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www.csrajivbajaj.com
THOUGHT OF THE DAY
THOUGHT OF THE DAY
“The limits of the possible can only be defined by going beyond
them into the impossible.”
Law Updates:
 Both employees and employer's contribution covered under Sec.
43B: Patna High Court.
 Department restrained from taking recourse to Rule 5A for
accessing registered premises under Service Tax Rules.
 No Sec. 69C additions when assessee is covered by presumptive
taxation Scheme of Sec. 44AD: Tribunal Chandigarh.
 Compounding fee paid by assessee as per direction of RBI for some
technical violations without committing any offence is an allowable
business expenditure: Tribunal Pune.
 Assessee, who is benefited by exemption, is bound to discharge
post-import/clearance liability during period when such Notification
was in force; department cannot enforce compliance with post-
import/post-clearance condition for period after rescission of
exemption notification.
PROFESSIONALS INPUTS:
 CBDT via Press Release dated 21st
July, 2016 has stated Income
Tax Department to issue 7 lakh letters seeking Information in
respect of High Value Transactions.
 RBI vide Notification No. RBI/2016-17/25 dated 21st
July, 2016 has
permitted banks to reckon government securities held by them up to
another 1 per cent of their NDTL under FALLCR within the
mandatory SLR requirement as level 1 HQLA for the purpose of
computing their LCR.
MARKET WATCH:
SENSEX: 27,710.52 -205.37 NIFTY: 8,510.10 -55.75
SILVER: 45,346. 00 -689.00 GOLD (MCX): 30,699.00 -43.00
USD/INR: 67.14 -0.04 CRUDE OIL: 3,073.00 75.00
CS Rajiv Bajaj
9811453353
Bajajr66@gmail.com
youtube.com/csrajivbajaj
https://www.facebook.com/Rajiv
1Bajaj
http://www.csrajivbajaj.com
Date: 22nd
July, 2016
www.csrajivbajaj.com
Vinita Gupta
Founder and Chairman of Digital Link Corporation
Vinita Gupta (born 1949) is an Indian-born American businesswoman.
She is the founder and chairman of Digital Link Corporation (now Quick
Eagle Networks). She is credited with being the first woman of Indian
origin to take her company public in the United States.
Early life and Education
Gupta was born in 1949 in India and spent her early years in Delhi. In
1973 she earned a bachelor's degree in electronics and communications from the University of
Roorkee (now Indian Institute of Technology Roorkee). In 1974 she came to the United States and
earned an M.S. in electrical engineering from University of California Los Angeles.
Career
In her early career, Gupta worked as an engineer for GTE Lenkurt and later held engineering
management positions at Bell Northern Research (now part of Nortel Networks).
In May 1985 Gupta founded Digital Link Corporation, a company which engaged in the design,
manufacture, marketing, and support of digital wide-area network access products for global
networks. The company went public in 1994 and was later renamed as Quick Eagle Networks. Gupta
still serves as chairman, chief executive officer and president.
Gupta also serves as chairman of Palo Alto Medical Foundation Research Institute. She also serves on
the board of Indian School of Business (ISB), Hyderabad andCancer Prevention Institute of California.
Gupta holds two US Patents, one for a solid state relay issued in 1984 and another for a square root
circuit issued in 1986.
Honors
For two consecutive years, Working Woman Magazine has named Digital Link one of the top 500
women-owned businesses in the United States. She was 1999 honoree at Asian Pacific Fund.
Personal Life
Gupta is married to Narendra Gupta, vice chairman and interim president and CEO of Wind River
Systems, and co-founder of Integrated Systems. Gupta has two daughters.

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Newsletter dated 22nd july, 2016

  • 1. www.csrajivbajaj.com THOUGHT OF THE DAY THOUGHT OF THE DAY “The limits of the possible can only be defined by going beyond them into the impossible.” Law Updates:  Both employees and employer's contribution covered under Sec. 43B: Patna High Court.  Department restrained from taking recourse to Rule 5A for accessing registered premises under Service Tax Rules.  No Sec. 69C additions when assessee is covered by presumptive taxation Scheme of Sec. 44AD: Tribunal Chandigarh.  Compounding fee paid by assessee as per direction of RBI for some technical violations without committing any offence is an allowable business expenditure: Tribunal Pune.  Assessee, who is benefited by exemption, is bound to discharge post-import/clearance liability during period when such Notification was in force; department cannot enforce compliance with post- import/post-clearance condition for period after rescission of exemption notification. PROFESSIONALS INPUTS:  CBDT via Press Release dated 21st July, 2016 has stated Income Tax Department to issue 7 lakh letters seeking Information in respect of High Value Transactions.  RBI vide Notification No. RBI/2016-17/25 dated 21st July, 2016 has permitted banks to reckon government securities held by them up to another 1 per cent of their NDTL under FALLCR within the mandatory SLR requirement as level 1 HQLA for the purpose of computing their LCR. MARKET WATCH: SENSEX: 27,710.52 -205.37 NIFTY: 8,510.10 -55.75 SILVER: 45,346. 00 -689.00 GOLD (MCX): 30,699.00 -43.00 USD/INR: 67.14 -0.04 CRUDE OIL: 3,073.00 75.00 CS Rajiv Bajaj 9811453353 Bajajr66@gmail.com youtube.com/csrajivbajaj https://www.facebook.com/Rajiv 1Bajaj http://www.csrajivbajaj.com Date: 22nd July, 2016
  • 2. www.csrajivbajaj.com Vinita Gupta Founder and Chairman of Digital Link Corporation Vinita Gupta (born 1949) is an Indian-born American businesswoman. She is the founder and chairman of Digital Link Corporation (now Quick Eagle Networks). She is credited with being the first woman of Indian origin to take her company public in the United States. Early life and Education Gupta was born in 1949 in India and spent her early years in Delhi. In 1973 she earned a bachelor's degree in electronics and communications from the University of Roorkee (now Indian Institute of Technology Roorkee). In 1974 she came to the United States and earned an M.S. in electrical engineering from University of California Los Angeles. Career In her early career, Gupta worked as an engineer for GTE Lenkurt and later held engineering management positions at Bell Northern Research (now part of Nortel Networks). In May 1985 Gupta founded Digital Link Corporation, a company which engaged in the design, manufacture, marketing, and support of digital wide-area network access products for global networks. The company went public in 1994 and was later renamed as Quick Eagle Networks. Gupta still serves as chairman, chief executive officer and president. Gupta also serves as chairman of Palo Alto Medical Foundation Research Institute. She also serves on the board of Indian School of Business (ISB), Hyderabad andCancer Prevention Institute of California. Gupta holds two US Patents, one for a solid state relay issued in 1984 and another for a square root circuit issued in 1986. Honors For two consecutive years, Working Woman Magazine has named Digital Link one of the top 500 women-owned businesses in the United States. She was 1999 honoree at Asian Pacific Fund. Personal Life Gupta is married to Narendra Gupta, vice chairman and interim president and CEO of Wind River Systems, and co-founder of Integrated Systems. Gupta has two daughters.