Wednesday, July 29, 2015

Salute to Kalam Sir

Srujan Pal Singh Wrote:

What I will be remembered for.. my memory of the last day with the great Kalam sir...
It has been eight hours since we last talked – sleep eludes me and memories keep flushing down, sometimes as tears. Our day, 27th July, began at 12 noon, when we took our seats in the flight to Guhawati. Dr. Kalam was 1A and I was IC. He was wearing a dark colored “Kalam suit”, and I started off complimenting, “Nice color!” Little did I know this was going to be the last color I will see on him.
Long, 2.5 hours of flying in the monsoon weather. I hate turbulence, and he had mastered over them. Whenever he would see me go cold in shaking plane, he would just pull down the window pane and saw, “Now you don’t see any fear!”.
That was followed by another 2.5 hours of car drive to IIM Shillong. For these two legged trip of five hours we talked, discussed and debated. These were amongsthundreds of the long flights and longer drives we have been together over the last six years.
As each of them, this was as special too. Three incidents/discussions in particular will be “lasting memories of our last trip”.
First, Dr. Kalam was absolutely worried about the attacks in Punjab. The loss of innocent lives left him filledwith sorrow. The topic of lecture at IIM Shillong was Creating a Livable Planet Earth. He related the incident to the topic and said, “it seems the man made forces are as big a threat to the livability of earth as pollution”. We discussed on how, if this trend of violence, pollution and reckless human action continues we will forced to leave earth. “Thirty years, at this rate, maybe”, he said. “You guys must do something about it… it is going to be your future world”
Our second discussion was more national. For the past two days, Dr. Kalam was worried that time and again Parliament, the supreme institution of democracy, was dysfunctional. He said, “I have seen two different governments in my tenure. I have seen more after that. This disruption just keeps happening. It is not right. I really need to find out a way to ensure that the parliament works on developmental politics.” He then asked me to prepare a surprise assignment question for the students at IIM Shillong, which he would give them only at the end of the lecture. He wanted to them to suggest three innovative ways to make the Parliament more productive and vibrant. Then, after a while he returned on it. “But how can ask them to give solutions if I don’t have any myself”. For the next one hour, we thwarted options after options, who come up with his recommendation over the issue. We wanted to include this discussion in our upcoming book, Advantage India.
Third, was an experience from the beauty of his humility. We were in a convoy of 6-7 cars. Dr. Kalam and I were in the second car. Ahead us was an open gypsy with three soldiers in it. Two of them were sitting on either side and one lean guy was standing atop, holding his gun. One hour into the road journey, Dr. Kalam said, “Why is he standing? He will get tired. This is like punishment. Can you ask a wireless message to given that he may sit?” I had to convince him, he has been probably instructed to keep standing for better security. He did not relent. We tried radio messaging, that did not work. For the next 1.5 hours of the journey, he reminded me thrice to see if I can hand signal him to sit down. Finally, realizing there is little we can do – he told me, “I want to meet him and thank him”. Later, when we landed in IIM Shillong, I went inquiring through security people and got hold of the standing guy. I took him inside and Dr. Kalam greeted him. He shook his hand, said thank you buddy. “Are you tired? Would you like something to eat? I am sorry you had to stand so long because of me”. The young lean guard, draped in black cloth, was surprised at the treatment. He lost words, just said, “Sir, aapkeliye to 6 ghantebhikhaderahenge”.
After this, we went to the lecture hall. He did not want to be late for the lecture. “Students should never be made to wait”, he always said. I quickly set up his mike, briefed on final lecture and took position on the computers. As I pinned his mike, he smiled and said, “Funny guy! Are you doing well?” ‘Funny guy’, when said by Kalam could mean a variety of things, depending on the tone and your own assessment. It could mean, you have done well, you have messed up something, you should listen to him or just that you have been plain naïve or he was just being jovial. Over six years I had learnt to interpret Funny Guy like the back of my palm. This time it was the last case.
“Funny guy! Are you doing well?” he said. I smiled back, “Yes”. Those were the last words he said. Two minutes into the speech, sitting behind him, I heard a long pause after completing one sentence. I looked at him, he fell down.
We picked him up. As the doctor rushed, we tried whatever we could. I will never forget the look in his three-quarter closed eyes and I held his head with one hand and tried reviving with whatever I could. His hands clenched, curled onto my finger. There was stillness on his face and those wise eyes were motionlessly radiating wisdom. He never said a word. He did not show pain, only purpose was visible.
In five minutes we were in the nearest hospital. In another few minutes the they indicated the missile man had flown away, forever. I touched his feet, one last time. Adieu old friend! Grand mentor! See you in my thoughts and meet in the next birth.
As turned back, a closet of thoughts opened.
Often he would ask me, “You are young, decide what will like to be remembered for?” I kept thinking of new impressive answers, till one day I gave up and resorted to tit-for-tat. I asked him back, “First you tell me, what will you like to be remembered for? President, Scientist, Writer, Missile man, India 2020, Target 3 billion…. What?” I thought I had made the question easier by giving options, but he sprang on me a surprise. “Teacher”, he said.
Then something he said two weeks back when we were discussing about his missile time friends. He said, “Children need to take care of their parents. It is sad that sometimes this is not happening”. He paused and said, “Two things. Elders must also do. Never leave wealth at your deathbed – that leaves a fighting family. Second, one is blessed is one can die working, standing tall without any long drawn ailing. Goodbyes should be short, really short”.
Today, I look back – he took the final journey, teaching, what he always wanted to be remembered doing. And, till his final moment he was standing, working and lecturing. He left us, as a great teacher, standing tall. He leaves the world with nothing accumulated in his account but loads of wishes and love of people. He was a successful, even in his end.
Will miss all the lunches and dinners we had together, will miss all the times you surprised me with your humility and startled me with your curiosity, will miss the lessons of life you taught in action and words, will miss our struggles to race to make into flights, our trips, our long debates. You gave me dreams, you showed me dreams need to be impossible, for anything else is a compromise to my own ability. The man is gone, the mission lives on. Long live Kalam.
Your indebted student,

Kalam Leadership

Wanted to share with you all....

There were about 70 scientists working on a very hectic project. All of them were really frustrated due to the pressure of work and the demands of their boss but everyone was loyal to him and did not think of quitting the job.

One day, one scientist came to his boss and told him - Sir, I have promised to my children that I will take them to the exhibition going on in our township. So I want to leave the office at 5 30 pm.

His boss replied "OK, You're permitted to leave the office early today"

The Scientist started working. He continued his work after lunch. As usual he got involved to such an extent that he looked at his watch when he felt he was close to completion.The time was 8.30 PM. Suddenly he remembered of the promise he had given to his children.

He looked for his boss,,He was not there. Having told him in the morning itself, he closed everything and left for home.

Deep within himself, he was feeling guilty for having disappointed his children.He reached home. Children were not there.His wife alone was sitting in the hall and reading magazines.

The situation was explosive, any talk would boomerang on him. His wife asked him "Would you like to have coffee or shall I straight away serve dinner if
you are hungry.

The man replied "If you would like to have coffee, i too will have but what about Children ??"
Wife replied "You don't know ?? Your manager came here at 5.15 PM and has taken the children to the exhibition "

What had really happened was ... The boss who granted him permission was observing him working seriously at 5.00 PM. He thought to himself, this person will not leave the work, but if he has promised his children they should enjoy the visit to exhibition. So he took the lead in taking them to exhibition

The boss does not have to do it everytime. But once it is done, loyalty is established.

That is why all the scientists at Thumba continued to work under their boss eventhough the stress was tremendous.

By the way , can you guess as who the boss was ????????
.
He was none other than Dr. APJ Abdul Kalam, Ex- President of India...!!!

The great leader of India is no more.

May his soul rest in peace💐💐

Monday, July 27, 2015

About APJ Abdul Kalam

Some quotes of Late APJ Abdul Kalam ...

“Don’t take rest after your first victory because if you fail in second, more lips are waiting to say that your first victory was just luck.” - A.P.J Abdul Kalam
Share this quote on Share

“All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds.” - A.P.J Abdul Kalam

“Failure will never overtake me if my definition to succeed is strong enough”. - A.P.J Abdul Kalam

“Man needs difficulties in life because they are necessary to enjoy the success.” - A.P.J Abdul Kalam

“If you want to shine like a sun. First burn like a sun.” - A.P.J Abdul Kalam 

“It is very easy to defeat someone, but it is very hard to win someone” - A.P.J Abdul Kalam

"All of us do not have equal talent. But , all of us have an equal opportunity to develop our talents.” - A.P.J Abdul Kalam

" Be more dedicated to making solid achievements than in running after swift but synthetic happiness." -A.P.J Abdul Kalam

"Thinking should become your capital asset, no matter whatever ups and downs you come across in your life."  - A.P.J Abdul Kalam

" Without your involvement you can't succeed. With your involvement you can't fail. " - A.P.J Abdul Kalam
His book " wings if fire" worth reading, very touching and inspirational.
of
"Missle man" left the mother Earth permanently on an eternal sojourn for the final frontier "Space".
Today will be marked as a dark day in the history of the country. One of the foremost scientists of India, a Bharat Ratna, the Missile Man of India and the true ‘People’s President’, Dr. Avul Pakir Jainulabdeen Abdul Kalam, the 11th President of the biggest democracy of the world, passed away due to cardiac arrest, while he was delivering a speech at the Indian Institute of Management in Shillong. Also Read: APJ Abdul Kalam Dead: Most Inspiring Speech EVER by Missile Man of India

While his success story is known by many and has inspired scores of Indians and will continue to do so, here are some lesser known facts about India’s most loved President’s life and work, that every Indian must know:

1.) Kalam came from a poor family background

Mr.Kalam’s father Jainulabudeen was not formally educated and was into the boat building business, he used to ferry people between Dhanuskodi and his hometown of, Rameswaram, Tamil Nadu. He came from a poor background and started working at an early age to supplement his family’s income. Kalam himself used to sell newspapers at the age of eight to supplement the family income.

2.) He struggled to pay his education fees

At the time of admission into MIT (Madras Institute of Technology), he did not have the money to pay thousand rupees as fee, his father could not afford that amount of money. His sister mortgaged her gold bangles, to get the money for admission.

3.) Kalam as a scientist in DRDO

Kalam joined Aeronautical Development Establishment of Defense Research and Development Organization (DRDO) as a scientist. His first achievement in his career was designing a small helicopter for the Indian Army, though he remained unconvinced and dissatisfied with the choice of his job at DRDO.

4.) Kalam was a part of country’s first nuclear test

Kalam without participating in its development, test site preparation and weapon designing was invited by Raja Ramanna to witness the country’s first nuclear test Smiling Buddha as the representative of TBRL.

5.) Mr.Kalam took great care of his colleagues

A co worker had promised his kids that he would take them to the local carnival after returning from work, the co-worker had also obtained the prior permission of Mr.Kalam to leave early. The colleague was so engrossed in his work that it was well into the evening when he realised that he had made a promise to his kids. On rushing back home, he came to know through his wife that Mr.Kalam had come earlier and taken his kids to the carnival. Also Read: APJ Abdul Kalam dead: 7 Most Famous Quotes of India’s most popular President

6.) The awards and honors

The Government of India has honoured him with the Padma Bhushanin 1981 and the Padma Vibhushanin 1990 for his work with ISRO and DRDO and his role as a scientific advisor to the Government. APJ Abdul Kalam has received India’s highest civilian honour, the Bharat Ratna, for his immensely precious contribution to the scientific research and modernization of defense technology in India.

7.) The Youth Icon

In 2003 and in 2006 he was nominated for the MTV Youth Icon of the Year award.

8.) A global Icon

The former president who was simplicity personified, was even recognized by Switzerland government for his scientific prowess. The day he visited Switzerland was comemorated at the Science Day in the country.

9.) Kalam was criticized for lackadaisical approach towards his Presidential post

Kalam was judged for inaction as a President in deciding the fate of 20 out of the 21 mercy petitions. According to the Article 72, of the Constitution of India, the President of India has the power to grant pardon, suspend and remit death sentences and commute the death sentence of convicts on death row. But he didn’t apply those powers on the mercy petitions of the 20 convicts.

10.) Kalam the stalwart

In his book India 2020, Kalam strongly advocated an action plan to develop India into a knowledge superpower and a developed nation by the year 2020. He regards his work on India’s nuclear weapons programme as a way to assert India’s place as a future superpower. Other books authored by him are Envisioning an Empowered Nation, Ignited Minds, My Journey, Developments in Fluid Mechanics and Space Technology, The Luminous Sparks, The Life Tree, Mission India, Children Ask Kalam, Guiding Souls, Indomitable Spirit and Inspiring Thoughts. These books are treasure for every Indians. there was a considerable demand in South Korea for translated versions of books authored by him.

Kalam Quotes

Don’t take rest after your first victory because if you fail in second, more lips are waiting to say that your first victory was just luck.” - A.P.J Abdul Kalam
“All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds.” - A.P.J Abdul Kalam“
Failure will never overtake me if my definition to succeed is strong enough”. - A.P.J Abdul Kalam
“Man needs difficulties in life because they are necessary to enjoy the success.” - A.P.J Abdul Kalam
“If you want to shine like a sun. First burn like a sun.” - A.P.J Abdul Kalam
“It is very easy to defeat someone, but it is very hard to win someone” - A.P.J Abdul Kalam
"All of us do not have equal talent. But , all of us have an equal opportunity to develop our talents.” - A.P.J Abdul Kalam
" Be more dedicated to making solid achievements than in running after swift but synthetic happiness." -A.P.J Abdul Kalam
"Thinking should become your capital asset, no matter whatever ups and downs you come across in your life."  - A.P.J Abdul Kalam
" Without your involvement you can't succeed. With your involvement you can't fail. " - A.P.J Abdul Kalam
An inspiration.. RIP.
If you want to shine like sun first burn like sun -a true inspirer and patriot. RIP Sir
"All Birds find shelter during a rain. But Eagle avoids rain by flying above the Clouds.

Problems are common, but attitude makes the difference!!!"

A.P.J. Abdul Kalam

"DONT DECLARE HOLIDAY ON MY DEATH,
INSTEAD WORK AN EXTRA DAY, IF U LOVE ME"
- DR. APJA KALAAM....

Saturday, July 25, 2015

Parawise FAQ's on Secretarial Standards

ICSI has released the parawise FAQ on Secretarial Standards on Board Meetings (SS-1)  and Secretarial Standards on General Meetings (SS-2)  based on the queries received from the stakeholders. These FAQ's are the response to the all such queries received on Secretarial Standards. Further, responses to queries received on Secretarial Standards would be updated on ICSI website from time to time. 

 Link of above FAQ'S given below:

Employee Provident fund

Recently on 6th February 2015 the Hon'ble High Court of Madras has given a very important judgment regarding the Provident Fund, in the case of Brakes India Limited V/s The Employee Provident Fund Organization in WP No: 391 of 2014 & MP No: 1 of 2014.

The Honorable High Court has decided in this case that when the contractor has been allotted a separate PF code No. the contractor is responsible for all the compliances relating to Provident Fund and no proceeding can be held against the principal employer. This judgment is very important and will be of great relief to all the principal employers.


Read the Full Judgement @ http://indiankanoon.org/doc/41125581/

Wednesday, July 22, 2015

Difference between certification and signing

One of the major differences that exist between signing and certification is that mere signing does not imposes liability on the person signing it.

In one of the landmark case of Kashinath Sankarappa Wani vs New Akoy Ginning and pressing Co. Ltd. it was held that mere signing of a balance sheet does not operate to save limitation because the person in drawing up the document does not do so with the intention of acknowledging liability but under a duty where he is bound to set out among other things, the claim made on the company.

Therefore we could say that signing does not impose liability but rather certification shows that the person has authenticated the document, verified and is therefore taking the responsibility and liability upon itself.

The word ‘Certified’ means in relation to a copy, certified as provided in section 76 of the Indian Evidence Act, 1872 and evidence act interpretes as "a certificate issued by an authorized officer by law certifying the validity and correctness of the information under his hand and seal."

A process, by which individuals who have demonstrated the level of knowledge and skill required in the profession, occupation, role are identified to the public and other stakeholders.

Read the Full judgement @ http://indiankanoon.org/doc/1101962/

Tuesday, July 21, 2015

Subsidiary accounts shall display on company's website

As per the provisions of clause (a) of fourth proviso to section 136(1) which require every company having a subsidiary or subsidiaries to place on its website, if any, separate audited accounts in respect of each of its subsidiary, 
Further, fourth proviso to section 137(1) requires that a company shall attach along with its financial statements to be filed with the Registrar of Companies, the accounts of its subsidiary(ies) which have been incorporated outside India and which have not established their place of business in India.
Clarification has been sought on –
(a) Whether a company covered under above provisions can place/file unaudited accounts of a foreign subsidiary if the audit of such foreign subsidiary is not a mandatory legal requirement in the country where such foreign subsidiary has been incorporated and such audit has not been conducted  

and

(b) Whether accounts of such foreign subsidiary would need to be as per format under Schedule III/Accounting Standards or the format as per country of incorporation of the foreign subsidiary would be sufficient.
It is clarified that in case of a Foreign subsidiary, which is not required to get its accounts audited as per legal requirements prevalent in the country of its incorporation and which does not get such accounts audited, the holding/parent Indian may place/file such unaudited accounts to comply with requirements of Section 136(1) and 137(1) as applicable. These, however would need to be translated in English, if the original accounts are not in English.

Further, the format of accounts of foreign subsidiaries should be, as far as possible, in accordance with requirements under Companies Act, 2013. ln case this is not possible, a statement indicating the reasons for deviation may be placed/held along with such accounts.
    

Saturday, July 18, 2015

Overcoming hurdles to became professional


Just Spare 5 minutes & read A fact said by chairman of ICAI,Mr. Bandra            
                            
Hello everyone, my post goes out to all those who failed as an attempt that they do not get disheartened and lose hope. I'm putting up some facts that I've personally seen in my 15 years of practice & 20 years of teaching experience just so they know what I've seen.

1. Clearing in 1st attempt and ranks only give you a slight edge over others but it'll be worthless in the long term.

2. Those who've cleared in the first attempt all exams most of the time find it harder to struggle and accept failure later on in life as they never tasted it.

3. Those who clear CA easily at first attempt tend to underestimate the CAcourse unlike those who had to struggle a bit as they really value it.
4. 5 years or even 10 years later no one will care how many marks you got whether you cleared in one attempt or six whether you got a rank or not. But what matters is what you will do later on with your life.

5. I have friends and know some ex-articles who took a while to clear their course but they ended up more successful with a better job than rank holders.
6. Take this failure in your stride if you overcome this you will only be a better person.

7. Its always during your worst time when the best in you comes out.
8. You never really fail in CA. Your success just gets delayed. The only time you WILL fail is when you quit.
I have nothing against rankholders and those who cleared at the first attempt, but these are somethings i personally noticed just so those who failed know life is not over it will move on. I myself had given 7 attempts 2 in PE II nd 5 in finals. JK Shah, my colleague of those times given 9. Hope u can judge ur life well now. Time to again study & work harder this time. All the best.

Rama Mahima

A guru was teaching Vishnu Sahasra naamam to a group of young boys. Guru chanted the slokam :

Sri Raama Raama Raamethi Rame Raame Manorame |
Sahasra naama Tathulyam Raama Naama Varaanane ||

Then he told the boys:  "if you chant Raama naamam  3 times, it is equivalent to chanting the whole Vishnu Sahasranaamam or chanting Lord's Naamam 1000 times."
One of the boys could not agree with the teacher.  He questioned the teacher "Guro, how can 3 times=1000 times? I do not get the logic. How 3 naamams =1000 naamams? The smart Guru, a great devotee of Lord Raama spontaneously explained: Lord Shiva says that the name of Lord Rama is the sweetest of all the words & chanting this name would be equivalent to chanting the whole Vishnu Sahasranama or thousand names of Vishnu.
Here is the interesting calculation to prove that 3 times chanting of Rama naamam = 1000 times chanting or chanting the whole Vishnu Sahasranaamam.
Take the name Rama. It has two Sanskrit letters RA& MA
RA (2nd consonant in Sanskrit : ya, RA, la, va, sa and sha)
MA(5th consonant in Pa, Pha, Ba, Bha, MA).
Substitute the value of RA & MA as 2 & 5 to make RAMA : 2 X 5= 10. So  Rama Rama Rama = in nos: 2x5 x 2x5 x 2x5 = 10x10x10 = 1000.  Three times chanting Rama naamam is equivalent to chanting it 1000 times.
The boy was happy with the answer and started learning Vishnu Sahasra naamam with full concentration and devotion. Let us thank the naughty boy and spread this to many friends
for their information and chanting Rama Namam at least (1000) times both morning and evening atleast.
Sri Raama Raama Raamethi Rame Raame Manorame |
Sahasra naama Tathulyam Raama Naama Varaanane ||

Jai Shri Ram!

Friday, July 10, 2015

NBFC transfer

Non-Banking Financial Companies (Approval of Acquisition or Transfer of Control) Directions, 2015’.
        The prior written permission of the Reserve Bank of India shall be required for –

a) any takeover or acquisition of control of an NBFC, which may or may not result in change of management;
b) any change in the shareholding of an NBFC, including progressive increases over time, which would result in acquisition/ transfer of shareholding of 26 per cent or more of the paid up equity capital of the NBFC.
Provided that, prior approval would not be required in case of any shareholding going beyond 26% due to buyback of shares/ reduction in capital where it has approval of a competent Court. The same is to be reported to the Bank not later than one month from its occurrence;
c) any change in the management of the NBFC which would result in change in more than 30 per cent of the directors, excluding independent directors.
Provided that, prior approval would not be required in case of directors who get re-elected on retirement by rotation.

Wednesday, July 8, 2015

Undisclosed foreign income and assets

Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets
by  
  Circular No. 13 of 2015
F. No. 142/18/2015-TPL
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
(TPL Division)

Dated 6th of July, 2015

Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (hereinafter referred to as ‘the Act’) has introduced a tax compliance provision under Chapter VI of the Act. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (hereinafter referred to as ‘the Rules’) have been notified. In regard to the scheme queries have been received from the public about the scope of the scheme and the procedure to be followed. The Board has considered the same and decided to clarify the points raised by issue of a circular in the form of questions and answers as follows.-

Question No.1: If firm has undisclosed foreign assets, can the partner file declaration in respect of such asset?

Answer: The declaration can be made by the firm which shall be signed by the person specified in sub-section (2) of section 62 of the Act. The partner cannot make a declaration in his name. However, the partner may file a declaration in respect of an undisclosed asset held by him.

Question No.2: Where a company has undisclosed foreign assets, can it file a declaration under Chapter VI of the Act? If yes, then whether immunity would be granted to Directors of the company?

Answer: Yes, the company can file a declaration under Chapter VI of the Act. The Directors of the company shall not be liable for any offence under the Income-tax Act, Wealth-tax Act, FEMA, Companies Act and the Customs Act in respect of declaration made in the name of the company.

Question No.3: Whether immunity in respect of declaration made under the scheme is provided in respect of Acts other than those mentioned in section 67 of the Act?

Answer: Section 67 provides immunity from prosecution under the five Acts viz. the Income-tax Act, Wealth-tax Act, FEMA, Companies Act and the Customs Act. It does not provide immunity from prosecution under any other Act. For example- if the undisclosed asset has been acquired out of the proceeds of sale of protected animals the person will not be eligible for immunity under the Wildlife (Protection) Act, 1972.

Question No.4: Whether the person making the declaration will be provided immunity from the Prevention of Money Laundering Act, 2002? 

Answer: The offence under the PMLA arises while laundering money generated from the process or activity connected with the offences specified in the schedule to the PMLA. Therefore, the primary requirement under PMLA is commission of a scheduled offence. With the enactment of the Act, the offence of wilful attempt to evade tax under section 51 of the Act has become a scheduled offence under PMLA. However, where a declaration of an asset has been duly made under section 59 of the Act the provisions of section 51 will not be applicable in respect of that asset. Therefore, PMLA will not be applicable in respect of the scheduled offence of wilful attempt to evade tax under section 51 of the Act in respect of assets for which declaration is made under section 59 of the Act.

Question No.5: Where an undisclosed foreign asset is declared under Chapter VI of the Act and tax and penalty is paid on its fair market value then will the declarant be liable for capital gains on sale of such asset in the future? If yes, then how will the capital gains in such case be computed?

Answer: Yes, the declarant will be liable for capital gains under the Income-tax Act on sale of such asset in future. As per the current provisions of the Income-tax Act, the capital gains is computed by deducting cost of acquisition from the sale price. However, since the asset will be taxed at its fair market value the cost of acquisition for the purpose of Capital Gains shall be the said fair market value and the period of holding shall start from the date of declaration of such asset under Chapter VI of the Act.

Talk to God

Best msg Ever

A man died..

When he realized it
he saw God coming closer
with a suitcase in his hand !

Dialog between
God & the Dead Man..

God :
Alright son
it’s time to go !

Man : So soon ?
I had a lot of plans..

God : I am sorry
but it’s time to go !

Man :
What do you have
in that suitcase ?

God : Your belongings !

Man : My belongings ?
You mean my things..
Clothes... Money...

God :
Those things
were never yours..
they belong to the Earth !

Man : Is it my memories ?

God : No..
They belong to Time !

Man : Is it my talent ?

God : No..
They belong
to Circumstances !

Man : Is it
my friends & family ?

God : No son..
They belong to
the Path you travelled !

Man : Is it
my wife & children ?

God : No my boy..
they belong to your Heart !

Man : Then
it must be my body..

God : No No..
It belongs to Dust !

Man : Then surely
it must be my Soul..

God :
You are sadly mistaken son..
Your Soul belongs to me !

Man with tears in his eyes
and full of fear took the suitcase
from the God's hand and opened it..

!! EMPTY !!

Heartbroken
and with tears
rolling down his cheek
he asks God :

Man : I never
owned anything ?

God : That’s Right..
You never owned anything !

Man : Then ?
What was mine ?

God : your MOMENTS..
Every moment you lived was yours !

Life is just a Moment..

LIVE IT..
LOVE IT..
ENJOY IT