It is rare that you begin the year and end it doing something you love. For me it was Music. 2018 was very fulfilling in that sense for me. I began the year listening to some soulful music on New Year Day hosted by Nadasurabhi Cultural Association in Koramangala, Bangalore that turned 25 this year. A small voice inside me prompted me to commit a substantial corpus fund towards the music concerts being hosted so beautifully by this organisation over the years. This took the shape of a resolve in me over the months. It was not until September that I could actually arrange for the corpus amount as donation in the memory of my late mother who was a music connoisseur and critic. When I actually accomplished this, I felt immensely happy and contented. I realised it is not enough to come up with some New Year Resolution. It requires internalisation of the resolve to actualise it. Holds true for anything we want to achieve. Else we are wont to find excuses for not doing. At the end of the year again, I had the opportunity to enjoy a few days of December month Madras, Music Sabhas where the musicians (age ranging from mid 20s to mid 90s !) transported us to a different world through mesmerising, musical melodies. This again began as a doubtful resolve but gained strength through the year and I am glad I could do it.
Talking of resolve and actualisation, I can’t hold myself from talking about my young nephew who has been dreaming about going to the US for a Masters right from his school days. So what’s special about him ? So many engineers like him dream of studying abroad and actually do it. He is different because he has a strong resolve, a master motive that no detractor is able to sway. He is crystal clear with his thoughts and set goals in life. He has a clear vision about where he will be 5 years down the line and 20 years hence. Despite losing his father in his final year engineering, he has never given any excuse to achieve. Where is he getting the drive from ? During a casual conversation with him recently, I realised that it was not just the lure of going to the US or earning money. It is his passion for Math and the love for what he is doing – AI and Machine Learning. I think that is the key difference. Do you have the passion in you ? If not, can you find it ? Can you find a higher purpose in what you are doing ? If yes, success and happiness will come to you. Work will no more be stressful. It will bring joy and verve in life. So, the takeaway for me for 2019 is “Go, find your passion !”.
It is exactly this passion that keeps Mr. Vittala Rao, Management Consultant going strong even in his 70s. He has contributed an interesting article on “Compliance Management & Corporate Governance” in this 203rd issue of Samhita. He carries 50+ years of rich, corporate & advisory experience and is still rearing to go, actively involved in labour law matters. I wish my 21 year old nephew as well as the 70+ years Rao much success and happiness in 2019 and beyond. They inspire us to find our passion and enjoy what we do.
MCA continues to be active with regulatory changes through the year. Do read the updates on Companies Act, GST & IT as also the 4th article on Mediation. For any previous issues of Samhita and the readers feedback, please visit https://sharadasc.com/resource-center/
Here’s wishing all of you a meaningful, joyous, healthy, prosperous, peaceful & blessed 2019 !
Compliance Management of Employment Laws
If you thought employment / labour laws are less harmful as compared to other corporate and tax laws and can be “managed somehow”, you are wrong !
Read this eye opening brief article on the serious consequences of violation of labour laws which appear mundane and seemingly simple. The reality is otherwise which is lucidly brought out by Mr. K Vittala Rao, a Management Consultant with over 50 years of corporate experience in labour and industrial laws.
Mr. Vittala Rao shares his rich practical experience and emphasises the need for compliance management which is the bed rock of corporate governance. Mere tick box compliances will not do. HR and legal departments need to be fully equipped to ensure that the corporates comply both in letter and spirit. Else the top man is sure to face the music of law i.e. prosecution and fine !!!
MCA Updates :
Satisfaction of Charge form modified (CHG-4)
The Companies (Registration of Charges) Second Amendment Rules, 2018 shall come into force from the date of their publication in the Official Gazette. This has notified a new form for Particulars of satisfaction of charge (CHG-4) which modifies the existing one.
The biggest roadblock that confronts any party that is desirous of exploring mediation is the inherent lack of autonomy in deciding whom to approach. In arbitration and conciliation proceedings, parties have the option to approach ad-hoc arbitrators or undertake arbitration under the auspices of any of the recognised arbitration institutions. Similar is the case with Conciliation. However, when it…Read more
Companies (Incorporation) 4th Amendment Rules
The Companies (Incorporation) Fourth Amendment Rules, 2018 shall be effective from the date of their publication in the Official Gazette.
Post the Companies (Amendment) Ordinance, 2018 the following forms have been notified:
✔ Form No.INC.20A – Declaration for commencement of business
✔ Form No.INC-25A – Advertisement to be published in the newspaper for conversion of public company into a private company
✔ Form No.RD-1 – Form for filing application to Regional Director
✔ Form No.RD GNL-5 – Form for filing Addendum for rectification of defects or incompleteness
The subscribers to the MOA have to make sure that the initial subscription amount has to be transferred to the company’s bank account within 2 months from the date of incorporation. Proof for the same needs to be filed along with INC-20A.
Relaxation of additional filing fees for Cost Audit Report
The Cost Audit Report in XBRL format (CRA-4) for the year ending 31st March, 2018 can be submitted upto 31st December, 2018, without payment of additional fees.
GST Updates :
Reduction of GST rates
The much awaited reduction in GST rates is around the corner. The reduction of GST rates from 28% to 12 / 5 / 0 % for different goods and services has been announced as a press release. Kindly go through the same for more details. However, notification is awaited
Income Tax Updates
Explanatory notes to Finance Act, 2018
Explanatory notes to the provisions of the Finance Act, 2018 may be referred to for details.
Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.