1NovemBeR 2015

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,

After a hectic compliances season, I am sure members would have enjoyed quality time with their family and friends during the Diwali. I wish all the members and students a very happy Diwali and a Prosperous New Year and also wish that we all start with renewed vigour and positive attitude to achieve higher goals.

Even after more than six decades of independence, we as a nation still seem to be moving in circles. On the one hand we are positioning a renewed and energetic India knocking at the doors of the global economies symbolizing the arrival of the lion and on the other hand we are yet to see a major shift towards the promise of ease of doing business in India. The Government machinery which had caught junk has been oiled and overhauled at many places but the momentum is somewhat missing. There are still clogs, which needs to be removed if the Government wants to keep its promise of improving its World Bank’s ranking of ease of doing business from the present 138th position out of 189 to 50th position by 2017.

We CAs, as Professionals in industry and in practice, get the first hand information from promoters/clients with regard to the difficulties that they face on a day to day basis and the prevailing business regulatory environment and therefore can be a catalyst to initiate a White paper of not only highlighting the problems faced by the business community, but also recommending how to clear the bottlenecks/irritants by taking a pragmatic approach.

There are a plethora of areas where India has scope to improve. The very easily identifiable areas which can provide visible results are ease of starting of business, dealing with construction permits, removing controversies in tax laws, getting electricity, getting credit, trading across borders, cutting down red tapism, curbing corruption, resolving insolvency and so on. It indeed is a long journey but it is surely achievable and the Government’s

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

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

(Continued on page 2)

President: Raman H. Jokhakar 98208 77976 | president@bcasonline.org

Vice-President: Chetan M. Shah 98202 23402 | vp@bcasonline.org

Hon. Jt. Secretary: Narayan R. Pasari 98200 38095 | js@bcasonline.org

Hon. Jt. Secretary: Sunil B. Gabhawalla 98213 23921 | js1@bcasonline.org

Hon. Treasurer: Manish P. Sampat 98200 10064| treasurer@bcasonline.org

Vol. 18 n No. 8 n November 2015

TAXCON 2015 Seminar - Conflicts and Convergence in Tax Laws............................27.11.2015 & 28.11.2015...............................K. K. Vikamsey Auditorium, ICAI Towers, BKC, Bandra E....6

Half Day Seminar on CLOUD Hosted Apps From Google & Microsoft..................28.11.2015.........................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines...........................4

2 - Day Intensive Seminar On Income Computation & Disclosure Standards...11.12.2015 & 12.12.2015.............................Walchand Hirachand Hall, IMC, Churchgate.................................5

Workshop on Advanced Professional Writing & Communication Skills..............21.11.2015........................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines............................8

2-Day Orientation Workshop for CA Students......................................................................04.12.2015 & 05.12.2015...........................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines............................3

Workshop on Power of Focus...........................................................................................................09.01.2016..................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines.............................4

Accounting & Auditing Study Circle Meeting on Ind ASs......................................19.11.2015.....................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines.............................9

Study Circle on Highlights of Release 5.0 Tally.ERP9..............................................20.11.2015..................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines............................12

Study Circle on My Happiness - A Choice........................................................................08.12.2015.................................................BCAS, 7, Jolly Bhavan No. 2, New Marine Lines.............................4

16th Intensive Study Course On Double Tax Avoidance Agreement...................05.12.2015 to 30.01.2016.......................Babubhai Chinai Hall, IMC, Churchgate................................................7

Only Saturdays

6th Residential Study Course on IFRS / Ind AS.................................................................18.02.2016 to 20.02.2016..................To be announced......................................................................................10

49th Residential Refresher Course.........................................................................................22.01.2016 to 25.01.2016....................Novotel Imagica, Khopoli......................................................................11

Lecture Meetings.....................................................................................................................................18.11.2015,02.12.2015, 09.12.2015 ....................................................................................................................................................1

LECTuRE MEETiNGS

Speaker: R. Ravichandran, IRS, Director of Income-tax (Inv) Subject: Use of Digital Evidence by Income Tax Department Venue: BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020Day, Date & Time: Wednesday, 18th November 2015, 6.15 p.m.*

Speaker: Sagar Shah, Chartered Accountant Subject: Software and Other Intangibles - Indirect Tax ImplicationsVenue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai - 400020Day, Date & Time: Wednesday, 9th December 2015, 6.15 p.m.*

Speaker: K. Vaitheeswaran, AdvocateSubject: Important Case Laws of 2015 on Indirect TaxesVenue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400020.Day, Date & Time: Wednesday, 2nd December 2015, 6.15 p.m.*

*(Fellowship over a cup of tea at 5. 45 p.m.)

visible intent to do so is itself a great achievement. One such step demonstrated recently is the launch of a pilot project “e-Sahyog” by the Income Tax Department, to make taxpayers’ life easier, by providing an online mechanism to resolve a mismatch in their income-tax return without having to physically visit a tax office. This move is expected to bring down the harassment of taxpayers and make doing business easier. It reduces the need for a taxpayer to appear before a tax officer and reduces compliance

PROGRAMMES AT A GLANCE DATE VENuE PAGE NO.

2 NovemBeR 2015

(Continued from page 1)

cost, particularly for small taxpayers. I hope this initiative achieves the desired results.

I feel that the current government has embarked on a journey of “Empathy”, where “One understands the other, but may or may not agree with the other.” Empathy validates that relationships are not built on agreement but by understanding. If this process is continued, it will strengthen the process of building strong and healthy relationship amongst all the stakeholders.

One of the key initiatives taken by the Government is tabling of the GST bill. However, it failed to pass in the monsoon session. The entire machinery is working hard to see to it that the bill gets ultimately passed and GST gets implemented by 2016. This will not only be a game changer for the overall economy but will remove a major cog in the wheel of ease of doing business, also it will send a strong message globally of its intentions. The finance ministry has put up three reports of the Empowered Committee in the public domain for stakeholders’ comments. The Indirect Tax Committee of the Society are in the process of making necessary representations in this regard ensure that BCAS also contributes its bit in the process of transformation of the economy.

The Seminar on Charitable Trust covered a gamut of issues faced by the NGOs. A noteworthy feature of the seminar was to have the Charity Commissioner of Maharashtra and the DIT (Exemption) sharing the same dais and giving their point of view. The members were pleased with the guidance received from the seminar. A lot of changes are happening in international tax globally wherein there is a proposal to align the tax laws of major economies in order to avoid / prevent base erosion and profit shifting (BEPS) by MNCs. To give a kick start in understanding the India impact, a one day seminar on “BEPS in action” was planned which received very good response. It is expected that in the coming budget, India will amend its tax laws to align itself to BEPS action plans.

ALL THE THREE CLiNiCS WiLL BE HELD iN THE LiBRARy OF THE SOCiETy

Right to infoRMation CLiniC

ChaRitabLe tRuSt CLiniC

aCCountS & audit CLiniC

Advisory Panel : Narayan K. Varma, Hema D. SampatClinic Co-ordinator: Mrs. Madhuri Haware – 61377613

Advisory Panel : Dr. Gautam N. Shah and Tushar K. DoctorClinic Co-ordinator: Mrs. Madhuri Haware – 61377613

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Mrs. Madhuri Haware – 61377613

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 21st and 28th November 2015 and 12th, 19th and 26th December 2015. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 4th December 2015 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 5th December 2015 from 4 p.m. to 5 p.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.

The Society has planned its 49th RRC in Novotel Imagica. The response for the RRC has been quite encouraging. The subjects covered are topical and very relevant. I appeal to the new members to attend this conference and experience the unique method of learning in group discussions and have a great opportunity of networking and bonding.

After almost a decade, five leading associations of tax professionals of Mumbai and Western India has announced TAXCON-2015 and are holding a two day seminar on “Conflicts and Convergence in Tax Laws”. The faculties are the best from the profession and industry. There will be representation from the tax department also. Since the seats are limited, I request members to enroll at the earliest to avoid disappointment.

BCAS plays a significant role in moulding Students who are the future of our profession. In continuing with orienting the students, a two day workshop has been planned which will give them an edge over their peers in understanding various laws. I request the Student members to make it a point to enroll for this seminar and also request the members to encourage their article students to attend the same. BCAS ethos can aptly be summarized as “Millions Moulded, Miles To Go.”

To accomplish great things, we must not only act, but also dream; not only plan, but also believe – Anatole France.

Warm Regards,

Chetan Shah

3NovemBeR 2015

DATE: Friday, 4th December and Saturday, 5th December, 2015 TIME: 8.45 a.m. to 6.15 p.m. VENUE: BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400 020 FEES: ` 1,710/- per student Fees include Service Tax, Food & Course Material

WHy THiS WORKSHOP?

The workshop aims to orient the students who

have recently signed in for their articleship and

need broad understanding and guidance which can

bridge the expectation of students and principals

of articleship training covering various subjects

of curriculum.

TOPiCS • Income Tax • Service Tax

• VAT • Company Law

• Accounting • Excellence in Profession

• Auditing • Understanding Use of Excel and other Important Software

WHO SHOuLD ATTEND?

- Freshly inducted Article students

KEy TAKEAWAyS

- How to prepare and handle various assignments as Article Student.

- How to balance for exams and articleship.

- Understanding use of Software for work in office. - Preparing for types of Forms under different statutes.

- Do’s & Don’ts as Article Student.

- How to excel as professional.

2-DAY ORIENTATION WORKSHOP FOR CA STUDENTS

Chairman: Nitin P. Shingala

Co-Chairman: Mihir C. Sheth

Convenors: Mukesh G. Trivedi, Krishna Kumar Jhunjhunwala & Kinjal M. Shah

HUMAN DEvElOPMENT & TECHNOlOGY INITIATIvES COMMITTEE

4 NovemBeR 2015

Chairman: Nitin Shingala Co-Chairman: Mihir Sheth

Convenors: Mukesh Trivedi, Krishna Kumar Jhunjhunwala & Kinjal ShahSeminar Co-ordinators: Kinjal Shah & Mrinal Mehta

HUMAN DEvElOPMENT & TECHNOlOGY INITIATIvES COMMITTEE

DATE: Saturday, 28th November 2015 TIME: 2.00 p.m. to 6.00 p.m. VENUE: BCAS, 7, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai - 400020SPEAKER: Mr. Punit ThakkarFEES: ` 300/- Members & Students ` 400/- Non MemberFees include Service Tax, Refreshment, and ` 30/- towards BCAS Foundation.

WHy THiS SEMiNAR?Technology is the fastest growing field right now and there’s no sign of stopping anytime soon. Cloud computing solution host customer information on vendor’s (Google/ Microsoft) network of secure data centres, rather than on traditional in-house servers that are located within companies. The technology giants - Google and Microsoft provide various cloud based web applications and productivity & collaboration software tools designed to work across geographies and across devices like Mobile, Tablets, Desktops etc. The seminar shall highlight the benefits of using cloud apps with practical approach to implement technology.

DiSCuSSiON SHALL COVER iNSiGHTS ON

Features ‘Google for Work’ from Google ‘Office 365’ from Microsoft

Communication Tools Gmail, Hangout, Calendar, Google+ Outlook (Hotmail), MSN, Skype

Storage Drive One Drive

Collaboration Tools Google Docs (Docs, Sheets, Forms, Slides, Sites) Office (word, excel, power point, one note, publisher)

Administration & Security Various Inbuilt features and add-ons Various Inbuilt features and add-ons

WHO SHOuLD ATTEND?- Chartered Accountants- CA Students- CA office staff- Professionals & Businessmen

KEy TAKEAWAyS:

- Your Office anywhere- Collaboration simplified- Faster access to innovation drives higher productivity- Immense reduction in data security & Backup investments- Higher reliability and uptime- Cost savings on Hardware and software licensing- Reduced customisation cost with plug and play add-on apps- Works seamlessly across devices

HAlF DAY SEMINAR ON ClOUD HOSTED APPS FROM GOOGlE AND MICROSOFT - “GET TO KNOW APPS WHICH CAN CHANGE THE WAY YOU WORK”

HUMAN DEvElOPMENT AND TECHNOlOGY INITIATIvES COMMITTEE

Other Forthcoming Programmes

Chairman : Nitin Shingala | Co-Chairman : Mihir Sheth Convenors : Gracy Mendes, Mahendra Turakhia & Ryan Fernandes

Dates Topics Faculty Venue Timings

08.12.2015 Study Circle on My Happiness - A Choice

Kalpesh Thakkar 7, Jolly Bhawan No. 2, New Marine Lines, Mumbai-400020 6.00 p.m. to 8.00 p.m.

09.01.2016 Workshop on Power of Focus (Charges to be finalised)

Bhavin Shah 7, Jolly Bhawan No. 2, New Marine Lines, Mumbai-400020 9 a.m. to 5.30 p.m.

5NovemBeR 2015

Chairman: Sanjeev Pandit

Co-Chairman: Ameet Patel

Convenors: Anil Doshi, Ganesh Rajgopalan & Jagdish Punjabi

Seminar Co-ordinators: Sonalee Godbole, Kavita Mehendale & Vishesh Sangoi

TAxATION COMMITTEE

DATE: Friday, 11th December, 2015 & Saturday, 12th December 2015 TIME: Friday, 11th December, 2015 (9.00 a.m. to 5.00 p.m.) & Saturday, 12th December 2015 ( 9.00 a.m. to 3.00 p.m.) VENUE: Walchand Hirachand Hall, iMC, Churchgate, Mumbai - 400020

FEES: ` 2,736/- Member ` 3,876/- Non Member

Fees include Service tax, Course Material, Lunch, Refreshments and ` 50 /- towards BCAS Foundation

WHy THiS SEMiNAR?

ICDS are applicable with effect from April 1, 2015. This intensive Seminar would help participants understand the application of ICDS and their far reaching implications to all taxpayers following mercantile system of accounting.

This seminar will facilitate ascertaining of impact on various entities. The assessment will provide clarity on the impact on the taxable income and the changes required in the system and process for computation of taxable income for each period in an efficient manner

Being the first year of applicability, there could be transitional concerns. The seminar will also facilitate smooth migration after understanding these implications.

SPEAKERS

CA. Milin Mehta – inaugural address

CA. Anil Sathe – iCDS i & Vii

CA. Ravikant Kamath – iCDS iii

CA. Gautam Nayak – iCDS V & iX

SPEAKERS

CA. Pradip Kapasi – iCDS Viii

CA. Rajeshree Sabnavis – iCDS Vi

CA. yogesh Thar – iCDS iV & X

CA. Atul Suraiya – iCDS ii

WHO SHOuLD ATTEND?

- Chartered Accountants

- Tax Professionals

- Corporate Executives handling taxation and maintenance of accounts

- CFO and Controllers

- Anyone interested in the subject

KEy TAKEAWAyS

- Understanding of ICDS with practical examples and case studies

- Effect of ICDS on settled principles of tax laws

- Understanding of differences between Indian GAAP and ICDS

- Clarity on the ultimate tax impact arising due to such differences

- Impact on current transactions/ contract structures

2 - DAY INTENSIvE SEMINAR ON INCOME COMPUTATION & DISClOSURE STANDARDS

6 NovemBeR 2015

TAxCON 2015“CONFlICTS AND CONvERGENCE IN TAx lAWS”

We are extremely happy to announce the much awaited TAXCON 2015, a unique joint endeavor of all leading Associations of Tax Professionals of

Mumbai and Western India. This joint effort of BCAS, CTC, AiFTP(WZ), STPAM and WiRC of iCAi is a symbol of spirit of comradeship amongst all Five

Associations and aims at showcasing a conference with unique features and topics, which are of interest to all tax practitioners, whether practicing

direct taxes or indirect taxes, and gives a not-to-miss opportunity to all concerned. The details are as under:-

Days & Dates Friday & Saturday, 27th & 28th November, 2015

Time 10 a.m. to 6.00 p.m. (Friday); 9.30 a.m. to 4.30 p.m. (Saturday)

Venue Khimji Kunverji Vikamsey Auditorium, ICAI Towers, G Block, Next to Standard Chartered Bank, Bandra Kurla Complex, Bandra (East), Mumbai – 400051

Fees ` 2,950/- (inclusive of Conference Materials, breakfast, lunch and tea on both days)

Programme Schedule

FRiDAy, 27TH NOVEMBER, 2015

inauguration and Key Note Address: Eminent Personality

Subject Faculty

Sale, Service or Works Contract (inclusive EPC Contracts)i) Service Tax & VATii) income Tax

CA. Sunil Gabhawalla, MumbaiCA. Hitesh Gajaria, Mumbai

update on GST Shri Dilip Dixit, Pune

intricate issues of Business Restructuring i) income Taxii) VAT & Service Tax

CA. Anup Shah, MumbaiCA. Parind Mehta, Mumbai

SATuRDAy, 28TH NOVEMBER, 2015

Subject Faculty

iCDS - unsettling Settled Laws? CA. Pinakin D. Desai, Mumbai

Panel Discussion – Controversies in Real Estate Transactions.Moderator -Panelists –

CA. yogesh Thar, Mumbai

i) Income Taxii) VATiii) Service Tax

Shri Saurabh Soparkar, Sr. Adv., AhmedabadShri P. C. Joshi, Adv., MumbaiShri Shailesh Sheth, Adv., Mumbai

Brains’ Trust Session Trustees –

i) Income Tax ii) Service Tax iii) VAT

Shri Hiro Rai, Adv., MumbaiShri Vikram Nankani, Sr. Adv., MumbaiShri Vinayak Patkar, Adv., Mumbai

Please send your enrollment alongwith a cheque / demand draft of ` 2950/- in favour of “Bombay Chartered Accountants’ Society”. Note : 1) Only 250 participants will be enrolled on first come first served basis.2) Delegates are requested to send queries for Brains’ Trust / Technical sessions by 15th November, 2015 by email at taxcon2015@yahoo.in

7NovemBeR 2015

Chairman: Gautam Nayak Co-Chairman: Deepak Shah

Convenors: Rutvik Sanghvi, Dhishat Mehta & Gaurang GandhiCourse Co-ordinators: D.S. Sharma, Namrata Dedhia & Natwar Thakrar

INTERNATIONAl TAxATION COMMITTEE

DATES: All Saturdays - 5th, 12th & 19th December 2015 9th, 16th & 30th January 2016 TIME: 9.00 a.m. to 6.00 p.m. VENUE: 2nd Floor, Babubhai Chinai Hall, iMC, Churchgate, Mumbai - 400020

FEES :

Member Non Member

` 12,540/- ` 14,250/-

Fees include Breakfast, Lunch, Course Material and Rs. 50/- towards BCAS Foundation.

WHy THiS STuDy COuRSE?

BCAS’ flagship course on DTAA is the essential course for any professional dealing with international taxation. Indispensable for new entrants to the field; and exhaustive for practitioners updating themselves with the latest developments.,

WHO SHOuLD ATTEND?

- Chartered Accountants

- Professionals in Industry

- CAs Practicing in International Taxation

KEy TAKEAWAyS

- Lectures taken by renowned experts from the International tax arena.

- Practical and informative.

- Around 28 lectures in all covering each article of DTAA.

- Special emphasis on features like force of attraction, most favoured nation and triangular cases

- Based on the UN Model Convention.

- Conducted in classroom style.

- Test on completion of course.

16TH INTENSIvE STUDY COURSE ON DOUBlE TAx AvOIDANCE AGREEMENT

8 NovemBeR 2015

Chairman: Nitin P. Shingala Co-Chairman: Mihir C. Sheth

Convenors: Mukesh G. Trivedi, Krishna Kumar Jhunjhunwala & Kinjal M. ShahWorkshop Co-ordinators: Kinjal M. Shah, Mrinal A. Mehta & Shreyas P. Trivedi

HUMAN DEvElOPMENT & TECHNOlOGY INITIATIvES COMMITTEE

DATE: Saturday, 21st November 2015 TIME: 9.00 a.m. to 5.30 p.m. VENUE: BCAS, 7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai –400020 FEES: ` 1,710/- for ParticipantsFees include Service Tax, Course Material, Lunch and Refreshments and ` 50/- towards BCAS Foundation.

WHy THiS WORKSHOP?

In this 21st Century of ideas and innovations, the cutting age professional writing and communication skills are a must to achieve a higher level of success in professional career.

This workshop aims at enhancing professional writing and communication skills for young CAs and aspiring writers who desire to master this vital craft.

TOPiCS SPEAKERS

Fundamentals of Professional Writing and Communication Skills

Dilip K. Sheth, B.Com. (Hons.), FCA, LLM, Phd (Law)

From the eyes of an Editor Anil Sathe, Chartered Accountant

Writing effectively - experiences from managing a professional content exchange website

Sharmila Ramani, Chartered Accountant

The A B C of Professional Writing Swati Jalal, Communication Professional

Drafting in Tax Litigation – Submissions, Appeals and Opinions

yogesh Thar, Chartered Accountant

WHO SHOuLD ATTEND?

- Young Chartered Accountants seeking to polish their writing and communication skills - Aspiring writers

KEy TAKEAWAyS

- Master the art of delivering powerful, clear, and persuasive professional writing/ communication

- What it takes to become a writer for a professional magazine/website

- Polish your writing - contemporary business English, common writing pitfalls, and self-editing techniques

- Effective drafting of various tax litigation documents such as submissions, appeals and opinions.

WORKSHOP ON ADvANCED PROFESSIONAl WRITING & COMMUNICATION SKIllS

9NovemBeR 2015

Study Circle Convenors: Chirag Doshi & Mitesh Majithia

COMPANY lAW, ACCOUNTING AND AUDITING STUDY CIRClE

Last of this series of meetings on Ind ASsDATE: November 19, 2015

Further series to be announced at a future date

TIME: 6 :15 p. m.

VENUE: BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400 020

The announcement for additional series of IND ASs shall be made in due course.

WHy THESE SERiES OF STuDy CiRCLE MEETiNGS?• To understand the applicability of The Indian Accounting Standards

(Ind ASs). • Basic concepts of Ind ASs • Learn, measurement and disclosure requirements • The date of implementation and its impact• Accounting Treatment for each type of entity• Comparison with corresponding IAS/IFRS and existing ASs

TOPiCS & GROuP LEADERS:

19th Nov ‘151. Ind AS 21: The Effects of Changes in Foreign Exchange Rates2. Ind AS 12: Income Taxes

Eminent Speaker

• Comparison with corresponding IAS/IFRS and existing AS• Examples and case studies

WHO SHOuLD ATTEND?- CAs in Assurance Practice - CAs in Industry- CAs in Teaching Profession

KEy TAKEAWAyS- Understanding the new set of Accounting Standards converged with IFRS- Learn intricacies of reporting requirement under the new GAAP- Practical knowledge- Discussion on challenges related to implementation- Knowledge sharing by eminent faculties

ACCOUNTING & AUDITING STUDY CIRClE MEETINGS ON IND ASS

BCAS KNOWLEDGE RESOuRCE uPDATE

Title: Video Recording of three indirect Tax Study Circle Meetings on GST Series held on 4th July, 18th July and 1st August 2015.

Format: DVDs ( set of 6 DVDs) Discipline: Goods and Service Tax

Who can benefit:

Chartered Accountants in Practice, Legal Advisors, Financial Controllers, Compliance Professionals, Students, Management Professionals, Business Consultants, Businessmen, Accountants, Libraries, Universities, Colleges, Practitioners, Consultants, etc.

Speakers: Mr. Shailesh Sheth, Mr. Jayraj Sheth, Mr. Parind Mehta

How to Order:

Publication Counter : BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020

E-mail : km@bcasonline.org imprest : if you are a BCAS member through your imprest account

For information : 91-22-61377600Pay at the publication counter by cash or through cheque/pay order payable at Mumbai in the name of “Bombay Chartered Accountants’ Society”

Price: ` 300/- Members & Non-Members Please add an additional ̀ 35/- if you require the same by post. For Air Mail charges - check with BCAS Office.

Features: The Indirect Tax Study Circle of the Society conducted a GST Series Meetings comprising of 3 meetings on 4th July 2015, 18th July, 2015 and on 1st August 2015 to discuss various aspects of proposed GST law, a long pending most important indirect tax reform in this country. The objective of the program was to educate the members about the broad framework of GST and to identify brain trust issues on which the members may deliberate in the forthcoming study circle meetings for possible solutions. This will help the members in guiding their clients and business community at large to prepare them for the emerging law.

In the first meeting Adv. Shailesh Sheth addressed the members on the Topic – ‘Why GST?’ The members discussed about issues facing current indirect tax structure in India, ideal GST framework, that the similar law prevailing in other countries and GST as a possible solution in India. In the second session, CA Jayraj Sheth dealt with GST provisions from Indian perspectives. He broadly addressed the members about historical background of GST in India and proposed GST framework in India. In the last meeting, CA Parind Mehta enlightened the members about intricacies of 122nd Constitutional Amendment Bill 2014. Members also discussed about the requisites of IT framework in GST. The members gained around 10 Hrs of knowledge and learning experience.

DVDs contain video recording of all the three study circle meetings.

10 NovemBeR 2015

Chairman: Harish N. MotiwallaCo-Chairman: Rajesh R. Muni

Convenors: Abhay R. Mehta, Nikhil D. Patel & Mukesh K. Gilda

ACCOUNTING & AUDITING COMMITTEE

6TH RESIDENTIAl STUDY COURSE ON IFRS / IND AS – CHANGE IN DATES – REvISED DATES – 18TH TO 20TH FEBRUARY, 2016

The Ministry of Corporate Affairs has already released the revised roadmap for implementation of Indian Accounting Standards

(IndAS) the converged accounting standards to International Financial Reporting Standards (IFRS). The Ind AS shall be

mandatorily applicable phase wise as follows:

Phase i

For the following classes of companies in respect of their financial statements for accounting periods commencing on or after 1st

April, 2016.

• Companies whose equity and / or debt securities are listed or are in the process of being listed on any Stock Exchange in

India or outside India and having a net worth of ` 500 crores or more.

• Companies other those covered above and having a net worth of ` 500 crores or more.

• Holding, subsidiary, joint venture and associate companies of the companies indicated above.

Phase ii

For the following classes of companies in respect of their financial statements for accounting periods commencing on or after 1st

April, 2017.

• Companies whose equity and / or debt securities are listed or are in the process of being listed on any Stock Exchange in

India which are not covered in phase 1.

• All companies having a net worth of ` 250 crores or more and not covered in the earlier phase.

• Holding, subsidiary, joint venture and associate companies of the companies indicated above.

The adoption of these IFRS converged standards will go a long way in enhancing the transparency in and quality of financial

reporting by Indian corporate, as Ind AS is expected to fill many gaps in Indian GAAP. IndAS will also be instrumental in taking

India up in the governance and transparency ratings globally.

BCAS has been a front runner in imparting knowledge on such a game changer and had commenced the training for equipping

its members in IFRS in the year 2009. BCAS has structured Sixth Residential Study Course to equip the professionals with

relevant skills and be a part of the smooth transition. The 6th Residential Study Course (RSC) is in continuation of the ongoing

learning process of IFRS at BCAS.

The 6th Residential Study Course which was scheduled on 17th, 18th & 19th December 2015, has been re-scheduled on

18th, 19th and 20th February, 2016.

The reason for re-schedulement is that various indAS are under revision as well as existing Accounting Standards are also

being upgraded to bring them nearer to the ind AS. This process is expected to be over by December end and new set of

standards are expected to be promulgated later. in view of the same, it would be beneficial for the participants to discuss

the latest ind AS as well as to analyse the key differentiators in the existing Accounting Standards.

The detailed program structure with venue, case study papers/ presentation papers along with paper writers/speakers will be

announced shortly. In the meanwhile please ensure to block the dates for the learning initiative.

11NovemBeR 2015

Chairman : uday V. SathayeConvenors: Bharatkumar Oza & Rajeev N. Shah

SEMINAR COMMITTEE

49TH RESIDENTIAl REFRESHER COURSE

WHERE: Novotel imagica, KhopoliWHEN: 22nd January 2016 to 25th January 2016.WHO: The RRC is open only for Ordinary, Life and Corporate Members of BCAS and not for Journal subscribers and website members of BCAS.FEES : ` 17,500/- per participant on twin sharing basis (without travel facility) including Service Tax, Course Material, Stay, all meals, and ` 50 contribution to the BCAS Foundation. Once enrolled, requests for the refunds will not be entertained.

Notes :1. Participants are requested to fill the enrolment form giving choice of their room partner so as to enable the Committee to allocate

the partner of their choice.

Kindly note that the decision of the Committee will be final in case of allotment of rooms & room partners.

2. Delegate Substitution:

In the event of inability of the registered delegate to attend the RRC for any reason, he/she should promptly inform the Committee by

email (em@bcasonline.org) indicating the “subject” as “49th RRC —INABILITY TO ATTEND” with a copy marked to uday@gokhalesathe.

in, boza1809@gmail.com & rajeevshahandco@eth.net . At its discretion, BCAS may permit substitution. The substitute too needs to be

a member of BCAS. The Committee reserves the right not to admit any substituted person to the conference in the event a delegate

substitutes him/her in his/her place without the prior written consent of the Committee.

3. The RRC will begin on 22nd January 2016 and will conclude on 25th January 2016 after lunch. Delegates can check-in at the hotel

from 12.00 noon onwards on 22nd January 2016.

4. Enrolment will commence from 21st October 2015 at 10.30 a.m. and will be restricted to first 200 members only on first-come-first-

served basis out of which 80 seats are reserved for outstation delegates. (other than Local limits of Mumbai)

SuBJECTS PAPER WRiTERS

1 Goods and Services Tax (GST)* Adv. Shailesh Sheth Paper for Presentation

2 ICDS - Ease of Doing Business CA. Sanjeev Pandit Paper for Presentation

3 Issues and pitfalls in Audit as per SA’s (Standards on Auditing) CA. Jayant Gokhale Paper for Discussion

4 Audit issues under Companies Act 2013 CA. Jayesh Gandhi Paper for Discussion

5 Issues under Sec 14A 56(2) (vii) (viia) & (viib) of Income-tax Act 1962 CA. Gautam Nayak Paper for Discussion

6 Charitable Institutions - Tax Issues CA. Rajesh Kadakia Paper for Discussion

* Exact Title of the paper shall be announced shortly.

22nd January 2016 to 25th January 2016 at Novotel imagica, Khopoli

12 NovemBeR 2015

Convenors: Kamlesh Doshi, Sanjay Chokshi and Samit Saraf

INFORMATION TECHNOlOGY STUDY CIRClE

DATE: Friday, 20th November 2015

TIME: 6.15 pm to 8.00 pm

LOCATION: BCAS, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400 020

SPEAKER: CA. Punit Mehta

An enthusiast of Tally has been sharing knowledge on software in india as well as abroad for last 14 years. He has been working closely with Numerous Small and Medium Scale Enterprises to have their MiS reports and Operation streamlined. He has been a regular speaker at Vasai Branch, Thane, and Various study circles of WiRC.

WHy THiS STuDy CiRCLE?In India Tally.ERP9 is most widely used software across the SME segment. With release 5.0 it has changed the statutory behavior as compared to previous releases. With every change there is an opportunity. More than 10 Lacs customers across India and approximately 2 lacs in Mumbai only are going to experience the change of behavior within the software.

Learning what is new and how to implement the new changes is what sets us as CAs apart. We are going to discuss on Recent changes in Release 5.0 with special focus on implementation of VAT.

WHO SHOuLD ATTEND?- Chartered Accountants- Finance Professionals- Anyone interested in the Subject

KEy TAKEAWAyS- Learning what and why new release is all about and to be able to successfully migrate data from earlier release to the latest release 5.1.1

STUDY CIRClE ON HIGHlIGHTS OF RElEASE 5.0 TAllY.ERP9 WITH SPECIAl FOCUS ON MAHARASHTRA vAT

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13NovemBeR 2015

Subscribe Now!!!Lecture Meeting on “Are the New Requirement of IFC’s

and EWRM a Boon or a Bane” by CA. Monish Chatrath, held on 28th October, 2015 is available on BCAS Web TV.

BCAS WEB TV

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. The rates are subject to change based on notification from time to time.

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*Inclusive of Service Tax.

14 NovemBeR 2015

15NovemBeR 2015

16 NovemBeR 2015

17NovemBeR 2015

18 NovemBeR 2015

From rBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 10circulars.

A. P. (DiR Series) Circular No. 19 dated October 6, 2015investment by Foreign Portfolio investors (FPi) in Government Securities

This circular has increased the investment limit in Government Securities as under: -

(` in Billion)

Central Government securities

State Development Loans

Aggregate

For all FPis

Additional for Long Term FPis

Total For all FPis (including Long Term FPis)

Existing Limits

1,244 291 1,535 NIL 1,535

Revised limits with effect from October 12, 2015

1,299 366 1665 35 1,700

Revised limits with effect from January 1, 2016

1,354 441 1,795 70 1,865

The security-wise limit for FPI investments will be monitored on a day-end basis and those Central Government securities in which aggregate investment by FPI exceeds the prescribed threshold of 20% will be put in a negative investment list. No fresh investments by FPI in these securities will be permitted till they are removed from the negative list.

There will be no security-wise limit for SDL for now.

A. P. (DiR Series) Circular No. 20 dated October 8, 2015Risk Management & inter-Bank Dealings: Booking of Forward Contracts - Liberalisation

Presently, to manage / hedge their foreign exchange exposures arising out of actual or anticipated remittances, both inward and outward, resident individuals , f irms and companies, are al lowed to book forward contracts, without production of underlying documents, up to a l imit of US $ 250,000 based on self-declaration.

This circular has increased the said limit to US $ 1 million. Hence, all resident individuals, firms and companies, who

have actual or anticipated foreign exchange exposures, are now allowed to book foreign exchange forward and FCY-INR options contracts up to US $ 1,000,000 (US $ one million) without any requirement of documentation on the basis of a simple declaration. Although contracts booked under this facility will normally be on a deliverable basis, cancellation and rebooking of contracts is permitted. However, depending upon the track record of the entity, the concerned bank can call for underlying documents, if considered necessary, at the time of rebooking of cancelled contracts.

The existing facilities in terms of A.P. (DIR Series) Circular No. 15 dated October 29, 2007 for Small and Medium Enterprises (SMEs) will remain unchanged.

A. P. (DiR Series) Circular No. 21 dated October 8, 2015Memorandum of Procedure for channeling transactions through Asian Clearing union (ACu)

This circular permits the use of the Nostro accounts of commercial banks of the ACU member countries, i .e. , the ACU Dollar and ACU Euro accounts, for settl ing the payments of both exports and imports of goods and services among the ACU countries and reiterates that all eligible export / import transactions with other ACU member countries (except in the case of certain countries where specific exemptions have been provided by the Reserve Bank of India) must invariably be settled through the ACU mechanism.As a consequence, payments for all eligible: -a) Export transactions must be made by debit to the

ACU Dollar / ACU Euro account in India of a bank of the member country in which the other party to the transaction is resident or by credit to the ACU Dollar / ACU Euro account of the authorized dealer maintained with the correspondent bank in the other member country.

b) Import transactions must be made by credit to the ACU Dollar / ACU Euro account in India of a bank of the member country in which the other party to the transaction is resident or by debit to the ACU Dollar / ACU Euro account of an authorized dealer with the correspondent bank in the other member country.

A. P. (DiR Series) Circular No. 22 dated October 21, 2015Notification No. FEMA. 351/2015-RB dated September 30, 2015Annual Return on Foreign Liabilities and Assets (FLA Return) – Reporting by Limited Liability Partnerships

This circular states that Limited Liabilities Partnerships (LLP) in India that have received FDI and / or made overseas investment in the previous year(s) as well as in the current year, have to submit the FLA return to RBI by July 15 every year, in the prescribed format.

As LLP do not have 21 Digit CIN (Corporate Identity Number), they should enter ‘A99999AA9999LLP999999’ against CIN in the FLA Return.

19NovemBeR 2015

A. P. (DiR Series) Circular No. 23 dated October 29, 2015No fresh permission / renewal of permission to LOs of foreign law firms- Supreme Court’s directions

This circular states that, till the final disposal of the matter by the Honorable Supreme Court of India: -1. Foreign law firms that have been granted

permission prior to the date of interim order for opening Liaison Office (LO) in India are permitted to continue till the date such permission is still in force.

2. No fresh permission / renewal of permission will be granted by RBI / banks.

A. P. (DiR Series) Circular No. 24 dated October 29, 2015Notification No. FEMA. 353 /2015-RB dated October 6, 2015Subscription to National Pension System by Non-Resident indians (NRis)

This circular permits NRI to subscribe to National Pension System governed and administered by Pension Fund Regulatory and Development Authority (PFRDA), provided the subscriptions are made through normal banking channels or out of funds held in their NRE / FCNR / NRO account and the person is eligible to invest as per the provisions of the PFRDA Act.

There are no restrictions on repatriation of the annuity / accumulated savings and hence, the annuity / accumulated saving will be repatriable.

A. P. (DiR Series) Circular No. 25 dated November 05, 2015Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of india and erstwhile uSSR

With effect from October 28, 2015 the Rupee value of the Special Currency Basket has been fixed at ` 78.1657270as against the earlier value of ` 81.3268160.

A. P. (DiR Series) Circular No. 26 dated November 05, 2015Notification No FEMA.347/2015-RB dated July 24, 2015Switching from Barter Trade to Normal Trade at the indo-Myanmar Border

This circular provides that with effect from December 1, 2015 all trade at the Indo-Myanmar border will be as per normal trade route i.e. payments can be settled in any permitted currency in addition to the Asian Clearing Union mechanism. As a result, no trade on the barter system basis will be permitted from December 1, 2015.

A. P. (DiR Series) Circular No. 27 dated November 05, 2015Software Export – Filing of bulk SOFTEX-further liberalisation

Presently, software exporters with an annual turnover of at least ` 1000 crore or who file at least 600 SOFTEX forms annually on an all India basis, are eligible to declare all the off-site software exports in bulk in the form of a statement in

excel format, to the competent authority for certification on monthly basis.

This circular has extended that facility to all software exporters. Hence, all software exporters can now file single as well as bulk SOFTEX form in excel format with the competent authority for certification in the SOFTEX form Annexed to this circular.

Software exporters are required to submit the SOFTEX form induplicate as per the revised procedure. STPI / SEZ will retain one copy and handover the duplicate copy to the exporters after due certification. Software exporters can generate SOFTEX form number (single as well as bulk) for use in off-site software exports from the website of RBI viz., www.rbi.org.in. In order to generate the SOFTEX number/s, an online application form Annexed to this circular has to be filled in.

A. P. (DiR Series) Circular No. 28 dated November 05, 2015

Risk Management & Inter-Bank Dealings: Relaxation of facilities for residents for hedging of foreign currency borrowings

Presently, residents having a long term foreign currency liability are permitted to hedge, with a bank in India, their exchange rate and / or interest rate risk exposure by undertaking a foreign currency-INR swap to move from a foreign currency liability to a rupee liability.

This circular now permits residents to enter in to FCY-INR swaps with Multilateral or International Financial Institutions (MFI / IFI) in which the Government of India is a shareholding member subject to the following terms and conditions: -(i) Such swap transactions must be undertaken by the

MFI / IFI concerned on a back-to-back basis with a bank in India.

(ii) Banks can face, for the purpose of the swap, only those Multilateral Financial Institutions (MFIs) and International Financial Institutions (IFIs) in which Government of India is a shareholding member.

(iii) The FCY-INR swaps must have a minimum tenor of 3 years.

(iv) All other operational guidelines, terms and conditions relating to FCY-INR swaps as laid down in A.P. (DIR Series) Circular No. 32 dated December 28, 2010, as amended from time to time, shall apply, mutatis mutandis.

(v) In case of default by the resident borrower on its swap obligations, the MFI / IFI concerned must bring in foreign currency funds to meet its corresponding liabilities to the counterparty bank in India.

(vi) Banks have to report the FCY-INR swaps transactions entered into with the MFI / IFI on a back-to-back basis on CCIL reporting platform.

20 NovemBeR 2015

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2015-17Posted 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 Pvt. Ltd., 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. • The Cheque/DD will be in the name of “Bombay Chartered Accountants’ Society”. Your participation will be confirmed only after the realization of payment at BCAS, for which a

receipt will be provided for your reference. • 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.

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2-Day Orientation Workshop for CA Students.............................................................04.12.2015 & 05.12.2015.................R1,710 per Student.................................................................................... Workshop on Power of Focus.....................................................................................09.01.2016 .......................................................................................................................................................

49th Residential Refresher Course............................................................................22.01.2016 to 25.01.2016.................R17,500 per Participant...............................................................................

Workshop on Advanced Professional Writing & Communication Skills........................21.11.2015 ......................................R1,710 per Participant................................................................................

6th Residential Study Course on IFRS / Ind AS...........................................................18.02.2016 to 20.02.2016.................To be announced ...........................................................................................

Workshop

Residential Course

Accounting & Auditing Study Circle Meeting on Ind ASs .......................................................................19.11.2015............................................................................................................................

R12,540 for Members........... R 14,250 for Non-members................

Sixteenth Intensive Study Course on Double Tax Avoidance Agreement ................................................05.12.2015,12.12.2015,19.12.2015...................................................................................... 02.01.2016,09.01.2016,16.01.2016,23.01.2016,30.01.2016.....................................................

Study Circle

TAXCON 2015 Seminar - Conflicts and Convergence in Tax Laws..............................27.11.2015 & 28 11.2015................ R2,950 per Participant...............................................................................

Study Circle on Highlights of Release 5.0 Tally.ERP9 with special focus on Maharashtra VAT.................20.11.2015............................................................................................................................

2 - Day Intensive Seminar On Income Computation & Disclosure Standards.................11.12.2015 & 12 12.2015.................R2,736 for Members............ .R3,876 for Non-members........................

Study Circle on My Happiness - A Choice...................................................................................................08.12.2015 ............................................................................................................................

Half Day Seminar on CLOUD Hosted Apps from Google and Microsoft.......................28.11.2015 .......................................R300 for Members.................R400 for Non-members.........................

Seminar

BCAS Study Circles 2015–16

Study Circle No. Subject Fee Tick your

choice here

I Direct Tax Laws 456*

II Indirect Tax Laws 456*

III Company Law, Auditing & Accounting 456*

IV FEMA 456*

V Information Technology 456*

VI Human Resource Development 456*

VII ITF 1,140*

VIII BCAS Suburban Study Circle 684*

IX International Economics 1,140*

X Students Study Circle 228*

Study Circle No. Subject Fee Tick your

choice here

* Inclusive of Service Tax of 14%