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BCASNewsletter I November 2010 1

Vice-President’s Communiqué

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 61377600; fax: 61377666 Email : [email protected]; Website : www.bcasonline.org

PROGRAMMES AT A GLANCE

Dear Members,

This year, the festival of lights coincided with the visit of US President Barack Obama. While the euphoria created by the media was possibly uncalled for, the interaction with the President was evidence of the US acknowledgment that India has arrived on the global scene. Like any other diplomat, Mr. Obama tried to further US interests while talking of a mutually beneficial relationship. To what extent his visit will help India, only time will tell.

The all pervasive corruption in public life has led to the exit of the Chief Minister of the State. While he may have resigned, others responsible for the mess should be made to pay the price. It is indeed ironic that the name of a society which is facing charges of corruption should be ‘Adarsh’. It is this corruption that hampers the growth of this talented nation. The editorial of the November issue of the journal deals with this cancer that is destroying our nation’s health.

At the Society, we strive to provide excellent programmes for members. In order to meet the long-standing demand from members in the suburban areas of Mumbai, the Society held a lecture meeting in the suburbs and has also commenced a study circle for members in these areas. I urge members to take the benefit of these programmes. In order to ensure that members outside Mumbai benefit from the programmes of the Society, a seminar on ‘Total Dissection of the Direct Tax Code’ has been organised jointly with the Chartered Accountant's Association, Ahmedabad, in the month of December.

The 44th Residential Refresher Course will be held at Matheran, while the second residential study course on IFRS will be held at Nashik. The announcements in this regard appear elsewhere in this newsletter.

I am sure that all of you would have enjoyed the Diwali break and

Harnessing Talent and Providing Quality Service

Vol. 13 n No. 8 n November 2010

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

For Members only. For Private Circulation only. Price: ` 10

BCASNewslettersome of you would have been on a vacation. I hope that all of you would have gotten energised by the small break and returned to work where time-barring income tax assessments await your attention. It is mid November and the weather has started turning marginally cool. I hope that the pleasant weather offsets, to some extent, the heat that the pressure of work will generate.

Yours truly

CA. Pradip Thanawala

Lecture Meetings

Venue I Rama Watumull Auditorium, K. C. College, Dinshaw Vachha Road, Churchgate, Mumbai - 400 020Day, Date & Time I Wednesday, 8th December 2010, 5.30 p.m.*Speaker I CA. N. P. SardaSubject I Recent Developments in IFRS — Globally and in India* Fellowship over a cup of tea at 5.00 p.m.

Venue I Walchand Hirachand Hall, IMC, Churchgate, Mumbai- 400020.Day, Date & Time I Wednesday, 15th December 2010, 6.15 p.m.*Speaker I Advocate Balkrishna V. JhaveriSubject I Family Settlement Will and Nomination* Fellowship over a cup of tea at 5.45 p.m.

Venue I Walchand Hirachand Hall, IMC, Churchgate, Mumbai- 400020.Day, Date & Time I Wednesday, 24th November 2010, 6.15 p.m.*Speaker I Adv. Dr. K. ShivaramSubject I Important Practical and Legal Issues arisingoutoffirstandsecondappeal and relevant amendments related to appeals in DTC* Fellowship over a cup of tea at 5.45 p.m.

President: Mayur Nayak, 93242 71980;[email protected]

Vice-President: Pradip Thanawala, 9820045632; [email protected]

Hon. Secretaries: Deepak Shah, 98201 48536; Nitin Shingala, 98200 57694;[email protected] [email protected]

Hon. Treasurer: Raman Jokhakar, 98208 77076,[email protected]

Seminar on Direct Tax Code Bill.................................................... 26-11-2010................ Y. B. Chavan Pratishthan, Nariman Point ............................................................ 6Half Day Workshop on Competition.............................................. 03-12-2010................ Dahanukar Sabhagriha, MICCA, Kalaghoda........................................................ 6Commission — Advantage to Tax PractitionersCoping with Stress ...................................................................... 04-12-2010................ Gulmohar Hall, BCAS ......................................................................................... 2Careers in Internal Audit .............................................................. 11-12-2010................ Gulmohar Hall, BCAS. ........................................................................................ 8Total Dissection of Direct Tax Code ............................................. 18-12-2010................ Angan 05 Banquet, Jodhpur Gam, Satellite Road, Ahmedabad............................ 7Eleventh Intensive Study Course on............................................. 21-12-2010................ Jai Hind College, Churchgate ............................................................................. 7Double Tax Avoidance Agreement2nd Residential Study Course on IFRS ........................................ 23-12-2010................ The Gateway Hotel, Ambad, Nashik - 422010..................................................... 544th Residential Refresher Course ............................................... 22-01-2011................ Hotel Usha and Hotel Byke ,Matheran ................................................................. 3Lecture Meetings.......................................................................... 24-11-2010, 8-12-2010 & 15-12-2010...................................................................................................... 1

BCASNewsletter I November 20102

Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan Varma, Past President, BCAS.

The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4thSaturday from BCAS’s office – 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 20th and 27th November 2010 and 11th and 18th December 2010. Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust ClinicThe next Charitable Trust Clinic will be held on Friday, 3rd December 2010 from 5 p.m. to 7 p.m. in the library room of BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Mrs. Mistry: 61377620) and obtain a prior appointment, latest by noon on the day of the Clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

Panel of Advisors:CA. Ratanshaw Damanwala,CA. Shariq Contractor,CA. Gautam Nayak,CA. Anil Sathe and CA. Atul Shah

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on Saturday, 4th December 2010, from 10.30 a.m. to 11.30 a.m. in the library room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by e-mail to [email protected] one week in advance and call the Society’s office(Mr. Rajaram: 61377613) to obtain prior appointment, at least a day before the day of the Clinic. Please note that the Panel will not answer any queries pertaining to tax issues.

Panel of Advisors:CA. Sanjeev Pandit, CA. Himanshu Kishnadwala and CA. Jayesh Gandhi

Human Resources CommitteeChairman : CA. Rajesh Muni, Convenors : CA. Manish Sampat, CA. Aliasgar Kherodawala and CA. Ashish Fafadia

Coping With StressScarcely a week passes by without an article on stress staring out at you from a newspaper or magazine. It is not uncommon to overhear authoritative discussions on stress, in plane or train, by professional or college student, at work or at home. Even autorickshaw drivers might lecture you about the ‘tenshun’ of life. The problem is that many of these ‘popular’ notions about Stress being aired so freely come from persons with superficial knowledge of a very complex phenomenon.

In fact, Dr. Hans Selye who evolved the concept of ‘stress’, had reason to warn. “… today, though everyone talks about stress, only a few people know exactly what it is.” And what you do not know about Stress could kill you. Literally.

On a more positive note, the better your ability to cope with stress, the better your efficiency, and the greater your fulfillment and happiness in life. Two days of “Managing Stress will show you the way.

The Workshop will cover

• Whatisstress? • Effectsofstressonhealth,productivity,relationships, life-expectancy • Areyouthe‘personalitytype’morepronetostress? • Identifyingyourmainstressors…timepressures? • Easy,instantstress-busters(short-term) • Buildingyourabilitytocopewithstress(long-term) • Achievingbalancebetweenprofessionalandfamilylife • Simplepracticestoincorporateinyourdailylife

Leading up to the art of coping with stress and living a happier life.

Only for Members & their Spouses

Day & Date : Saturday 4th & Sunday 5th December 2010Time : 9 a.m. to 5. 30 p.m.Venue : Gulmohar Hall, BCASFees : `1950 (including contribution of `50 towards BCAS Foundation)Faculty : Mr. Joe Rodrigues

Only 30 participants can be accommodated

Enrolment form is printed on page 12.

I am mindful that I might not be standing before you today, as President of the United States, had it not been for Gandhi and the message he shared with America and the world

— Barack Obama


The Seminar Committee is pleased to announce the 44th Residential Refresher Course (RRC) at Matheran from 22nd January 2011 to 25th January 2011.

All participants will be accommodated at Hotel Usha and Hotel Byke on a twin and triple sharing basis. Participants are requested to fill the enrolment form, giving their choice of room partners and hotel, so as to enable the Committee to allocate the partner and hotel of their choice.Kindly note that the decision of the Committee will be final in case of allotment of room, room partners and hotel.

Details of Papers

Seminar Committee Chairman : CA. Uday Sathaye Convenors : CA. Krishna Kumar Jhunjhunwala CA. Rajeev Shah and CA. Yatin Desai

Participants are requested to note that Group Discussions as well as general assembly in respect of Service Tax and International Taxation Sr. No. 4 & 5 will take place simultaneously. Members are requested to select any one subject of their interest in case of these two subjects. Kindly note that those participants who will not opt for any particular subject, the Seminar Committee shall allocate the subject for them for Group Discussions as well as general assembly accordingly.

Fees:

Fees payable per person (without travel facility) including course material, stay, all meals, and ` 50 contribution to the BCASFoundation.

Travel arrangement:Matheran is around 90 kms from Mumbai. For the 44th Residential Refresher Course (RRC) BCAS is organising transport for participants by buses up to Neral, then by taxis up to Dasturi and from Dasturi participants will walk down to the Hotel which is around 4 kms. Luggage will be taken from Dasturi to Hotels in handcarts.

Local Trains and some mail / express trains are convenient and available to go to Matheran via Neral. Refer to BCAS website - www.bcasonline.org for convenient train timings timetable.

44th Residential Refresher Course

Particulars

Twin Sharing Basis

Triple Sharing Basis

Fees per person

` 6,200

` 5,500

Sr. No

1

Subjects

Case Studies in Direct Taxes

Paper Writers

Adv. Saurabh Soparkar Paper for Discussion

2 Recent Judgments in Direct Taxes CA. K. C. Devdas Paper for Discussion

3 Capital Gains – Some Current Issues CA. Pradip Kapasi Paper for Discussion

4 Case Studies in Service Tax CA. Sunil Gabhawalla Papers for Simultaneous Discussion (Refer Note Below)

5 Case Studies in International Taxation CA. Geeta Jani

6 Bank Audit – Opportunities and Concerns CA. Mukund Chitale Paper for Presentation

7 IFRS - Recent Developments CA. Khurshed Pastakia Paper for Presentation

From Neral participants can take taxi upto Dasturi or can travel in narrow gauge train up to Matheran. Kindly note that train from Neral to Matheran takes a long time and is not available throughout the day. Journey by bus takes a longer time, is expensive and not very comfortable, therefore participants are requested to make choice of transport arrangement appropriately.

BCAS would make travel arrangement from Mumbai to Matheran by bus / taxi upto Dasturi. Those delegates who would like to opt for travel facility should make the appropriate choice in this respect in the enrolment form by making an additional payment of ` 1,000 per person (As per the Enrolment Form)

Members enrolling after 15th December 2010 will have to make their own travel arrangement.

Eligibility:The RRC is open only for Ordinary and Life members of BCAS and not for Journal subscribers and website members of BCAS.

Delegate Substitution:In the event of inability of the registered delegate to attend the RRC for any reason, he / she should promptly inform the Committee by email ([email protected]) indicating the “subject”

as “44th RRC – INABILITY TO ATTEND” with a copy marked to [email protected], [email protected], [email protected], [email protected]. At its discretion, BCAS may permit substitution. The substitute too needs to be a member of BCAS. The Committee reserves the right not to admit any substituted person to the Conference in the event a delegate substitutes him / her in his / her place without the prior written consent of the Committee.

Refund:Once enrolled, requests for the refunds will not be entertained.

Notes:1. The RRC will begin on 22nd January 2011 and will conclude

on 25th January 2011 after lunch. Delegates can check-in at the hotel from 11.30 a.m. onwards on 22nd January 2011.

2. Enrolment will commence from 22nd November 2010 and will be restricted to 270 members only on first-come-first-served basis. Out of which 120 seats are reserved for outstation delegates. (other than Local limits of Mumbai)

3. Please attach your recent stamp size colour Photograph along with the enrolment form.

4. The Committee is planning to compile the database of participants of RRC in order do so, participants are requested to provide information specified in the enrollment form.

5. For enrolment and any other RRC related issues, please contact only Mr. Cassem Rajabali at the BCAS office.


Enrolment Form44th RRC of BCAS at Matheran

22nd to 25th January 2011Name : ...................................................................................................................................................................................................................BCAS Membership No : ........................................................................................................................................................................................Address : ..............................................................................................................................................................................................................................................................................................................................................................................................................................................Age : ........................................ Tel. Office : ....................................................... Tel. Residence :.................................................... Mobile : ................................................................... Email : ............................................................................................................. Kindly the box in front of the desired option:

Without Transport : ` 6200 (Twin Sharing) ` 5500 (Triple Sharing)

With Transport by Bus : ` 7200 (Twin Sharing) ` 6500 (Triple Sharing)

Cost per person, inclusive of cost of course material, stay, food, and pick up / drop to & from Mumbai to Matheran for those who have opted for transport facility from BCAS.

Kindly state your preference :Room Partner : (1) .............................................................................. (2) ......................................................................................... Hotel : Usha Byke Meal : Jain............................................................................. Veg ........................................................................................

Choice in Simultaneous Papers : Indirect Tax : International Taxation

I would like to act as Group Leader for paper (1) ......................................................... (2) .................................................................(3) .................................................................. (4) .......................................................... (5) ................................................................. Let the world know youi) Your professional areas of Operation (Including ................................................................................................... Specialisations, if any) ...................................................................................................ii) Your social profile (Provide the Details of Social Organisations ...................................................................................................

and activities in which you are engaged with position held) ...................................................................................................iii) Extra curricular Activities (Your non professional interest / ...................................................................................................

Skills / Talents / Achievements ) ...................................................................................................

The decision of the Committee will be final in case of allotment of room, hotel & room partner(s).

Enrolmentformswillbeacceptedfrom22ndNovember2010onwardsatBCASofficefrom10.30a.m.270memberswillbeenrolledonfirst-come-first-servedbasisoutofwhich120memberswillbeenrolledfromplacesotherthanlocallimitsofMumbai.

Kindly note that no refund will be given in case of cancellation for any reason.

Enclosed Cheque No. .............................................. drawn on ...................................................... Bank Dated ..................................................for ` ................................ (Rupees ...............................................................................................)

Note : Outstation Members to pay only by DD/PO/At par cheque payable at Mumbai, drawn in favour of “Bombay Chartered Accountants’ Society”.

Signature of Member

FOR OFFICE USE ONLY

Recieved Cheque No. .............................................. drawn on ...................................................... Bank Dated ................................................for ` ................................ (Rupees .......................................................................................................................................................................) from Mr./Ms. .................................................................................................................................. towards his/her registration for the 44th RRCRoom Partner (1) .......................................... 2 .................................................Meal : Jain…………….............. Veg……………….....................

For more details, contact : Uday Sathaye (9821211211), Rajeev Shah (9820000225), Krishna Kumar Jhunjhunwala (9820158008) or Yatin Desai (9820065376)

Please paste the colored stamp

size photo showing the

face prominently


Jointly with Indian Merchants’ Chamber

International Financial Reporting Standards (IFRS) are fast emerging as the globally accepted accounting framework, with more than 100 countries having adopted or permitted use of IFRS.

In line with this emerging global trend, the Indian regulatory authorities have announced convergence of Indian GAAPs with IFRS for all public interest entities from April 1, 2011. With the convergence fast approaching due to the impending deadline, how many of us are really equipped to embrace the change with confidence?

Realising the importance of the journey of convergence with IFRS, We at BCAS believe that the professionals will have to develop skills and be the catalysts. Therefore, after successful completion of First Residential Study Course on IFRS in December 2009, we are happy to announce the Second Residential Study Course on IFRS which is scheduled on 23rd, 24th and 25th December 2010. This Study Course is organised jointly with Indian Merchants’ Chamber.

The exclusive course on IFRS will cover case studies on application, implementation and in-depth study on issues relating to First-time Adoption, Revenue Recognition, and Applicability of Fair Value as well as issues specific to certain industries.

It is an important event not to be missed by the accounting professionals from practice and industry.

Details of the programme are as under :

Dates : December 23rd to 25th 2010 Venue : The Gateway Hotel (Taj), P-17, MIDC, Ambad, Mumbai-Agra Road, Nashik - 422 010.Subjects :

Fees : For Members of BCAS / IMC : `16,500 (Single Occupancy — Only 5 rooms) `9,750 (Double Occupancy) `8,250 (Triple Occupancy — Only 5 rooms)

Sr.No.

Papers for Group Discussion Paper Writers

1 First-time Adoption of IFRS in India CA Sudhir Soni

2 Fair Value — Methodologies &Applicability in IFRS

CA Ramesh Lakshman

3 Revenue Recognition (with focus on Infrastructure & Real Estate Sector)

CA Khozema Anajwala & CA Atul Deshmukh

Single Occupancy Basis `16,500

Double Occupancy Basis `9,750

Triple Occupancy Basis `8,250

Room Partner : 1. ………………………………………............. 2. ……………………………………….............

Whether you would like to become a group leader? Yes No

If yes, please indicate for which paper………………………………………............. Transport Option :Yes : ………………… No : …………………

The decision of the Committee will be final in case of allotment of room and room partners.

The above fees are exclusive of any travel facility. In case, however, any participant is interested in transport facility, please indicate so. Arrangements for a bus shall be made if there are at least 25 persons opting for the same.

The fees include course material, stay and all meals from 23rd afternoon to 25th afternoon. Delegate substitution :In the event of inability of the registered delegate to attend the Study Course for any reason, he/she should promptly inform the Committee by email [[email protected]] indicating the ‘subject’ as ‘IFRS RSC 2010 — INABILITY TO ATTEND’ with a copy marked to [email protected], [email protected], [email protected] and [email protected].

BCAS/IMC may permit substitution at its discretion. The substitute too needs to be a member of BCAS/IMC. The Committee reserves the right not to admit any substituted person to the Study Course in the event a delegate substitutes him/her in his/her place without the prior written consent of the Committee.

Refund :Once enrolled, requests for refunds will not be entertained.

Enrolment Form :Name: ……………………………………………………………..............BCAS Membership No.: ……………………………………..................Address: …………………………………………………………………………………………………………………………....….........................Age: ….............……. Tel (O): ……………………... Tel (R): ………...………………..Mobile: ……………………………………. Email: ……………………………………….

Accounting & Auditing CommitteeChairman : CA. Himanshu Kishnadwala, Convenors : CA. Mukesh Trivedi, CA. Abhay Mehta and CA. Suril Shah

2nd Residential Study Course on IFRS

We will always remember the great soul who changed the world with his message of peace, tolerance and love. More than 60 years after his passing, his light continues to inspire the world

— Barack Obama wrote in the visitor’s book at Rajghat

Increased responsibility of nations, especially those wanting to lead the 21st century, implies preserving peace and security globally, advancing human rights

— Barack Obama while addressing Parliament


The Finance Minister has presented before the Parliament the Direct Tax Code Bill, 2010 (DTC). The provisions contained in the DTC will have far-reaching implications/impact on the taxpayers for a long time as the code will be substituting the present Income-tax Act, 1961. For better understanding of the important provisions of the DTC, the Taxation Committee of the Bombay Chartered Accountants’ Society has planned a two days’ seminar on DTC. The DTC is of great interest not only to tax professionals and accountants, but also to the common man.

We invite you to enroll for the seminar and get a better understanding of the nuances of the DTC. The details of the seminar are as under :

Day & Date : Friday, 26th November, 2010 Saturday, 27th November, 2010Time : 9.30 a.m. to 6.00 p.m. 9.30 a.m. to 1.00 p.m.Venue : Y. B. Chavan Pratishthan, Nariman Point, MumbaiFees : `1,900 for members and `2,900 for non-members (including contribution of `50 to BCAS Foundation and cost of study material, if any, tea and snacks on both days and lunch on 26th November 2010)

Topics and Speakers :

CA. Pinakin Desai

• Concept of Income • Tax Implications in case of Non-residents (including relief from

DTAA) • Controlled Foreign Corporations (CFCs)• TDS from Payments to Non-Residents

CA. Hitesh Gajaria

• Income from Business (Excluding specified businesses referred to in Sec 32(2) except Presumptive income under Fourteenth Schedule)

• Income from Residuary Sources• Tax on income distributed by mutual fund or life insurer

CA. Rajan Vora

• Income from Employment• Important Tax Incentives (Chapter III - Part IV)• Business Income in respect of Developing SEZs etc. (Twelfth

Schedule) and Businesses Specified in Thirteenth Schedule

CA. Gautam Nayak

• Taxation of non-profit Organisations • Deduction of Tax at Source (Excluding TDS from payments to

Non-Residents)• Unincorporated Bodies (Firms) - Procedural Aspects

Seminar onDirect Tax Code Bill, 2010

Taxation CommitteeChairman : CA. Kishor Karia, Convenors : CA. Chetan Shah, CA. Anil Doshi and CA. Kirit Kamdar

Jointly with All India Federation of Tax Practitioners – Western Zone and Chamber of Tax Consultants

Day, Date & Time : Friday, 3rd December 2010, 4.00 p.m.Venue : Dahanukar Sabhagriha, MICCA, Kalaghoda, Mumbai – 400023Fees : ` 300 for members and ` 400 for non-membersSpeakers : Mr. R. Prasad, Member, Competition Commission of India, Mr. R. N. Sahai, Advisor (Eco.), Competition Commission of India, Mr. Ashish Deshraj, Dy. Director, Competition Commission of India (This includes paper material, tea and coffee with snacks)

Enrolment form is printed on page 12

Half Day Workshop on “Competition Commission – Advantage to Tax Practitioners”

Indirect Taxes And Allied Laws CommitteeChairman : CA. Govind Goyal, Convenors : CA. Sunil Gabhawalla, CA. Toral Mehta and CA. Suhas Paranjpe

CA. Kishor Karia

• Income from House Property• Capital Gains• Aggregation of Income

CA. Gautam Doshi

• General anti-avoidance rules and Interpretations (Mainly Sections 123 and 124)

• Business Reorganisations


BCAS Suburban Study CircleBCAS has successfully launched the Suburban Study Circle. The first study circle meeting took place on 13th November 2010 on Issues and Controversies u/s.14A of the Income-tax Act by CA Yogesh Thar. An additional minimum 4 meetings are expected to be held upto March 2011. Members are invited to join the study circle and make it a further success. The topics covered will be on Direct Tax, Indirect Tax, Audit and other topics of professional interest.

Day & Time : Saturday, 5.30 p.m. to 7.00 p.m.Venue : Directi Internet Solutions Pvt. Ltd, Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai-400069.Fees : ` 300 per member for the period from October 2010 to March 2011

Members willing to join the above study circle are requested to pay the requisite amount at BCAS Office during the office hours.


Jointly with Chartered Accountants Association, Ahmedabad

Day, Date & Time : Saturday, 18th December 2010, 9.00 a.m. onwards Sunday, 19th December 2010, 9.00 a.m. to 3.45 p.m.

Venue : Angan 05 Banquet, Jodhpur Gam, Satellite Road, Ahmedabad

Fees : ̀ 900 (including course material, breakfast, tea and lunch on both days and entertainment program with dinner on the first day but does not include transport to Ahmedabad and accommodation)

Faculty : CA. Kishor Karia, Adv. Saurabh Soparkar, CA. Pinakin Desai, CA. Sunil Talati, CA. Yogesh Thar, CA. Hitesh Gajaria

Enrolment form is printed on page 12

Total Dissection of Direct Tax Code

Eleventh Intensive Study Course on Double Tax Avoidance AgreementThe 11th batch of the Intensive Study Course on ‘Double Tax Avoidance Agreement’ (DTAA) would be held from 21st December 2010 to 8th March 2011.

This intensive course would be conducted in classroom style. There will be around 28 lectures in all, covering each article of DTAA with special emphasis on features like force of attraction, most-favoured nation and triangular cases and a test thereafter. The UN Model Convention will form the basis of the course.

Faculty will comprise senior professionals having expertise in the field of International Taxation. This may include the following persons, subject to their confirmation :

CA. Anil Doshi, CA. Dhishat Mehta, CA. Dilip Thakkar, CA. Darpan Mehta, CA. Geeta Jani, CA. Harish Motiwalla, CA. Keyur Shah, CA. Kishor Karia, CA. Jayesh Karia, CA. Mayur Nayak, CA. Naresh Ajwani, CA. Paresh Shah, CA. Pinakin Desai, CA. Sanjay Grover, CA. Shefali Goradia, CA. Rajan Vora, CA. Mayur Desai, CA. Sharad Jain, CA. Sushil Lakhani, CA. T. P. Ostwal, CA. Tarun Singhal, CA. Vishal Gada, CA. Shikha Gupta and CA. Yogesh Thar.

Dates : 21st December 2010 to 8th March 2011Time : Tuesdays and Thursdays — 6.00 p.m. to 8.00 p.m. Saturdays — 3.00 p.m. to 7.00 p.m.Venue : Jai Hind College, ‘A’ Road, Churchgate, Mumbai.Fees : ` 7,000 per participant (including `50 as contribution to BCAS Foundation).

Enrolment is restricted to 60 participants on first-come-first-serve basis. To give benefit of this course to a larger spectrum of members, enrolment would be restricted to a maximum of 7 members from the same organisation and additional members from that organisation would be kept on waiting list. They would be enrolled if vacancy is available prior to one week before the commencement of the course.

Enrolment fees are non-refundable, non-transferable and as per Society’s policy, a participant is not permitted to substitute another person.


Taxation CommitteeChairman : CA. Kishor Karia, Convenors : CA. Chetan Shah, CA. Anil Doshi and CA. Kirit Kamdar

Chairman : CA. Pinakin Desai, Co-Chairman : CA. Rajesh Kothari Convenors : CA. Gaurang Gandhi, CA. Dhishat Mehta and CA. Sushil Lakhani, Course Co-ordinators : CA. Gaurang Gandhi,CA. D.S. Sharma and CA. Dhaval Sanghavi

International Taxation Committee

Member / Journal / Student subscribers are requested to inform any change of address of correspondence by e-mail to [email protected] on or before 25th of every month. Intimation received after 25th of the month will be effective from the next month onwards. Please help us serve you better

Flash News

Study Circle/Group Indirect Tax Laws*

Day, Date & Time Tuesday, 23-11-2010, 6.15 p.m.

Subject • Adjustment of excesspayment of service tax

• CENVAT credit

• GTA service provided byindividual transporters

• Miscellaneous (Catering,Comm. Coaching, ISD, Ref.)

Group Leader • CA H. H. Kamdar

• CA Bhavin Mehta

• CA Hemant Shah

• CA Jayesh Gogri

Convenors • CA Rajkamal Shah &

• CA Suhas Paranjpe

* Restricted to members of that particular Study Circle only.

Forthcoming Study Circle MeetingVenue: Gulmohar Hall, BCAS

(This meeting will be in continuation of earlier meetings for the remaining parts of the discussion)


The Reserve Bank of India has issued the following 2 Circulars

A.P. (DIR Series) Circular No. 14, dated October 13, 2010Exim Bank’s Line of Credit of USD 21.72 million to the Government of the Republic of Ghana

Exim Bank has made available, subject to certain terms and conditions, to the Government of the Republic of Ghana a Line of Credit of US $ 21.72 million for financing eligible goods and services from India for (i) improved fishing harvest and fish processing project, and (ii) waste management equipment and management support project in the Republic of Ghana. Eligible goods and services including consultancy services of the value of at least 85% of the contract price have to be procured from sellers in India, while the remaining 15% of the goods and services (other than consultancy services) may be procured from sellers outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and May 05, 2016 in case of supply contracts.

A.P. (DIR Series) Circular No. 15, dated October 13, 2010Exim Bank’s Line of Credit of USD 21.80 million to the Government of the Islamic Republic of Mauritania Exim Bank has made available, subject to certain terms and conditions, to the Government of the Islamic Republic of Mauritania a Line of Credit of US $ 21.80 million for financing eligible goods and services from India for (i) Potable drinking water project (US $ 6.80 million), and (ii) Agriculture development project (US $ 15 million) in Mauritania. Eligible goods and services including consultancy services of the value of at least 85% of the contract price have to be procured from sellers in India, while the remaining 15% of the goods and services (other than consultancy services) may be procured from sellers outside India.

The last date for opening of Letters of Credit and Disbursement for project exports will be 48 months from the scheduled completion date of the contract and February 08, 2016 in case of supply contracts.

The Accounting & Auditing Committee is pleased to announce a half-dayprogrammetoexplore‘CareersinInternalAudit’.

Day & Date : Saturday, December 11, 2010Venue : Gulmohar Hall, BCASTiming : 9.30 a.m. to 1.30 p.m.Fees : ` 530 for members/student members and ` 730 for non-members (includes contribution of ` 30 to BCAS Foundation and snacks during the session)

In the past decade, Internal Audit has come of age in India. The regulatory framework on one hand and the accelerated pace of the economy on the other hand has made it imperative for progressive enterprises to set up effective Internal Audit systems to aid the management and to enable the enterprise to achieve its objectives. Chartered accountants now have the opportunity to either become a part of the in-house Internal Audit team of large companies, banks, financial institutions, etc. or to join the Internal Audit practice of a professional firm. For many budding chartered accountants, Internal Audit provides the opportunity to understand various business functions and management concerns, thereby rounding off their depth of understanding gained during articleship with the necessary breadth of experience.

Our panel of speakers is indeed impressive. We will have with us :CA. Neesha Samant, who will share with us her past experience of working with a specialist Internal Audit firm and her current experience as a senior member of the Internal Audit Department of a large group of entities engaged in Banking and Financial Services Sector. She will also throw light on the growing importance of Internal Audit in the BFSI segment.

CA. Shailin Desai, who specialises in Internal Audit and risk advisory services for the Telecom Industry in a large consulting firm will talk about the relevance of industry specialisation in Internal Audit, as also about the career opportunities for young chartered accountants in the Internal Audit and Risk Advisory Services with large accounting/consulting firm.

CA. Nischal Shah, who was part of the Corporate Internal Audit team of a large IT company for 2 years and is currently associated with a well-known credit rating agency will take us through his experience, explaining as to how relevant was this experience during his pursuit of MBA, and how it complimented his articleship. He will also elaborate on the importance of starting one’s professional career with a stint in Internal Audit, either as a prelude to an MBA or with a view to gaining the necessary grounding before moving to other functions within the organisation.


Careers in Internal Audit— An exploratory programmeespecially for our young membersand student members

Accounting & Auditing CommitteeChairman : CA. Himanshu Kishnadwala, Convenors : CA. Mukesh Trivedi, CA. Abhay Mehta and CA. Suril Shah Course Co-ordinator : CA. Nandita Parekh

From RBIContributed by : CA. Gaurang Gandhi

Study Circle/Group Direct Tax Laws

Day, Date & Time Thursday, 2nd December, 2010, 6.15 p.m.

Subject Recent Judgements

Group Leader Advocate Madhur Agarwal

Convenors CA. Chetan Shah, CA. Harshal Bhuta and CA. Mayur Kisnadwala

* Restricted to members of that particular Study Circle only

Forthcoming Study Circle MeetingVenue: Gulmohar Hall, BCAS


Completed Graduation, Worked as an Accounts Assistant

or Completed Article Training

Human Resources Committee of .

7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai - 400 020.Tel. 61377600 Fax 61377666E-mail [email protected] Visit us at www.bcasonline.org

123, D.W. Road, Churchgate, Mumbai - 400 020.Tel: 91 22 2287 6115/2204 2195 Fax: 91 22 2281 0758Email: [email protected] [email protected]

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY

HR COLLEGE OF COMMERCE & ECONOMICS

•

•

•

•

ORGANISED JOINTLY BY

COURSE JUST FOR YOUbecome a PROFESSIONAL ACCOUNTANT

?WHAT NEXTCourse Objective:To identify, train, improve job prospects and create a new brand of

professionals who will be identif ied as ProfessionalAccountants (PAs).

Eligibility:

Syllabus:

Course duration :

23rd November 2010,

T.Y. B.Com or 3 years’ work experience or completed articleship.

Covering all essential subjects to make you an effective independent

accountant. The course will cover not only basic subjects like

accounts, tax etc but also include costing, MIS, ERP financial

packages, office systems, reports and communication skills and yes

even how to draft an effective CV

A total of 20 sessions of 3 hrs each will be held.

Sessions will be spread over on Tuesdays & Fridays evening & some

Saturdays afternoon at BCAS & HR College.

Timing: 5.30 to 8.30 or 2.30 to 5.30 on Saturday

Fees: Rs. 4500/- per participant. Restricted to 45 participants

Rajesh Muni

Indu Shahani,

, Chairman, Human Resources Committee of BCAS

Principal, H. R. College

Course Manish Reshamwala 66355488 9820050810

Co-ordinators Manori Shah 23523849 9820190092

Prof. Parag Thakkar - 9820304543

Certificate Course for

Profess onaliACCOUNTANT

For Further Details Contact :

Batch XI

Note :�

�

�

�

�

�

.Timing : 10 a. m. to 5 p. m. Monday to Friday and 10 a.m. to 1 p.m. Saturday.Schedule and faculties could change based on course requirement.Cheque should be drawn on BCAS.

Enrollment on first come first served basis.Kindly note that no refund will be given in case of cancellation for any reason and no substitutewill be allowed, once the enrolment form is submitted.

Submit enrollment form along with 1 photograph at BCAS office only

Outstation payment by Demand Draft / Cheques at par only,payable at Mumbai. Members can pay through the credit / debit card at the BCAS office.


CUT HERE

ENROLMENT FORMName :...................................................................................................................................................................................................Registration Number : ..........................................................................................................................................................................

Course in which admission is desired : I.P.C.C ( ) FINAL ( ) (Please tick appropriately)

Residential Address : .........................................................................................................................................................................

...................................................................................................... Tel. No. (M) : ........................... E-mail : ....................................

Details of Articleship : Date of Joining ................................... Estimated date of Completion ................................................Name of the Principal : .....................................................................................................................................................................Name and address of Firm where articleship is being done : ........................................................................................................ ...........................................................................................................Tel. No. (O) : ............................ Fax No. (O) ..........................Cash/Draft/Cheque No. ........................................................................................................ drawn on ......................................Bank,dated ......................................................... for an amount of 1500 is enclosed.

..............................................................erutangiS ............................................... : etaD ..

Notes : 1. Please send the above form along with cash/cheque/draft drawn in favour of ‘‘BOMBAY CHARTERED

ACCOUNTANTS’ SOCIETY’’, to the Society’s offi ce, at the address mentioned above. 2. We propose to have multifarious activities like Elocution Competition, Public Speaking, Self Development Education Courses,

Orientation Courses, etc. for interested Students. 3. Members are requested to keep the proforma of this sheet and send the same duly fi lled in by new articled trainee after his/

her enrolment in their offi ce.

Bombay Chartered Accountants’ Society ,7 Jolly Bhavan No. 2, New Marine Lines, Mumbai-400 020.

Phone 61377600 / Fax : 61377666 E-mail : [email protected] Web : www.bcasonline.orgHuman Resources Committee

Chairman : CA. Rajesh R. Muni Convenor : CA. Manish Sampat, CA. Aliasgar Kherodawala,

"We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt"Miss Janhavi Thatte & Miss Komal Jain

I.P.C.C. & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES (Jointly with Western India Regional Council of The Institute of Chartered Accountants of India )

For May & November 2011 Examinations 1. Courses for :

laniF .A.C .C.C.P.I .A.C gnitropeR laicnaniF — gnitnuoccA decnavdA / gnitnuoccA —

tnemeganaM laicnaniF cigetartS — swaL ynapmoC & ssenisuB — gnitiduA decnavdA — .M.F & gnitnuoccA tsoC —

swaL deillA & setaroproC — noitaxaT — ycnatnuoccA tnemeganaM decnavdA — ecnarussA & gnitiduA —

— Information Technology & Strategic Management — Information Systems Control and AuditsexaT tceriD —

sexaT tceridnI — 2. Course Co-ordinators : CA. Chandrakant Ruparelia, CA. Neel Majithia 3. Fees : 1500 per student for I.P.C.C or Final (Total, and not per Subject, Including cost of Study Materials) 4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road,

Churchgate. 5. Duration : From January 17 to March 31, 2011. 6. Enrolment from : October 15, 2010 7. Faculty : Eminent personalities possessing rich experience in their respective fi elds.

For further information kindly contact Ms. Shernaaz or Mr. Rajaram on Phone 61377600 and 61377613 respectively during offi ce hours.

CA. Ashish Fafadia


BCAS Publications for Sale Sr. No. NameofthePublication-Books/CDs/Papers Price ` Postage `

1 Harmful Tax Competition - An Emerging Global Issue 100 25

2 CD on the discussions conducted at the 39th RRC 2006 by various paper writers 100 20

3 Right to Know - The Right to Information Act, 2005 (Pack of 10 booklets)(Cheque to be drawn in favour of ‘BCAS Foundation’ in case of sr. no. 3 only)

50 15

4 Challenges of Change - Always Ahead Diamond Jubilee Conference Paper 125 25

5 Service TaxImport and Export of Services (Revised and updated up to December 2008) 55 30

6 International Tax & Conference 2009, Lavasa Members

Non-Members700800

100100

Recent Publications7 Taxation of Charitable Trusts Revised & Updated up to July, 2010 170 100

8 Laws & Business – A Compendium (3rd Edition 2010) 240 100

9 Video DVD of the Panel Discussion held on 7.8.2010 on Service Tax on Builders and Developers

350 20

10 Papers discussed at the International Tax & Finance Conference 2010Members

Non-Members500600

100100

11 CD of Study Material of Seminar on NBFCs (Including audit aspects) 350 20

* Within Mumbai postage `60

(Signature)

Name : ..................................................................................................................................................................................................................Address : ..............................................................................................................................................................................................................E-mail :..................................................... Mobile : .................................................... Tel. : ..................................... Fax : ..................................BCAS Memb. No. : .................................. Tel. (O) : ................................................... Tel. (R) : ............................... Fax : ...................................Choice of food (wherever applicable) .......... Jain Non-Jain Cash/Draft/ Cheque no. .................. Drawn on ............................................................................................. Bank,Dated ......................... for an amount of r........................................................ is enclosed.

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.Kindly note that the cash counter timing are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. Cancellation Policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed, once the enrolment form is submitted.

Date : ................

STUDY COURSE : Eleventh Intensive Study Course 21-12-2010 r7000 per participant..............on DTAA

WORKSHOP : Coping With Stress 4-12-2010 r1950 for members....... ......... Competition Commission - 3-12-2010 r 300 for members ........................ Advantage to Tax Practitioners r 400 for nonmembers...................

SEMINAR :Direct Tax Code Bill, 2010 26-11-2010 r1900 for members....... ......... Careers in Internal Audit 11-12-2010 r 530 for members.........................

r2900 for non-members......... r 730 for non-members.................. Total Dissection of Direct 18-12-2010 r 900 .....................................Tax Code

Combined Enrolment FormCUT HERE

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Licensed to post without prepayment : Licence no. MR/Tech/WPP-158/South/09-11.

Regd. No. MH/MR/South-88/2009-11Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1

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