newsletter dated 13th august, 2016

2
www.csrajivbajaj.com THOUGHT OF THE DAY “Freedom in the Mind, Faith in the Words and Pride in our Souls…May the Indian Tricolor always fly high…” Wishing you all- “HAPPY INDEPENDENCE DAY” Law Updates: No penalty on 'Coca Cola' just because it had given wrong manufacturing date and batch number in invoice under UP VAT. Rent receipts taxable as business profits and not as house property income if letting out is business of assessee: Supreme Court. Compensation paid by assessee to State Pollution Control Board for failure to install pollution control equipment at factory premises within stipulated time would be allowable as business expenditure; it was not a penalty. Bar Council and Advocates' welfare fund are two separate legal entities; they require separate registration for claiming income-tax exemption. PROFESSIONALS INPUTS: CBEC vide Notification No. 109/2016-Cus (NT) dated 12 th August 2016 has issued tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver. CBEC vide Notification No. 42/2016-CENT dated 11 th August, 2016 has Specifies the 17th August, 2016 as the date on which clause (v) of rule 5 and rule 6 of Central Excise (Amendment) Rules, 2016 notified by Notification No. 8/2016- Central Excise (NT) dated 1st March, 2016, shall come into force. MARKET WATCH: SENSEX: 2,8152.40 292.80 NIFTY: 8,672.15 80.00 SILVER: 46.,344. 00 -546.00 GOLD (MCX): 31,018.00 - 207.00 USD/INR: 66.81 0.05 CRUDE OIL: 2,908.00 124.00 CS Rajiv Bajaj 9811453353 [email protected] youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 13 th August, 2016

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Page 1: Newsletter dated 13th August, 2016

www.csrajivbajaj.com

THOUGHT OF THE DAY

THOUGHT OF THE DAY

“Freedom in the Mind, Faith in the Words and Pride in our

Souls…May the Indian Tricolor always fly high…” Wishing

you all- “HAPPY INDEPENDENCE DAY”

Law Updates:

No penalty on 'Coca Cola' just because it had given wrong

manufacturing date and batch number in invoice under UP VAT.

Rent receipts taxable as business profits and not as house property

income if letting out is business of assessee: Supreme Court.

Compensation paid by assessee to State Pollution Control Board for

failure to install pollution control equipment at factory premises

within stipulated time would be allowable as business expenditure;

it was not a penalty.

Bar Council and Advocates' welfare fund are two separate legal

entities; they require separate registration for claiming income-tax

exemption.

PROFESSIONALS INPUTS:

CBEC vide Notification No. 109/2016-Cus (NT) dated 12th August

2016 has issued tariff Notification in respect of Fixation of Tariff

Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold

and Silver.

CBEC vide Notification No. 42/2016-CENT dated 11th August,

2016 has Specifies the 17th August, 2016 as the date on which

clause (v) of rule 5 and rule 6 of Central Excise (Amendment)

Rules, 2016 notified by Notification No. 8/2016- Central Excise

(NT) dated 1st March, 2016, shall come into force.

MARKET WATCH:

SENSEX: 2,8152.40 292.80 NIFTY: 8,672.15 80.00

SILVER: 46.,344. 00 -546.00 GOLD (MCX): 31,018.00 - 207.00

USD/INR: 66.81 0.05 CRUDE OIL: 2,908.00 124.00

CS Rajiv Bajaj

9811453353

[email protected]

youtube.com/csrajivbajaj

https://www.facebook.com/Rajiv1Bajaj

http://www.csrajivbajaj.com

Date: 13th August, 2016

Page 2: Newsletter dated 13th August, 2016

www.csrajivbajaj.com

A.M. Naik Chairman and Managing Director, Larsen and Turbo Anil Manibhai Naik is an inspirational entrepreneur since he dedicated half of his

life to make his organisation, the biggest engineering giant in India and one of the

largest in the world.

The Chairman and Chief Operating Officer of India's biggest engineering and construction

conglomerate, Anil Manibhai Naik, is one of the most influential entrepreneurs in India. Ever

since he took charge of Larsen & Turbo, he has fought many battles to take the company to

the top. He made L&T a global leader through sheer hard work and through what he calls

'devotion beyond dedication'. He was the first professional to head the company and led it through its most unstable times.

Under his dynamic leadership, the company recorded its most robust performance. In a long career spanning around forty-

five years, Anil took just a day off. Now isn't this fact a testimony to his achievements? It sure is!

Early life A.M. Naik was born into a family of teachers in June 3, 1942 in Endhal in Southern Gujarat. His father was a teacher and

also a strict Gandhian. Naik received his early education in Navsari. He finished a degree in mechanical engineering from

the prestigious Birla Viswakarma Mahavidyalaya Engineering College in VV Nagar in Anand.

Career In 1965, Anil. M. Naik joined Larsen & Turbo as a junior engineer and became the youngest manager in the history of the

organisation. In 1985, he was made the 'General Manager' as he rose quickly through the ranks. In 1989, he took over as

the Vice-President of the organisation and became the member of the Director Board. Anil M. Naik's broader perspective

enabled the company to expand its horizons beyond domestic borders and reach a position which enabled it to become a

global player. He restructured the company into several operating divisions and focused on improving shareholder value.

The emphasis on HR and IT as twin engines of growth yielded the organization fruitful results. In 1995, Anil became the

President of L&T and in 1999, took over as the 'Chief Executive Officer' and the Managing Director. In 2003, he became

the Chairman and Managing Director of the organisation.

In the early nineties, Anil M. Naik came up with the idea of manufacturing engineering equipments which saw the

organization treading down the manufacturing path. It began manufacturing plastic machinery, tire machinery and custom

engineering products. This enabled L&T to achieve major success in the indigenization of technology and in the

technology and nuclear sectors. This paid rich dividends and the turnover of the company grew fifty times in eight years.

This happened when Anil M. Naik took over as the Chief Executive Officer. Under his leadership, the company expanded

its horizons in the IT sector and made huge profits. Anil.M. Naik has involved himself in many social activities and is

currently into the development of an educational institution set up by his father in Navsari in Gujarat. He is also associated

with several educational and charitable institutions that help support the rural population of India. He is also a member of

the Board of Trustees of the Indian Business Trust for HIV/AIDS.

Awards & Accolades

Business Leader of the Year – Building India’ by NDTV Profit.

Gujarat Garima Award, 2009

'Lakshya Business Visionary’ Award by the National Institute of Industrial Engineering (NITIE)

'Asia Business Leader’ Award, CNBC Asia, 2010

'CNBC Asia - Outstanding Business Leader’ Award, 2010.

Awarded with Padma Bhushan, India’s 3rd highest civilian award (2009)

Awarded as the ‘Businessman of the Year’ by Business India (2014)

Listed as the 32nd Best Performing CEO in the world by Harvard Business Review (2013)

Chairman of Indian Institute of Management (IIM), Ahmedabad

Honorary Consul General for Denmark

Senior member of the Confederation of Indian Industry (CII)

Member of the Board of Trade, Ministry of Commerce, Government of India

Received ‘Asia Business Leader Award’ by CNBC Asia (2010)

Honorary doctorate from Gujarat Technological University (2013)