Newsletter dated 21st July, 2015

1. www.csrajivbajaj.com
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THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The journey of a thousand miles begins with one step....”
Law Updates:
 The income tax department has launched an ambitious drive to bring
under its net one crore new taxpayers after the government recently
asked the taxman to achieve the target within the current fiscal. The
CBDT has also asked the taxman to clampdown on tax deducted at
source (TDS) defaults and ensure that big Income Tax defaulters are
just not let off after slapping penalties but also prosecuted in a court of
law.
 A Parliamentary Committee, which scrutinised the crucial GST Bill, has
prepared a draft report wherein the government has agreed to provide
compensation to states for any revenue loss for five years, thus giving in
to one of the major demands from several opposition parties.
 CBDT sets up ISC to protect confidentiality of tax information from
abroad. The confidentiality of taxpayers' information has assumed a
greater significance in view of "increased availability of information"
regarding offshore tax evasion, tax avoidance and stashing of
unaccounted money abroad.
 SEBI mulls listing of cooperatives. Listing of cooperatives is in practice
in the UK, US and Australia. “The regulator is consulting legal experts
for a way around it," said a source. SEBI is also discussing the issue
with the ministry. Listing of cooperatives will require amendments to
the Securities Contract (Regulations) Rules, the Companies Act, and the
SEBI Act.
PROFESSIONALS INPUTS:
 India, Russia sign customs pact to boost trade. The two countries have
fixed a target of $30 billion to be achieved by 2025.
 In M/s IWI CROGENIC VAPORIZATION SYSTEMS INDIA Vs
Commissioner of Central Excise Vadodar (2015-TIOL-1458-
CESTAT-AHM), the Hon’ble Tribunal has held that recovering tax
from the service recipients and not paying the same to Department has
to be treated as evasion of service tax with an intention to evade the tax
and hence penalty is leviable even if tax liability along with interest was
paid before the issue of Show Cause Notice.
MARKET WATCH:
SENSEX: 28366.25 -97.06 NIFTY: 8574.10 -35.75
SILVER: 33606.00 -594.00 GOLD (MCX): 24990.00 -508.00
USD/INR: 63.55 0.07 CRUDE OIL: 3224.00 16.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 20th July, 2015

2. www.csrajivbajaj.com
Mr.Rajesh Jain,
Founder, Netcore Solutions
The Founder and Managing Director of netCORE Solutions has been one
of Mumbai's most well-established entrepreneurs. The role of the
company is to offer affordable software solutions to Indian Companies.
He is working on his concept of Emergic Ecosystem which is an attempt to
offer low cost computing.
One of Rajesh's early ventures, IndiaWorld Communications, launched in
1995 was acquired by Satyam Infoway in November 1999 for US$ 115
million in one of Asia's largest Internet deals. IndiaWorld was the largest collection of India-centric
websites, comprising Samachar (news), Khel (cricket), Khoj (search) and Bawarchi (food).
EARLY LIFE & EDUCATION:
He was born on 15th August,1967 in Pune. He studied at St. Xavier’s Collegefrom 1982 to 1984. He got
his graduation in Electrical Engineering in the year 1988 from IIT Bombay. He did his MS (Electrical
Engineering) from Columbia University, New York in the year 1989 and returned to India in 1992 to
pursue his entrepreneurial dreams. Before he returned back to India, he worked at NYNEX Science
and Technology for 2 years.
CAREER PROFILE:
He founded Ravi Database. This is a company dedicated to offer consulting and image processing
needs of the medival and mettalurgical needs. Later he plunged into India World Venture.He is the
CEO of India World which he launched in 1995. He focusses on Service based computing, two way
web and multi media and broadband world. India World turned out to have largest collection of India
Centric websites such as Khoj.com, Samachar.com, Khel.com, etc. He sold India World to Satyam
Infoway in 1999. This is one of the biggest Asia’s Internet acquisitions. Later the valuations and
acquisitions of India World was questioned after the revelation of the Scam of Satyam CEO
Ramilinga Raju.
He is also the Founder and Chairman of Emergic Venture Capital. Emergic has invested over $20
million of Rajesh's personal money into a dozen companies in the digital space in India and abroad.
Among the investments are Novatium, which has created a $100 network computer, Rajshri Media,
which runs India's largest broadband portal, and mChek, which is into mobile payments.
ACHIEVEMENTS SO FAR:
He was a director of M Check Inida Payment Systems Pvt. Ltd. He is the co founder and Board
Member of many institutions like SEraja Technologies Private Limited, Middas Technologies which is
a wireless broadband technology company, n-Lounge which is started to provide internet and voice
services in small towns and rural areas, Rajshri Media, mobile content and broadband companyand
Novatium which is the IT Product Development and solution company which is a competitor to XO
OLPC $100 laptop. He is serving as director of Greynium Information Technologies Pvt. Ltd.
Rajesh is a well-known figure in the technology industry and is an invited speaker at national and
international forums. He has also been featured in cover stories in both TIME and Newsweek.