EIRC 1st May 2015 1

EIRC NEWSLETTERVOL: 41 ISSUE: 03 1st May 2015 ` 10/-

ThE INSTITUTE Of ChaRTEREd aCCOUNTaNTS Of INdIa

EastErn IndIa rEgIonal CounCIl(Setup by an Act of Parliament)

Dear Brothers & Sisters,

I am extremely grief stricken and shocked to note the innumerable damage caused to our neighbouring country Nepal who is reeling under the torturingactions of the ruthless natural calamities. This quake has snatched away lives across a great stretch of the land. On the other hand, it is said that ‘Destruction unfolds creation’. I am sure that we would learn from it and newer

ways towards LIFE will be disclosed. I strongly believe that the flag of living will be more prominent than ever in Nepal.

By the time, all my esteemed members they must have completed the yeomen task of Bank Branch Audit. I am quite sure that Chartered Accountants, irrespective of the pressures have stood up to the expectations of completing the audit in short time. We have stepped into the new Financial Year with bank audits and we need to discharge the same with diligence. Now it has become imperative for all of us to ensure to improve the quality of Audit of Banks keeping in mind the serious reservations expressed by RBI and Government of India.

The professional scene too is also engrossed with huge changes evolving up in the last few weeks. The much awaited CARO 2015 format was prescribed, Ind ASs transition has begun, Black Money Bill with controversial and vicious provisions placed before the lawmakers, and ICDS brought in by the Tax Office. The ICAI issued a Guidance Note on Reporting on Fraud and an Application Guide on Schedule II of the Companies Act, 2013. I guess for most of you, the reading list for the next few weeks is set.

EIRC Initiatives

EIRC has initiated many steps in improving its service towards its members and students. We have sought various suggestions from the members which they have to offer for various measures which may be adopted, approach/represent before the Regulators.

We have also sought a meeting with all the Hon’ble Chief Ministers of the States of this Region wherein we have requested to give us an opportunity to suggest and recommend various measures which may be undertaken for better functioning of the State administration and as a result create more professional opportunities.

Suggestions were also sought for inputs for the improvement of EIRC Website and also EIRC Newsletter.

Regional Conference

EIRC takes pleasure in announcing its 40th Regional Conference at Science City, Kolkata. I take privilege in extending my personal invitation to participate and make this event a grand and fruitful one and hence request all to block dates 21st & 22nd of August, 2015 in your busy diary for the same. The complete details would be shared at EIRC Website and through other communication channels. Also

you may take note of various oncoming CPE programme given in this Newsletter and register for it as per your convenience.

Importance of meaningful, effective communication would be superfluous to discuss. Towards this, apart from the Newsletter / Journal the Website is an important means. In this aspect we have taken a step to provide background material and also the video recording of the Seminar in the EIRC Website. I request all to visit our EIRC Website regularly and benefit and update themselves. The same will enable all our members to look for any information with a click of mouse, who could not attend the programme for whatsoever reasons may be. Also same would be of immense benefit to our members residing at suburbs who may not get an opportunity to listen the valuable deliberations from renowned speakers spread throughout the country, can view and listen from the Website. May I request all my Branches to create their own Website though many of the Branches have already.

Green Initiative

May I also suggest and seek your advice whether to have the monthly EIRC Newsletter in the E-format means instead of the printed copy and posting it to your address, it would be delivered in your inbox and also would be available in the EIRC Website, www.eirc-icai.org Your affirmation in this respect would go a long way in our ‘Green Initiative’.

Rabindra Jayanti

Rabindranath Tagore, the Kabiguru the honour of our country, has sung the song of values throughout his life. We frequently return to him for he was not a mere singer of values, but remained as an active practitioner of those values. We are in a profession and should feel duly responsible to spread the message of cultivating values and tries and inculcate amongst the mass. We professionalshave the scope and authority to tune the people with value. This year we would celebrate RABINDRA JAYANTI on 9th May 2015 at VidyaMandir. I extend my warm invitation to all to attend.

Let me give you a data that India is positioned at the 117th No. in Happiness Index while previously it was 111. Shocking, alarming and distressing more is the fact that no country from this continent is among the first 10 even. So we need to stop this draining of happiness for we are from the lands of Upanishads – the preacher and practitioner of bliss and happiness.

Let me conclude with a famous quote by Henry Ward Beecher:

“You will never be happy if you continue to search for what happiness consists of. You will never live if you are looking for the meaning of life.”

Thanking you

CA Pramod Dayal Rungta Chairman, EIRC of ICAI Ch

airman Writes

Sponsor

2Ê EIRC 1st May 2015

EIRC 1st May 2015 3

Forthcoming Programme

DAY AnD DAtE KnoWlEDGE SESSIon RESouRCE CooRDInAtoR VEnuE DuRAtIon CPE DElEGAtE PERSon HouRS FEES `

EIRC

note : 1. Please note online registration closes 1 day before the day and date of the Seminar.

2. Spot Registration will be taken subject to availability of seats at the venue.

3. out of the Registration Fees Collected for each Programme Rs 10 per person would be contributed to Chartered Accountant Benevolent Fund.

DAY AnD DAtE PRoGRAMME DEtAIlS VEnuE DuRAtIon

IMPoRtAnt DAtES

Saturday 9th May 2015 Rabindra Jayanti Celebrtion : A Cultural Evening Vidya Mandir, Moira Street, Kolkata 5.30pm onwards (Details inside in Page 8)

Saturday, 30th & Sub regional Conference 2015 (12 CPE) Dibrugarh & Tinsukia 10.00am to 6.00pm Sunday 31st May 2015

Sunday, 21st June 2015 World Yoga Day with Choti Guru Maa Haldiram Banquet, Ballygunge, Kolkata 6.00am to 10.00am

Saturday & Sunday, 11th & Students National Convention 2015 Centenary Hall, Calcutta University 10.00am to 5.00pm12th July 2015

Saturday 25th July 2015 Seminar on Capital Market in association with ANMI Grand Hotel, Kolkta 10.00am to 5.00pm

Friday & Saturday 21st & 40th Regional Conference (12 CPE) Science City Auditorium, Kolkata 10.00am to 5.00pm22nd August 2015 (Details inside in Page 8)

Tuesday, 5th Young Member Seminar CA A P Singh CA Anirban Datta R Singhi Hall, 5.30pm to 3 80 May 2015 EIRC Premises 8.30pm Spot 100

Friday, 8th & Workshop on IND AS Details inside in page 5 EIRC Lalit Great Eastern, 10.00pm to 12 2200Saturday 9th Kolkata 5.00pm Online 2000May 2015 Spot 2500

Tuesday, 12th Seminar on Service Tax CA Shivani Shah CA Manish Goyal R Singhi Hall, 5.30pm to 3 80May 2015 EIRC Premises 8.30pm Spot 100

Thursday, ICDS – Implications for CA Sanjay Bhattacharya CA Sunil Kumar R Singhi Hall, 5.30pm to 3 8014th May 2015 Advance Tax Liability Sahoo EIRC Premises 8.30pm Spot 100

Saturday, 16th Seminar on Companies Act 2013 Details inside in page 5 EIRC Park Hotel, Kolkata 10.00am to 6 1100 onlineMay 2015 5.00pm 1300 spot

Wednesday, 20th Seminar on Audit of Regional Rural Eminent Speakers CA Ranjeet Kumar R Singhi Hall, 3.30pm to 5 250May 2015 Banks & Co-operative Banks Agarwal EIRC Premises 8.30pm Spot 300

Saturday, 23rd Structuring Real Estate Transactions Details inside in page 5 EIRC Park Hotel, Kolkata 10.00am to 6 1100 onlineMay 2015 5.00pm 1300 spot

Monday, 25th Seminar on NBFC Mr. P. K. Seth, DGM, RBI CA Subhash R Singhi Hall, 5.30pm to 3 80May, 2015 CA Monoj Banthia Chandra Saraf EIRC Premises 8.30pm Spot 100

Wednesday, 27th Seminar on Section 195 of IT Act CA Sushil Pransukha CA Anirban Datta R Singhi Hall, 5.30pm to 3 80May 2015 Reopening Proceedings u/s 147/148 CA P. K. Himatsingka EIRC Premises 8.30pm Spot 100 of IT Act

Tuesday, 9th Develop your Presentation Skills CA Lalit Pransukha CA Manish Goyal R Singhi Hall, 5.30pm to 3 80June 2015 & PR Skills EIRC Premises 8.30pm Spot 100

Saturday, 13th Awareness Prograame on “Rising to CA Vijay Joshi, Delhi EIRC Park Hotel 10.00am to 6 700 onlineJune 2015 the Challenges in Public Finance & CA Chinnmay Ganesan, Kolkata 5.00om 800 spot Govt Accounting Chennai

4Ê EIRC 1st May 2015

Forthcoming Programme

BRAnCH DAY & DAtE PRoGRAMME SPEAKERS Co- oRDInAtoR VEnuE DuRAtIon CPE HouR

BRAnCH

Siliguri Branch Friday, 29th Seminar on VAT Shri Khalid Anwar CA Shyam Kr. Agarwal ICAI Bhawan 4.00 pm to 4 May 2015 Sr. Jt. Commissioner #9434001663 Teenbatti More 8.00pm siliguri@icai.org SiliguriGuwahati Branch Saturday, 2nd VAT CA O.P Agarwala & CA Dhiraj Jain ICAI Bhawan 3.00pm to 3 May 2015 CA.Manoj Nahata #9435013867 6.00pm dhiraj@icai.org

Guwahati Branch Saturday ,9th Companies Act, 2013 CA Debasish Mitra & CA Dhiraj Jain ICAI Bhawan 10.00am to 6 May 2015 CA Mohit Bhutera #9435013867 5.000pm dhiraj@icai.org Guwahati Branch Sunday, 10th Companies Act, 2013 CA Debasish Mitra & CA Sunil Atal Jorhat 10.00am to 3 May 2015 CA Madhavi Karnani #9435091239 1.00pm atal_sk@yahoo.comGuwahati Branch Saturday ,30th GST & Service Tax CA Atul Gupta & CA Dhiraj Jain ICAI Bhawan 10.00am to 6 May 2015 CA Vimal Jain #9435013867 5.000pm dhiraj@icai.org

StuDY CIRClEStuDY CIRClE DAY & DAtE PRoGRAMME SPEAKERS Co- oRDInAtoR VEnuE DuRAtIon CPE HouR

Vitta Salahkar CA Saturday,9th Preparation of Board Report, CA Sumit Binani CA Deepak Tibrewala BARABAZAR, 4.30 pm to 3Study Circle-EIRC May 2015 Annual Return & Analysis of 94333 86939 Seminar Hall 7.30 pm Related Party Transactions

Vitta Salahkar CA Saturday,16th Depreciation as per Eminent Speakers CA Ajay Luharuka BARABAZAR, 4.30 pm to 3Study Circle-EIRC May 2015 Companies Act 2013 9830070879 Seminar Hall 7.30 pm

Vitta Salahkar CA Saturday,23rd Changes In New Audit Report & CA Sanjay Agarwal, CA Gobind Prakash BARABAZAR, 4.30 pm to 3Study Circle-EIRC May 2015 Understanding CARO & CFS E & Y Agarwal Seminar Hall 7.30 pm 9831064437

Vitta Salahkar CA Saturday, 30th Formation & Taxation of CA Suresh Kejriwal CA Ajay Mitruka BARABAZAR, 4.30 pm to 3Study Circle-EIRC May 2015 NGO/NPO/Trusts 9331041683 Seminar Hall 7.30 pm

Views Exchange Saturday, 23rd Roadmap Ahead of GST, CA Rohit Surana CA Sunil Bhalotia The Telegraph Room, 4.00 pm to 3Chartered Accountants May 2015 New Era of Indirect Taxation CA Ankit Kanodia 03365010113 BCCI, 6, N. S. Road 7.00 pmStudy Circle - EIRC Changes In Service Tax ca.skbhalotia@gmail.com and Cenvat Rules

DTPA CA Study Friday, 8th Concurrent Audit of Bank CA. Sonu Jain CA Sanjay Bajoria DTPA Conference 4.00pm to 3Circle - EIRC May 2015 9331845005 Hall, 3, 7.00pm sbacal@vsnl.net Govt. Place (West)

Central Kolkata Saturday, 9th Taxation Aspects of Real CA Shanti Swarup CA Anup K Sanghai 6, Lyons Range, 3.00pm to 4Chartered Accountants May 2015 Estate Transactions Service Gupta 09830026214 Emami Conference 7.00pm Study Circle-Eirc Tax Implications on Real CA Pulak Kumar Saha sanghaianup@gmail.com Hall, ACAE office Estate Industry

Central Kolkata Saturday, 16th Board Report, Annual Return,Notice Eminent Speakers CA Hari Ram Agarwal 6, Lyons Range, 3.00pm to 3Chartered Accountants May 2015 & Agenda for Board Meet Meeting : 9830630386 Emami Conference 6.00pmStudy Circle-Eirc The Companies Act’2013 gk.sons@hotmail.com Hall, ACAE office (confirmation awaited)

DTPA CA Study Saturday, 16th Real Estate Conclave CA. Amarjit Chopra CA Sanjay Bajoria Bengal Chamber of 2.00pm to 6Circle - EIRC May 2015 CA. V. Raghuraman 9331845005 Commerce & Industry, 8.00pm CA S.S. Gupta sbacal@vsnl.net 6, N. S. Road,

DTPA CA Study Wednesday, Revised Regulatory CS. Nidhi Bothra CA Sanjay Bajoria DTPA Conference 4.00pm to 3Circle - EIRC 27th May 2015 Framework for NBFCs 9331845005 Hall, 3, Govt. Place 7.00pm sbacal@vsnl.net (West)

Howrah CA Study Tuesday,26th Changes in Direct Tax as per CA Sanjay CA Netai Bandyopadhyay R Singhi Hall, 5.30pm to 3Circle Jointly with May 2015 Finance Bill 2015 Auditor’s Bhattacharya 9163328155 EIRC Premises 8.30pmEIRC Reporting Format under CA Debasish netaibandyopadhyay Companies Act 2013 Mitra, @gmail.com

EIRC 1st May 2015 5

Announcements

WoRKSHoP on InD-ASOrganised by nD-AS (IFRS) Implementation Committee, ICAI

Hosted by Eastern India Regional Council the Institute of Chartered Accountants of India

Date: Friday 8th May 2015 & Saturday 9th May 2015time: 10am to 5pm (both days)

Venue: Hotel Lalit Great Eastern (Dalhousie Square), Kolkata

IntRoDuCtoRY SESSIon Address By : CA Abhijit Bandyopadhyay, Member, INDAS, ICAI

Address By : CA Shiwaji B Zaware, Chairman, INDAS, ICAIKnowledge Session – I (10.45am to 1:00pm)

topics NACAS v NFRA, Ind AS Roadmap – Discussion, Issues & Challenges, Ind AS 101 – First Time Adoption of Indian Accounting Standards

Speakers : CA Amarjit Chopra, Past President, ICAIKnowledge Session – II (1.45pm to 3:45pm)

topics Revenue Recognition – Ind AS 115, Ind AS 111 – Joint Arrangements

Speakers : CA Dolphy D’souza, E&Y, MumbaiKnowledge Session – III (3:45pm to 5.30pm)

topics Ind AS impact on group structure, Ind AS on business combination

Speakers : CA Jamil Ahmed Khatri, KPMG, Mumbai

Fees ` 2200 Online` 2500 Spot12 CPE

Day – 1 : Friday, 8th May 2015 Day – 2 : Saturday, 9th May 2015

Knowledge Session – III (10:00am to 12.00 noon)topics

Presentation and disclosure requirements under various Ind AS standards Differences between Ind AS and Indian GAAP Impact of

ICDS & Tax Computationand difference between Indian GAAP/IND-AS Vs ICDS

Speakers : CA. Pankaj Chadha, E&Y, Delhi

Floor Discussion - 12.00 noon to 1.00pm

Knowledge Session – IV (2:00pm to 4.00pm)topics

Ind AS 109 – Financial Instruments, Ind AS 32 – Financial Instruments Presentation

Speakers : CA PR Ramesh, Deloitte, Hyderabad

Floor Discussion ( 4:00pm to 5:00pm)

Seminar on Companies Act 2013Organised by Auditing & Assurance Standards Board

the Institute of Chartered Accountants of IndiaHosted by the Eastern India Regional Council

Day & Date : Saturday, 16th May 2015

time : 10.00pm to 5.00pmVenue :

Park Hotel, Kolkata Chief Guest : Shri n. K. Bhola, Regional Director, MCA

Speakers : CA Savithri Parekh, Mumbai CA Khushroo B Panthaky, Mumbai

topics : l An overview on Reporting to Central Government on Frauds Pursuant to

Sec 143(12) of Companies Act, 2013l Provisions related to Commencement of Businessl Provisions relating to General /Board Meetingl Related Party Transactionsl Insider Trading u/s 2(52) and the new SEBI Regulation l Acceptance of Deposits and exempted deposits

l New Audit Reporting Standards (SA 700, SA 705, SA706 & SA 720)l Revised Auditor’s Report Format under Companies Act, 2013l Revised format of engagement letter under Companies Act, 2013l How to Consolidate the Financial Statementsl How to prepare final accounts for FY 14-15

Fees ` 1100 Online` 1300 Spot6 CPE

Seminar on Structuring Real Estate transactions

Organised by Direct tax Committee the Institute of Chartered Accountants of India

Hosted by the Eastern India Regional CouncilDay & Date :

Saturday, 23th May 2015time : 10.00pm to 5.00pm

Venue : Park Hotel, Kolkata

Speakers :CA Venkatramani, BengaluruCA Bishnu Bagree, Bengaluru

Fees ` 1100 Online` 1300 Spot6 CPE

AnnouncementStay Connected with us on Facebook by liking our page

https://www.facebook.com/EasternIndiaRegionalCouncil?fref=ts&ref=br_tfTo download the Background Material of Seminar, copy the given link to your

browserhttp://www.eirc-icai.org/background_material.php?itype=0

To view latest videos of EIRC Seminars, copy the given link to your browser http://www.eirc-icai.org/eirc_tv.php

6Ê EIRC 1st May 2015

My Dear Students,

It’s that time of the year again. This is when the hair starts to turn grey, sleep is lost and your stress levels reach an alarmingly high level. Folks, it’s exam season. Exams can be tough, gruelling and leave you exhausted but with a clear plan and study schedule in place

things can suddenly seem manageable. We understand the huge amount of time, effort and sacrifice for this exercise. Don’t stress, try and relax and remember the examiners are not there to fail you.

While I convey my best wishes to win the race, let me also share a few attributes of success, as mentioned below, which have always kept me charged up to continue the quest. I hope you will find these helpful too.

l Diligence

l Persistence

l Taking the Initiative

l Learning from Failure

l Facing Challenges

l Living A Fruitful Life

As we celebrate the birth of the First Nobel Laureate of Asia, Shri Rabindranath Tagore, I quote his words:

“Everything comes to us that belongs to us if we create the capacity to receive it”

Post Examinations please join us for the Students National Convention, to be held on 11th and 12th of July in Kolkata. You will be inspired by thought provoking speakers, meet students from across the Country, and return back with the tools needed to navigate the constantly changing landscape of student affairs. It is a two day gathering of student affairs, professionals who come together to learn, grow, and be inspired. Whether you’re presenting or an active participant, this is the single best professional

EICASA

development and networking opportunity for you. In this connection, I also welcome you to volunteer yourself for all related activities for this convention and you may please get in touch with the EICASA team. Please participate in large numbers and make this program a grand success.

We, having the gift of being the educated section of the Society are endowed with the privilege, opportunity, and responsibility to give something back by becoming more. At the end of life we will not be judged by how many diplomas or degrees we have received, but by the numbers of faces who smile because of us. Keeping our responsibility in mind, EICASA and the entire team of EIRC have joined hands to launch the programme called “Share & Care” which will have active participation from all segments of the society including our staff, students, professionals etc. to donate old clothes for the underprivileged section of the society. Donations would be accepted in EIRC premises and you may contribute voluntarily as much as possible to support this initiative for the noble cause. I would be happy to see if this initiative is being replicated across Eastern India by all our branches and study circles.

To the lesson given by the Father of our Nation to “Live as if you were to die tomorrow, learn as if you were to live forever.” I most humbly add to stay connected at all times.

I am extremely elated to get the continuous feedback and views from the students, teachers and members for the more sustainable development of the students community. Please keep on guiding us.

Let’s touch base...today, tomorrow and forever!!!

Best Regards,

CA Anirban DattaChairman EICASA and Vice Chairman EIRC of ICAI

CA Sanjay Khemka being felicitated by Keshav Kejriwal, Secretary, EICASA.

CA Arijit Chakraborty taking IFRS Classes for Ciksha CA Satish Jalan with Students attending Crash Course on Costing

EIRC 1st May 2015 7

Announcements

online Articles Placement Portal for Selection of Articled Assistants by CA Firms / Individual Chartered Accountants in Practice

The Board of Studies of the ICAI has been providing Optional Online Placement facility for selection of Articled Assistants by CA Firms / Individual Chartered

Accountants in practice through its Articles Placement Portal on pan India basis. It provides a platform to the firms of Chartered Accountants / Individual Chartered

Accountants to shortlist eligible students for selection of articled assistants, and calls them for Interview at their offices, as per date and time convenient to them.

The eligible candidates who have passed Group-I or both Groups of the Intermediate (Integrated Professional Competence) Course or have been admitted under

the Direct Entry Scheme and are willing to join articled training can register themselves on the portal. The services to the Online Placement Portal are available

free of charge for both CA Firms / Individual Chartered Accountants in practice and students and they can register themselves online through the Portal at http://

bosapp.icai.org

From the date of registration at the Portal by the firms / Individual Chartered Accountants in practice / students, the services on the Portal would be available for

two months, twice a year. However the same can be extended on individual requests. The candidates shortlisted by CA Firms / Individual Chartered Accountants

in practice would be informed by e-mails through the Portal, to appear for interview at their respective offices at the designated date and time.

Detailed guidelines are available at the Institute’s website www.icai.org and on the Portal. In case of any further clarification, please contact the Board of Studies,

ICAI Bhawan, A-29, Sector-62, Noida-201309, tele no. 0120-3045930/931; e-mail: bosapp@icai.in

Complete Advanced Itt Course well in time to appear for november, 2015 Final ExamAs per Regulation 29(c)(iv) of the Chartered Accountants’ Regulations 1988, students who have registered for Practical Training on or after February 1, 2013 are required to complete Advanced IT Training before admission to the Final Examination. Hence all such students whose Practical Training commenced on or after February 1, 2013 and are eligible to appear in November, 2015 Examination are advised to complete the Advanced ITT well in advance before appearing in the Final Examination so as to avoid any hardship at a later date.

The fee for the Advanced ITT Course has been fixed at Rs.5,000/- per student, which shall be charged by the concerned Regional Office/ Branch. The classes for this course would be organized for 4 or 6 hours per day. The students are advised to contact their concerned Decentralised Office or Branch for registration to batches of the Advanced ITT Course and ensure to complete the course well in time.

As per the Regulations, the time spent by the students for undergoing Advanced ITT will be treated as a part of the training as period actually served under articles.

Students are advised to complete their Advanced ITT course by July 31, 2015 such that they can fill information regarding Advanced ITT course completion in the Examination Form to be filled in August, 2015, for appearing in the Final Examination in November, 2015.

Inter-Active Voice Response System (IVRS) At ICAI Bhawan, Kolkata

Members and students are hereby informed that Inter-active Voice Response System (IVRS) at the Institute’s office at Kolkata is functional 24x7 for automated response on telephone calls. To avail the facility, it is requested to call on landline telephone 033-39893989 during regular office hours on all working days between 10.00am and 5.30pm, if the telephone operator is busy, then the call will be diverted to the automated response (IVRS) and also after office hours and on holidays.

Extension of date to complete GMCS-I Course by the students registered for

Articleship training on or after 1st May, 2012

It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of their practical training but not completed the GMCS-I course, are required to complete GMCS-I Course latest by 31st December, 2015.

The above students are advised to register at the portal www.icaionlineregistration.org or contact the nearest Regional Council/Branch for registration in GMCS-I Course and complete the same at the earliest

but not later than 31st December, 2015.

Reading Rooms for CA Students

1. Hazra Reading Room at 31A, Mahim Haldar Street, Kolkata-700026.

2. Howrah Reading Room for Girls’ at 16/4/1, Round Tank Lane, near Mullick Phatak, Howrah-711101

3. Howrah Reading Room for Boys’ at 2, Jay Narayan Santra Lane, Howrah-711101, (Near Howrah Maidan)

Please enrol and enjoy the treasury of knowledge at EIRC Library. For further information call EIRC Library at (033)30211103/05 or mail us at eirc.library @icai.in

8Ê EIRC 1st May 2015

Mark your Calender for

DElEGAtE FEESIt has been decided to give Special Discounts to Delegates registering in Advance with a view to understand and have an advance information regarding the total number of delegates who would be registering for the conference and also to ensure better services.

Category Spot Early Bird Discount (You Gain in the month of May 2015)*

Fees for May 2015

Members Above 60 years of age 1400 500 900

Newly Qualified Members (Membership taken after 01.01.11)

1600 500 1100

Twin Registration (Spouses only) 3200 1000 2200

Other Members 1800 500 1300

CA Students (without kit) 1200 500 700

Non - Member 2200 500 1700

*subject to change every calendar month

Payment to be made by Cheque to be drawn in favour of “ICAI-EIRC” and to be sent to EIRC office at 7,Anandilal PoddarSarani (Russell Street), Kolkata- 700071. For any further details, please contact EIRC office at 30211104/33/34 or mail at eircevents@icai.in or visit www.eirc-icai.org

ConGRAtulAtIonS

CA Rajesh Khanna CA Debabrata Mazumdar Past Chairman, EIRC (Winner Ward No. 96) (Winner Ward No. 36)

EIRC is truly happy and elated to note the wonderful news of your winning the Kolkata Municipal Corporation Elections recently held. It is an indeed a matter of immense pride that you amongst our CA fraternity has achieved this wonderful distinction.

“Congratulations” from the entire team of the Eastern India Regional Council of the Institute of Chartered Accountants of India, Kolkata

Our best wishes to you that you should attain greater heights of pinnacle of glory.

ANNOUNCEMENTS

EIRC 1st May 2015 9

ANNOUNCEMENT

10Ê EIRC 1st May 2015

Professional Development Public Relations Career Councelling Student

Co-oPtED & SuB GRouP MEMBERS oF CoMMIttEES oF EIRC 2015-2016StAnDInG CoMMIttEE

CA Kamal Agarwal CA Raj Kumar Bidasaria CA Ritesh Agarwal CA Anindra Nath ChatterjeeCA Mahesh Kumar Agarwal CA Shyam Patwari CA Ravindra Kumar Agarwal CA Sagar Jain

Sub Group Sub Group Sub Group Sub Group

CA Arvind Baheti CA Manoj Sharma CA Bijoy Kumar Sonthalia CA Ajay Kumar Luharuka CA Ganga Sharan Pandey CA Santosh Kumar Choudhury CA Dipak Kumar Bandyopadhyay CA Gaurav Goenka CA Kausik Ghosh CA Swati Chamaria CA Gobind Kumar Goyal CA Manish JainCA Kishor Dattani CA Suresh Kumar Choudhary CA Raj Kumar Rungta CA Niraj HarodiaCA Naresh Kumar Banka CA Sushil Kumar Jajodia CA Sanjay Poddar CA Prakash PatwariCA Rajeev Kumar Ojha CA Uma Shankar Agarwal CA Shankar Saraf CA Pranaw Kumar Kedia

Continuing Professional Members in Industry Editorial Board Information library Education technology

Branch Study Circle GMCS Member’s Direct tax Co-ordination Co-ordination Co-ordination Grievance

Indirect tax Capacity Building of Cooperatives and Economic, Commercial Coordination Committee Members in Practice nPo Sectors laws & Wto with Sister Institutes

otHER CoMMIttEES

CA Debayan Patra CA Chandan Kumar Dey CA Pawan Kumar Lilha CA Aneel Saraogi CA Goutam MukherjeeCA Parthajit Ghosh CA Krishna Fatesaria CA Sarad Jha CA Jitendra Lohia CA Koustav Roy ChowdhurySub Group Sub Group Sub Group Sub Group Sub Group

CA Ashok Kataruka CA Abhishek Rungta CA Anil Kumar Agarwal CA Mukesh Pansari CA Dilip Kumar AgrawalCA Gopal Choudhury CA Sumit Dalan CA Binod Kumar Agrawal CA Pramod Mundra CA Vijay KumarCA Kailash Pati Todi CA Girdhar Dhelia CA Manoj Digga CA Rakesh Kumar CA Jagmohan GoyalCA Sanjay Kumar Poddar CA Manish Kumar Khetan CA Pradeep Kumar Drolia CA Sandeep Kumar Sureka CA Rashbihari DokaniaCA Pramod Agarwalla CA Rajesh Poddar CA Rajendra Kumar Parakh CA Sanjay Poddar CA Sandeep KhaitanCA Ravi Shankar Sahay CA Sambhu Nath Jajodia CA Santosh Kumar Dokania CA Vinay Pagaria CA Shyam Agarwal

CA N. K. Basu CA Anup Kumar Banka CA Ramesh Kumar Chokhani CA Bibhu Prasad Mohapatra CA Nesarul MustafaCA Rashmi Ranjan Mishra CA Pravin Kumar Sirohia CA Navin Chand Agarwal CA Subhash Kumar Banka CA Sunil SharmaSub Group Sub Group Sub Group Sub Group Sub Group

CA Ajay Kumar Dumrewal CA Vasudeo Agarwal CA Aman Raj Banka CA Ashok Kumar Agarwal CA Sanjay Bhattacharya

CA Dipak Somani CA Gaurav Agarwal CA Dilip Kumar Kejriwal CA Brajesh Bhagat CA Krishna Kumar Chhaparia

CA Rajesh Kumar Sultania CA Kamal Kumar Dugar CA Kamal Bajoria CA Dharmendra Kumar CA Mahendra Kumar Patni

CA Ravi Kumar Garg CA Madhav Prasad Sureka CA Manish Kishorpuria CA Hari Prasad Agarwal CA Mosadee Sandeep

CA Surya Prakash Gattani CA Mahendra Kumar Nahata CA Nirmal Kumar Tekriwal CA Harsh Satish Udeshi CA Poonam Chand Soni

CA Vikash Bhuwalka CA Rajesh Kumar Agrawal CA Rajendra Bhutra CA Satish Jalan CA Pramod Kr Himmatsinghka

CA Arun Kumar Agarwal CA Manoj Kumar Roongta CA Gautam Sharma CA Madan Kumar Maroti CA Vinay Chowdhury

CA Manoj Nahata CA Sharad Mohata CA Pravin Kumar Jain CA Vivek Kumar Banka CA Vineeta Agarwal

Sub Group Sub Group Sub Group Sub Group Sub Group

CA Daya Shankar Agarwala CA Anil Kumar Mandawewala CA Amit Kumar Agarwal CA Ajay Kumar Saraf CA Ankit Chapparia

CA Ankit Kanodia CA Ashok Kumar Tibrewal CA Arvind Kumar Munka CA Gobind Garg CA Kuldeep Jaiswal

CA Narayan Kumar Agarwal CA Mamta Chiranewala CA Bishnu Basia CA Rahul Gupta CA Lalit Kumar Pransukha

CA Nisha Rungta CA Rakesh Agarwal CA Jai Prakash Jindal CA Roshan Agrawal CA Manish Agrawal

CA Shivani Shah CA Shiv Khemka CA Jasraj Bhutra CA Sunil Kumar Singhania CA Mukesh Bajaj

CA Surbhi Fitkariwala CA Anil Kumar Tiwary CA Kailash Daluka CA Vasudeo Sharma CA Ram Ratan Modi

EIRC 1st May 2015 11

Announcements

Corporate & other Allied laws & Corporated Social Exposure Drafts Ind As (IFRS) Imple- Infrastructure Develop- Corporate Governance Responsible Committee mentation Committee Development Comm

Internal Audit International taxation Management Accounting Public Finance & Government Research Accounting

Women Member Young Member Accounting Standards Banking Insurance Financial Markets & Committee Committee for local Bodies & Pension Investor’s Protection

CA Abhijeet Pathak CA Aditya Dhanuka CA Mahesh Kumar Kalotia CA Seema Mahnot CA Bhaskar Kumar BasuCA Mohit Bhuteria CA Kamlesh Kumar Agarwal CA Rajeev Mundhra CA Sanjay Kumar Agarwal CA Manoj Kumar Keshan

Sub Group Sub Group Sub Group Sub Group Sub GroupCA Ankita Agarwal CA Manish Dokania CA Kushal Bhuwania CA Abhijit Agarwal CA Lalit Kumar BohaniaCA Dilip Kumar Maroti CA Raj Kumar Agarwal CA Pradip Kapoor CA Aditya Kumar Maheshwari CA Mahendra Kumar SuranaCA Mukesh Kumar Patawari CA Rajesh Kumar Agrawal CA Rajesh Singhania CA Akkal Dudhwewala CA Narender Kumar GargCA Pankaj Kajaria CA Rathiraj Tibrewal CA Sanjay Bajoria CA Laxmi Kant Thakur CA Raj Kumar AgarwalaCA Poonam Goenka CA Sanjay Mehta CA Vijay Kumar Chandak CA Manoj Banthia CA Samindra SurCA Sumit Binani CA Sanjeev Gupta CA Vikash Rungta CA Sanjay Agarwal CA Sanjit Kumar Burman

CA Neena Maheshwari CA Sandeep Kochar CA Mahavir Prasad Mundi CA Subrata Roy CA Amit Kumar AgrahariCA Prakash Jain CA Milan Chakravarti CA Niraj Agarwal CA Tapas Mandal CA Sudhanya Sahoo

Sub Group Sub Group Sub Group Sub Group Sub GroupCA Pankaj Kumar Verma CA Anup Kumar Luharuka CA Bajrang Lal Agrawal CA Ajay Kumar Tekriwal CA Anup Kumar SanghaiCA Ramesh Kejriwal CA Dilip Kumar Patni CA Dilip K Singhal CA Anand Kumar Gupta CA Prabhat Kumar Sah CA Ravi Prakash Biyala CA Vivek Newatia CA Kanhaiya Lal Agarwal CA Krishan Gopal Kejriwal CA Raj SinghaniaCA Sanjeeb Kumar Agarwal CA Rajneesh Agarwal CA Om Prakash Banka CA Rajendra Jhunjhunwala CA Sanjay Kumar SultaniaCA Ajit Kumar Tulsian CA Gopal Jain CA Rajat Sarkar CA Ravi Jain CA Sunil ModiCA Vivek Agarwal CA Sunil Surana CA Sunil Agarwal CA Sanjay Kumar Choudhary CA Hari Ram Agarwal

CA Anshuma Rustagi CA Anil Goenka CA Bichitrananda Das CA Pankaj Dhanuka CA Abhishek BhutraCA Niru Tulsyan CA Subodh Agarwal CA Pranab Ghosh CA Sumit Sanghai CA Hemant Kumar Nahata

Sub Group Sub Group Sub Group Sub Group Sub GroupCA Anita Agarwal CA Anand Kumar Tiwari CA Anil Kumar Madhogaria CA Brajesh Kumar Chowdhury CA Bijay MurmuriaCA Chandni Jain CA Bishal Agarwal CA Mahendra Kumar Shaw CA Daulat Jain CA Binay Kumar AgarwalCA Ridhi Jalan CA Manish Yaduka CA Narayan Kumar Baheti CA Nirmal Bazaz CA Dinesh Kumar AgarwalCA Iti Agarwal CA Mohit Agarwal CA Sandeep Kumar Goyal CA Rohit Tulsian CA Jitendra Bhartia CA Nidhi Jalan Loharuka CA Nitin Jagwayan CA Sunil Kumar Verma CA Sanjoy Kumar Gupta CA Kamal KothariCA Rashmi Chhawachharia CA Rajesh Kumar Jain CA Rajesh Kumar Bubna CA Rakesh Agarwala CA Kamal Nayan JainCA Shweta Dalan CA Saurav Loharuka CA Mouparna Roy CA Rakesh SomanyCA Renu Modi CA Rakesh Kumar Choudhary CA Vivek Drolia CA Girdhari Lal Goenka

The Committee on Financial Markets and Investors’ Protection (CFM&IP) is one of the Non-Standing Committees of the ICAI which conducts Certificate Course on Forex and treasury Management (FXTM) for professional development of members in this field. The aim of this Course is to provide a platform to the members to interact with the experts and to understand the recent developments in the field of Forex and Treasury. Moreover the course was designed so as to enable candidates to understand and conquer the complexities of Forex and Treasury management and to develop skill sets which would be required for making sound financial decisions. It is important to know the intricacies of Forex Risk Management especially during these times when Indian rupee fluctuations causing a lot of financing strain on the importers of products and services and for organizations having foreign currency loans.

the Committee will be starting new batches of Certificate Course on Forex and treasury Management in Kolkata on 16th May. Registration for the Course has commenced and registration will be on first come first served basis in view of limited seats.

For more information and updates and for making online payment please visit: http://www.icai.org/post.html?post_id=3552&c_id=266 and www.icai.org

Course Fee: `17500 (`Seventeen Thousand Five Hundred Only). The fee can also be paid through Cheque/D.D. drawn in the favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at New Delhi. The participants of this course will be given 48 CPE Hrs after the completion of the course.

Hardcopy of Registration form should be sent at the following address after affixing photograph and signature of the participant:

The Secretary,Certificate Course on Forex and Treasury ManagementCommittee on Financial Markets and Investors’ ProtectionICAI Bhawan, Administrative Block, 8th Floor,A-29, Sector 62, NOIDA – 201309For any query or further details please contact : CA. Trapti Gupta. Contact: 0120-3045-945/ +91-8130567979, or mail us at fxtm@icai.in

Commencement of Certificate Course on Forex and treasury Management

12Ê EIRC 1st May 2015

Recent Juducial PronouncementsIndirect Taxes

A. InDIRECt tAX Compiled by: CA RAGInEE GoYAl

raginee@gmail.com1. [2015] 55 taxmann.com 72 (new Delhi - CEStAt) CEStAt, nEW DElHI

BEnCH Rako Mercantile traders v. Commissioner of Central Excise, lucknow - Inputs issued from store section to be used in manufacture of final product, have to be treated as inputs used in manufacture and no Cenvat credit reversal is required even if WIP is destroyed by fire; however, loss by fire of inputs lying in store as such is ineligible for credit.

Rule 2(k) of the Cenvat credit Rules, 2004 - CENVAT Credit - Input - Department denied credit on inputs : (i) lying in stock; and (ii) lying in process of manufacture (WIP) and destroyed by fire in factory premises - Revenue argued that assessee did not take precaution to avoid fire - HELD : Revenue’s explanation that fire has occurred on account of negligence on part of assessee cannot be appreciated inasmuch as nobody invites fire - Inputs which have already been issued from inputs store section to be used in manufacture of final product, have to be treated as inputs used in manufacture and no Cenvat credit reversal is required to be asked for - As regards inputs lying in store, mere receipt of inputs will not entitle assessee to avail credit, when such inputs are destroyed ‘as such’ in store section itself - Hence, Cenvat credit of ‘in-process goods’ is not to be reversed, whereas credit availed in respect of goods lying in stock is to be reversed.

2. [2015] 56 taxmann.com 25 (Madras) HIGH CouRt oF MADRAS India Cements ltd. v. Customs, Excise & Service tax Appellate tribunal, Chennai - MS Rod, Sheet, MS Channel, MS Plate, Flat etc. used for fabrication of structurals to support various machines like crusher, kiln, hoopers etc. are eligible for capital goods credit as ‘components, parts and accessories.

Rule 2(a) of the Cenvat Credit Rules, 2004 - Cenvat Credit - Capital goods - Assessee, a manufacturer of cement, took credit of MS Rod, Sheet, MS Channel, MS Plate, Flat etc. used for fabrication of structurals to support various machines like crusher, kiln, hoopers etc. - Assessee claimed that they were ‘components, parts and accessories’ of machineries and equipments because and without these structurals, machinery could not be erected - Department alleged that said goods were used in construction of ‘plant’ and not covered in specified Chapters of Tariff listed in rule 2(a)(A), hence, not eligible as ‘capital goods’ - HELD : Applying ‘user test’, since impugned goods were used for fabrication of structurals to support various machines, impugned goods were eligible as ‘components, parts and accessories’ and there is no requirement that said ‘components, parts and accessories’ must be covered by specified Chapters of Tariff - Hence, credit was allowed.

3. [2015] 55 taxmann.com 404 (Madras) HIGH CouRt oF MADRAS Sakthi Industries v. Commissioner of Central Excise, Chennai-III Commissionerate - Issue whether water filters are classifiable under 7323.10 as ‘tableware and kitchenware’ (as claimed by assessee) or under 8421.10 as ‘filtering or purifying machinery or apparatus’ (as claimed by revenue), is not appealable before High Court, as said issue has relation to ‘rate of duty’.

Section 35G of the Central Excise Act, 1944, read with section 83 of the FINANCE Act, 1994 and section 130 of the Customs Act, 1962 - Appeals - Maintainability of - High Court - Assessee manufactured water filters and claimed classification thereof under tariff sub-heading 7323.10 as ‘tableware and kitchenware’, while revenue claimed classification thereof under tariff sub-heading 8421.10 as ‘filtering or purifying machinery or apparatus’ - Assessee also claimed exemption under Notification No. 4/97-CE - Tribunal held in favour of revenue and assessee filed appeal before High Court - Revenue argued that appeal involving ‘rate of duty’ was not maintainable - HELD : Issue pertains to rate of duty that is payable by assessee - Therefore, objection as raised by department is liable to be sustained - Hence, appeal was dismissed as not maintainable with liberty to move to Supreme Court.

4. [2015] 56 taxmann.com 184 (Delhi) HIGH CouRt oF DElHI - Alstom India ltd. v. union of India - In case of deemed exports, assessee has two options : (a) first, to claim exemption; or (b) seek refund of duty paid by him; hence, where assessee had not availed of exemption, refund of ‘duty paid’ cannot be denied.

Held that Adjudicating officer is required to pay heed to orders of superior courts - In case a statutory authority is aggrieved by an order passed by a court, they are entitled to take recourse to an appropriate legal remedy and not ignore order of Court.

notIFICAtIonS AnD CIRCulARS

A. SERVICE tAXCompiled by: CA VIKRAM KHAItAn

vikram@arvsolutions.co.inExemption provided on taxable services provided or agreed to be provided against a scrip by a person located in the taxable territory from the whole of the service tax leviable thereon under section 66B of the said Act, subject to certain terms and conditions – Applicable only to Merchandise Exports from India Scheme [MEIS] duty credit scrip and Service Exports from India Scheme [SEIS] duty credit scrip issued by the Regional Authority under Foreign Trade Policy, 2015-2020 [notification no. 10/2015 & 11/2015 dated 08-04-2015]

Clarification issued on Rate of Service tax – (a) The rate of Service Tax is being increased from 12% plus Education Cesses to

14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the revised rate of Service Tax. Thus, the effective increase in Service Tax rate will be from the existing rate of 12.36% (inclusive of cesses) to 14%, subsuming the cesses.

(b) The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015

(c) Till the time the revised rate comes into effect, the ‘Education Cess’ and ‘Secondary and Higher Education Cess’ will continue to be levied in Service Tax

Further it was clarified that no change has been made in in Rule 2C of the Service Tax (Determination of Value) Rules, 2006 in the Union Budget, 2015, hence, any confusion on taxability of value of services provided in relation to serving of food or beverages by a restaurant, eating joint or a mess, having the facility of air-conditioning or central air-heating in any part of the establishment, at any time during the year is unwarranted.

[Circular no. 183 / 02 / 2015-St dated 10-04-2015]

B. CEntRAl EXCISE Compiled by: CA RAGInEE GoYAl

raginee@gmail.com1. Regarding implementation of Post Export EPCG Scheme under FTP 2015-2020

(notification no. 18/ 2015 – Central Excise, dated 01.04.2015)2. Amends Notification no. 33/2012-Central Excise dated 09.07.2012

(notification no. 19/ 2015 – Central Excise, dated 01.04.2015)3. Regarding implementation of Merchandise Export from India Scheme (MEIS)

under FTP 2015-2020 (notification no. 20 / 2015 – Central Excise, dated 08.04.2015)

4. Regarding implementation of Service Export from India Scheme (SEIS) under FTP 2015-2020 (notification no. 21/ 2015 – Central Excise, dated 08.04.2015)

5. Seeks to further amend Notification No. 12/2012-Central Excise dated 17th March 2012 regarding the Entry under Item No. 75 in List 11 for M/S Indiabulls Power Ltd. (notification no. 22/ 2015 – Central Excise, dated 17.04.2015)

EIRC 1st May 2015 13

Notification & Circularson Indirect Taxes

C. CuStoMS Compiled by: CA RAGInEE GoYAl

raginee@gmail.com1. Seeks to amend Notification No. 69/2011-Customs dated 29th July 2011

so as to notify the next tranche of tariff concessions under the India-Japan Comprehensive Economic Partnership Agreement (CEPA), w.e.f. 01st April 2015. (notification no. 13/2015 – Customs, dated 30.03.2015)

2. Seeks to amend notification no 26/2011 - Customs dated 1/3/2011 (notification no. 14/2015-Customs, dated 31.03.2015)

3. Seeks to further amend notification no 12/2012 - Customs dated 17/03/2012 (notification no.15/2015-Customs, dated 31.03.2015)

4. Regarding implementation of EPCG Scheme under FTP 2015-2020 (notification no. 16/ 2015 – Customs, dated 01.04.2015)

5. Regarding implementation of Post Export EPCG Scheme under FTP 2015-2020 (notification no.17/ 2015 – Customs, dated 01.04.2015)

6. Regarding implementation of Advance Authorisation Scheme under FTP 2015-2020 (notification no. 18/ 2015 – Customs, dated 01.04.2015)

7. Regarding implementation of Duty Free Import Authorisation Scheme under FTP 2015-2020 (notification no.19/ 2015 – Customs, dated 01.04.2015)

8. Regarding implementation of Advance Authorisation Scheme for annual requirement under FTP 2015-2020 (notification no. 20/ 2015 – Customs, dated 01.04.2015)

9. Regarding implementation of Advance Authorisation Scheme for deemed export under FTP 2015-2020 (notification no. 21/ 2015 – Customs, dated 01.04.2015)

10. Regarding implementation of Advance Authorisation Scheme for export of prohibited goods under FTP 2015-2020 (notification no. 22/ 2015 – Customs, dated 01.04.2015)

11. Amends Notification no. 104/2009-Customs dated 14.09.2009 (notification no. 23/ 2015 – Customs, dated 01.04.2015)

12. Regarding implementation of Merchandise Export from India Scheme (MEIS) under FTP 2015-2020 (notification no. 24 / 2015 – Customs, 08.04.2015)

13. Regarding implementation of Service Export from India Scheme (SEIS) under FTP 2015-2020 (notification no. 25 / 2015 – Customs, dated 08.04.2015)

14. Seeks to further amend Notification No 39/96- Customs, dated the 23rd July, 1996 (notification no. 26/2015-Customs, dated 09.04.2015)

15. Seeks to further amend Notification No. 12/2012-Customs dated 17th March 2012 (notification no. 27/2015-Customs, dated 17.04.2015)

16. Rate of exchange of conversion of each of the foreign currency with effect from 26th March, 2015 (notification no. 33/2015 - Customs (n.t.), dated 25.03.2015)

17. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 (notification no.34/2015-CuStoMS (n. t.), dated 31.03.2015)

18. Rate of exchange of conversion of each of the foreign currency with effect from 2nd April, 2015 (notification no. 35 / 2015-Customs (n.t.), dated 01.04.2015)

19. Amends Notification No. 12/97-CUSTOMS (N.T.), dated the 2nd April 1997 (notification no. 36/2015-Customs (n.t.), dated 07.04.2015)

20. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 (notification no. 37/2015-CuStoMS (n. t.), dated 15.04.2015)

21. Rate of exchange of conversion of each of the foreign currency with effect from 17th April, 2015 (notification no.38/2015-CuStoMS (n.t.), dated 16.04.2015)

22. Seeks to amend Notification No. 44/91-Customs dated 30.5.1991 (notification no. 39 / 2015 – Customs (n.t.), dated 16.04.2015)

23. Seeks to amend Notification No. 110/2014-Customs(NT) dated 17.11.2014 (notification no. 40/2015 - Customs (n.t.), dated 16.04.2015)

24. Seeks to extend the validity of notification No 12/2012- Customs (ADD) dated 08.02.2012 for a further period of one year. (notification no. 08/2015-Customs (ADD), dated 07.04.2015)

25. Seeks to levy anti-dumping duty on import of Flexible Slab, stock Polyol of molecular weight 3000-4000, originating in or exported from Australia, EU and Singapore. (notification no. 09/2015-Customs (ADD), dated 07.04.2015)

26. Seeks to levy anti-dumping duty on import of Poly Vinyl Chloride Resin, originating in or exported from Norway and Mexico. (notification no. 10/2015-Customs (ADD), dated 07.04.2015)

27. Seeks to levy definitive anti-dumping duty on imports of Electrical Insulators of Glass or Ceramics/Porcelain, whether assembled or un-assembled originating in, or exported from the People’s Republic of China for a period of five years. (notification no. 11/2015-Customs (ADD), dated 11.04.2015)

28. Seeks to extend the validity of Notification No. 98/2010-Customs dated 28-09-2010 for a further period of one year i.e. upto and inclusive of 11-04-2016 (notification no. 12/2015-Customs (ADD), dated 11.04.2015)

29. Seeks to levy anti-dumping duty on import of Acetone, originating in or exported from Chinese Taipei and Saudi Arabia (notification no. 13/2015-Customs (ADD), dated 16.04.2015)

30. Seeks to extend the validity of notification No 120/2010- Customs (ADD) dated 01.12.2010 for a further period of one year (notification no. 14/2015-Customs (ADD), dated 17.04.2015)

31. Regarding online message exchange between Customs and other regulatory agencies (Circular no. 09/2015-Customs, dated 31.03.2015)

32. Regarding usage of Digital Signature Certificate in Remote EDI filing (RES) of Customs Documents (Circular no. 10/2015-Customs, dated 31.03.2015)

33. Regarding facility for suo moto payment of customs duty in case of bona fide default in export obligation under the Advance/EPCG authorisations (Circular no. 11/2015 – Customs, dated 01.04.2015)

34. Regarding 4% SAD refund claim (Circular no. 12/2015-Customs, date 09.04.2015)

35. Regarding setting up of ‘Customs Clearance Facilitation Committee’ (CCFC) (Circular no. 13/2015-Customs, date 13.04.2015)

36. Foreign Trade Policy 2015 - 2020 –Salient changes in Schemes of reward or incentive / advance authorization or DFIA / EPCG or post export EPCG (Circular no. 14/2015-Customs, date 20.04.2015)

D. WB VAtCompiled by: CA VIKRAM KHAItAn

vikram@arvsolutions.co.inWest Bengal Sales tax (Settlement of Dispute) Act, 1999 – new Scheme introduced – (a) Period covered within the Scheme – All Periods upto FY 2009-10 for

which an application for appeal or revision has been filed on or before 31st January, 2015 and which has not been finally heard and is still pending.

(b) tax payable on Settlement – 100% in the case of Non-production of statutory Declarations; 15% in case of Arrear tax for disallowance of any claim of input tax credit; and 55% of arrear tax in dispute in any other case.

(c) Interest and Penalty on arrear tax in dispute – Total Waiver(d) Application Procedure - The Application for settlement of dispute is to

14Ê EIRC 1st May 2015

Notification & Circularson Indirect Taxes

7) frame their internal guidelines on corporate governance with the approval of board of directors.

notification no.DnBR(PD).CC.no.028/03.10.001/2014-15 dated 10/04/15

All NBFCs with asset size of Rs.100crore and above lending against the collateral of listed shares shall maintain LTV ratio of 50% .

ii) The condition of acceptance of only Group1 securities as collateral for loans of value more than Rs.5lakh is applicable only where the lending is done for investment im the capital market.

iii) The reporting to the stock exchanges quarterly.

this circular is not applicable to unlisted shares.

notification no.DnBR.CC.PD.no.027/03.10.01/2014-15 dated 08/04/15-:

NBFC-Micro Finance Institutions lending activities has been revised.

F. FEMACompiled by: CA VIVEK nEWAtIA

vnewata@sjaykishan.com

Revised guidelines related to participation of residents in the Exchange traded Currency Derivatives (EtCD) Markets

The RBI has vide A.P DIR Series Circular No 90 dated 31st March, 2015 revised the limit available for domestic participants to take long (bought) as well as short (sold) position

l For USD-INR Pair upto USD 15 million per exchange

l For EUR-INR, GBP-INR and JPY-INR Pair upto USD 5 mio equivalent per exchange

(The revised position limits shall also be applicable for Foreign Portfolio Investors in the ETCD Markets as per the A.P (DIR Series) Circular No 91 dated 31st March, 2015).

With a view to liberalize the documentation requirements, instead of a statutory auditor’s certificate, a signed undertaking to the same effect from the CFO or the senior most functionary responsible for the company’s finance and accounts and the CS may be produced. In the absence of CS, the CEO or the COO shall sign the undertaking along with the CFO.

Further, with a view to bring the importers at par with the exporters, the importers shall now be permitted to take appropriate hedging positions upto 100% of the eligible limit.

operational Guidelines on International Financial Services Centre (IFSC)

On 10th April, 2015 Gujarat International Finance Tec-City (GIFT), near Ahmedabad was officially launched by the finance minister as the first IFSC Centre in India. The RBI has vide A.P (DIR Series) Circular No. 92 dated 31st March, 2015 provided in terms of the FEM (IFSC) Regulations 2015 dated 2nd March, 2015 that a financial institution or a branch of a financial institution set up in the IFSC and permitted/ recognized as such by the Government or a Regulatory Authority shall be treated as person resident outside India. Therefore, their transaction with a person resident in India shall be treated as a transaction between a resident and non-resident and shall be subject to the provisions of FEMA, 1999 and the Rules/ Regulations/ Directions issued thereunder.

The financial transaction in this context shall mean making or receiving payment, drawing, issuing or negotiating any bills of exchange or promissory note, transferring any security or acknowledging any debt. Similarly, financial service

be made in Form 1 along with requisite documents &/or information before Senior Joint Commissioner of the concerned Circle, and for dealers registered under the Corporate Division, to Additional Commissioner of Corporate Division.

(e) Payment terms – Before submission of application, the amount for settlement has to be paid to the Directorate of Commercial Taxes through GRIPS. For making payment User Type is to be selected as ‘SOD’ along with appropriate Act.

(f) Cut – off Date – 31-07-2015

[notification no. 447-F .t. and 448 –F.t. dated 24th March 2015 r/w trade Circular no. 01/2015 dated 27-03-2015]

All registrations presently been granted by Registration Unit (Howrah, Bally and Behala) will be granted by the Central Registration Unit w.e.f 01-04-2015. All applications for registration remaining pending on the close of 31-03-2015 will stand transferred to the Central Registration Unit. [trade Circular no. 02/2015 dated 27-03-2015]E-Appeal Module for all the dealers registered under WBVAT Act, 2003 and CST Act, 1956 throughout the Circles in West Bengal will be applicable having its effect from 01-04-2015. [trade Circular no. 03/2015 dated 01-04-2015]

E. RBI - nBFCCompiled by: CA DHIRAJ JAIn

dhiraj@icai.org

notification no:DnBR(PD)CC.no.029/03.10.001/2014-15 dated 10/04/15

i) NBFCs shall furnish to the Reserve Bank a quarterly statement on change of directors certified by the auditors and a certificate from the Managing Director that fit and proper criteria in selection of directors have been followed.

ii) The age limit as prescribed in Companies Act, 2013 shall apply.

iii) Circulation of minutes as prescribed in Companies Act, 2013 shall apply.

notification no:DnBR.019/CGM (CDS)-2015 dated 10/04/15

These Directions shall apply to every non-deposit accepting Non-Banking Financial Company with asset size of Rs.500 crore and above as per its last audited balance sheet, and all deposit accepting Non-Banking Financial Companies, henceforth called as Applicable NBFCs.

1) constitute an Audit Committee consisting of not less than 3members of its board of directors.

2) form a Nomination Committee to ensure fit and proper status of proposed existing directors.

3) form a risk management committee to manage the integrated risk.

4) ensure that a policy is put in place with the approval of the board of directors for ascertaining the fit and proper criteria of the directors,obtain a declaration from the directors giving additional information on the directors,obtain a deed of covenant signed by the directors and furnish a quarterly statement on change of directors.

5) put up to the board of directors the progress made in putting in place a progressive risk management system and risk management policy and strategy followed by NBFC and also conformity with corporate governance standards.

6) rotate the partners of the CA firm conducting the audit every 3years

EIRC 1st May 2015 15

Notification & Circularson International Taxation

shall mean any activity which a financial institution is permitted to carry on by the Respective Act of the Parliament or Government of India or any Regulatory Authority empowered to regulate the concerned financial institution.

It may be noted that subject to the provisions of section 1(3) of FEMA, 1999, nothing contained in any other Regulations shall apply to a financial institution or a branch of a financial institution set up in an IFSC unless there is some express and specific provision to that effect in the FEM (IFSC) Regulations 2015 or the other Regulations.

liberalization of procedure in respect of export of goods and services

In terms of para B. 11(i) of the revised Memorandum of instructions on Project and Service exports, Exim Bank in participation with commercial banks in India are permitted to extend Buyer’s credit upto the limit of USD 20 million to foreign buyers in connection with export of goods on deferred payment terms and turn key projects from India. The RBI has vide A.P (DIR Series) Circular No 93 dated 1st April, 2015 has been decided to withdraw this limit of USD 20 million, with a view to further liberalize the procedure.

Foreign Direct Investment in the Pension Sector

In pursuance of enactment of Insurance Regulatory & Development Authority Act, 2013 Government has vide Press Note No 4 (2015 Series) dated 24.04.2015 decided to permit Foreign Direct Investment in the Pension Sector as under:

a. FDI proposals up to 26% will be permissible under the automatic route. The FDI proposals exceeding 26% and up to 49% shall require the approval of FIPB.

b. The limit of 49% includes investment in the form of FPI, FII, QFI, FVCI, NRI and DR.

c. All investments in the pension sector should be in compliance with the Pension Fund Regulatory and Development Authority (PFRDA) Act, 2013

d. Foreign Investment in Pension Funds will be subject to the condition that entities bringing in foreign equity investment as per Section 24 of the PFRDA Act shall obtain necessary registration from the PFRDA

e. Wherever such foreign equity investment involves control or ownership by the foreign investor or, transfer of control or ownership of an existing pension fund from resident Indian citizens and/or Indian companies owned and controlled by resident Indian citizens to such foreign investing entities as a consequence of the investment, including through transfer of shares and or fresh issue of shares to Non-Resident entities through acquisition, amalgamation, merger etc., it would require FIPB approval in consultation with the Department of Financial Services, PFRDA and other entities concerned and the onus of compliance to these conditions will be on investee Indian pension fund company. The meaning of ownership and control would be as per the Foreign Direct Investment policy.

G. IntERnAtIonAl tAXAtIonCompiled by: CA RAHul GuPtA

rahul@arvsolutions.co.intransfer Pricing

Deadline for filing Advance Pricing Agreements Rollback Applications Extended [notification no. 33/2015/ F.no.142 /14/2014-tPl dated 1st April, 2015]

CBDT issued guidelines in respect of the rollback provisions under the Advance Pricing Agreement (APA) program. The application for rollback was to be made in Form No. 3CEDA along with the main APA application in Form No. 3CED on or before 31 March 2015 in the case of applications filed before 01 January 2015 as well as in

few cases where APA has been entered into before 1 January 2015.

CBDT has now extended the deadline for filing of APA rollback form to 30th June 2015. Therefore the tax payers who have filled APA prior to 31st March, 2015 now have more time to evaluate the impact of rollback options before they could apply for rollback.

International taxation

CBDT clarifies that dividend declares and paid by a foreign company outside India would not be table under the provisions of Explanation 5 to Sec. 9(1)(i) of the Act. [Circular no. 4/2015 dated 26th March, 2015]

Various representation has been received by CBDT in respect of the applicability of the Explanation to the transactions not resulting in any transfer, directly or indirectly of assets situated in India. It has been pointed out that such an extended application of the provisions of the Explanation may result in taxation of dividend income declared by a foreign company outside India and it may cause unintended double taxation that would be contrary to the generally accepted principles of source rule as well as the object and purpose of the amendment made by the Finance Act 2012.

CBDT clarified that declaration of dividend by such a foreign company outside India does not have the effect of transfer of any underlying assets located in India. It is therefore, clarified that the dividends declared and paid by a foreign company outside India in respect of shares which derive their value substantially from assets situated in India would not be deemed to be income accruing or arising in India by virtue of the provisions of Explanation 5 to Sec. 9(1)(i) of the Act.

This clarification is in line with the recommendation made by the expert committee headed by economist Dr. Parthasarathi Shome in its draft report dated October 2012.

We pray to the almighty that may their soul rest in peace

CA RoBIn KuMAR DASMembership No. 007382

Passed away on 5th January 2015

CA PRABoDH CHAnDRA MAulIKMembership No. 002145

Passed away on 11th February 2015

EIRC DEEPlY MouRnS tHE SAD DEMISE oF

Grievance Redressal Mechanism on Administrative Matters

E-SAHAYATTA is a time bound grievance redressal mechanism hosted on ICAI website for administrative matters. Members & Students are requested to visit www.icai.org to log in their grievances. In this context, members & students are requested to log in their grievances to “correct activity” which has been listed under the E-Sahayataa, so as to avoid delay in resolving such matters/receiving appropriate replies.

In addition to the above, members and students can send their grievances related to administrative matters, to the dedicated e- mail ID grievance.cell-eirc@icai.in. The Grievance Cell will further ensure that all such e-mails received are directed/forwarded to the designated/appropriate officials on daily basis on all working days and also will strive to ensure that solution are provided for such grievances, within a reasonable time.

16Ê EIRC 1st May 2015

ANNOUNCEMENTS

Chartered Accountants Benevolent Fund (CABF) established in 1962 by ICAI, is one of the largest body providing welfare and support to the Chartered Accountants Fraternity. It provides financial. It provides financial assistance for medical treatment, education, maintenance or any other similar purpose to necessitous persons of the CA fraternity. Financial assistance in lump sum is also fiven to the windows/relatives of the deceased member in case of accident/unnatural dealth at age below 55 years. A considerable number of members/family is already getting such assistance from CABF.

Please contribute generously towards the fund through at par cheque / DD favour “Chartered Accountants Benevolent Fund” and send it concerned Regional of ICAI at 8, Anandilal Poddar Sarani, Kolkata - 700 071 or at ICAI, A-29, Sector 62, Noida - 201309,Dist-Gautam Budh Nagar (UP), Email:cabf@icai.in

To Continue this endeavour, CABF invite contribution from our CA members.The contribution can be made in the form of

1. Life Membership - Rs.2500/-2. Ordinary Membership - Rs.500/- annually3. Voluntary Contribution - An honourable amount upto any extent.

All subscription and contribution made towards CABF is eligible for deduction under Section 80(G) of Income Tax Act, 1961.

“The students/Members can download and print copies of letters in respect of different activities viz. Registration of CPT/IPCC/FINAL, Registration & ReRegistration/ Termination/Completion of Articles, New Enrollment letters of Membership, Member Card and/or constitution/ Reconstitution/Certificates of Firm, Firm Card alike from the following portal of ICAI website- www.icai.org

WEBPoRtAl - www.icai.org/e-Services/Reprint letter-Member/Students.

link - http://220.225.242.179/REprintletter/reprint.aspx

They may further call HELPLINE NUMBER – 30211156 to know their Member/Student/Article status.

The list of letters which presently cannot be downloaded from the above mentioned link are :

1. Industrial Training Registration Letter

2. Industrial training Completion letter

3. Supplementary Registration letter

It may also be noted that they could generate letter of termination from - Termination of Article Assistant Service and not from Termination of Article Service.

Presently the letters can be downloaded after 15 days of approval/completion of the particular activity.”

Help us to Serve You BetterWork Disposal Status Work Disposal Status of Various Activities Related to

MEMBERS SECtIon as on 24/04/2015

PARtICulARS DAtE 1) New Enrolment 09/04/2015

2) Grant of Certificate of Practice 16/04/2015

3) Grant of Fellow Admission 16/04/2015

4) Firm Registration / Constituton 16/04/2015 5) Reconstitution of Firms 16/04/2015

6) Restoration (Prospective) 16/04/2015

7) Change of address 10/04/2015

8) Permission of other engagement 16/04/2015

ARtIClES SECtIon as on 27/04/2015

PARtICulARS DAtE

New Registration 18/03/2015

Industrial training Registration 24/04/2015

Re-registration 12/04/2015

Termination 12/04/2015

Completion 18/03/2014

Permission to Study 10/04/2015

Supplementary Registration 24/04/2015

Change of Address 24/04/2015

CPT Registration 17/04/2015

IPCC Registration 06/04/2015

Final Registration 20/04/2015

By Hand By Post

Issuance Of Study Materials - CPT Upto Date 15/04//2015

Issuance Of Study Materials - IPCC Upto Date 15/04/2015

Issuance Of Study Materials - Final Upto Date 15/04/2015

Gmcs Certificate Issuance Upto Date

Orientation Certificate Issuance Upto Date

ITT Certificate Issuance 28/03/2015

Change Of Name/Address Upto Date

BoARD oF StuDIES SECtIon as on 24/04/2015

Procedure for online Registration through EIRC website (www.eirc-icai.org)

1. Logon to www.eirc-icai.org

2. Create your user id on the EIRC Website by clicking on the tab Register.

3. On creation of the account please activate your account by clicking on the link sent to your email id.

4. Once your account is created login your account.

5. Under EIRC Upcoming Events click on Read more a list of Seminars will then be available

6. Register for the seminar of your choice by clicking on Register Now

7. You will then be directed to the payment gateway to make payment.

For any suggestions/quireies regarding EIRC website write to eircevents@icai.in/jyoti.luharuka@icai.in

EIRC 1st May 2015 17

EIRC EVENTS

Seminar on Role of CA in Gen Y moving from Compliance to Reliance on 6th April 2015

Seminar on Companies Act 2013 on 20th April 2015

Seminar on Battling the odds – Diabetes & obesity Epidemic on 24th April 2015

Seminar on Indirect taxes on 25th April 2015

Seminar on Audit & taxation of charitable trust / nGo-nPo on 16th April 2015

Seminar on Section 2(22)(e) & Section 14A on 21st April 2015

Seminar on Indirect taxes on 25th April 2015

Seminar on Indirect taxes on 25th April 2015

L – R: CA Pramod Dayal Rungta, Chairman, EIRC, CA Sanjiv Sanghi, CA Anirban Datta, Vice Chairman, EIRC

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Debasish Mitra, Past Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC

L – R: CA Anirban Datta, Vice Chairman, EIRC, Dr.Surendra Ugale, Dr. Tapas Chakraborty, CA Pramod Dayal Rungta, Chairman, EIRC

L – R: CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Madhukar N Hiregange, Past Council Member, ICAI, CA Sumantra Guha, Council Member, ICAI

L – R: CA Anirban Datta, Vice Chairman, EIRC, CA Manoj Fogla, CA Pramod Dayal Rungta, Chairman, EIRC CA Suresh Kejriwal

L – R : CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, Mr. Sujeet Kumar, IRS, Joint Commissioner, Income Tax, CA Pramod Dayal Rungta, Chairman, EIRC, CA K K Chapparia

Lighting the Inauguration Lamp – (L – R) CA Anirban Datta, Vice Chairman, EIRC, CA Madhukar N Hiregange, Past Council Member, ICAI, CA Sumantra Guha, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC

L – R: CA Arun Agarwal, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

18Ê EIRC 1st May 2015

EIRC & BRANCH EVENTS

Seminar on Recent Changes in SEBI laws on 28th April 2015

Felicitation of Mr.Jayanta Sinha, Hon’ble Minister of State for Finance, Govt. of India

Guwahati Branch

Sub Regional Conference on Companies Act 2013 hosted by Rourkela Branch and organised by EIRC

Durgapur Branch

L–R : CS Ashok Pareekh, CS Anup Sanghai, CA Pramod Dayal Rungta, Chairman, EIRC

L - R: CA Manish Goyal, Secretary, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Vinay Gupta, Chairman, Rourkela Branch of EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumantra Guha, Council member, ICAI, CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

Mr.JayantaSinha, Hon’ble Minister of State for Finance, Govt. of India being felicitated by CA Pramod Dayal-Rungta, Chairman, EIRC . Also seen is CA Ranjeet Kumar Agarwal, Past Chairman, EIRC and others Group Discussion on Bank Audit with CA Manish Goyal, Secretary, EIRC and members of the Branch

Seminar on “How to face CA Eaxamination” on 19th April 2015 - CA Arijit Chakraborty Seminar on “How to face CA Eaxamination” on 19th April 2015 - CA Anupam Dey

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CS Anup Sanghai, CS Ashok Pareekh

Inaugurating the Sub Regional Conference on Companies Act 2013

EIRC 1st May 2015 19

EIRC EVENTS

20Ê EIRC 1st May 2015

EIRC EVENTSRegistered Rn 27144/75 Registered Kol RMS / 227 / 2013-2015

If undelivered please return to : Eastern India Regional Council, The Institute of Chartered Accountants of India, 7, Anandilal Poddar Sarani (Russell Street), Kolkata - 700 071

The Institute does not accept any respondibility for the views expressed in the contributions of advertisements published in the newsletter. Printed & Published by Dr. Alok Ray on behalf of the Institute of Chartered Accountants of India, Eastern India Regional Council Printed at CDC Printers Pvt. ltd., Tangra Industrial Estate-II (Bengal Pottery), 45, Radhanath Chowdhury Road, Kolkata - 700 015, Tel : 2329 8856, Email : cdc@cdcprinters.com and published from The Institute of Chartered Accountants of India, Eastern India Regional Council, 7, Anandilal Poddar Sarani (Russel Street) Kolkata-700 071, Phone : 91-33-30211140/41, Fax : 033-22272317, Website : www.eirc-icai.org, Email : eircchairman@icai.in

BooK PoStCA. Pramod Dayal Rungta – EditorCA. Anirban Datta – Jt. EditorCA. Manish Goyal – Member

CA. Sunil Kumar Sahoo – MemberCA. Ranjeet Kumar Agarwal – MemberCA. Subodh Kumar Agrawal – Member