Newsletter dated 17th April, 2015

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THOUGHT OF THE DAY
“Continuous Efforts is the key to unlock our true potential...”
Law Updates:
 The government has set the record straight on tax disputes,
maintaining these were not covered by any Bilateral Investment
Promotion and Protection Agreement (BIPA) and needed to be
judicially and legally settled. The income tax department had last
month slapped a Rs 10,247-crore ($1.6-billion) tax demand on
Cairn Energy Plc.
 The Company Law Board has postponed till May 15 the hearing on
the Ministry of Corporate Affairs (MCA) petition to supersede the
board of Financial Technologies (India) Ltd (FTIL). FTIL had on
March 2 filed a petition in the Bombay High Court challenging the
MCA decision to supersede the FTIL board under Section 397 of the
Companies Act 1956.
 Vide Notification No. 40/2015 dated: 15-4-2015 issued by CBDT,
approval of IIT, Samantapuri Bhubaneswar for the purpose of
clause (ii) of sub-section (1) of section 35 of the Income-tax Act,
1961, read with Rules 5C and 5E of the Income-tax Rules, 1962 has
been provided.
PROFESSIONALS INPUTS:
 The Reserve Bank of India (RBI), on Thursday, said that banks will
have the discretion to offer differential interest rates for term
deposits above Rs.15 lakh. All term deposits of individuals — held
singly or jointly — of Rs.15 lakh and below should, necessarily, have
premature withdrawal facility. (RBI/2014-15/554 DBR.No.Dir.BC.
87/13.03.00/2014-15 dated April 16, 2015).
 Vide Income Tax Notification No. 41/2015, dated-15th April, 2015,
CBDT Notifies ITR-1 ITR-2 ITR-4S ITR-V for A.Y. 2015-16 with
several Changes.
 Vide Notification No F. 14(2)/LA-2015/cons2law/40-54 dated 30th
March,2015 issued by D-VAT, Now D-VAT refund can be claimed
only at the end of „tax period‟; credit of excess VAT paid
inadvertently is allowable
MARKET WATCH:
SENSEX: 28615.64 -50.40 NIFTY:8668.90 -37.80
SILVER:36450.00 -37.00 GOLD (MCX): 26675.00 30.00
USD/INR: 62.37 0.06 CRUDE OIL: 3503.00 -56.00
CS Rajiv Bajaj
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Date: 17th April, 2015

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Mary Kom,
Indian boxer
"To be a successful boxer one must also have a strong
heart. Some women are physically strong but fail when
it comes to having a strong heart. One also must have
the zeal and the right fighting spirit. We work harder
than men and are determined to fight with all our
strength to make our nation proud. God has given me
the talent and it’s only because of sheer grit and hard
work that I have made it so far."
BRIEF PROFILE:
Mary Kom was born on March 1, 1983 in Kangathei, Manipur, to Mangte Tonpa Kom and Mangte
Akham Kom, who used to work in jhum fields. Mary Kom completed eight years of education in
Moirang and proceeded to Imphal for her ninth and tenth standards. Unfortunately, she could not
pass her examinations. So, she quit school and gave her examination from NIOS and graduated from
Churachandpur College. Although she was not brilliant academically, she did not give up on life. Not
everyone is good at studies; some are good at sports.
BUSINESS JOURNEY:
From young, Mary Kom was interested in athletics, but the success of Dingko Singh, an Indian boxer
born in Manipur, in the 1998 Asian Games ignited passion in Mary Kom and propelled her to enhance
her boxing skills and become a professional boxer. Just like Mary Kom, we have role models of our
own and we look up to them. When they achieve great things in life, we are inspired to follow in their
footsteps, and this is what Mary Kom did. In 2000, she began her training under M Narjit Singh,
Manipur State Boxing Coach.
Since boxing is considered unsuitable for women by many, Mary Kom hid her passion and interest
from her family and her family came to know about her interest through a newspaper when she won
the Manipur State Boxing championship in 2000. Youths of today can learn a lot from Mary Kom.
Many of the youngsters today are afraid to pursue their dreams; they are afraid of rejections from the
society. Success can never materialise from fear. For success, one needs to be confident and
determined. If you are certain about your goals and your abilities, you should take up the challenge
and pursue them. Only then will you be able to reach the peak of success.
Mary Kom started boxing at the international level at the age of 18, which is considered old by several
standards. However, she did not lose faith. C S Lewis, a famous poet and novelist, once said, “You are
never too old to set another goal or to dream a new dream”. In order for dreams to become a reality,
passion, hard work and dedication are necessary; age is not a criterion. Mary Kom proved to the world
that age is nothing but a number. Her determination to succeed in the world of boxing won her many
medals, including a bronze medal in 2012 Olympics.
ACHIEVEMENTS AND ACCOLADES:
For her contribution to sports, the Indian government bestowed her with a number of awards,
including the Arjuna Award in 2003, Padma Shree in 2006, sportswoman of the year by Sahara
Sports award in 2010 and Padma Bhushan in 2013. Her accomplishments are remarkable, which is
why Sanjay Leela Bhansali, an acclaimed film director, decided to make a movie on Mary Kom‟s life.
The movie is expected to release next year for both local and international audiences and it is hoped
that through this movie, thousands of children and adults will be inspired by Mary Kom to excel not
only in sports but in any field they are interested in.