Phrases that seniors must avoid

Many of the managers who acquire higher positions attain the attitude of egoism very soon. They will start dominating on the employees who are under them. In most of the companies, the managers have the habit of humiliating, oppressing on the employees. They start ruling on their employees who work for them.

'Stop what you are doing and do this now':

Many managers in a company start dominating on the younger employees by ordering them assignments anytime they want. There may be situations, where even they are forced to take such a step. Many employees go through many emergencies and deadlines in their work. Sometimes they face situations where they get last minute deadlines which make them very stressful. There are managers who just reject the ideas and opinions that are given by employees as they just want to order their own thoughts above them. Sometimes they start asking the employees to leave all their work and start the work they give at that moment.

'I need only solutions not problems':

In an office, we see managers who just want everything to be completely perfect. They don’t like anything to go wrong at any situation. If at all any problem arises in the company they are least interested in giving solutions to those problems. Instead of suggesting their opinions they dump all the problems on the employees who work under them and ask them to find solutions immediately.

'You're lucky to have this job':

This is a really bad habit that most of the managers have. They start telling their employees those things which hurt them the most.Many of the managers start threatening their employees that they are very lucky to have their current job. They say it in a threatening attitude because to make the employees feel that they are under threat of losing the job at any moment if they do any mistakes. This may affect them in a really bad way as the start working under threat of losing the job. They fail to enjoy the work they do.

'You have to finish this and then only you can leave':

Many managers say that you must not leave the office until and unless you don't finish the given work and sometimes even they start threatening that if they disobey their given work they are much into trouble of loosing the job. This forces the employees to overwork even if they dislike.

'I am not bothered to whatever you just suggested':

This happens in many of the companies. The manager starts believing that what ever they tell that is final and the decision they take must be respected by everyone without any comments.

'Just do how much I have asked you to do':

This is very common in many companies. The egoistic managers do not carry the habit of encouraging their employees for their achievement. They just do not like the employees to grow up in their career. If an employee takes a good decision without the permission of the manager, the manager just rejects the overall decision that is taken by the employee even if the managers feels the idea is good. The only reason for them to reject the decision is that they were not approached by the employees when they took that decision.

New Companies Bill

Click below to get new companies bill as approved by cabinet and proposed in Lok Sabha

http://220.227.161.86/Companies-Bil-Lok-sabha.pdf

New Companies Act t have

29 chapters
470 section and
7 Schedules


Highlights of the New Company Bill tabled in Lok Sabha:

Corporate Social Responsibility

o 2% of average profit of last three years.

o Only disclosure mandatory.

o Mandatory CSR committee.

Auditors

o Rotation in four years.

Independent Directors

o Five-year fixed term.

o No stock options.

o Board to have one woman director.

1. The Bill enhances the accountability for those incorporating a company, and directors on the board, by framing additional disclosure norms.

2. At the time of incorporation, it is now mandatory to file the consent of directors associating with the company. The director will also have to give particulars of other firms which they are associated with. This will make promoters and directors more accountable. It will also address the problem of bogus directors on company boards.

3. In case of fraud, the defaulter can get an imprisonment of anywhere between six months to 10 years along with a fine.

4. The new Bill also proposes that persons signing the memorandum of association—document that regulates a company’s activities—will have to state upfront that they have not been associated with any fraud or mismanagement or breach of duty under the companies law.

5. With scams such as companies vanishing after raising public monies as also opting for liquidation, the new Bill was designed with the aim of sensing frauds early and, therefore, these provisions have been incorporated. These will ensure that maximum responsibility is put on the companies when they register.

6. The Bill also proposes to strengthen the Serious Fraud Investigation Office, a multi disciplinary body constituted by chartered accountants, company secretaries, revenue and corporate law officials.

7. It will also introduce concepts that are new to India, including the one-person company and class-action suits. The proposed regulation will also make it easier to start and shut companies.

Others Observations of the new Bill:

 

Serious Fraud Investigations Office

o To get power to arrest.

o No suo moto powers.

Investor protection

o Mandatory “Unpaid Dividend” account to be opened by companies in scheduled banks.

Unpaid/Unclaimed

o 30 days dividends to get transferred under Investor Education Protector Fund.

Benefit to Minority Shareholders

o Majority Shareholders shall deposit equal value of shares obtained from minority in a separate bank account.

ON AUDITORS

As part of the Companies Bill, the government is planning an overhaul of the audit and financial services sector to guard against corporate frauds and irregularities. A major proposal made in the bill includes separation of audit and non-audit functions, when offered by the same firm.

The proposal prohibits any audit firm to offer a variety of non-audit services that include accounting and book keeping; internal audit; design and implementation of any financial information system; actuarial services; investment banking; and rendering of outsourced financial services. The government has also made a provision to add further services in the future by reserving the right to add to the list of prohibited services.

The proposal prohibits offering of such services (directly or indirectly) not only to the company whose audit is being conducted but also to its holding company or subsidiary company or associate company.

And to ensure that audit firms do not offer the services through any other route, the proposal has even put restrictions on use of related entities. "...in case of auditor being a firm, either itself or through any of its partners or through its parent, subsidiary or associate entity or through any other entity, whatsoever, in which the firm or any partner of the firm has significant influence or control, or whose name or trade mark or brand is used by the firm or any of its partners."

The move will hit top multi-disciplinary companies, including the Big 4 like KPMG and Ernst & Young, all of which offer not only audit services but other allied financial services too. In fact, many a times the services are offered to the same company, which the proposal wants to stop.

"This (proposal) is ridiculous. On the one hand, the government is saying that firms should offer multi-disciplinary services while on the other hand, it is talking of audit-only firms. This will be counter-productive," P R Ramesh, chairman of Deloitte India, told TOI. He said the move will impact the operations of large firms and will reduce their ability to attract subject-matter experts. "Not only will we lose scale, we will also lose manpower. How will we make investments in people."

Pricewaterhouse had a similar view. "The Bill seeks to take quite extreme positions in each and every thing," Harinderjit Singh, Partner at Pricewaterhouse and a former council member of ICAI, said. Ramesh added that to check irregularities by audit firms, the government should establish an effective oversight mechanism. Also, the punishment in case of a fraud needs to be swift and severe."

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Though this is a free and effective software but it would recover your word file as text and tables would be lost .

Indusind Bank Credit Analyst

  Indusind Bank Interview Questions for Experienced CA's

1) Please Introduce yourself.

2) Tell me about your present Job Profile?

3) What do u do in Credit Analysis?

4) Which according to you is the growing sector today?

5) Who are the Key players/big corporates in XYZ sector in North region?

6) Anything you have done that you would call as your Master Peice?

7) How will you be able to convince your bosses  about a particular proposal?

8) What are the key ratio you look into for analyzing financials of the company?

9) What is your current CTC and notice period?

10) If given a choice between Credit Analyst and Relationship manager which profile would attract you more?

Consultant or Employee

Today, an employer often gives flexibility to a person to be employed as an ‘employee’ or a ‘consultant’. Such a situation may arise due to the type of the profession, the person’s age and the extent of reporting and supervision.

Currently, employer is not defined in the Income Tax Act, but it is defined in the proposed Direct Taxes Code (DTC) as, “a person who controls an individual under an express or implied contract of employment and is obliged to compensate him by way of salary”.
Before entering into a contract with a person joining the organisation as a consultant, the employer should be careful in wording down the contract, as it should not imply that the relationship is more of an employer and an employee, rather than of a principle/employer and a consultant to avoid any issue from the tax authorities.
If a person enters into a contract as a consultant, he/she can claim certain legitimate business expenses like travelling, printing and stationary, telephone, depreciation as deductions against the income for the work done.

But the consultant will not be eligible for certain retirement benefits and social security, which otherwise is available to an employee. As per IT Act, the income earned by the consultant is regarded as ‘income from profession’, while income earned by the employee is classified as ‘income from salary’.
The consultant is required to maintain books of account, income and expenditure account, and balance sheet, unlike in the case of an employee where the latter has only income from salary and other sources like interest from savings account and fixed deposit.

Also, the consultant is required to comply with service tax laws. Further, if the gross income of the consultant is more than R15 lakh per annum, then he has to maintain books of account under Section 44AB of the Income Tax Act, unlike an employee. Being a consultant, the individual will need to file his tax return in form ITR 4 as against ITR 1 or 2 in case of an employee.

In absence of any specific guidelines, the employer can rely on the guiding principles laid down by a Supreme Court in the ruling of Ram Prashad vs commissioner of income-tax, where it says that the employer has the right to control the method of doing the work, the employee is subject to the supervision and control of the employer, the employee will not normally be allowed to pursue another employment or profession during her/his current job with a company and the employer is responsible for the payment of salary or other remuneration. There is no straight-jacket formula to decide which option is better, but can be decided based on the actual facts of each case.

Universal Laws With Girls

1. If u think a girl is beautiful, she'll always have a boyfriend to confirm that.

2. The nicer she is...the quicker you will be dumped!!!!!

3. The more the makeup, worse the looks...

4. "99% of the girls in this world are beautiful. It’s the remaining 1% that would be in your company.".........

5. The guy standing next to a beautiful girl can never be her brother.

6. If by any chance the girl you like, likes you too, she will let you know in about 10 years from now, when you are committed..

7. The more you ignore a girl, the more she'll want to be friends with you.

8. Rule 1: Even if you got her out alone... just when you are about to let her know about your feelings...she will spot a long lost friend(I guess from Kumbh ka Mela).

            Corollary to rule 1: The more desperate you are to tell your feelings to a girl on a private chat, the more probability the long lost friend she discovered is a handsome superman, who beats you in everything 9:1

9. The more seriously u like a girl...the more seriously her dad will hate u

Hank Yarn Obligation

Hank yarn obligation in Textile Sector

The hank yarn obligation scheme was designed to provide hank yarn to handloom weavers at a reasonable price and in a timely way. The scheme makes it compulsory for yarn spinners to earmark certain per cent of their production for handloom weavers. Spinners are typically less keen to reel cone yarn into hank yarn as the process adds to their costs, yarn in that form garners a lower price in the market and it services a diminishing market. Additionally, as many spinners also operate powerlooms, they favour cone yarn to supply their own production. Uneconomical and out of step with the current large-scale, mass production of cone yarn, hank yarn production was falling and as a result handloom weavers were increasingly faced with a decreasing supply of their primary input.

Under the first hank yarn reservation scheme, initiated in 1993, private spinners were ordered to produce half of their yarn in hank form, the type of yarn required by handloom weavers. All remaining output could be produced in cone form for sale to textile mills. The goal of the first hank yarn obligation was thus to improve the availability hank yarn at a reasonable price for handloom weavers.

In 2000, the scheme was altered in a way which unfortunately allowed spinners to scuttle their obligations. Alterations gave spinners the leeway to fulfill their obligations through 1) filling the deficit by transferring the obligation on to other spinning mills or 2) by carrying forward the deficit to the following year.

Initiatives like this one and the CENVAT removal effectively subsidize handloom weavers by making yarn cheaper. The production of hank yarn is uneconomical, wasteful, very much labour oriented and impacting adversely on the economic viability of the spinning units. Though supply of yarn to the vulnerable handloom sector is no doubt necessary but it should not be done at the cost of the spinning sector, more so in the context of the on going integration of world textile market.

The conversion of cone yarn to hank yarn is highly labour intensive and mills have to incur an additional cost of about Rs. 2 to Rs. 10/kg. of yarn depending on the counts spun as compared to cone yarn.

.A Hank of Yarn Looks like above. It is used in Traditional Hand-loom Machines as compared to cone yarn in moderen Power Loom Machines. Cone yarn looks like following:-