"> </span>asset.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; margin: 4.9pt 0cm 0.0001pt 45.6pt; text-indent: -21.65pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US"><span> </span><span> </span>(vii)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">Depreciation<span style="letter-spacing: .35pt;"> </span>of<span style="letter-spacing: .25pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif;">`<span style="letter-spacing: .45pt;"> </span></span><span lang="EN-US">13,00,000<span style="letter-spacing: .25pt;"> </span>on<span style="letter-spacing: .25pt;"> </span>the<span style="letter-spacing: .25pt;"> </span>basis<span style="letter-spacing: .45pt;"> </span>of<span style="letter-spacing: .2pt;"> </span>useful<span style="letter-spacing: .35pt;"> </span>life<span style="letter-spacing: .3pt;"> </span>of<span style="letter-spacing: .2pt;"> </span>assets<span style="letter-spacing: .35pt;"> </span>has<span style="letter-spacing: .25pt;"> </span>been<span style="letter-spacing: .2pt;"> </span>charged.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 98%; margin: 5.05pt 11.45pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(viii)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">Employees<span style="letter-spacing: .65pt;"> </span>Provident<span style="letter-spacing: .6pt;"> </span>Fund<span style="letter-spacing: .55pt;"> </span>(EPF)<span style="letter-spacing: .55pt;"> </span>for<span style="letter-spacing: .6pt;"> </span>the<span style="letter-spacing: .55pt;"> </span>month<span style="letter-spacing: .6pt;"> </span>of<span style="letter-spacing: .5pt;"> </span>March,<span style="letter-spacing: .75pt;"> </span>2022<span style="letter-spacing: .6pt;"> </span>amounting<span style="letter-spacing: .6pt;"> </span>to<span style="letter-spacing: .55pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 98%;">`<span style="letter-spacing: .75pt;"> </span></span><span lang="EN-US">5,20,000<span style="letter-spacing: -2.4pt;"> </span>was<span style="letter-spacing: .4pt;"> </span>remitted<span style="letter-spacing: .5pt;"> </span>on<span style="letter-spacing: .4pt;"> </span>17</span></i><i><span lang="EN-US" style="line-height: 98%; position: relative; top: -3pt;">th<span style="letter-spacing: 1.2pt;"> </span></span><span lang="EN-US">May,<span style="letter-spacing: .35pt;"> </span>2022<span style="letter-spacing: .45pt;"> </span>which<span style="letter-spacing: .45pt;"> </span>includes<span style="letter-spacing: .5pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 98%;">`<span style="letter-spacing: .6pt;"> </span></span><span lang="EN-US">2,60,000<span style="letter-spacing: .5pt;">
</span>of<span style="letter-spacing: .4pt;"> </span>employer's<span style="letter-spacing: .5pt;"> </span>contribution<span style="letter-spacing: .4pt;"> </span>and </span></i><span lang="EN-US" style="font-family: Georgia, serif; font-variant-caps: inherit; font-variant-ligatures: inherit;">`<span style="letter-spacing: .65pt;"> </span></span><span lang="EN-US" style="font-variant-caps: inherit; font-variant-ligatures: inherit;">2,60,000<span style="letter-spacing: .5pt;"> </span>of<span style="letter-spacing: .3pt;"> </span>employee's<span style="letter-spacing: .45pt;">
</span>contribution.</span></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; margin-left: 45.6pt; text-indent: -21.65pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US"><span> </span><span> </span>(ix)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">Donation<span style="letter-spacing: .3pt;">
</span>to<span style="letter-spacing: .3pt;"> </span>Swachh<span style="letter-spacing: .3pt;"> </span>Bharat<span style="letter-spacing: .2pt;"> </span>Kosh<span style="letter-spacing: .25pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif;">`<span style="letter-spacing: .5pt;"> </span></span><span lang="EN-US">2,00,000.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; margin: 4.9pt 0cm 0.0001pt 45.6pt; text-indent: -21.65pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US"><span> <span> <span> </span></span></span>(x)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">Industrial<span style="letter-spacing: 2.1pt;"> </span>power<span style="letter-spacing: 2.0pt;"> </span>tariff<span style="letter-spacing: 1.95pt;"> </span>concession<span style="letter-spacing: 2.1pt;"> </span>of<span style="letter-spacing: 1.9pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif;">`<span style="letter-spacing: 2.15pt;"> </span></span><span lang="EN-US">4,50,000<span style="letter-spacing: 2.05pt;">
</span>is<span style="letter-spacing: 2.0pt;"> </span>received<span style="letter-spacing: 2.2pt;"> </span>from<span style="letter-spacing: 2.2pt;"> </span>Central<span style="letter-spacing: 1.9pt;"> </span>Government.</span></i><b><i><span lang="EN-US"><o:p></o:p></span></i></b></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 101%; margin: 9.65pt 11.35pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(xi)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">Interest and borrowing costs amounting to
</span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 101%;">` </span><span lang="EN-US">6,85,000 and </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 101%;">` </span><span lang="EN-US">5,65,000 though not meeting<span style="letter-spacing: .05pt;"> </span>the criteria for recognition as a component of cost, is included
in the cost of opening and<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">closing<span style="letter-spacing: -.2pt;">
</span>inventory,<span style="letter-spacing: -.1pt;"> </span>respectively.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 100%; margin: 5.15pt 11.4pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(xii)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">The profit from setting of warehouse in
rural area for storage of sugar (before claiming<span style="letter-spacing: .05pt;"> </span>deduction<span style="letter-spacing: 1.5pt;"> </span>under<span style="letter-spacing: 1.25pt;"> </span>section<span style="letter-spacing: 1.4pt;">
</span>35AD)<span style="letter-spacing: 1.4pt;"> </span>is<span style="letter-spacing: 1.4pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">`<span style="letter-spacing: 1.6pt;"> </span></span><span lang="EN-US">10,00,000.<span style="letter-spacing: 1.25pt;"> </span>The<span style="letter-spacing: 1.55pt;"> </span>warehouse<span style="letter-spacing: 1.5pt;"> </span>commenced<span style="letter-spacing: 1.45pt;">
</span>operations<span style="letter-spacing: -2.5pt;"> </span></span><span lang="EN-US">on<span style="letter-spacing: -.2pt;"> </span>24</span></i></span><i><span style="font-size: x-small;"><span lang="EN-US" style="line-height: 100%; position: relative; top: -3pt;">th<span style="letter-spacing: .85pt;"> </span></span><span lang="EN-US">October,<span style="letter-spacing: -0.1pt;">
</span>2021.</span></span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></i></p><p class="MsoBodyText" style="font-family: "Times New Roman"; font-size: 12pt; margin: 5.15pt 0cm 0.0001pt 24pt;"><span lang="EN-US">The<span style="letter-spacing: 2.1pt;"> </span>Company</span><span lang="EN-US" style="letter-spacing: 1.85pt;"> </span><span lang="EN-US">has<span style="letter-spacing: 2.15pt;"> </span>furnished<span style="letter-spacing: 2.2pt;"> </span>the<span style="letter-spacing: 2.05pt;"> </span>following<span style="letter-spacing: 2.2pt;"> </span>additional<span style="letter-spacing: 2.3pt;"> </span>information:</span><span lang="EN-US"><o:p></o:p></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 100%; margin: 5.15pt 11.2pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><i><span lang="EN-US"><span style="font-size: 12pt;">(i)</span><span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-size: 7pt; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><span style="font-size: x-small;"><i><span lang="EN-US">The company has collected </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">14,00,000 as GST from its customers and remitted to
the<span style="letter-spacing: .05pt;"> </span>Government before due the dates.
Consequent to an appeal filed, the Honourable High<span style="letter-spacing: .05pt;"> </span>Court<span style="letter-spacing: .75pt;"> </span>ordered<span style="letter-spacing: .8pt;"> </span>the<span style="letter-spacing: .6pt;"> </span>GST<span style="letter-spacing: .45pt;"> </span>department<span style="letter-spacing: .8pt;"> </span>to<span style="letter-spacing: .7pt;"> </span>refund<span style="letter-spacing: .8pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">`<span style="letter-spacing: 1.0pt;"> </span></span><span lang="EN-US">5,00,000<span style="letter-spacing: .8pt;">
</span>to<span style="letter-spacing: .7pt;"> </span>the<span style="letter-spacing: .9pt;"> </span>Company.<span style="letter-spacing: .65pt;"> </span>The<span style="letter-spacing: .75pt;"> </span>Company<span style="letter-spacing: -2.5pt;">
</span>in tum refunded </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">3,00,000 to its customers from whom GST
was collected. Balance<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">amount<span style="letter-spacing: -.3pt;">
</span>is<span style="letter-spacing: -.25pt;"> </span>shown<span style="letter-spacing: -.25pt;"> </span>under<span style="letter-spacing: -.25pt;">
</span>"current<span style="letter-spacing: -.35pt;"> </span>liabilities".</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 100%; margin: 4.95pt 10.95pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(ii)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><i><span lang="EN-US">On 14.01.2022, the company has issued
2,00,000 equity shares of </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">10 each at </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">22 per<span style="letter-spacing: .05pt;"> </span>share.
The<span style="letter-spacing: .05pt;"> </span>fair<span style="letter-spacing: .05pt;"> </span>market value<span style="letter-spacing: .05pt;"> </span>of the<span style="letter-spacing: .05pt;"> </span>shares<span style="letter-spacing: .05pt;"> </span>determined<span style="letter-spacing: .05pt;"> </span>as per Income-tax</span><span lang="EN-US" style="letter-spacing: 2.1pt;"> </span><span lang="EN-US">Rules,</span><span lang="EN-US" style="letter-spacing: 2.15pt;"> </span><span lang="EN-US">1962<span style="letter-spacing: -2.45pt;">
</span></span><span lang="EN-US">was<span style="letter-spacing: -.1pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">`<span style="letter-spacing: .15pt;"> </span></span><span lang="EN-US">19<span style="letter-spacing: -.1pt;"> </span>per<span style="letter-spacing: -.1pt;"> </span>share.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 101%; margin: 4.75pt 11.25pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(iii)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">The
company has brought forward losses of </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 101%;">` </span><span lang="EN-US">13,00,000
relating to assessment year<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">2019-20.<span style="letter-spacing: .05pt;">
</span>Mr.<span style="letter-spacing: .05pt;"> </span>X<span style="letter-spacing: .05pt;"> </span>who<span style="letter-spacing: .05pt;"> </span>continuously<span style="letter-spacing: .05pt;"> </span>held<span style="letter-spacing: .05pt;"> </span>55%<span style="letter-spacing: .05pt;"> </span>shares<span style="letter-spacing: .05pt;"> </span>carrying<span style="letter-spacing: .05pt;"> </span>voting<span style="letter-spacing: .05pt;"> </span>power<span style="letter-spacing: .05pt;"> </span>since<span style="letter-spacing: -2.65pt;">
</span></span><span lang="EN-US">incorporation<span style="letter-spacing: 1.45pt;"> </span>of<span style="letter-spacing: 1.25pt;"> </span>the<span style="letter-spacing: 1.3pt;"> </span>company,<span style="letter-spacing: 1.5pt;">
</span>had<span style="letter-spacing: 1.1pt;"> </span>sold<span style="letter-spacing: 1.3pt;"> </span>his<span style="letter-spacing: 1.3pt;"> </span>entire<span style="letter-spacing: 1.3pt;"> </span>shareholding<span style="letter-spacing: 1.4pt;"> </span>to<span style="letter-spacing: 1.3pt;"> </span>Mr.<span style="letter-spacing: 1.1pt;"> </span>Y<span style="letter-spacing: 1.05pt;"> </span>on<span style="letter-spacing: 1.25pt;"> </span>25.11.2021.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; margin: 4.9pt 0cm 0.0001pt 45.6pt; text-indent: -21.65pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US"><span> </span><span> </span>(iv)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">Depreciation<span style="letter-spacing: .4pt;"> </span>allowable<span style="letter-spacing: .4pt;">
</span>as<span style="letter-spacing: .3pt;"> </span>per<span style="letter-spacing: .45pt;"> </span>Income-tax<span style="letter-spacing: .35pt;"> </span>Rules<span style="letter-spacing: .35pt;"> </span></span></i><i><span lang="EN-US" style="font-family: Georgia, serif;">`<span style="letter-spacing: .55pt;"> </span></span><span lang="EN-US">14,50,000.</span><span lang="EN-US"><o:p></o:p></span></i></span></p><p class="MsoListParagraph" style="font-family: "Times New Roman"; line-height: 100%; margin: 4.95pt 11.1pt 0.0001pt 45.6pt;"><!--[if !supportLists]--><span style="font-size: x-small;"><i><span lang="EN-US">(v)<span style="font-feature-settings: normal; font-kerning: auto; font-optical-sizing: auto; font-stretch: normal; font-style: normal; font-variant-alternates: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-variant-position: normal; font-variation-settings: normal; line-height: normal;"> </span></span></i><!--[endif]--><i><span lang="EN-US">The company has invested </span></i><i><span lang="EN-US" style="font-family: Georgia, serif; line-height: 100%;">` </span><span lang="EN-US">35 lakhs in the construction of warehouse in a rural
area for<span style="letter-spacing: .05pt;"> </span>storage<span style="letter-spacing: .7pt;"> </span>of<span style="letter-spacing: .6pt;"> </span>sugar<span style="letter-spacing: .6pt;"> </span>as<span style="letter-spacing: .6pt;"> </span>an<span style="letter-spacing: .55pt;"> </span>additional<span style="letter-spacing: .65pt;"> </span>line<span style="letter-spacing: .6pt;"> </span>of<span style="letter-spacing: .55pt;"> </span>business.<span style="letter-spacing: .55pt;">
</span>The<span style="letter-spacing: .6pt;"> </span>investment<span style="letter-spacing: .65pt;"> </span>includes<span style="letter-spacing: .65pt;">
</span>land<span style="letter-spacing: .6pt;"> </span>value<span style="letter-spacing: .6pt;"> </span>of </span></i><span lang="EN-US" style="font-family: Georgia, serif; font-variant-caps: inherit; font-variant-ligatures: inherit;">`<span style="letter-spacing: .7pt;"> </span></span><span lang="EN-US" style="font-variant-caps: inherit; font-variant-ligatures: inherit;">20<span style="letter-spacing: 0.4pt;"> </span>lakhs.</span></span></p><p align="center" class="MsoBodyText" style="font-family: "Times New Roman"; font-size: medium; margin-bottom: 0cm; margin-left: 35.75pt; margin-right: 23.45pt; margin-top: 5.35pt; margin: 5.35pt 23.45pt 0cm 35.75pt; text-align: center;">
</p><p class="MsoBodyText" style="font-family: "Times New Roman"; font-size: 12pt; line-height: 101%; margin: 5.2pt 11.45pt 0.0001pt 24pt;"><span lang="EN-US">You are required to compute
the Total Income of M/s MPK Pharma Ltd. for the Assessment<span style="letter-spacing: .05pt;"> </span></span><span lang="EN-US">Year<span style="letter-spacing: 1.15pt;"> </span>2022-23.<span style="letter-spacing: .9pt;"> </span>The<span style="letter-spacing: 1.15pt;"> </span>company<span style="letter-spacing: 1.3pt;"> </span>has<span style="letter-spacing: 1.2pt;"> </span>not<span style="letter-spacing: 1.25pt;"> </span>opted<span style="letter-spacing: 1.25pt;">
</span>for<span style="letter-spacing: 1.2pt;"> </span>tax<span style="letter-spacing: 1.2pt;"> </span>u/s<span style="letter-spacing: 1.35pt;"> </span>115BAA<span style="letter-spacing: .35pt;"> </span>of<span style="letter-spacing: 1.15pt;"> </span>the<span style="letter-spacing: 1.2pt;"> </span>Income-tax<span style="letter-spacing: .5pt;"> </span>Act,<span style="letter-spacing: 1.2pt;"> </span>1961.</span><span lang="EN-US"><o:p></o:p></span></p></div></i></b></span></span></i></b></div></i></b></span></span></i></b></div></div></span></span></span></h5><h5 class="uiStreamMessage userContentWrapper" data-ft="{"type":1,"tn":"K"}" style="font-family: "lucida grande", tahoma, verdana, arial, sans-serif; font-size: 11px; font-weight: normal; line-height: 14px; margin: 0px 0px 5px; overflow-wrap: break-word; padding: 0px; word-wrap: break-word;"><span style="font-size: small;"><span><span class="messageBody" style="color: #333333; line-height: 1.38;"><div class="text_exposed_show" style="display: inline;"><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-family: helvetica, arial, sans-serif; font-size: 16px; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><div style="border: 0px; box-sizing: border-box; color: #4d4f51; font-stretch: inherit; line-height: 24px; margin: 0px 0px 30px; padding: 0px; vertical-align: baseline;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><span style="font-size: small;"><span class="messageBody" style="color: #333333; line-height: 1.38;"><b style="border: 0px; box-sizing: border-box; font-family: inherit; font-size: 16px; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><i style="border: 0px; box-sizing: border-box; font-family: inherit; font-stretch: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; margin: 0px; padding: 0px; vertical-align: baseline;"><div class="MsoNormal" data-iceapc="3" data-iceapw="26" style="color: black; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-weight: 400; margin: 0in 0in 0.0001pt; text-align: justify;"><p class="MsoBodyText" style="font-size: medium; line-height: 16.16px; margin-bottom: 0cm; margin-left: 24.0pt; margin-right: 11.45pt; margin-top: 5.2pt; margin: 5.2pt 11.45pt 0cm 24pt;"><br /></p></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmJEtLLi5IO38GZSQ8CQMJ9kXAqAURgZeMjaH-BKWIUfiCWbSkobnnwGlcYRefKNaNzN6GLAl0qs-Ksye8wZHhyRHSesF2htNRHYEQWImYb-ggOlh_yfczR3e3ew1wYbvxDzdU39W00NPqOILowLzFvLVBiJZ6bL_6GJPZo-DJTT2OXBA1WLg_YZlVJ9my/s3156/tax%20computation%20CA%20final%20Nov22.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="3156" data-original-width="701" height="1149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgmJEtLLi5IO38GZSQ8CQMJ9kXAqAURgZeMjaH-BKWIUfiCWbSkobnnwGlcYRefKNaNzN6GLAl0qs-Ksye8wZHhyRHSesF2htNRHYEQWImYb-ggOlh_yfczR3e3ew1wYbvxDzdU39W00NPqOILowLzFvLVBiJZ6bL_6GJPZo-DJTT2OXBA1WLg_YZlVJ9my/w255-h1149/tax%20computation%20CA%20final%20Nov22.jpg" width="255" /></a></div><br /></i></b></span></span></i></b></div></i></b></span></span></i></b></div>
</div>
</span></span></span></h5>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-54122784915314830802021-06-19T07:34:00.005-07:002021-06-19T07:34:41.888-07:00Exporters Working Capital Credit Facilities<p> </p><p style="background: white; line-height: 22.45pt; margin-bottom: .0001pt; margin: 0in; text-align: justify; vertical-align: baseline;"><span style="color: #454545; font-family: "Arial","sans-serif";"><b><u>Exporters Working Capital Facility<o:p></o:p></u></b></span></p>
<p style="background: white; line-height: 22.45pt; margin-bottom: .0001pt; margin: 0in; text-align: justify; vertical-align: baseline;"><span style="color: #454545; font-family: "Arial","sans-serif";"><o:p> </o:p></span></p>
<p style="background: white; line-height: 22.45pt; margin-bottom: .0001pt; margin: 0in; text-align: justify; vertical-align: baseline;"><span style="color: #454545; font-family: "Arial","sans-serif";">The loans and advances provided to an exporter till the stage of
packing of finished goods ready for export is called the packing credit or pre-shipment
credit. These are sanctioned against <strong style="-webkit-font-smoothing: antialiased; box-sizing: border-box; outline: 0px;"><span style="border: none windowtext 1.0pt; font-family: "Arial","sans-serif"; font-weight: normal; mso-border-alt: none windowtext 0in; padding: 0in;">letter of credit</span></strong> or
confirmed /irrevocable order or any other evidence of an export order. This
working capital finance can be availed in Rupee or Foreign currency loan : PCFC
or EPC<o:p></o:p></span></p>
<p style="-webkit-font-smoothing: antialiased; -webkit-text-stroke-width: 0px; background: white; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; line-height: 22.45pt; margin-bottom: .0001pt; margin: 0in; orphans: 2; outline: 0px; padding: 1rem; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; vertical-align: baseline; widows: 2; word-spacing: 0px;"><strong><span style="border: none windowtext 1.0pt; color: #007ad9; font-family: "Arial","sans-serif"; font-weight: normal; mso-border-alt: none windowtext 0in; padding: 0in;">Pre shipment credit in foreign currency</span></strong><span style="color: #454545; font-family: "Arial","sans-serif";"> (PCFC) has LIBOR
linked interest rates and these cannot be outstanding for more than 180 days.
Thus if the shipment is not done after 360 days of PCFC, the loan is converted
to Rupee liability at the prevailing exchange rate. The PCFC is quoted as Libor
+ Spread. Libor depends on the trade cycle. Since the loan is in foreign currency, there is no need for
the exporter to hedge the PCFC.<o:p></o:p></span></p>
<p style="-webkit-font-smoothing: antialiased; -webkit-text-stroke-width: 0px; background: white; box-sizing: border-box; font-variant-caps: normal; font-variant-ligatures: normal; line-height: 22.45pt; margin-bottom: 9.35pt; margin-left: 0in; margin-right: 0in; margin-top: 0in; orphans: 2; outline: 0px; padding: 1rem; text-align: justify; text-decoration-color: initial; text-decoration-style: initial; text-decoration-thickness: initial; vertical-align: baseline; widows: 2; word-spacing: 0px;"><strong><span style="border: none windowtext 1.0pt; color: #007ad9; font-family: "Arial","sans-serif"; font-weight: normal; mso-border-alt: none windowtext 0in; padding: 0in;">Export
Packing Credit</span></strong><span style="color: #454545; font-family: "Arial","sans-serif";"> (EPC), exporter is exposed to forex fluctuations as the loan is
given in Indian Rupee. This type of credit is priced against the MCLR rates of
the banks. The central bank permits banks to offer pre-shipment credit in
any of the convertible currencies like USD, Euro, GBP provided funds are
available.<o:p></o:p></span></p>charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-32279376352139811812021-05-04T23:15:00.000-07:002023-12-31T07:20:47.385-08:00GST chargeability and compliance<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr" style="text-align: left;" trbidi="on">
<div align="left">
</div>
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-sjWXBOn-oRo/XaHlyPUZh3I/AAAAAAAANEk/w27KN0NLmFE7_9N3sR_eWf8wOE9UMQE_QCLcBGAsYHQ/s1600/Supply%2Bas%2Bper%2BGST.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="296" data-original-width="314" height="603" src="https://1.bp.blogspot.com/-sjWXBOn-oRo/XaHlyPUZh3I/AAAAAAAANEk/w27KN0NLmFE7_9N3sR_eWf8wOE9UMQE_QCLcBGAsYHQ/w640-h603/Supply%2Bas%2Bper%2BGST.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNIvw30gQGhOD7B0eHlg3hltHse2V68lGpu9rrzSF5Z6wUlvfbWSOP_FG1AVTOPDq-IcRMEuH6g4uuTiBfNjXUTNTXH4D1D80uV8WVBn5zFSVMDbCK3qsxOlrIsUHAtLXGwQYfLR6cUJLCorhKpFMaRGZfnOu1HcNm0Z1K3lgf5qmG9mHLejS_jdkKnw/s776/GST%20section%209.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="305" data-original-width="776" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNIvw30gQGhOD7B0eHlg3hltHse2V68lGpu9rrzSF5Z6wUlvfbWSOP_FG1AVTOPDq-IcRMEuH6g4uuTiBfNjXUTNTXH4D1D80uV8WVBn5zFSVMDbCK3qsxOlrIsUHAtLXGwQYfLR6cUJLCorhKpFMaRGZfnOu1HcNm0Z1K3lgf5qmG9mHLejS_jdkKnw/w640-h252/GST%20section%209.png" width="640" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-2-QjyCxYY18/XaHnq8a8FDI/AAAAAAAANE0/JgHEqL3uT8EJ79-DXmfEgcJXcxoBd4nZgCLcBGAsYHQ/s1600/place%2Bof%2Bsupply.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="395" data-original-width="751" height="334" src="https://1.bp.blogspot.com/-2-QjyCxYY18/XaHnq8a8FDI/AAAAAAAANE0/JgHEqL3uT8EJ79-DXmfEgcJXcxoBd4nZgCLcBGAsYHQ/w640-h334/place%2Bof%2Bsupply.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-0d2Hj9oS7GU/XaH0uCu8ttI/AAAAAAAANE8/S8vs8EXWJ9USHBEPLSoHsHsaOPv4XQ1TgCLcBGAsYHQ/s1600/GST%2BINPUT%2BCREDIT.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1190" data-original-width="1600" height="474" src="https://1.bp.blogspot.com/-0d2Hj9oS7GU/XaH0uCu8ttI/AAAAAAAANE8/S8vs8EXWJ9USHBEPLSoHsHsaOPv4XQ1TgCLcBGAsYHQ/w640-h474/GST%2BINPUT%2BCREDIT.jpg" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<b><u>IGST CGST SGST Adjustment</u></b><br />
<br />
<div dir="auto">
The government has amended CGST Act 2017 vide CGST Amendment Act 2018 with various changes w.e.f and one of the important amendment was made in Section 49 of CGST Act by introducing new section 49A after the section 49, which is as under:</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilized towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilized fully towards such payment*</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Section 49 (5) of CGST Act 2017 speaks about manner of utilising Input Tax Credit (ITC) for payment of GST output Tax liability, e.g IGST can be Set off against IGST and then CGST and SGST, CGST cane be set off against CGST and then against IGST, and SGST can be set off against SGST and then against IGST.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*Impact of amendment* </div>
<div dir="auto">
<br /></div>
<div dir="auto">
But now Government has changed the order of setoff by introducing section 49A w.e.f and now IGST Credit should be set off fully before taking any setoff of CGST or SGST. Which means earlier CGST/SGST ITC was used to set-off CGST /SGST liability, as the case may be, but now IGST Credit has to be 1st utilised fully for payment of IGST then for CGST and then for SGST liability as the case may be, even before utilisation of ITC of CGST or SGST.</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*For e.g.*</div>
<div dir="auto">
<br /></div>
<div dir="auto">
Say supplier for February 2019 has following data for filing GST 3B</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*Output tax liability*</div>
<div dir="auto">
IGST- Rs 200</div>
<div dir="auto">
CGST-Rs 200</div>
<div dir="auto">
SGST- Rs 200</div>
<div dir="auto">
Total- Rs 600</div>
<div dir="auto">
</div>
<div dir="auto">
*ITC Available*</div>
<div dir="auto">
IGST- Rs 300</div>
<div dir="auto">
CGST-Rs 200</div>
<div dir="auto">
SGST- Rs 100</div>
<div dir="auto">
Total- Rs 600</div>
<div dir="auto">
</div>
<div dir="auto">
*Before 01.02.2019 set off was as under*</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*NO TAX IS TO BE PAYABLE*</div>
<div dir="auto">
<br /></div>
<div dir="auto">
IGST liability of Rs 200 set off from IGST ITC</div>
<div dir="auto">
<br /></div>
<div dir="auto">
CGST liability of Rs 200 set off from CGST ITC</div>
<div dir="auto">
<br /></div>
<div dir="auto">
SGST liability of Rs 200 set off from remaining IGST ITC of Rs 100 and SGST ITC of Rs 100</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*After 01.02.2019 (Section 49A) set off was as under*</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*Supplier need to Pay Rs 100 from its pocket despite of having ITC available*</div>
<div dir="auto">
<br /></div>
<div dir="auto">
IGST liability of Rs 200 set off from IGST ITC </div>
<div dir="auto">
<br /></div>
<div dir="auto">
CGST liability of Rs 200 set off from remaining IGST ITC of Rs 100 and CGST ITC of Rs 100</div>
<div dir="auto">
<br /></div>
<div dir="auto">
SGST liability of Rs 200 set off from SGST ITC of Rs 100 and rest liability of Rs 100 will be paid in cash</div>
<div dir="auto">
<br /></div>
<div dir="auto">
*Note* </div>
<div dir="auto">
<br /></div>
<div dir="auto">
*IGST credit 1st used against IGST, and also IGST 1st need to be set off against CGST and then only CGST credit can be set off against CGST, by amending the section 49A supplier need to pay Tax of Rs 100 from his pocket*<br />
<br />
<b><u>Illustration before Sec 49A is introduced</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>SGST,CGST,IGST exmple </u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-8Yvc_Yg8IzI/Wn_TFV0R-cI/AAAAAAAAFOI/v6xOtCFpBLAq3KKBvedjpa-DiT8PHRPGwCLcBGAs/s1600/SGST%2BCGST%2BIGST.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="470" data-original-width="626" height="480" src="https://4.bp.blogspot.com/-8Yvc_Yg8IzI/Wn_TFV0R-cI/AAAAAAAAFOI/v6xOtCFpBLAq3KKBvedjpa-DiT8PHRPGwCLcBGAs/w640-h480/SGST%2BCGST%2BIGST.jpg" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-uj_VhjRcm8o/WoB4U3FB-8I/AAAAAAAAFPE/GGOYFpyB58so0dZzXkJTaxjhCLENYvfsgCLcBGAs/s1600/Place%2Bof%2Bsupply.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="556" data-original-width="806" height="440" src="https://4.bp.blogspot.com/-uj_VhjRcm8o/WoB4U3FB-8I/AAAAAAAAFPE/GGOYFpyB58so0dZzXkJTaxjhCLENYvfsgCLcBGAs/w640-h440/Place%2Bof%2Bsupply.png" width="640" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-9Tv3a66-TOE/WoB6iij-AGI/AAAAAAAAFPU/Wk4AQgQZ4Ck9UujwRuTSHog3DEdRJa54ACLcBGAs/s1600/Place%2Bof%2Bsupply-goods.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="548" data-original-width="782" height="224" src="https://2.bp.blogspot.com/-9Tv3a66-TOE/WoB6iij-AGI/AAAAAAAAFPU/Wk4AQgQZ4Ck9UujwRuTSHog3DEdRJa54ACLcBGAs/s320/Place%2Bof%2Bsupply-goods.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-KKfO_dYZwWM/WoB6isEWYbI/AAAAAAAAFPQ/uBHzjE9kHhkizc5IAHeiQV_mau1pmLHXACLcBGAs/s1600/Place%2Bof%2Bsupply%2B-service.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="548" data-original-width="772" height="227" src="https://1.bp.blogspot.com/-KKfO_dYZwWM/WoB6isEWYbI/AAAAAAAAFPQ/uBHzjE9kHhkizc5IAHeiQV_mau1pmLHXACLcBGAs/s320/Place%2Bof%2Bsupply%2B-service.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://3.bp.blogspot.com/-jGD5ZUx07yI/WoB6ipz9XoI/AAAAAAAAFPY/wWimBCh3b7U9qdq5hQddQonZvfoULCtwQCLcBGAs/s1600/place%2Bof%2Bsupply-%2Bservices-2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="538" data-original-width="776" height="221" src="https://3.bp.blogspot.com/-jGD5ZUx07yI/WoB6ipz9XoI/AAAAAAAAFPY/wWimBCh3b7U9qdq5hQddQonZvfoULCtwQCLcBGAs/s320/place%2Bof%2Bsupply-%2Bservices-2.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-nbTupzr1508/XAvxeqpIQXI/AAAAAAAALQQ/gJUx3iQqqY40-quxDbZFMH6bv-0afKoMACLcBGAs/s1600/GST%2Breturn.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="727" data-original-width="1600" height="181" src="https://4.bp.blogspot.com/-nbTupzr1508/XAvxeqpIQXI/AAAAAAAALQQ/gJUx3iQqqY40-quxDbZFMH6bv-0afKoMACLcBGAs/s400/GST%2Breturn.png" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u>GST on Residenial Property from 1st April 2019</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><br /></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-INjiHDTfzsU/XIUG4UB8KuI/AAAAAAAALYU/TB-MXAnA7f4TVdsAaoqDgc2UhZQEZK0GwCK4BGAYYCw/s1600/IMG-20190309-WA0003-717307.jpg" style="text-align: left;"><img alt="" border="0" height="400" id="BLOGGER_PHOTO_ID_6666742387911174882" src="https://1.bp.blogspot.com/-INjiHDTfzsU/XIUG4UB8KuI/AAAAAAAALYU/TB-MXAnA7f4TVdsAaoqDgc2UhZQEZK0GwCK4BGAYYCw/s400/IMG-20190309-WA0003-717307.jpg" width="331" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-27Co1gbUycQ/WXyrX1nGPhI/AAAAAAAADl8/q_YD4rJ5BtwJofWTwyHgRj0asXPpOPAWQCLcBGAs/s1600/gst%2Bconstruction%2B.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="877" data-original-width="524" height="640" src="https://1.bp.blogspot.com/-27Co1gbUycQ/WXyrX1nGPhI/AAAAAAAADl8/q_YD4rJ5BtwJofWTwyHgRj0asXPpOPAWQCLcBGAs/w382-h640/gst%2Bconstruction%2B.jpg" width="382" /></a></div>
<b><u><br /></u></b></div>
<span style="font-size: small;"><div style="text-align: justify;"><a href="https://2.bp.blogspot.com/-vszGSEU7XRE/Wo_MWL2SwmI/AAAAAAAAFSE/utZleRcyfO02SeTb66uxFqJhcRjrrMGgQCLcBGAs/s1600/GSTN.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="526" data-original-width="624" height="336" src="https://2.bp.blogspot.com/-vszGSEU7XRE/Wo_MWL2SwmI/AAAAAAAAFSE/utZleRcyfO02SeTb66uxFqJhcRjrrMGgQCLcBGAs/w400-h336/GSTN.png" width="400" /></a></div></span>
<br />
<div style="text-align: center;"><b><br /></b></div><div style="text-align: center;"><u><span style="text-align: left;"><b>Composite</b></span><b> Supply</b></u></div><div style="text-align: center;"><u><b><br /></b></u></div><div style="text-align: center;"><u><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-ugCQrDG1LTk/X7fY6DlkEwI/AAAAAAAAN20/jJXHkmKqV3sirrS9FUFyHjZzuGQ7Xjj2QCLcBGAsYHQ/s562/composite.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="192" data-original-width="562" height="160" src="https://1.bp.blogspot.com/-ugCQrDG1LTk/X7fY6DlkEwI/AAAAAAAAN20/jJXHkmKqV3sirrS9FUFyHjZzuGQ7Xjj2QCLcBGAsYHQ/w471-h160/composite.png" width="471" /></a></div><br /></u></div><div style="text-align: center;">
<b>Reverse Charge Mechanism</b></div>
<div style="text-align: center;"><span style="text-align: left;">....</span></div>
<div class="MsoNormal">
<span style="font-size: large;"><span style="font-family: "times new roman" , "serif"; line-height: 27.6px;"><br /></span></span></div>
<div align="justify" style="background-color: white; line-height: 15px; text-align: justify;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;"><b><u>Service Tax on reimbursable expenses - Pure Agent basis exempt</u></b></span><br />
<div style="font-family: verdana; font-size: 11px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;"><br /></span></div>
<div style="font-family: verdana; font-size: 11px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;">In the case of <em>Intercontinental Consultants And Technocrats Pvt Ltd Vs Union of India & Anr</em>,<a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=43&filename=legal/hc/2012/2012-TIOL-966-HC-DEL-ST.htm" style="color: #0071bb; font-family: arial, helvetica, sans-serif; font-size: 11px; font-weight: bold; text-decoration: none;"><strong>2012-TIOL-966-HC-DEL-ST </strong></a>the Hon'ble Delhi High Court has declared that Rule 5(1) of the Service Tax (Determination of Value) Rules, 2006 as ultra vires since it travels much beyond the scope of Sections 66 and 67 of the Finance Act 1994.</span></div>
</div>
<div align="justify" style="background-color: white; font-family: verdana; font-size: 11px; line-height: 15px; text-align: justify;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;"><br /></span></div>
<div align="justify" style="background-color: white; font-family: verdana; font-size: 11px; line-height: 15px; text-align: justify;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;">In those Sections, there is no provision to include the expenditure in the consideration, which are incurred by the service provider in the course of providing the taxable service. However rule 5(1) was insisting the service provider to include the expenditure. Therefore the Hon'ble High Court has quashed the said rule.</span></div>
<div align="justify" style="background-color: white; font-family: verdana; font-size: 11px; line-height: 15px; text-align: justify;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;"><br /></span></div>
<div align="justify" style="background-color: white; font-family: verdana; font-size: 11px; line-height: 15px; text-align: justify;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;">In the Budget 2015 amendment is brought in to include reimbursables under taxable net</span></div>
<div align="justify" style="background-color: white; font-family: verdana; font-size: 11px; line-height: 15px; text-align: justify;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;"><br /></span></div>
<div align="justify" style="background-color: white; line-height: 15px; text-align: justify;">
<div style="font-family: verdana; font-size: 11px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;">However , Rule 5(2) which gives exemption for expenses incurred as a pure agent is still available.</span></div>
<div style="font-family: verdana; font-size: 11px;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="font-size: x-small;"><br /></span>
</div>
<div class="MsoNormal" style="font-family: "Times New Roman"; font-size: medium; margin-bottom: 9.6pt; text-align: left;">
<b><u>Export of Services - Output is exempt and hence input Credit is refunded</u></b><br />
<b><u><br /></u></b>
<b><u>Refund of Input Credit</u></b><br />
<b><u><br /></u></b><span style="font-family: "calibri";">Duty drawback and refund of input taxes are allowed on input taxes paid in india for goods expoted out of india and hence expempt from output tax. However in this context one needs to note input credit can be taken only for goods taxable ( including expempt) but not goods which are not taxable that is outside the purview of taxation.</span><br />
<span face=""arial" , "helvetica" , sans-serif"><b><u><br /></u></b></span>
<span face=""arial" , "helvetica" , sans-serif"><b><u><br /></u></b></span>
<span face=""arial" , "helvetica" , sans-serif"><b><u>REFUND UNDER GST</u></b></span><br />
<span face=""arial" , "helvetica" , sans-serif"><b><u><br /></u></b></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-p_WX7M-p2Gs/XkfWc5MD9lI/AAAAAAAANLU/x0JiJaQFYFQYt6sX9L4kmkZE6Vjfw16lQCLcBGAsYHQ/s1600/REFUND.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="640" data-original-width="498" height="320" src="https://1.bp.blogspot.com/-p_WX7M-p2Gs/XkfWc5MD9lI/AAAAAAAANLU/x0JiJaQFYFQYt6sX9L4kmkZE6Vjfw16lQCLcBGAsYHQ/s320/REFUND.jpg" width="247" /></a></div>
<span face=""arial" , "helvetica" , sans-serif"><b><u><br /></u></b></span>
<span face=""arial" , "helvetica" , sans-serif"><b><u><br /></u></b></span></div>
<div class="MsoNormal" style="text-align: left;">
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "times new roman" , serif;"><b><u>ADVANCE RULING UNDER GST</u></b></span><br />
<span style="font-family: "times new roman" , serif;"><b><u><br /></u></b></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-0Q6RSFXntGI/Xiw0a11yePI/AAAAAAAANIg/Z4SUo1LMOvADsYpf75RZ-Bs5j--TwunhQCLcBGAsYHQ/s1600/GST%2BADVANCE%2BRULING-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1054" height="320" src="https://1.bp.blogspot.com/-0Q6RSFXntGI/Xiw0a11yePI/AAAAAAAANIg/Z4SUo1LMOvADsYpf75RZ-Bs5j--TwunhQCLcBGAsYHQ/s320/GST%2BADVANCE%2BRULING-page-001.jpg" width="210" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-sXV2nUjhLlw/Xiw0akoVaOI/AAAAAAAANIc/zcY_4B4hxgI8MHn2ztmeenF69FkmvqBQACLcBGAsYHQ/s1600/GST%2BADVANCE%2BRULING-page-002.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1132" height="320" src="https://1.bp.blogspot.com/-sXV2nUjhLlw/Xiw0akoVaOI/AAAAAAAANIc/zcY_4B4hxgI8MHn2ztmeenF69FkmvqBQACLcBGAsYHQ/s320/GST%2BADVANCE%2BRULING-page-002.jpg" width="225" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-b_piJmSD6NA/Xiw0bUEIiGI/AAAAAAAANIk/A-z1ZfsSsRcoTYp-coQMAA98Q6P864GHQCLcBGAsYHQ/s1600/GST%2BADVANCE%2BRULING-page-003.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1044" height="320" src="https://1.bp.blogspot.com/-b_piJmSD6NA/Xiw0bUEIiGI/AAAAAAAANIk/A-z1ZfsSsRcoTYp-coQMAA98Q6P864GHQCLcBGAsYHQ/s320/GST%2BADVANCE%2BRULING-page-003.jpg" width="207" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-Qw9EJpBVVqk/Xiw0kkz-TZI/AAAAAAAANIo/a-M34BBGSaMM6Tagx-VYGggg5ZMrDeD1wCLcBGAsYHQ/s1600/GST%2BADVANCE%2BRULING-page-004.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1144" height="320" src="https://1.bp.blogspot.com/-Qw9EJpBVVqk/Xiw0kkz-TZI/AAAAAAAANIo/a-M34BBGSaMM6Tagx-VYGggg5ZMrDeD1wCLcBGAsYHQ/s320/GST%2BADVANCE%2BRULING-page-004.jpg" width="227" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-BiobRNEjLy0/Xiw0leAKX2I/AAAAAAAANIw/EYWSnLA1cqYgvEZkL2i8dr0ZF1bYTmZvQCLcBGAsYHQ/s1600/GST%2BADVANCE%2BRULING-page-005.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1044" height="320" src="https://1.bp.blogspot.com/-BiobRNEjLy0/Xiw0leAKX2I/AAAAAAAANIw/EYWSnLA1cqYgvEZkL2i8dr0ZF1bYTmZvQCLcBGAsYHQ/s320/GST%2BADVANCE%2BRULING-page-005.jpg" width="207" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-A22OxO8PpZE/Xiw0lNJ8FGI/AAAAAAAANIs/8rYEGnQdhpcfvlx0IUtdTMK7pCVYYkZbACLcBGAsYHQ/s1600/GST%2BADVANCE%2BRULING-page-006.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="1132" height="320" src="https://1.bp.blogspot.com/-A22OxO8PpZE/Xiw0lNJ8FGI/AAAAAAAANIs/8rYEGnQdhpcfvlx0IUtdTMK7pCVYYkZbACLcBGAsYHQ/s320/GST%2BADVANCE%2BRULING-page-006.jpg" width="225" /></a></div>
<span style="font-family: "times new roman" , serif;"><b><u><br /></u></b></span>
<br />
<h4 style="box-sizing: border-box; font-family: "times new roman"; font-size: medium; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span face=""source sans pro" , sans-serif" style="box-sizing: border-box; color: #1e314f; font-size: 30px;"><u>Audit under GST (Goods and Service Tax) and certification of reconciliation statement GSTR 9C</u></span></h4>
<h2 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Audit under GST </span></h2>
<div style="font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium; text-align: left;">
</div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
<br /></div>
<div style="font-family: "times new roman"; font-size: medium;">
</div>
<br />
<br />
<br />
<br />
<br />
<figure class="wp-caption aligncenter" id="attachment_1583" style="border: 1px solid rgb(240, 240, 240); box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin: 5px auto; max-width: 96%; padding: 5px 3px 10px; text-align: center; width: 840px;"><img alt="audit under GST" class="wp-image-1583 size-large img-responsive" height="683" sizes="(max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px" src="https://d494qy7qcliw5.cloudfront.net/s/img/20170222154954/audit-under-GST-1-1024x832.png" srcset="https://d494qy7qcliw5.cloudfront.net/s/img/20170222154954/audit-under-GST-1-1024x832.png 1024w, https://d494qy7qcliw5.cloudfront.net/s/img/20170222154954/audit-under-GST-1-300x244.png 300w, https://d494qy7qcliw5.cloudfront.net/s/img/20170222154954/audit-under-GST-1-768x624.png 768w, https://d494qy7qcliw5.cloudfront.net/s/img/20170222154954/audit-under-GST-1-1200x975.png 1200w" style="border: 0px none; box-sizing: border-box; display: block; height: auto; margin: 0px; max-width: 98%; padding: 0px; vertical-align: middle; width: auto;" width="840" /><figcaption class="wp-caption-text" style="box-sizing: border-box;">Types of audit under GST</figcaption></figure><br />
<div style="font-family: "times new roman"; font-size: medium;">
</div>
<div style="font-family: "times new roman"; font-size: medium; text-align: left;">
</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST.</div>
<h3 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 24px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;"> </span><span style="box-sizing: border-box; font-weight: 700;">Threshold for Audit</span></h3>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
Every registered taxable person whose turnover during a financial year exceeds the prescribed limit [as per the latest GST Rules, the turnover limit is above Rs 2 crore] shall get his accounts audited by a chartered accountant or a cost accountant. He shall electronically file:</div>
<ol style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; margin-top: 0px; text-align: left;">
<li style="box-sizing: border-box;">an annual return using the Form GSTR 9B along with the reconciliation statement by 31st December of the next Financial Year,</li>
<li style="box-sizing: border-box;">the audited copy of the annual accounts,</li>
<li style="box-sizing: border-box;">a reconciliation statement, reconciling the value of supplies declared in the return with the audited annual financial statement,</li>
<li style="box-sizing: border-box;">and other particulars as prescribed.</li>
</ol>
<h3 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 24px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Rectifications after Return Based on Results of Audit under GST</span></h3>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
If any taxable person, after furnishing a return discovers any omission/incorrect details (from results of audit), he can rectify <span style="box-sizing: border-box; font-weight: 700;">subject to payment of interest</span>. However, no rectification will be allowed after the due date for filing of return for the month of September or second quarter, (as the case may be), following the end of the financial year, or the actual date of filing o the relevant annual return, whichever is earlier.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
For example, X found during audit that he has made a mistake in Oct 2017 return. X submitted annual return for FY 2017-18 on 31st August 2018 along with audited accounts. He can rectify the Oct 2017 mistake within-</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
20th Oct 2018 (last date for filing Sep return)<br />
or<br />
31st August 2018 ( the actual date of filing of relevant annual return)<br />
-earlier, ie., his last date for rectifying is 31st August 2018.</div>
<blockquote style="background: rgb(248, 248, 248); border-left: 5px solid rgb(238, 238, 238); box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 17.5px; font-style: italic; margin: 30px 0px; padding: 20px; text-align: left;">
<div style="box-sizing: border-box;">
<span style="box-sizing: border-box; font-weight: 700;">This rectification will not be allowed where results are from scrutiny/audit by the tax authorities.</span></div>
</blockquote>
<h2 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Audit by Tax Authorities <img alt="audit under GST" class="alignright size-thumbnail wp-image-1574 img-responsive" height="150" src="https://d494qy7qcliw5.cloudfront.net/s/img/20170222125831/Audit-4-150x150.jpg" style="border: 0px; box-sizing: border-box; display: block; float: right; height: auto; margin: 5px 0px 20px 20px; max-width: 98%; vertical-align: middle;" width="150" /></span></h2>
<ul style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; margin-top: 0px; text-align: left;">
<li style="box-sizing: border-box;">The Commissioner of CGST/SGST (or any officer authorized by him) may conduct audit of a taxpayer. The frequency and manner of audit will be prescribed later.</li>
<li style="box-sizing: border-box;">A notice will be sent to the auditee at least 15 days before.</li>
<li style="box-sizing: border-box;">The audit will be completed within 3 months from date of commencement of the audit.</li>
<li style="box-sizing: border-box;">The Commissioner can extend the audit period for a further six months with reasons recorded in writing.</li>
</ul>
<h3 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 24px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Obligations of the Auditee</span></h3>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
The taxable person will be required to:</div>
<ol style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; margin-top: 0px; text-align: left;">
<li style="box-sizing: border-box;">provide the necessary facility to verify the books of account/other documents as required</li>
<li style="box-sizing: border-box;">to give information and assistance for timely completion of the audit.</li>
</ol>
<h3 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 24px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Findings of Audit</span></h3>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
On conclusion of an audit, the officer will inform the taxable person within 30 days of:</div>
<ul style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; margin-top: 0px; text-align: left;">
<li style="box-sizing: border-box;">the findings,</li>
<li style="box-sizing: border-box;">their reasons, and</li>
<li style="box-sizing: border-box;">the taxable person’s rights and obligations</li>
</ul>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
If the audit results in detection of unpaid/shortpaid tax or wrong refund or wrong input tax credit availed, then demand and recovery actions will be initiated.</div>
<h2 style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Special Audit </span></h2>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">When can a special audit be initiated?</span></div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
The Assistant Commissioner may initiate special audit, considering the nature and complexity of the case and interest of revenue. If he is of the opinion during any stage of scrutiny/enquiry/investigation that the value has not been correctly declared or the wrong credit has been availed then special audit can be initiated.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
Special audit can be conducted even if the tax payers books have already been audited before.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;"> </span><span style="box-sizing: border-box; font-weight: 700;">Who will order and conduct special audit?</span></div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
The Assistant Commissioner (with the prior approval of the Commissioner) can order for special audit (in writing). The special audit will be carried out by a chartered accountant or a cost accountant nominated by the Commissioner.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;"> </span><span style="box-sizing: border-box; font-weight: 700;">Time limit for special audit</span></div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
The auditor will have to submit the report within 90 days. This may be further extended by the tax officer for 90 days on an application made by the taxable person or the auditor.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Cost </span></div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
The expenses for examination and audit including the auditor’s remuneration will be determined and paid by the Commissioner.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
<span style="box-sizing: border-box; font-weight: 700;">Findings of special audit</span></div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
The taxable person will be given an opportunity of being heard in findings of the special audit.</div>
<div style="box-sizing: border-box; color: #1e314f; font-family: "source sans pro", sans-serif; font-size: 16px; margin-bottom: 10px; text-align: left;">
If the audit results in detection of unpaid/shortpaid tax or wrong refund or input tax credit wrongly availed then demand and recovery actions will be initiated.</div>
<div style="font-family: "times new roman"; font-size: medium; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; font-family: "times new roman"; font-size: medium; text-align: center;">
<a href="http://4.bp.blogspot.com/-CFDpX21QHw0/X0frHRftERI/AAAAAAAANsQ/Tl1vcG0up_o0WH3hgaeuuOhiCgc6f5MnwCK4BGAYYCw/s1600/IMG-20200824-WA0011-761526.jpg" style="font-family: "Times New Roman"; text-align: left;"><img alt="" border="0" id="BLOGGER_PHOTO_ID_6865714667137601810" src="http://4.bp.blogspot.com/-CFDpX21QHw0/X0frHRftERI/AAAAAAAANsQ/Tl1vcG0up_o0WH3hgaeuuOhiCgc6f5MnwCK4BGAYYCw/s320/IMG-20200824-WA0011-761526.jpg" /></a></div>
<div class="separator" style="clear: both; font-family: "times new roman"; font-size: medium; text-align: center;"><br /></div></div></div>
<div style="color: black; font-family: "times new roman"; font-size: medium; font-style: normal; font-weight: normal; letter-spacing: normal; margin: 0px; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p><o:p></o:p></div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-46024239707790632132021-03-31T23:09:00.000-07:002023-12-31T08:55:23.748-08:00Business Analytics,Financial modeling,data visualisation : Mini Courses. Learn Unlearn Relearn<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<div>
<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhChIavx3J8wbD1hq6vh8aiWc1jzHDG4zc4j0hNLYaYvk88o-YXMk8K9TN8kJHQQ2-91fecbPcz1HLgSPNcqu4SvR_-zQ4OVLWwzGcxRqqKXiPucZvLBmJ8J2Y1563LJioqIc0NU-MY-mA1JscD15XlPLAogT3QmCK5NwMkXj07S3HN-xWgd6Aco_ln1w" style="text-align: left;"><img alt="" border="0" height="341" id="BLOGGER_PHOTO_ID_7141792939420341170" src="https://blogger.googleusercontent.com/img/a/AVvXsEhChIavx3J8wbD1hq6vh8aiWc1jzHDG4zc4j0hNLYaYvk88o-YXMk8K9TN8kJHQQ2-91fecbPcz1HLgSPNcqu4SvR_-zQ4OVLWwzGcxRqqKXiPucZvLBmJ8J2Y1563LJioqIc0NU-MY-mA1JscD15XlPLAogT3QmCK5NwMkXj07S3HN-xWgd6Aco_ln1w=w476-h341" width="476" /></a></div><div class="separator" style="clear: both; text-align: center;"><b><u><br /></u></b></div><div class="separator" style="clear: both; text-align: center;"><b><u><br /></u></b></div><div class="separator" style="clear: both; text-align: center;">
<b><u>Data Visualisation</u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-bsTApYuiSkk/XxiMO-sIyTI/AAAAAAAANiY/WZ3mftSafI0Cs-vlPNbDIRKTXD9m3vHlQCLcBGAsYHQ/s1600/types%2Bof%2Bcharts.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="528" data-original-width="564" height="299" src="https://1.bp.blogspot.com/-bsTApYuiSkk/XxiMO-sIyTI/AAAAAAAANiY/WZ3mftSafI0Cs-vlPNbDIRKTXD9m3vHlQCLcBGAsYHQ/s320/types%2Bof%2Bcharts.jpg" width="320" /></a></div><div class="separator" style="clear: both; text-align: center;"><b style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; text-align: justify;"><u>Data Visualisation </u></b><br style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; text-align: justify;" /><div class="separator" style="background-color: white; clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px;"><a href="https://1.bp.blogspot.com/-uYtKwUh9_PY/XraFwgqQyEI/AAAAAAAANSE/9Xs8bklTT8wQ5qcnZl-j7htA2NuqzcQNwCLcBGAsYHQ/s1600/World%2BGDP.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1600" data-original-width="984" height="320" src="https://1.bp.blogspot.com/-uYtKwUh9_PY/XraFwgqQyEI/AAAAAAAANSE/9Xs8bklTT8wQ5qcnZl-j7htA2NuqzcQNwCLcBGAsYHQ/s320/World%2BGDP.jpg" width="195" /></a></div></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><span style="font-size: large;"><br /></span></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<b><u><span style="font-size: large;">Analytics</span></u></b></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-c2dvaEUbMkU/XwrayhMpjVI/AAAAAAAANgw/j4sTyBjGJ8YBQzSSwNrictEEmXDYG2e4gCLcBGAsYHQ/s1600/Analytics.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="226" data-original-width="500" height="144" src="https://1.bp.blogspot.com/-c2dvaEUbMkU/XwrayhMpjVI/AAAAAAAANgw/j4sTyBjGJ8YBQzSSwNrictEEmXDYG2e4gCLcBGAsYHQ/s320/Analytics.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-qAXSMzxrkyQ/Xwrd-zTUv3I/AAAAAAAANhI/VPOEOz8ShHsF1F5I85bpTbyTn13U4fJfwCLcBGAsYHQ/s1600/types%2Bof%2Banalytics.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="828" data-original-width="1540" height="171" src="https://1.bp.blogspot.com/-qAXSMzxrkyQ/Xwrd-zTUv3I/AAAAAAAANhI/VPOEOz8ShHsF1F5I85bpTbyTn13U4fJfwCLcBGAsYHQ/s320/types%2Bof%2Banalytics.png" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-j_4ImfQD1bE/XwsmjiuiNXI/AAAAAAAANho/r3JVQRV7UxkysClBVuqhNXFAgosmUJONACLcBGAsYHQ/s1600/four-types-business-analytics.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="319" data-original-width="674" height="150" src="https://1.bp.blogspot.com/-j_4ImfQD1bE/XwsmjiuiNXI/AAAAAAAANho/r3JVQRV7UxkysClBVuqhNXFAgosmUJONACLcBGAsYHQ/s320/four-types-business-analytics.png" width="320" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-z4_68USCAjc/XwsmjFcJgfI/AAAAAAAANhk/oLzW-1BylyoX3g9LJcEI5eA3HY0QYb-LACLcBGAsYHQ/s1600/presentation-on-analytics.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="479" data-original-width="638" height="240" src="https://1.bp.blogspot.com/-z4_68USCAjc/XwsmjFcJgfI/AAAAAAAANhk/oLzW-1BylyoX3g9LJcEI5eA3HY0QYb-LACLcBGAsYHQ/s320/presentation-on-analytics.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-kY7d0uN8p4c/X5PgsFr1uoI/AAAAAAAAN0E/k-fWdRFif5Io2SNxp4_dZTFh6hLOkgqPQCLcBGAsYHQ/s878/BI%2Btools.png" style="background-color: white; font-family: Calibri, sans-serif; font-size: 15px; margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="832" data-original-width="878" height="378" src="https://1.bp.blogspot.com/-kY7d0uN8p4c/X5PgsFr1uoI/AAAAAAAAN0E/k-fWdRFif5Io2SNxp4_dZTFh6hLOkgqPQCLcBGAsYHQ/w400-h378/BI%2Btools.png" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;"><br /></div><div class="MsoNormal" style="margin: 0in 0in 0pt;">
<div class="separator" style="clear: both; text-align: center;"><br /></div><br /><span face=""verdana" , "sans-serif"" style="font-size: 7.5pt;"><br /></span></div>
<span face=""arial" , sans-serif" style="background-color: white; color: #222222; font-size: 17.6px;"><br /></span>
<span face=""arial" , sans-serif" style="background-color: white; color: #222222; font-size: 17.6px;">BSE CERTIFIED - Financial Modeling Training</span></div>
<div>
<span style="color: blue;"><br /></span></div>
<div>
<span style="color: blue;">About Financial Modeling</span><b style="text-align: justify;"></b><span style="color: blue;"> </span><span style="color: red;"> </span><span style="color: #943634;"> </span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""arial" , sans-serif" style="font-size: 13px;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">Financial Modeling is the most fundamental and widely sought after skill in the finance industry. It is the art of building a model using excel to depict financial statements and investment analysis. This helps you arrive at optimal business solutions by analyzing various parameters. Financial models can be used to represent the performance of a business, a project or any other investment. In today’s world all decisions are based on quantitative analysis. That’s why Investment bankers, equity research analysts and fund managers find financial modeling indispensable.</span><span face=""arial" , sans-serif" style="font-size: 13px;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif" style="color: blue;"><br /></span></div>
<div>
<span face=""verdana" , sans-serif" style="color: blue;">Why Financial Modeling</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif" style="color: blue;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Prerequisite for Investment Banking, Equity Research, and Commercial Banking jobs·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Provides techniques to value and analyze the firms, IPOs, and FPOs·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Valuing investments in the nascent stage: Private Equity/ Venture Capital Investing·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Required for business modeling and decision making for firms·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· To evaluate various project opportunities: checking viability of the projects·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· For project appraisal and risk evaluation using different scenarios·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Commercial Banks: For disbursing loans for the projects.·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Project Management: For performance tracking of the on-going projects·</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">· Comprehensive analysis of complex transactions: Merger and Acquisition Deals·</span><span face=""arial" , sans-serif" style="font-size: 13px;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif" style="color: blue;"><br /></span></div>
<div>
<span face=""verdana" , sans-serif" style="color: blue;">FINANCIAL MODELING CERTIFICATION</span><span face=""arial" , sans-serif" style="font-size: 13px;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">Financial Modeling Certificate is the most sought out Certificate for candidates who are aspiring for opportunities in Financial Research, Investments Banking and other streams of Finance.</span><span face=""arial" , sans-serif" style="color: black; font-size: 13px;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><span style="background: none 0% 0% repeat scroll yellow;"></span><span face=""verdana" , sans-serif" style="color: black;"> “CERTIFICATION OF PARTICIPATION” – EduPristine</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;"></span><b> </b><b> </b><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><span style="background: none 0% 0% repeat scroll yellow;"></span><span face=""verdana" , sans-serif" style="color: black;"> “CERTIFICATE OF EXCELLENCE” – EduPristine & BSE</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><span style="background: none 0% 0% repeat scroll yellow;"></span><span face=""verdana" , sans-serif" style="color: black;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;"> The participants who will clear the Financial Modeling Tests will be provided with ”</span><b>CERTIFICATE OF EXCELLENCE</b><span face=""arial" , sans-serif" style="font-size: 13px;"></span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif" style="color: blue;"><br /></span></div>
<div>
<span face=""verdana" , sans-serif" style="color: blue;">WHY EduPristine?</span><br />
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif" style="color: blue;"></span></div>
<div class="MsoNormal" style="font-family: arial, sans-serif; font-size: 13px; margin-bottom: 0.0001pt; text-align: justify;">
<span face=""verdana" , sans-serif" style="color: black;">EduPristine has provided Financial Modeling training to over in Mumbai, Bangalore, Hyderabad, Delhi, Chennai, Pune and Online. Further we have conducted similar programs for various leading corporate and colleges like </span><b>5000+ professionals </b><b>JP Morgan, Bank of America, Mizuho Bank, E&Y, ING Vyasa, HSBC, IIM C, IIM I, NUS Singapore, FMS, ISB Hyd,IIT D etc.</b></div>
</div>
<div>
<div>
<div style="font-family: arial, sans-serif; font-size: 13px;">
</div>
<span face=""verdana" , sans-serif"></span><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif" style="color: blue;">PEDAGOGY : </span><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><u></u><span style="color: #943634;"></span><span face=""verdana" , sans-serif"></span><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b><u></u><span face=""verdana" , sans-serif"></span><span style="color: #943634;"></span><br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="color: black;">Valuation Modeling & Advance Financial Modeling - of comprehensive training</span><b>Duration: </b><b>70 Hrs. (14 days)</b><br />
<div class="MsoNormal" style="background-image: none; background-repeat: repeat; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<br />
<div class="MsoNormal" style="background-image: none; background-repeat: repeat; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b></b></div><div style="font-size: 13px;">
<div class="MsoNormal" style="background-color: white; color: #222222; font-family: arial, sans-serif; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b style="background-color: white; color: #222222; font-family: arial, sans-serif;"></b><u style="background-color: white; color: #222222; font-family: arial, sans-serif;"></u><span face=""arial" , sans-serif" style="background-color: white; color: #943634;"></span><span face=""verdana" , sans-serif" style="background-color: white; color: #222222;"></span><br style="background-color: white; color: #222222; font-family: arial, sans-serif;" />
<div class="MsoNormal" style="background-color: white; color: #222222; font-family: arial, sans-serif; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<b style="background-color: white; color: #222222; font-family: arial, sans-serif;"></b><u style="background-color: white; color: #222222; font-family: arial, sans-serif;"></u><span face=""verdana" , sans-serif" style="background-color: white; color: #222222;"></span><span face=""arial" , sans-serif" style="background-color: white; color: #943634;"></span><br />
<div class="MsoNormal" style="background-color: white; color: #222222; font-family: arial, sans-serif; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<span face=""verdana" , sans-serif" style="background-color: white; color: black;">· Financial Modeling, 14 days(7 weekends) : - </span><b style="background-color: white; color: #222222; font-family: arial, sans-serif;">Rs. 30,000/-( Inclusive of all taxes )</b><br />
<div class="MsoNormal" style="background-color: white; color: #222222; font-family: arial, sans-serif; margin-bottom: 0.0001pt; text-align: justify;">
</div>
<div>
<br /></div>
</div>
</div>
<h2 class="page-header" style="-webkit-text-stroke-width: 0px; background-color: white; border-bottom-color: rgb(238, 238, 238); border-bottom-style: solid; border-bottom-width: 1px; border-bottom: 1px solid rgb(238, 238, 238); box-sizing: border-box; color: #111c24; font-family: "Open Sans", "Trebuchet MS", Arial, sans-serif; font-size: 21px; font-style: normal; font-variant: normal; font-weight: bold; letter-spacing: normal; line-height: 1.1; margin: 15px 0px; orphans: auto; padding-bottom: 9px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
Financial Modeling course with NSE India Certification</h2>
<span face=""open sans" , "trebuchet ms" , "arial" , sans-serif" style="background-color: white; color: #111c24; display: inline; float: none; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">IMS Proschool and NSE India (NCFM - Examination body) offers Financial Modeling Certification Program. Proschool is funded by NSDC, a PPP promoted by the Union Ministry of Finance, Govt of India.This program will help you realize or augment a career in the fields of Investment Banking, Equity Research, Project Finance, Corporate Finance and Credit Rating among others. The program: “Financial Modeling through Excel” is offered across various mediums such as classroom, live virtual classroom and online self study.<span class="Apple-converted-space"> </span></span><br />
<br style="-webkit-text-stroke-width: 0px; background-color: white; box-sizing: border-box; color: #111c24; font-family: "Open Sans", "Trebuchet MS", Arial, sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" />
<span face=""open sans" , "trebuchet ms" , "arial" , sans-serif" style="background-color: white; color: #111c24; display: inline; float: none; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">NSE India conducts the<span class="Apple-converted-space"> </span></span><b style="-webkit-text-stroke-width: 0px; background-color: white; box-sizing: border-box; color: #111c24; font-family: "Open Sans", "Trebuchet MS", Arial, sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 700; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">Financial Modeling course Exam in Pune, Mumbai, Delhi, Ahmedabad, Bangalore, Hyderabad, Chennai, Kolkata, Jaipur, Indore, Nagpur & all other major cities.</b><span face=""open sans" , "trebuchet ms" , "arial" , sans-serif" style="background-color: white; color: #111c24; display: inline; float: none; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span class="Apple-converted-space"> </span></span><br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: #0262ac; font-size: 13.5pt;"><span style="color: blue;">http://www.proschoolonline.com/ </span></span></span><br />
<br />
<br />
<br />
<a href="https://www.blogger.com/null" name="more"></a><br />
<br />
<br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: #0262ac; font-size: 13.5pt;"><span style="color: blue; font-size: large;">Copal Institute and
AIMA</span><span style="font-size: large;"> </span>jointly bring Financial & Valuation Modeling Certificate Program</span></span><br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: 11.25pt; margin-left: 0in; margin-right: 0in; margin-top: 11.25pt; margin: 11.25pt 0in; text-align: justify;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">In today's world of extensive data where
decisions are highly quantitative based financial modeling has become an
indispensable tool. It is the most sought after skill required in the field of
investment banking, equity research , project management, commercial banks and
mostly all other sectors in the financial services industry . Financial
modeling is the art of building a model using excel to depict financial
statements and investment analysis. It builds a structure that integrates
various statements and schedules to enable decision making. A financial model
represents the performance of a business, a project or any other investment.</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: 11.25pt; margin-left: 0in; margin-right: 0in; margin-top: 11.25pt; margin: 11.25pt 0in; text-align: justify;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">This Financial & Valuation modeling program
involves the fundamental theories and practices of valuation analysis, strategy
analysis, prospective analysis, DCF modeling, trading comparables and
transaction comparables. Modeling through Excel will build enough confidence in
the participants so that they are able to create their own financial model
right from scratch, and use it for solving their business problems. The program
is designed to offer students the intensive instruction and training needed to
successfully compete in rapidly developing global financial markets.</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 15.75pt; margin-bottom: 11.25pt; mso-outline-level: 2;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: #0262ac; font-size: 13.5pt;">Learning Objectives</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: 11.25pt; margin-left: 0in; margin-right: 0in; margin-top: 11.25pt; margin: 11.25pt 0in; text-align: justify;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">After completing this course, the participants
will be able to:</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Build a financial model
from scratch as done at financial institutions</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Work on Excel and use
formatting best practices, efficient formula construction, and appropriate
driver selections</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Use Advanced Excel
functions to present various sensitivities to projected financial metrics</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Fix circularity
problems, iteration, and other common modeling troubleshooting</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Cross check the Balance
Sheet/ Cash Flow Statement</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Understand and describe
valuation and how historical valuation is done</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Understand and explain
the techniques, elements and approaches of forecasting</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Provide an overview of
Discounted Cash Flow</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Explain the Dividend
Discount Model</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Calculate the Free Cash
Flow to Firm (FCFF) & Free Cash Flow to Equity (FCFE)</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Calculate the Discount
Rate (Cost of Debt, Cost of Equity & Cost of Capital)</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Identify the Revenue
Drivers and Cost Drivers</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Prepare a Full DCF Model</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Calculate Equity Value
Multiples: P/E, P/CF, P/BV, P/S, PEG, Dividend Yield</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Provide an overview of Trading
Comparables</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Calculate basic EV and
perform various CACS Adjustments</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Normalize the Earnings
and identify the exceptions</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Calculate Last Twelve
Months (LTM) or Trailing Twelve Months (TTM)</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Perform Trading
Multiples analysis – EV/EBITDA, EV/EBIT, EV/Sales</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Provide an overview of
Transaction Comparables</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Describe the different
kind of Deal Considerations</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Practice working on the
Transaction Template</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Perform the Private and
Public Transaction Comp</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l0 level1 lfo1; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Perform Transaction
Multiples analysis – EV/EBITDA, EV/EBIT, EV/Sales</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: 11.25pt; margin-left: 0in; margin-right: 0in; margin-top: 11.25pt; margin: 11.25pt 0in; text-align: justify;">
</div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 15.75pt; margin-bottom: 11.25pt; mso-outline-level: 2;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: #0262ac; font-size: 13.5pt;">Program Fee &
Study Material</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Rs. 28,000/- payable at
the beginning of the Program (a service tax of 12.36% would be applicable).</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span>
<br />
<div class="MsoNormal" style="background: white; line-height: 13.5pt; margin-bottom: .0001pt; margin: 0in; mso-list: l1 level1 lfo2; tab-stops: list .5in; text-indent: -0.25in;">
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: black; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";">
</span></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Books would be provided.</span></span></div>
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><br />
<br />
<span style="color: blue;"><b style="-webkit-text-stroke-width: 0px; background-color: white; color: #39404f; font-family: Arial, Helvetica, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">FINATICS</b></span><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span style="color: blue;"><span class="Apple-converted-space"> </span></span>is an institute committed to engaging students in the field of Applied Finance like never before! The programs offered are</span><b style="-webkit-text-stroke-width: 0px; background-color: white; color: #39404f; font-family: Arial, Helvetica, sans-serif; font-size: 12px; font-style: normal; font-variant: normal; letter-spacing: normal; line-height: 20px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">class leading in every respect</b><span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">,
be it Fundamentals of Finance, Data modeling & analysis, Financial
Modeling & Valuation or Merger & Acquisition modeling/analysis.</span><br />
<br />
http://www.finaticsonline.com/training-solutions.html<br />
<br />
<span style="font-size: large;"><b><span style="color: blue;"><br /></span></b></span>
<span style="font-size: large;"><b><span style="color: blue;">EduPristine</span></b></span><br />
<br />
<span face=""open sans" , sans-serif" style="background-color: white; color: #5e5e66; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Financial Modeling is one of the most fundamental and widely sought after skills in the finance industry. It is the art of building a model to depict financial statements and investment analysis using MS Excel. This helps arrive at optimal business solutions by analyzing various parameters. At the end of the course,You will be able to do the task of building a model depicting financial statements/business model, which helps in decision making.<span class="Apple-converted-space"> </span></span><br />
<br style="-webkit-text-stroke-width: 0px; background-color: white; border-radius: 0px; box-sizing: border-box; color: #5e5e66; font-family: "Open Sans", sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" />
<span face=""open sans" , sans-serif" style="background-color: white; color: #5e5e66; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The EduPristine Financial Modeling course will teach you the basic of MS Excel all the way to creating successful Financial Models. By the end of the course, you will be able to independently build models that are robust and provide dynamic projections that can be used to thoroughly analyze a company from multiple standpoints: operations, investment, financing and valuation.<span class="Apple-converted-space"> </span></span><br />
<br style="-webkit-text-stroke-width: 0px; background-color: white; border-radius: 0px; box-sizing: border-box; color: #5e5e66; font-family: "Open Sans", sans-serif; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;" />
<span face=""open sans" , sans-serif" style="background-color: white; color: #5e5e66; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">Learn Financial Modeling with us in the classroom environment with hands on experience. The first module is Equity Evaluations and the second module teaches advanced Excel. So you can make a model firstly, and then understand how to use that model for various purposes like projections, evaluations etc.</span><br />
<br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
</span><br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: white; color: #39404f; display: inline; float: none; font-size: 12px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="color: #0262ac; font-size: 13.5pt;"><span style="color: blue;"></span></span></span>http://www.edupristine.com/courses/financial-modeling<br />
<br />
<br />
<span style="color: blue;"><span style="font-size: large;">http://www.educba.com/ </span></span><br />
<br />
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
</style>
<![endif]-->
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-yfti-tbllook: 1184; width: 332px;">
<thead>
<tr style="height: 11.5pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: 1pt solid windowtext; height: 11.5pt; mso-border-alt: solid windowtext .5pt; padding: 10.5pt 6pt;"><div class="MsoNormal" style="line-height: normal; margin-bottom: 15pt;">
<b><span face=""helvetica" , "sans-serif"" style="color: #394263; font-size: 10pt;">Product</span></b></div>
</td>
<td style="border-left: none; border: 1pt solid windowtext; height: 11.5pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 10.5pt 6pt; width: 118.6pt;" width="158"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 15pt; text-align: center;">
<b><span face=""helvetica" , "sans-serif"" style="color: #394263; font-size: 10pt;">Total Price </span></b></div>
</td>
</tr>
</thead>
<tbody>
<tr style="height: 16.35pt; mso-yfti-irow: 1; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: 1pt solid windowtext; height: 16.35pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt;"><div class="MsoNormal" style="line-height: normal; margin-bottom: 7.5pt; margin-left: 0in; margin-right: 0in; margin-top: 7.5pt; margin: 7.5pt 0in; mso-outline-level: 4;">
<span face=""helvetica" , "sans-serif"" style="color: #394263; font-size: 10pt;">Annual Subscription</span></div>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.35pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 6pt; width: 118.6pt;" width="158"><div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: center;">
<span style="color: #394263; font-family: "fontawesome" , "serif"; font-size: 10pt;"> 4999.00</span><span face=""helvetica" , "sans-serif"" style="color: #394263; font-size: 10pt;"></span></div>
</td>
</tr>
</tbody></table>
<br />
<br />
<br />
<br />
<b><u>http://www.jpfis.com/fm.php</u></b><br />
<br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span face=""arial" , "sans-serif"" style="color: #009cf0; font-size: 12pt;">Basics<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: rgb(242, 245, 247); margin-bottom: 0.0001pt;">
<b><span style="font-family: , serif; font-size: 9pt;"><br />
</span></b><span style="font-family: , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Tips for Setting up a Financial Model<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Obtaining Source Data<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Formatting & clearing data<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Spreading Historic Financial Statements<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Setting up model framework</span><span face=""lucida sans" , "sans-serif"" style="color: #362b36; font-size: 10.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span face=""arial" , "sans-serif"" style="color: #009cf0; font-size: 12pt;">Analyzing
Historical<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: rgb(242, 245, 247); margin-bottom: 12pt;">
<b><span style="font-family: , serif; font-size: 9pt;"><br />
</span></b><span style="font-family: , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Analyzing past trends<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Normalising earnings and source data<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Key adjustments<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Calculating Key Ratios<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Determining Growth drivers<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Arriving at Key Assumptions</span><span face=""lucida sans" , "sans-serif"" style="color: #362b36; font-size: 10.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span face=""arial" , "sans-serif"" style="color: #009cf0; font-size: 12pt;">Forecasting
Income Statement<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: rgb(242, 245, 247); margin-bottom: 0.0001pt;">
<b><span style="font-family: , serif; font-size: 9pt;"><br />
</span></b><span style="font-family: , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Determining revenue / cost drivers<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Forecasting Income Statement (5 Years)</span><span face=""lucida sans" , "sans-serif"" style="color: #362b36; font-size: 10.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span face=""arial" , "sans-serif"" style="color: #009cf0; font-size: 12pt;">Modeling
Fixed Assets<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: rgb(242, 245, 247); margin-bottom: 0.0001pt;">
<b><span style="font-family: , serif; font-size: 9pt;"><br />
</span></b><span style="font-family: , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Drivers on Asset intensity<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Forecasting Capital Expenditure</span><span face=""lucida sans" , "sans-serif"" style="color: #362b36; font-size: 10.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span face=""arial" , "sans-serif"" style="color: #009cf0; font-size: 12pt;">CashFlow
Statement<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: rgb(242, 245, 247); margin-bottom: 0.0001pt;">
<b><span style="font-family: , serif; font-size: 9pt;"><br />
</span></b><span style="font-family: , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Modeling integrated financial model.<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Key links to other statements for cash flow<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Modeling cash flow statement<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Calculating cash flow to equity</span><span face=""lucida sans" , "sans-serif"" style="color: #362b36; font-size: 10.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span face=""arial" , "sans-serif"" style="color: #009cf0; font-size: 12pt;">Valuation<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: rgb(242, 245, 247); margin-bottom: 0.0001pt;">
<b><span style="font-family: , serif; font-size: 9pt;"><br />
</span></b><span style="font-family: , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Understanding and calculating WACC<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Estimating cost of Equity<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Calculating Beta<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Determining Peer group<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Valuation using discounted cash flow (DCF)<br />
</span><span style="font-family: "centurygothic" , serif; font-size: 7pt;">Ÿ</span><span style="font-family: , serif; font-size: 7pt;"> </span><span style="font-family: "centurygothic" , serif; font-size: 9pt;">Terminal cash flows, growth and terminal values<br />
<br />
</span><b><span style="font-family: , serif; font-size: 9pt;">Advance Data Presentation Skills</span></b><span face=""lucida sans" , "sans-serif"" style="color: #362b36; font-size: 10.5pt;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal">
<b><u>Business Analytics & Intelligence course from IIM Bangalore</u></b><br />
<br />
<div class="sda" style="background-color: white; box-sizing: border-box; color: #333333; font-family: Calibri, sans-serif; font-size: 15px; line-height: 22.5px; margin-bottom: 10px; text-align: justify;">
The theory of bounded rationality proposed by Nobel Laureate Herbert Simon is evermore significant today with increasing complexity of the business problems; limited ability of the human mind to analyze the alternative solutions and the limited time available for decision making. Introduction of enterprise resource planning (ERP) systems has ensured availability of data in many organizations; however, traditional ERP systems lacked data analysis capabilities that can assist the management in decision making. Business Analytics is a set of techniques and processes that can be used to analyse data to improve business performance through fact-based decision-making. Business Analytics and Business Intelligence create capabilities for companies to compete in the market effectively. Business Analytics and Big Data has become one of the main functional areas in most companies. Analytics companies develop the ability to support their decisions through analytic reasoning using variety of statistical and mathematical techniques. Thomas Devonport in his book titled, “Competing on analytics: The new science of winning”, claims that a significant proportion of high-performance companies have high analytical skills among their personnel. On the other hand, a recent study has also revealed that more than 59% of the organizations do not have information required for decision making.</div>
<div class="sda" style="background-color: white; box-sizing: border-box; color: #333333; font-family: Calibri, sans-serif; font-size: 15px; line-height: 22.5px; margin-bottom: 10px; text-align: justify;">
In a recent article based on a survey of nearly 3000 executives, MIT Sloan Management Review reported that there is striking correlation between an organization’s analytics sophistication and its competitive performance. The biggest obstacle to adopting analytics is the lack of knowhow about using it to improve business performance. Business Analytics uses statistical, operations research and management tools to drive business performance. Many companies offer similar kind of products and services to customers based on similar design and technology and find it difficult to differentiate their product/service from their competitors. However, companies such as Amazon, Google, HP, Netflix, Proctor and Gamble and Capital One use analytics as competitive strategy. Business Analytics helps companies to find the most profitable customer and allows them to justify their marketing effort, especially when the competition is very high. There is significant evidence from the corporate world that the ability to make better decisions improves with analytical skills. This course is designed to provide in-depth knowledge of business analytic techniques and their applications in improving business processes and decision-making.</div>
<div class="sda" style="background-color: white; box-sizing: border-box; color: #333333; font-family: Calibri, sans-serif; font-size: 15px; line-height: 22.5px; margin-bottom: 10px; text-align: justify;">
The course consists of eight modules and a project. The duration of each module is usually 5-6 days except for module 2 (2 days) and module 7 (2 days). There will be online tutorial sessions every week on problem solving using analytics in addition to the 8 modules. There is an optional module on, “SAS” which shall be conducted by SAS Institute’s analytical consultants and is mapped on to the international predictive modeling certification using SAS enterprise miner. Details of SAS module is provided in a separate annexure. Case-based teaching will be used for all the modules using case studies from IIMB, Harvard Business School (HBS), Darden, Ivey, and Kellogg. Significant proportions of the cases used in the course are published by IIMB faculty at the Harvard Business Publishing. A few of them are actually published by the students from the previous batches based on their project work.</div>
<div class="sda" style="background-color: white; box-sizing: border-box; color: #333333; font-family: Calibri, sans-serif; font-size: 15px; line-height: 22.5px; margin-bottom: 10px; text-align: justify;">
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: 15.75pt;">
<span face=""arial" , sans-serif" style="font-size: 12pt;"><br /></span></div>
<h2 class="head" style="box-sizing: border-box; color: #2a5cc0; font-family: Oswald, Arial, sans-serif; font-size: 30px; font-weight: 500; line-height: 1.1; margin: 0px; overflow-wrap: break-word; padding-bottom: 15px; padding-left: 15px; padding-top: 10px; text-align: start; word-wrap: break-word;">
<a href="http://www.analyticsvidhya.com/trainings/certificate-program-business-analytics-executives-cpbae-iim-lucknow-2/" style="background: transparent; box-sizing: border-box; color: #333333; font-family: "Pontano Sans", sans-serif; text-decoration: none;">Certificate program in business analytics for executives (CPBAE)- IIM Lucknow</a></h2>
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: 15.75pt;">
<span face=""arial" , sans-serif" style="font-size: 12pt; line-height: 18.75pt;">The program will have both in-residence and online learning channels so
that participants need not take long breaks from their work but at the same
time get benefits of a continuous learning environment. To facilitate such
learning environment, this program will use ANGEL course management system, an
online learning platform to deliver some portion of every module. In addition,
participants will be required to complete four on-campus residencies at IIML
campus.</span></div>
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: 15.75pt;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">Features</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: 16.9pt; text-align: justify;"><span face=""arial" , sans-serif" style="font-size: 10pt;">The
program is jointly taught by highly experienced faculty from IIM Lucknow,
India and the Kelley School of Business, Indiana University, USA.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 16.9pt; text-align: justify;"><span face=""arial" , sans-serif" style="font-size: 10pt;">A
combination of class room and an online learning platform is used. It
offers flexibility since the participants can access the internet and
attend online classes from any location.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: 16.9pt; text-align: justify;"><span face=""arial" , sans-serif" style="font-size: 10pt;">Training
on enterprise miner by SAS Institute (India) Private Limited.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: 0.0001pt;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">The certificate program consisting of 240 hours is divided into four
modules. Each module will have residency requirement and some part of the
module will be delivered over Internet via ANGEL course management system.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span face=""arial" , sans-serif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;">Applicants should have Bachelor’s Degree in any discipline
with a minimum of 60% aggregate marks in graduation or equivalent and a minimum
of three years full-time post qualification work experience. For applicants
with exceptional qualification and/or industry experience, a relaxation in the
minimum eligibility criteria may be considered. Preference will be given to the
applicants with graduation in Mathematics, Engineering, Economics and
Statistics. Also, executives working in the domain of Business Analytics are
especially encouraged to apply.</span><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: 15.75pt;">
<b><span face=""arial" , sans-serif" style="font-size: 12pt;">Fees:</span></b><span face=""arial" , sans-serif" style="font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: 15.75pt;">
<span face=""arial" , sans-serif" style="font-size: 12pt;">Total fees for this programme is INR. 4,80,000 /- (inclusive of taxes)
and is payable in four installments. Fee includes tuition fee, accommodation
(twin sharing basis) and food for the duration of residencies and course
material. Participants will have to bear their travel expenses for attending
residencies. All fee payments are non-refundable.<o:p></o:p></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-biyhHo4DKow/XAv5WdWvOFI/AAAAAAAALRE/3HeVgyQAe20CiZ3lUYteBg5mWeHfPqotgCLcBGAs/s1600/Business%2BAnalytics.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="674" data-original-width="374" height="640" src="https://1.bp.blogspot.com/-biyhHo4DKow/XAv5WdWvOFI/AAAAAAAALRE/3HeVgyQAe20CiZ3lUYteBg5mWeHfPqotgCLcBGAs/s640/Business%2BAnalytics.png" width="347" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://2.bp.blogspot.com/-CiZln-4n1lw/XBZRE--hpLI/AAAAAAAALSI/JL-XLT6K2Gc_rYxRUgMFLiXqlNU5pSjywCLcBGAs/s1600/BITS%2BAnalytics%2Bcourse.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="387" data-original-width="368" height="320" src="https://2.bp.blogspot.com/-CiZln-4n1lw/XBZRE--hpLI/AAAAAAAALSI/JL-XLT6K2Gc_rYxRUgMFLiXqlNU5pSjywCLcBGAs/s320/BITS%2BAnalytics%2Bcourse.png" width="304" /></a></div>
<span face=""arial" , sans-serif" style="font-size: 12pt;"><br /></span>
<br />
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-NqMY1iauxAU/XAleDQdAU1I/AAAAAAAALOs/AWrWToHU5TcR-Kn8l9yIIj3ndAxacBKLACHMYCw/s1600/Screenshot_2018-12-06-22-48-52-378_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-NqMY1iauxAU/XAleDQdAU1I/AAAAAAAALOs/AWrWToHU5TcR-Kn8l9yIIj3ndAxacBKLACHMYCw/s640/Screenshot_2018-12-06-22-48-52-378_com.facebook.katana.png" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-kt1nGRn8jjg/XAleE6F4TcI/AAAAAAAALOw/fXN4Wx6qvZA20ayrMJZj_a19QJoOZ9y-ACHMYCw/s1600/Screenshot_2018-12-05-08-40-36-633_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-kt1nGRn8jjg/XAleE6F4TcI/AAAAAAAALOw/fXN4Wx6qvZA20ayrMJZj_a19QJoOZ9y-ACHMYCw/s640/Screenshot_2018-12-05-08-40-36-633_com.facebook.katana.png" /></a></div>
<span face=""arial" , sans-serif" style="font-size: 12pt;"></span><br />
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; text-align: center;">
<a href="https://lh3.googleusercontent.com/-89g-6yzoMgs/XAK7k8rapMI/AAAAAAAALNQ/_MaZWFzgUXAnKgBFx6VXREoYd2tYmFqOQCHMYCw/s1600/IMG_20181201_221902.jpg" style="font-family: "times new roman"; font-size: medium; margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://lh3.googleusercontent.com/-89g-6yzoMgs/XAK7k8rapMI/AAAAAAAALNQ/_MaZWFzgUXAnKgBFx6VXREoYd2tYmFqOQCHMYCw/s400/IMG_20181201_221902.jpg" width="350" /></a></div>
<div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px;">
</div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-XgcwvQwFsfY/XAu3pINRoJI/AAAAAAAALPs/Xr2_EeT53tsHUPhg1iEHIvM9k6zwLePvwCHMYCw/s1600/Screenshot_2018-12-08-17-51-05-548_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-XgcwvQwFsfY/XAu3pINRoJI/AAAAAAAALPs/Xr2_EeT53tsHUPhg1iEHIvM9k6zwLePvwCHMYCw/s640/Screenshot_2018-12-08-17-51-05-548_com.facebook.katana.png" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-ZgGDN4-aKlU/XAu3qmipNRI/AAAAAAAALPw/Nc2nF73m9GcTjJPEsDyHbv-ecWNw8ZedQCHMYCw/s1600/Screenshot_2018-12-08-17-39-36-249_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-ZgGDN4-aKlU/XAu3qmipNRI/AAAAAAAALPw/Nc2nF73m9GcTjJPEsDyHbv-ecWNw8ZedQCHMYCw/s640/Screenshot_2018-12-08-17-39-36-249_com.facebook.katana.png" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-EkpBHCbafr8/XAu3sOZpHeI/AAAAAAAALP0/CUjynTxWR0glzWDoZA7P5kkYy525gcV6QCHMYCw/s1600/Screenshot_2018-12-08-12-49-56-192_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-EkpBHCbafr8/XAu3sOZpHeI/AAAAAAAALP0/CUjynTxWR0glzWDoZA7P5kkYy525gcV6QCHMYCw/s640/Screenshot_2018-12-08-12-49-56-192_com.facebook.katana.png" /></a></div>
<span face=""arial" , sans-serif" style="font-size: 12pt;"><br /></span>
<br />
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-HL9UQXhbxuw/XAv1-TBTiQI/AAAAAAAALQg/bnvHDy8qQcw1nO4IoCEASTadZlOlz4FOwCHMYCw/s1600/Screenshot_2018-12-08-22-14-00-258_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-HL9UQXhbxuw/XAv1-TBTiQI/AAAAAAAALQg/bnvHDy8qQcw1nO4IoCEASTadZlOlz4FOwCHMYCw/s640/Screenshot_2018-12-08-22-14-00-258_com.facebook.katana.png" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-OIQgwGfcRuI/XAv2A-cZSsI/AAAAAAAALQk/p3ErU4MfA7o3YHYK6dwj7w5tt8QUGxJYgCHMYCw/s1600/Screenshot_2018-12-08-22-12-14-101_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-OIQgwGfcRuI/XAv2A-cZSsI/AAAAAAAALQk/p3ErU4MfA7o3YHYK6dwj7w5tt8QUGxJYgCHMYCw/s640/Screenshot_2018-12-08-22-12-14-101_com.facebook.katana.png" /></a></div>
<span face=""arial" , sans-serif" style="font-size: 12pt;"></span><br />
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://lh3.googleusercontent.com/-yRHtdDqa5bI/XAv2CfD6iUI/AAAAAAAALQo/64bzIFqkmkAHrJHdPVDXNIQPXg89rsczQCHMYCw/s1600/Screenshot_2018-12-08-22-11-16-878_com.facebook.katana.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://lh3.googleusercontent.com/-yRHtdDqa5bI/XAv2CfD6iUI/AAAAAAAALQo/64bzIFqkmkAHrJHdPVDXNIQPXg89rsczQCHMYCw/s640/Screenshot_2018-12-08-22-11-16-878_com.facebook.katana.png" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<b><u>Data visualization</u></b></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="https://4.bp.blogspot.com/-gF4RZaKu25M/V497IB1lpsI/AAAAAAAACrk/xn2MoqeU3NMGPpHrIdxuWeITL3PEXy6aQCLcB/s1600/think%2Bvisually.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://4.bp.blogspot.com/-gF4RZaKu25M/V497IB1lpsI/AAAAAAAACrk/xn2MoqeU3NMGPpHrIdxuWeITL3PEXy6aQCLcB/s640/think%2Bvisually.jpeg" width="314" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="http://3.bp.blogspot.com/-TFvVjMSEpjs/VNhlUGwe_xI/AAAAAAAAA0Q/4dIjaU_OuG8/s1600/vennsuccess1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="181" src="https://3.bp.blogspot.com/-TFvVjMSEpjs/VNhlUGwe_xI/AAAAAAAAA0Q/4dIjaU_OuG8/s1600/vennsuccess1.jpg" width="200" /></a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
</div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="http://2.bp.blogspot.com/-2gEJz9HhdjE/VNhlVM8SPyI/AAAAAAAAA0U/GzXBbma1WrE/s1600/venn.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://2.bp.blogspot.com/-2gEJz9HhdjE/VNhlVM8SPyI/AAAAAAAAA0U/GzXBbma1WrE/s1600/venn.jpg" /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="http://3.bp.blogspot.com/-JPLL1-ra8QI/VNho9eEfOyI/AAAAAAAAA0k/YEIgFbgrYis/s1600/get%2Bshit%2Bdone.jpg" style="margin-left: 1em; margin-right: 1em;"><br /></a></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<a href="http://3.bp.blogspot.com/-JPLL1-ra8QI/VNho9eEfOyI/AAAAAAAAA0k/YEIgFbgrYis/s1600/get%2Bshit%2Bdone.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="206" src="https://3.bp.blogspot.com/-JPLL1-ra8QI/VNho9eEfOyI/AAAAAAAAA0k/YEIgFbgrYis/s1600/get%2Bshit%2Bdone.jpg" width="320" /></a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: left;">
<b><span style="font-size: large;">Gantt Chart for project monitoring</span></b></div>
<div class="separator" style="clear: both; color: black; font-family: "Times New Roman"; font-size: medium; text-align: center;">
<br /></div>
<br />
<span face=""arial" , sans-serif" style="font-size: 12pt;"></span>
<br />
<div class="separator" style="-webkit-text-stroke-width: 0px; clear: both; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; margin: 0px; orphans: 2; text-align: center; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<a href="http://3.bp.blogspot.com/-i6kzV7h3u_U/VNnxulXR8JI/AAAAAAAAA1o/ilXHveV7cp8/s1600/gantt-chart-example.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="144" src="https://3.bp.blogspot.com/-i6kzV7h3u_U/VNnxulXR8JI/AAAAAAAAA1o/ilXHveV7cp8/s1600/gantt-chart-example.jpg" style="cursor: move;" width="640" /></a></div>
</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<b><u>FINALYST Course Hyderabad</u></b></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
Finalyst is comprehensive training program that prepares YOU to become a Finance professional. Finance Topics 1. Economy, Industry & Company; Capital Stock - Discussion 2. Entities 3. Raising Equity Capital 4. Raising Debt Capital 5. Discussion of Equity & Debt 6. Accounting Cycle 7. Balance Sheet Income Statement 8. Discussion on B/S & I/S 9. Accounting Concepts & Conventions 10. Accounting Entries - Class 1 11. Adjustment Entries - Class 2 12. Inventory Valuation Methods, Inventory Management System, Inventory Ordering System & Depreciation Methods 13. SEC Filings & Corporate Actions 14. Analytics - 1 15. Analytics - 2 16. Analytics - 3 17. Discussion on one Complete Financial Report - Case Study 18. Secondary Market System 19. Equities & Derivative Contracts 20. Clearing & Settlement - Equities, Derivatives & Option Contracts - I 21. Clearing & Settlement - Equities, Derivatives & Option Contracts - II 22. Interview Preparation Tips in Finance 23. Hedging Strategies 24. Mergers & Acquisitions - I 25. Mergers & Acquisitions - II 26. Cost Management 27. Working Capital Management 28. Important Concepts 29. Important Concepts 30. Risk & Diversification 31. Mutual Funds 32. Cash Flow Statements 33. Capital Budgeting 34. Valuation of Companies & Final Discussion in Finance Soft Skills 1. Personal and Professional Attitude 2. Communication Skills 3. Presentation Skills 4. Interview Preparation Functional English 1. Introduction - tips for English speaking 2. Parts of speech 3. Tenses 4. Active and Passive Voice 5. Usage of articles 6. Direct & Indirect Speech 7. Model verbs 8. email writing and 9. Resume writing 10. Broad Topics / syllabus Arithmetic Numbers Time and Distance Time and Work Simple and compound interest Profit and loss Percentages Problems on Age Mensuration NCF, LCM Ratios and Propostions Alligation or Mixtures Permutation and Combination Simplifications Reasoning Number Series Letter & Symbol Series Odd man out Analogies Linear Circular Selections Clocks & Calenders Coding and Decoding Binary Logic Venn Diagrams Cubes Comparisions Relationships Distributions Deductions MS – Excel Mathematical calculation Filtering and Data sorting Macros Pivot Table V – Look up and H – Look up Typing practice and typing tests</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; line-height: normal; text-align: left;">
<u><b><br /></b></u>
<u style="color: blue;"><b> Banking course from Amity</b></u><br />
<br />
<br />
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="line-height: 18.4px;">Axis Bank has entered into a tie-up with Amity Global Business School to create the Axis Bank Young Bankers (ABYB) program offering a Post Graduate Diploma in Banking Services (PGDBS) and a guaranteed job with Axis Bank on successful completion.</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">First Trimester:</span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Areas of learning covered will comprise of;Basics of Banking, IT in Banking, Business communication, Managerial Economics, Business Mathematics and Statistics, Accounting, General management </span></span><br />
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;">
<span style="font-family: "times" , "times new roman" , serif;"><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Second Trimester:</span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Areas of learning covered will comprise of; Banking and allied services, Banking environment, Advanced Business communication, Receipts and Payment systems, Lending</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Third Trimester : </span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Areas of learning covered will comprise of; Financial Planning, Foreign Exchange, Credit Risk management, Retail banking, Treasury Management, Recovery Management, Business analytics </span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Fourth Trimester: </span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Learning will be on the job and will be in form of the Internship and Project work</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="line-height: 18.4px;">The fourth trimester would be devoted to internship to be pursued by the participant at a designated Branch of Axis Bank across the country.</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
</div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<br />
<br />
<span style="color: blue;"><b>CCAP from CRISIL - Learn while you work and Earn </b></span><br />
<br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">CCAP is a two-year intensive work-cum-study programme that combines job assignments, interactive workshops and academic studies to equip the learner with exceptional financial and business skills. The programme is aimed at developing world-class financial professionals for various analyst roles in CRISIL. At the end of two years,CRISIL provides career growth to all successful candidates at attractive packages that are on par with the industry. The programme has gained acceptance from the industry, CRISIL clients and the academia.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #d22436;"> </span></b><b><span face=""arial" , "sans-serif"" style="color: #d22436; font-size: 16pt;"><span style="font-size: small;">CCAP Design</span></span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The programme kickstarts with a special six-week intensive finance boot-camp. Subsequently, participants are allocated to business units of CRISIL where they work four days a week from Monday to Thursday. Classes are held on Fridays and Saturdays. The learning and growth path of the participants is closely monitored to ensure exposure to opportunities that will facilitate their career progression.The programme comprises of four semesters of six months each, where rigorous academic training is provided on a range of finance-related subjects.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;"> </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The programme has been designed keeping in mind domestic and global business needs, and after thoroughly analysing the existing curriculum of MBA, CA, CFA and FRM programmes. CCAP ensures that each participant develops an in-depth understanding of financial concepts. This will enable him/her to undertake analytical assignments not just at CRISIL, but elsewhere in the industry as well.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">CCAP Location</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The programme will be conducted entirely in Mumbai. Selected participants will have to make their own arrangements for accommodation and local conveyance in Mumbai.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;"> </span></b><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Batch Size</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The intake for the batch of 2014-16 will be approximately 60 participants.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Salary</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Participants will be paid an annual salary of </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1.25 lakhs per annum during the first year, and </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2.25 lakhs during the second year of the programme.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">At the end of 2 years, the participants would be paid a minimum salary of </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6 lakhs per annum (plus performance based variable pay)</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">CFA/FRM Reimbursement</span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">For every level cleared during CCAP, the participant will receive a one-time award of up to </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">25,000.</span></div>
<br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">What will a CCAP participant do?</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Following are some of the activities that CCAP participants carry out during the 2 years:</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Credit analysis of fixed income instruments issued by corporates, banks and financial institutions</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Grading of Small and Medium Enterprises</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Equity research on listed Indian companies</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Analysis of industry sectors such as pharma, steel and auto</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Feasibility studies and market assessments</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Assisting government and private clients in infrastructure projects</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Designing and implementing risk management solutions for financial institutions</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt; line-height: 13.0333px;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">Supporting global clients in equity, credit and derivatives research</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;"> </span><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Indicative Course Outline</span></b></div>
<b><span face=""arial" , "sans-serif"" style="color: white; font-size: 12pt;">ester I</span></b><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem I :Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Basic Financial Accounting</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Business & Corporate Law</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Business Statistics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. Commercial Banking</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Financial Institutions & Markets</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6. Financial Statement Analysis - Basic</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">7. Micro Economics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Teamwork Works</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem II :Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Econometrics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Financial Derivatives - Advanced</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Fixed Income Securities - Advanced</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. International Trade & Finance</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Project Appraisal</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Effective Presentation Skills</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem III :Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Financial Risk Management</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Mergers & Acquisitions</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Project Management</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. Security Analysis and Portfolio Management</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Structured Finance</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Managing Stakeholders</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: white; font-size: 12pt;">Semester III</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem IV : Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Credit Analysis</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Corporate Finance</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Equity Valuation</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. Financial Derivatives - Basic</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Fixed Income Securities - Basic</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6. Financial Statement Analysis - Advanced</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">7. Macro Economics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">Time Management</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;"> </span><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Role</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">On successful completion of the programme, all participants will continue working with their respective businesses, at an increased salary of at least </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6 lakh per annum (plus performance-based variable </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">pay). They will be designated at par with the campus recruits from business schools, who currently join CRISIL as Management Trainees.</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;"> </span><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Eligibility Criteria</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The minimum requirement for admission to the programme is:</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. A bachelor's degree with at least 55% marks or the equivalent cumulative grade point average (CGPA). This should be an aggregate score for the course. Candidates appearing for the final-year bachelor's degree/equivalent examination may also apply.</span><br />
<br />
<br />
<h2 class="contentheading" style="background-color: #e5e5e5; font-family: nobile, verdana, geneva, arial, helvetica, sans-serif; font-size: 1.6em; font-weight: normal; line-height: inherit; margin: 0px 0px 0.5em; text-shadow: rgb(229, 229, 229) 1px 1px 1px;">
<span style="color: blue;">Post-Graduate Programme in Securities Markets (PGPSM)</span></h2>
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;"> </span><span face=""arial" , "helvetica" , sans-serif" style="background-color: #e5e5e5; color: black; display: inline; float: none; font-size: 12px; line-height: 18px;">(National Institute of Securities Markets (NISM) is a public trust, established by the Securities and Exchange Board of India (SEBI))</span><br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: #e5e5e5; color: black; display: inline; float: none; font-size: 12px; line-height: 18px;"></span><br />
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<br />
<span style="line-height: 1.5;">The Post-Graduate Programme in Securities Markets is a one-year full time Post-Graduate Programme aimed at creating the next generation capital market specialists. For students interested in stock market investing and </span><span style="line-height: 1.5;">aspiring for a career in capital markets, PGPSM is an extremely unique opportunity to obtain first-hand knowledge, both theoretical and practical, from an institute established by SEBI, the market regulator. The faculty, consisting of academicians and practitioners, has the capability to deliver a high-quality programme to the students looking for knowledge and skill-sets as a solid foundation.</span></div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
Informal estimates indicate that the capital markets would require about 32,000 professionals every year. The required skill-sets could be grouped as follows: (1) Fund Management, Analysis and Dealings (2) Sales, Product Management and Brand Management (3) Operations and Services (4) Information Technology (5) Compliance and (6) Financial Advice and Planning.</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<br /></div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
PGPSM thus seeks to prepare students to become Fund Managers, Analysts, Dealers, Institutional Sales Persons, Product Designers, Operations Managers, Compliance Officers, Risk Management Officers, Investment Bankers, and Investment Advisors in the securities markets.</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
By completing the PGPSM, students would be able to:</div>
<ul style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Abstract the building blocks of the securities markets, understand them conceptually, and develop the capability to design solutions that meet specific requirements</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Upgrade knowledge and skill sets necessary to perform the key technical activities in the securities markets</li>
</ul>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
Develop a well-rounded, complete understanding of securities markets</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<b>Why PGPSM</b>: To become a complete capital market professional</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<b>Where</b> can PGPSM lead to: Equity and Fixed Income Research, Credit Rating, Financial Analytics, Stock Broking, Investment Banking Compliance, Risk Management etc.</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<b>Who</b> should do PGPSM: Graduates with a passion for securities markets. Experience of 6 months to 2 years is desirable but not essential.</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<a href="http://www.mba.com/india/plan-for-business-school/choose-a-school/school-expert-qanda/nism.aspx" style="color: #009aca; outline: none; text-decoration: none;" target="_blank"><img alt="GMAT Preferred-Grey 1" height="37" src="http://www.nism.ac.in/images/academic_programs/GMAT_Preferred-Grey_1.jpg" style="border: none; float: left; margin: 5px;" width="52" /></a></div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
Admissions through GMAT, XAT or NISM scores. </div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<b>What</b> is unique about PGPSM:</div>
<ul style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">One year, fast track-programme</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Academic Council and Faculty Team being top-rated academicians</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Globally benchmarked curriculum, updated regularly</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Policy-research based inputs from top-class academicians</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Proximity to experts from top organizations in Mumbai, the financial capital of India</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Inputs on market regulation from SEBI officers</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Multiple pedagogy-workshops, simulations, cases, book-film reviews, live projects, conferences</li>
</ul>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
<b>Duration:</b> 1 year full-time, consisting of four terms</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px; text-align: justify;">
Note: For further information please contact:</div>
<div style="background-color: #e5e5e5; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px 5px; padding: 0px; text-align: justify;">
PGPSM Admissions Office<br />
National Institute of Securities Markets<br />
NISM Bhavan, Plot No. 82<br />
Sector 17, Vashi, Navi Mumbai - 400 703<br />
Maharashtra<br />
LL: +91 – 22 – 6673 5125/58/61<br />
Email: <a href="mailto:pgpsm@nism.ac.in" style="color: #009aca; outline: none;">pgpsm@nism.ac.in</a></div>
</div>
<b><br /></b><b><br /></b><br />
<b><u>ICFP Courses for super specialization in finance</u></b><br />
<br />
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: black; display: inline; float: none; font-stretch: normal; line-height: 16.5px; text-align: justify;"><span style="font-family: "times" , "times new roman" , serif;">International College of Financial Planning was established in 2002, ICoFP is promoted by Bajaj Capital a renowned business house in the field of financial services in India since last 45 years.</span></span><br />
Apart from various fulltime and professional courses in combination with other institutions,it offers the below two distance learning courses<br />
<br />
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px; padding: 0px 0px 0.5em; text-align: justify;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Planning ( on the lines of CFP)</span></span></span></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em; text-align: justify;">
<span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Planning is a unique distance learning program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates curriculum of all modules of CFP<span style="font-size: small;"><span style="bottom: 1ex; height: 0px; line-height: 1; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;">CM</span>certification which is a global qualification. </span></span><a href="http://www.icofp.org/distance-learning-programs/mba-in-financial-planning.php" style="color: #464646; margin: 0px; outline: 0px; padding: 0px;"><span style="color: black; font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">Learn more</span></span></a></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em; text-align: justify;">
<span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Analysis ( on the lines of CFA)</span></span></span></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em; text-align: justify;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Analysis is an intensive two year self study program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates complete study curriculum of one of the most respected financial qualification in the world, Chartered Financial Analyst® (CFA®). </span></span></div>
<b><br /><u>DIPLOMA IN EXPORT MANAGEMENT</u></b><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">Indian Institute of Export Management offers a diploma program in Export Management, which helps develop skills in foreign trade management. This is a four months distance education program dealing exhaustively with all aspects of exports. At the end of the program (i.e. after 4 months) written examinations are conducted to evaluate students. Those successfully completing the program will be awarded a Diploma. Students may please note that although the course is titled "Export Management" imports are also covered in detail.</span><span face=""verdana" , "sans-serif"" style="font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""verdana" , "sans-serif"" style="font-size: 10pt;">There will be five papers for the examination covering the following subjects:</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Export Documentation & Govt. Policy</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Export Marketing</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Export Finance </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Shipping & Packaging</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Specialisation subject</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
</ol>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Examination question papers will be sent to students on completion of the course. The answer sheets have to be returned to the institute for valuation within fourteen days of receipt of the question papers.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span face=""verdana" , "sans-serif"" style="font-size: 10pt;">The following options are available for payment of fees:(For correspondence option)</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 600px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>A. LUMPSUM</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"> <b>Rs</b> <b>5,400.00</b><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 1;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>B. INSTALLMENT SCHEME</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 2;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">First installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 3,300.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 3;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Second installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 4;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Third installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: right;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total<o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 6,000.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<a href="https://www.blogger.com/null" name="FeesforOnlineOption"><b><i>The fees for only online course</i></b></a><span style="mso-bookmark: FeesforOnlineOption;"></span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 600px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"><br /><b>A. LUMPSUM</b><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"> <b>5,700.00</b><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 1;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>B. INSTALLMENT SCHEME</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 2;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">First installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 3,600.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 3;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Second installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 4;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Third installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: right;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total<o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 6,300.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<br />
<div>
<br /></div>
<div>
<br /></div>
<div>
<b><u><i>Comprehensive Tax Diploma Course : KPMG with NIIT IMPERIA</i></u></b><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">Unique taxation program -</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Focuses on practical taxation issues faced by <span style="mso-spacerun: yes;"> </span>businesses</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Provides the participants with both theoretical <span style="mso-spacerun: yes;"> </span>background and technical expertise</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<o:p><span style="font-family: "calibri";"> </span></o:p><span style="font-family: "calibri";">Readiness for proposed regulations</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Direct Tax Code (DTC) – awaiting parliamentary approval</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Goods and Services Tax (GST) - awaiting parliamentary approval</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
</div>
<br />
<div class="MsoNormal" style="background: whitesmoke; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Certificate in Tax Regulations -</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">The program is focused on entry level professionals. The program covers</span><b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Indirect Tax,</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<br />
<ul type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">VAT<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Service Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Excise and Customs<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Foreign Trade Policy<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">GST and other issues<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="background: whitesmoke; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Direct Tax</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<br />
<ul type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Overview of domestic taxation laws,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Withholding tax implications,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Double Tax Avoidance Agreements etc.<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="background: whitesmoke; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Advanced Program in Tax Regulations -</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"> This advanced program, designed for experienced professionals in taxation. The program covers<o:p></o:p></span></div>
<br />
<ul type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Domestic Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">International Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Live case studies/ practical illustrations<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Impact of Goods and Service tax Regime on Business<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Tax optimization & relevance of contract mechanics<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Analysis of recent landmark judicial rulings/ trends<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Direct Tax Code Regime, etc.<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">FEE AND PAYMENT SCHEDULE</span></strong><b><span face=""arial" , "sans-serif"" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span face=""arial" , "sans-serif"" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="float: none;"> Certificate in Tax Regulations</span></span><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: whitesmoke;">Program Fee exclusive of Taxes* -</span></strong><span style="background: whitesmoke;"><span style="float: none;"> Rs. 35,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: whitesmoke;"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: whitesmoke;"><span style="float: none;"> Advanced Program in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: whitesmoke;">Program Fee exclusive of Taxes* -</span></strong><span style="background: whitesmoke;"><span style="float: none;"> Rs. 41,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: whitesmoke;"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: whitesmoke;"><span style="float: none;"> Diploma in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: whitesmoke;">Program Fee exclusive of Taxes* -</span></strong><span style="background: whitesmoke;"><span style="float: none;"> Rs. 61,000</span><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">Class Schedule:</span></strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"> Tuesday 6:30 PM - 9:30 PM , Saturday 1:00 PM - 4:00 PM</span></span><br />
<span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><br /></span></span><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><br /></span></span><br />
<b><u>Quantitative Finance </u></b><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<b><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Quantitative Finance or Mathematical finance</span></b><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">is a field of<span class="apple-converted-space"> </span>applied mathematics, concerned with<span class="apple-converted-space"> </span>financial markets. Generally, mathematical finance will derive and extend the<span class="apple-converted-space"> </span>mathematical<span class="apple-converted-space"> </span>or<span class="apple-converted-space"> </span>numerical<span class="apple-converted-space"> </span>models without necessarily establishing a link to financial theory, taking observed market prices as input. Mathematical consistency is required, not compatibility with economic theory. Thus, for example, while a financial economist might study the structural reasons why a company may have a certain<span class="apple-converted-space"> </span>share price, a financial mathematician may take the share price as a given, and attempt to usestochastic calculus<span class="apple-converted-space"> </span>to obtain the corresponding value of<span class="apple-converted-space"> </span>derivatives<span class="apple-converted-space"> </span>of the<span class="apple-converted-space"> </span>stock<span class="apple-converted-space"> </span>(<i>see:<span class="apple-converted-space"> </span>Valuation of options;<span class="apple-converted-space"> </span>Financial modeling</i>). The<span class="apple-converted-space"> </span>fundamental theorem of arbitrage-free pricing<span class="apple-converted-space"> </span>is one of the key theorems in mathematical finance, while the<span class="apple-converted-space"> </span>Black–Scholes<span class="apple-converted-space"> </span>equation and formula are amongst the key results.<o:p></o:p></span></div>
<br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Mathematical finance also overlaps heavily with the field of<span class="apple-converted-space"> </span>computational finance<span class="apple-converted-space"> </span>(as well as<span class="apple-converted-space"> </span><i>financial engineering</i>). The latter focuses on application, while the former focuses on modeling and derivation (<i>see:<span class="apple-converted-space"> </span>Quantitative analyst</i>), often by help of<span class="apple-converted-space"> </span>stochastic asset models. In general, there exist two separate branches of finance that require advanced quantitative techniques: derivatives pricing on the one hand, and<span class="apple-converted-space"> </span><span style="color: #0b0080; text-decoration: none;">risk-</span><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span>portfolio management<span class="apple-converted-space"> </span>on the other.</span><br />
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"></span><br />
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">In India, among the many institutes offering courses in quantitative finance is <span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><span style="font-size: small;">Indian Institute of Quantitative Finance. Please find the course details at the following link <a href="http://iiqf.org/courses.html">http://iiqf.org/courses.html</a></span></span></span></div>
<span face=""arial" , "sans-serif"" style="color: #363636; font-size: 10pt;"><br /></span><span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 17.6333px;"><br /></span><b><u> Super Speciality in Finance : CFA vs FRM vs others</u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: black; display: inline; float: none; font-stretch: normal; line-height: 16.5px; text-align: justify;"><span style="font-family: "times" , "times new roman" , serif;"><a href="http://1.bp.blogspot.com/-0Pa5iFfWm9g/VWNAKCuvlgI/AAAAAAAABSM/BBdnO8f_Ow8/s1600/CFA-vs-FRM-1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://1.bp.blogspot.com/-0Pa5iFfWm9g/VWNAKCuvlgI/AAAAAAAABSM/BBdnO8f_Ow8/s640/CFA-vs-FRM-1.jpg" width="129" /></a></span></span></div>
<br />
<br />
<br />
<br />
<br />
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: black; display: inline; float: none; font-stretch: normal; line-height: 16.5px; text-align: justify;"><span style="font-family: "times" , "times new roman" , serif;">International College of Financial Planning was established in 2002, ICoFP is promoted by Bajaj Capital a renowned business house in the field of financial services in India since last 45 years.</span></span><br />
Apart from various fulltime and professional courses in combination with other institutions,it offers the below two distance learning courses<br />
<br />
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px; padding: 0px 0px 0.5em; text-align: justify;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Planning ( on the lines of CFP)</span></span></span></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em; text-align: justify;">
<span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Planning is a unique distance learning program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates curriculum of all modules of CFP<span style="font-size: small;"><span style="bottom: 1ex; height: 0px; line-height: 1; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;">CM</span>certification which is a global qualification. </span></span><a href="http://www.icofp.org/distance-learning-programs/mba-in-financial-planning.php" style="color: #464646; margin: 0px; outline: 0px; padding: 0px;"><span style="color: black; font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">Learn more</span></span></a></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em; text-align: justify;">
<span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Analysis ( on the lines of CFA)</span></span></span></div>
<span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 17.6333px;"></span><br />
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em; text-align: justify;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Analysis is an intensive two year self study program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates complete study curriculum of one of the most respected financial qualification in the world, Chartered Financial Analyst® (CFA®). </span></span><span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"><a href="http://www.icofp.org/distance-learning-programs/mba-in-financial-analysis.php" style="color: #464646; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;">Learn more</a></span></span><br />
<span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><br /></span><span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><br /></span><span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><br /></span><br />
<div style="font-family: "Times New Roman"; line-height: normal; text-align: left;">
<b><u>CFP : Financial Advisor who can do Financial Planning for you and me </u></b></div>
<div style="font-family: "Times New Roman"; line-height: normal; text-align: left;">
<br /></div>
<span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"></span><br />
<div class="MsoNormal" style="font-family: "Times New Roman"; line-height: normal; margin: 0cm 0cm 10pt; text-align: left;">
<strong><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;">Role of CFP - Certified Financial Planner</span></strong><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">1) Insurance Planning - A Financial Planner can help you with your insurance needs. He would be able to calculate how much insurance you actually need and what type of insurance plan is the best for the said purpose.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">2) Retirement Planning - A CFP can calculate how much of a corpus you would need at the time of retirement so that it would suffice for the rest of your life. He would also tell you how much you need to invest monthly from now to achieve this.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">3) Investment Planning - He can suggest you a suitable portfolio depending on your risk appetite, goals, etc. He also has good knowledge on the investment products available and their past returns.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">4) Tax Planning - He will not just minimize tax for the year but would help you plan your taxes in advance. He will suggest you products depending on your tax status.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">5) Estate Planning - He will make sure you have an estate plan in place so that any event would not disturb your future goals.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">6) Budgeting and Cash Flow - He will encourage you to prepare a budgeting sheet so that you can track your income and expenses. He will also check your cash flow from time to time and offer suggestions accordingly.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">7) Financial Planning - He can prepare a financial plan by integrating all the above concepts. He can also help you track your past and present investments. He would review your portfolio every 6 months - 1 year or whenever there is a major event such as marriage, birth of child, divorce, etc.</span></span></span><br />
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><br /></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><br /></span><br />
<h1 style="border: none; line-height: 24.75pt; margin: 0cm; padding: 0cm;">
<b style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17px; line-height: 14.25pt;"><u><span face=""arial" , sans-serif" style="color: #444444;">Advanced Diploma in International Taxation</span></u></b></h1>
<div>
<b style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17px; line-height: 14.25pt;"><u><span face=""arial" , sans-serif" style="color: #444444;"><br /></span></u></b></div>
<h3 style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17px; line-height: 40px; margin: 10px 0px;">
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">ADIT, the Advanced Diploma in International Taxation, is a specialised advanced qualification set by the Chartered Institute of Taxation in international and cross border taxation and is suitable for all professionals.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">The ADIT Qualification provides the opportunity to prove and improve you or your team's credentials as an International Tax Professional. International Taxation is an important part of the work of many tax advisers. However, a key characteristic of international advisers is that they have a variety of backgrounds and they typically spend time in more than one country. The Institute recognised a demand both in and outside the UK for a specialised qualification to meet the needs of international tax practitioners in the corporate area, and in 2003 introduced the Advanced Diploma in International Taxation (ADIT).<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">The overall standard of the qualification is comparable to the CIOT's gold standard CTA qualification in the UK. The Institute considers that there are significant benefits in having an internationally recognised qualification and ADIT indicates a high level of competence in international taxation.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">The Diploma is supervised by an Academic Board of distinguished international tax practitioners. Holders of the Diploma are entitled to use the designatory letters "ADIT" after their name.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt;"><span style="font-weight: normal;">The Diploma is a free-standing qualification which will not give the right to membership of the Chartered Institute of Taxation. However, holders of the Diploma may apply to become an 'International Tax Affiliate of the Chartered Institute of Taxation'.</span><o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-GZpvVA2qFx8/V5x56VkDWGI/AAAAAAAACtc/88yPKpViRNcVPWVxILI3YQYb3x4qWsPXwCLcB/s1600/Taxman.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="122" src="https://1.bp.blogspot.com/-GZpvVA2qFx8/V5x56VkDWGI/AAAAAAAACtc/88yPKpViRNcVPWVxILI3YQYb3x4qWsPXwCLcB/s320/Taxman.jpg" width="320" /></a></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt;"><span style="font-weight: normal;"><br /></span></span></div>
<div class="MsoNormal">
<o:p> </o:p>Diploma in IFRS Exam</div>
</h3>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Diploma in IFRS Exam will test your understanding on application of International Financial Reporting Standards (IFRS)</div>
</div>
</h1>
<h4 style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17.5px; line-height: 20px; margin: 10px 0px;">
<span style="font-size: 10pt;">About Exam</span></h4>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exam is conducted by : ACCA London</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exam Duration: 3 hours written exam</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Questions: 4 Questions of Total 100 marks (1 Question of 40 marks+ 3 Question of 20 marks each)</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Pass percentage:50%</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Fess: Exam Fees 211 £</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exams are held : Twice a year in June & Dec.</div>
</div>
</h1>
<h4 style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17.5px; line-height: 20px; margin: 10px 0px;">
<span style="font-size: 10pt;"> <strong>Exam Centers</strong></span></h4>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exams Centers in India: Ahmedabad, Bangalore, Cochin, Chennai, Hyderabad, Indore, Kolkata, Mumbai, New Delhi, Pune.</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exams Centers in Middle East: Dubai, Abu Dhabi, Jeddah, Riyadh.</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
For complete list visit ACCA website.</div>
</div>
</h1>
<h4 style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17.5px; line-height: 20px; margin: 10px 0px;">
<span style="font-size: 10pt;">Eligibility:</span></h4>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; font-weight: normal; line-height: 20px; margin-bottom: 10px;">
Commerce graduate with 2 yrs work experience in Finance department.</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; font-weight: normal; line-height: 20px; margin-bottom: 10px;">
Graduate from other field with 3 yrs work experience</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
<div style="font-weight: normal;">
Certified Finance Professionals like CA, ICWA,CS.</div>
<div style="font-weight: normal;">
<br /></div>
<div style="font-weight: normal;">
<br /></div>
<u><br /></u><u>EY- E Learning - </u><b><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">certificate program in Ind-AS</span></b></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://4.bp.blogspot.com/-Rcy1-OjVNJ8/V5x8xPGM_uI/AAAAAAAACto/i2gks62RZt08Dqeh39Eyt5BfbkdwQTxowCLcB/s1600/EY%2BLaunches%2BE%2Blearning%2Bcertificate%2Bprogram-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-Rcy1-OjVNJ8/V5x8xPGM_uI/AAAAAAAACto/i2gks62RZt08Dqeh39Eyt5BfbkdwQTxowCLcB/s320/EY%2BLaunches%2BE%2Blearning%2Bcertificate%2Bprogram-page-001.jpg" width="226" /></a></div>
<div style="font-weight: normal;">
<b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i>Comprehensive Tax Diploma Course : KPMG with NIIT IMPERIA</i></u></b></div>
</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">Unique taxation program -</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Focuses on practical taxation issues faced by <span style="mso-spacerun: yes;"> </span>businesses</span></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Provides the participants with both theoretical <span style="mso-spacerun: yes;"> </span>background and technical expertise</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<o:p><span style="font-family: "calibri";"> </span></o:p><span style="font-family: "calibri";">Readiness for proposed regulations</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Direct Tax Code (DTC) – awaiting parliamentary approval</span></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Goods and Services Tax (GST) - awaiting parliamentary approval</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="background: rgb(245, 245, 245); color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b>Certificate in Tax Regulations -</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">The program is focused on entry level professionals. The program covers</span><b>Indirect Tax,</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<ul style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;" type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">VAT<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Service Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Excise and Customs<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Foreign Trade Policy<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">GST and other issues<o:p></o:p></span></li>
</ul>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="background: rgb(245, 245, 245); color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b>Direct Tax</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<ul style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;" type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Overview of domestic taxation laws,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Withholding tax implications,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Double Tax Avoidance Agreements etc.<o:p></o:p></span></li>
</ul>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="background: rgb(245, 245, 245); color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b>Advanced Program in Tax Regulations -</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"> This advanced program, designed for experienced professionals in taxation. The program covers<o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<ul style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;" type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Domestic Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">International Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Live case studies/ practical illustrations<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Impact of Goods and Service tax Regime on Business<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Tax optimization & relevance of contract mechanics<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Analysis of recent landmark judicial rulings/ trends<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Direct Tax Code Regime, etc.<o:p></o:p></span></li>
</ul>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245); color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">FEE AND PAYMENT SCHEDULE</span></strong><b><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245); color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245); color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="float: none;"> Certificate in Tax Regulations</span></span><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245);">Program Fee exclusive of Taxes* -</span></strong><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Rs. 35,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: rgb(245, 245, 245);"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Advanced Program in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245);">Program Fee exclusive of Taxes* -</span></strong><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Rs. 41,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: rgb(245, 245, 245);"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Diploma in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245);">Program Fee exclusive of Taxes* -</span></strong><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Rs. 61,000</span><o:p></o:p></span></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">Class Schedule:</span></strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"> Tuesday 6:30 PM - 9:30 PM , Saturday 1:00 PM - 4:00 PM</span></div>
</h1>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
</h1>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
Certificate in Business Acumen by Insead</h1>
<div>
<span face=""arial" , "helvetica" , sans-serif" style="color: #00755a; font-size: 17px; line-height: 1.1;"><br /></span></div>
<div>
<span face=""arial" , "helvetica" , sans-serif" style="color: #00755a; font-size: 17px; line-height: 1.1;">Modules</span></div>
<ul style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px; margin-top: 10px; padding: 0px 0px 0px 20px;">
<li style="box-sizing: border-box;">Understanding customers</li>
<li style="box-sizing: border-box;">Strategic thinking</li>
<li style="box-sizing: border-box;">Financial skills for managers</li>
<li style="box-sizing: border-box;">Operations management</li>
</ul>
<div>
<h2 style="background-image: none; box-sizing: border-box; color: #00755a; font-family: arial, helvetica, sans-serif; font-size: 17px; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; padding: 0px;">
Application-oriented Approach</h2>
<div style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; padding: 10px 0px;">
The pedagogy is unique and suited for a busy working professional. Each module, delivered over 3-4 weeks, follows a distinctive approach that includes</div>
<ul class="list-items" style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; list-style: inside; margin: 0px; padding: 0px;">
<li style="box-sizing: border-box; list-style-image: url(http://www.eruditus.com/programmes/insead/cba/images/bgnav.png); padding-bottom: 10px;"><span style="box-sizing: border-box; font-weight: 700;">Hi-definition video lectures of INSEAD faculty</span></li>
<div style="box-sizing: border-box;">
Short videos per week, focusing on a learning topic</div>
</ul>
<ul class="list-items" style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; list-style: inside; margin: 0px; padding: 0px;">
<li style="box-sizing: border-box; list-style-image: url(http://www.eruditus.com/programmes/insead/cba/images/bgnav.png); padding-bottom: 10px;"><span style="box-sizing: border-box; font-weight: 700;">Webinars</span></li>
</ul>
<div style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px;">
Periodic check-in by programme director and facilitators, to facilitate discussion, reiterate takeaways and encourage reflection</div>
<ul class="list-items" style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; list-style: inside; margin: 0px; padding: 0px;">
<li style="box-sizing: border-box; list-style-image: url(http://www.eruditus.com/programmes/insead/cba/images/bgnav.png); padding-bottom: 10px;"><span style="box-sizing: border-box; font-weight: 700;">Reflections</span></li>
</ul>
<div style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px;">
Through discussion boards, exercises, assignments and peer learning through group work in learning circles.</div>
</div>
<div>
<br /></div>
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><span style="float: none;"></span></span><br />
<div>
<b><u>Quality Mangment and Problem solving certfication</u></b><br />
<br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="color: #545c60; display: inline; float: none; font-stretch: normal; line-height: 20px;"><span style="background-color: white; color: black;">Six Sigma, a business management strategy originally developed by Motorola Inc. It is widely used across industries towards quality and process improvement. Six Sigma Green Belt Certification establishes one’s expertise on data-driven approach and methodology for eliminating defects in any process across industries.</span></span></span><br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;"></span></span><br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;">Certified Business Analysis Professional (CBAP) is a professional designation rewarded by IIBA to professionals with advanced knowledge in business analysis. This certification program is for business analysts, project managers and program managers who have some years of experience in business analysis field. CBAP certification program is globally recognized.</span></span><br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;"><br /></span></span><span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;"><br /></span></span><b><u>Project Management Professional (PMP) certification</u></b><br />
<br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;">The Project Management Professional (PMP) certification offered by the Project Management Institute (PMI) is a fine example. The PMP is a certification recognized across all industries and backed by a mature organization with a history of steady improvement. Employers across the globe demand PMP certification as a basic requirement. </span><br />
<span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;"><br /></span><span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;"><br /></span><b><u>Quantitative Finance </u></b><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<b><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Quantitative Finance or Mathematical finance</span></b><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">is a field of<span class="apple-converted-space"> </span>applied mathematics, concerned with<span class="apple-converted-space"> </span>financial markets. Generally, mathematical finance will derive and extend the<span class="apple-converted-space"> </span>mathematical<span class="apple-converted-space"> </span>or<span class="apple-converted-space"> </span>numerical<span class="apple-converted-space"> </span>models without necessarily establishing a link to financial theory, taking observed market prices as input. Mathematical consistency is required, not compatibility with economic theory. Thus, for example, while a financial economist might study the structural reasons why a company may have a certain<span class="apple-converted-space"> </span>share price, a financial mathematician may take the share price as a given, and attempt to usestochastic calculus<span class="apple-converted-space"> </span>to obtain the corresponding value of<span class="apple-converted-space"> </span>derivatives<span class="apple-converted-space"> </span>of the<span class="apple-converted-space"> </span>stock<span class="apple-converted-space"> </span>(<i>see:<span class="apple-converted-space"> </span>Valuation of options;<span class="apple-converted-space"> </span>Financial modeling</i>). The<span class="apple-converted-space"> </span>fundamental theorem of arbitrage-free pricing<span class="apple-converted-space"> </span>is one of the key theorems in mathematical finance, while the<span class="apple-converted-space"> </span>Black–Scholes<span class="apple-converted-space"> </span>equation and formula are amongst the key results.<o:p></o:p></span></div>
<br />
<span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;"></span><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Mathematical finance also overlaps heavily with the field of<span class="apple-converted-space"> </span>computational finance<span class="apple-converted-space"> </span>(as well as<span class="apple-converted-space"> </span><i>financial engineering</i>). The latter focuses on application, while the former focuses on modeling and derivation (<i>see:<span class="apple-converted-space"> </span>Quantitative analyst</i>), often by help of<span class="apple-converted-space"> </span>stochastic asset models. In general, there exist two separate branches of finance that require advanced quantitative techniques: derivatives pricing on the one hand, and<span class="apple-converted-space"> </span><span style="color: #0b0080; text-decoration: none;">risk-</span><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span>portfolio management<span class="apple-converted-space"> </span>on the other.</span></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"></span><br /></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">In India, among the many institutes offering courses in quantitative finance is <span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><span style="font-size: small;">Indian Institute of Quantitative Finance. Please find the course details at the following link <a href="http://iiqf.org/courses.html">http://iiqf.org/courses.html</a></span></span></span></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><br /></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><br /></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
Mini MBA or 10-Day MBA which summarises the essence of full time MBA</div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-uf0rQpq5Tyo/VaujuNHHP9I/AAAAAAAABmI/uUOMSuL17v4/s1600/10%2BDay%2BMBA.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-uf0rQpq5Tyo/VaujuNHHP9I/AAAAAAAABmI/uUOMSuL17v4/s320/10%2BDay%2BMBA.jpg" width="209" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-eUNSMWPzPZM/VaujyXKYT3I/AAAAAAAABmQ/hwWvM9NdB2U/s1600/10daymba-Intro.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-eUNSMWPzPZM/VaujyXKYT3I/AAAAAAAABmQ/hwWvM9NdB2U/s320/10daymba-Intro.jpg" width="250" /></a></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"></span></span><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-qcqOduN2ZGE/VaupUAdfgPI/AAAAAAAABmg/RzToB3iZEiI/s1600/topics.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="440" src="https://4.bp.blogspot.com/-qcqOduN2ZGE/VaupUAdfgPI/AAAAAAAABmg/RzToB3iZEiI/s640/topics.png" width="640" /></a></div>
<div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="MsoNormal">
<b><u>Specialised courses in commerce domain - Job Guarentee / Earn while you learn / Skill development</u></b><b><br /></b>What after B.Com : Specialised courses in commerce domain<br />
<div style="text-align: center;">
<span style="color: blue;"><u><b><br /></b></u></span><img alt="" border="0" height="370" src="https://3.bp.blogspot.com/-kgStI69wqEE/Tqka53VDJHI/AAAAAAAAG7c/EU0Iy3eZJ7E/s640/educational%2Bmind%2Bmap.PNG" style="text-align: left;" width="400" /><br />
<span style="color: blue;"><u><b><br /></b></u></span></div>
<div style="text-align: center;"><span style="color: blue;"><u><b><br /></b></u></span></div><div style="text-align: center;">
<span style="color: blue;"><u><b>Speacialised courses in commerce domain</b></u></span></div>
<br />
<div class="MsoNormal" style="line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="color: #363636; font-size: 10pt;">The demand for Commerce education has spiralled over the last decade to an extent that it has eclipsed the significance of Science education. To believe that Commerce education now proves more popular than the pursuit of the basic sciences is difficult to comprehend for the older generation which venerated science and associated Commerce with clerical work. However, the manner in which society has now started to view Commerce has undergone a transformation. In the process the subject of Commerce itself has diversified into various allied disciplines.<br />Today students of Commerce at the graduate level could opt for a range of courses and options. For instance, a student could either opt for Bachelor of Commerce or Bachelor of Commerce (Honours). Beyond these other options would include: Bachelor of Investment and Financial Accounting or Bachelor of Business Studies, Bachelor of Commerce in Foreign Trade, among others. Similarly at the post graduate level the menu is diverse which includes: Masters in Commerce, Masters in International Business and Master’s in Human Resource and Organizational Development, Master’s in Finance and Control are few of the various options listed here.<br /><br />Booming economy<br />Evidently such a trend loaded in favour of Commerce manifests in the higher education space and is a reflection of a booming economy. These signs would include : Increasing industrialization, outsourcing of work in the IT and ITES sectors from the western industrial democracies, changes in global economy, increase in entry of multi-national companies into the country, expansion of service sector in the national economy. Together all these considerations have fuelled an increase in demand for Commerce trained professionals.<br />Earlier impressions were that after a Bachelor of Commerce, the only jobs available were those of accountants eligible for clerical jobs. All these notions have changed with the availability of new avenues of work in and Commerce professionals at the helm of organizations. So much so, Commerce graduates now have a wider range of responsibilities that span diverse job functions from human resources and marketing to accounts and finance to logistics and even research. Moreover, globalization has integrated India with other developed and developing economies and in the process also encouraged many multinational companies to enter the country.<br />Clearly all these developments have spurred an interest in these companies of the need to adopt global standards in accounting. For instance, today companies listed in domestic and overseas stock exchanges which aim to improve their industry standing are inclined to adopt the International Financial Reporting Standards (IFRS) – specific guidelines which are globally accepted accounting practices for comparability and transparency of financial statements.<br />Considering the dearth of professionals who are able to comprehend IFRS requirements there is a heightened demand for Commerce graduates and trained professionals. In view of this there exists phenomenal potential for India to develop its higher education sector in Commerce and develop it into a whole new outsourcing industry. In response to such levels of demand higher education centers have lately begun to incorporate the IFRS into their syllabi and thereby provide a work force of students to ‘near-industry’ standards.</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 9pt;"><img alt="Description: http://vtnlog-1536340128.us-west-2.elb.amazonaws.com/beacon/vtpixpc.gif?pid=1076&vid=0&pixelfrom=ep&type=vp" height="1" src="file:///C:/Users/TPL5884/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif" v:shapes="Picture_x0020_1" width="1" /></span></div>
<span face=""arial" , "sans-serif"" style="color: black; font-size: 9pt;"><br /></span><span face=""arial" , "sans-serif"" style="color: #363636; font-size: 10pt;">Niche domains</span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="color: #363636; font-size: 10pt;">Besides for Commerce graduates to acquire professional qualifications in niche domains, traditional options include: Chartered Accountancy, Institute of Cost Accountants of India, besides Associate Company Secretary and MBA in Finance. The new breed of courses include: the Certified Accounting Technician which caters to the accounting profession at the mid level and specifically support the requirements of Chartered Accountants in the industry and service sectors. The Chartered Financial Analyst provides a strong foundation for advanced investment analysis. All these courses train students to transform into specialized professionals. Other options include IT-based courses like Tally or Cyber security.<br />Another emerging area of specialization is Business Development which appears to be gaining momentum and now only a few private universities offer it. Eventually any sphere of business is all about increasing the bottom line and business development is integral to this exercise. This would especially prove useful to those students who are oriented to become entrepreneurs.<br />For those Commerce students interested solely in stock markets they can evolve their skills with courses like the NCDEX Commodity Certification Course run by National Commodities and Derivatives Exchange Ltd, certification program in Financial Engineering and Risk Management by the National Institute of Securities Markets. For students the flexibility to choose options in Commerce education only enhances the appeal factor of the subject.<br />Another approach is to choose a combination of a regular course and a professional course or to do a diploma course simultaneously and be ‘near industry-ready’ as soon as students graduate from college.</span><br />
<br /></div>
<br />
<u style="color: blue;"><b> Banking course from Amity</b></u><br />
<br />
<br />
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="line-height: 18.4px;">Axis Bank has entered into a tie-up with Amity Global Business School to create the Axis Bank Young Bankers (ABYB) program offering a Post Graduate Diploma in Banking Services (PGDBS) and a guaranteed job with Axis Bank on successful completion.</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">First Trimester:</span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Areas of learning covered will comprise of;Basics of Banking, IT in Banking, Business communication, Managerial Economics, Business Mathematics and Statistics, Accounting, General management </span></span><br />
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;">
<span style="font-family: "times" , "times new roman" , serif;"><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Second Trimester:</span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Areas of learning covered will comprise of; Banking and allied services, Banking environment, Advanced Business communication, Receipts and Payment systems, Lending</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Third Trimester : </span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Areas of learning covered will comprise of; Financial Planning, Foreign Exchange, Credit Risk management, Retail banking, Treasury Management, Recovery Management, Business analytics </span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14pt; margin: 0cm 0cm 0pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> </span><b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Fourth Trimester: </span></b><span face=""lucida sans unicode" , "sans-serif"" style="mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Learning will be on the job and will be in form of the Internship and Project work</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "times" , "times new roman" , serif;"><span face=""lucida sans unicode" , "sans-serif"" style="line-height: 18.4px;">The fourth trimester would be devoted to internship to be pursued by the participant at a designated Branch of Axis Bank across the country.</span></span></div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
</div>
<span style="font-family: "times" , "times new roman" , serif;"></span><br />
<br />
<br />
<span style="color: blue;"><b>CCAP from CRISIL - Learn while you work and Earn </b></span><br />
<br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">CCAP is a two-year intensive work-cum-study programme that combines job assignments, interactive workshops and academic studies to equip the learner with exceptional financial and business skills. The programme is aimed at developing world-class financial professionals for various analyst roles in CRISIL. At the end of two years,CRISIL provides career growth to all successful candidates at attractive packages that are on par with the industry. The programme has gained acceptance from the industry, CRISIL clients and the academia.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #d22436;"> </span></b><b><span face=""arial" , "sans-serif"" style="color: #d22436; font-size: 16pt;"><span style="font-size: small;">CCAP Design</span></span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The programme kickstarts with a special six-week intensive finance boot-camp. Subsequently, participants are allocated to business units of CRISIL where they work four days a week from Monday to Thursday. Classes are held on Fridays and Saturdays. The learning and growth path of the participants is closely monitored to ensure exposure to opportunities that will facilitate their career progression.The programme comprises of four semesters of six months each, where rigorous academic training is provided on a range of finance-related subjects.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;"> </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The programme has been designed keeping in mind domestic and global business needs, and after thoroughly analysing the existing curriculum of MBA, CA, CFA and FRM programmes. CCAP ensures that each participant develops an in-depth understanding of financial concepts. This will enable him/her to undertake analytical assignments not just at CRISIL, but elsewhere in the industry as well.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">CCAP Location</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The programme will be conducted entirely in Mumbai. Selected participants will have to make their own arrangements for accommodation and local conveyance in Mumbai.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;"> </span></b><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Batch Size</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The intake for the batch of 2014-16 will be approximately 60 participants.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Salary</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Participants will be paid an annual salary of </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1.25 lakhs per annum during the first year, and </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2.25 lakhs during the second year of the programme.</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">At the end of 2 years, the participants would be paid a minimum salary of </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6 lakhs per annum (plus performance based variable pay)</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">CFA/FRM Reimbursement</span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">For every level cleared during CCAP, the participant will receive a one-time award of up to </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">25,000.</span></div>
<br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">What will a CCAP participant do?</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Following are some of the activities that CCAP participants carry out during the 2 years:</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Credit analysis of fixed income instruments issued by corporates, banks and financial institutions</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Grading of Small and Medium Enterprises</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Equity research on listed Indian companies</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Analysis of industry sectors such as pharma, steel and auto</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Feasibility studies and market assessments</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Assisting government and private clients in infrastructure projects</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Designing and implementing risk management solutions for financial institutions</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #4d4a48; font-family: "wingdings"; font-size: 8.5pt; line-height: 13.0333px;">§ </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">Supporting global clients in equity, credit and derivatives research</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;"> </span><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Indicative Course Outline</span></b></div>
<b><span face=""arial" , "sans-serif"" style="color: white; font-size: 12pt;">ester I</span></b><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem I :Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Basic Financial Accounting</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Business & Corporate Law</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Business Statistics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. Commercial Banking</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Financial Institutions & Markets</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6. Financial Statement Analysis - Basic</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">7. Micro Economics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Teamwork Works</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem II :Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Econometrics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Financial Derivatives - Advanced</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Fixed Income Securities - Advanced</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. International Trade & Finance</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Project Appraisal</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Effective Presentation Skills</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem III :Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
</div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Financial Risk Management</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Mergers & Acquisitions</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Project Management</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. Security Analysis and Portfolio Management</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Structured Finance</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Managing Stakeholders</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: white; font-size: 12pt;">Semester III</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Sem IV : Core Courses</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. Credit Analysis</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">2. Corporate Finance</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">3. Equity Valuation</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">4. Financial Derivatives - Basic</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">5. Fixed Income Securities - Basic</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6. Financial Statement Analysis - Advanced</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">7. Macro Economics</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">Leaders Incubation Lab</span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;">Time Management</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;"> </span><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Role</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">On successful completion of the programme, all participants will continue working with their respective businesses, at an increased salary of at least </span><span face=""rupeeforadian" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">`</span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">6 lakh per annum (plus performance-based variable </span><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">pay). They will be designated at par with the campus recruits from business schools, who currently join CRISIL as Management Trainees.</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt; line-height: 15.3333px;"> </span><b><span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 12pt;">Eligibility Criteria</span></b></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">The minimum requirement for admission to the programme is:</span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 0pt; mso-layout-grid-align: none;">
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;">1. A bachelor's degree with at least 55% marks or the equivalent cumulative grade point average (CGPA). This should be an aggregate score for the course. Candidates appearing for the final-year bachelor's degree/equivalent examination may also apply.</span><br />
<br />
<br />
<h2 class="contentheading" style="background-color: #e5e5e5; color: black; font-family: nobile, verdana, geneva, arial, helvetica, sans-serif; font-size: 1.6em; font-weight: normal; line-height: inherit; margin: 0px 0px 0.5em; text-shadow: rgb(229, 229, 229) 1px 1px 1px;">
<span style="color: blue;">Post-Graduate Programme in Securities Markets (PGPSM)</span></h2>
<span face=""arial" , "sans-serif"" style="color: #4d4a48; font-size: 10pt;"> </span><span face=""arial" , "helvetica" , sans-serif" style="background-color: #e5e5e5; color: black; display: inline; float: none; font-size: 12px; line-height: 18px;">(National Institute of Securities Markets (NISM) is a public trust, established by the Securities and Exchange Board of India (SEBI))</span><br />
<span face=""arial" , "helvetica" , sans-serif" style="background-color: #e5e5e5; color: black; display: inline; float: none; font-size: 12px; line-height: 18px;"></span><br />
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<br />
<span style="line-height: 1.5;">The Post-Graduate Programme in Securities Markets is a one-year full time Post-Graduate Programme aimed at creating the next generation capital market specialists. For students interested in stock market investing and </span><span style="line-height: 1.5;">aspiring for a career in capital markets, PGPSM is an extremely unique opportunity to obtain first-hand knowledge, both theoretical and practical, from an institute established by SEBI, the market regulator. The faculty, consisting of academicians and practitioners, has the capability to deliver a high-quality programme to the students looking for knowledge and skill-sets as a solid foundation.</span></div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
Informal estimates indicate that the capital markets would require about 32,000 professionals every year. The required skill-sets could be grouped as follows: (1) Fund Management, Analysis and Dealings (2) Sales, Product Management and Brand Management (3) Operations and Services (4) Information Technology (5) Compliance and (6) Financial Advice and Planning.</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<br /></div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
PGPSM thus seeks to prepare students to become Fund Managers, Analysts, Dealers, Institutional Sales Persons, Product Designers, Operations Managers, Compliance Officers, Risk Management Officers, Investment Bankers, and Investment Advisors in the securities markets.</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
By completing the PGPSM, students would be able to:</div>
<ul style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Abstract the building blocks of the securities markets, understand them conceptually, and develop the capability to design solutions that meet specific requirements</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Upgrade knowledge and skill sets necessary to perform the key technical activities in the securities markets</li>
</ul>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
Develop a well-rounded, complete understanding of securities markets</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<b>Why PGPSM</b>: To become a complete capital market professional</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<b>Where</b> can PGPSM lead to: Equity and Fixed Income Research, Credit Rating, Financial Analytics, Stock Broking, Investment Banking Compliance, Risk Management etc.</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<b>Who</b> should do PGPSM: Graduates with a passion for securities markets. Experience of 6 months to 2 years is desirable but not essential.</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<a href="http://www.mba.com/india/plan-for-business-school/choose-a-school/school-expert-qanda/nism.aspx" style="color: #009aca; outline: none; text-decoration-line: none;" target="_blank"><img alt="GMAT Preferred-Grey 1" height="37" src="http://www.nism.ac.in/images/academic_programs/GMAT_Preferred-Grey_1.jpg" style="border: none; float: left; margin: 5px;" width="52" /></a></div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
Admissions through GMAT, XAT or NISM scores. </div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<b>What</b> is unique about PGPSM:</div>
<ul style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">One year, fast track-programme</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Academic Council and Faculty Team being top-rated academicians</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Globally benchmarked curriculum, updated regularly</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Policy-research based inputs from top-class academicians</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Proximity to experts from top organizations in Mumbai, the financial capital of India</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Inputs on market regulation from SEBI officers</li>
<li style="margin: 0.3em 0px 0.3em 1.6em; padding: 0px;">Multiple pedagogy-workshops, simulations, cases, book-film reviews, live projects, conferences</li>
</ul>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
<b>Duration:</b> 1 year full-time, consisting of four terms</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px; padding: 0px;">
Note: For further information please contact:</div>
<div style="background-color: #e5e5e5; color: black; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 18px; margin: 10px 0px 5px; padding: 0px;">
PGPSM Admissions Office<br />
National Institute of Securities Markets<br />
NISM Bhavan, Plot No. 82<br />
Sector 17, Vashi, Navi Mumbai - 400 703<br />
Maharashtra<br />
LL: +91 – 22 – 6673 5125/58/61<br />
Email: <a href="mailto:pgpsm@nism.ac.in" style="color: #009aca; outline: none;">pgpsm@nism.ac.in</a></div>
</div>
<b><br /></b><b><br /></b><br />
<b><u>ICFP Courses for super specialization in finance</u></b><br />
<br />
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: black; display: inline; float: none; font-stretch: normal; line-height: 16.5px;"><span style="font-family: "times" , "times new roman" , serif;">International College of Financial Planning was established in 2002, ICoFP is promoted by Bajaj Capital a renowned business house in the field of financial services in India since last 45 years.</span></span><br />
Apart from various fulltime and professional courses in combination with other institutions,it offers the below two distance learning courses<br />
<br />
<div style="color: black; font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px; padding: 0px 0px 0.5em;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Planning ( on the lines of CFP)</span></span></span></div>
<div style="color: black; font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em;">
<span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Planning is a unique distance learning program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates curriculum of all modules of CFP<span style="font-size: small;"><span style="bottom: 1ex; height: 0px; line-height: 1; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;">CM</span>certification which is a global qualification. </span></span><a href="http://www.icofp.org/distance-learning-programs/mba-in-financial-planning.php" style="color: #464646; margin: 0px; outline: 0px; padding: 0px;"><span style="color: black; font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">Learn more</span></span></a></div>
<div style="color: black; font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em;">
<span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Analysis ( on the lines of CFA)</span></span></span></div>
<div style="color: black; font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Analysis is an intensive two year self study program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates complete study curriculum of one of the most respected financial qualification in the world, Chartered Financial Analyst® (CFA®). </span></span></div>
<b><br /><u>DIPLOMA IN EXPORT MANAGEMENT</u></b><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 10pt;">Indian Institute of Export Management offers a diploma program in Export Management, which helps develop skills in foreign trade management. This is a four months distance education program dealing exhaustively with all aspects of exports. At the end of the program (i.e. after 4 months) written examinations are conducted to evaluate students. Those successfully completing the program will be awarded a Diploma. Students may please note that although the course is titled "Export Management" imports are also covered in detail.</span><span face=""verdana" , "sans-serif"" style="font-size: 10pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""verdana" , "sans-serif"" style="font-size: 10pt;">There will be five papers for the examination covering the following subjects:</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<ol start="1" type="1">
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Export Documentation & Govt. Policy</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Export Marketing</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Export Finance </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Shipping & Packaging</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 36.0pt;"><span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Specialisation subject</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></li>
</ol>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""verdana" , "sans-serif"" style="font-size: 10pt;">Examination question papers will be sent to students on completion of the course. The answer sheets have to be returned to the institute for valuation within fourteen days of receipt of the question papers.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span face=""verdana" , "sans-serif"" style="font-size: 10pt;">The following options are available for payment of fees:(For correspondence option)</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
</div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 600px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>A. LUMPSUM</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"> <b>Rs</b> <b>5,400.00</b><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 1;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>B. INSTALLMENT SCHEME</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 2;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">First installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 3,300.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 3;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Second installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 4;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Third installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: right;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total<o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 6,000.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<a href="https://www.blogger.com/null" name="FeesforOnlineOption"><b><i>The fees for only online course</i></b></a><span style="mso-bookmark: FeesforOnlineOption;"></span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="mso-cellspacing: 0cm; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 600px;"><tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="margin: 0cm 0cm 0pt;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;"><br /><b>A. LUMPSUM</b><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"> <b>5,700.00</b><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 1;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>B. INSTALLMENT SCHEME</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
</div>
</td></tr>
<tr style="mso-yfti-irow: 2;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">First installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 3,600.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 3;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Second installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 4;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Third installment <o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 1,350.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;"><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div align="right" class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: right;">
<span face=""arial" , "sans-serif"" style="font-size: 9pt;">Total<o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>:</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td><td style="background-color: transparent; border: rgb(0, 0, 0); padding: 0cm;"><div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>Rs 6,300.00</b><span face=""arial" , "sans-serif"" style="font-size: 9pt;"><o:p></o:p></span></div>
</td></tr>
</tbody></table>
<br />
<div>
<br /></div>
<div>
<br /></div>
<div>
<b><u><i>Comprehensive Tax Diploma Course : KPMG with NIIT IMPERIA</i></u></b><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">Unique taxation program -</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Focuses on practical taxation issues faced by <span style="mso-spacerun: yes;"> </span>businesses</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Provides the participants with both theoretical <span style="mso-spacerun: yes;"> </span>background and technical expertise</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<o:p><span style="font-family: "calibri";"> </span></o:p><span style="font-family: "calibri";">Readiness for proposed regulations</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Direct Tax Code (DTC) – awaiting parliamentary approval</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Goods and Services Tax (GST) - awaiting parliamentary approval</span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
</div>
<br />
<div class="MsoNormal" style="background: whitesmoke; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Certificate in Tax Regulations -</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">The program is focused on entry level professionals. The program covers</span><b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Indirect Tax,</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<br />
<ul type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">VAT<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Service Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Excise and Customs<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Foreign Trade Policy<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">GST and other issues<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="background: whitesmoke; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Direct Tax</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<br />
<ul type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Overview of domestic taxation laws,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Withholding tax implications,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Double Tax Avoidance Agreements etc.<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="background: whitesmoke; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">Advanced Program in Tax Regulations -</span></b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"> This advanced program, designed for experienced professionals in taxation. The program covers<o:p></o:p></span></div>
<br />
<ul type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Domestic Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">International Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Live case studies/ practical illustrations<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Impact of Goods and Service tax Regime on Business<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Tax optimization & relevance of contract mechanics<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Analysis of recent landmark judicial rulings/ trends<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Direct Tax Code Regime, etc.<o:p></o:p></span></li>
</ul>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">FEE AND PAYMENT SCHEDULE</span></strong><b><span face=""arial" , "sans-serif"" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span face=""arial" , "sans-serif"" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="float: none;"> Certificate in Tax Regulations</span></span><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: whitesmoke;">Program Fee exclusive of Taxes* -</span></strong><span style="background: whitesmoke;"><span style="float: none;"> Rs. 35,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: whitesmoke;"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: whitesmoke;"><span style="float: none;"> Advanced Program in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: whitesmoke;">Program Fee exclusive of Taxes* -</span></strong><span style="background: whitesmoke;"><span style="float: none;"> Rs. 41,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: whitesmoke;"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: whitesmoke;"><span style="float: none;"> Diploma in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: whitesmoke;">Program Fee exclusive of Taxes* -</span></strong><span style="background: whitesmoke;"><span style="float: none;"> Rs. 61,000</span><o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">Class Schedule:</span></strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"> Tuesday 6:30 PM - 9:30 PM , Saturday 1:00 PM - 4:00 PM</span></span><br />
<span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><br /></span></span><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><br /></span></span><br />
<b><u>Quantitative Finance </u></b><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<b><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Quantitative Finance or Mathematical finance</span></b><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">is a field of<span class="apple-converted-space"> </span>applied mathematics, concerned with<span class="apple-converted-space"> </span>financial markets. Generally, mathematical finance will derive and extend the<span class="apple-converted-space"> </span>mathematical<span class="apple-converted-space"> </span>or<span class="apple-converted-space"> </span>numerical<span class="apple-converted-space"> </span>models without necessarily establishing a link to financial theory, taking observed market prices as input. Mathematical consistency is required, not compatibility with economic theory. Thus, for example, while a financial economist might study the structural reasons why a company may have a certain<span class="apple-converted-space"> </span>share price, a financial mathematician may take the share price as a given, and attempt to usestochastic calculus<span class="apple-converted-space"> </span>to obtain the corresponding value of<span class="apple-converted-space"> </span>derivatives<span class="apple-converted-space"> </span>of the<span class="apple-converted-space"> </span>stock<span class="apple-converted-space"> </span>(<i>see:<span class="apple-converted-space"> </span>Valuation of options;<span class="apple-converted-space"> </span>Financial modeling</i>). The<span class="apple-converted-space"> </span>fundamental theorem of arbitrage-free pricing<span class="apple-converted-space"> </span>is one of the key theorems in mathematical finance, while the<span class="apple-converted-space"> </span>Black–Scholes<span class="apple-converted-space"> </span>equation and formula are amongst the key results.<o:p></o:p></span></div>
<br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Mathematical finance also overlaps heavily with the field of<span class="apple-converted-space"> </span>computational finance<span class="apple-converted-space"> </span>(as well as<span class="apple-converted-space"> </span><i>financial engineering</i>). The latter focuses on application, while the former focuses on modeling and derivation (<i>see:<span class="apple-converted-space"> </span>Quantitative analyst</i>), often by help of<span class="apple-converted-space"> </span>stochastic asset models. In general, there exist two separate branches of finance that require advanced quantitative techniques: derivatives pricing on the one hand, and<span class="apple-converted-space"> </span><span style="color: #0b0080; text-decoration: none;">risk-</span><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span>portfolio management<span class="apple-converted-space"> </span>on the other.</span><br />
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"></span><br />
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">In India, among the many institutes offering courses in quantitative finance is <span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><span style="font-size: small;">Indian Institute of Quantitative Finance. Please find the course details at the following link <a href="http://iiqf.org/courses.html">http://iiqf.org/courses.html</a></span></span></span></div>
<span face=""arial" , "sans-serif"" style="color: #363636; font-size: 10pt;"><br /></span><span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 17.6333px;"><br /></span><b><u> Super Speciality in Finance : CFA vs FRM vs others</u></b><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: black; display: inline; float: none; font-stretch: normal; line-height: 16.5px; text-align: justify;"><span style="font-family: "times" , "times new roman" , serif;"><a href="http://1.bp.blogspot.com/-0Pa5iFfWm9g/VWNAKCuvlgI/AAAAAAAABSM/BBdnO8f_Ow8/s1600/CFA-vs-FRM-1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="https://1.bp.blogspot.com/-0Pa5iFfWm9g/VWNAKCuvlgI/AAAAAAAABSM/BBdnO8f_Ow8/s640/CFA-vs-FRM-1.jpg" width="129" /></a></span></span></div>
<br />
<br />
<br />
<br />
<br />
<span face=""verdana" , "arial" , "helvetica" , sans-serif" style="color: black; display: inline; float: none; font-stretch: normal; line-height: 16.5px;"><span style="font-family: "times" , "times new roman" , serif;">International College of Financial Planning was established in 2002, ICoFP is promoted by Bajaj Capital a renowned business house in the field of financial services in India since last 45 years.</span></span><br />
Apart from various fulltime and professional courses in combination with other institutions,it offers the below two distance learning courses<br />
<br />
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px; padding: 0px 0px 0.5em;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Planning ( on the lines of CFP)</span></span></span></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em;">
<span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Planning is a unique distance learning program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates curriculum of all modules of CFP<span style="font-size: small;"><span style="bottom: 1ex; height: 0px; line-height: 1; margin: 0px; padding: 0px; position: relative; vertical-align: baseline;">CM</span>certification which is a global qualification. </span></span><a href="http://www.icofp.org/distance-learning-programs/mba-in-financial-planning.php" style="color: #464646; margin: 0px; outline: 0px; padding: 0px;"><span style="color: black; font-weight: 700; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">Learn more</span></span></a></div>
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em;">
<span style="font-weight: 700; margin: 0px; padding: 0px;"><span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"> MBA–Financial Analysis ( on the lines of CFA)</span></span></span></div>
<span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 17.6333px;"></span><br />
<div style="font-family: verdana, arial, helvetica, sans-serif; line-height: 1.6em; margin: 0px 0px 10px 0.25in; padding: 0px 0px 0.5em;">
<span style="line-height: 1.6em; margin: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;">MBA in Financial Analysis is an intensive two year self study program which offers the advantage of classroom- like environment via virtual classrooms and e-learning. The program incorporates complete study curriculum of one of the most respected financial qualification in the world, Chartered Financial Analyst® (CFA®). </span></span><span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><span style="font-family: "times" , "times new roman" , serif;"><a href="http://www.icofp.org/distance-learning-programs/mba-in-financial-analysis.php" style="color: #464646; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;">Learn more</a></span></span><br />
<span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><br /></span><span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><br /></span><span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"><br /></span><br />
<div style="font-family: "Times New Roman"; line-height: normal; text-align: left;">
<b><u>CFP : Financial Advisor who can do Financial Planning for you and me </u></b></div>
<div style="font-family: "Times New Roman"; line-height: normal; text-align: left;">
<br /></div>
<span style="font-weight: 700; line-height: 1.6em; margin: 0px; outline: 0px; padding: 0px;"></span><br />
<div class="MsoNormal" style="font-family: "Times New Roman"; line-height: normal; margin: 0cm 0cm 10pt; text-align: left;">
<strong><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;">Role of CFP - Certified Financial Planner</span></strong><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">1) Insurance Planning - A Financial Planner can help you with your insurance needs. He would be able to calculate how much insurance you actually need and what type of insurance plan is the best for the said purpose.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">2) Retirement Planning - A CFP can calculate how much of a corpus you would need at the time of retirement so that it would suffice for the rest of your life. He would also tell you how much you need to invest monthly from now to achieve this.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">3) Investment Planning - He can suggest you a suitable portfolio depending on your risk appetite, goals, etc. He also has good knowledge on the investment products available and their past returns.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">4) Tax Planning - He will not just minimize tax for the year but would help you plan your taxes in advance. He will suggest you products depending on your tax status.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">5) Estate Planning - He will make sure you have an estate plan in place so that any event would not disturb your future goals.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">6) Budgeting and Cash Flow - He will encourage you to prepare a budgeting sheet so that you can track your income and expenses. He will also check your cash flow from time to time and offer suggestions accordingly.</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="float: none;">7) Financial Planning - He can prepare a financial plan by integrating all the above concepts. He can also help you track your past and present investments. He would review your portfolio every 6 months - 1 year or whenever there is a major event such as marriage, birth of child, divorce, etc.</span></span></span><br />
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><br /></span><span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><br /></span><br />
<h1 style="border: none; line-height: 24.75pt; margin: 0cm; padding: 0cm;">
<b style="font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17px; line-height: 14.25pt;"><u><span face=""arial" , sans-serif" style="color: #444444;">Advanced Diploma in International Taxation</span></u></b></h1>
<div>
<b style="font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17px; line-height: 14.25pt;"><u><span face=""arial" , sans-serif" style="color: #444444;"><br /></span></u></b></div>
<h3 style="font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17px; line-height: 40px; margin: 10px 0px;">
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">ADIT, the Advanced Diploma in International Taxation, is a specialised advanced qualification set by the Chartered Institute of Taxation in international and cross border taxation and is suitable for all professionals.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">The ADIT Qualification provides the opportunity to prove and improve you or your team's credentials as an International Tax Professional. International Taxation is an important part of the work of many tax advisers. However, a key characteristic of international advisers is that they have a variety of backgrounds and they typically spend time in more than one country. The Institute recognised a demand both in and outside the UK for a specialised qualification to meet the needs of international tax practitioners in the corporate area, and in 2003 introduced the Advanced Diploma in International Taxation (ADIT).<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">The overall standard of the qualification is comparable to the CIOT's gold standard CTA qualification in the UK. The Institute considers that there are significant benefits in having an internationally recognised qualification and ADIT indicates a high level of competence in international taxation.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt; font-weight: normal;">The Diploma is supervised by an Academic Board of distinguished international tax practitioners. Holders of the Diploma are entitled to use the designatory letters "ADIT" after their name.<o:p></o:p></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt;"><span style="font-weight: normal;">The Diploma is a free-standing qualification which will not give the right to membership of the Chartered Institute of Taxation. However, holders of the Diploma may apply to become an 'International Tax Affiliate of the Chartered Institute of Taxation'.</span><o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://1.bp.blogspot.com/-GZpvVA2qFx8/V5x56VkDWGI/AAAAAAAACtc/88yPKpViRNcVPWVxILI3YQYb3x4qWsPXwCLcB/s1600/Taxman.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="122" src="https://1.bp.blogspot.com/-GZpvVA2qFx8/V5x56VkDWGI/AAAAAAAACtc/88yPKpViRNcVPWVxILI3YQYb3x4qWsPXwCLcB/s320/Taxman.jpg" width="320" /></a></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.25pt; margin: 7.5pt 0cm;">
<span face=""arial" , sans-serif" style="color: #444444; font-size: 9pt;"><span style="font-weight: normal;"><br /></span></span></div>
<div class="MsoNormal">
<o:p> </o:p>Diploma in IFRS Exam</div>
</h3>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Diploma in IFRS Exam will test your understanding on application of International Financial Reporting Standards (IFRS)</div>
</div>
</h1>
<h4 style="font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17.5px; line-height: 20px; margin: 10px 0px;">
<span style="font-size: 10pt;">About Exam</span></h4>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exam is conducted by : ACCA London</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exam Duration: 3 hours written exam</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Questions: 4 Questions of Total 100 marks (1 Question of 40 marks+ 3 Question of 20 marks each)</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Pass percentage:50%</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Fess: Exam Fees 211 £</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exams are held : Twice a year in June & Dec.</div>
</div>
</h1>
<h4 style="font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17.5px; line-height: 20px; margin: 10px 0px;">
<span style="font-size: 10pt;"> <strong>Exam Centers</strong></span></h4>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exams Centers in India: Ahmedabad, Bangalore, Cochin, Chennai, Hyderabad, Indore, Kolkata, Mumbai, New Delhi, Pune.</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
Exams Centers in Middle East: Dubai, Abu Dhabi, Jeddah, Riyadh.</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
For complete list visit ACCA website.</div>
</div>
</h1>
<h4 style="font-family: ubuntu, arial, helvetica, sans-serif; font-size: 17.5px; line-height: 20px; margin: 10px 0px;">
<span style="font-size: 10pt;">Eligibility:</span></h4>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
<div style="color: black; font-family: "times new roman"; font-size: medium; line-height: normal;">
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; font-weight: normal; line-height: 20px; margin-bottom: 10px;">
Commerce graduate with 2 yrs work experience in Finance department.</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; font-weight: normal; line-height: 20px; margin-bottom: 10px;">
Graduate from other field with 3 yrs work experience</div>
<div style="color: #333333; font-family: ubuntu, arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px;">
<div style="font-weight: normal;">
Certified Finance Professionals like CA, ICWA,CS.</div>
<div style="font-weight: normal;">
<br /></div>
<div style="font-weight: normal;">
<br /></div>
<u><br /></u><u>EY- E Learning - </u><b><span face=""arial" , sans-serif" style="color: black; font-size: 12pt;">certificate program in Ind-AS</span></b></div>
<div class="separator" style="clear: both; font-weight: normal; text-align: center;">
<a href="https://4.bp.blogspot.com/-Rcy1-OjVNJ8/V5x8xPGM_uI/AAAAAAAACto/i2gks62RZt08Dqeh39Eyt5BfbkdwQTxowCLcB/s1600/EY%2BLaunches%2BE%2Blearning%2Bcertificate%2Bprogram-page-001.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://4.bp.blogspot.com/-Rcy1-OjVNJ8/V5x8xPGM_uI/AAAAAAAACto/i2gks62RZt08Dqeh39Eyt5BfbkdwQTxowCLcB/s320/EY%2BLaunches%2BE%2Blearning%2Bcertificate%2Bprogram-page-001.jpg" width="226" /></a></div>
<div style="font-weight: normal;">
<b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i><br /></i></u></b><b><u><i>Comprehensive Tax Diploma Course : KPMG with NIIT IMPERIA</i></u></b></div>
</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">Unique taxation program -</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Focuses on practical taxation issues faced by <span style="mso-spacerun: yes;"> </span>businesses</span></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Provides the participants with both theoretical <span style="mso-spacerun: yes;"> </span>background and technical expertise</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<o:p><span style="font-family: "calibri";"> </span></o:p><span style="font-family: "calibri";">Readiness for proposed regulations</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Direct Tax Code (DTC) – awaiting parliamentary approval</span></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<span style="font-family: "calibri";">• Goods and Services Tax (GST) - awaiting parliamentary approval</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="background: rgb(245, 245, 245); color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b>Certificate in Tax Regulations -</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;">The program is focused on entry level professionals. The program covers</span><b>Indirect Tax,</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<ul style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;" type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">VAT<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Service Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Excise and Customs<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Foreign Trade Policy<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">GST and other issues<o:p></o:p></span></li>
</ul>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="background: rgb(245, 245, 245); color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b>Direct Tax</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"><o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<ul style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;" type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Overview of domestic taxation laws,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Withholding tax implications,<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Double Tax Avoidance Agreements etc.<o:p></o:p></span></li>
</ul>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="background: rgb(245, 245, 245); color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: 13.5pt; margin: 0cm 0cm 0pt;">
<b>Advanced Program in Tax Regulations -</b><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt;"> This advanced program, designed for experienced professionals in taxation. The program covers<o:p></o:p></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<ul style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;" type="square">
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Domestic Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">International Tax<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Live case studies/ practical illustrations<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Impact of Goods and Service tax Regime on Business<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Tax optimization & relevance of contract mechanics<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Analysis of recent landmark judicial rulings/ trends<o:p></o:p></span></li>
<li class="MsoNormal" style="background: whitesmoke; color: #5a5a5a; line-height: 13.5pt; margin: 0cm 0cm 10pt;"><span face=""arial" , "sans-serif"" style="font-size: 9pt;">Direct Tax Code Regime, etc.<o:p></o:p></span></li>
</ul>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245); color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">FEE AND PAYMENT SCHEDULE</span></strong><b><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245); color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245); color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><span style="float: none;"> Certificate in Tax Regulations</span></span><span face=""arial" , "sans-serif"" style="color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245);">Program Fee exclusive of Taxes* -</span></strong><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Rs. 35,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: rgb(245, 245, 245);"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Advanced Program in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245);">Program Fee exclusive of Taxes* -</span></strong><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Rs. 41,000</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><b><span style="background: rgb(245, 245, 245);"><br /><strong><span face=""arial" , "sans-serif"">Program -</span></strong></span></b><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Diploma in Tax Regulations</span></span><br style="-webkit-text-stroke-width: 0px; word-spacing: 0px;" /><strong style="-webkit-text-stroke-width: 0px; word-spacing: 0px;"><span face=""arial" , "sans-serif"" style="background: rgb(245, 245, 245);">Program Fee exclusive of Taxes* -</span></strong><span style="background: rgb(245, 245, 245);"><span style="float: none;"> Rs. 61,000</span><o:p></o:p></span></span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal;">
<br /></div>
<div class="MsoNormal" style="color: black; font-family: "Times New Roman"; font-size: medium; font-weight: normal; line-height: normal; margin: 0cm 0cm 10pt;">
<strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;">Class Schedule:</span></strong><span face=""arial" , "sans-serif"" lang="EN" style="background: whitesmoke; color: #5a5a5a; font-size: 9pt; line-height: 13.8px;"> Tuesday 6:30 PM - 9:30 PM , Saturday 1:00 PM - 4:00 PM</span></div>
</h1>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
</h1>
<h1 style="box-sizing: border-box; color: #00755a; font-family: georgia, "times new roman", times, serif; font-size: 20px; line-height: 1.1; margin: 0px;">
Certificate in Business Acumen by Insead</h1>
<div>
<span face=""arial" , "helvetica" , sans-serif" style="color: #00755a; font-size: 17px; line-height: 1.1;"><br /></span></div>
<div>
<span face=""arial" , "helvetica" , sans-serif" style="color: #00755a; font-size: 17px; line-height: 1.1;">Modules</span></div>
<ul style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; margin-bottom: 10px; margin-top: 10px; padding: 0px 0px 0px 20px;">
<li style="box-sizing: border-box;">Understanding customers</li>
<li style="box-sizing: border-box;">Strategic thinking</li>
<li style="box-sizing: border-box;">Financial skills for managers</li>
<li style="box-sizing: border-box;">Operations management</li>
</ul>
<div>
<h2 style="background-image: none; box-sizing: border-box; color: #00755a; font-family: arial, helvetica, sans-serif; font-size: 17px; line-height: 1.1; margin-bottom: 10px; margin-top: 20px; padding: 0px;">
Application-oriented Approach</h2>
<div style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; padding: 10px 0px;">
The pedagogy is unique and suited for a busy working professional. Each module, delivered over 3-4 weeks, follows a distinctive approach that includes</div>
<ul class="list-items" style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; list-style: inside; margin: 0px; padding: 0px;">
<li style="box-sizing: border-box; list-style-image: url(http://www.eruditus.com/programmes/insead/cba/images/bgnav.png); padding-bottom: 10px;"><span style="box-sizing: border-box; font-weight: 700;">Hi-definition video lectures of INSEAD faculty</span></li>
<div style="box-sizing: border-box;">
Short videos per week, focusing on a learning topic</div>
</ul>
<ul class="list-items" style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; list-style: inside; margin: 0px; padding: 0px;">
<li style="box-sizing: border-box; list-style-image: url(http://www.eruditus.com/programmes/insead/cba/images/bgnav.png); padding-bottom: 10px;"><span style="box-sizing: border-box; font-weight: 700;">Webinars</span></li>
</ul>
<div style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px;">
Periodic check-in by programme director and facilitators, to facilitate discussion, reiterate takeaways and encourage reflection</div>
<ul class="list-items" style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px; list-style: inside; margin: 0px; padding: 0px;">
<li style="box-sizing: border-box; list-style-image: url(http://www.eruditus.com/programmes/insead/cba/images/bgnav.png); padding-bottom: 10px;"><span style="box-sizing: border-box; font-weight: 700;">Reflections</span></li>
</ul>
<div style="background-color: #f0f0f0; box-sizing: border-box; color: #4c4c4c; font-family: arial, helvetica, sans-serif; font-size: 14px; line-height: 20px;">
Through discussion boards, exercises, assignments and peer learning through group work in learning circles.</div>
</div>
<div>
<br /></div>
<span face=""arial" , "sans-serif"" style="color: #333333; font-size: 10.5pt; line-height: 16.1px;"><span style="float: none;"></span></span><br />
<div>
<b><u>Quality Mangment and Problem solving certfication</u></b><br />
<br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="color: #545c60; display: inline; float: none; font-stretch: normal; line-height: 20px;"><span style="background-color: white; color: black;">Six Sigma, a business management strategy originally developed by Motorola Inc. It is widely used across industries towards quality and process improvement. Six Sigma Green Belt Certification establishes one’s expertise on data-driven approach and methodology for eliminating defects in any process across industries.</span></span></span><br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;"></span></span><br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;">Certified Business Analysis Professional (CBAP) is a professional designation rewarded by IIBA to professionals with advanced knowledge in business analysis. This certification program is for business analysts, project managers and program managers who have some years of experience in business analysis field. CBAP certification program is globally recognized.</span></span><br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;"><br /></span></span><span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"><span style="background-color: white; color: black;"><br /></span></span><b><u>Project Management Professional (PMP) certification</u></b><br />
<br />
<span face=""trebuchet ms" , "arial" , "helvetica" , sans-serif" style="background-color: #f9f9f9; color: #545c60; display: inline; float: none; font-size: 13px; font-stretch: normal; line-height: 20px; text-align: justify;"></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;">The Project Management Professional (PMP) certification offered by the Project Management Institute (PMI) is a fine example. The PMP is a certification recognized across all industries and backed by a mature organization with a history of steady improvement. Employers across the globe demand PMP certification as a basic requirement. </span><br />
<span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;"><br /></span><span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;"><br /></span><b><u>Quantitative Finance </u></b><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<b><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Quantitative Finance or Mathematical finance</span></b><span class="apple-converted-space"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"> </span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">is a field of<span class="apple-converted-space"> </span>applied mathematics, concerned with<span class="apple-converted-space"> </span>financial markets. Generally, mathematical finance will derive and extend the<span class="apple-converted-space"> </span>mathematical<span class="apple-converted-space"> </span>or<span class="apple-converted-space"> </span>numerical<span class="apple-converted-space"> </span>models without necessarily establishing a link to financial theory, taking observed market prices as input. Mathematical consistency is required, not compatibility with economic theory. Thus, for example, while a financial economist might study the structural reasons why a company may have a certain<span class="apple-converted-space"> </span>share price, a financial mathematician may take the share price as a given, and attempt to usestochastic calculus<span class="apple-converted-space"> </span>to obtain the corresponding value of<span class="apple-converted-space"> </span>derivatives<span class="apple-converted-space"> </span>of the<span class="apple-converted-space"> </span>stock<span class="apple-converted-space"> </span>(<i>see:<span class="apple-converted-space"> </span>Valuation of options;<span class="apple-converted-space"> </span>Financial modeling</i>). The<span class="apple-converted-space"> </span>fundamental theorem of arbitrage-free pricing<span class="apple-converted-space"> </span>is one of the key theorems in mathematical finance, while the<span class="apple-converted-space"> </span>Black–Scholes<span class="apple-converted-space"> </span>equation and formula are amongst the key results.<o:p></o:p></span></div>
<br />
<span style="color: #717171; font-family: "georgia" , "serif"; font-size: 9.5pt; line-height: 14.5667px;"></span><br />
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; line-height: 14.4pt; margin: 4.8pt 0cm 6pt;">
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">Mathematical finance also overlaps heavily with the field of<span class="apple-converted-space"> </span>computational finance<span class="apple-converted-space"> </span>(as well as<span class="apple-converted-space"> </span><i>financial engineering</i>). The latter focuses on application, while the former focuses on modeling and derivation (<i>see:<span class="apple-converted-space"> </span>Quantitative analyst</i>), often by help of<span class="apple-converted-space"> </span>stochastic asset models. In general, there exist two separate branches of finance that require advanced quantitative techniques: derivatives pricing on the one hand, and<span class="apple-converted-space"> </span><span style="color: #0b0080; text-decoration: none;">risk-</span><span class="apple-converted-space"> </span>and<span class="apple-converted-space"> </span>portfolio management<span class="apple-converted-space"> </span>on the other.</span></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"></span><br /></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;">In India, among the many institutes offering courses in quantitative finance is <span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><span style="font-size: small;">Indian Institute of Quantitative Finance. Please find the course details at the following link <a href="http://iiqf.org/courses.html">http://iiqf.org/courses.html</a></span></span></span></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><br /></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><br /></span></span><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: left;">
<b><u>Mini MBA or 10-Day MBA which summarises the essence of full time MBA</u></b></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-uf0rQpq5Tyo/VaujuNHHP9I/AAAAAAAABmI/uUOMSuL17v4/s1600/10%2BDay%2BMBA.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-uf0rQpq5Tyo/VaujuNHHP9I/AAAAAAAABmI/uUOMSuL17v4/s320/10%2BDay%2BMBA.jpg" width="209" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://3.bp.blogspot.com/-eUNSMWPzPZM/VaujyXKYT3I/AAAAAAAABmQ/hwWvM9NdB2U/s1600/10daymba-Intro.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://3.bp.blogspot.com/-eUNSMWPzPZM/VaujyXKYT3I/AAAAAAAABmQ/hwWvM9NdB2U/s320/10daymba-Intro.jpg" width="250" /></a></div>
<div style="font-family: "Times New Roman";">
<span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt;"><span face=""times new roman" , "helvetica" , sans-serif" style="color: #1a4484; display: inline; float: none; line-height: normal; text-align: center;"></span></span><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-qcqOduN2ZGE/VaupUAdfgPI/AAAAAAAABmg/RzToB3iZEiI/s1600/topics.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="440" src="https://4.bp.blogspot.com/-qcqOduN2ZGE/VaupUAdfgPI/AAAAAAAABmg/RzToB3iZEiI/s640/topics.png" width="640" /></a></div>
<div>
<div style="color: black; font-size: medium;">
<br /></div>
<div style="color: black; font-size: medium;">
<br /></div>
<div class="separator" style="clear: both; color: black; font-size: medium; text-align: center;">
<a href="https://2.bp.blogspot.com/-m3xh4Scm1_Q/WOYgZjtyxgI/AAAAAAAADQk/OQ8EHN4z2YwtO1VFIi8B8dNDj4LBU7WhACLcB/s1600/icai%2Bcourses.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="183" src="https://2.bp.blogspot.com/-m3xh4Scm1_Q/WOYgZjtyxgI/AAAAAAAADQk/OQ8EHN4z2YwtO1VFIi8B8dNDj4LBU7WhACLcB/s320/icai%2Bcourses.jpg" width="320" /></a></div>
</div>
<div>
<br />
<br />
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; margin: 12pt 0in;">
<div style="line-height: normal;">
<b><u><span style="font-size: large;">Learn, Unlearn, and Relearn</span></u></b><br />
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;">
<span style="font-family: "arial"; font-size: x-small;">"THE ILLITERATES OF THE 21ST CENTURY WILL NOT BE THOSE WHO CANNOT READ AND WRITE</span></div>
<span style="font-family: "arial"; font-size: x-small;">BUT THOSE WHO CANNOT LEARN, UNLEARN, AND RELEARN”- ALVIN TOFFLER</span><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-hoCBbtaYyBU/VQ_4VmlCkGI/AAAAAAAABH0/w1BxU4xutrs/s1600/illeterate%2Bof%2B21st.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="187" src="https://4.bp.blogspot.com/-hoCBbtaYyBU/VQ_4VmlCkGI/AAAAAAAABH0/w1BxU4xutrs/s1600/illeterate%2Bof%2B21st.jpg" width="400" /></a></div>
<br />
while the above qoute is a good inspiration to think about learning<b> Marcia Conner provided the below tips how to implement the same.</b><br />
<br />
The secret to learning new things is to be willing to unlearn--even if your behaviors previously brought success.<br />
One summer in college I canvassed for a local non-profit. We went door to door telling people about the organization and asking them to sign various petitions. I recited my spiel a hundred times. "Hi, my name is Marcia and I'd like five minutes to tell you a little about..."<br />
Halfway through the season my boss asked me to insert a slice of bologna in one shoe. I followed his request, but only after considering telling him where to stick the lunch meat.<br />
At the first house we visited, I physically couldn't say my opening the same way. The bologna distracted me enough so that I needed to reflect on e-v-e-r-y word. The next day, without the bologna, my approach was still fresh, engaging, and more successful than it had been two days before. I had unlearned, and I had relearned.<br />
Unlearning can be a one-shot (one-shoe?) deal or a daily practice. It can help you become open to new skills, experiences, behaviors, and knowledge. Although you can't physiologically unlearn anything--literally erase existing neural pathways--you can create the equivalent of a mental attic and put a sign on the door that reads, "Things I know no longer so." Then you can shift your focus to the edge of what you knew and transition from managing your knowledge to participating in the flow. Here's how.<br />
<br />
<span style="font-weight: bold;">Begin at the beginning.</span> In order to pick up a new skill, even if it's similar to something you already can do, learn what makes it different. All of us repeat things that worked in the past, even when they don't apply to the now. Repeating isn't always a bad strategy, but when there is a significant difference, the old approach holds you back.<br />
I'll never forget a husband-and-wife team who came to me to learn how to kayak. The guy was a canoeist and he just wouldn't set aside what he knew about canoeing in order to learn about kayaking. He spent his early lessons trying to compare the two types of boats and tried repeating canoe strokes he was certain would work. As a result, he continually found himself facing the bottom of the swimming pool where our class took place. What he knew already wasn't as useful as what he needed to learn fresh. Meanwhile, his wife, a complete novice, made significant progress from the first day.<br />
<br />
<span style="font-weight: bold;">Stay open</span>. Unlearning doesn't require you to toss out all your accumulated experiences or presume previous know-how will keep you from success. Rather, it asks that you stay open to different ways of getting things done.<br />
What happens when you begin a new job? You learn about the new organization and the department where you'll work while you unpeel the mindset and procedures of the groups you just left. Your refusal to unlearn old rules (for instance, comparing everything to the way it worked at the old company) leaves you out of the corporate culture and keeps you from getting a clear sense of the job. By thinking, "This is how we did it where I used to work," you miss learning opportunities and you avoid moving in. If you go in looking at how the new organization works, thereby replacing your old activities with new ones, you systematically begin to forget what's no longer useful and you begin to prepare for what's next.<br />
<br />
<span style="font-weight: bold;">Look for mirrors.</span> Make it easy for your boss, coworkers, employees, family, and friends to give you guidance by asking for it. The more people you have in your life who help you reflect on your behaviors, the greater your chance to gain an accurate sense of how other people perceive you and which actions to unlearn.<br />
During Friday lunch meetings with his team members, John Seely Brown (when he was still working at Xerox PARC) focused on what they did well, what they did wrong, and what they learned from it all. A primary objective was to help the team learn and unlearn. One day, team members remarked that whenever they saw John make a certain face in response to someone's idea, it was obvious that the idea didn't stand a chance. John had the next meeting videotaped. Sure enough, he saw for himself that he did sometimes wear a disapproving expression. From then on, whenever that feeling washed over him, he worked to change his facial expression and to listen more attentively to the other person's views.<br />
<br />
<span style="font-weight: bold;">Examine your beliefs.</span> Your beliefs determine your behavior and it's difficult to act inconsistently with your beliefs for very long. When you believe you already know the right way to do things, everything else can seem wrong. Why then would you want to unlearn what you're currently doing, let alone replace it with something else?<br />
A company I work with needed a way to ready the industry for their offerings and increase the firm's name recognition. Their research and publications team seemed suited for the task. Although widening the market and strengthening brand was far more lucrative than the sales the team brought in by selling papers, the group refused to give anything away. They believed what they were doing was right; that people wouldn't value the research as much if it was freely available, and that clients preferred paper copies to online versions. No matter how many times the CEO told them to blanket the marketplace with information, they continued to do what they'd always done. Then we sent them all to an industry event where they spent time asking questions and challenging their beliefs. Something almost magical happened. The people they met expressed their appreciation for the company's reports, asking if they could have the rights to reproduce and then distribute the research to their customers, too. Within a few days the team developed a new set of beliefs around their value to the industry. They began behaving like a team of market researchers and industry evangelists rather than a product group generating sales for one company.<br />
So what are you going to unlearn first? Create a list of several approaches. Write it your journal or on a sticky note to post on the computer, the television, the dashboard, or your desk--then buy yourself a few slices of bologna.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-dGPe6buaaVI/VQ_3k7Kcb_I/AAAAAAAABHs/JzGFfVfWJpc/s1600/learning.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="385" src="https://1.bp.blogspot.com/-dGPe6buaaVI/VQ_3k7Kcb_I/AAAAAAAABHs/JzGFfVfWJpc/s1600/learning.jpeg" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
Learning helps you to find new solutions to old problems</div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-6T-Rekq18zA/VPvQ_laa6nI/AAAAAAAAA8s/eOe3JS4voQc/s1600/skill.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="280" src="https://4.bp.blogspot.com/-6T-Rekq18zA/VPvQ_laa6nI/AAAAAAAAA8s/eOe3JS4voQc/s1600/skill.jpg" width="400" /></a></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<b><u><br /></u></b><b><u>Bite-Size or Micro eLearning</u></b></div>
<div style="line-height: normal;">
<b><u><br /></u></b></div>
<div style="line-height: normal;">
</div>
<div class="MsoNormal" style="line-height: 21pt;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">We’re living in the age of short attention spans. The age of multiple web browsers open at the same time. The age of checking your mobile device every few minutes. The age of skimming news articles and fast-forwarding through commercials.</span></div>
<div class="MsoNormal" style="line-height: 21pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">Now, when it comes to your eLearning, the concept of a short attention span doesn’t have to be a deal breaker. In fact, society’s desire for quick and efficient information can work in the favor of your eLearning program—if you let it.</span></div>
<div class="MsoNormal" style="line-height: 21pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">Previously, we discussed the difficulty in <a href="http://www.expandinteractive.com/blog/finding-the-optimal-length-for-your-training-course" target="_blank"><span style="color: #006bb8;">finding the right length for your training course</span></a>. Today, we’re happy to introduce you to an option that might suit the needs of your busy employees to a tee: bite-sized or micro eLearning.</span></div>
<div class="MsoNormal" style="line-height: 21pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 3.75pt;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">What is Bite-Sized or Micro eLearning?</span></div>
<div class="MsoNormal" style="line-height: 21pt;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">In truth, it’s almost exactly what it sounds like: eLearning in a snackable size. Occasionally also referred to as “chunking,” Micro eLearning takes the problem with short attention spans and uses it to its advantage. Larger concepts are broken up into short and sweet lessons that can be easily accessed at a pace the learner chooses.</span></div>
<div class="MsoNormal" style="line-height: 21pt;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">The digital aspect of eLearning plays perfectly into the desire for small, bite-sized components. Learners can choose which section to access on their schedule without having to commit to sitting through a lengthy program. Micro eLearning also makes returning to different concepts for review more manageable.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 3.75pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-bottom: 3.75pt;">
<b><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">5 Reasons Micro eLearning Works</span></b></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<span style="color: #272a2f; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">1.</span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;"> <span style="mso-bidi-font-weight: bold;">It’s easier to remember.</span> According to the <a href="http://www.education.com/reference/article/information-processing-theory/" target="_blank"><span style="color: #006bb8;">Information Process Theory</span></a>, our brains are meant to remember information in chunks. By breaking up your eLearning program into sections that make it more manageable, you aren’t just playing into your learners’ probability for distraction, you’re also helping their brains process the information in a way that is more likely to commit it to memory.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<span style="color: #272a2f; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">2. It takes eLearning on the go.</span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;"> Just like communication and email has moved beyond “in the office” to “in the pocket,” eLearning is also more attractive when it can be accessed on your employees’ terms. Let’s say they have a <a href="http://www.expandinteractive.com/blog/why-should-i-make-elearning-available-on-mobile-and-tablet-devices" target="_blank"><span style="color: #006bb8;">20-minute wait at the dentist’s office</span></a>. Rather than waste that time scrolling through social media, they can get through an entire bite-sized lesson.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<span style="color: #272a2f; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">3. It’s less intimidating.</span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;"> Finding a big chunk of time to sit through a training session can be overwhelming. However, asking them to take a few minutes “here and there” to complete their training is much less intimidating and creates a flexible atmosphere.</span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<span style="color: #272a2f; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">4. It respects your employees’ busy schedules.</span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;"> Creating your eLearning in chunks shows your employees that you understand how busy they are. They’ll be more likely to complete their training without complaining when it fits into their lifestyle, instead of the other way around. </span></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<br /></div>
<div class="MsoNormal" style="line-height: 21pt; margin-left: 0cm; text-indent: -18pt;">
<span style="color: #272a2f; font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;">5. It avoids the issue of boredom.</span><span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;"> One of the biggest reasons your employees likely dread going through training is fear of being bored. By reducing the amount of time they have to pay attention at once, you can hold their attention and keep them engaged.</span></div>
<span class="apple-converted-space" style="font-family: "times new roman"; line-height: 21pt;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt; text-transform: uppercase;"> </span></span><span class="hubspot-editable" style="font-family: "times new roman"; line-height: 21pt;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt; text-transform: uppercase;"><a href="http://www.expandinteractive.com/blog/author/will-holland"><span style="color: #006bb8; text-decoration-line: none;">WILL HOLLAND</span></a></span></span><span class="apple-converted-space" style="font-family: "times new roman"; line-height: 21pt;"><span face=""arial" , "sans-serif"" style="color: black; font-size: 10pt; text-transform: uppercase;"> </span></span><span face=""arial" , "sans-serif"" style="font-size: 10pt; line-height: 21pt; text-transform: uppercase;"><span style="float: none;">ON JULY 15, 2014</span>.</span><span style="font-family: "times new roman"; line-height: 21pt;"> </span><span face=""arial" , "sans-serif"" style="font-size: 10pt; line-height: 21pt; text-transform: uppercase;">HTTP://WWW.EXPANDINTERACTIVE.COM/</span><br />
<div class="MsoNormal" style="font-family: "times new roman"; line-height: 21pt;">
<div style="margin: 0px;">
<span face=""arial" , "sans-serif"" style="color: #272a2f; font-size: 10pt;"></span></div>
</div>
<div style="line-height: 20.15pt;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><b><u><br /></u></b></span>
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"></span><br />
<b>MOOC - massive open online course- Free Learning Resources </b><br />
<div>
<b><u>Beyond B-Schools</u></b></div>
<div style="line-height: normal;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt;">The costly MBAs are being challenged by other low cost methods</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div style="line-height: normal;">
<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin: 0cm 0cm 10pt 36pt; text-indent: -18pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt;">Institutions employing staff to teach rather than Phds who do research </span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div style="line-height: normal;">
<br /></div>
<div class="MsoNormal" style="line-height: 32px; margin: 0cm 0cm 10pt 35.7pt; text-indent: -17.85pt;">
<span style="font-family: "symbol"; font-size: 10pt; line-height: 26.6667px;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal; line-height: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 30.6667px;">Making it easier to combine study with work- through flexi timings and online</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div style="line-height: normal;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt 35.7pt; text-indent: -17.85pt;">
<span style="font-family: "symbol"; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-family: "times new roman"; font-size: 7pt; font-stretch: normal;"> </span></span></span><span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt;">Some consultancies and investment banks are running in-house mini-MBAs like CCAP of crisil.</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0cm 0cm 10pt;">
<span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt;">Massive Open Online Courses, or MOOC are the order of the day.Online learning takes many forms. Wikipedia, a user-generated online encyclopedia, contains wonderfully detailed explanations. YouTube offers instruction on how to boil an egg as well as lectures on cosmology.</span><span style="font-family: "times new roman" , "serif"; font-size: 12pt;"><o:p></o:p></span></div>
<div style="line-height: normal;">
<br />
<span face=""arial" , "sans-serif"" style="color: #363636; font-size: 10pt;"></span></div>
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"></span><br />
<div style="line-height: normal;">
<span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 17.6333px;">The Career Education Corporation, an American firm, is assembling a portfolio of business-oriented institutions. Laureate Education has over 800,000 business students in 30 countries. Private schools such as these are directly challenging B schools.</span></div>
<div>
<span face=""arial" , "sans-serif"" style="color: #4a4a4a; font-size: 11.5pt; line-height: 17.6333px;"><br /></span></div>
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><b><u><br /></u></b></span></div>
<span style="color: #282828; font-family: "georgia" , serif; font-size: 19.3333px; line-height: 26.8667px;"><b><u>sources on internet</u></b></span><br />
<div style="line-height: 20.15pt;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><br /></span></div>
<div style="line-height: 20.15pt;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Forget overpriced schools, long days in a crowded classroom, and pitifully poor results. These websites and apps cover myriads of science, art, and technology topics. They will teach you practically anything, from making hummus to building apps in node.js, most of them for free. There is absolutely no excuse for you not to master a new skill, expand your knowledge, or eventually boost your career. You can learn interactively at your own pace and in the comfort of your own home. It’s hard to imagine how much easier it can possibly be. Honestly, what are you waiting for?<o:p></o:p></span></div>
</div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 15.95pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #282828; font-size: 14.5pt; letter-spacing: -0.35pt;">Take an Online Course<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.edx.org/"><b><span style="color: #0c97d2; text-decoration-line: none;">edX</span></b></a></span><b><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span></b><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Take online courses from the world</span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">’</span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">s best universities.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.coursera.org/"><b><span style="color: #0c97d2; text-decoration-line: none;">Coursera</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Take the world</span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">’</span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">s best courses, online, for free.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://coursmos.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Coursmos</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Take a micro-course anytime you want, on any device.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://gohighbrow.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Highbrow</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Get bite-sized daily courses to your inbox.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://www.skillshare.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Skillshare</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Online classes and projects that unlock your creativity.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://curious.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Curious</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Grow your skills with online video lessons.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://www.lynda.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">lynda.com</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn technology, creative and business skills.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.creativelive.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">CreativeLive</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Take free creative classes from the world’s top experts.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.udemy.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Udemy</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn real world skills online.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 15.95pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #282828; font-size: 14.5pt; letter-spacing: -0.35pt;">Learn How to Code<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://www.codecademy.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Codecademy</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn to code interactively, for free.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://stuk.io/"><b><span style="color: #0c97d2; text-decoration-line: none;">Stuk.io</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn how to code from scratch.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.udacity.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Udacity</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Earn a Nanodegree recognized by industry leaders.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://courses.platzi.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Platzi</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Live streaming classes on design, marketing and code.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://learnable.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Learnable</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">The best way to learn web development.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.codeschool.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Code School</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn to code by doing.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.thinkful.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Thinkful</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Advance your career with 1-on-1 mentorship.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://code.org/"><b><span style="color: #0c97d2; text-decoration-line: none;">Code.org</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Start learning today with easy tutorials.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.baserails.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">BaseRails</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Master Ruby on Rails and other web technologies.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://teamtreehouse.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Treehouse</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn HTML, CSS, iPhone apps & more.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://onemonth.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">One Month</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn to code and build web applications in one month.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://dash.generalassemb.ly/"><b><span style="color: #0c97d2; text-decoration-line: none;">Dash</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn to make awesome websites.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 15.95pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #282828; font-size: 14.5pt; letter-spacing: -0.35pt;">Learn to Work With Data<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.datacamp.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">DataCamp</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Online R tutorials and data science courses.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://dataquest.io/"><b><span style="color: #0c97d2; text-decoration-line: none;">DataQuest</span></b></a></span><b><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span></b><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn data science in your browser.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://datamonkey.pro/"><b><span style="color: #0c97d2; text-decoration-line: none;">DataMonkey</span></b><span style="color: #0c97d2; font-family: "times new roman" , "serif"; text-decoration-line: none;"> </span></a>—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Develop your analytical skills in a simple, yet fun way.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 15.95pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #282828; font-size: 14.5pt; letter-spacing: -0.35pt;">Learn New Languages<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.duolingo.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Duolingo</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn a language for free.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.lingvist.io/"><b><span style="color: #0c97d2; text-decoration-line: none;">Lingvist</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn a language in 200 hours.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.busuu.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Busuu</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">The free language learning community.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://www.memrise.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Memrise</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Use flashcards to learn vocabulary.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #282828; font-size: 14.5pt; letter-spacing: -0.35pt;">Expand Your Knowledge<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://ed.ted.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">TED-Ed</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Find carefully curated educational videos<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://www.khanacademy.org/"><b><span style="color: #0c97d2; text-decoration-line: none;">Khan Academy</span></b></a></span><b><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span></b><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Access an extensive library of interactive content.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://guides.co/"><b><span style="color: #0c97d2; text-decoration-line: none;">Guides.co</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Search the largest collection of online guides.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://squareknot.com/search/projects/"><b><span style="color: #0c97d2; text-decoration-line: none;">Squareknot</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Browse beautiful, step-by-step guides.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://learni.st/"><b><span style="color: #0c97d2; text-decoration-line: none;">Learnist</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn from expertly curated web, print and video content.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://getprismatic.com/news/"><b><span style="color: #0c97d2; text-decoration-line: none;">Prismatic</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn interesting things based on social recommendation.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 15.95pt 0in;">
<b><span face=""arial" , "sans-serif"" style="color: #282828; font-size: 14.5pt; letter-spacing: -0.35pt;">Bonus<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://www.chesscademy.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Chesscademy</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">Learn how to play chess for free.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="https://pianu.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Pianu</span></b></a></span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">—</span><span style="color: #282828; font-family: "times new roman" , "serif"; font-size: 14.5pt;"> </span><span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;">A new way to learn piano online, interactively.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<span style="color: #282828; font-family: "georgia" , "serif"; font-size: 14.5pt;"><a href="http://get.yousician.com/"><b><span style="color: #0c97d2; text-decoration-line: none;">Yousician</span></b></a>— Your personal guitar tutor for the digital age.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: black; font-family: "Times New Roman"; font-size: medium; line-height: 20.15pt; margin: 12pt 0in;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="http://pages.stern.nyu.edu/~adamodar/">http://pages.stern.nyu.edu/~adamodar/</a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Stern university Professor Mr Damodaran's giveaways on corporate finance</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="http://www.vccircle.com/">http://www.vccircle.com/</a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
news, information and analysis for the Indian investment ecosystem, <span style="font-size: x-small;">covering investments, M&A, venture capital, private equity, investment banking, and emerging companies and sectors.</span></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="http://blogs.wsj.com/indiarealtime/">http://blogs.wsj.com/indiarealtime/</a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
An informed view, a fresh perspective on Indian affairs,coming from investor related website but need not be restricted to investor related</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
A primer on Capability Framework, performance management and all HR</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
Built for NSW Public sector , this web site is very resourcefull on HR concepts</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<a href="http://www.pscapabilities.nsw.gov.au/">http://www.pscapabilities.nsw.gov.au/</a></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;">
<br />
<div dir="auto" style="font-family: "Times New Roman";">
<b><u>RECORDED WEBINARS ORGANIZED FOR LAWYERS BY VARIOUS FORUMS </u></b><br />
<br /></div>
<div dir="auto" style="font-family: "Times New Roman";">
1. Democracy and the Constitution Mr. Gopal Subramanium, Senior Advocate </div>
<div dir="auto" style="font-family: "Times New Roman";">
& Former Solicitor General of India</div>
<div dir="auto" style="font-family: "Times New Roman";">
<a href="https://youtu.be/lz55_kTdWcI">https://youtu.be/lz55_kTdWcI</a><br />
<br /></div>
<div dir="auto" style="font-family: "Times New Roman";">
2. Arbitration & Conciliation Act, 1996; The 2015 and 2019 Amendments</div>
<div dir="auto" style="font-family: "Times New Roman";">
Hon'ble Ms. Justice Indu Malhotra, Judge, </div>
<div dir="auto" style="font-family: "Times New Roman";">
Supreme Court of India</div>
<div dir="auto" style="font-family: "Times New Roman";">
<a href="https://youtu.be/llZKmAstiYM">https://youtu.be/llZKmAstiYM</a><br />
<br /></div>
<div dir="auto" style="font-family: "Times New Roman";">
3. Government, Government Departments & Statutory Corporations in Arbitrations</div>
<div dir="auto" style="font-family: "Times New Roman";">
Hon'ble Mr. Justice V. Ramasubramanian, Judge, Supreme Court of India</div>
<div dir="auto" style="font-family: "Times New Roman";">
<a href="https://youtu.be/DnaZUrcTWLA">https://youtu.be/DnaZUrcTWLA</a><br />
<br /></div>
<div dir="auto" style="font-family: "Times New Roman";">
4. Lawyers in Digital World- Byproduct of a Pandemic</div>
<div dir="auto" style="font-family: "Times New Roman";">
Mr. Sajan Poovayya, Senior Advocate <a href="https://youtu.be/pWzKzjPyJCY">https://youtu.be/pWzKzjPyJCY</a><br />
<br /></div>
<div dir="auto" style="font-family: "Times New Roman";">
5. Judicial Reform: A way Forward Mr. R. Venkataramani <a href="https://youtu.be/OY_WNI8-foI">https://youtu.be/OY_WNI8-foI</a></div>
<div dir="auto" style="font-family: "Times New Roman";">
<br />
6. Conducting Criminal Trial through Video </div>
<div dir="auto" style="font-family: "Times New Roman";">
Conferencing: Challenges and Opportunities</div>
<div dir="auto" style="font-family: "Times New Roman";">
Mr. Siddharth Luthra, Senior Advocate <a href="https://youtu.be/rk6C_Ha18d0">https://youtu.be/rk6C_Ha18d0</a></div>
<div dir="auto" style="font-family: "Times New Roman";">
<br />
7. Misuse of Public Interest Litigation Ms. Pinky Anand, Senior Advocate and </div>
<div dir="auto" style="font-family: "Times New Roman";">
ASG <a href="https://youtu.be/u_TtoN4tI9M">https://youtu.be/u_TtoN4tI9M</a><br />
<br /></div>
<div dir="auto" style="font-family: "Times New Roman";">
8. Intricacies of Police Investigation & Criminal Trial</div>
<div dir="auto" style="font-family: "Times New Roman";">
<a href="https://www.facebook.com/groups/223016612035022?view=permalink&id=276508106685872&scmts=scwspsdd&extid=Ucv36Frv4Xv43kTi">https://www.facebook.com/groups/223016612035022?view=permalink&id=276508106685872&scmts=scwspsdd&extid=Ucv36Frv4Xv43kTi</a></div>
<br /></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><br /></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><br /></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><div class="separator" style="clear: both; text-align: center;"><b><u>Waterfall presentation</u></b></div><span face=""arial" , sans-serif" style="color: #222222; font-size: 17.6px;"><br /></span></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><br /></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><a href="https://1.bp.blogspot.com/-KowNtkt6nHU/YMjaVDOke4I/AAAAAAAAOQs/XaicsIynTEs49Rl817CDBB8xO0-iVhaMgCLcBGAsYHQ/s1600/P%2526L%2Bof%2BSBI%2Bcards.jpg" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="900" data-original-width="1600" src="https://1.bp.blogspot.com/-KowNtkt6nHU/YMjaVDOke4I/AAAAAAAAOQs/XaicsIynTEs49Rl817CDBB8xO0-iVhaMgCLcBGAsYHQ/s320/P%2526L%2Bof%2BSBI%2Bcards.jpg" width="320" /></a></div><div style="color: black; font-family: "Times New Roman"; font-size: medium;"><br /></div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium;"><br /></div>
<div style="color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-stretch: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px; text-align: justify;">
</div>
<br />
<div style="background-color: white; color: #5e5e5e; font-family: arial, verdana, tahoma, "times new roman"; font-size: 13px; font-stretch: normal; font-style: normal; letter-spacing: normal; line-height: 20px; margin: 10px 0px 0px; padding: 0px; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<div style="margin: 0px;">
<div style="font-weight: normal;"><br /></div><b><u>Management Development Programme by ICAI</u></b></div><div style="margin: 0px;"><b><u><br /></u></b></div><div style="margin: 0px;"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-2EnqTHmO628/X5i4iV2fhRI/AAAAAAAAN04/VacOX-E9Z_Q4AN8C12kLTYtfCBNKznY1ACLcBGAsYHQ/s1160/MDP.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1160" data-original-width="852" height="320" src="https://1.bp.blogspot.com/-2EnqTHmO628/X5i4iV2fhRI/AAAAAAAAN04/VacOX-E9Z_Q4AN8C12kLTYtfCBNKznY1ACLcBGAsYHQ/s320/MDP.jpg" /></a></div><br /><u><br /></u></b></div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-86699745809545450192021-02-06T08:05:00.005-08:002022-08-22T07:43:24.711-07:00Amendments and Recent Developments in Companies Act<div dir="ltr" style="text-align: left;" trbidi="on">
<div dir="ltr">
<div class="MsoNormal"><div class="MsoNormal"><b><u>CSR Rules wef 2021</u></b></div><div class="MsoNormal"><b><u><br /></u></b></div><div class="MsoNormal"><b><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-AuVPM-QYV-Q/YCfhD6GhVVI/AAAAAAAAOE0/xv078eouYiIZ4-zb3wMKCXbs4O_CMZz6ACLcBGAsYHQ/s1192/csr%2Brules%2B2021.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="712" data-original-width="1192" height="239" src="https://1.bp.blogspot.com/-AuVPM-QYV-Q/YCfhD6GhVVI/AAAAAAAAOE0/xv078eouYiIZ4-zb3wMKCXbs4O_CMZz6ACLcBGAsYHQ/w400-h239/csr%2Brules%2B2021.png" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;">Monitoring & Evaluation ( Impact Assessment)</div><div class="separator" style="clear: both; text-align: center;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-iXnnZtP_H5k/YE42tuQf98I/AAAAAAAAOJY/OHAC6LTcMtsLyaJLnZCeZ-odndC8PqUvwCLcBGAsYHQ/s936/impact%2Bassessment.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="423" data-original-width="936" height="181" src="https://1.bp.blogspot.com/-iXnnZtP_H5k/YE42tuQf98I/AAAAAAAAOJY/OHAC6LTcMtsLyaJLnZCeZ-odndC8PqUvwCLcBGAsYHQ/w400-h181/impact%2Bassessment.png" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><br /></b></div><div class="MsoNormal"><b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 18.4px;">Companies Amendment Act 2020</span></u></b></div><div><b><span style="font-family: Quicksand, serif; font-size: 11.5pt;"><br /></span></b></div><div><b><span style="font-family: Quicksand, serif; font-size: 11.5pt;">DECRIMINALISATION OF COMPANIES ACT</span></b></div>
<ul type="circle">
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">With the </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">overhaul
of Companies Act </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">in 2014, a lot more </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">regulations
were introduced for better compliance </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">and therefore a
number of penal provisions with both civil and </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">criminal
penalties were introduced</span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">As </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">compliance
levels improved and the government felt a need to boost ease of doing
business </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">the
government started to relax criminal provisions.The move has been
part of larger government efforts to </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">boost
ease of doing business since 2018</span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">.<o:p></o:p></span></li>
</ul>
<p class="MsoNormal" style="line-height: normal; margin-bottom: 12.5pt; mso-margin-top-alt: auto;"><b><span style="font-family: Quicksand, serif; font-size: 11.5pt;">WHAT ARE THE CHANGES?</span></b><span style="font-family: Quicksand, serif; font-size: 11.5pt;"><o:p></o:p></span></p>
<ul type="circle">
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">number
of compoundable offences </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">under the Companies Act have
come </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">down to 31 from 81 </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">prior to the
2018 amendment to the Companies Act.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">For e.g.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">Rrecently </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">government
decriminalised </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">offences such as delays in </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">filing
CSR reports</span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">,
or failure to rectify the register of members in compliance with
orders from the NCLT.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The number of c</span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">ompoundable
offences </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">under
the Companies Act have come down to 31 from 81 prior to the 2018
amendment to the Companies Act.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">A number of
these offences have been moved from needing to be prosecuted through
the </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">National Company Law
Tribunals to being dealt with by the Registrar of Companies</span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">.<o:p></o:p></span></li>
</ul>
<ul type="circle">
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">RoC
is empowered to decide penalties for these offences and companies can
appeal to the Regional Director </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">(RD) of the Ministry of
Corporate Affairs (MCA) to appeal or seek modifications to these
decisions.<o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">This move would
help</span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> free up the bandwidth of
NCLTs to deal with </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">cases dealing with insolvency and
other </span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">higher priority matters.</span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></li>
<li class="MsoNormal" style="line-height: normal; margin-bottom: 3.15pt;"><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">The total number
offences to be dealt with the in- house adjudication mechanism has risen</span><b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"> from
18 in 2018 to 58 proposed </span></b><span style="font-family: "Quicksand","serif"; font-size: 11.5pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">in the latest amendment.<o:p></o:p></span></li>
</ul>
<p class="MsoNormal"><o:p> </o:p></p></div><div class="MsoNormal"><b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Companies Amendment Act
2019</span></u></b></div>
<div class="MsoNormal">
<b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Issue of Dematerialized
Shares<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Under
the 2013 Act, certain classes of public companies can issue shares only in
demat form. The Bill states this may be prescribed for other classes of
unlisted companies as well<o:p></o:p></span></div>
<div class="MsoNormal">
<b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Recategorisation of
Offences<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Under
the 2013 Act, there are 81 compoundable offences that carry punishments of a
fine and/or prison terms. These offences are heard by courts. The Bill makes 16
of these offences civil defaults, where government-appointed adjudicating
officers may levy penalties. Some of these offences are the issuance of shares
at a discount, and the failure to file annual returns. The Bill also amends
penalties for some other offences.<o:p></o:p></span></div>
<div class="MsoNormal">
<b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Corporate Social
Responsibility<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">As
of now, companies that are required to budget for CSR must disclose in their
annual reports the reasons why they were unable to fully spend these funds.
Now, any unspent annual CSR funds must be transferred to one of the funds under
Schedule 7 of the Act (for example, the Prime Minister's Relief Fund) within
six months of the financial year.<o:p></o:p></span></div>
<div class="MsoNormal">
<b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Debarrment of Auditor-
corrected<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Under
the Act, the National Financial Reporting Authority can debar a member or firm
from practising as a Chartered Accountant for six months to 10 years in case of
proven misconduct. The Bill amends this punishment to provide for debarment
from appointment as an auditor or internal auditor of a company, or performing
a company's valuation, for the same period<o:p></o:p></span></div>
<div class="MsoNormal">
<b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Registration of Charges<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Under
the Act, companies must register charges (mortgages, etc.) on their property
within 30 days of creation of the charge, extendable up to 300 days with
permission from the Registrar of Companies. The Bill changes the deadline to 60
days (extendable by 60 days)<o:p></o:p></span></div>
<div class="MsoNormal">
<b><u><span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Change in Approving
Authority<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Under
the Act, change in period of financial year for a company associated with a foreign
company, has to be approved by the National Company Law Tribunal (NCLT). Any
alteration in the incorporation document of a public company which has the
effect of converting it to a private company, too, has to be approved by the
NCLT. Under the Bill, these powers have been transferred to the central
government<o:p></o:p></span></div>
<div class="MsoNormal">
<b><u><span face=""Arial","sans-serif"" style="font-size: 12pt; line-height: 115%;">Mismanagement
-Bar on Holding Office<o:p></o:p></span></u></b></div>
<br />
<div class="MsoNormal">
<span face="Arial, sans-serif" style="font-size: 12pt; line-height: 115%;">Under
the existing Act, the central government or certain shareholders can apply to
the NCLT for relief against mismanagement of the affairs of the company. The
Bill states that in such a complaint, the government may also make a case
against an officer of the company on the ground that he is not fit to hold
office in the company, for reasons such as fraud or negligence. If the NCLT
passes an order against the officer, he will not be eligible to hold office in
any company for five years.</span><b><u><span style="font-size: 12pt; line-height: 115%;"><o:p></o:p></span></u></b></div>
<b><br /></b>
<b>Highlights of *Companies (Amendment) Ordinance 2019*</b></div>
<div dir="ltr">
1. *Commencement Certificate* is mandatory now to be obtain within 6 months of Incorporation without which, it can not comment its business activity or borrow money.</div>
<div dir="ltr">
2. The ROC can strike off a company if the address of Regd Office is *bogus* or incomplete/improper address.</div>
<div dir="ltr">
3. Conversion of public Ltd to Pvt Ltd matters shifted from NCLT to Regional Directorate.</div>
<div dir="ltr">
4. Company cannot issue shares at discount, - heavy penalty imposed on violation.</div>
<div dir="ltr">
5. Alteration of Authorised Capital to be intimated within 30 days, default - penalty 1000 every day or 5 Lac whichever is less.</div>
<div dir="ltr">
6. Creation of charge filing with ROC- time limit *reduced* from 300 days to 60 days.</div>
<div dir="ltr">
7. Wrong statement/ information in filing Charge forms with ROC may lead to misrepresentation and *jail*</div>
<div dir="ltr">
8. *Annual Return* should be filed within 60 days from AGM, failure to this, penalty of 100 per day to Company + directors max 5 Lakh apart from ROC delay charges is applicable.</div>
<div dir="ltr">
9. Penalty of 5 lakh to Company secretary certifying wrong Annual Return.</div>
<div dir="ltr">
10. Explanatory statement to be given with Notice of General Meeting must contain all details as required by Law, if no detail/short detail/misleading - penalty for Company + Directors + KMP - 50K</div>
<div dir="ltr">
11. *filing of Resolutions* with ROC- delay will be *very costly* now. Penalty for defaulter increased substantially. 500 every day max 25 Lakh</div>
<div dir="ltr">
12.Filing of Balance sheet with ROC within time limit- failure is costly for Company + Directors both. Penalty of 100 per day + 1 lakh to Company + Director each.</div>
<div dir="ltr">
13. *Resignation of Auditor* must be filed by the resigning Auditor within 30 days, failure to which the resigning Auditor is liable for penalty of 50,000 + 500 per day.</div>
<div dir="ltr">
14. A director can not become director in morethan 20 companies. If he continues, he becomes disqualified now.</div>
<div dir="ltr">
15. Appointment of CS on payroll (Pvt Co having paid-up capital 5 cr & above) is mandatory. Default is now very costly- penalty increased substantially.</div>
<div dir="ltr">
16. ROC may strike off a company if subscribers have not paid initial share capital after incorporation of a Company within 6 months-FAR.</div>
<div dir="ltr">
17. The Indian subsidiary or associate or holding company of the foreign company may be allowed to follow any period as its financial period on an application made by such company if it is required for consolidation of its financials with the foreign company. Also the such period may or may not be one <u>year.</u></div><div dir="ltr"><u><br /></u></div><div dir="ltr"><div class="separator" style="clear: both; text-align: center;"><b><u>Managerial Remuneration under Companies Act 2013</u></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-YXSNYyr-bbg/X4g9QtkfmNI/AAAAAAAANxY/wmLdLLqy1XgywWkBhX9JQDDONMOKdsi7wCLcBGAsYHQ/s722/managerial%2Bremuneration.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="669" data-original-width="722" height="592" src="https://1.bp.blogspot.com/-YXSNYyr-bbg/X4g9QtkfmNI/AAAAAAAANxY/wmLdLLqy1XgywWkBhX9JQDDONMOKdsi7wCLcBGAsYHQ/w640-h592/managerial%2Bremuneration.png" width="640" /></a></div><br /> </div>
<h2 style="text-align: left;">
Registered office of a company</h2>
<br />
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">In
December 2012, the ministry of corporate affairs (MCA) issued an advertisement
announcing tightening of rules regarding address proofs of registered offices.
The advertisements asked corporates and professionals to provide details of
registered offices, whether it is owned or leased and proof of registered
office address has been made mandatory. The ministry gave 180 days to rectify
mistakes and cautioned corporates and professionals to be more vigilant and
careful in certification and verification while providing the details in the
forms to avoid penal action.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , sans-serif" style="font-size: 10.5pt;">Therefore, Form 18
requires a certification from a professional. Goldmine’s Form 18 was signed by
a chartered accountant by name Sudhanshu Bansal, who has the membership number
500616. “I further certify that I have personally visited the new address,
verified it and I am of the opinion that the premises are indeed at the
disposal of the applicant company,” his certification for goldmine’s new
address says. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">Now, it is open for this
professional to argue that on the date of certification there was an office. If
it was wrapped up subsequently or wiped off the face of the earth, how can she
be held responsible? Fair point. Does that absolve the Ministry of its
responsibility to keep its turf clean and prevent it from becoming a money
laundering paradise? </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;"><b><u>Vide rules notified in
2014, MCA has brought in a new form INC 22</u></b>, the requirements of this form are
even more elaborate. It won’t take utility bills older than two months for
address proof, it requires an authorization from the owner of premises to use
it as the registered office. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">1) the registered
document of the title of the premises of the registered office in the name of
the company; or</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">2) the notarized copy of
lease or rent agreement in the name of the company along with a copy of rent
paid receipt not older than one month;</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">3) the authorization
from the owner or authorized occupant of the premises along with proof of
ownership or occupancy authorization, to use the premises by the company as its
registered office; and</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">4) the proof of evidence
of any utility service like telephone, gas, electricity, etc. depicting the
address of the premises in the name of the owner or document, as the case may
be, which is not older than two months.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt;">You can ask for endless
lists of documents, but if there are no cross verifications or punishment
for lapses, how will things get better?</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;">
<br /></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b><u>OPPRESSION & MISMANAGEMENT</u></b></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-rKyM4Nq15F8/YGDTIcOHQvI/AAAAAAAAOMI/1isrDg8R1y0eS-5Qo0eK1FDCHbkr_PZqwCLcBGAsYHQ/s1092/oppression%2B2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1092" data-original-width="854" height="320" src="https://1.bp.blogspot.com/-rKyM4Nq15F8/YGDTIcOHQvI/AAAAAAAAOMI/1isrDg8R1y0eS-5Qo0eK1FDCHbkr_PZqwCLcBGAsYHQ/s320/oppression%2B2.png" /></a></div><br /><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><br /></div><div class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><b style="background-color: white; color: #222222; font-family: carme; font-size: 18px; text-align: justify;"><u>Class action companies act</u></b></div><div class="MsoNormal" style="background: white; line-height: 16.5pt; margin-bottom: 0in;"><p style="line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;"><span style="color: #222222; font-family: carme;"><span style="font-size: 18px;">class action enables one or more plaintiffs to file a suit on behalf of a larger group or class, wherein such class has common rights and grievances. Class action is a well-defined area of litigation in the US and can be broadly categorized into securities class action and consumer class action.</span></span></p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">The Indian legislature considered instances of corporate fraud in India, primarily the "Satyam scam" while introducing the concept of class action. In this case, no proceedings could be initiated in India due to the absence of any statutory provision for class action. The Companies Act, 2013, addresses this with a provision on class action.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">Inclusion of this concept under the statute was also considered and recommended by different committee reports such as the JJ Irani Committee Report, 2005, the 21st report of the Standing Committee on Finance on the Companies Bill, 2009, and the 57th report of the Standing Committee on Finance on the Companies Bill, 2011.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">The 2013 act has now introduced the concept of class action under section 245, which has been notified with effect from 1 June.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">Section 245 introduces a distinct regime of class actions. A class action can be instituted by specified numbers of members, depositors or any class of them before the National Company Law Tribunal (NCLT, which has been constituted with effect from 1 June), if they are of the opinion that the management or conduct of the company is being conducted in a manner prejudicial to the interest of the company, its members or depositors.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">It can be instituted against the company, its directors, its auditor (including the audit firm), any expert, adviser, consultant, or any other person for specified acts or omissions.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">Reliefs which can be granted in a class action suit include: restraining the company from committing an act that is beyond the authority of the articles of association (AoA) or memorandum of association (MoA) of the company, from committing any act contrary to the provisions of the 2013 act or any other applicable law, and declaring a resolution altering the MoA or AoA of the company as void if the resolution was passed by not disclosing material facts, or by misstatement to the members or depositors. These reliefs are akin to preventive reliefs and are based on the principles under the Specific Relief Act, 1963.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">Section 245 also allows seeking damages or compensation or any other suitable action against the company or its directors, for any fraudulent, unlawful or wrongful act or omission or conduct or any likely act or omission or conduct on their part; its auditor (including audit firms), for any improper or misleading statements of particulars made in the audit report or for any fraudulent, unlawful or wrongful act or conduct; any expert, adviser, consultant or any other person for any incorrect or misleading statements made to the company or for any fraudulent, unlawful or wrongful act or conduct, or any likely act or conduct on their part.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">While section 245 prescribes a limit for the fine that may be imposed for non-compliance with NCLT orders, it does not prescribe a limit for the amount of damages or compensation claimable. This exposes the company and other relevant entities and persons to unlimited liability, as if a tortious claim was to be adjudicated in a class action.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">Introduction of the provision on class action suits under the 2013 act is likely to have far reaching implications. However, the possibility of misuse of this remedy by filing false and frivolous complaints cannot be ruled out. Therefore, it is important for the relevant authorities to balance the interest of all the parties while deciding a class action suit.</p><p style="color: #222222; font-family: carme; font-size: 18px; line-height: 26px; margin-bottom: 26px; margin-top: 0px; text-align: justify;">Another important issue is the likely creation of two parallel offences of fraud both emanating from the same cause of action; one under section 245(1)(g) and other under section 447 of the 2013 act. While section 245(1)(g) provides for unlimited damages or compensation or other suitable action, section 447 provides for fine and imprisonment for offence relating to fraud. This may increase the exposure of the relevant entities and persons to the specified liabilities</p></div>
<div class="MsoNormal">
<h3 style="text-align: left;"><p style="font-size: medium; font-weight: 400;"><span style="text-align: justify;"><span style="font-size: medium;"><b><u>BEN-1234 for SBO compliance (as part of FATF commitment by India)</u></b></span></span></p><p style="font-size: medium; font-weight: 400;"><span style="text-align: justify;"><span style="font-size: medium;"><b>SBO</b></span></span></p><p style="font-size: medium; font-weight: 400;"><span style="font-size: medium;"><span style="text-align: justify;">Section 90 of Comapnies Act 2013 has been notified with the intent of identifying SBO in a company. The concept of identifying</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">UBO/</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">SBO</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">is</span><span style="letter-spacing: -0.45pt; text-align: justify;"> </span><span style="text-align: justify;">not</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">a</span><span style="letter-spacing: -0.45pt; text-align: justify;"> </span><span style="text-align: justify;">new</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">concept.</span><span style="letter-spacing: -0.3pt; text-align: justify;"> </span><span style="text-align: justify;">The</span><span style="letter-spacing: -0.45pt; text-align: justify;"> </span><span style="text-align: justify;">requirement</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">has</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">already</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">been</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">prescribed</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">by following:</span></span></p><p style="font-size: medium; font-weight: 400;"><span style="font-size: medium;"><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span>SEBI under Guidelines on Identification of Beneficial<span style="letter-spacing: -0.3pt;"> </span>Ownership;</span></p><p style="font-size: medium; font-weight: 400;"><span style="font-size: medium;"><span style="font-family: Symbol;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span>RBI under Reserve Bank of India (Know Your Customer (KYC)) Directions,<span style="letter-spacing: -0.5pt;"> </span>2016;</span></p><p style="font-size: medium; font-weight: 400;"></p><ul style="font-size: medium; font-weight: 400;"><li><span style="font-size: medium;"><span style="font-family: Caladea, serif;">Rule<span style="letter-spacing: -0.3pt;"> </span>9<span style="letter-spacing: -0.25pt;"> </span>of<span style="letter-spacing: -0.3pt;"> </span>the<span style="letter-spacing: -0.3pt;"> </span>Prevention<span style="letter-spacing: -0.2pt;"> </span>of<span style="letter-spacing: -0.35pt;"> </span>Money-laundering<span style="letter-spacing: -0.05pt;"> </span>(Maintenance<span style="letter-spacing: -0.3pt;"> </span>of<span style="letter-spacing: -0.35pt;"> </span>Records)<span style="letter-spacing: -0.3pt;"> </span>Rules,<span style="letter-spacing: -0.25pt;"> </span>2005</span> </span></li></ul><p style="font-size: medium; font-weight: 400;"></p><p style="font-size: medium; font-weight: 400;"></p><div style="font-size: medium; font-weight: 400;"><p class="MsoBodyText"><b><span style="font-size: medium;"><br /></span></b></p><p class="MsoBodyText"><b><span style="font-size: medium;"> What are the major differences between the scope and applicability of sec 89 and sec 90?</span></b></p><p class="MsoBodyText"><span style="font-size: medium;"><span style="text-align: justify;">Sec 89 and 90 operate in different, though related, fields. The intent of sec 89 is to identify cases where nominal ownership of shares, as per the register of members, is not backed by beneficial</span><span style="letter-spacing: -0.5pt; text-align: justify;"> </span><span style="text-align: justify;">ownership.S</span><span style="text-align: justify;">ec 89 captures the dichotomy where the legal owner is not the beneficial owner. Whereas section 90 is to recognize </span><span style="font-family: Caladea, serif;"><b>natural person</b> responsible for driving the vehicle.</span></span></p><p class="MsoBodyText"><span style="font-size: medium;"><span style="text-align: justify; text-indent: -0.25in;"><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><span style="font-family: Caladea, serif;">Example :</span></span><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="text-align: justify; text-indent: -0.25in;">If the pledgee gets the voting rights and can vote at discretion, the pledgee becomes entitled to beneficial interest. Hence, the pledgee may arguably become beneficial owner lacking legal title for the purpose of sec. 89. However, for the purpose of sec. 90, the pledge and retention of voting rights is only a security interest. It is not ownership<span style="letter-spacing: -0.3pt;"> </span>interest.<span style="letter-spacing: -0.45pt;"> </span>Hence,<span style="letter-spacing: -0.3pt;"> </span>it<span style="letter-spacing: -0.3pt;"> </span>does<span style="letter-spacing: -0.35pt;"> </span>not<span style="letter-spacing: -0.35pt;"> </span>seem<span style="letter-spacing: -0.35pt;"> </span>to<span style="letter-spacing: -0.5pt;"> </span>be<span style="letter-spacing: -0.35pt;"> </span>keeping<span style="letter-spacing: -0.35pt;"> </span>in<span style="letter-spacing: -0.35pt;"> </span>line<span style="letter-spacing: -0.35pt;"> </span>with<span style="letter-spacing: -0.35pt;"> </span>the<span style="letter-spacing: -0.25pt;"> </span>spirit<span style="letter-spacing: -0.35pt;"> </span>of<span style="letter-spacing: -0.35pt;"> </span>sec.<span style="letter-spacing: -0.3pt;"> </span>90 to regard a pledgee as a significant beneficial<span style="letter-spacing: -0.3pt;"> </span>owner.</span></span></p><p class="MsoBodyText"><b><u><span style="font-size: medium;">SBO Threshold</span></u></b></p><p class="MsoBodyText"><span style="font-size: medium;">Threshold limit for the determination of the SBO through the revised SBO Rules, Para 2 (1) (h) of the Rules says:</span></p><div class="Section1"><p class="MsoBodyText" style="margin-top: 0.5pt;"><span style="font-size: medium;"> <i style="text-align: justify;"><span style="line-height: 20.7px;">“Significant Beneficial Owner in relation to a reporting company means an individual referred to in sub-section (1) of section 90, who acting alone or, together, or through one or more persons or trust, who possesses one or more of the following rights or entitlements in such company, namely:-</span></i></span></p><p class="MsoBodyText" style="margin-top: 0.5pt;"><span style="font-size: medium;"><span style="font-family: Symbol; line-height: 20.7px; text-align: justify; text-indent: -14.2pt;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><i style="text-align: justify; text-indent: -14.2pt;"><span style="line-height: 20.7px;">Holds indirectly, or together with any direct holdings, not less than ten percent of the shares;</span></i></span></p><p class="MsoBodyText" style="margin-top: 0.5pt;"><span style="font-size: medium;"><span style="font-family: Symbol; line-height: 20.7px; text-align: justify; text-indent: -14.2pt;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><i style="text-align: justify; text-indent: -14.2pt;"><span style="line-height: 20.7px;">Holds indirectly, or together with any direct holdings, not less than ten percent of the voting rights in the<span style="letter-spacing: -0.25pt;"> </span>shares;</span></i></span></p><p class="MsoBodyText" style="margin-top: 0.5pt;"><span style="font-size: medium;"><span style="font-family: Symbol; line-height: 20.7px; text-align: justify; text-indent: -14.2pt;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><i style="text-align: justify; text-indent: -14.2pt;"><span style="line-height: 20.7px;">Has right to receive or participate in not less than ten percent of the total distributable dividend,<span style="letter-spacing: -0.3pt;"> </span>or<span style="letter-spacing: -0.25pt;"> </span>any<span style="letter-spacing: -0.4pt;"> </span>other<span style="letter-spacing: -0.2pt;"> </span>distribution,<span style="letter-spacing: -0.4pt;"> </span>in<span style="letter-spacing: -0.25pt;"> </span>a<span style="letter-spacing: -0.2pt;"> </span>financial<span style="letter-spacing: -0.45pt;"> </span>year<span style="letter-spacing: -0.4pt;"> </span>through<span style="letter-spacing: -0.3pt;"> </span>indirect<span style="letter-spacing: -0.25pt;"> </span>holdings<span style="letter-spacing: -0.35pt;"> </span>alone,<span style="letter-spacing: -0.35pt;"> </span>or together with any direct<span style="letter-spacing: -0.3pt;"> </span>holdings;</span></i></span></p><p class="MsoBodyText" style="margin-top: 0.5pt;"><span style="font-size: medium;"><span style="font-family: Symbol; line-height: 20.34px; text-align: justify; text-indent: -14.2pt;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><i style="text-align: justify; text-indent: -14.2pt;"><span style="line-height: 20.34px;">Has right to exercise or actually exercises, directly or indirectly, significant influence or control, in any manner other than through direct holdings<span style="letter-spacing: -0.65pt;"> </span>alone.”</span></i></span></p></div><p class="MsoBodyText"></p><p class="MsoBodyText" style="margin-top: 0.15pt;"><i><span style="font-size: medium;"> </span></i></p><div class="Section1"><p class="MsoNormal" style="margin-bottom: 0in; margin-left: 70.0pt; margin-right: 0in; margin-top: 3.9pt; margin: 3.9pt 0in 0in 70pt; text-align: justify;"><span style="font-size: medium;"><b><span style="color: #365f91;">Compliance to be ensured by SBOs & Company</span></b><b><o:p></o:p></b></span></p><p class="MsoListParagraph" style="margin-top: 14.2pt; mso-list: l0 level1 lfo1; tab-stops: 70.05pt; text-indent: -21.45pt;"><span style="font-size: medium;"><a name="_bookmark31"></a><!--[if !supportLists]--><b><span style="color: #4f81bc; letter-spacing: -0.05pt;">1.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: normal; line-height: normal;"> </span></span></b><!--[endif]--><b><span style="color: #4f81bc;">What is the timeline for declaration by<span style="letter-spacing: -0.2pt;"> </span>SBOs?<o:p></o:p></span></b></span></p><p class="MsoBodyText" style="margin-top: 0.4pt;"><span style="font-size: medium;"><b> </b><b style="text-align: justify;">Initial Disclosure:</b></span></p><p class="MsoBodyText" style="margin-top: 0.4pt;"><span style="text-align: justify;"><span style="font-size: medium;">Every individual who is a SBO in a reporting company, is required to file a declaration in Form No. BEN-1 to the reporting company within 90 days from February 8, 2019.</span></span></p><p class="MsoBodyText" style="margin-top: 0.4pt;"><span style="text-align: justify;"><b><span style="font-size: medium;">Continual Disclosure:</span></b></span></p><p class="MsoBodyText" style="margin-top: 0.4pt;"><span style="font-size: medium;"><span style="text-align: justify;">Every individual, who subsequently becomes a SBO/ or where his significant beneficial ownership</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">undergoes</span><span style="letter-spacing: -0.1pt; text-align: justify;"> </span><span style="text-align: justify;">any</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">change</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">shall</span><span style="letter-spacing: -0.1pt; text-align: justify;"> </span><span style="text-align: justify;">file</span><span style="letter-spacing: -0.1pt; text-align: justify;"> </span><span style="text-align: justify;">a</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">declaration</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">in</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">Form</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">No.</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">BEN-1</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">to</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">the</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.</span></span></p><p class="MsoBodyText" style="margin-top: 0.4pt;"><span style="font-size: medium;"> <span style="color: #4f81bc; letter-spacing: -0.05pt; text-indent: -21.4pt;">2.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="color: #4f81bc; text-indent: -21.4pt;">Is there any requirement of intimating the Registrar of Companies regarding the identification of<span style="letter-spacing: -0.05pt;"> </span>SBOs?</span></span></p><p class="MsoBodyText" style="margin-top: 0.55pt;"><span style="font-size: medium;"><b> </b><span style="text-align: justify;">The declaration of beneficial interest received by the company, is required to be filed in </span><b style="text-align: justify;">Form No. BEN-2 </b><span style="text-align: justify;">with the Registrar in respect of such declaration, within a period of thirty days from the date of receipt of declaration by it, by the company.</span></span></p><p class="MsoBodyText"><span style="font-size: medium;"><o:p> </o:p><span style="color: #4f81bc; letter-spacing: -0.05pt; text-indent: -21.45pt;">3.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="color: #4f81bc; text-indent: -21.45pt;">Will the company have to keep any record of the<span style="letter-spacing: -0.15pt;"> </span>SBOs?</span></span></p><p class="MsoBodyText" style="margin-top: 0.05pt;"><span style="font-size: medium;"><b> </b><span style="text-align: justify;">Every company is required to maintain a register of SBOs in </span><b style="text-align: justify;">Form No. BEN-3</b><span style="text-align: justify;">.</span></span></p><p class="MsoBodyText" style="margin-top: 0.5pt;"><span style="font-size: medium;"> <span style="text-align: justify;">Also, this register shall be open to for inspection during business hours, at such reasonable time of not less than two hours, on every working day as the board may decide, by any member</span><span style="letter-spacing: -0.3pt; text-align: justify;"> </span><span style="text-align: justify;">of</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">the</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">company</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">on</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">payment</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">of</span><span style="letter-spacing: -0.3pt; text-align: justify;"> </span><span style="text-align: justify;">such</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">fee</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">as</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">may</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">be</span><span style="letter-spacing: -0.15pt; text-align: justify;"> </span><span style="text-align: justify;">specified</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">by</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">the</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">company</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">but</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">not exceeding fifty rupees for each</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">inspection.</span></span></p><p class="MsoBodyText" style="margin-top: 0.05pt;"><span style="font-size: medium;"><o:p> </o:p><span style="color: #4f81bc; letter-spacing: -0.05pt; text-indent: -21.45pt;">4.<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="color: #4f81bc; text-indent: -21.45pt;">How will the company seek information from various persons about<span style="letter-spacing: -0.4pt;"> </span>SBOs?</span></span></p><p class="MsoBodyText" style="margin-top: 0.05pt;"><span style="font-size: medium;"><b> </b><span style="text-align: justify;">Company</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">is</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">required</span><span style="letter-spacing: -0.3pt; text-align: justify;"> </span><span style="text-align: justify;">to</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">give</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">notice</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">seeking</span><span style="letter-spacing: -0.3pt; text-align: justify;"> </span><span style="text-align: justify;">information</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">in</span><span style="letter-spacing: -0.2pt; text-align: justify;"> </span><span style="text-align: justify;">accordance</span><span style="letter-spacing: -0.4pt; text-align: justify;"> </span><span style="text-align: justify;">with</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">Section</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">90</span><span style="letter-spacing: -0.35pt; text-align: justify;"> </span><span style="text-align: justify;">(5)</span><span style="letter-spacing: -0.25pt; text-align: justify;"> </span><span style="text-align: justify;">of the Act, in </span><b style="text-align: justify;">Form No.<span style="letter-spacing: -0.15pt;"> </span>BEN-4</b><span style="text-align: justify;">.</span></span></p><p class="MsoBodyText" style="margin-top: 0.05pt;"><span style="font-size: medium;"><span style="text-align: justify;"> </span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-size: medium;"><a href="https://1.bp.blogspot.com/-9dKE0vrjPt4/X28HED4uJQI/AAAAAAAANuE/hrDoCE_l5sIEGXjWoqo97jIDQ3Q3A_RIACLcBGAsYHQ/s580/SBO%2BBEN-1.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="343" data-original-width="580" src="https://1.bp.blogspot.com/-9dKE0vrjPt4/X28HED4uJQI/AAAAAAAANuE/hrDoCE_l5sIEGXjWoqo97jIDQ3Q3A_RIACLcBGAsYHQ/s320/SBO%2BBEN-1.png" width="320" /></a></span></div><span style="font-size: medium;"><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://1.bp.blogspot.com/-6gLbK8YlEZ0/X28HEKRmNOI/AAAAAAAANuI/_nzAls75DrwN0c-Vk6-dH2VuumAafh8jwCLcBGAsYHQ/s600/REPORTING-COMPANY-SBO.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="558" data-original-width="600" src="https://1.bp.blogspot.com/-6gLbK8YlEZ0/X28HEKRmNOI/AAAAAAAANuI/_nzAls75DrwN0c-Vk6-dH2VuumAafh8jwCLcBGAsYHQ/s320/REPORTING-COMPANY-SBO.jpg" width="320" /></a></div><br /><br /></span><p></p><table border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext; mso-yfti-tbllook: 1184; width: 512px;"><tbody><tr><td style="background: rgb(249, 249, 249); border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; padding: 5pt; width: 43.5pt;" valign="top" width="58"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #337ab7; font-size: 9pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">BEN-1</span><span face=""Arial","sans-serif"" style="color: #353435; font-size: 9pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p></td><td style="background: rgb(249, 249, 249); border-left: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 5pt; width: 423.75pt;" valign="top" width="565"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #353435; font-size: 9pt; mso-fareast-font-family: "Times New Roman";">Declaration by the significant Beneficial owner within 90 days from the date of the Companies (Significant Beneficial Owners) Amendment Rules, 2019, i.e from 1st july<o:p></o:p></span></p></td></tr><tr><td style="border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt; width: 43.5pt;" valign="top" width="58"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #337ab7; font-size: 9pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">BEN-2</span><span face=""Arial","sans-serif"" style="color: #444444; font-size: 9pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt; width: 423.75pt;" valign="top" width="565"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #444444; font-size: 9pt; mso-fareast-font-family: "Times New Roman";">Return by the reporting company within 30 days of receipt of declaration.<o:p></o:p></span></p></td></tr><tr><td style="background: rgb(249, 249, 249); border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt; width: 43.5pt;" valign="top" width="58"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #337ab7; font-size: 9pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">BEN -3</span><span face=""Arial","sans-serif"" style="color: #444444; font-size: 9pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p></td><td style="background: rgb(249, 249, 249); border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt; width: 423.75pt;" valign="top" width="565"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #444444; font-size: 9pt; mso-fareast-font-family: "Times New Roman";">The reporting company is required to maintain register of all significant beneficial owners.<o:p></o:p></span></p></td></tr><tr><td style="border-top: none; border: 1pt solid windowtext; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt; width: 43.5pt;" valign="top" width="58"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #337ab7; font-size: 9pt; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">BEN-4</span><span face=""Arial","sans-serif"" style="color: #444444; font-size: 9pt; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></p></td><td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 5pt; width: 423.75pt;" valign="top" width="565"><p class="MsoNormal" style="line-height: normal; margin-bottom: 0in;"><span face=""Arial","sans-serif"" style="color: #444444; font-size: 9pt; mso-fareast-font-family: "Times New Roman";">Notice to be given by the reporting company to all the members other than individual seeking information related to the shares held.<o:p></o:p></span></p></td></tr></tbody></table></div></div></h3></div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.comtag:blogger.com,1999:blog-3217267106599487638.post-74181977351753776892021-01-21T07:36:00.002-08:002023-12-31T07:21:43.030-08:00Buying an Insurance Policy - Home, Health, Car, Life<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="-webkit-text-stroke-width: 0px; background-color: white; color: #777777; font-family: "Open Sans", Helvetica, Arial, Verdana, sans-serif; font-size: 13.008px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20.8128px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="https://www.blogger.com/blogger.g?blogID=3217267106599487638&pli=1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"></a><a href="http://1.bp.blogspot.com/-b-Y7rOmOc9g/V6AUrBW-mGI/AAAAAAAACwo/sdMZSAEQ0pQcbk4BvLnxQIHGaeNuP9OSgCK4B/s1600/13662136_1171414839586314_6260465360445555504_o-742908.jpg" style="font-family: "Times New Roman"; font-size: medium; line-height: normal;"><img alt="" border="0" height="640" id="BLOGGER_PHOTO_ID_6314069406905178210" src="https://1.bp.blogspot.com/-b-Y7rOmOc9g/V6AUrBW-mGI/AAAAAAAACwo/sdMZSAEQ0pQcbk4BvLnxQIHGaeNuP9OSgCK4B/s640/13662136_1171414839586314_6260465360445555504_o-742908.jpg" width="360" /></a><br />
<!--[if gte mso 9]><xml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]--><br />
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>X-NONE</w:LidThemeAsian>
<w:LidThemeComplexScript>AR-SA</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="267">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]--><!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
</style>
<![endif]--><span style="color: blue;"><span style="font-size: large;">
</span></span><br />
<div class="MsoNormal" style="background: none 0% 0% repeat scroll white; line-height: normal; margin-bottom: 7.5pt;">
<span style="font-size: small;"><span style="color: #1c3c65; font-family: "georgia" , "serif";"><span style="color: blue;"><span style="font-size: large;">Buying a Home Insurnace Policy</span></span></span></span></div>
<span face=""tahoma" , "sans-serif"" style="background: white; color: black; font-size: 10.5pt; line-height: 115%;">The earthquake in Nepal
should come as a warning signal for people who don’t get adequate insurance
cover while buying householder policies.</span><br />
<div class="MsoNormal">
<span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt; line-height: 115%;">
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">While one
can buy fire insurance, to cover natural calamities like earthquake, storm,
tempest, flood and inundation, policyholders must opt for the add-on cover to
include ‘Act of God’ or special perils, at the time of buying a householder or
shop policy. Or else, you will not be entitled to any claims in case of natural
calamities.</span></span><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">The
add-on cover will increase premium cost by 20-30 per cent. In case of
industries or factories, the premium can also go up if the building is located
in an earthquake prone area by another five to 10 per cent, say experts.</span></span><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">The cover
against earthquake has two components - one which covers the structure and one
which covers the contents. “In case of home insurance, we find that by and
large, penetration of earthquake against structure of the building is higher,
because lenders insist on it while sanctioning the home loan. But we advise
that it is better to buy the cover to include both the structure and content,”
says M Ravichandran, president (insurance) at Tata AIG General Insurance.</span></span><br style="-webkit-text-stroke-width: 0px; mso-special-character: line-break; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="mso-special-character: line-break;" />
<span style="background: white;"></span></span></div>
<div class="MsoNormal">
<span face=""tahoma" , "sans-serif"" style="background: white; color: black; font-size: 10.5pt; line-height: 115%;">In some cases, a shopkeeper
may decide not to take the cover for the contents of the shop if he feels it is
not very valuable. But in most other cases, it is safer to include both the
contents and the structure in the add-on cover against natural calamities.</span><span face=""tahoma" , "sans-serif"" style="color: black; font-size: 10.5pt; line-height: 115%;"><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">“Even
though it is a useful cover to have, we have seen that even in a city like
Mumbai, approximately only 20 per cent of the households are insured against
natural perils, though most of the buildings or societies have their fire
policy in place, due to compulsion under bye-laws of co-operative housing
society,” says Divya Gandhi, head, general insurance and principal officer at
Emkay Insurance Brokers.</span></span><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">If you
are living in an apartment, then ideally your housing society should take an
insurance to protect the structure against such natural calamities. This will
pay for any damages to the structure.</span></span><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">Remember
the cover will pay only for the construction cost of the building. In case the
building cannot be reconstructed, it will pay for the depreciated value of the
building and after taking into account the remaining life of the building. It
will not pay for the current market value, says Ravichandran. This is because
the market cost also includes the value of the land and that is not covered by
insurance, Gandhi points out.</span></span><br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<br style="-webkit-text-stroke-width: 0px; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;" />
<span style="background: white;"><span style="-webkit-text-stroke-width: 0px; float: none; orphans: auto; text-align: start; widows: 1; word-spacing: 0px;">The
practice of the residential building society taking cover for the structure is
popular only in case of Mumbai, where the concept of housing societies is
prevalent. It is not as common in other cities, Ravichandran adds. ICICI
Lombard General Insurance offers flood and earthquake covers as a part of its
comprehensive householder or shopkeeper's policy, says Sanjay Datta, chief of
underwriting and claims. “It is part of our cover as realise that flood and
earthquake are important perils that should be covered. So, even if a policy is
available without these covers ideally you should buy it.”</span></span></span></div>
<br />
<br />
<br /><br />
<span style="color: blue;"><span style="font-size: large;"><b> Buying a Health Insurance - Mediclaim policy </b></span></span><br />
<br />
While keeping an eye on the premium, one must also read through the features of </div>
<div style="-webkit-text-stroke-width: 0px; background-color: white; color: #777777; font-family: "Open Sans", Helvetica, Arial, Verdana, sans-serif; font-size: 13.008px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 20.8128px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 1; word-spacing: 0px;">
<ul style="text-align: left;">
<li>bonus and discount</li>
<li> the deductibles </li>
<li> co- payments.</li>
<li>Caps on each item of expense like room rent. </li>
<li>Waiting period for certain illness</li>
</ul>
</div>
<div style="background-color: white; color: #777777; font-family: "open sans", helvetica, arial, verdana, sans-serif; font-size: 13.008px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; line-height: 20.8128px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<div style="font-weight: normal;">
Besides this the plan must be read in complete detail to get a clear understanding of its coverage services.It is important to keep all these point in mind so as to ensure the right selection.</div>
<div style="font-weight: normal;">
<br /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="background-color: white; color: #111111; display: inline; float: none; font-family: "arial"; font-size: 15px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The overall health insurance industry to some level is standardized and new regulations are in place. A lot of investors have bought their mediclaim policies many years back when rules were raw and when few things were in favor of insurers, not investors.</span>Health Insurance products now have far fewer hidden bombs to surprise you now, For instance</div>
<ul style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; list-style: outside none disc; margin: 0px 0px 1.467em 1.467em; padding: 5px 40px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<li style="margin: 0px; padding: 0px;">All Health Insurance policies are now mandatorily issued for life-time.</li>
<li style="margin: 0px; padding: 0px;">Insurance companies cannot levy claim based loading once the policy is issued.</li>
<li style="margin: 0px; padding: 0px;">Insurers need to give a clear 3 months advance notification to existing customersbefore increasing premiums<span class="Apple-converted-space"> </span>or terms in a policy.</li>
</ul>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<br />
<a href="https://www.blogger.com/null" name="more"></a><br />
What’s more, thanks to the competition brought in by specialized health insurance companies, there have been many interesting features added to the otherwise standard mediclaim products.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
So now I am putting up 13 points every investor should read before they buy health insurance. These 13 points can act as the guide for someone who wishes to either buy a new health cover or wants to upgrade their health insurance cover. These points are not tips as such, but various dimensions revolving around the health insurance buying decision-making.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #1 – Don’t be too late in buying a health insurance policy</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
I have seen too many customers, especially the well-educated ones, literally trying to find a health insurance product which has all the “dream” features bundled into a single product. They want high cover, less premium, best claim settlement, no loading, OPD cover, extreme fast claim settlement, maternity and high-end benefits.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
But sadly, such “dream” products do not exist in real-world. One has to understand that these health insurance products are highly complex and their premium pricing and features are linked to various parameters. You can’t get a product which has everything you wish.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
At times, it happens that 8 out of 10 things required by the customer is present in the policy, but 2 out of 10 is not there, and what do customers do? They try to find some other policy which has all 10/10 things covered. This just leads to procrastination. There are millions of investors who are<span class="Apple-converted-space"> </span><a href="http://www.jagoinvestor.com/2011/12/someday-is-code-for-never.html" style="color: #000099; font-weight: 400; margin: 0px; padding: 0px; text-decoration: underline;" target="_blank">delaying taking health insurance</a><span class="Apple-converted-space"> </span>from many years and this is the single biggest mistake one can make.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<b style="margin: 0px; padding: 0px;">The risk of “No cover” in the future</b></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
The biggest problem with this approach is that, you might be denied a cover later in life, because you might have crossed that age limit, or you might have catched some illness which will not be covered now.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
If there is one advice, just one advice, I would give anyone on Health Insurance. It would be this –<span class="Apple-converted-space"> </span><i style="margin: 0px; padding: 0px;">“Never Delay. Set a deadline, buy that policy and get covered.”</i></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Buying a good enough policy early is 10X better choice than buying “best health insurance policy” after 5 yrs. So the first thing you need to do is, be 100% clear that you are buying a health insurance product NOW. Focus on core big features which really matter, and don’t get too attached to tiny points which either do not match your requirement or are different than what you want.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #2 – Assess who do you want to cover and their health status</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
It is important to finalize the list of people you want to cover. Also, take an account their current health status. Make sure you cover most of your family members for whom you are responsible for. At times, people buy health insurance for self, spouse and kids and ignore parents.</div>
<ul style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; list-style: outside none disc; margin: 0px 0px 1.467em 1.467em; padding: 5px 40px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<li style="margin: 0px; padding: 0px;">If all are young and healthy, no hospitalization history, no chronic ailment detected, you are going to be spoilt for choice!</li>
<li style="margin: 0px; padding: 0px;">If you have members who are above 50 and/or have a medical history/condition then you should be prepared for some pain (more on this later) which will most probably include having certain time bound exclusions in your policy. Or you might have to pay higher premiums.</li>
</ul>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #3 – Assess your lifestyle</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
The greatest health insurance is<span class="Apple-converted-space"> </span><a href="http://www.jagoinvestor.com/2012/03/health-sip.html" style="color: #000099; font-weight: 400; margin: 0px; padding: 0px; text-decoration: underline;" target="_blank">taking care of your health</a>. Keep a check on your own lifestyle, as well as your family’s. If you/your family is fit, following a healthy routine or regularly exercising, have healthy food habits, doesn’t smoke, has no history of excessive drinking, you’re in a good place with regards to risks and coverage required. If not, then you have a much higher risk to hedge. This, apart from inflation, needs to be taken into consideration, when deciding the sum insured.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
If not, then you have a much higher risk to hedge. This,<span class="Apple-converted-space"> </span><a href="http://www.jagoinvestor.com/2012/09/health-insurance-inflation-in-india.html" style="color: #000099; font-weight: 400; margin: 0px; padding: 0px; text-decoration: underline;" target="_blank">apart from inflation</a>, needs to be taken into consideration, when deciding the sum insured. But be clear that just having good health or good lifestyle is not an excuse to ignore health insurance policy. Leading a good lifestyle just protects you from illnesses, you still don’t have much control on accidents, or some diseases which can still happen even though you have a good lifestyle.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #4 – Individual Covers or Family Floater?</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
You also need to be clear if you want to buy individual cover for each person, or a family floater policy?</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Family Floaters seem to be a no-brainer, as they are very efficient. The idea is that not all family members will be hospitalized in the same year. You get a large cover shared amongst all family members for one of you to claim. The price is lower/efficient than buying individual covers.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
But hold on! .</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
If one of your family members is older than 50, or has health issues, or lifestyle issues as discussed earlier, it would be sensible to look for an individual cover for such a member in addition to the family floater. You shouldn’t have a “high risk” member as part of your family floater, as if he/she has frequent claims, year-after-year, other members could be left without any cover, when they would need it.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="individual vs family floater health insurance" class="aligncenter size-full wp-image-27526" height="479" src="http://www.jagoinvestor.com/wp-content/uploads/files/individual-vs-family-floater-health-insurance.png" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="602" /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
If you don’t have the choice, and are getting a great deal with a family floater policies then go for a very high cover (in the range of 25-30 Lakhs). More on this in the next point for discussion.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #5 – Zero down on Sum Insured from Long Term perspective</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
The biggest mistake one makes when buying Health Insurance, is when one factors today’s costs and decides the insurance coverage, whereas in reality, you are likely to make claims around 25 years from now</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Hospitalization costs today would be ranging from Rs. 50000 to Rs. 3 Lakhs. Assuming you are 30 today, at an modest average healthcare inflation of 7.5% for the next 20 years, single hospitalization bills will range (hold your breath!) at around Rs. 13 Lakhs when you are 50 years old.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
What’s more, if you live even a mildly unhealthy lifestyle(as discussed earlier), you may have to bump the cover by another 25%, as you are at much higher risk, unless you take things in control and improve your lifestyle immediately. Think in terms of the long run, you may not need this policy right away, but in the future, you will most definitely benefit from having a higher cover.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
OK, don’t sweat; we have smart ways on how to get a Rs. 16 Lakhs within your budget. Read on.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #6 – Compare Hospital Room Eligibility Capping</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Now this is the big one. This single condition could depreciate the value of your health insurance with inflation. Something most agents/insurers won’t like you to know.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Many Health Insurance policies have room rent capping, which means you are eligible to claim expenses only up to a room costing below this capping. In case you opt for a room above this cap, you will have to bear the additional proportionate expenses on your own. Let me give you an example</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Lets say, as per your policy you are room rent limit is Rs 4,000 per day . Now if you get hospitalized and you choose a room (for if you are forced to choose) which has room rent of Rs 10,000 . You might think that you will just get 4,000 per day for room rent from insurance company and other charges you will get as per the limit. But thats not true.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
In reality, your room rent limit is 40% of the room rent chosen, hence all other expenses will be paid by 40% margin only. Means if your actual bill for ICU has been Rs 20,000 , and even if it’s in the limit, you will still be paid just 40% of 20,000 = Rs 8,000 .</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
If your doctors bill comes to Rs 50,000 and even if it’s in the limit , still you will be paid only 40% of that, which is Rs 20,000 . So overall you will be at a big loss only because of the room rent capping limit. Check the below image from<span class="Apple-converted-space"> </span><a href="https://www.coverfox.com/jagoinvestor/" style="color: #000099; font-weight: 400; margin: 0px; padding: 0px; text-decoration: underline;" target="_blank">www.coverfox.com</a></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="room rent capping" class="aligncenter size-full wp-image-27542" height="819" src="http://www.jagoinvestor.com/wp-content/uploads/files/room-rent-capping.png" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="587" /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
I hope you are now clear on the implications of the room chosen at the time of hospitalization.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<i style="margin: 0px; padding: 0px;"><b style="margin: 0px; padding: 0px;">Also factor in the inflation</b></i></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
One day rent for a Private room averages to around Rs. 4000 per day, today. At an inflation of 7.5% for next 20 years, the room rent would be in the range of Rs. 20000 per day.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Now, if you have a policy with room rent capping of Rs. 5000, and you opt for a private room with rent of Rs. 20000 per day. Insurance company is liable to pay you only 25% of all the costs claimed by you, in spite of your claim being within the sum insured limit.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Given a choice, your preference of health insurance should be in the following order:</div>
<ul style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; list-style: outside none disc; margin: 0px 0px 1.467em 1.467em; padding: 5px 40px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<li style="margin: 0px; padding: 0px;">Policies with Private Room eligibility.</li>
<li style="margin: 0px; padding: 0px;">Policies with No Room Rent capping.</li>
<li style="margin: 0px; padding: 0px;">Policies with Room Rent capping.</li>
</ul>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
You must be surprised as to why have I suggested Private room eligibility policies above policies without room rent capping. The reason is simple, in my opinion; policies with no room rent capping have larger chances of being abused. Insurers could bear higher losses due to no control over the extravagance of a few customers. In the long run, it would be consumers who will pay for such extravagance of a few, through higher premiums or revision in the terms of the product, so that the Insurer can contain the overall losses.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
As mentioned earlier, the above priority is to be kept in mind, in case you have a choice. In case you don’t (due to health conditions, age etc.) it is important to not give up and hedge your risks to the extent possible, by opting for a sum insured with the highest room rent limit. This way you will be able to contain some part of this ‘auto-depreciating’ cover!</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #7 – Check for any sublimit/co-pay</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
There are clauses like sub-limits and co-pay in most of the insurance policies. They put a sub limit on a particular expenses (like 2% of sum assured). Make sure you are very clear about them and are fine with it.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
There are few Insurance products that have limits for specified surgeries also. So even if your sum assured is Rs 5 lacs, they might restrict a particular surgery expenses to 50% of your sum assured.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="co-pay clause policy" class="aligncenter size-full wp-image-27532" height="92" src="http://www.jagoinvestor.com/wp-content/uploads/files/co-payment-clause-policy.png" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="600" /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Check with the products you have shortlisted. Also check for words like “limits”, “co-pay” or “deductible” in the policy. These are set deductions in claims. Ensure you have understood, and compared what these mean, before your decision to purchase is made.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #8 – Hospital Network is Important Parameter</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
While you compare the key features discussed above, you should also compare the hospital network of the shortlisted Insurance companies. You must compare these for areas you/your family is likely to be hospitalized. Though such lists are dynamic and can change anytime, it still gives you a good idea of the network that the Insurer has in place, in case you need to use it for a cashless treatment.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<a href="http://coverfox.com/jagoinvestor" style="color: #000099; font-weight: 400; margin: 0px; padding: 0px; text-decoration: underline;" target="_blank">Coverfox.com</a><span class="Apple-converted-space"> </span>has an awesome, very user-friendly, geo-mapped hospital network comparison on its comparison portal. I would recommend you go through the same, for a quick comparison. Check it out below how they show you the number of hospital and their names near your house (based on the pin code you provide them)</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="hospital network health insurance" class="aligncenter size-full wp-image-27533" height="395" src="http://www.jagoinvestor.com/wp-content/uploads/files/hospital-network-health-insurance.png" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="600" /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
While a good network of hospitals is something you should definitely look at, but it should not be your primary parameter to judge a health insurance company.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #9 – Finally, go through Policy Wordings</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Ask your Insurance Broker/Agent to provide you with the policy wordings of the product you have liked. Ensure you go through the Customer Information Sheet yourself. This is a one-pager that summarizes all the key conditions you must be aware off. Every health insurance product needs to file this with the Government (IRDA). Ask questions till you are satisfied.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
I would strongly suggest look at the policy document sheet yourself online. Just go to google and search for<span class="Apple-converted-space"> </span><b style="margin: 0px; padding: 0px;"><i style="margin: 0px; padding: 0px;">“<health insurance policy name here> + “brochure pdf”</i></b><span class="Apple-converted-space"> </span>and you will surely get the PDF document online. go through it and read it. below you can see, how I searched for Appolo Munich Optima Plus brochure online</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="health insurance brochure" class="aligncenter size-full wp-image-27540" height="449" src="http://www.jagoinvestor.com/wp-content/uploads/files/health-insurance-brochure.png" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="600" /></div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #10 – Go for Super-Topup</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
In order to get the 15-17 Lakhs health insurance cover that would inflation proof you for the next 20-25 years, it is very sensible to buy a Super Topup policy. Recommend, that you go with a Rs. 5 Lakhs base cover with a Super Topup cover of Rs. 15 Lakhs. This can save close to 25-30% of premium vis-a-vis buying a Rs. 20 Lakh base plan.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<b style="margin: 0px; padding: 0px;"><i style="margin: 0px; padding: 0px;">2 important things here</i></b></div>
<ul style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; list-style: outside none disc; margin: 0px 0px 1.467em 1.467em; padding: 5px 40px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<li style="margin: 0px; padding: 0px;">Ensure there is no room rent limit in your Super Topup policy.</li>
<li style="margin: 0px; padding: 0px;">Ensure you buy a Super Topup Health Insurance along with your Base health Insurance policy tenure and they have similarly timed renewal dates.</li>
</ul>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="health insurance super top up" class="aligncenter size-full wp-image-27523" height="408" src="http://www.jagoinvestor.com/wp-content/uploads/files/health-insurance-super-top-up.png" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="595" /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
You can read how super top up works<span class="Apple-converted-space"> </span><a href="http://www.jagoinvestor.com/2013/05/increase-your-health-insurance-cover-with-top-up-super-top-up-plans.html" style="color: #000099; font-weight: 400; margin: 0px; padding: 0px; text-decoration: underline;" target="_blank">in this article</a> .</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #11 – What to ignore while buying a policy ?</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Now that you know what you must compare and consider, you must also know what to avoid?</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Features like Ambulance, Daily Hospital Cash, Domiciliary, and any other benefits that don’t get used often, have a low consequence in the overall scheme of things. Hence, in my opinion, these should be overlooked, so that you focus on the bigger covers.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
So focus on the network of hospital, fees for doctor consultation, Room rent Limit, ICU charges, Check if they are paying for medicines or not and these kind of expenses which make the the major part of your overall bill.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Things like Ambulance charges are not more than Rs 2,000 , if you have to pay it from your own pocket, even that its totally fine. Why to choose a policy based on that parameter ? Its always a bonus advantage and nothing else. So learn what to ignore and what to look at.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #12 – Ensure you appoint a good advisor</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
By now, you may have realized Health Insurance is a complex product and a good amount of research has to happen (but do not over do it). It is therefore recommended that you appoint a health insurance expert to help you shortlist products, explain the terms, answer your queries etc.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
You even need a post-sales services like claim assistance and helping you out in co-ordinating with the health insurance company if you are stuck. If you find yourself a policy through an Insurance Broker, if required, he/she may also be able to help you through dispute resolutions with Insurers, in the long run, if any.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Let me show you an example of a claim rejection case with Max Bupa (company was right in rejecting the claim) . One of the readers among you had bought a policy through Max Bupa (through some individual agent, not broker) and he bought two different policies for himself and wife . He wanted a maternity cover and the agent told him that its covered in the policy. It was even written in the policy document, but it was clearly written that both husband and wife have to be in a single policy (floater policy) . But agent and client both didnt pay much attention to it.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
And after 4 yrs, company rejected the case based on their terms and conditions (the claim itself was not valid) . Below you can see the scanned letter which company had sent to the client. Here company was correct in rejection of claim because client wanted something which was never covered in the policy. However if had paid more attention or had a great advisor on his side, he might have been informed in a better way.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<img alt="claim rejection example" class="aligncenter size-full wp-image-27535" height="598" src="http://www.jagoinvestor.com/wp-content/uploads/files/claim-rejection-example.jpg" style="clear: both; display: block; float: none; margin: 0px auto 1.467em; padding: 0px;" width="603" /></div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Remember that unlike Life Insurance or many other policies, Health Insurance could have repeated claims through yours or your family’s lifetime. It is therefore important to have someone who can hand-hold you through the tedious paperwork and the otherwise time consuming processes of Insurance companies.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
In the cases where you want to cover the family members who are above 50 and/or with pre-existing disease, it makes a lot of sense, to go through an insurance broker who deals in multiple insurance companies. Out of sheer experience, the broker will be able to help you zero down to few Insurance companies who are liberal. This will help you avoid the pain of doing medical tests with Insurance companies where chances of getting a policy are very low.</div>
<h3 style="background-color: white; color: black; font-family: helvetica; font-size: 20px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 700; letter-spacing: normal; line-height: 1.5em; margin: 0px 15px; padding: 0px 0px 20px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
Point #13 – Review your existing policy and look at options to Port</h3>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
If you have an existing policy which does meet the above mentioned 12 points, and you are still young and healthy, I would recommend you to look at porting your mediclaim policy to a better company around 2 months before your next renewal.</div>
<div style="background-color: white; color: #111111; font-family: arial; font-size: 15px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; line-height: 24px; margin: 0px 15px; padding: 0px 0px 22px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<div style="font-weight: normal;">
Unfortunately, if you have already made claims in your existing policy, or have any chronic ailment to declare for any family member, the chances of portability are very dim. I would then recommend you look at upping your cover with the same insurance company, and look for other options (like Super Topup) by which you can hedge the negatives in your existing coverage.</div>
<div style="font-weight: normal;">
<br /></div>
<div style="font-weight: normal;">
<br /></div>
<b><u>CAR INSURANCE</u></b><br />
<div style="font-weight: normal;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" style="background-color: #f6f6f6; color: black; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13.2px; font-weight: normal; width: 569px;"><tbody>
<tr><td align="left" valign="top"><table align="center" bgcolor="#FFFFFF" border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; height: 143px; width: 572px;"><tbody>
<tr><td align="left" valign="top"><table bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" style="width: 569px;"><tbody>
<tr><td height="30" style="padding-left: 12px; padding-top: 10px;" width="558"><img alt="Save on your Car Insurance" height="22" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/headline.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px;" width="243" /><br />
<div id="alttext-container" style="border-color: silver; border-style: solid; border-width: 1px; box-sizing: border-box; display: inline-block; height: 22px; overflow: hidden; padding: 1px; width: 243px;">
<div id="alttext" style="overflow: hidden;">
Save on your Car Insurance</div>
</div>
</td></tr>
<tr><td height="25" style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 1.5em; padding-left: 12px;">Buy Insurance for your Brand New Car or Renew your Car Insurance Online from any Insurer.</td></tr>
<tr><td><img alt="100% Online and Secure" height="40" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/online.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px;" width="454" /></td></tr>
<tr><td><table border="0" cellpadding="0" cellspacing="0" style="width: 570px;"><tbody>
<tr><td align="left" valign="bottom"><img alt="100% Online and Secure" border="0" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/car.jpg" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; display: block; padding: 5px;" /></td><td width="10"></td><td valign="top" width="283"><table border="0" cellpadding="0" cellspacing="0" style="width: 283px;"><tbody>
<tr><td align="left" height="28"><img alt="Get the Royal Sundaram Advantage" height="17" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/headline1.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px;" width="243" /></td></tr>
<tr><td height="10"></td></tr>
<tr><td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 1.5em;"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/tick.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /> 2700+ cashless garages across India</td></tr>
<tr><td height="8"></td></tr>
<tr><td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 1.5em;"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/tick.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /> Free Road-side assistance kit</td></tr>
<tr><td height="8"></td></tr>
<tr><td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 1.5em;"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/tick.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /> 24 X 7 Claims Helpline</td></tr>
<tr><td height="8"></td></tr>
<tr><td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 1.5em;"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/tick.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /> Upto 50% No Claim Bonus transfer</td></tr>
<tr><td height="8"></td></tr>
<tr><td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 12px; line-height: 1.5em;"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/tick.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /> Unlimited claims for zero-depreciation cover</td></tr>
<tr><td height="8"></td></tr>
<tr><td align="left" style="font-family: Arial, Helvetica, sans-serif; font-size: 10px; line-height: 1.5em;">Comprehensive Car Insurance Online with exciting add-ons to provide complete protection for you and your car!</td></tr>
<tr><td height="10"></td></tr>
<tr><td align="center" style="padding-bottom: 10px;"><a href="http://apnapaise.reachmail.in/apnapaise/lt.php?id=cEgBAAdWWANfV09WAggDBE4=A1dQAVFSVk9MEhEKRlVCSlVCUVMmBlgHCl9IU1df" style="color: #8a6374; text-decoration: none;" target="_blank"><img alt="Calculate Premium" border="0" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/calculate-premium.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; display: block; padding: 5px; position: relative;" /></a></td></tr>
</tbody></table>
</td><td width="10"></td></tr>
</tbody></table>
</td></tr>
</tbody></table>
</td></tr>
</tbody></table>
</td></tr>
<tr><td align="left" height="4" valign="top"></td></tr>
<tr><td><table align="center" bgcolor="#FFFFFF" border="1" cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 572px;"><tbody>
<tr><td height="30" style="padding-left: 12px; padding-top: 10px;" width="575"><table align="center" border="0" cellpadding="0" cellspacing="0" style="width: 530px;"><tbody>
<tr><td align="left" colspan="2"><img alt="Salient Features" border="0" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/headline2.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; display: block; padding: 5px;" /></td></tr>
<tr><td height="15"></td></tr>
<tr><td align="left" width="25"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/bullet.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505"><b>Depreciation Waiver Cover</b> - Covers all plastic/metal parts without applying</td></tr>
<tr><td align="left" width="25"></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505">depreciation in case of a claim. You can make unlimited claims in a year.</td></tr>
<tr><td height="10"></td></tr>
<tr><td align="left" width="25"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/bullet.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505"><b>Windshield Glass Cover</b> - This cover protects your no claim bonus and is applicable</td></tr>
<tr><td align="left" width="25"></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505">when the windshield glass is broken and there are no damages to the vehicle.</td></tr>
<tr><td height="10"></td></tr>
<tr><td align="left" width="25"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/bullet.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505"><b>Full Invoice Price Insurance Cover</b> - Insure your car to 100% of the List price.</td></tr>
<tr><td align="left" width="25"></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505">Incase of theft or total damage you will get full reimbursement on the invoice</td></tr>
<tr><td align="left" width="25"></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505">amount of the car.</td></tr>
<tr><td height="10"></td></tr>
<tr><td align="left" width="25"><img src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/bullet.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; vertical-align: middle;" /></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505"><b>Spare Car Clause</b> - Get daily cash benefit to cover your conveyance expense</td></tr>
<tr><td align="left" width="25"></td><td align="left" style="color: #626262; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 1.5em;" width="505">incase of breakdown, while your car is being repaired.</td></tr>
<tr><td height="10"></td></tr>
<tr><td align="center" colspan="2"><a href="http://apnapaise.reachmail.in/apnapaise/lt.php?id=cEgBAAdWWANfV09WAggDBE4=A1dQAVFSVk9MEhEKRlVCSlVCUVMmBlgHCl9IU1df" style="color: #8a6374; text-decoration: none;" target="_blank"><img alt="Know More" border="0" height="28" src="http://html.salesmeda.com/Royal-Sundaram-23Feb15/calculate-premium.gif" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 1px solid rgb(230, 230, 230); box-shadow: rgba(0, 0, 0, 0.098) 1px 1px 5px; padding: 5px; position: relative;" width="217" /></a></td></tr>
</tbody></table>
</td></tr>
</tbody></table>
</td></tr>
</tbody></table>
</div>
</div>
</div>
charteredhttp://www.blogger.com/profile/09717891870668166556noreply@blogger.com