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For Internal Circulation Only MONTECARLO Where Talent Meets Challenge INSIDE 2. Message From JMD's Office 3. From Editor's Desk 4. Felicitation of Long Service of our Employees 7. Events @ Project Sites 8. Project Milestone 9. Initiatives to Prevent Covid - 19 at Sites 10. Initiatives to Prevent Covid-19 at Head Office 11. Global Patidar Business Summit 2020, Gandhinagar 13. Inauguration of Montecarlo Corporate House 14. Glimpses of Inside View of Montecarlo Corporate House 15. 7 QC Tools For Process Improvement 18. New Income Tax Regime In Financial Year 2020-21 20. Quiz 21. Employee Corner 22. Awards & Accolades /mclindia /mcl_india /company/montecarlo-ltd Issue 06 - 07 : Jan - June 2020 Glimpse of Montecarlo Corporate House Idols of Lord Ganesha, Hanumanji and Saibaba @ Montecarlo Corporate House
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Page 1: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

For Internal Circulation Only

MONTECARLO Where Talent Meets Challenge

INS

IDE

2. Message From JMD's Office 3. From Editor's Desk 4. Felicitation of Long Service of our Employees 7.

Events @ Project Sites 8. Project Milestone 9. Initiatives to Prevent Covid - 19 at Sites 10. Initiatives to

Prevent Covid-19 at Head Office 11. Global Patidar Business Summit 2020, Gandhinagar 13. Inauguration

of Montecarlo Corporate House 14. Glimpses of Inside View of Montecarlo Corporate House 15. 7 QC Tools

For Process Improvement 18. New Income Tax Regime In Financial Year 2020-21 20. Quiz 21. Employee

Corner 22. Awards & Accolades

/mclindia /mcl_india /company/montecarlo-ltd

Issue 06 - 07 : Jan - June 2020

Glimpse of Montecarlo Corporate House

Idols of Lord Ganesha, Hanumanji and Saibaba @ Montecarlo Corporate House

Page 2: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

02

MONTECARLO

MESSAGE FROM JMD’S OFFICE

Dear Family Members,

I trust that you along with your family members are healthy and fit. The COVID-19 situation has evolved further and we are dealing with a significant global challenge.

In addition to the immediate and serious health concerns, we are seeing a huge impact on all of our lives as well as the global economy. Understandably, there is a great sense of unease everywhere. First and foremost, we would like to thank you for what you have done already to overcome this crisis and to get our company prepared to cope with this situation. Your commitment makes all the difference.

We would also like to reassure you that as a company we are resilient. Over the course of all these years, we have seen – and mastered – many challenging moments. We are convinced that we will overcome this one too. And we would like to remind you of the special responsibility that as a company at this time. Infrastructure Industry has key role to play in growth story of the nation. In moments like these our purpose and values matter a lot to the people and communities we serve.

I am glad to share with all of you that financial results are declared. Our company have achieved the Turnover of Rs. 2940 Cr. For the Year ended on 31st March 2020. I appreciate the contribution of each one of you in achieving this milestone.

Due to Covid-19, we were unable to work at sites across, which had resulted in to loss of revenue in first quarter - April-June 2020. In view of the same, all of us need to geared up to achieve the budgeted turnover in the balance period for the year 2020-'21. I am confident that with your dedication, hard work & sincerity, we will achieve the same.

In this year, we have achieved one of the biggest milestone in the history of Montecarlo Limited. It was the proud moment for all of us to enter steps in this beautiful iconic building of Montecarlo House.

Please do look after yourselves and your families. Stay safe. Stay Healthy.

Mrunal PatelJoint Managing Director

Page 3: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

03

MONTECARLO

Dear Montecarlo Family Members,

Season's Greetings.

We are happy to present you the Sixth and Seventh issue of our quarterly In House ‘Magazine 'Montecarlo One'.

We are passing through the challenging times of Covid 19 pandemic, and we have not left any stones unturned to create the environment safe at our work place. Our sites have also put their best efforts to create the culture of cleanliness and fight against deadly virus. These initiatives are covered in this issue.

From previous issue onwards, we are felicitating our employees who served long period of time and contributed in the growth story of Montecarlo.

In this issue, we share the glimpses of Inauguration of Montecarlo Corporate House, Global Patidar Business Summit 2020, and many more interesting stuffs.

Be safe, Don't be Panic.

Wish you Happy Reading.

Dr. Jignesh Shah

FROM EDITOR’S DESK

Page 4: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

04

FELICITATION OF LONG SERVICE OF OUR EMPLOYEES

Write it on your heart that every day is the best day in the year. - Ralph Waldo Emerson

MONTECARLO

Indreshkumar Verma Executive – Quality Control

Amrawati Chikhli

Tripurari PrasadExecutive – Quality Control

Kidiyanagar

Dharmendra PatelEx – Finance & Accounts

Ram Bachan YadavSupervisor - Procurement

Barjora

Devang PatelSr. Ex – Procurement

Arun OjhaDy. Manager – L&D

Anuj KumarSr. Ex – HR & Admin

Deepak PradhanGeneral Manager - Highways

Kota

Kanhaiya SinghSupervisor

Rimuli

Tushar ShashtriDy. Manager – Project

Rimuli

Rabindranath NandaAsst. Executive - Techno

Rimuli

Kamal Kumar ChhataiSr. Engineer – Projects

Pawai Canal

Dilip SinghSr. Engineer – Quality Control

Rimuli

Purushottam SoniEx. Techno Commercial

Pawai Canal

Rabindranath Nayak Sr. Executive – Projects

Rimuli

Ajit Kumar Supervisor- Project

Rimuli

Shobhan KanungoAGM - Project

Rimuli

Manoj YadavMechanic – P&M

Rimuli

Pramod SinghSurveyor – Projects

Rimuli

Rambharos KushwahaExecutive - Project

Rimuli

Deepankar KumarSr. Ex. Procurement

Singhara

Janardan KumarAsst. Executive – P&M

Singhara

Damananda SahuAGM – Project

Rimuli

Abhay PatelOperator – P&M

Singhara

Maksood Ali Engineer - Project

Rimuli

Viresh Sanghavi Asst. Executive – F&A

Deepak Mishra Sr. Executive – Procurement

Dipesh Patel Executive – IT

Successfully Completed 10 Years With Montecarlo Limited

Vikash PatelExecutive – F&A

Head Of fice

Head Of fice

Head Of fice

Himanshu Rampal Sr. Manager - BD & Tendering

Head Of fice

Head Of fice

Head Of fice

Head Of fice

Head Of fice

Head Of fice

Page 5: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

05

FELICITATION OF LONG SERVICE OF OUR EMPLOYEES

"Whether you think you can or think you can't, you're right." - Henry Ford

Successfully Completed 10 Years With Montecarlo Limited

MONTECARLO

Ismail MiyaMechanic – P&M

Fatuah

Santosh Kumar ChoubeyDy. Manager – Techno. Com.

Gorakhpur

Lalankumar Singh Operator – P&M

Singhara

Manoj KumarAsst. Manager - Project

Singhara

Sushil JagneSupervisor - Project

Singhara

Pradeep Sharma Asst. Ex – Procurement

Singhara

Shashibhushan MishraAsst. Manager – Project

Singhara

Aman VermaghAsst. Engineer – Quality Control

Fatuah

Sharda Prasad Dwivedi Sr. Executive – Project

Fatuah

Bipin Kumar ChoudharyOperator – P&M

Fatuah

Chandan Kumar SinghEngineer – P&M

Fatuah

Babubhai ParmarSr. Manager – Project

.Fatuah

Santosh Kumar SinghSupervisor - Project

Fatuah

Manoj Kumar PandaDy. Manager – Techno Com.

Fatuah

Ranjeet ChaudharyForeman – P&M

Nagpur

Devnath Sharma Denter – P&M

Nagpur

Anil Kumar AVP – Project

Nagpur

Rakesh SinghSupervisor – P&M

Nagpur

Dharmendra RajakSupervisor – Project

Nagpur

Nirmal Kumar Pandey Manager – Project

Fatuah

Shambhu Roy Sr. Executive – Project

Fatuah

Dharmendra BhartiManager – Techno. Com.

Gorakhpur

Rakesh SinghEx – Quality Control

Fatuah

Narendra TyagiManager - Project

Gorakhpur

Gadai MajiSupervisor – Project

Nagpur

Manoj KumarAsst. Manager - Project

Nagpur

Devaram PooniaAsst. Ex – Procurement

Nagpur

Daud AnsariAsst. Manager - Project

Nagpur

Sh. Chhatrapal PatelAsst. Mgr – Techno Com.

Kota

JP Singh Asst. Manager – Project

Singhara

Page 6: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

06

FELICITATION OF LONG SERVICE OF OUR EMPLOYEES

"Creativity is intelligence having fun." - Albert Einstein

Successfully Completed 10 Years With Montecarlo Limited

MONTECARLO

Amarnath Singh Asst. Ex – Quality Control

Washim

Manoj Kumar RaySr. Executive – Project

Washim

Mantu Kumar SinghSupervisor – P&M

Washim

Suman KumarAsst. Executive – Project

Washim

Mahendrakumar SahAsst. Ex – Procurement

Nagpur

Page 7: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

07

EVENTS @ PROJECT SITES

"You can change. And you can be an agent of change." - Laura Dern

MONTECARLO

Team Montecarlo During Inauguration Of Tss

At Ashok Nagar, Bina Kota.

Ashok Nagar 'Traction Sub Station' Was

Inaugurated On 24th February, 2020.

Inauguration Of Ashok Nagar Traction Sub Station

Being Done By Sh. Shailendra Kumar Singh

(General Manager – Western Central Railways)

Curtain Unveiling Done By Sh. Uday Borvankar

(Manager – Western Central Railways)

Answers:1. Foreign Contribution Regulation Act 2. Jammu & Kashmir 3. Arunachal Pradesh 4. Harmanpreet Kaur 5. Jack Ma 6. Rajnish Kumar 7. Amul 8. Maria Sharapova 9. Kaziranga National Park, Assam 10. Reliance Digital TV / Big TV

EDITORIAL TEAM

£ Bhavin Adhyaru£ Devendra Bathija£ Pallav Dave£ Satyam Parikh£ Sanjeev Pandey£ Chirag Panchal

Page 8: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Who looks outside, dreams; who looks inside, awakes" - Carl Jung 08

Construction of Gorakhpur Bypass from existing Km. 79.670 of NH 29E to existing Km. 251.700 of NH 28 through Engineering, Procurement and Construction (EPC) contract under NHDP-IV in the state of Uttar Pradesh.

PROJECT MILESTONE

MONTECARLO

Glimpses of Gorakhpur Bypass Project

Page 9: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

09"We know what we are, but know not what we may be" - William Shakespeare

MONTECARLO

INITIATIVES TO PREVENT COVID - 19 AT SITES

Use Of Sanitizer At Entrance Of Office At Sasaram Display Of Covid 19 Information At Sasaram

Wearing Mask At Work Station – Botad Site Cleaning Of Glass Doors Frequently – Halvad Site

Cleaning Of Most Used Surfaces Such As

Door Handle – Nagpur Site

Maintaining High Standards Of Cleanliness

@ Nagpur Office

Page 10: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

10"Difficult roads often lead to beautiful destinations" - Unknown

MONTECARLO

INITIATIVES TO PREVENT COVID-19 AT HEAD OFFICE

Walkthrough Disinfectant Panel Social Distancing Maintained at

Lobby – Ground Floor

Social Distancing at Cafeteria Sanitization in Various Areas of Montecarlo

Corporate House

Car Sanitization at Entrance Checking Body Temperature

Page 11: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

11"Learn to sell. Learn to build. If you can do both, you will be unstoppable" - Naval Ravikant

MONTECARLO

What a phenomenal turnout! A big success and we're grateful for all the compliments we received on our thoughtfully designed stall. Montecarlo Limited had a great presence of 500 Sq. Meter stall in Hall No. 2 at Exhibition Center, Gandhinagar. Chief Minister of Gujarat, Shri. Vijay bhai Rupani and Deputy Chief Minister Shri. Nitin bhai Patel had visited Montecarlo Limited stall. Objectives behind the event were to facilitate internal and global alliances of small, medium and large enterprises of the community, to nurture and support new entrepreneurs in the community, to impart training and provide respectable employment to the educated youths in the community.

During the exhibition, Our JMD Shri Brijesh bhai Patel had participated in an interesting panel discussion with fellow entrepreneurs. Our CMD Sir Shri Kanubhai Patel was also felicitated with 'Patidar Udyog Ratna' Award for his contribution towards Excellence in Business and Infrastructure Sector. Montecarlo Limited was the proud Diamond Sponsor of the entire event.

Front View Of Montecarlo Limited Stall Side View Of Montecarlo Limtied Stall At GPBS 2020

GLOBAL PATIDAR BUSINESS SUMMIT 2020, GANDHINAGAR

Page 12: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

12"Just believe in yourself. Even if you don't, pretend that you do and, at some point, you will." - Venus Williams

MONTECARLO

GLOBAL PATIDAR BUSINESS SUMMIT 2020, GANDHINAGAR

Sh. Kanubhai Patel (CMD) Receiving "Patidar Udyog

Ratna Award'' from Gujarat CM Sh. Vijaybhai Rupani

and Dy. CM Sh. Nitinbhai Patel and Sh. Saurabh Patel

(Minister of Energy)

Sh. Vijaybhai Rupani (Honorable Chief Minister Of Gujarat)

and Sh. Nitinbhai Patel (Honorable Dy. CM of Gujarat,

visited Montecarlo Limited Stall

Panel Discussion – GPBS 2020 Sh. Brijesh Patel during Panel Discussion on

'Discipline in Business'

Sh. Kanubhai Patel Along with Sh. Brijesh Patel and

Sh. Mrunal Patel Receiving Special Honour at GPBS 2020

Sh. Brijesh Patel (JMD) Received Memento

at GPBS 2020

Page 13: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." - Theodore Roosevelt

MONTECARLO

Montecarlo Corporate House was inaugurated on 30th January, 2020. We had performed Pooja and Havan with the blessings of almighty. Montecarlo Corporate House is having salient features as mentioned below:

INAUGURATION OF MONTECARLO CORPORATE HOUSE

Montecarlo Parivar Puja and Havan

CMD Sh. Kanubhai Patel Inaugurating the Office JMD Sh. Brijesh Patel Inuagurating The Office

• The iconic building is 474 Ft. tall with total area of 1, 14,270 Sq. Ft.

• Climate assessment tests done at designing level of the Montecarlo Corporate House.

• 'Green Building' with Water Sewage Treatment Facilities and HVAC Radiant Cooling System

• The diamond cut shape building is having Double Glass Unit, Sage Glass Façade and three

basements for the multilevel parking facilities.

• Autonomous Robotic Solutions used to improve building performance and controlling systems.

• Conference rooms at each floor and two dedicated state of the art dedicated Learning

and Development centers.

13

Page 14: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Work hard and believe in yourself even when nobody else believes in you." - Richard Sherman

MONTECARLO

GLIMPSES OF INSIDE VIEW OF MONTECARLO CORPORATE HOUSE

Krishna - Board Room Work Stations At 9th Floor

Conference Room at All Floors Work Stations

Jupiter Conference Room - Ground Floor Director's Floor Enclave

14

Page 15: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Normality is a paved road: It's comfortable to walk, but no flowers grow on it." - Vincent Van Gogh

MONTECARLO

7 QC TOOLS FOR PROCESS IMPROVEMENT - A SET OF GRAPHICAL TECHNIQUES

Helpful in Troubleshooting Issues Related to Quality

• The 7 QC tools is a systematic and scientific methods for the Problem Solving Technique and

u sed for Product and Process Improvement.

• I t is used to solve 90% of field problems very easily and it improves our workmanship.

From where did the 7 QC Tools come?

• Primarily Kaoru Ishikawa introduced the 7 QC Tools.

• Ishikawa has known for the “Democratizing (Visual Aids/Symbols) Statistics”.

• Good visual aids make statistical and quality control more comprehensive.

• Dr. Kaoru Ishikawa was a professor at the engineering college at Tokyo University.

Why we use The 7 QC Tools for Process Improvement?

• The 7 QC tools for Process Improvement is a set of graphical techniques identified as being

most helpful in troubleshooting issues related to quality.

• It is a fundamental concept to improve the process and product quality.

• It is used to examine the production/workmanship sequence, identify the key issues, control

fluctuations of product quality, and give solutions to avoid future defects.

• This facilitates the organization to resolve the basic problems.

• These 7 QC tools are easy to understand and implement and they do not need complex

analytical / statistical competence, hence it is simple yet powerful.

Benefits of 7 QC Tools:

• Improve management decision making skills.

• C ollect, present, Identify and analyses data.

• C ontrol cost of poor quality.

• Reduce variations and improve quality.

• Reduce defects and improve production / workmanship.

• R educe cycle time and improve efficiency.

• I t encourages the way of problem-solving and improvement.

• T hey are very simple to use but it is very powerful.

• I t is a scientific approach for problem-solving.

• W e can get an 80% result by applying 20% of the effort.

• E ach tool has its own specialty for problem solving and analysis.

• I t is very easy to understand, communicate and use at work place.

15

Page 16: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Learn to be calm and you will always be happy." - Paramahansa Yogananda

MONTECARLO

2. Cause and Effect Diagram (Fishbone or Ishikawa) :

• “It is a meaningful relationship between an effect and its causes."

• It guides concrete action and tracks the potential causes during an investigation of the effort

to determine whether the item significantly contributes to the problem or not.

3. Check Sheet (Or Check List):

• "Check Sheet is a structured, prepared form for collecting and analyzing data."

• The purpose of a checklist is to summarize the data and a tally count of event occurrences.

• A check sheet counts the number of occurrences of an event, such as defects or non-conformance.

• Hence the Check Sheet is also called a "tally sheet ".

• In many cases, a checklist will summarize countable data related to certain types of defects and

will provide a rough graphical representation of wherein a part of the process, defects occurred.

4. Histogram (Or Bar Chart):

• “Histogram is a type of bar graph representing the frequency distribution of the data

from a process.”

• Karl Pearson introduced Histogram and it is a bar graph representing the frequency

distribution on its every bar.

• The histogram is the best Frequency distribution tool.

• A histogram is a pictorial representation of a set of data.

5. Pareto Chart:

• "It is a bar graph arranged in descending order of height from left to right”

• It is a graph that shows the order of the largest number of occurrences by item or by classes

and the cumulative sum total.

• It communicates the principle of 80:20.

• The Pareto Principle gives us information about vital few from trivial many, Hence, It is "Vital

few from trivial many".

• It states that 80% of an effect comes from 20% of the causes.

The 7 Basic Quality Tools Are As Follows:

1. Flow Charts:

• “It is a diagrammatic representation that illustrates the sequence of operation to be performed

to get the desired result.”

• It is a visual representation tool for a sequence of operation, therefore, we can easily illustrate

the Internal and external operational boundaries.

16

7 QC TOOLS FOR PROCESS IMPROVEMENT - A SET OF GRAPHICAL TECHNIQUES

Page 17: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Diligence is the mother of good fortune." - Miguel de Cervantes

MONTECARLO

6. Scatter Diagram:

• “Scatter Diagram is used to study and identify the possible relationship between

two variables”.

• It is the best validation tool.

7. Control Chart:

• “It is used for studying the process variation over time."

• I t is a plot of a process characteristic, usually through time with statistically

determined limits.

• W hen used for monitoring, it helps the user to determine the appropriate type of

action to take on the process depending on a degree of variation.

• C omparing above all tool this is the best forecasting tool.

CONCLUSION

• Statistical QC is chiefly concerned in making sure that several procedures and

working arrangements are in place to provide for effective and efficient statistical

processes , to minimize the risk of errors or weaknesses in procedures or systems

or in source material

• Seven QC tools are most helpful in troubleshooting issues related to quality

• All processes are affected by multiple factors and therefore statistical QC tools can

be applied to any process.

• The continuous use of these tools upgrades the personnel characteristics of the

people involved. It enhances their ability to think generate ideas, solve problem and

do proper planning.

Contributed by :

Mr. Pallav Dave

Dy. GM – Quality Control

17

7 QC TOOLS FOR PROCESS IMPROVEMENT - A SET OF GRAPHICAL TECHNIQUES

Page 18: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Live your beliefs and you can turn the world around." - Henry David Thoreau

MONTECARLO

NEW INCOME TAX REGIME IN FINANCIAL YEAR 2020-21

The Union Budget 2020 introduced a new personal income tax regime for individual taxpayers. However, the option for this concessional tax regime came with a cost to forego certain specified deductions. These include standard deduction of Rs. 50,000, Deduction under section 80C of Rs. 1.50 lakh and interest on self-occupied property of Rs. 2 lakh, deductions which are availed by most taxpayers. As a result, the concessional tax regime may not always be beneficial.

Based on the illustrative table below, you can clearly see that the maximum benefit that can be availed under the new tax regime (considering no investments are made) is Rs 75,000 in terms of tax savings. The highest personal income tax rate of 42.7 per cent will continue to be a huge challenge for high net worth individuals (HNIs). A comparative table reflecting the existing and personal tax regime rates is provided below:

*Basic exemption income slab in case of a senior citizen resident and super senior resident continues to remain the same at Rs 3 lakh and Rs 5 lakh, respectively, as in the existing tax regime.

**No tax up to Rs. 500,000 taxable income, as Rebate under section 87A is available.

• Reduced Tax Rates And Compliance: The new regime provides for concessional tax rates vis-à-vis tax rates in the existing or old regime. Further, as most of the exemptions and deductions are not available, the documentation required is lesser and tax filing is simpler.

A. The Pros Of The New Regime Are As Follows:

18

Page 19: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

"Learn to be calm and you will always be happy." - Paramahansa Yogananda

MONTECARLO

• Increased liquidity in the Hands of the Taxpayer: The reduced tax rate would provide more disposable income to the taxpayer, as investor may not prefer to lock-in funds in the prescribed instruments for the specified period, such as fixed deposits with banks and post offices have a lock-in period of five years, equity-linked savings schemes (ELSS) is for a period of three years, National Savings Certificates (NSC) for five years, etc.

• Flexibility of customizing the investment choice: The existing tax regime provides for deductions to the taxpayer, provided he makes investments in certain instruments and manner as prescribed in the Act. This restricts the investment choices for the taxpayer. However, the new regime provides taxpayer with a flexibility of customizing their investment choices.

B. The Cons Of The New Regime:

• Non-availability of certain specified tax deductions: The new tax regime does not allow the

taxpayer to avail certain specified deductions. Illustrative list is as follows:

Clause (5) - Leave travel concession;

Clause (13A) - House rent allowance;

Clause (14) - Special allowance detailed in Rule 2BB (such as children education

allowance, hostel allowance, uniform allowance, etc.);

Standard deduction, deduction for entertainment allowance and employment / professional

tax as contained in Section 16Interest under section 24 in respect of self-occupied or vacant property (loss under the head

IFHP for rented house shall not be allowed to be set off under any other head and would

be allowed to be c/f as per law);

(ii)

(iii)

(iv)

(v)

(vi)

The old income tax regime by enforcing investments in specified tax-saving instruments. India's gross savings rate was approximately 30 percent in March 2019 and domestic savings by individuals is a significant contributor to the overall savings rate. If more individuals will opt for the new regime, the savings rate would decrease, nevertheless the consumption cycle and demand would be revived.

• Decrease in Overall Savings rate:

► Making Your Choice Between The Two: In light of the above and considering the new income

tax regime, wherein certain deductions and exemptions would not be applicable, if taxpayers want to opt for the concessional new tax regime, they may evaluate both the regimes. However, it is advisable to do a comparative evaluation and analysis under both regimes, to see what works out best for you, before opting to continue with the old one or opting for the new one. Note that the choice can be exercised every year and any regime which is beneficial can be adopted by the individual (except for those who have income from business or profession).

Contributed by :

Ms. Khushboo Jain

Sr. Executive – Finance & Accounts

(Head Office)

NEW INCOME TAX REGIME IN FINANCIAL YEAR 2020-21

19

Page 20: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

1In context of the recent Supreme Court ruling onthe right of an organisation to receive foreigncontributions, what does FCRA stand for?

C. Foreign Currency Rights Act D. Foreign Contribution Rights Act

A. Foreign Currency Regulation Act B. Foreign Contribution Regulation Act

2Which state/Ut has recently launched a school healtheducation plan called 'Student Health Card'?

3

4

5

India's longest Single Lane Cable Suspension bridgeinaugurated in which state?

Who is the current captain of India T20 InternationalWomen's Cricket Team?

Who is the founder of Alibaba Group Holding Ltd.?

A. New Delhi B. Uttar Pradesh

C. Jammu & Kashmir D. Gujarat

A. Assam B. Mizoram

C. Meghalaya D. Arunachal Pradesh

A. Mithali Raj B. Harmanpreet Kaur

C. Smriti Mandhana D. Rajeshwari Gayakwad

A. Ma Huateng B. Daniel Zhang

C. Jeff Bezos D. Jack Ma

6

7

8

9

10

Who is the Chairman of SBI?

Haldi Ice Cream has been launched by whichIce Cream Brand?

Which Tennis Star has retired from Tennis Recently?

A. Urjit Patel B. Rajnish Kumar

C. Arundhati Bhattacharya D. Aditya Puri

A. Havmor B. Amul

C. Baskin Robins D. Vadilal Ice Cream

A. Anna Kournikova B. Venus Williams

C. Lindsay Davenport D. Maria Sharapova

Which National Park is UNESCO World Heritage siteof India known for One Horned Rhinoceros?

'Independent TV' DTH brand was earlier knownas which brand?

A. Ranthambhore National Park,Rajasthan

B. Jim Corbett National Park, Uttarakhand

C. Kanha National Park, Madhya Pradesh D. Kaziranga National Park, Assam

A. Reliance Digital TV / Big TV B. Videocon D2H

C. Dish TV D. Sun Direct

"You are never too old to set another goal or to dream a new dream." - C.S. Lewis

MONTECARLO

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Page 21: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

EMPLOYEE CORNER

"There is no limit to the amount of good you can do if you don't care who gets the credit." - Ronald Reagan

Heartiest Congratulations

MONTECARLO

Biplob Barai (Sr. Executive – Finance & Accounts) at Dakshinkhanda site cleared SAP Global Certification for Central Finance, and Treasury modules with SAP S/4 HANA on 16th and 23rd February, 2020

Drawing done by Ayush Kumar, Class 6, in Ranchi (Brother of Mr. Abhishek Thakur, Asst. Engineer, Highways at Rimuli Site)

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Tejashwani Sinha, D/o Mr. Pradeep Sinha (Sr. Manager, Plant & Machinery at HO)

o Won Kushagra Award for overall A+ rating in the academic year

o Won Satatam award for 100% attendance in the academic year.

o Won the trophy of two times runner up in Inter school Skating championship.

o Won the trophy 1st position in the painting competition held at Noida.

o On the basis of overall performance in academic, sports & Dance,

selected as Captain of her Narmada House.

Navya Yadav, Class-2B, Calorax Public School, Ghatlodia, Ahmedabad received accolade in Swami Vivekananda Rajbhasha Hindi introduction received from Swami Vivekananda Education and research Centre Nashik Maharashtra.

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Page 22: Montecarlo E-magazine 28 July 2020 V17 · Asst. Manager - Project Nagpur Devaram Poonia Asst. Ex – Procurement Nagpur Daud Ansari Asst. Manager - Project Nagpur ... £ Chirag Panchal

EMPLOYEE CORNER

"The beauty of love is that in giving it away, you are left with more than you had before." - David Simon

Heartiest Congratulations

MONTECARLO

Mohit Tiwari, Class 1-D, S/o Mr. Rajeev Tiwari, Manager – Procurement at HO secured 3rd Rank in Lemon & Spoon Race held at Calorx Public School, Ahmedabad.

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WRITE TO US

All Employees and Family Members are Welcome to Send Their Suggestions, Feedback and Articles on Topics of General Interest Such as Health, Short Stories, Self-improvement, Motivation, Achievements etc. to [email protected]

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On account of celebration done of District Road Safety Week at Singhara Binjabahal Project site

during 11th January to 17th January, 2020 received Certificate of Appreciation by District

Authorities (District Magistrate and Regional Transport Officer)

Awards & Accolades


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