Bangalore Branch of SIRC · 2018. 10. 31. · 4 Bangalore Branch of SIRC of the Institute of...
Transcript of Bangalore Branch of SIRC · 2018. 10. 31. · 4 Bangalore Branch of SIRC of the Institute of...
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
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Think Differently Act Perfectly
May2009
PROGRAMMES - AT A GLANCE - May 2009Date/Day Topic /Speaker Venue/Time CPE Credit
4 Hrs.
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Editor : CA. Cotha S. SrinivasSub Editors : CA. S.N. Ravindranath
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The Branch does not accept any responsibility forthe views expressed in Articles / Contributions /Advertisements published in this News Letter.
Inside Black & WhiteFull page Rs. 10,000/-Half page Rs. 6,000/-Quarter page Rs. 3,000/-
4 Hrs.
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3 Hrs.
Take up one idea. Make that one idea your life - think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and justleave every other idea alone. This is the way to success, that is way great spiritual giants are produced.”
2 Hrs.
2 Hrs.
Note : High Tea for Programmes at Branch Premises at 5.30 pm.High Tea for Programmes at Vasavi Vidya Niketan at 6.15 pm
2 Hrs.
01.05.09 Concept of Income, Chargeability & Scope Branch PremisesFriday CA. H. Padamchand Khinha 4.00pm to 8.00pm
05.05.09 SA 500 (AAS 5),SA 501 (AAS 34), Branch PremisesTuesday CA. Suresh Kumar D 6.00pm to 8.00pm
07.05.09 TDS- Latest Amendments Branch PremisesThursday CA. Vinay. T 6.00pm to 8.00pm
09.05.09 Human Resource Accounting Branch PremisesSaturday CA. Venu 9.00am to 1.15pm
Delegate Fee - Rs. 250/- Breakfast at 8.30 am
12.05.09 SA - 700 (AAS-28), SA -710 (AAS-25), SAE - 3400 (AAS-35) Branch PremisesTuesday CA. Arun Srinivasan / CA . Unni Krishnan Menon 6.00pm to 8.00pm
14.05.09 Some issues under House Property, Business Income, Vasavi Vidya NikethanThursday Capital Gains and Other Sources Vani Vilas Road
CA. H. Naginchand Khincha 5.00pm to 8.00pmDelegate Fee Rs. 200/- or Rs. 2,000/-
15.05.09 Tax Clinic (Direct & Indirect Taxes) Cancelled due to IntensiveFriday Workshop on Income Tax
19.05.09 SA - 510 (AAS-22), SA - 520 (AAS-14), SA - 530 (AAS-15) Branch PremisesTuesday CA. Pinky Vadhwa 6.00pm to 8.00pm
21.05.09 AS - 11 Recent Amendments Branch PremisesThursday CA. K. Gururaj Acharya 6.00pm to 8.00pm
26.05.09 SA - 540(AAS -18) SA 550(AAS-23) SA560 (AAS -19) Branch PremisesTuesday CA. Suresh Kumar D 6.00pm to 8.00pm
28.05.09 Analysis of Conflicts with applicability of Service Tax and Vasavi Vidya NikethanThursday Telecomminication Sectors Vani Vilas Road
Mr. D. Venkatesh, Advocate, BangaloreDelegate Fee Rs. 200/- or Rs. 2,000/- 5.00pm to 8.00pm
02.06.09 SA 570 (Revised) under the clarity project going concern Branch PremisesTuesday SA 580 (Revised) under the clarity project 6.00pm to 8.00pm
“Written Representations”CA. Suresh D M
04.06.09 Mergers and Acquisitions - Branch PremisesThursday An Overview with Judicial Precedents 6.00pm to 8.00pm
Mr. K. Venkat Satyanarayana
Details of Intensive Workshop are not given in Programmes - at a Glance
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
TAX UPDATES March 2009Chythanya K.K., B.com, FCA, LL.B., Advocate
VAT, CST, ENTRY TAX, PROFESSIONAL TAXPARTS DIGESTED:
a) 2008- 09(13) KCTJ-Part 12
b) 2009 (66) KLJ - Part 3
c) 2009 VST Vol. 21 Part 1 to 4
Reference Description
(2009) 21 VST 74 Continental Builders & Developers vs. State of Karnataka (SC)In this case, without expressing
any opinion on the merits of the case and keeping contentions on both sides expressly open, theHonorable Supreme Court direct the S.T.A. No. 2601 of 2004 to be placed before the Chairman,who is requested to constitute a special Bench in view of the conflicting opinions of the co-ordinate
Benches of the Tribunal in terms of regulation 54(a)(i). It may be recalled that the Hon. KarnatakaHigh Court had upheld the order of the KAT permitting levy of VAT on development chargereceived by the company from its customers in respect of lands representing common areaslike roads etc., surrendered in favour of the Governor. While upholding so, the High Courthad rejected the contention of the appellant that the KAT did not follow the earlier orderof the co-ordinate bench.
(2009) 21 VST 173 Larsen & Toubro Limited vs. State of Bihar (Jharkhand-HC)In this case, Iron and Steel Goodsmanufactured according to contractee’s specification were dispatched from Pondicherry to Bihar,and the Central Sales Tax liability was discharged by assessee in Pondicherry. It was held that, assessment
and demand under Bihar Act in respect of iron and steel already taxed, when no proper mechanismevolved for assessment of works contract, is not justified.
INCOME TAXa) 309 ITR – Part 4 to 5
b) 310 ITR – Part 1 to 3
c) 177 Taxman – Part 5
d) 178 Taxman – Part 1 to 2
e) 117 ITD – Part 1 to 4
f) 121 TTJ – Part 1 to 4
g) 25 CAPJ – Part 5
h) 40-B BCAJ – Part 6
i) 57 TCA – Part 9
Reference Description
310 ITR 71 CIT vs. Harjinder Kaur (Punjab & Haryana-HC)In this case, it was held that, the return did not
bear the signature of the assessee and had not also been verified. Hence, the return was an absolutelyinvalid return as it had a glaring inherent defect which could not be cured in spite of the deemingeffect of section 292B. The High Court held that the Tribunal was justified in setting aside such
assessment.
310 ITR (ST) 2 CIT vs. Estel Communications (P) Ltd.: SLP (C) No. 1732 of 2009 (SC)In this case, the Supreme
Court dismissed the Department’s SLP against the judgment dated March 7, 2008 of the Delhi HighCourt in ITA No. 527 of 2007 whereby the High Court dismissed the Department’s appeal on theground that no substantial question of law arose in the matter. Previously, the Tribunal had held that
the assessee was merely paying the non-resident for the provision of internet bandwidth and notechnical services were rendered necessitating deduction of tax at source.
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Think Differently Act Perfectly
May2009
310 ITR 195 Dr. Ajith Kumar Pandey vs. ITAT (Patna-HC)In this case, it was held that, in respect of appeal
against levy of penalty, Tribunal cannot ask for fees based on income assessed. It was further held
that imposition of penalty has no nexus with total income of assessee. Therefore, case was remanded
to Tribunal to decide appeal on merits.
177 Taxman (BN) i Harvindar Pal Mehta HUF v. DCIT (Mum.-ITAT)In this case, it was held that, whether a receipt is
a business receipt or a receipt from mere letting out of an immovable property would depend on the
facts of the case; and if the primary object is to exploit the property by complex commercial activities,
then income from the same should be considered as business income.
177 Taxman (BN) iv Ramniklal J. Nathwani v. ITO (Mum.-ITAT)In this case, it was held that, unless and until the entire
amount of expenditure to be incurred over the contract is known, no profit or gain can be calculated
even if the contract moneys are received by an assessee in the course of the contract since as a rule
the balance between the cost of construction and the proceeds of contract for the purpose of
assessment under the Income-tax Act has to be struck at an interval of every accounting year because
that is the unit of time stipulated under the Act.
177 Taxman (BN) viii Gopal Purohit v. JCIT (Mum.-ITAT)In this case, it was held that, the delivery based transaction
should be treated as of the nature of investment transactions and profit therefrom should be treated
as short-term capital gain or long-term capital gain depending upon the period of holding; and
employment of an infrastructure so as to keep a track of the development in the share market
cannot turn an investment activity into a business activity.
178 Taxman (BN) i Dr. (Mrs.) Sudha S. Trivedi vs. ITO (Mum.-ITAT)In this case, it was held that, if the capital asset is
held for more than 36 months, the benefit of section 54EC cannot be snatched away because
section 50 is restricted only to the mode of computation of capital gain contained in sec 48 & 49 and
this fiction cannot be extended beyond that for denying the benefit otherwise available to the assessee
under section 54EC, if the other requisite conditions of the section are satisfied.In other words, the
deemed short term capital gains arising under sec 50 would be available for relief under sec 54EC.
178 Taxman (BN) i Meera Cotton & Synthetic Mills Pvt. Ltd. vs. ACIT (Mum.-ITAT)In this case, it was held that,
there is no warrant for reducing loss of one eligible undertaking from the profits of the other eligible
undertakings under section 8-IB; therefore, if there is profit derived from a particular industrial
undertaking, that will qualify for deduction without reduction of loss suffered by any other eligible
industrial undertaking.
178 Taxman 144 CIT vs. Raghunath Murti (Delhi-HC)In this case, assessee had filed his return of income for relevant
assessment year. Subsequently, he revised his returned income because he had to refund certain sum
to his employer company as same was found to be in excess of limits laid down in Companies Act,
1956. AO held that once salary had accrued to assessee in relevant year, amount refunded could not
be treated as excess salary retrospectively.It was held that, since assessee had refunded said amount
in view of legal requirement contained in provisions of Companies Act, 1956, same could not be
held as assessee’s income.
178 Taxman 173 CIT vs. Dewan Chand (Delhi-HC)In this case, it was held that, where assessee had furnished
confirmations from payees, wherein they had given their PAN/acknowledgment of their returns and
had confirmed that they had included amount received from assessee as their income and had also
paid taxes due on such income, assessee could not be treated as assessee in default in terms of
section 201 (1).
117 ITD 131 J.M. Baxi & Co. v. DDIT (Mumbai-ITAT)In this case, it was held that, the time-limit provided under
section 149 (3) would not apply to an assessee who has voluntarily filed return of his non-resident
principal and in whose case no order under section 163 has been passed treating him as an agent of
non-resident. In other words, it was held that the benefit of shortened limitation period oftwo years would not apply in such case.
Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek - Barack Obama
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
117 ITD (BN) iv ACIT vs. Indwel Lianings Pvt. Ltd. (Chennai-ITAT)In this case, it was held that, the benefit of
section 80-IA shall not apply to a person who executes work contracts entered into with an undertakingor enterprise.
117 ITD 90 Cotton Textiles Export Promotion Council vs. ITO (Mumbai-ITAT)In this case, it was held, onthe basis of the contents of Form No. 10 read along with the provisions of section 11(2), that theassessee can give notice in writing for more than one year and then claim of the assessee cannot be
denied merely on the ground that in the subsequent year no further notice is given by the assessee.
117 ITD 114 Millennium Infocom Technologies Ltd. v. ACIT (Delhi-ITAT)In this case, it was held that, theOECD Model Tax Convention is applicable between two developed countries whereas UN Model Tax
Convention is applicable between developed and developing countries. However, the wording ofOECD Model Tax Convention and UN Model Tax Convention is identical. Thus, the nature of the rentpaid for hosting of the website on the servers being commercial and scientific equipment is to be
treated as royalty.It was also held that, in the case of Transmission Corpn. of A.P. Ltd. vs. CIT [1999]239 ITR 587 Hon’ble Supreme Court has clearly laid down the principle that the obligation of theassessee to deduct tax under section 195 is limited only to the appropriate proportion of income
chargeable under the Act. This leaves no doubt that at the time of making payments of any sums tonon-residents, the nature of the remittance has to be determined for the purposes of deduction oftax at source. CBDT in three Circulars, i.e., Circular No. 759, dated 18-11-1997; No. 767, dated 22-
5-1998, and No. 10/2002, dated 9-10-2002 have entrusted this task to the chartered accountant. Ina case where the sum paid has no income embedded therein, there is no requirement to make anapplication under section 195(2).
121 TTJ 109 Indus Cosmeceuticals vs. DCIT (Chandigarh - ITAT)In this case, it was held that, interest onsecurity for getting VAT number is not profit derived from industrial undertaking, and hence, thesame is not eligible for deduction under s. 80-IB.
121 TTJ 145 Chandrakanth H. Shah v. ITO (Mumbai-ITAT)In this case, it was held that, Interest-free loan to theextent of Rs. 54.7 lacs obtained by assessee from four sister concerns for purchase of the flat fromone of them which was partly repaid, cannot be said to be without consideration, hence not liable to
tax under s. 56 (2) (v).
121 TTJ 208 ACIT v. Vatika Greenfield (P) Ltd. (Delhi-ITAT)In this case, it was held that, text of seized documentclearly describing that the sum mentioned there was received by the assessee as “unsecured interest-
free loan” and there being no material on record to suggest that the said figure in any way representedthe income of assessee or that the source stated in the said document was in any way false orincorrect, CIT (A) was justified in deleting the addition made by AO on the basis of said document.
Interestingly, it was held that sec. 292C does not help the Revenue, rather, it supports the case ofassessee. It was held that unless some evidence or material is brought on record by the Revenue toshow that what is stated in the seized document is not correct state of affairs the state of affairs
stated in the seized document has to be presumed to be true as mandated by s. 292C.
121 TTJ 232 ITO vs. Jindal Sons (Amritsar-ITAT)In this case, it was held that, bad debts claimed by assessee are
not allowable to the extent they are written off only by debiting the P&L a/c but no correspondingcredit is made in debtors’ accounts. It was held that in such a case, the provisions of sub-s. (2) of 36cannot be said to have been complied with.
121 TTJ 255 DCIT v. Satyam Computer Services Ltd. (Hyderabad-ITAT)In this case, it was held that, DTAAbetween India and USA is silent on the point as to whether to treat the tax paid in USA as advancetax or self-assessment tax. Assessee having paid tax in USA during financial years relevant to asst.
yrs.1998-99 and 2005-06, which if paid in India would have been treated as advance tax, there is noquestion of charging of interest under s. 234B. It was held that the Explanation 1 to s. 234B introducedby the Finance Act, 2006, w.e.f. 1st April, 2007, being clarificatory will apply to asst. yrs. 1998-99
and 2005-06 also.
Success is not measured by what you accomplish, but by the opposition you have encountered, and the courage with whichyou have maintained the struggle against overwhelming odds.”
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Think Differently Act Perfectly
May2009
121 TTJ 340 HLS Asia Ltd. vs DCIT (Delhi – ITAI)In this case, it was held that, it is not possible to subscribe to a
view that the correct interpretation of expression “value” used in Expln. 2 to s. 80-IB (2) would bethe market value and not the book value or WDV or the depreciated value. Since the value of plantand machinery used in the eligible business is determined with reference to the value recorded by the
assessee in the books of account, the value of the machinery previously used for any purpose wouldalso be taken at the amount at which it has been brought into account of the new eligible unit.
121 TTJ 352 Idea Cellular Ltd. vs. DCIT (Delhi-ITAT)In this case, it was held that, discount to market associates
on SIM cards and recharge coupons is not subject to TDS under s. 194H. Discount allowed ontransactions resulting in outright purchase cannot be treated as brokerage or commission. It washeld that there should be in existence the relationship of principal and agent in order to bring the
discount in the ambit of commission or brokerage.
121 TTJ 510 ITO v. Farouk D. VevainaNon-occupancy charges paid by assessee, the owner of the flat to owners’society will have to be deducted in computing the annual value under section 23 on the principle of
overriding title
121 TTJ 366 ACIT vs. Baldev Raj Charla & Ors. (Delhi-ITAT)It was held that, property received by way of family
settlement and assessee having admittedly acquired property by way of family settlement dt. 1stSept., 1997, effective from 31st July, 1992, which is analogous to partition, s. 49 (1) will apply. Forthe purposes of computing capital gains, deduction has to be allowed on indexed cost of acquisition
by taking into account its fair market value as on 1st April, 1981, the property having been acquiredby previous owner in 1966.In the aforesaid case, it was held that family partition is to be treated onthe same lines as partition of HUF and the benefit of section 49 may be extended in such case.
25 CAPJ 495 Aum Chemicals vs. The ACIT (Mumbai-ITAT)In the above case, it was held that there is a differencebetween vesting in private limited company and distribution of capital assets. In case of vesting ofproperty, the property vests in the company as they exist but the case of distribution on dissolution
involves processes of division, realization, encashment of assets and apportionment of the realizedamount. Consideration for transfer of capital assets is what the transferor receives in lieu of theassets he parts with for money or money’s worth and therefore the very asset transferred or parted
with cannot be consideration for transfer. It was held that the expression full value of the considerationcannot be constituted as having a reference to the market value of the assets transferred and thatsaid expression only means the full value of things received by the transferor in exchange of the
capital assets transferred by him. Accordingly, it was held that the firm can be assessed only if thevalue of the consideration is received by the firm. In the present case, the assets and liabilities of thefirm have been transferred to the company at book value and that means the full consideration
received by the firm is amount of book value of the assets and in such situation, section 45 (4) is notapplicable.
40-B BCAJ 782 Sunil Sethi v. DCIT [2008] 26 SOT 95 (Delhi)In this case, it was held that, as the amount was given
by company to its director for business purposes of company i.e., to purchase business premises, andsaid amount was returned since the deal could not materialize, such amount could not be treated asdeemed dividend under section 2 (22) (e) of the Income-tax Act, 1961.
40-B BCAJ 786 GMR Projects Pvt. Ltd. v. ACIT (2009 TIOL 01) (Hyderabad-ITAT)In this case, it was held that, thegrant of excessive credit of TDS amounts can not be treated as escapement of income and grant ofexcessive credit of TDS can not be construed as grant of excessive relief under sub-clause (iii) of
clause (c) of Explanation 2 to section 147 of the Act.
40-B BCAJ 800 IDS Software Solutions (India) Pvt. Ltd. vs. ITO [2009 TIOL 82] (Bangalore-ITAT)In this case, itwas held that, the concept of economic employer has to be applied in case of secondment of employees
by an overseas company to its associate company in India. It was therefore held that reimbursementmade by the Indian company under Secondment Agreement to legal employer on actual cost basisrepresented salary paid to secondee, wherein no tax was required to deducted at source.
Success means doing the best we can with what we have. Success is the doing, not the getting; in t he trying, not the triumph.Success is a personal standard, reaching for the highest that is in us, becoming all that we can be.”
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
Recent judicial pronouncements in Indirect TaxesNR Badrinath, B. Com.,Grad C.W.A., F.C.A., Madhur Harlalka, B. Com., F.C.A.
CENVAT Credit
1. Outward transport is eligible as input service when goodsare sold at “FOR” value and delivered at the doorstep ofthe Buyer. CBEC Circular No. 97/6/2007 – S.T., dt. 23-8-2007 clarifies that outward freight is input service whenfreight is paid by manufacturer up to customer’s doorstepand when the freight charges and transit insurance areincurred by the manufacturer and are forming part of valueof excisable goods. [Ambuja Cement Limited Vs. Union ofIndia, 2009(14)S.T.R.3 (P&H)]
2. CENVAT credit is available to job worker on moulds anddies imported by principal and transferred to the job workerby way of endorsing the customs documents / importdocuments. The CENVAT credit cannot be denied on theground that CENVAT Credit is available only if capital goodsare supplied by a finance company under loan, or hirepurchase agreement Rule 4(3) of CENVAT Credit Rules,2004. [CCE, Vadodara Vs. Jewel Brushes Private Limited,2009 (236) E.L.T.326 (Tri. –Ahmd.)]
3. In the instant case, the CENVAT credit is reversed on thedirection of the revenue officer. The department has neitherissued any show cause notice nor passed any adjudicationorder but issued a letter stating that issue has already beendecided by Assistant Commissioner. The CENVAT Creditreversed earlier on the direction of the department isrefundable since department has neither issued show causenotice nor passed any adjudication order. [BorsaraMachines Vs. CCE, Surat, 2009 (236) E.L.T 331 (Tri.-Ahmd.)]
4. In the instant case, the Revenue demanded the CENVATcredit on the allegation that the same was irregularlyavailed by the job worker. The order of demand was setaside by the Tribunal. However, the revenue subsequentlyproceeded to recover same amount from principal. TheHigh Court has held that the approach of revenue torecover the demand is nothing but an attempt to recoverthe demands by hook or crook by initiating the proceedingsbelatedly as rightly observed by the tribunal. Accordingly,the revenue demand from principle manufacturer is setaside. [CCE, Tirupathi Vs. Electrolex Kelvinator Limited,2009 (236) E.L.T. 29 (A.P)]
SERVICE TAX
5. Curing physical disorders/deformities and removal of facialand body hairs by lazer treatment is not a beauty treatmentsince it provided either by doctors or under the supervisionof doctors. The services are more appropriately classifiable
as medical services in terms of board circular F.No. B/11/1/2002 TRU dt. 1-8-2002. [CCE&C, Vadodara-I Vs. New lookCostmetics Laser Center, 2009 (14) S.T.R. 27 (Tri.-Ahmd.)]
6. Commercial Training and Coaching services are leviable toservice tax w.e.f. 1-7-2003. Further, service tax is leviableon advances received prior to 1-7-2003 for CommercialTraining and Coaching services to be provided on after 1-7-2003 since the services are rendered after introductionof service tax. The main obligation to pay service tax cannotbe altered by taking registration, issuing invoice and filingreturns etc and billing date cannot be considered as dateof rendering service. [CCE, Allahabad Vs. Krishna CoachingInstitute, 2009 (14) S.T.R. (Tri.-Del.) & P.T.Education &Training Service Limited, Vs. CCE, Jaipur, 2009 (14) S.T.R34 (Tri.-Del.)]
7. The appellant is engaged in providing Wide Area Network(WAN) to Andhra Pradesh Government. The networkinginvolved connecting all Government offices in the Statecapital and District centers and equipments like networkinterfaces etc. It is noted that the Appellant is neither theowner of the relevant data nor is involved in generationand usage of the data. In this context it is held that ensuringflow of information from different centres to headquartersand vice versa cannot be equated with making availableonline information and data access or retrieval. Hence the networking service is not “Online Informationand Database Access or Retrieval Services”. [UnitedTeclecom Ltd., Vs. CST, Bangalore, 2009 (14) S.T.R. 212(Tri.-Bang.)]
8.Membership subscription of club is not liable to service taxwhen it is paid without any return benefit. [AhmedabadManagement Association Vs. CST, Ahmedabad, 2009 (14)S.T.R. 171 (Tri.–Ahmd.)]
9.The advice to a customer to rearrange furniture is not taxableservice under the category under Interior decorator service.Further, such an isolated advice cannot be classifiable underthe “Interior Decorator” services. [CCE, Vadodara Vs.Chandan Metal Prodcuts Private Limited, 2009 (14) S.T.R.181 (Tri.-Ahmd.)]
10. The advice to invest in shares is not a taxable service underthe category ‘Management Consultant’ services since theservice does not involve management of any organizationor conceptualizing, development, modification or upgradation of any working system of any organization. [CCE, Vadodara Vs. Chandan Metal Prodcuts Private Limited,2009 (14) S.T.R. 181 (Tri.-Ahmd.)]
Celebrate your success and stand strong when adversity hits, for when the storm clouds come in,the eagles soar while the small birds take cover”
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Think Differently Act Perfectly
May2009
CENTRAL EXCISE
11. Where the unit has inadvertently availed the CENVAT Creditprior to crossing the limit of Rs. 1 Crore and where thesame was suo motu reversed, the SSI exemption benefitshould not be denied. It is observed that the suo motureversal of CENVAT credit does not amount to a case wherecredit is availed. [Sanson Chemical Indus. Vs. CCEC&ST(A),Cochin, 2009 (236) E.L.T. 283 (Tri. –Bang.)]
12. No interest is payable on price escalation charged by way ofsupplementary invoice on for the goods cleared in the pastunder section 11AB of Central Excise Act, 1944 since there isno non-payment, short levy or short payment as envisageunder section 11A(1) of the Central Excise Act, 1944. [CC,Panchkula Vs. Polyplastics, 2009 (236) E.L.T. (P&H)]
13. Excise duty at rate of 8% is payable on sale price ofexempted goods at the time their clearance from factorygate under Rule 6(3)(b) of the CENVAT Credit Rules, 2004.The cost of such product excludes sale taxes and othertaxes. Further, the elements such as transportation, laying,jointing, testing and commissioning by any stretch ofreasoning cannot be considered to be elements of priceof exempted goods at the factory gate. Therefore, no dutywould be payable on the same. [CCE, Hyderabad Vs. Koya& Co, construction Private Limited, 2009 (236) E.L.T. 316(Tri.-Bang.)]
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
BANGALORE BRANCH OF ICAI ANNOUNCES
An Intensive Weekend Workshop on “International Taxation” (IV Batch)2nd May 2009 to 14th August 2009
Objectives : The Opening of the Indian Economy has resulted in a spate of Cross -Border Transactions into and out of Indiaby way of direct and Port Folio Investments, Technology Transfers, Collaboration agreements and Joint Ventures. This has leadto implications in India & various types of the International Transactions. There is an urgent need for the Members in Industry& Practicing CAs as well to understand the implications & limitations of the basic concepts of International Tax Planning.Hence this Course has been designed with a view to exposing the CFOs and Tax Managers in the Corporate Sector &Practicing Tax – Professionals to the Concepts of International Tax Planning.
We are happy to inform the members that the response for the 3 batches was overwhelming and the feed-back was veryencouraging. Hence, this Fourth Batch.
Faculty Members: Consist of Expert renowned speakers specialized in “International Taxation” from Mumbai,Chennai and Bangalore
DATE TOPIC DURATION Speakers
Day 1 Historical Overview, Main Trends and Evolution of 4 hours CA. T.P. Ostwal
02.05.09 various model conventions 9.30am toInterpretation of Tax Treaties – Recent OECD 1.30pm Developments
Day 2 Interest / Dividend / Capital Gain 4 hours CA. S. Ramasubramaniam
09.05.09 Permanent Establishment Article 5
Day 3 Concept of Residence in Tax Treaties i.e Article 4 4 hours CA. Rishi Harlalka16.05.09 Income from Immovable Properties
Day 4 Business Income including Force of Attraction 4 hrs CA. Nitin Karve23.05.09 Attribution of profits to a PE
Day 5 Challenges in International Taxation CA. S. Krishnan
30.05.09
Day 6 Royalties and Fees for Technical Services and most 4 hrs CA. K. K. Chythanya06.06.09 Favored nation related to such payment
Day 7 Elimination of Double Taxation 4 hours CA. P V Srinivasan
13.06.09 Mutual Agreement Procedures and exchange ofinformationAuthority for Advance Ruling
Day 8 Deduction of tax at source u/s. 195 & DTAA 3 hours CA. Sriram SeshadriChennai
20.06.09 Agent of non Resident 1 hour
Day 9 Concept of thin Capitalization Current controversial 1 hour K R Sekar27.06.09 issues in International Taxation.
Electronic Commerce and Taxation 3 hours
Taxation of Income from Shipping and AirTransport services
Day 10 Partnership under the law of Tax Treaties 1 & ½ hours CA. Hitesh GajariaMumbai
04.07.09 Triangular cases 1 & ¼ hoursBeneficial ownership under tax treaties 1 & ¼ hours
Day 11 Tax haven Countries11.07.09
Cross – Border Mergers & Acquisitions – 2 hours CA. Sampath Raghunathan
Tax consideration 2 hours Hyderabad
When a poor person dies of hunger, it has not happened because God did not take care of him or her. It has happened becauseneither you nor I wanted to give that person what he or she needed.” - Mother Teresa
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Think Differently Act Perfectly
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Day 12 Independent Personal Services 2 hours CA. Padam Chand Khincha
18.07.09 Tax implication attaching expatriates 2 hours
Day 13 How to read the tax treaty 2 hours CA. Rajendra Nayak25.07.09 1. India – UAE Treaty and Protocol
2.India – Maurities Treaty
3. India UK DTAA4. India – Singapore India –Netherlands Treaty 2 hours
Day 14 E C Treaties – Parent Subsidiary Directives –01.08.09 Interest and Royalty Directives
Concept of Controlled foreign corporation hybrid/ 4 hours CA. Rashmin Sanghvi,financial instruments Mumbai
Day 15 Transfer Pricing08.08.09 Introduction – International Transaction – 4 hours CA. Shantha Ghosh
Associated Enterprises.Arm’s Length Price – Computation of Arm’s LengthPrice-Documentation
Day 16 Taxation of Entertainers and Athletes 4 hours CA. Abhishek Goenka14.08.09 Other income under tax treatiesNon – Discrimination 2.30pm to
and recoveryof taxes on behalf of other states 6.30pm
[EVENING] Valedictory session will be followed by Dinner 6.45pm to8.00pm
Note:
� Sessions - subject to change
� Breakfast will be served on all Saturdays at 8.30am on all the days of the course
� On inaugural day, 2nd May 2009 Sessions will be conducted between 9.30am and 1.30pm and lunch will beprovided in between.
� On 14th August 09,(Concluding) Technical Session will be conducted between 2.30pm and 6.30pm followedby valedictory session and dinner
Registration : Limited to 60 seats, Registration will be on first come first serve basis.
Course Fee : Rs. 15,000/- for Members
Rs. 18,000/- for Non – Members
Cheque/DD to be drawn in favour of “Bangalore Branch of SIRC of ICAI”
For Further details contact the Branch at: Tel : 30563500 / 512 e-mail : [email protected]
ATTENTION:CHARTERED ACCOUNTANCY STUDENTS
Bangalore Branch is happy to introduce Scholarship Scheme Merit cum Need baseStudents. Interested Students are hereby requested to forward their forms toBangalore on or before 30.06.2009. Forms can be downloaded from the websitewww.icai-bangalore.org and visit website for further details.
There are no classes in life for beginners: right away you are always asked to deal with what is most difficult.
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
CA Vinay MruthyunjayaMember-IT Committee
CA. K. RaghuChairman, IT Committee
CA. C.S.SrinivasChairman,
Bangalore Branch of SIRC of ICAI
CA. T.R. Venkatesh BabuSecretary
Bangalore Branch of SIRC of ICAICA Sailesh AgarwalMember- IT Committee
DIAMOND JUBILEE NATIONAL IT CONFERENCEOrganised by Committee on Information Technology, ICAI
Hosted by Bangalore Branch of SIRC of ICAI
On 12th & 13th June 2009 at Hotel Le- MeridienDAY 1 09.00 a.m. Registration & High Tea
09.30 a.m. Inaugural Address
10.00 a.m. Technology Shaping the Audit Profession
11.45 a.m. ERP- Implementation Opportunities for CAs.
01.30 p.m. Lunch Break
02.00 p.m. IS Audit - Using ISACA Standards, Guidelines and Procedures
03.45 p.m. Forensic Accounting & Fraud Detection
DAY 2 10.00 a.m. KPO - Setting up, Operation for Payroll, Accounting & Tax Returns
11.30 a.m. XBRL - Extensible Business Reporting Language – ICAI Roadmap for XBRL jurisdiction
01.30 p.m. Lunch Break
02.00 p.m. Audit Tools and Software for Practicing CAs
03.30 p.m. New Professional Opportunities in IT Arena - Success Stories
05.00 p.m. Valedictory Session followed by Networking
Course Fee : Rs. 2,500/- for members, Rs 3,000/- for non-members and Rs. 2,000/- for studentsper delegate by DD/ Pay-Order/ Cheque to be drawn in favour of “Bangalore Branch of SIRC of ICAI” payableat Bangalore and to be sent to “Bangalore Branch of SIRC of ICAI,
For further/ updated details and clarifications see www.icai.org or contact: [email protected], IT Committee Ph.011-30210619/621, E-mail: [email protected]
Conference Chairman Conference Coordinators
Required for Bangalore Office of a well established firm of Chartered
Accountants based in Mumbai, Chartered Accountants / Semi qualified
personnel. Remuneration will not be a constraint for the right candidate.
Reply within 7 days to:
Adv
t.
Talents are best nurtured in solitude, but character is best formed in the stormy billows of the world.
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Think Differently Act Perfectly
May2009
TWO DAY NATIONAL SEMINAR ON PRIVATE EQUITY
Organized by Committee for Members in Industry
Hosted by Bangalore Branch of SIRC of ICAI
On 26th & 27th June 2009 at Hotel Le- Meredien
DAY 1 10.00 a.m. Registration & Welcome
10.30 a.m Inaugural Address
11.30 a.m Private Equity: Bird’s Eye view inThe current global scenario
02.00 p.m Preparation of Business Plan – Key to Success
3.00 p.m Tea Break
04.30 p.m Valuation of PE Deals
DAY 2 10.00 a.m Private Equity – The Deal Closure – The Fine Art
11.00 a.m Fund Managers’ Perspective to the Equity Deal
12.00 p.m Role of Chartered Accountants in adding Value & assisting Company in unlocking its potential
1.00 PM Lunch
2. 00p.m. Corporate Story telling Session: Experiences of Corporates in undertaking Private Equity Deals
4.00 p.m Valedictory Session
KIND ATTENTION STUDENTS PURSUING GMCS COURSE
ANNOUNCEMENT:
REGISTRATIONS OPEN FOR THE COURSE ON“GENERAL MANAGEMENT AND COMMUNICATION SKILLS” 63rd & 64th batch
Proposed date for the Commencement of the 63rd Batch- 27-07-2009 To 12-08-2009 64th Batch- 17-08-2009 To 03-09-2009
Course Fee: Rs.4500/- DD in favour of “Bangalore branch of SIRC of the ICAI” / Cash
Duration : 15 days
Eligibility: 1) Would have completed minimum 2 years of article training. 2) Would have passed PE-IIcourse/ taken up either one group or both the groups of final exams/qualified CA. 3) Onepassport size photograph
For Further details contact the Branch on Tel: 30563500 /512/513 e-mail : [email protected]
Course Fee : Rs. 2,500/- for members, Rs 3,000/- for non-members and Rs. 2,000/- for studentsper delegate by DD/ Pay-Order/ Cheque to be drawn in favour of “Bangalore Branch of SIRC of ICAI” payableat Bangalore and to be sent to “Bangalore Branch of SIRC of ICAI,
For further/ updated details and clarifications see www.icai.org or contact: [email protected], IT Committee Ph.011-30210619/621, E-mail: [email protected]
CA Vinay MruthyunjayaMember-IT Committee
CA. K. RaghuChairman, IT [email protected]
M-09341219091
CA. C.S.SrinivasChairman,
Bangalore Branch of SIRC of ICAI
CA. T.R. Venkatesh BabuSecretary
Bangalore Branch of SIRC of ICAICA Sailesh AgarwalMember- IT Committee
Seminar Chairman Seminar Coordinators
Sow an act, and you reap a habit; sow a habit, and you reap a character; sow a character, and you reap a destiny.
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009 Our waking hours form the text of our lives, our dreams, the commentary
BANGALORE BRANCH OF ICAI ANNOUNCESCES
An Intensive Weekend Workshop on Service Tax (II Batch)23rd May 2009 to 19th September 2009
The areas of Professional practice in which our members can contribute their expertise are rapidly changing.With the tremendous growth in the Service sector, the Govt. is increasingly focusing on taxing the Services sector.To widen our areas of practice, it is inevitable to acquire expertise in various emerging areas like Service Tax,Energy Audit and so on. This, in-depth 15-day course on Service Tax enables the participants to update theirknowledge and their services would benefit all concerned.
Faculty Members : CAs and other Professionals with ample practical exposure and expertise in the field ofService Tax from Mumbai, Chennai and Bangalore
Subject Index for Intensive Service Tax TrainingBangalore Branch of ICAI
Day Date SUBJECT PROPOSED SPEAKERS
1 23-May-09 Inauguration Tribunal Member -
Opportunities for professionals Overview of TK Jayraman
Indirect tax-Impact on Industry and Chandak -
Service providers Past President
Constitution, levy and classification - Arvind Dattar
principles & issues
2 30-May-09 Valuation of ServicesGeneral Exemptions under Ashok Batra
Service Tax including SEZ provisions
3 6-Jun-09 Cenvat Credit relating to Service Tax Raghuraman
4 13-Jun-09 Export/Import of Service Rules Tirumalai
Refunds & Rebate under Service Tax Rajesh Kumar TR
5 20-Jun-09 Basic procedures & documentation - relating Vishnu Murthy S
to returns, invoicing, accounting for CENVAT etc.
Powers of Authorities & Assesses Nagendra Kumar - LTU
6 27-Jun-09 Asst Penalties, Appeals, Recovery, Advance Naveen Kumar K S
RulingSCN - Reply - Appeal Case Study
7 4-Jul-09 Common Errors in ST Dept Audit / Bikul Mody
Internal Audit Under ST
8 11-Jul-09 Real Estate IndustryWorks contract service, Gabawala
construction services, real estate, errection,
commissioning and installation servcies,
Site formation and clearance, excavation and
earthmoving and demolition servicesRenting of
immovable property, Real Estate Agent services,
mandap keeper and convention services
To include VAT principles, where appropriate
9 18-Jul-09 Technology - IT Software services, computer Shivadas
network services, conulting engineering serivces
Telecommunication services, Internet Telephony
services, Development of content
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Think Differently Act Perfectly
May2009
10 25-Jul-09 Finance Sector - Banking and other financial A R Krishnan
services, asset management services, credit card,
debit card, charge card or other payment card
service, credit rating, forward contracts,
forex broking and recovery agent services
11 1-Aug-09 Transport Industry - Travel agent’s service, Rajesh Chandra Kumar
rail travel agents, Air travel agents,
courier service, tour operator, rent-a-cab,
Transport of goods / passenger by air, road,
rail, ship, C&F agency, CHA services and cargo
handling services
12 8-Aug-09 Media Industry - Broadcasting services, Badrinath Anand
Advertising services, Cable services, photography
services, video production services, sale of
space or time for advertisement services,
Programme producer, design services,
event management, business exhibition
services and public relation services
13 22-Aug-09 General Services - BAS, BSS, Sponsorship Servcies, BN Gururaj
Management, maintenance or repair services,
Management or Business consultant services,
supply of tangible goods, authorised service
station services
14 29-Aug-09 Architecht, CA, CS, ICWA, Interior decorator, MadhurVivek Pachisia
Franchise service, Market Research agency,
Manpower recruitment and supply agency
services, mining services, intellectual property
right services
15 5-Sep-09 Stock broking, insurance agency and auxiliary, Deepak Jain Chidanan Urs
security agency, port srvices, storage and ware
housing, commercial training and coaching,
technical testing and analysis, technical inspection
and certification, catering, packaging services
16 12-Sep-09 Case Study Vaitheeswaran
17 19-Sep-09 Panel Discussions SRS, Vaith,
Srinath (HP), NK
Conclusion, Valedictory Session Tribunal Member -
NV Ravindran
Registration : Limited to 60 seats, Registration will be on first come first serve basis.
Course Fee : Rs. 12,000/- for MemberRs. 15,000/- for Non – Member
Cheque/DD to be drawn in favour of “Bangalore Branch of SIRC of ICAI”
For Further details contact the Branch onTel : 30563500 / 512e-mail : [email protected]
If you have built castles in the air, your work need not be lost; that is where they should be.Now put foundations under them.
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
BANGALORE BRANCH OF ICAI ANNOUNCES
An Intensive Weekend Workshop on Income TaxDuration: 15th May 2009 to 27th June 2009
(Only on Fridays 4hrs - 4pm to 8 pm and Saturdays 6hrs 9am to 4pm)Faculty Members : CAs and other Professionals with ample practical exposure and expertise in the field ofIncome Tax from Mumbai, Chennai, Hyderabad and Bangalore
Date / Day Topics TimingsDuration
DAY - 1 Perquisites u/s 17, FBT u/s 115WA & House property 4.00 TO 8.00PM15.05.09 from Sec. 22 to Sec. 27. 4HRSFRIDAY
DAY - 2 Discussion on Disallowances u/s. 14A - Expenditure incurred in relation 9.00AM TO 1.00PM16.05.09 to income not includible in total income & 40-Amounts not 4HRSSATURDAY deductible, 40a(ia) & other disallowances.
Depreciation on intangibles u/s 32.Interest deduction under special cases 2.00PM TO 4.00PMand other deduction. 2HRS
DAY - 3 Corporatisation / restructuring’MAT u/s 115 JB- 4.00 TO 8.00PM22.05.09 Special provision for payment of tax by certain companies. 4HRSFRIDAY
DAY - 4 Tax holiday u/s. 80IA/80IB for enterprises engaged in infrastructure 9.00AM TO 1.00PM23.05.09 development or development of an SEZ, u/s. 10A/ 10B for newly 4HRSSATURDAY established enterprises in FTZ, SEZ or EOU.
Method of accounting u/s. 145 & valuation u/s.145ASpecific issues 2.00PM TO 4.00PMaudit report u/s 44AB. 2HRS
DAY - 5 Shares/Securities/ Derivatives/ CommoditiesBonus Stripping / 4.00 TO 8.00PM29.05.09 Dividend stripping u/s 94.Special transactions u/s. 50C- Special provisions 4HRSFRIDAY for full value of consideration in certain cases.Joint development
AgreementSec. 45(3)-Transfer of capital asset by a proprietor or Partner to the firm and 45(4)-Transfer of capital assets by a firm indissolution to its members.
DAY - 6 Exemption u/s. 54-Capital gain exempted on transfer of a residential 9.00AM TO 1.00PM30.05.09 property and u/s.47- Transactions not regarded as transfer. 4HRS
SATURDAY Taxability of Gifts u/s 56(2)(vi)Composite letting 2.00PM TO 4.00PM2HRS
DAY - 7 Lower deduction of tax / Nil deduction of tax certificates.’TDS u/s. 4.00 TO 8.00PM 05.06.09 194C-TDS on contract, 194J-TDS on professional charges, 4HRSFRIDAY 194I-TDS on rent. Information in Form 26AS
DAY - 8 Expat taxation 9.00AM TO 1.00PM06.06.09 4HRS
SATURDAY Certification u/s 195.Concept of income deemed to 2.00PM TO 4.00PMaccrue or arise in India- Sec.9 2HRS
DAY - 9 Transfer Pricing u/s 92 4.00 TO 8.00PM12.06.09 4HRSFRIDAY
DAY - 10 Interesting rulings of Supreme Court and AAR 9.00AM TO 1.00PM13.06.09 4HRSSATURDAY Wealth tax Act 2.00PM TO 4.00PM
2HRS
The more business a man has to do, the more he is able to accomplish, for he learns to economize his time.
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Think Differently Act Perfectly
May2009
DAY -11 Taxation of trusts ’Taxation of PF/Gratuity/Superannuation and other 4.00 TO 8.00PM19.06.09 employee benefit Trusts 4HRSFRIDAY
DAY - Taxation of HUF’ 9.00AM TO 1.00PM12 20.06.09 4HRS
SATURDAY Taxation of firm/AOPCharitable Trusts, Exemption u/s 2.00PM TO 4.0011, 80G deduction, Education and other institutions PM2HRS
DAY - 13 Various types of Notice u/s 148 and 156 & responses thereto. 4.00 TO 8.00PM26.06.09 Assessment/ reassessment u/s 143-Assessment, u/s 144-Best Judgment 4HRSFRIDAY assessment, u/s 153A-Search & Seizure Assessment & Rectification
of mistakes u/s 154.
DAY - 14 Set off and carry forward of losses u/s 78 and 79. 9.00AM TO 1.00PM27.06.09 4HRS
SATURDAY Cash Credit & Unexplained investments and 2.00PM TO 4.00PM followed by Brian Trust 2HRS
Note:1) Unforeseen circumstances, sessions may be interchanged 2) High Tea will be served on Fridays at 5.30pm3) Lunch will be provided on Saturdays at 1.00pm. 4) Concluding session on 27th June will be followed by valedictory session
Course Fee : Rs. 7,500/- for Members & Non – MemberRs. 6,500/- for Members Qualified after 01.01.2007Rs. 5,500/- for Students
Cheque/DD to be drawn in favour of “Bangalore Branch of SIRC of ICAI”
For Further details contact the Branch onTel : 30563500 / 512e-mail : [email protected]
CA. H. Padamchand Khincha CA. B.P. Sachin KumarCA. D.S. Vivek
CA. Venkatesh Babu T RSecretary Bangalore Branch
CA. Srinivas C SChairman Bangalore Branch
Course Chairman Course CoordinatorsCourse Directors
You will never “find” time for anything. If you want time, you must make it.
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009
ADMISSIONS OPENINTEGRATED PROFESSIONAL COMPETENCE COURSE
( I P C C ) ORIENTATION PROGRAMMEBangalore Branch of SIRC of ICAI is happy to announce the launch of the orientation programme for thestudents registered for IPCC.
35 hours sessions (Monday to Saturday – 10 am to 5.15 pm) on:-
1. Personality Development. 4. Business Environment.
2. Communication skills. 5. General Commercial Knowledge.
3. Office Procedure.
BATCH DURATION
` I 18th to 23rd May 2009II 25th to 30th May 2009III 1st to 6th June 2009IV 8th to 13th June 2009V 15th to 20th June 2009VI 22nd to 27th June 2009
VII 29th June 2009 to 4th July 2009
FEE: Rs. 3000/- either by Cash / Demand Draft in favour of Bangalore Branch of SIRC of ICAI.
Expert faculty members specialized in their respective areas will be conducting the sessions .
Admissions on First come first served basis. As the seats are restricted to 50 Nos. students are requested toenroll at the earliest.
Nanu R. Mallya Cotha S. Srinivas T.R. Venkatesh Babu T.C. MehtaChief Facilitator Chairman Secretary Chairman (SICASA)
For Further details contact the Branch onTel : 30563500 / 512 / 513 e-mail : [email protected]
Admissions Open
COACHING CLASSES AT BANGALORE BRANCH
Coaching Classes Duration Timings Fees
CPT - Dec 09 Batch 01st July 09 to 15th November 09 5.30 pm to 7.30 pm Rs. 4,500.00
IPCC – Nov 09 Batch 4th May 09 to 4th October 09 7.30 am to 9.30 am Rs. 7,000/- (Both the Group)
6.00 pm to 8.00 pm I Group 4,500/-
II Group 4,000/-
Final Nov 2009 Batch 17th June 09 to 31st October 09 7.30 am to 9.30 am Rs. 8,000/- 1(Both the Groups)
New Scheme 6.00 pm to 8.00 pm Rs. 5,000/- (Single Group)
Admissions on First Come First Serve Basis
Fee : DD in favour of “Bangalore Branch of SIRC of ICAI” / Cash
For Further details contact the Branch onTel : 30563500 / 512 / 513 e-mail : [email protected]
I recommend you take care of the minutes and the hours will take care of themselves
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Think Differently Act Perfectly
May2009
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Bangalore Branch of SIRCof the Institute of Chartered Accountants of India
May2009