10 WAYS TO IMPROVE YOUR MEMORY&TRAIN YOUR BRAIN

Most of us can lose our train of thought midway through a sentence .“In a recent study of healthy adults, the average number of memory slips, like putting the coffee jar in the fridge, was around six per week, irrespective of age, gender and intelligence,“ says neuropsychologist Dr Joanna Iddon. In fact, it was the younger, busier people that were the most absent-minded. Remembering is an active process and making the most of your memory involves paying better attention, planning and organising. Luckily , there are some tricks and strategies to help you banish those thingumabob moments.

ASSOCIATE THE MEMORY WITH THE ENVIRONMENT: So if, for example, a joke is learned in the presence of a particular smell, that same aroma may cue the memory for that joke. “More simply , when in an exam, I advise my students to visualise the place in which they were revising as a cue to memory,“ says Andrew Johnson, memory specialist and lecturer in psychology at a UK-based university .

CLENCH YOUR FIST: Research suggests that balling up your right hand and squeezing it tightly actually makes it easier to memorise phone numbers or shopping lists.Later, when you want to retrieve the information, clench the left fist. Researchers think the movements activate brain regions key to the storing and recall of memories.

LEARN SOMETHING BEFORE BED: The best way to `consolidate a memory' is to go through the information just before going to sleep This is because there are fewer `new' interfering memories so you will remember it better the next day .

AAH! LOOK AT CUTE KITTEN PICTURES: Looking at cute images of baby animals doesn't just make you feel warm and fuzzy inside, it can also help the brain to concentrate. Researchers at a university in Japan split 132 students into three groups and gave each one tasks such as playing a game where body parts are removed without making contact with a livewire ­ or finding a number in a random sequence. After one attempt, they spent several minutes looking at cute pictures of kittens or puppies and did it again.Performance scores improved by an average of 44 per cent.

DRINK MORE MILK Scientists asked 972 people to fill in detailed surveys on their diets and to complete eight rigorous tests to check their concentration, memory and learning abilities. Adults who consumed dairy products at least five or six times a week did far better in memory tests compared with those who rarely ate or drank them.

EXERCISE MORE: Several studies have shown that aerobic exercise improves cognitive function and is particularly good at enhancing memory . Exercise is also thought to encourage the growth of new brain cells in the hippocampus -an area of the brain important in memory and learning.

WIGGLE YOUR EYES: Forget what it looks like to others! Wiggling your eyes from side to side for 30 seconds could be the key to boosting concentration. That's because the left and right sides of the brain perform different functions and improving communication between them can bolster mental performance.

DON'T SWALLOW IT WHOLE: When someone gives you a phone number, use `chunking' as a way of remembering it. When you chunk the numbers, it becomes a sort of a story for you to remember than trying to break it down to remember it.

DRINK GREEN TEA: Chinese researchers say regularly drinking green tea could improve your memory and delay the onset of Alzheimer's disease thanks to its key ingredient -the organic molecule EGCG (epigallocatechin-3 gallate), an antioxidant that protects against age-related degenerative illnesses.

LEARN ANOTHER LANGUAGE:Learning a foreign language can boost your brain, even in adults.A research carried out by a university in UK found verbal fluency and intelligence in 262 people who took on another tongue.Other studies have also hinted that being bilingual can delay the onset of dementia by several years. The effects were present in those who learned their second language early .(Aug 14 2016 : The Times of India (Mumbai)

Avoid plastic made National Flag, display paper flags, dispose with dignity

Ahead of the Independence Day, the Ministry of Home Affairs has issued an Advisory to the Chief Secretaries / Administrators of all State Governments / UT Administrations, Secretaries of all Ministries / Departments of Govt. of India to ensure strict compliance of the provisions contained in the 'Flag Code of India. 2002' and 'The Prevention of Insults to National Honour Act, 1971'. The Advisory directs that mass awareness programmes be carried out in this regard and also give wide publicity through advertisements in the electronic and print media.

The Advisory states that on important national, cultural and sports events, Flags made of paper only are used by public in terms of the provisions of the 'Flag Code of India, 2002' and such paper Flags are not discarded or thrown on the ground after the event. Such Flags are to be disposed of, in private, consistent with the dignity of the Flag. Wide publicity, for not using the National Flag made of plastic, should be made along with its advertisement in the electronic and print media.

Further, it has been brought to notice of the MHA that on important events the National Flags made of plastic are also being used in place of paper Flags. Since plastic flags are not biodegradable like paper flags, these do not get decomposed for a long time and ensuring appropriate disposal of National Flags made of plastic commensurate with dignity of the flag, is a practical problem. It may also be noted that as per Section 2 of 'The Prevention of Insults to National Honour Act, 1971'- Whoever in any public place or in any other place within public view bums, mutilates, defaces, defiles, disfigures, destroys, tramples upon or otherwise shows disrespect to or brings into contempt (whether by words, either spoken or written, or by acts) the Indian National Flag or any part thereof, shall be punished with imprisonment for a term which may extend to three years or with fine, or with both.

The Advisory reiterates that the National Flag represents the hopes and aspirations of the people of our country and hence should occupy a position of honour. There is universal affection and respect for, and loyalty to, the National Flag. Yet, a perceptible lack of awareness is often noticed amongst people as well as organizations/agencies of the Government in regard to laws, practices and conventions that apply to display of the National Flag. A copy each of 'The Prevention of Insults to National Honour Act, 1971' and 'Flag Code of India, 2002' which governs display of National Flag, are available on the links below for strict compliance of the provisions contained in the Act and the Flag Code (copy also available on this Ministry's website www.mha.nic.in).

'Flag Code of India, 2002': http://mha.nic.in/sites/upload_files/mha/files/flagcodeofindia_070214.pdf

 

'The Prevention of Insults to National Honour Act, 1971':

http://mha.nic.in/sites/upload_files/mha/files/pdf/Prevention_Insults_National_Honour_Act1971.pdf

 

The 10 Most Common Interview Questions

1. Tell me about yourself
2. What interest you have about this job
3. Why did you leave your last job.
4. Why would you excel at this job
5. What do you know about our company so far.
6. Interviewer can ask a problem and ask how would you react  in that situation.
7. What would you do in first 90 days in this position.
8. What is most important to you in new position.
9.What salary range you are looking for.
10. What question you do have for me.

HOW TO REVISE TAX RETURN

TTaxpayers are usually careful and exercise due diligence while filing income tax (I-T) returns. But sometimes in a rush to file their tax returns within the due date of 31st July (extended to 05th August this year), they end up making mistakes. Among the common errors are unclaimed deductions or an income not reported or reported incorrectly. One's contact details or the bank account given for the refund of taxes could also be wrong. However, if you have filed your return within the due date, then you need not worry as you can revise your return. 

A major reason why taxpayers have to revise their returns is that they are not aware of the recent changes in tax rules, which result in incorrect filing of returns. For example, according to the latest tax laws, "this year the taxpayer whose income exceeds Rs 50 lakh per annum had to file a declaration about his/her assets and liabilities. However, only a few taxpayers might have reported this due to their ignorance. In such cases, they still have an opportunity to rectify their mistake by filing a revised return," says Vaibhav Sankla, Director, H&R Block India. 

Who can file revised returns? 
Of the many advantages of submitting your I-T returns timely, the most important is that it can be revised. However, "to make your revision process smooth, it's better not to verify a return - if that has been filed online -- you wish to revise. That is because once a return is verified, the Income Tax Department begins processing it. Therefore, correct your errors when you notice them, review your return properly and submit your revised return. You can then verify the revised return," informs Archit Gupta, founder and CEO, cleartax.com. 

So if you notice any error in your tax return after filing it, you better file a revised return correcting the error to avoid any penalty. Income tax laws allow the taxpayers an opportunity to correct the error or omission in their returns by submitting a revised tax return under Section 139(5). 

"The provision clearly states that any person who has filed the original tax return on or before the due date can file a revised tax return before the expiry of one year from the end of the relevant assessment year, or before the completion of assessment, whichever is earlier. For example,if a person has filed his original return for the financial year 2015-16 within the due date, then he can file a revised return before March 31, 2018 or before the completion of the assessment of the particular financial year, whichever is earlier," says Nitin Baijal, Director, BMR & Associates LLP. 

One good news is that starting the next AY 2017-18, the Income Tax Department has allowed revision of belated returns (returns which are filed the due date) as well. 

How many times can you revise your return? 
If you have filed your tax return for FY 2015-16 on or before 5th August, 2016, then you can file a revised return any number of times up to 31st March 2018. "Though one can revise one's tax return any number of times, but the facility should be used sparingly as it may increase the chances of your return being selected for scrutiny, especially if it is resulting in large refunds for you. Revision is allowed only if the omission was unintentional, but if you deliberately file a false return, then you will be liable to be imprisoned under Section 277 and the offence will not be condoned by filing a revised return. Further, you may also have to pay 100 to 300 per cent of tax due as penalty for concealing income," says Sankla. 

According to him, in case the revision of original return results in some taxes payable, you may have to pay the interest under Sections 234C & 234B (levied for non-payment of advance taxes), but you will be saved from the interest under Section 234A (levied for non-filing of tax return within due date). You can pay such interest and taxes through Challan No. 280. Also make sure that you enter the details of such challan in the revised return, else it will be considered a defective return owing to additional tax payable. 

How to file a revised return? 
For filing the revised return, you will beto enter the acknowledgement number and the date of filing of the original return in the revised form. If you are filing a revised return more than once, then at first and every subsequent revision you will have to enter the acknowledgement number and the date of filing relating to the original return only. You can file a revised return online or through physical mode. 

You can revise a return online only if you have filed the original one online and have the 15-digit acknowledgement number of the original return sent to you by the I-T Department. "Your return can be revised with any of the e-filers, irrespective of whether you filed your original return with them or not. Incorporate the omission in your return, then review and check all the fields, including those where there was no change. If the changes result in a tax due, you must pay this tax before submitting your return.

Verifying your returns 
A revised return filed online must be verified. You can verify it via several methods provided by the IT department including netbanking or Aadhaar OTP (One-time Password). You can also send the physical ITR-V to CPC, Bangalore. However, remember to send the ITR-V of the revised return. ITR-V is sent as an attachment by the I-T Department to your registered email ID after you successfullyyour return online. 

It is always in your best interest to file your original I-T return with utmost care, avoiding the chances of any error or omission. You can, however, still use the opportunity provided by law to rectify mistakes in your return, if any, before it is too late. 

Updates:-

1. 15.08.16 is the last date to Issue of TDS certificate for June quarter of 2016-17 by all deductors.
2. Now Company Secretaries or Cost Accountants having PAN, or their firm can also act as e-return intermediary. CBDT notification dated 09.08.16.
3. Reimbursement of seconded employees’ salaries to seconding company not subject to TDS. [DCIT vs. Mahanagar Gas Ltd. (ITAT Mumbai)].
4. The Parliament passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill,2016 empowering banks to confiscate security in the case of loan default. 
5. Statutory Bank  Audit  Online Multipurpose Empanelment Form (MEF) for the year 2016-17 is live at www.meficai.org. The last date for submission of online MEF Form for the year 2016-17 is 31st August, 2016 and for submission of hard copy of "DECLARATION FOR MEF 2016-17" is 12th September, 2016.

CLARIFICATION ON FOREIGN PORTFOLIO INVESTORS ISSUING ODI

CIR/IMD/FPI&C/61/2016

dated 29th June 2016 issued by SEBI

Foreign Portfolio Investors – ODI – Clarification on replies of FAQ 70 and FAQ 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014

In terms of the SEBI (Foreign Portfolio Investors) Regulation, 2014 (FPI Regulations)and circulars issued from time to time regarding ODI, the Foreign Portfolio Investors (FPIs) issuing ODIs (hereinafter referred to as ODI Issuers)are required to comply with the clarifications to the following queries raised by them:

1. ODIs have been issued to unregulated funds under the FII Regulations. Whether these ODI positions can continue under the FPI regime? Whether the existing ODI subscribers can continue to subscribe to ODIs?
   Clarification: The ODI subscribers who have subscribed to ODIs under FII Regulations can continue to subscribe to ODIs under the FPI regime, subject to the condition that they comply with Regulation 22 of SEBI FPI Regulations, 2014 and meet the eligibility criteria as laid down in the SEBI circular CIR/IMD/FIIC/20/2014 dated November 24, 2014 along with other norms which may be notified by SEBI from time to time. Those ODI subscribers which do not meet the aforementioned norms, including unregulated funds whose investment manager is appropriately regulated, can continue to hold the position till the date of expiry of such positions or till December 31, 2020, whichever is earlier. Such subscribers cannot take fresh positions or renew the old positions.
2. Whether an ODI issuer can issue ODIs to existing entities, which were registered as clients but did not have positions as on January 07, 2014?
   Clarification: Fresh ODIs can be issued to those entities which comply with SEBI circular CIR/IMD/FIIC/20/2014 dated November 24, 2014 along with other conditions that may be notified by SEBI from time to time read along with Regulation 22 of SEBI FPI Regulations, 2014

The replies for FAQ 70 and FAQ 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014 stands modified from the date of this circular getting effective.

This circular shall be effective from August 1, 2016

UPDATES

IRDA:

The Insurance Regulatory and Development Authority of India has issued Insurance Regulatory and Development Authority of India (Remuneration of Non-executive Directors of Private Sector Insurers) Guidelines, 2016. The need to bring in professionalism to the Boards of insurers cannot be overemphasized. In order to enable insurers to attract and retain professional directors it is essential that such directors are appropriately compensated. Accordingly, the Authority has finalised the guidelines on remuneration for non-executive Directors, as under for implementation by the private sector insurers. These guidelines shall be effective from 1^st October, 2016 or from the date of appointment/ re-appointment of MD/ CEO/ WTDs and Non-executive Directors, whichever is later.

According to above guidelines, the Board of Directors should formulate and adopt a comprehensive remuneration policy for the non-executive Directors. While formulating the policy, the Board shall ensure compliance with the provision of the Companies Act, 2013. The insurers may pay sitting fees to the non-executive directors and reimburse their expenses for participation in the Board and other meeting, subject to compliance with the provisions of the Companies Act, 2013. Insurers are required to make disclosure in respect of remuneration paid to such directors in their Annual Financial Statements.

NCLT:

The National Company Law Tribunal has prescribed the fee of Rs. 200/- per inspection for inspection of the records as provided under rule 114 of the NCLT rules, 2016. The rule 114 (Inspection of the Records) of NCLT rules, 2016 provides that the parties to any case or their authorised representative may be allowed to inspect the records of the case by making an application in writing to the Registrar and by paying the fee prescribed thereof i.e. Rs. 200/- per inspection.