Page 1

Consultants’ Corner Volume 5 | Number 72 | Aug 2012 | Page 1– 10

Chaos no more.. Page. 03

Rekha Murali

Importance of failure in success Page. 04

NCR Consultants Limited www.ncrcl.com Associates with


Our Mission is to apply our professional capabilities with a holistic approach for the happiness of clients, through values and social commitment.

Inside Importance of failure in success Have all successful people reached their pinnacle only through success? Or was it the failures along the way that motivated them to excel in their chosen field? The answer is simple as it is a well known fact that failure is an inevitable part of success….… -read more...page 4

News

see more..page 6

3

Message from Dr. RSM

4

Importance of failure in success

5

Income Tax Website Navigation-Part 2

6

Fearlessness

6

What’s up at NCRCL?

7

An Exclusive Talk

8 9

Parichay

9

Birthday Greetings

9

Just for Laughs

9

Round Table

Knowledge Snippet

Income Tax Website Navigation-Part 2

Fearlessness

This feature has been a recent addition in the Income Tax website and was initiated by the Government as part of increasing transparency in its functions. This facility helps assesses to monitor their tax refund process and in turn helps them to track their refund money with their bank.………

Fearlessness connotes freedom from all external fear, fear of disease, bodily injury and death, of dispossession, of losing one‘s nearest and dearest, of losing reputation and so on. One who overcomes the fear of death does not surmount all other fears, as is commonly but erroneously supposed. Some of us do not fear death…...

read more..page 5

read more..page 6

Parichay An exclusive talk with Krithiga see more..page 7

McMillan Woods see more..page 8


Consultants’ Corner

1

2

3

4

5

6

7

8

9

10

Chaos no more.. Dr. R. S. Murali muralirs@ncrcl.com

Last month we discussed ―chaos‖ and how chaos begins and ends with us. ―Chaos originates in our day to day work primarily due to: lack of knowledge, not organizing ourselves, not using appropriate approach/methodology in what/how we do, and the way we react/interact with others‖. After discussing these aspects we came to some important aspects of internal development that are required to keep chaos at bay. We need to prepare not only our body but also our soul! Good exercise, positive food and meditation are the key areas of our discussion now. Whenever we feel tired i.e. the body feels tired – when the legs are feeling weak after a long walk under the midday sun – who actually ‗feels‘ the tiredness? The pain from the leg is understood by the brain but there is something behind these instruments which feel the pain. We get back home with pain and we receive some good news about having stood first in the examination. The tiredness goes away! The pain, though present, is not felt that much. The pain now takes a back seat and the pleasant thoughts and happiness pours in. Now, who is the one who is experiencing this pleasure overpowering the pain. These are experienced not by the instruments of the body but by the ―soul‖. This soul is the focus of our discussion now. We need to understand that the mind which has the software to run the body cannot live without the body. When the body dies, the mind dies. This mind has an interesting role to play. It is the base for our pride, our ego, our helplessness, our emotions, etc. The mind always tries to see that it dictates even to the ‗soul‘. Normal people who do not understand this get carried away and become slaves of the mind. This mind is the one that prevents man from achieving greater heights. While there are enough literature and discussions about ‗controlling the mind‘, actually this does not work. We need to manage the mind. We need to be smart enough to make the mind do what we want. This requires structured steps and persistent action. The soul has to take over from the mind. In order to manage the mind, we need: good exercise, positive food and meditation. Good exercise: Any exercise that makes us feel tired is no good. When a child is born, it‘s body is flexible and when it dies as an old person, the body is stiff. During the entire life span, we are moving towards stiffness. The more stiff our body becomes, we are going towards death; the more flexible our body, we are living healthy! We need to do those exercises that make our body supple, and flexible. Such exercises are nothing but Yoga. In various forms of Yoga there are several ‗asanas‘ or postures that will help us develop flexibility in our body. The asanas focus on ‗breathing‘ and ‗flexing the muscles and nerves‘. A well performed Surya Namaskar routine each day is good enough. This will take just about 10 minutes every day. Unwanted toxins get out of the body; the mind gets peace. This is what good exercise is about. Positive food: Can there be positive and negative food? Yes. The food that provides right type of minerals, vitamins and energy in a balanced manner so that the body-mind combine works perfectly well is called ‗positive food‘. In Bhagvat Gita—Chapter 14, the three gunas: sattva, rajas and thamas are discussed. We need to increase the sattva in us by eating positive food. The food that is not heavy, that is not spicy, that is not high on fat are examples of sattvic food. The food needs to be fresh (not carryovers or packed food). We need to eat maximum as breakfast (as the time lag between dinner and breakfast is the maximum), have a moderate lunch and a brief dinner. Eat at least two hours before you go to bed. We have to eat fresh vegetables (as salads), fruits and nuts daily. This combination of good exercise and positive food will make the body supple, flexible and light. The Yoga, apart from eradicating the toxins will create adequate hunger for you to consume good food as breakfast. Maximum calories are burnt in the morning. It will make us feel light. We will be able to think well in office. There will be no lethargy. By having this type of food and the routine of getting up early in the morning for Yoga, slowly sends a message to the mind that it is being brought under custody. It is the mind that justifies our getting up late in the morning or going for a tempting fill of spicy food. Now very subtly, we get to manage our mind without too much of resistance. This is the way to slowly bring chaos under control. We are still to address meditation. We will, soon….


Consultants’ Corner

1

2

3

4

5

6

7

8

9

10

Importance of failure in success Rekha Murali rekha@ncrcl.com (As published in ‗The Hindu—opportunities‘ dated July 11, 2012)

Have all successful people reached their pinnacle only through success? Or was it the failures along the way that motivated them to excel in their chosen field? The answer is simple as it is a well known fact that failure is an inevitable part of success. There are two sides to failure. One group would view failure as just a stumbling block, learn from the mistakes and move forward with vigour to achieve the goal. The other group would, however, look at it as a setback and out of fear never attempt to change considering themselves as failures in life! It is how you handle failure that determines the success rate of your endeavours. The fastest way towards success would be to learn from failure and not analyse what went wrong or regret the initiative. As Bill Cosby says, ―In order to succeed, your desire for success should be greater than your fear of failure.‖ Living in an era where there is immense pressure to succeed, what better way is there to succeed than to think out of the box, experiment, and take risks! A positive approach is the only way to rise above failures, accept that it is human to fail, learn from the experience, circumnavigate to the road to success. Human beings are their own worst critics. Fear of failure, fear of the opinion of others, fear and lack of self confidence, fear of one‘s shortcomings, fear of the consequences of an initiative or action, are some of the invisible blocks you set up as barriers in success. How do you get out of this rut? It is alright to make mistakes: You learn by falling, so acknowledging mistakes is a sure fire way to success. Instead of being on the defensive when a mistake is pointed out by others, gracefully accepting the mistake and owning responsibility for it not only helps you but also helps you gain the respect of others. Avoid the blame game: Avoid blaming the external circumstances or people for the mistakes and look for causes that can be rectified. Once you learn from the mistake, it is a guarantee that the mistake or failure can be avoided again in the future. But not learning from the failure and making the same mistakes again and again is like digging one‘s own grave. Think things through: Instead of rushing headlong into a fire fighting mode to rectify the issue, take time off to think. Just jumping in to sort things out would only

pile on the mistakes leading to a defeat. The issue may be constantly on the mind but letting things settle and taking time off may help in arriving at a good alternative solution. Try, try and try: You should not regret or repent for what could have been in your golden years. So, do not give up easily due to failures but try to achieve the success which you so much desire and deserve! Plan well: Plan in such a way that there is room for failure, expecting it as a part of the journey to s u c c e s s. Having alternate plans or options is recommended for overcoming the shortcomings of an initial plan. Seek help: Brainstorming with your team, or discussion with your peer group, friends and other acquaintances would bring clarity in thinking and overcome the inhibitions, barriers in your mind towards the problem. Inner transformation: The inner critic or the inner voice may inhibit progress with niggling doubts and feelings of not deserving the success. Being too hard on yourself with criticism and being strongly aware of your weaknesses and the ‗if only‘ attitude restricts you from experimenting or venturing out of the ordinary towards innovativeness. Overcome this by living in the present, the moment. Thich Nhat Hanh – a Buddhist monk, teacher and author recommends the Buddhist philosophy of practising mindfulness in all thoughts, words and actions where the focus is in the present action, or thought for a successful life and living. There are two philosophical attitudes towards failure. One way is to treat it as a stepping stone to success and the other way is to realise the strengths and weaknesses and identify skill sets that would help you forge ahead. Bear in mind that it is human to fail. You are never too old or never too young to try anything new. Failure should not deter you in your path to gaining new skills or succeeding in life! Failure enhances the sense of achievement when you finally taste success. Life is not a bed of roses and it is in your hands how successful or purposeful you make it!

If you don't like something change it; if you can't change it, change the way you think about it. - Mary Engelbreit


Consultants’ Corner

1

2

3

4

5

6

7

8

9

10

Income Tax Website Navigation-Part 2 Karthik M V karthikmv@ncrcl.com

Status of Tax Refund The second instalment of the Income Tax Website Navigation series is here. This edition focuses on viewing the status of tax refund using the Income Tax website. Brief: This feature has been a recent addition in the Income Tax website and was initiated by the Government as part of increasing transparency in its functions. This facility helps assesses to monitor their tax refund process and in turn helps them to track their refund money with their bank. Refund of tax paid is faster these days when compared to last few years when there was absolutely no clarity to the assessee of the refund processing done at the Income Tax department. The improved efficiency has increased the faith in the Income Tax department and further improvements in the refund processing viz., showing the date of refund, shall definitely put the income tax department in good stead in the coming days. The pictorial explanation on how to check Refund Status online is given in the below.

5 Simple Steps and you are there!! 1. Go to the website http://incometaxindia.gov.in/home.asp

3. Leads to the NSDL website

2. Select view tax refund status

4. Key in your PAN & relevant Assessment Year ASDF0000A

xxxxxx

5. Status of refund processing is displayed

4. Key in your PAN & Assessment Year


Consultants’ Corner

1

2

3

4

5

6

7

8

9

10

Fearlessness R Krithiga Priyadharsini krithiga@ncrcl.com

Fearlessness connotes freedom from all external fear, fear of disease, bodily injury and death, of dispossession, of losing one‘s nearest and dearest, of losing reputation and so on. One who overcomes the fear of death does not surmount all other fears, as is commonly but erroneously supposed. Some of us do not fear death, but flee from the minor ills of life. Some are ready to die themselves, but cannot bear their loved ones being taken away from them. Some misers will put up with all this, will part even with their lives, but not their property; others will do any number of black deeds in order to uphold their supposed prestige. The seekers after truth must conquer all these fears. He should be ready to sacrifice his all in the quest of Truth, even as Harishchandra did. Perfect fearlessness can be attained only by him who has realized the supreme, as it implies freedom from delusions. One can always progress towards this goal by determined and constant endeavor, and by cultivating self-confidence. As we have already discussed, we must give up all external fears. But the internal foes we must always fear. We are rightly afraid of animal passion, anger, and the like. External fears cease of their own accord, when once we have conquered these traitors within the camp. All such fears revolve round the body as the centre, and will therefore disappear, as soon as we get rid of attachment for the body. We thus find that all external fear is the baseless fabric of our own vision. Fear has no place in our hearts, when we have shaken off attachment for wealth, for family and for the body. ‗Enjoy the things of the earth by renouncing them‘ is a noble precept. Wealth, family and body will be there, just the same; we have only to change our attitude towards them. All these are not ours, but God‘s. Nothing whatever in this world is ours. Even we ourselves are His. The Upanishad directs us to give up attachment for things, while we enjoy them. That is to say we must be interested in them, not as proprietors, but only as trustees. He, on whose behalf we hold them, will give us the strength and the weapons requisite for defending them against all usurpers. When we thus cease to be masters, and reduce ourselves to the rank of servants, humbler than the very dust under our feet, all fears will roll away like mists; we shall attain ineffable peace. (Source : ‗From Yeravda Mandir‘ by M.K. Gandhi.)

What’s up at NCRCL?

Our colleagues Kishore and Bhavana participated in the CA day conducted by ICAI in which they performed a duet after a solo by Bhavana! Keep the flag flying Bhavana and Kishore! RSM and Ashok attended a special meeting of the Committee on Accounting Standards for Local Bodies of the ICAI where they interacted with Prof. (Dr.) Andreas Bergmann, Chair of the International Public Sector Accounting Standards Board of the IFAC. Sathya Narayana has passed an online examination and obtained a Certificate in IFRS (CertIFR) awarded by the ACCA Institute, UK. Congratulations Sathya!


Consultants’ Corner

1

2

3

4

5

6

7

8

9

10

An Exclusive Talk with Krithiga Priyadharsini

Krithiga Priyadharsini B.Com, CA Working as Consultant Born on 02nd October Email: krithiga@ncrcl.com Mob No: +91 9940137376

CC. The meaning of your name. Krithiga: Krithiga - Name of a star , Priyadharsini – appears lovable and affectionate CC. Nickname. Krithiga: Krithi CC. Your dream job. Krithiga: The current one. CC Your first impression of NCRCL. Krithiga: Organization which is built on values CC. What personal/emotional characteristic of yours do you want to change? Krithiga: I am little sensitive on which I am working on. CC. Money or job satisfaction? Krithiga: Job satisfaction

CC. Team work vs Individual work – your comments. Krithiga: Team work with clearly defined roles and responsibilities produces better results. CC. Do you make efforts to get others to laugh and smile? Krithiga: I do CC. Your heart rules your head or your head rules your heart? Krithiga: I wish my head rules my heart always, but sometimes heart wins. CC. What kind of special talent do you have? Krithiga: Searching for one CC. What are your hobbies? Krithiga: Listening to music, reading books, cooking

CC. Your Stress buster. Krithiga: Music, good sleep and walk amidst nature CC. Do you have a small circle of close friends, rather than a large number of friends? Krithiga: I have both. CC. What do you most like about a person? Krithiga: Knowledge and simplicity CC. What do you most hate in a person? Krithiga: Ego and hypocrisy

Be yourself. The world worships the original. - Ingrid Bergman


Parichay

Know our Associates!

McMillan Woods McMillan Woods Global (MCMWG) is a global network or association of independent local and regional firms of recognised qualified accountants and professional advisors. It was established for the purpose of providing members and their clients with the capability of furnishing a broader spectrum of accounting, auditing, advisory and management services at a cutting edge cost effective basis. Its network is spread across the globe with offices in over 28 countries at present. McMillan Woods is a provider of audit assurance, tax advisory and consultancy to include financial advisory services. McMillan Woods responds to clients' complex business challenges across industry sectors and national boundaries. For instance, the audit assurance practice helps clients manage risks so they can focus on their core business activities. By personally understanding each client's business, McMWG translate information into insights to uncover hidden opportunities to improve client efficiency and performance and deliver the highest quality professional services with a modern, dynamic and fresh methodology. NCRCL is proud to be an associate of MCMWG and are currently working towards establishing a name in Mauritius for IFRS and ACCA courses.


Consultants Corner

1

2

3

4

5

6

7

8

9

10

Knowledge Snippet In which unit is the speed of computer mouse measured? Send in your answers to the editor at cc@ncrcl.com

Answer To last month’s Knowledge Snippet question: Which is the largest coffee growing country in the world?

Answer:

The right answer was given by R Krithiga Priyadarsini & R Bhavana

Brazil

!!! Congratulations !!! Happy Birthday!

Mamtha.D.A - 05th Aug

Ha Ha Ha !!!

Vikas R - 08th Aug

For feedback If you have any comment/suggestion for the editors, please write to us at cc@ncrcl.com! Your views and comments on articles featured here are also welcome!

Never, never give-up One day, a teacher was teaching a lesson to the class about never giving up and how history will remember those who never gave up. She asked the students: "Did Abraham Lincoln ever give up?" All the students replied, "No". She asked them again, "Did Edison ever give up?" Again the students replied, "No". After mentioning couple of great heroes' names, she finally asked them, "Did Joe Doe give up?" On that, all the students replied, "Who is Joe Doe?" She said, "You don't know his name because he gave up." Before we think there is nothing we can achieve that is useful, let's think twice, may be ten times, even a hundred or a thousand times and let's always remember this:-"NEVER, NEVER, NEVER GIVE UP."

Life is either a daring adventure or nothing. Security is mostly a superstition. It does not exist in nature. - Helen Keller


NCR Consultants Limited

Our Business Associates

NCR & Co Chartered Accountants

www.hsbconsulting.biz

www.4spl.biz

www.mcmillanwoods.com

www.obsitech.com

www.nathaninc.com

www.deltacadd.com

www.fichtner.in/india.htm

www.altacit.com

Karnataka Institute of Public Auditors

www.ineval.org

www.fugoconsulting.com

i2i IFRS

Contact

Registered Office: 2nd Floor, New No. 4, Old No. 23, C P Ramasamy Road, Alwarpet, Chennai - 600 018 Ph: +91 44 2466 0955 Fax: +91 44 4218 5593 Email: chennai@ncrcl.com

Branch Office: #107, 1st Floor, Railway Parallel Road, Kumara Park West, Bangalore - 560 020 Ph/Fax: +91 80 23560265 Email: bangalore@ncrcl.com

Website: www.ncrcl.com

CC Issue No. 72-Aug 12  

Internal Newsletter

Read more
Read more
Similar to
Popular now
Just for you