NOVEMbEr 20131

7, Jolly bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv

Vice-President’s CommuniquéDear Members,

Deepavali, the Festival of Lights, celebrates the triumph of Light over Darkness. This year has also seen the triumph of Light over Sound, as we thankfully witnessed a less noisy Diwali. In contrast, the debate in the political fora is getting shriller with the general elections around the corner. Let us hope that the political debates also evolve to emit more light and insight than the sound and fury at present.

It is said that democracy is not a destination, but rather, a process. The Right to Information Act (RTI) is proving to be a game changer, by enabling people to engage with Governments and public authorities in a more meaningful manner instead of running from pillar to post after casting votes once every five years.

The BCAS Foundation joined the Public Concern for Governance Trust and the Indian Merchants’ Chamber to celebrate the 8th Anniversary of the RTI Act. Mr. Ratnakar Gaikwad, Chief Information Commissioner of Maharashtra delivered the keynote address at this function and highlighted the tremendous impact of RTI. Under the guidance of Shri Narayan Varma, the BCAS continues to host RTI Clinics in the service of the citizens at large and contributes in bringing greater transparency and accountability in governance.

Vol. 16 n No. 8 n November 2013

Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society

BCASNewsletterFor Members only. For Private Circulation only. Price: R10

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

Certificate Course for Professional Accountant ..................19.11.2013 ......................................... BCAS & HR College, Churchgate,Mumbai ............................................ 7

Half-day Seminar on Labour Laws ............................................23.11.2013 ......................................... Gulmohar Hall,BCAS,Churchgate,Mumbai….. ..................................... 3

Forthcoming Students’ Study Circle .........................................06.12.2013 ....................................... BCAS Office ........................................................................................................... 3

Two-day Non-Residential Refresher Course (NRRC) on Important Provisions of Companies Act, 2013 .............12.12.2013 & 13.12.2013 ............... The Leela Hotel, Andheri (E),Mumbai .................................................... 5

Panel Discussion- Industry vs. Practice ..................................13.12.2013 ......................................... K.C.College,Churchgate,Mumbai………………… ....................................... 11

Full-day Seminar on Scrutiny, Appeals, Penalty & Recovery............................................................................14.12.2013 ......................................... Indian Merchants’ Chamber, Churchgate, Mumbai ........................ 3

Fourteenth Intensive Study Course on Double Tax Avoidance Agreement............................................14.12.2013 ......................................... Churchgate ........................................................................................................... 12

Panel Discussion on Alternate Wars .........................................17.12.2013 .......................................... Indian Merchants’ Chamber, Churchgate, Mumbai ........................ 1

Half-day workshop on Valuation under Indirect tax Laws .................................................................................20.12.2013 ........................................ Gulmohar Hall, BCAS, Churchgate, Mumbai ....................................... 12

Workshop on MVAT Act, Service Tax & Allied Laws .........21.12.2013 to 03.05.2014 .......... Vikrikar Bhavan, Mazgaon, Mumbai ....................................................... 4

47th Residential Refresher Course ............................................09.01.2014 to 12.01.2014 .......... Mahabaleshwar .................................................................................................. 8

Seminar on Presumptive Taxation for Non-Residents....18.01.2014 ........................................ Indian Merchants’ Chamber, Churchgate, Mumbai ........................ 6

I.P.C.C. & Final C.A Crash Course .................................................24.01.2014 ....................................... Sydenham College, Churchgate,Mumbai ............................................ 17

12th Residential Leadership Camp/Spiritual Retreat .......30.01.2014 to 02.02.2014 ........ Chinmay Vibhooti, Pune ................................................................................ 4

(Continued on page 2)

President: Naushad A. Panjwani 98200 59048 | president@bcasonline.org

Vice-President: Nitin P. Shingala 98200 57694 | vp@bcasonline.org

Hon. Jt. Secretary: Raman H. Jokhakar 98208 77976 | joint.secretary@bcasonline.org

Hon. Jt. Secretary: Mukesh G. Trivedi 9820182456 | joint.secretary1@bcasonline.org

Hon. Treasurer: Chetan M. Shah 98202 23402 | treasurer@bcasonline.org

The Income Tax Department, Mumbai conducted a ‘Vigilance Awareness Week’ from 28.10.2013 to 02.11.2013 as part of a nation-wide endeavour of the Government of India, to sensitise its officials in the need to improve the quality of public service rendered and to mitigate the potential areas of corruption. They invited the Society along with other sister organisations to an interactive session on 01.11.2013 with the senior officials of the Income Tax Department for a discussion on how to mitigate potential area of corruption. The invitation included the following preamble, which underscores a much desirable change in the tone

PANEL DISCUSSION

*Fellowship over a cup of tea at 5.45 p.m.

Venue: Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai – 400020Day, Date & Time: Tuesday, 17th December 2013 at 6.15 p.m.*

Topic Panelists

Proxy Wars Lt. General (retd.). Syed Ata Hasnain

Cyber Wars Nandkumar Saravade, Security Professional and Cyber Crime Expert

Economic Wars Rashmin Sanghvi, Chartered Accountant

BCAS 2

(Continued from page 1)

and approach of the authorities and comes as a breath of fresh air:

“As Governments all over the world move from authoritarian, to managerial, to participative and now collaborative style of management, it is becoming imperative to engage all stakeholders in the process of collective empowerment. It is increasingly being appreciated that enhanced public value can be created if all stakeholders participate to develop a shared understanding of opportunities and challenges facing the Income Tax Department.” Several challenges faced by the taxpayers and suggestions for bringing improvements were discussed in the above meeting. Let us compliment the authorities for this welcome approach and ensure that we perform our duties in mitigating potential areas of corruption, by participating wholeheartedly in such initiatives rather than giving up and being cynical.

The Ministry of Corporate Affairs is working overtime to operationalise the Companies Act, 2013 and releasing the draft rules, seeking public comments at a fast pace. The Society has been making representations on various tranches of the draft rules released. The Society also organised two lecture meetings to highlight important provisions and challenges that lie ahead. Further, a Non-Residential Refresher Conference is to be held to thoroughly analyse the provisions of the new law, the details of which are announced separately in this newsletter. Members are requested to enroll early, to avoid any disappointment.

Music has the power to transform our state of mind into happiness. Last month the Society organised “Music Clinic”, a unique

ALL THE THREE CLINICS wILL bE HELD IN THE LIbRARy ROOM Of THE bCAS OffICE.

Right to infoRmation CliniC

ChaRitable tRust CliniC

aCCounts & audit CliniC

Advisory Panel : Narayan K. Varma, Adv A K Asher, Hema D. SampatClinic Co-ordinator: Vrushali - 6137 7624

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak, Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Vrushali - 6137 7624

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Vrushali - 6137 7624

BCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. 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 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 23rd & 30th November, 14th & 21st and 28th December, 2013. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 6th December 2013 from 5 p.m. to 7 p.m.

Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to journal@bcasonline.org and call to 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.

The next Accounts & Audit Clinic will be held on 7th December 2013 from 10.30 a.m. to 11.30 a.m.

Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to journal@bcasonline.org one week in advance and call 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.

programme, to bring harmony to the mind, body and soul. Music Clinic endeavours to stimulate the seven chakras in the body through the divine power of seven musical swaras. Dr. Rahul Joshi, a Sangeet Visharad who topped Mumbai University's Music Exams twice and is an MD in homoeopathy as well, along with his co-artistes regaled the members and helped members destress, especially after a distressing September. We look forward to your feedback and encouragement in organising such offbeat programmes (that play perfect beats!) frequently.

The BCAS Foundation has decided to support the rehabilitation of four government schools in Chamoli District in Uttarakhand carried out by the National Centre for Peoples’ Action in Disaster Preparedness (NCPDP), identified after an extensive survey and need assessment during personal visits by the trustees and officials of NCPDP in consultation with the Local District Administration and Education Department and with their approval. I request you all to contribute generously and support this noble cause.

With best wishes,

Nitin Shingala

NOVEMbEr 20133

TAXATION COMMITTEEChairman : Gautam S. NayakCo-Chairman : Sanjeev R. PanditConvenors : Anil D. Doshi, Jagdish T. Punjabi, and Saurabh P. ShahCo-ordinator : Ankit V. Shah

INdIrECT TAXEs ANd AllIEd lAws COMMITTEEChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe and Sunil b. Gabhawalla Co-ordinators : Ashok L. Sharma and Suhas S. Paranjpe

Half-day Seminar onLabour LawsWith the increasing importance, compliance and with talk of reforms in Labour Laws, the members need to update their knowledge base on provisions of various labour laws with a view to help the members, The Indirect Taxes and Allied Laws Committee of the bombay Chartered Accountants’ Society (bCAS) has arranged a Half Day Seminar on “Labour Laws” jointly with Chamber of Tax Consultants (CTC).

Day & Date Saturday, 23rd November, 2013.

Time 9.30 a.m. to 1.30 p.m.

Venue Gulmohar Hall, bCAS, Jolly bhavan no. 2, Ground Floor, New Marine Lines, Mumbai 400020

Fees for members R550 + R68 (ST) = R618

Fees for non-members R750 + R93 (ST) = R843

(Fee includes Tea/Coffee, snacks & material)

Topic Speaker

Employees State Insurance Act, 1948

ramesh Soni, Labour Law Consultant

The Payment of bonus Act, 1965

The Employees Provident Fund & Miscellaneous Provisions, 1952

The Payment of Gratuity Act, 1972

The Contract Labour and Abolition Act, 1970

Day & Date Saturday, 14th December 2013

Time 9.15 a.m. to 9.45 a.m. - registration9.45 a.m. to 5.30 p.m. – Seminar

Venue Walchand Hirachand Hall, Indian Merchants’ Chamber, Churchgate, Mumbai

Fees Early bird upto 30th November 2013

From 1st December 2013

Members R1,000 + R123 (ST) = R1,123

R1,200 + R148 (ST) = R1,348

Non-Members R1,500 + R186 (ST) = R1,686

R1,700 + R210 (ST) = R1,910

(The above fees include contribution of R50 to bCAS Foundation, cost of study material, lunch, tea and breakfast)

Topic Speaker

Scrutiny Assessment and Law of Evidence Yogesh Thar, CA

Appeals to Commissioner (Appeals) Chetan Karia, CA

Appeals to the Tribunal Nitesh Joshi, Advocate

Penalties, Stay and recovery Mihir Naniwadekar, Advocate

full-day Seminar on Scrutiny Assessments, Appeals, Penalties & RecoveryScrutiny Assessments and Appeals to the Commissioner of Income Tax (Appeal) and Income Tax Appellate Tribunal form an important part of a Chartered Accountant’s practice. representations before the Income Tax Authorities can be better handled with a perspective on the underlying law, procedures, Law of Evidence, latest rulings, recent developments in these and representation skills. Penalties, Stay and recoveries against the demands raised by the In-come Tax Department need to be carefully and tactfully handled in the interest of assessees so as to reduce avoidable unpleasant situations.

To update the professionals on these complex provisions, a full day semi-nar has been planned as under:

FOrTHCOMING sTudENTs’ sTudy CIrClE

Day, Date & Time Friday, 6th December 2013, 6.30 p.m. to 8.00 p.m.

Venue bombay Chartered Accountants’ Society, 7, Jolly bhavan No. 2, New Marine Lines, Mumbai - 400020

Speaker Dipen Thakkar

Topic Audit under MVAT

Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be

no hope at all.

Dale Carnegie

Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.

Steve Jobs

An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.

Jack welch

BCAS 4

Days & Dates

Thursday, 30th January to Sunday, 2nd February, 2014 ( Upto Lunch Time)

Venue Chinmaya Vibhooti, Village Kolwan, About 140 K.M. distance from Mumbai & 40 K.M. from Pune. Post Kolwan, Mulshi, Pune.

Fees

Early Bird Upto 15th January 2014

Member and Family (Minimum Two Persons)

R7,120 + R880 (ST) = R8,000

Single Person

R7,565 + R935 (ST) = R8,500

From 16th January 2014

Member and Family (Minimum Two Persons)

R7,565 + R935 (ST) = R8,500

Single Person

R8,010 + R990 (ST) = R9,000

Fee Include Transportation (on car pool basis), Study Material, Food, Stay, & R50/- for bCAS Foundation

INdIrECT TAXEs & AllIEd lAws COMMITTEEChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe and Sunil b. Gabhawalla Co-ordinator: Suhas S. Paranjpe

workshop on MVAT Act, Service Tax & Allied LawsDear Members,We are happy to announce “Workshop on MVAT Act, Service Tax & Allied Laws” jointly with STPAM, CTC, AIFTP and MCTC to be held from 21st December 2013 to 3rd May 2014. The object of Workshop is to share the essence of professional experience and expertise of the faculties which they have gained over the years. Here, the Practitioners will get an opportunity to gain knowledge and wisdom by interacting with seniors.

The topics selected for Workshop are Issue based and will cover MVAT Act, 2002, CST Act, 1956, Service tax provisions and newly introduced Provisions of LbT Act. These topics are of immense importance and will be of enormous help and use to Professionals practicing in Indirect Taxes.

Details of the workshop:

Days & Dates Saturday, 21st December 2013 to Saturday, 3rd May 2014

Time 2.30 p.m. to 5.30 p.m.

Venue Mazgaon Library, 1st Floor, 104, Vikrikar bhavan, Mazgaon, Mumbai- 400 010.

Fees for Members R1,500 + R186 (ST) = R1,686

Fees for Non-members R2,000 + R247 (ST) = R2,247

Fees include cost of course material, if any and snacks

HuMAN rEsOurCEs COMMITTEEChairman : Mayur b. NayakConvenors : bharatkumar K. Oza, Hemant P. Gandhi and Mihir C. Sheth Co-ordinator: bharatkumar K. Oza

Twelfth Residential Leadership Camp/Spiritual RetreatThe annual Leadership Camp has evolved into Spiritual retreat over the past few years. The themes of last three camps have been (i) 2010: redefining Success; (ii) 2011: Everyday Happiness; and (iii) 2012: Living in Harmony. This year we have chosen the theme: “Holistic Wellbeing”.

Participants who have been regularly attending this annual event have experienced tremendous personal growth and got an opportunity to explore meaning of their lives. Such retreats help enrich participants both internally, with a zest to live a purposeful life, as well as externally, with new skill sets and wonderful new friends.

About this year’s theme of ‘Holistic Wellbeing’:

"Look at your life as a whole and live a whole life." – Swami Tejomayanandji (Global Head Chinmaya Mission). You’ll agree that ‘As the vision, so the world appears to us’. Life is a struggle when there is partial vision. A holistic vision empowers us to face challenges of life with clarity, courage, confidence and calmness. It inspires us to be active contributor to the welfare of the society.

Physical strength, emotional stability, intellectual clarity, spiritual depth, cultural pride, dynamic patriotism and universal outlook are the seven aspects of a holistic vision. The retreat (Holistic Wellbeing) is designed for individuals and couples in the spirit of "Inner Transformation for a happy world around."

During the retreat, Participants will have enriched learning with interactive sessions, meditation, games, movie-workshops, a visit to the multi-media exhibition ‘Chinmaya Jeevan Darshan’ and the ‘Chinmaya Vani’ bookstore. There will be a cultural programme, space for solitude, group-discussions, Questions & Answer and much more.

Venue: Chinmaya Vibhooti, Post Kolwan, Taluka Mulshi, Dist. Pune (about 40 Kilometres from Pune Express way Chandani chowk Turning) Chinmaya Vibhooti is ‘The Vision Centre of Chinmaya Mission’ located in a serene and pleasant ambience of nature surrounded by range of Sahyadri Hills. It has excellent facilities including three training centres, Dining hall and self contained residential facilities. Many corporates have organised the training and residential workshops.

Swami Swatmananda, The Acharya of Chinmaya Mission Mumbai has consented to guide us as the facilitator.

We suggest members to join this retreat with spouse. In the past, participants attending with spouse have immensely benefited by this unique programme as they begin to share similar values and vision of life. The retreat is also open to other close relatives and friends.

Programme Details:

BCAS 6

INTErNATIONAl TAXATION COMMITTEEChairman : Kishor b. KariaCo-Chairman : Deepak R.ShahConvenors : Dhishat b. Mehta, Gaurang V. Gandhi and Suril V. ShahCo-ordinators : Anil D. Doshi & Naresh A. Ajwani

Seminar on Presumptive Taxation for Non-residentsDear Members,Presumptive taxation for Non-residents has been provided to simplify the tax issues. However is the presumptive taxation really simple! International Taxation Committee has organized a special Seminar on Presumptive Taxation for Non-residents. The objective is to update the members on some key provisions of presumptive tax provisions, understand controversies and to avoid pitfalls. The details of the programme are below:

Day & Date Saturday, 18th January 2014

Time 9.50 a.m. to 5.30 p.m. (registration and Snacks start at 9.15 a.m.)

Venue Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400020

Fees Early bird till 15th December 2013 From 15th December 2013

Fees for Members R1200 + R148 (ST) = R1348 R1500 + R186 (ST) = R1686

Fees for Non-members R1500 + R186 (ST) = R1686 R1900 + R235 (ST) = R2135

(Fees include course material, breakfast, lunch and R50/- towards contribution to BCAS Foundation)

*Early Bird offer valid on receipts entered at BCAS office on or before 15th December 2013

Topic Speaker

Investment incomes (excluding Capital Gain) including provisions for FIIs, GDrs, QFIs, NrIs T. P. Ostwal, Chartered Accountant

Services related to exploration of mineral oil - section 44bb Nihar Jambusaria, Chartered Accountant

Shipping and related income - sections 44b and 172 Sushil Lakhani, Chartered Accountant

royalty and Fees for technical services Geeta Jani, Chartered Accountant

Enrolment is restricted to 125 participants. Limited seats are reserved for non-members on first-come-first-served basis.

BCA Referencer 2013-14

Name: Mr./Mrs./Ms : ...............................................................................................................................................................................................................................................................................

BCAS Membership No.: ………………………......................Firm’s Name : .......................................................................................................................................................................................

Office Address : .........................................................................................................................................................................................................................................................................................

...............................................................................................................................................................Tel. Nos :. ......... . ........................................Office : ....................................................................

Mobile : ………………………………… ................................................................................................... E-mail : ……………...................................................................................………………………. ..........

Cash/Draft/Cheque No :…………..… ................................Drawn on :………………………… ...................................................Bank Dated : ...............................................................................

Amount (Rs.) : .............................................................................................................................................................................................................................................................................................

Particulars Price (Rs.) Postage (Rs.) Quantity Amount (Rs.)

Referencer Premium Set (in exclusive folder) with CD, Table diary and Pocket diary 950 200

Referencer Premium Set (in exclusive folder) with CD and Pocket diary only 750 150

Referencer Refill Set with CD, Table Diary and Pocket Diary 650 150

Referencer Refill Set with CD, and Pocket Diary only 500 150

Super Saver Edition with CD (Bound Edition with Diary) 500 150

Order Form

NOVEMbEr 20137

COMPLETED GRADUATION WORKED AS AN ACCOUNTS ASSISTANT OR COMPLETED ARTICLE TRAINING

HERE IS A COURSE JUST FOR YOU.

bECOME A PrOFEssIONAl ACCOuNTANT

wHAT NEXT?

Course objective: To identify, train, improve job prospects and create a new brand of professionals who will be identified as Professional Accountants (PAs).

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

Syllabus: 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.

Course commences on : 19th November 2013

Course duration : A total of 20 sessions will be held of 3 hrs each. Sessions will be spread over on Tuesdays & Fridays evening & some Saturdays afternoon at BCAS & HR College.

Timing: On Tuesdays and Fridays 5.30p.m. to 8.30p.m. and on Saturdays 2.30p.m. to 5.30p.m.

fees: R 6, 741/- per participant (Inclusive of Service Tax @ 12.36%) Restricted to 45 participantsCertificates will be awarded to participants on fulfillment of criteria.

NAUSHAD A. PANJwANI, President BCAS, INDU SHAHANI, Principal, H. R. College

ORGANISED JOINTLY BY

bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai - 400 020.Tel. 61377600 • Fax 61377666E-mail bca@bcasonline.org • Website: www.bcasonline.org • Web TV : www.bcasonline.tv HR College of Commerce & Economics123, D.W. Road, Churchgate, Mumbai - 400 020.Tel: 91 22 2287 6115• Fax: 91 22 2281 0758Email: info@hrcollege.edu • Website: www.hrcollege.edu

Note : • Submit enrollment form along with 1 photograph at BCAS office only. • Timing : 10 a.m. to 5.30 p.m. Monday to Friday and 10 a.m. to 1.30 p.m. Saturday.• Schedule and faculties could change based on course requirement.• Cheque should be drawn on Bombay Chartered Accountants’ Society. Outstation payment by Demand Draft / Cheques at par only, payable at Mumbai. Members can pay through the credit / debit card at the BCAS Office.• Enrollment on first come first served basis.• 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.

Note : for Details please refer website of bCAS or contact office

FOR FURTHER DETAILS CONTACT :

Co-ordinators Manish Reshamwala - 66355488, 9820050810Manori Shah - 23523849, 9820190092Prof. Parag Thakkar - 9820304543

batch XVI

BCAS 8

NOVEMbEr 20139

BCAS 10

BCAS 12

INTErNATIONAl TAXATION COMMITTEEChairman: Kishor b. KariaCo-Chairman: Deepak R. ShahConvenors: Dhishat b. Mehta, Gaurang V. Gandhi and Suril V. ShahCo-ordinators: Gaurang V. Gandhi, D. S. Sharma and Mahesh G. Nayak

Days & Dates Saturday, 14th December 2013 to Saturday, 8th February 2014(All Saturdays except 11th January 2014 & 18 th January 2014)

Time 9.00 a.m. to 6.00 p.m.

Venue Churchgate, Exact Venue to be announced.

Fees

R10,000 + R1,236 (ST) = R11,236 per participant

(Fee Includes Service Tax, breakfast, Lunch, Tea/Coffee & R50 as Contribution to bCAS Foundation)

Faculty from the field of International Taxation

Anil Doshi, Darpan Mehta, Dhaval Sanghvi, Dhishat Mehta

Dilip Thakkar*, Geeta Jani, Gaurang Gandhi, Girish Dave

Keyur Shah, Kishor Karia, Jayesh Karia, M. P. Lohia

Naresh Ajwani, Mayur Desai, Mayur Nayak, Paresh Parekh

Paresh P. Shah, Pinakin Desai, rajesh Kothari, Samir Kanabar

Sanjay Grover*, Sharad Jain, Sushil Lakhani, T. P. Ostwal

Vispi Patel, Yogesh Thar

fourteenth Intensive Study Course on Double Tax Avoidance AgreementThe 14th batch of the intensive Study Course on ‘Double Tax Avoidance Agreement’ (DTAA) would be held from 14th December 2013 to 08th February 2014.

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 of senior professionals having expertise in the field of International Taxation.

Enrolment is restricted to 65 participants on first-come-first-serve basis. To give benefit of this course to a larger spectrum of members, enrollment would be restricted to a maximum of 7 members from the same organization and additional members from that organization would be kept on waiting list. They would be enrolled if vacancy is available prior to 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.

* Confirmation awaited

INdIrECT TAXEs & AllIEd lAws COMMITTEEChairman : Govind G. Goyal Convenors : Mandar U. Telang, Suhas S. Paranjpe and Sunil b. Gabhawalla Co-ordinator : Suhas S. Paranjpe

Half day workshop on Valuation Under Indirect tax Laws-Concept of non monetary consideration in view of Recent judgementsUnder the new regime, service tax is payable on all services. Since non monetary considerations are also liable for payment of service tax, valuation challenges have cropped up. This workshop would discuss some recent decisions and their impact on valuation of taxable services by the Eminent Faculties.

Details of the workshop:

Day & Date Friday, 20th December 2013

Time 2.00 p.m. to 6.00 p.m.

Venue Gulmohar Hall, bCAS, Jolly bhavan no. 2, Ground Floor, New Marine Lines, Mumbai 400020

Fees

For Members (Life & Ordinary Members): R800 + R99 (ST) = R899 For Non Members: R1,000 + R123 (ST) = R1,123Fee includes Tea/Coffee, Snacks & Material, if any and contribution of R50 to bCAS Foundation

Disneyland is a work of love. we didn't go into Disneyland just with the idea of making money.

walt Disney

The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for

a dollar, is bound to succeed.

Henry ford

NOVEMbEr 201315

bCAs PublICATIONs/ sTudy MATErIAl FOr sAlE

Exploring fEMAPrice R 225Postage R 75

Study Material DVD on Seminar on NbfC Regulations (Including Audit and Tax Aspects) held on 30th August 2012 Price R 1250Postage R 50

Real Estate LawsPrice R 180Postage R 100

Digest of full bench Decisions of Central Information Commission (r2i)Member Price R 120 Non-Member Price R 150Postage R 50

CA firm of the futureMember Price R 200 Non-Member Price R 250Postage R 100

RECENT PUbLICATIONS

OTHER PUbLICATIONS

Gita for ProfessionalsPrice R 100Postage R 50

Advance Rulings Law and Procedures - A CompilationPrice R 125Postage R 50

Registration of firms with Registrar of firms – Procedure and frequently faced Problems*Price R 50Postage R25

Audit Checklist for Companies (CD free) (Edition 2013) Member Price R400 Non-Member Price R500Postage R200

Laws & business – A Compendium (4th Edition)(published under the auspices of Late Shailesh Kapadia Memorial Publication fund)Member Price R400 Non-Member Price R400PostageR200

Paper books of International Tax & finance Conference, 2013 held in Jaipur from 15th to 18th August 2013 Members & Non-Members – R 500 for set of 5 bookletsPostage– Members & Non-Members – R75

Right to Know –The Right to Information Act, 2005 Set of 5 booklets for R25 for Members & Non MembersPostage R25 for set of 5 booklets

Study Material DVD on Real Estate Summit held on 1st & 2nd february 2013 (Approximately 16 hours of recording)Members – R 2500Non-Members – R 3000Postage - Members & Non-Members – R 50

Service Tax – Construction And Real Estate SectorMembers – R 120Non-Members – R 150Postage – Members & Non-Members – R 75

Study Material DVD on The mPower Summit held on 10th & 11th May 2013 (Set of 2 DVD’s)Members –R 1500 (for set of 2 DVD’s)Non-Members – R 2500 (for set of 2 DVD’s)Postage – Members & Non-Members – R 50

BCAS 16

Subscribe Now!!!

Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the imprest Account. For further details log on to www.bcasonline.org

Particulars Subscription Charges + Service Tax

Total Charges

Ordinary, Life and Associates of Corporate Membership R600 + 12.36% R674

Students R600 + 12.36% R674

Journal subscribers R900 + 12.36% R1,011

Non-members R1,200 + 12.36% R1,348

Lecture Meeting on Important Provisions under the Companies Act, 2013 by Himanshu Kishnadwala held on 24th October 2013 is available on BCAs Web TV

Renewal of bCAS web TV for 2013-14

BCAS 18

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 8 circulars

A. P. (DIR Series) Circular No. 61 dated October 10, 2013Overseas Foreign Currency Borrowings by Authorised Dealer Banks

Presently, banks can borrow funds from their Head Office, overseas branches and correspondents and also avail overdraft in the nostro accounts up to a limit of 100% of their unimpaired Tier I capital as at the close of the previous quarter or US $ 10 million (or its equivalent), whichever is higher (excluding borrowings for financing of export credit in foreign currency and capital instruments).

This circular, in addition to the above lenders, permits banks to borrow from any other entity as permitted by rbI up to hundred per cent of its unimpaired Tier I capital or US $ 10 million, whichever is higher, subject to such conditions as may be prescribed by rbI. Accordingly, banks can, for a limited period up to November 30, 2013, borrow for the purpose of generalbanking business (but not for capital augmentation) from international / multilateral financial institutions. Further, these borrowings will also be eligible for the concessional swap facility of rbI.

A. P. (DIR Series) Circular No. 62 dated October 10, 2013Notification No.FEMA.288/2013-RB dated September 26, 2013Closing of Old Outstanding Bills:Export-Follow-up –XOS Statements

This circular, as a onetime measure, permits banks to close the following old export bills:

1. Up to US $ 100,000 and outstanding beyond 15 years as on December 31,2012.

2. Up to US $ 50,000 and outstanding for more than 5 years as on December 31, 2012, where customers not traceable – subject to proof of non-traceability from the competent authority and under bank’s internal boards approved policy.

banks have to submit a report of the export bills so closed to the regional Office of rbI in the format Annexed to this circular.

This facility can be availed by an exporter: 1. Against whom there is no pending civil suit /criminal suit.2. Who has not come to the adverse notice of the Directorate of

Enforcement (DoE) / Central bureau of Investigation (CbI)/Directorate of revenue Intelligence (DrI) /any such other law enforcement agency.

3. Who has no externalization problems with the export recipient country.

A. P. (DIR Series) Circular No. 63 dated October 18, 2013Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU)

This circular sates that the ACU board of Directors at their meeting held on June 19, 2013 have decided to include only transactions involving export/import of goods and services among ACU countries as eligible for payment under the ACU Mechanism. As a result, the old Para 7 and sub-paragraph (b) of Para 8 stands revised as follows: -

Extant Para 7 and Para 8(b) to the Annex of A.P.(DIR Series) Circular No.35 dated February 17, 2010

Revised Para 7 and Para 8 (b) to the Annex of A.P.(DIR Series) Circular No.35 dated February 17, 2010

7. Eligible PaymentsTransactions that are eligible to be made through ACU are payments –(a) from a resident in the territory of one participant to a resident in theterritory of another participant;(b) for current international transactions as defined by the Articles ofAgreement of the International Monetary Fund;(c) permitted by the country in which the payer resides;(d) not declared ineligible under paragraph 8 of this Memorandum; and(e) for export/import transactions between ACU member countries ondeferred payment terms.Note: - Trade transactions with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism.8. Ineligible Payments(b) payments which are not on account of current international transactions as defined by the International Monetary Fund, except to the extent mutually agreed upon between reserve bank and the other participants; and

7. Eligible PaymentsTransactions that are eligible to be made through ACU are payments –(a) for export/import transactions between ACU member countries including export and import on deferred payment terms; and(b) not declared ineligible under paragraph 8 of this MemorandumNote: - Trade transactions with Myanmar may be settled in any freely convertible currency, in addition to the ACU mechanism.8. Ineligible Payments(b) payments that are not on account of export / import transactions between ACU members countries except to the extent mutually agreed upon between the reserve bank and the other participants; and

A. P. (DIR Series) Circular No. 64 dated October 22, 2013Deferred Payment Protocols dated April 30, 1981 and December 23, 1985between Government of India and erstwhile USSR

With effect from October 17, 2013 the rupee value of the Special Currency basket has been fixed at rs.83.819978as against the earlier value of rs. 86.903352.

A. P. (DIR Series) Circular No. 65 dated October 31, 2013Exim Bank's Line of Credit of USD 19.72 millionto the Government of the Republic of Mozambique

Exim bank has made available, subject to certain terms and conditions, to the Government of the republic of Mozambique a Line of Credit of US $ 19.72 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services forits rural Drinking Project Extension in Mozambique to be executed by M/s Southern borewells (P) Ltd. Eligible goods and services including consultancy services of the value of at

NOVEMbEr 201319

least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services may be procured by the sellers from 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 July3, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 66 dated October 31, 2013Exim Bank's Line of Credit of USD 149.72 millionto the Government of the Republic of Mozambique

Exim bank has made available, subject to certain terms and conditions, to the Government of the republic of Mozambique a Line of Credit of US $ 149.72 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services import of goods and services rehabilitation of road between Tica, buzi and Nova Sofala in Mozambique. Eligible goods and services including consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 25% of the goods and services may be procured by the sellers from 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 July3, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 67 dated October 31, 2013Exim Bank's Line of Credit of USD 47 millionto the Government of the Republic of Mozambique

Exim bank has made available, subject to certain terms and conditions, to the Government of the republic of Mozambique a Line of Credit of US $ 47 million for financing purchase of eligible goods, services, machinery and equipment including consultancy services import of goods and services for construction of 1200 houses in Mozambique. Eligible goods and services up to 65% and in case of consultancy services of the value of at least 75% of the contract price must be supplied by the sellers from India, while the remaining 35% of the goods and services and 25% in the case ofconsultancy services may be procured by the sellers from 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 July3, 2019 in case of supply contracts.

A. P. (DIR Series) Circular No. 68 dated November 1, 2013Notification No. FEMA.292/2013-RB dated October 4, 2013,Press Note No. 2 (2013 Series) dated June 3, 2013 - DIPPForeign Direct Investment (FDI) in India – definition of ‘group company’

This circular has modified Notification No. FEMA. 20/2000-rb dated 3rd May 2000, by including the definition of the term ‘group company’ as follows: -

‘Group company’ means two or more enterprises which, directly or indirectly, are in position to:(i) exercise twenty-six per cent, or more of voting rights in other enterprise; or(ii) appoint more than fifty per cent, of members of board of directors in the other enterprise.

bCAs FOuNdATION

Uttarakhand relief Fund: School rehabilitation Project – Appeal for Support

The bCAS Foundation has agreed to support rehabilitation of four government Schools at Gopeshwar, Karnaprayag, Kametha and Triyuginarayan villages in Chamoli District in Uttarakhand being carried out by National Centre for Peoples’-Action in Disaster Preparedness (NCPDP) http://www.ncpdpindia.org/. The children currently study in make shift arrangements in these villages and face grave difficulties.

These schools have been identified after an extensive survey and need assessment during personal visits by NCPDP team and in consultation with the Local District Administration and Education Department and their approval.

The total cost of repairs, restoration, retrofitting and upgradation of these four schools, including strengthening them for withstanding seismic vulnerability, is estimated at approx. rs. 15 Lacs. The Society has already received donations aggregating to rs.4.75 Lacs earlier and we now need to collect rs.10.25 Lacs to meet this target.

We once again request the members to contribute generously for this noble cause and send cheques in favour of “bCAS Foundation” at the Society’s office.

The donations are eligible for tax benefits under Sec 80G of the Income Tax 1961 vide registration Number: DIT (E) / MC / 80G/ 2345. The bCAS Foundation is registered with the Charity Commissioner under the bombay Public Trust Act, 1950 vide registration no. E-20379 (Mumbai). Your timely support would be of great help towards rehabilitation of the four schools.

Thanking you,

TrusteesbCAS Foundation

BCAS 20

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

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

• Please fill in the above form and send the same to the Society’s office along with 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 timings 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.

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.

Date : ...................(Signature)

BCAS Study Circles 2013–14Study

Circle No. Subject Fee Tick your choice here

I Direct Tax Laws 449*

II Indirect Tax Laws 449*

III Company Law, Auditing & Accounting 449*

IV FEMA 449*

V Information Technology 449*

Study Circle No. Subject Fee Tick your

choice hereVI Human Resource Development 449*

VII ITF 1,123*

VIII BCAS Suburban Study Circle 674*

IX International Economics 1,123*

X Students Study Circle 224*

* Inclusive of Service Tax of 12.36%

Com

bine

d En

rolm

ent F

orm

Half-day Seminar on Labour Laws ....................................................... 23-11-2013 ............................. r 618 for members ............ ...........................r 843 for non-members ............

Full-day Seminar on Scrutiny Assessments, Appeals, Penalties & Recovery .............................................14-12-2013 (For Early birds till 30.11.2013) .......... r 1,123 for members .......... ...........................r 1,686 for non-members .........

........................................................................................ (From 01-12-2013) ....................................... r 1,348 for members ......... ...........................r 1,910 for non-members .........

Seminar on Presumptive Taxation for Non-residents.........18-01-2014 (For early birds till 15.12.2013)..... r 1,348 for members .......... ...........................r 1,686 for non-members .........

........................................................................................ (From 16-12-2013) ....................................... r 1,686 for members ......... ...........................r 2,135 for non-members .........

Seminar

Twelfth Residential Leadership Camp/Spiritual Retreat....30-01-2014........................r 8,000 for members & family (2 persons)............... .........r 8,500 for members (1 person) ........................

Camp

Fourteenth Intensive Study Course on Double Tax Avoidance Agreement ......................................14-12-2013 to 08-02-2014 .................................... r 11,236 per participant ..... ....... .......................................................................................

Study Course

Two-day Non-Residential Refresher Course (NRRC) on Important Provisions of Companies Act, 2013.........12-12-2013 (For early birds till 30-11-2013) ........ r 6,180 for members ......... ...........................r 7,304 for non-members .........

.......................................................................................................(From 01-12-2013) ......................... r 7,304 for members ......... ...........................r 8,427 for non-members .........

Refresher Course

Workshop on MVAT Act, Service Tax & Allied Laws ............................... 21-12-2013 ............................. r 1,686 for members ......... ............................r 2,247 for non-members .........

WorkshopHalf day workshop on Valuation Under Indirect tax Laws-Concept of non monetary consideration in view of Recent judgements .............................................................. 20-12-2013 ............................. r 899 for members ............ ...........................r 1,123 for non-members .........