UDAAN I SSUE -3 15/10/2012—26/10/2012
History of Navratri
Legend says that when Mahishasura, the spiteful demon, who was a devotee of Lord Shiva, acquired unbeatable powers of eternity, he started taking away innocent lives. In order to stop him from taking over all the three lokas, Lord Brahma, Lord Vishnu and Lord Mahesh of the Hindu Trinity united their supreme powers and created a warrior goddess Durga who entered a war with Mahishasura. This war extended for nine days and on the tenth day she beheaded him. These nine nights signify the festival of Navratri. This week started with beginning of Navratari which is to be followed by different festivals like Dushera, Durga Pooja, Eid, Diwali etc.
The Udaan-5 participants were in the mood of enjoying the day of the biggest festival in terms of duration i.e. Navratri. The Udaanities went to a Garba night to have a glimpse of this colorful festival which demonstrates the rich culture of the Gujarat.
Accountancy Test
First official test of Udaan-5 batch was of test of accountancy. Though the test was neither surprising nor shocking but it was head-shaking. The knowledge of right from the basic concepts of accountancy to preparation of financial statements with adjustment
Interaction with trainee IRS Officers.
DTRTI provided an opportunity to have a healthy interaction among Udaanites and newly recruited IRS Officers. As Income-Tax Department is team oriented, every task from top to bottom has to be performed in a team for successful accomplishment of the task, this interaction will provide fruitful result in form of team-spirit.
Exploring Ahmedabad
The entire batch of Udaan-5 was divided into two groups for exploring Ahmedabad. One group went to Science city via Sidi Saiyad Mosque whereas another group headed towards kankariya Lake. Use of public transportation was the essential rule of the game. The purpose of the exercise apart from exploring Ahmedabad was to have an idea of importance and potential implication of public transportation.
To err is human... to blame your computer for your mistakes is even more human; in fact it is downright natural. Computers come in two styles: prototype and obsolete! Error: Keyboard not attached. Press F1 to continue. Gir : The Last Abode of Asiatic Lion
☻ Location : Junagadh (Gujarat) Yograj Rupala ☻ Area : 1412 km sq. is a Science ☻ Scientific name : panthera leo persica Graduate in of Asiatic Lion Geology from ☻ 2010 census : 411 lions of which 97 male Gujarat 162 female & 152 cubs. University and his hobbies are ☻Fauna : Asiatic Lions, Indian playing Cricket and listening Leopards Bears, Cobras, music. Hyenas, Chital, Nilgai, Sambhar, Chinkara etc.
The Asiatic Lions habitat is dry scrub land and open deciduous forest. These lions were once found across northern Africa, south west Asia and northern Greece. Now there are only around 411 left in the wild and all of them are in or around the Gir Forest National Park.
Due to the efforts of Gujarat government & compliance by the people of Gujarat, today there are 411 lions instead of only 15 at the start of 19th century. The local Maldhari community has lived here for generations and coexists magnificently with the wilderness. They sustain themselves by grazing their livestock and harvesting what they need from the forest. The sizeable portion of their herds lost to lions and other predators is considered Prasad, offered in exchange for living in another's homeland.
Many people come to Gir because, outside of Africa, it is the only place with wild lions. But to truly experience Gir and the lions, one must explore their natural habitat, with everything from tiny wild birds, not easily seen, but heard singing in the forest canopy, to crocodiles floating in the marsh waters.
“The trouble with life is that you're half way through it before you realize it's a do it yourself thing.“ Exploring A’hmedabad– Kankaria Lake
Udaanites were given a group task to explore A s h u t o s h Ahmedabad. Their journey began with AMTS bus from Varma has done DTRTI to Manek Baug. Thereafter we took BRTS i.e. B . T e c h i n Gujarat Infrastructure Development Board’s highly Computer Science ambitious project for rapid transport system, officially & his hobbies are known as Janmarg from Manek Baug to Kankariya Lake. p h o t o g r a p h y , Kankaria lake is a polygonal lake which was con- structed in the 15th Century by Sultan Qutb-ud-Din. In reading and solving puzzles. the centre of the lake is an island-garden with a summer palace known as Nagina Wadi. Major centers of attraction were -
Kankaria Zoo Toy Train Dadu Dayal temple Balvatika A’bad eye Water sports and rides Kids City Dutch Tombs Stone Mural Park Nagina Wadi Aquarium Open air theatre Boating Gardens N a t u r a l H i s t o r y Museum
‘’रिश्ता सा है’’
आने के जिसके ये चमन, महका सा है। उनकी बातो मᴂ, उनकी आंखⴂ मᴂ, एक नशा सा हℂ। Rakesh Mehra has अिीब सी डोि से, कह ं ककसी छोि से, done Post Graduation in ये दिल कह ं बंधा सा है। Arts from University of कहना चाहता ह ूँ िो श녍ि ,ना िाने 啍यⴂ ? Rajasthan & his hobbies िबा सा है।
are plantation and gardening. अब कह ं िाकि लगता है मझु े, हमािे बीच प्यािा सा, अनकहा ‘रिश्ता’ सा है।
COURT CONVERSATION
ATTORNEY: Doctor, how many of your autopsies have you performed on dead people? WITNESS: All of them. The live ones put up too much of a fight. ATTORNEY: How was your first marriage terminated? WITNESS: By death. ATTORNEY: And by whose death was it terminated? WITNESS: Take a guess. ATTORNEY: Now doc, isn't it true that when a person dies in his sleep, he doesn't know about it until the next morning? WITNESS: Did you actually pass the bar exam? ATTORNEY: Your youngest son , the 20-year-old , how old is he? WITNESS: He's 20 , much like your IQ. मां म ℂ आई एक प्यािा सा एहसास ले के
Vinod Meena मां मℂ आई एक प्यािा सा अहसास ले के , ननह ं सी मस्ु कान ले के has done Graduation सोचा था मां, तमु सनु ाओगी मझु े लोरिया। i n A r t s f r o m सोचा था पापा, की उं गल पक蔼 चलग ं ी तिे े अगं ना। - U n i v e r s i t y o f सोचा था भैया, सगं खेलग ं ी छु पन छु पाई। Rajasthan and his सोचा था िाि , से सनु गुं ी ननत नई कहाननयां। hobbies are reading सोचा था िािा, सगं घम ने िाऊं गी बगीया.।। - novels and travelling. लोककन कहां ले गए थे मझु े ? ककतना शोि शिाबा था वहां। ककतना ििद हुआ था मझु े, ककतनी त蔼पी थी मℂ। ककतना पकु ािा था मनℂ े, कक कोई तो बचाए मझु े।। "In this world nothing can be said लेककन ककसी को िया 啍यⴂ नह ं आई मझु पि। to be certain, except death and वो ननिदयी हाथ ककसके थे, जिसने छीन ल मेि सांसे। taxes." किि भी उस पापी को िया नह ं आई, िो खखला दिया मझु े कु त्तⴂ को।। -Benjamin Franklin 啍या उसके हाथ नह ं कांपे, एक ननह ं िान को माित े हुए। ”The taxpayer: that's someone 啍या उसको िहम नह ं आया, िो मझु े कु त्तⴂ का आहाि बनाया।। who works for the federal govern- िािा, िाि , पापा, मां 啍या गम नह ं हℂ, आपको मझु े खोने का। ment, but doesn't have to take a 啍यⴂ नह ं िोका आपने, उस पापी को यह पाप किने से। civil service examination.” 啍यⴂ नह ं काट दिए आपने, उस ि쥍लाि के हाथⴂ को। -Ronald Reagan पापा आपने भी िनम ललया था, एक ल蔼की की कोख से। ”Taxes, are the dues that we pay for the privileges of membership किि 啍यⴂ ल आपने मेि िान, अपनी ह मौि से।। in an organized society.” यदि एहसास हुआ मझु े खोने का, तो िोक िो इस पाप को। -Franklin D. Roosevelt एक बाि किि से आऊंगी , मℂ तेिे अंगना मᴂ।।
Rich bachelors should be heavily मां अब किम उठाना होगा, इस अधं ी िनु नया से।। taxed. It is not fair that some men मℂ किि आऊंगी मां, तेि पहचान बन के। should be happier than others. प्यािा सा अहसास ले के , ननह ं सी मस्ु कान ल े के ।। -Oscar Wilde
अ楍छाई औि बिु ाई
एक ग셁ु नि के ककनािे अपने लशष्य के साथ बठै कि वातादलाप कि िहा था। लशष्य अभी बहुत छोटा था औि उसने ग셁ु से अ楍छाई औि बिु ाई के बािे मᴂ कु छ पछ ा। ‘तमु िानत े हो,हमािे भीति हमेशा एक यद्धु चलता है।‘ग셁ु ने लशष्य से कहा। ‘िो भेड蔼यⴂ के बीच एक अतं ह न िक्तिंजित यद्धु ।‘ पहला भेड蔼या बिु ा औि वीभ配स है। वह क्रोध, शत्रतु ा, लोभ, ननंिा, िखु , पश्चताप, ह नता, अस配य, अहंकाि, स्वाथद, िंभ, अवसिवादिता, प्रमाि, हठ आदि से बना है।‘ Surendra Singh
‘औि िस िा भडे 蔼या अ楍छा औि सनु िि है। वह लमत्रता, प्रसननता, शांनत, प्रेम, आशा, Meena has done मानवता, ियालतु ा, िान, नयाय, सहानभु न त, स配य, क셁णा, नैनतकता औि गहनता आदि से Post Graduation बना है।‘ in Arts from University of ‘ऐसे ह िो भडे 蔼यⴂ के बीच त륍ु हािे भीति भी द्वंद्व नछ蔼ा हुआ है औि हि मनष्ु य के भीति Rajasthan and भी।‘ his hobbies are लशष्य ने बहत त쥍ल नता औि चचनतनपवकद ग셁 की बात सनी। किि उसने ग셁 से पछा, ु ु ु ु Gardening & ‘इनमᴂ से कौन सा भेड蔼या िीत िाता है?’ travelling. ग셁ु ने कहा, ‘जिसे तमु भोिन औि पोषण िेत े हो।‘ TAXFEST-2012, Ahmedabad
The Cultural Festival of Income-Tax Dept. aptly named Tax Fest Manish Keswani has done MBA -2012 was organized at Tagore Hall, Ahmedabad for three days (Finance) from from 17.10.2012 to 19.10.2012. The Grand occassion started by Gujarat University Inaugration Function by The Honourable Shri Dilip Shivpuri Sir- and his hobbies are C.C.I.T. (C.C.A.), followed by Various competitions among the Four reading and playing Zones in the areas of Instrumental, Vocal, Dance and Stage Chess. Drama were conducted. All the activities were performed right from the Classical to Contemporarty.
The Inaugral Function contained the performances by renouned artists in various fields of arts. Dance perfromance by Ms. Bina Mehta and Performance of Nayan Pancholi & group were mesmerizing. All the Zones competed to their level best. The performances were so close that at the end, the event resulted into tie between South Zone and West Zone.
The closing ceremony of T a x - F e s t c o n t a i n e d Felicitation of eminent Sports and Cultural personalities. T w o International Sports Women -Ms. Preethi L. Rao and Ms.Mrudula K ,from Udaan-5 were felicitated for bringing laurels to the country and Income-Tax Dept. Highlights of The Direct Tax code
Capital gain on Long term is now from asset hold more than one years.
Indexation Base year to be changed to 01.04.2000 from 01.04.1981 so no tax on gains realized
between 1981 to 2000.
The Government has also proposed to restore back the taxation of retirement savings, in the
nature of provident fund contributions and pure life insurance and annuity products, to the
Exempt-Exempt-Exempt scheme from the earlier proposition of Exempt-Exempt-Tax scheme
under the revised discussion paper in the DTC
No Tax on Long term capital gain on securities & equity linked mutual funds, For short term
capital gain tax rate is 50 % of normal slab rate applicable to the asseessee.
The code introduces a Rs 50,000 enhanced deduction for savings in addition to old 100000
deduction.
Shanti Bhushan versus CIT (2011) 199 Taxman 280 (Del).
In the assessment year 1983-84, Shri Shanti Bhushan had filed an income tax return declaring a total income of Rs 2,15,520/-. This return was later revised and in that, he had claimed as
expense a sum of Rs. 1,74,000/- incurred by him on coronary surgery performed on him in Houston, USA. Mr. Bhushan claimed waiver under Section 31 of the Income Tax Act (IT Act) which, inter-alia permits deduction of expenditure incurred on current repairs of plant. His stand was that a human heart is in the nature of a ‘plant’ and therefore the expenditure incurred by him on the coronary surgery was akin to expenses incurred on current repairs of a plant. The Assessing Officer rejected the claim under Section 31 and Section 37 of the I.T. Act. An appeal was filed before the Commissioner of Income Tax (CIT) against the order of the Assessing Officer. The CIT upheld the order of the Assessing Officer. Aggrieved by this, further appeal was filed before the Income Tax Appellate Tribunal (ITAT) by Shanti Bhushan. The Tribunal also rejected the claim under Section 31 relying on the test laid down by the Gujarat High Court in the case of CIT vs. Elecon Engineering Co. Ltd. (1974) 96 ITR 672 (Guj.). It said “for the expenses incurred on the repair of the plant to be allowed, the assessee would have to demonstrably show that the plant was used as a “tool” with which he carried out his business or professional activity.” The Tribunal came to the conclusion that the assessee could not have demonstrated that heart was used as a “tool of his trade” since the heart was even otherwise an organ, essential for normal and healthy functioning of a human body, and not necessarily for a professional, such as a lawyer. An appeal was filed before the Delhi High Court, which was also rejected. The court held that “Firstly if the heart of a human being, as in the case of the assessee, were to be considered a plant, it would necessarily mean that it is an asset which should have found a mention in the assessee’s balance sheet of the previous year in issue, as also, in the earlier years. Apart from the fact that this is admittedly not so, the difficulty that the assessee would face in showing the same in his books of accounts would be of arriving at the cost of acquisition of such an asset. Therefore, in our view before expenses on repair of plant are admitted as a deduction, the plant would necessarily have to be reflected as an asset in the books of accounts. The second ground on which, we are persuaded by the counsel for the revenue not to accept the assessee’s claim is that, even if one were to give the widest meaning to the word ‘plant’ under Section 31 of the IT Act, human heart would still not fall within the definition of the word plant.”
Never say, "oops!" Always say, "ah, interesting!" CHAI—TIME
Which way is the bus below traveing… toward the left or the right?
This is an unusual paragraph. I'm curious as to just how quickly you can find out what is so unusual about it. It looks so ordinary and plain that you would think nothing was wrong with it. In fact, nothing is wrong with it! It is highly unusual though. Study it and think about it, but you still may not find anything odd. But if you work at it a ENGLISH VINGLISH bit, you might find out. Just try hard.
What English word retains the same pronunciation, even after you take away four of its five letters? What two words, when combined, hold the most letters? What starts with an "e," ends with an "e" and usually contains only one letter? What is the beginning of eternity, the end of time and space; the beginning of every end and the end of every place? There is a word in the English language in which the first two letters signify a man, the first three signify a woman, the first four signify a great man, and the whole word represents a great woman. What is the word? I know a word of letters three. Add one letter to it and none there will be. What is the word?
We are sincerely and heartily grateful to all the Faculty Members for their support and guidance during the Group Members course of this training. Ashutosh Varma Manish Keswani Munna Kumar Thanks to Nair sir and Varadharajan sir for Preeti L. Rao providing the Tax Fest Logo used on the front page. Rakesh Mehra Rajneesh Ranjan