(Set up by an Act of Parliament) CHARTERED ACCOUNTANTS … · CHARTERED ACCOUNTANTS T h eIns ti u...

NEWSLETTER

WESTERN INDIA

Rs. 15/- per copy

NEWSLETTERVolume 36 | No. 6 | June, 2010

WESTERN INDIA

CHARTEREDCHARTEREDACCOUNTANTSACCOUNTANTS

The Institute of Chartered Accountants of India(Set up by an Act of Parliament)

Visit http://wirc-icai.org/

WIRC_June-10_for_WEB.pdf 1WIRC_June-10_for_WEB.pdf 1 6/9/2010 12:10:27 PM6/9/2010

CA. Anand Desai, CA. Mangesh Kinare, Secretary, WIRC, CA. Tushar Doctor,Faculty, CA. Ankit Kapadia.

Seminar on Audit & Taxation of Charitable Organisations on 22/05/2010

Other Speakers

CA. Shardul Shah, RCM, CA. Shriniwas Joshi, RCM, CA. Jayesh Gandhi,Faculty, CA. Vishnu Agarwal, RCM

Seminar on Accounting Standards on Financial Instruments on 29/05/2010

CA. V. Venkatramanan CA. Ashutosh Pednekar

Other Speakers

CA. Jitendra ShahCA. Anil Sathe CA. Vijay Joshi

Other Speakers

Adv. Mandar VaidyaCA. Gautam Nayak CA. Praful Poladia

CA. Ajit Thakkar, CA. Ashok Jain, RCM, CA. Nihar Jambusaria, Faculty, CA.Soniya Jaiswal.

Seminar on Controversies in Capital Gains on 29/05/2010

CA. YagneshDesai

CA. ChintanPatel

CA. ManojFadnis

CA. RammohanBhave

CA. MohanLavi

CA. Manish Iyer CA. Pooja Gupta CA. Sudhir Soni

Other Speakers

Prof. Kavita Shukla, Faculty, CA. Sanjeev Lalan, Chairman, WIRC, CA. DurgeshKabra, RCM.

CPT Revision Lectures held between 23-28/05/2010

Other Speakers

Prof. TejasJoshi

Prof. MonicaMaithani

Prof. DipeshJain

Prof. ShakuntalaChhangani

CA. Rajendra Pankhania

Shri Kaushal Pandey

CPE Computer Training Programme on 17/05/2010

CA. Shruti Shah, RCM, CA. Parag Rawal, Treasurer, WIRC, CA. Mangesh Kinare,Secretary, WIRC, CA. S. C. Vasudeva, Past CCM & Chief-Guest, CA. SanjeevLalan, Chairman, WIRC, CA. Shriniwas Joshi, RCM.

Intensive Workshop on IFRS held between 24-30/05/2010

Adv. M. P. SarmaCS. Surendra Kanstiya

Adv. Ajay Shaw Shri Sanjay Bahadur

Other Speakers

CA. Rajkumar Adukia, CCM & Chairman of CECL & WTO, CA. Sanjeev Lalan,Chairman, WIRC, Shri R. Prasad, Chief Guest, CA. Mangesh Kinare,Secretary, WIRC, CA. Shruti Shah, RCM.

National Workshop on Professional Opportunitiesin Competition / Consumer Laws on 28/05/2010

Western IndiaChartered AccountantsNewsletter

02 June 2010

Images

WIRC_June-10_for_WEB.pdf 2WIRC_June-10_for_WEB.pdf 2 6/9/2010 12:10:41 PM6/9/2010 12:10:41 PM

Western IndiaChartered Accountants

Newsletter03June 2010

CHAIRMANscommunication

Page 4

Page 15

Page 16

Page 17

Page 19

Page 23

Page 27

ForthcomingEvents

ForthcomingBranchMeetings

ForthcomingStudy CircleMeetings

BulletinBoard

Law Updates

RecentJudgements

Last WordIN

SID

EJu

ne

EDITORIAL BOARD

EDITORCA. Sanjeev Lalan

JOINT EDITORCA. Neel Majithia

MEMBERSCA. Anil BhandariCA. Atul BhedaCA. Durgesh KabraCA. Hemant ParabCA. Jay ChhairaCA. Mangesh KinareCA. Narayan PasariCA. Rakesh UpadhyayCA. Salil LodhaCA. Shruti Shah

OFFICE BEARERSCA. Sanjeev Lalan, Chairman CA. Makarand Joshi, Vice Chairman CA. Mangesh Kinare, Secretary CA. Parag Raval, Treasurer

Dear Professional Colleagues,

Many of us are returning from our annual vacations recharged and refreshed, ready to facethe challenges of the Financial Year 2010-11. Hopefully, the end of this vacation shall bringrelief from the hottest summer witnessed in the last 108 years. On the positive side, themonsoon seems to be progressing satisfactorily and many parts of our region wouldalready have experienced the first showers by the time this Newsletter reaches you. Goodnews, however, has already been raining on us in the form of the robust performance ofIndia Inc. in the last quarter of the year 2009-10. In fact, the overall outlook for thecurrent year also looks to be quite bright.

The Direct Tax Refresher Course (DTRC) has met with a huge response from the members, with enrolment crossing the 1,050 mark. The DTRC was inaugurated on 5th June, 2010 at the auspicious hands of ChairmanCentral Board of Direct Taxes, Shri S.S.N. Moorthy in the august presence of Chief Commissioner, Mumbai ShriP.P. Srivastava. The occasion was also graced by the presence of other functionaries from the Income-taxdepartment. Shri Moorthy while speaking on the occasion highlighted the need of upgrading our members’professional knowledge and its importance in discharging our duty diligently. He also mentioned that with DTC,GST and other legislative changes on the anvil, there will be a need for unlearning and relearning the varioussubjects affecting professional practice.

For first time four Regional Councils - WIRC, SIRC, NIRC and CIRC have come together to organise a JointRegional Conference in Goa. This Conference shall, apart from Technical sessions also provide an opportunityto interact with members from all across the country. We are sure that you will all respond by joining in thisimportant event which is being hosted by our Region.

The branches are also taking active interest in organising programmes for professional development. In theimmediate future, Baroda branch is hosting a Conference for Members in Industry on 12th of June and Suratbranch is hosting a CPE Conference on 3rd and 4th of July. We are also organising workshops on IFRS inMumbai and various other branches to spread the awareness on the subject amongst members as well asindustry and general public. These workshops are the initiative of the Accounting Standards Board of ourInstitute.

As mentioned in my earlier communications, the focus of the WIRC has been on organising many intensivecourses and workshops. Members have generally appreciated these efforts, as they have enabled meaningfulinteraction with the faculty and within the participants themselves. Another intangible benefit of theseprogrammes is that, it also gives a direct fillip to networking amongst the members.

We have also been organising various programmes for the benefit of our students. The crash coursesorganised for the CPT students have met with a good response. We have also organised a mock test across thewhole Region for the benefit of CPT students on 13th June and more than 4,000 students appearing for theexaminations are participating in this test. We have organised a Regional Conference for Students at Barodaon 9th and 10th of July and a Sub-Regional Conference for Students at Bhayandar (organised by Vasai Branch)on 18th and 19th of June. Members are requested to encourage their articles to take part in these programmesas the ultimate benefit of the students’ upgraded knowledge accrues to the practicing unit. Also, the studentsget to appraise themselves on various aspects of their curriculum by attending such important programmes.

The much awaited WIRC Reference Manual 2010-11 shall be released shortly. The detailed announcementwith respect to the same has been included in this edition of the Newsletter. We at WIRC are sure that membersshall receive the same with great enthusiasm as in the past.

Work is in full swing at the upcoming infrastructure project of the Institute at Bandra- Kurla Complex, Mumbai.As our President has been mentioning time and again, once completed, this project shall be the pride of ourprofession. With unstinting support from the President, Vice-President and the Infrastructure AccelerationGroup, we are sure of seeing this infrastructure project fully functional very shortly. We shall also be approach-ing members for naming facilities in the project.

We have organised various programmes to mark the celebrations of our Foundation Day on 1st July. Some ofthe details of the upcoming programmes are contained in this Newsletter. Members are requested to kindlyvisit our website at www.wirc-icai.org for further details of the various programmes to be organised during theFoundation Day Week and participate in the same with vigour and enthusiasm. The 59th Annual GeneralMeeting of the WIRC is also being held on 1st July, 2010. The Notice and detailed Annual Report is being hostedon the website of the WIRC.

All the programmes that have been planned and organised over the next few weeks have been done with justone goal and that is to ensure that we continue to grow professionally, provide the best of services to ourclients and ensure that we maintain the high standards of professionalism that society at large expects fromChartered Accountants. Let us never forget that “The more intensely we feel about an idea or a goal, the moreassuredly the idea, buried deep in our subconscious, will direct us along the path to its fulfilment.” Theimplementation of these words is the surest way to growth and success.

With warm regards,

CA. Sanjeev Lalan


FORTHCOMINGevents


04 June 2010

For Seminar registration, enquiry contact 3980 2923 / 2922 or 6571 5690. Cheques should be drawn in favour of"WIRC OF ICAI" and sent to WIRC Office, ICAI Bhawan, Cuffe Parade • R.No. 580, Aayakar Bhawan, Churchgate• RVG Extension Counter, Andheri (W) • Mulund Reading Room, Mulund (W) • Dadar Reading Room, Dadar (E)

WIRC HAS SPECIAL TIE-UP FORExecutive Health Check-up for Members & their Spouses

1. Kokilaben Dhirubhai Ambani Hospital, Andheri (W), MumbaiTel: 3066 6666/3099 9999 at discounted price of Rs. 3250/- only

2. Surana Hospital and Research Centre, Malad (W), Mumbai 400 064 Tel: 022-2802 2121 / 22 / 23 / 24 at discounted price of Rs. 1400/- only

For further details contact 022-3980 2923CA. Shardul Shah 9820287625CA. Anil Bhandari 9821037605

RegionalCouncil Members

19/06/2010 Seminar on Recent Updates Under Various Acts 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 0519/06/2010 Workshop on Global Professional Opportunities 3.00 p.m. to 6.00 p.m. Walchand Hirachand Hall, IMC, Churchgate 300 03 0521, 23, 28, 30/06/10 & Intensive Study Course on Company Law 5.30 p.m. to 8.30 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 3500 24 0602, 05, 07, 09/07/1025 & 26/06/2010 National Workshop on FEMA - 10.00 a.m. to 6.00 p.m. Hotel J. W. Marriott, Juhu 3500 12 06

Inbound and Outbound Investments26/06/2010 Seminar on Search, Seizure, Inspection Under Various Laws 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 0701/07/2010 Flag Hoisting Ceremony 9.30 a.m. Institute Premises, ICAI Bhawan, WIRC 0501/07/2010 Annual General Meeting of WIRC 10.00 a.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC01/07/2010 5th Mile Sur Mera Tumhara (Foundation Day Celebration) 5.30 p.m. to 9.30 p.m. St. Andrew’s Auditorium, Bandra (W) Free - 0502, 03/07/2010 Case Studies on Accounting Standards 10.00 a.m. to 6.00 p.m. Hotel Orchid, Near Domestic Airport, 2750 12 07

vis-a-vis Convergence with IFRS Vile Parle (E)03/07/2010 Full Day Seminar on Tax Audit and Documentation 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 0703 & 04/07/2010 Swarnim Gujarat MEGA CPE Conference 10.00 a.m. to 6.00 p.m. Gandhi Smruti Bhavan, Nanpura, Surat 1750 12 0703/05/06/09/10/ Intensive Study Course on DTAA 5.30 p.m. to 8.30 p.m. Mayor Hall, All India Local Self Government Institute,12/13/15/17/07/2010 Juhu Lane, Andheri (W) 4500 24 0810/07/2010 Seminar on Arbitration Mediation and Conciliation 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 0810/07/2010 Full Day Programme on ITAT Proceedings 10.00 a.m. to 6.00 p.m. Mysore Association Hall, Matunga (E) 1000 06 0810 & 11/07/2010 122nd Study Course on Audit of Co-operative Societies 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 2000 12 0917/07/2010 Full Day Seminar on Service Tax 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 0924/07/2010 Seminar on Fraud Investigation and Forensic Accounting 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 092/4/6/9/11/08/2010 Study Course on Excise & Customs 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1750 15 1002/04/07/09/11/16 Study Course on Service Tax 6.00 p.m. to 9.00 p.m. Shree Shyam Kunj Haveli Hall, Chandavakar Rd., 3250 24 1118/20/08/2010 Near Raj Mahal Hotel, Borivali (W)06/07/08/2010 Workshop on IFRS 10.00 a.m. to 6.00 p.m. Hotel Sea Princess, Juhu 3000 12 1007/08/2010 Seminar on Peer Review & Code of Conduct 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 1007/08/2010 Seminar on Permanent Establishment 9.30 a.m. to 5.30 p.m. Hotel Orchid, Near Domestic Airport, Vile Parle (E) 1500 06 1113-15/08/2010 Joint Regional Conference at Goa 10.00 a.m. to 6.00 p.m. Hotel Holiday Inn, Goa 9950 12 1214/08/2010 Seminar on Special Economic Zone 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 1000 06 1216 to 22/08/2010 7 Days Intensive Workshop on IFRS 9.30 a.m. to 5.30 p.m. Hotel Sea Princess, Juhu, 15,000 42 1219 & 20/11/2010 25th Regional Conference: Theme: Embracing Change Tata Theatre, NCPA, 06

STUDENTS PROGRAMME19, 20/06/2010 Sub-Regional Conference for Students 9.00 a.m. to 5.30 p.m. Venkatesh Banquet Hall, Bhayandar (W)17/06/2010 Relevance of Standards in Auditing (SA) 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC FREE — 1324/06/2010 Income tax returns for Charitable Organisation 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC FREE — 1309, 10/07/2010 WIRC CA. Students’ Regional Conference 10.00 a.m. to 6.00 p.m. Hotel Surya Palace, Sayajigunj, Vadodara 1000 — 1315/07/2010 Standard Costing for IPCC 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC FREE — 13Starting from IPCC & Final C.A. Students’ Education Crash Course for 6.15 p.m. to 8.30 p.m. Sydenham College, ‘B’ Road, Churchgate 1500 — 1315/07/2010 May & November, 2010 Examinations

SPECIAL PROGRAMMES FOR YOUNG MEMBERS25/06/2010 LLP - Formation, Conversion, Taxation and Issues 5.30 p.m. to 8.30 p.m. Council Hall, ICAI Bhavan, WIRC 300 3 1402/07/2010 Preparation of Return of Income for A.Y. 2010-11 5.30 p.m. to 8.30 p.m. Council Hall, ICAI Bhavan, WIRC 300 3 1416/07/2010 Introduction to US GAAP & Comparison with IFRS 5.30 p.m. to 8.30 p.m. J. S. Lodha Auditorium, ICAI Bhavan, WIRC 300 3 14

DATE PROGRAMME TIME VENUE FEES CPE PG.


ENTRYFREE

FLAGHOISTINGCEREMONY

Thursday, 1st July, 2010Institute’s Premises,

ICAI Bhawan,Cuffe Parade, Mumbai

Time: 9.30 a.m.

NAVRAS

A CulturalEvening

Full ofEntertainment.Performance by

Members & theirFamily Members

Guest of HonourReema Sen & other Bollywood Actors

5th MILE SURMERA TUMHARANAVRAS

Foundation Day Celebrations, 1st July, 2010

Shant Bhakti Rodra Shringar Hasya Karun Adbhut Veer Vatsalya| | | | | | | |

Time –Venue –

5.30 p.m. to 9.30 p.m. St. Andrew’s Auditorium,

St. Dominic Road,Bandra (W), Mumbai - 400 050.

FORTHCOMINGevents


Newsletter05June 2010June 2010

Seminar on Recent UpdatesUnder Various Acts

DAY & DATE SATURDAY, 19TH JUNE, 2010

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

J.S. Lodha Auditorium, ICAI Bhavan, WIRC

10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)

Rs. 1,000/- for Members (inclusive of course material,breakfast & lunch) (Please add Rs. 100/- towards CABenevolent Fund as Voluntary Contribution)

CA. Shardul Shah 9820287625CA. Shruti Shah 9892407988(Regional Council Members)

CA. Vikas Vishwasrao 9892915272CA. Pravin Jain 9820042263CA. Sandip Ajmera 9324426134

Service Tax CA. Bharat Shemlani

Income Tax CA. Shailesh Doshi

MVAT Act CA. C. B. Thakar

Companies Act CA. Alok Saxena

Workshop on Global ProfessionalOpportunitiesThe International Affairs Committee of WIRC is organizing the first of its kind seminarto educate the members to explore/grab untapped professional opportunities in thedynamic International arena. We, at WIRC dream that we get recognition as the“Best Accounting Professionals” in the world and benefit the society at large.


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinator

Co-ordinators

Walchand Hirachand Hall, IMC, Churchgate, Mumbai

3.00 p.m. to 6.00 p.m(Registration 2.30 p.m. to 3.00 p.m.)

Rs. 300/- for Members (inclusive of refreshment)(Please add Rs. 50/- towards CA Benevolent Fund as Voluntary Contribution)

CA. Ashok Jain, RCM 9833512888Chairman, International Affairs Committee of WIRC

CA. Shailesh Bandi 9820333188CA. Chirag Doshi 9820452332CA. R. Ganesh 9930561716

Global Opportunities & TIE-UPs with International CA. Shailesh HaribhaktiAccounting firms Past Chairman, WIRC

Opportunities for Practising CAs CA. Mitil R. ChokshiPast Chairman, WIRC

Road map to tap Global Opportunities CA. Kumar Dasgupta

Chief Co-ordinators

Co-ordinators

CA. Durgesh Kabra 9869015418 CA. Shriniwas Joshi 9821096079CA. Shruti Shah 9892407988

CA. S. Padmanabhan9987579214 CA. Priti Savla 9321426883CA. Manori Shah 9820190092 CA. Vijay U. Bhatt 9820210728CA. Anil Thakrar 9821069878 CA. Dhimant Kapadia 9820034820CA. Nikhil Damle 9820170436 CA. Narayan Pasari 9820038095

Other Programmes

Public Meetings on“How to be informed

Investors”

Public Meeting for Managing Committes Members of Co-op. Housing Society,

Career Counselling Programme

Blood Donation Camps

For further Details Visit: wirc-icai.org

To Mark Foundation Day

on 26th & 27th June, 2010 in Gujarati, Hindi &

Marathi

on 27th June at 10 a.m.at Bhavan’s College,

Andheri (W)Jointly with Co-op. Dept.

in Various Colleges

Free Health CheckupFor Diabetic patients

at the Venue

Gold Sponsorer


Intensive Study Course onCompany Law

Mondays

Wednesdays

Fridays

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

21/06/2010 28/06/2010 05/07/2010

23/06/2010 30/06/2010 07/07/2010

– 02/07/2010 09/07/2010

5.30 p.m. to 8.30 p.m.

Rs. 3,500 (inclusive of course material, refreshments andtea) (Please add Rs. 250/- towards CA Benevolent Fundas Voluntary Contribution)

(Regional Council Members)

CA. Omprakash Somani 9320206103CA. Dinesh Gandhi 9821240303CA. Apurva Chaturvedi 9867379232CA. Mahendra Mehta 9322258165

Monday 21/06/2010 Incorporation of a Company

• Types of companies – public limited / private limited companies with share capital / with guarantee •Procedure for incorporation of company – memorandum and articles of association, name of the company,directors identification numbers • Commencement of Business • Section 25 companies vs. trusts – keydifferentiators • Part IX Company • Conversion of Company for private to public visa versa • Conversion ofproprietary firm into company. CA. Preeti Oza

Wednesday 23/06/2010 Issue & Transfer of Shares

• Kinds of share capital • Issue of shares and debentures – various types; issue at premium / discount •Prospectus, Abridged & Red-herring Prospectus and allotment sweat equity shares • Bonus, Rights,Prefenditial issue & Employee Stock Option Scheme (ESOP) CS. Madhavi Thanvi

• Transfer of shares – restriction of transfer of shares, transfer by legal representative, transmission,nomination • Reduction of capital and buyback of shares CA.Alok Saxena

Monday 28/06/2010 Management and administration (Board of Directors & Company meetings)

• Constitution of Board • Appointment and removal of directors – minimum term, restriction on number ofdirectorships • Board meetings quorum Procedure prior/during/after the meeting • Change in address and names of companies •Alteration of Memorandum &Articles ofAssociation • Statutory, general, annual, and –periodicity, quorum, procedure of conducting meetings • resolutions • Voting rights • Manner of conductingcompany meetings – differentiation between matters that can be decided by Board of Directors vs. Mattersthat need to be decided by company in general meeting CA.Abhay Mehta

Wednesday 30/06/2010 Secretarial compliance matters

• Various forms to be filed – categorised by annual forms (annual returns etc); and other forms (forms to befiled on happening of any event i.e., change in directors etc) • Registration of charges • Maintenance ofregisters • Minutes of meetings – minimum essential documentation as per company law, effective ways todocument meetings • Compliance Certificate u/s. 383AOffences and penalties CS. Kaushik Jhaveri

Friday 02/07/2010 Public limited companies vs. Private limited companies

• Privileges to private Limited Company • Key differentiators between public limited and private limited companies• Special provisions applicable to listed companies/companies having paid-up capital above particular limit• Management Discussion &Analysis Report (MDAR), Clause 49 of ListingAgreement CA. Sanjeev Shah

Monday 05/07/2010 Special matters in Company Law

• Prevention of oppression and mismanagement and inspection IRD CA. J. K. Jolly, Jt. Regn. Director

• Schemes relating to arrangement, reconstruction and amalgamation CA. Jayant Thakur

Wednesday 07/07/2010 Accounts Audit and Dividend

• Books of account to be maintained • Overview of accounting standards to be followed & audit report • Auditcommittee, Appointment of Auditors • Dividends – transfer to reserves, paid only out of profits • DirectorsReport, • Declaration of Dividend, Difference between Final & Interim Dividend CA. Rajendra Koria

Transactions with related parties

• Payments to directors – restrictions etc • Managerial remuneration • Section 314- Place of Profit • Transactionswith firms / companies where director is interested • Restriction onappointment of firm / body corporate to place ofprofit. • Loans to Directors (Section 295) • Sections 292 & 372Aapplicability & scope. CA. Rajendra Koria

Friday 9/7/2010 Winding up / defunct companies / liquidation

• Modes and effects of winding up of companies – winding up by tribunal and voluntary winding up • CLSS 2010 & EES2010 • Role and functions of official liquidator • Defunct company u/s 560 • Vanishing Company CS. S. D. Israni

Limited Liability Partnerships (LLP)

• Key differentiators between LLP vs. Partnership firm vs. company • Incorporation of an LLP. • Conversion ofSole Proprietorship to LLP • Conversion of LLP to Limited Co. • Partners – Relations and rights, inter se • Conversion of a private limited company / firm into LLP CA. Satish Shanbaug

J. S. Lodha Auditorium, ICAI Bhavan, WIRC

(Registration 5.00 p.m. to 5.30 p.m.)

CA. Durgesh Kabra 9869015418CA. Neel Majithia 9820327660CA. Anil Bhandari 9821037605CA. Shruti Shah 9892407988

DAY & DATE SUBJECTS SPEAKER

DAYS & DATES

FORTHCOMINGevents


06 June 2010

National Conference on FEMA - Inbound and Outbound InvestmentsDAYS & DATES FRIDAY & SATURDAY,

25TH & 26TH JUNE, 2010

TOPICS SPEAKERS

Venue

Time

Fees

ProgrammeDirector

ProgrammeCo-ordinators

DAY 1

DAY 2

Hotel J. W. Marriott, Juhu, Mumbai


Rs. 3,750/- (inclusive of course material, breakfast &lunch) (Please add Rs. 250/- towards CA BenevolentFund as Voluntary Contribution)

CA. Rajkumar Adukia, Chairman, 9323061049CECL & WTO Committee of ICAI

CA. Shriniwas Joshi 9821096079CA. Shruti Shah 9892407988(Regional Council Members)

FEMA Recent Developments CA. Dilip J. ThakkarFDI Policy Overview with special reference to Down Stream Investments CA. Dhishat MehtaIndustry Specific Issues in FDI Policy relating to Real Estate, Retail and NBFC CA. Anup P. ShahExternal Commercial Borrowing and Foreign Currency Convertible Bond CA. Naresh Ajwani

Special Address: Shri Salim Gangadharan, CGM - RBI*

Investments Other than FDI such as – PortfolioInvestment, FIIs, Foreign Venture Capital, Partnerships and LLP CA. Paresh P. ShahOverseas Direct Investments CA. Nilesh KapadiaCross Border Mergers and Acquisitions CA. Pravin P. ShahCompounding of offences CA. Chetan M. ShahOrganised by Committee on Economic, Commercial Laws and WTO of ICAI

Hosted by Western India Regional Council of ICAI*Subject to Confirmation

at NCPA, Tata Theatre, Mumbai on 19th & 20th November 2010

25TH REGIONAL CONFERENCE OF WIRC

For the first time WIRC has decided toinvite papers for presentation onsome of the subjects at the RegionalConference.For above mentioned conference papers are invited from Membersby Technical Committee of Regional Conference on the followingsubjects:

a. Governance in Professional Organisationsb. Governance in Public Organisationsc. Any other issues concerning CSR

a. Vision for the Profession in the Coming Decadeb. Moving up the Value Chain – Journey from Compliance to

ConsultingThe paper should reach Chairman, Technical Committee of RegionalConference of WIRC before 15th August, 2010, at the address ofWIRC. The Final scrutiny & selection will be made by the TechnicalCommittee of WIRC for the Conference. Persons whose papers areselected would be informed by 1st week of September, 2010.

1. Governance

2. Professional Development

Embracing Change


Seminar on Search,Seizure, Inspection Under Various Laws


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators




CA. Durgesh Kabra 9869015418CA. Neel Majithia 9820327660(Regional Council Members)

CA. Yashesh Jakhetia 9967586811CA. Jayesh Kala 9820010113CA. Sandip Jain 9819768099

Income-tax Act Shri Rajnish Vohra, ACIT

Companies Act CA. J. K. JollyJoint Regional Director

MVAT Act CA. Janak Vaghani

Service Tax Act CA. Vipin Jain

Full Day Seminar onTax Audit and DocumentationDAY & DATE SATURDAY, 3RD JULY, 2010

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators




CA. N. C. Hegde 9820423420CA. Ashok Jain 9833512888(Regional Council Members)

CA. Mukund Pol 9324337392CA. Dharmendra Prajapat 9833941840CA. Ketan Gada 9819748830

Clausewise Discussion on Clauses in CA. Tushar Doctor &Form No. 3CD CA. Haresh Chheda

Standards on Auditing vis-a-vis Tax Audit CA. Abhay Kamat

Documentation for Tax Audit & Peer Review CA. Abhay Arolkar

FORTHCOMINGevents



Case Studies on Accounting Standards vis-à-vis Convergence with IFRSDAYS & DATES FRIDAY, 2ND & SATURDAY, 3RD JULY, 2010

TOPICS SPEAKERS

VenueTime

Fees

Chief Co-ordinators

Co-ordinators

Hotel Orchid, Near Domestic Airport, Vile Parle (E), Mumbai10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 2,750/- for Members (inclusive of course material,breakfast & lunch) (Please add Rs. 250/- towards CABenevolent Fund as Voluntary Contribution)CA. Parag Raval 9824339200CA. Neel Majithia 9820327660CA. Anil Bhandari 9821037605(Regional Council Members)CA. Amogh Pandit 8108132425CA. Anand Bathia 9820881761CA. Dilip Gosar 9821096074CA. Shyam Singrodia 9892701616

Revenue Recognitions (AS – 7, 9 & 34) CA. Ram Mohan BhavePPE (AS – 6, 10, 16 & 28) CA. Chintan PatelBusiness Combinations (AS – 21, 23, 27 & 26) CA. Yagnesh Desai Financial Instruments (AS – 30, 31 & 32) CA. Pooja Gupta

Swarnim GujaratMEGA CPE CONFERENCE

DAYS & DATES SATURDAY, 3RD JULY & SUNDAY, 4TH JULY, 2010

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Gandhi Smruti Bhavan, Nanpura, Surat


Rs. 1,750/- up to 2nd July, 2010, Rs. 2,000/- SpotRegistration and Rs. 750/- for Students (inclusive ofcourse material, breakfast & lunch) (Please add Rs. 100/-towards CA Benevolent Fund as Voluntary Contribution)

CA. Jay ChhairaCA. Parag Raval 9824339200CA. Durgesh Kabra 9869015418CA. Bhailal Patel 9825033927CA. Rajesh Shah 9825041142(Regional Council Members)

CA. Hitendra Mody 9376854100CA. Harishankar Toshniwal 9327140497CA. H. B. Bhutwala 9825787911CA. Nishit Mehta 9345400000

1st Technical Session : Chairman, CA. Sanjeev Maheshwari, CCM

TDS u/s 195 – Foreign Remittance CA. Dhinal Shah, CCM

Recent Judgements Adv. Saurabh Soparkar

2nd Technical Session : Chairman, CA. A. H. Dalal, Past President, ICAI

Code of Conduct, Ethics CA. Harish Motiwalla

Right to Information Act CA. Narayan Varma

3rd Technical Session : Chairman, CA. Pankaj Jain, CCM

Recent Developments in Capital Gains CA. Nihar Jambusaria

Concealment Penalty Dr. Girish Ahuja

4th Technical Session : Chairman, CA. Atul Bheda, CCM

CENVAT Credit Rules New Services CA. S. S. Gupta

GVAT Audit Report CA. Parind Mehta

HOSTED BY SURAT BRANCH OF WIRC

9825196241


Intensive Study Courseon DTAA

DAYS & DATES

Saturday

Monday

Tuesday

Thursday

Friday

03/07/2010 10/07/2010 17/07/2010

05/07/2010 12/07/2010 -

06/07/2010 13/07/2010 -

Juhu Lane, Andheri (W), Mumbai

5.30 p.m. to 8.30 p.m

Rs. 4,500/- (inclusive of course material &refreshments) (Please add Rs. 250/- towardsCA Benevolent Fund as Voluntary Contribution)

CA. N. C. Hegde 9820423420CA. Anil Bhandari 9821037605CA. Vishnu Agarwal 9324544607(Regional Council Members)

CA. Jayesh Shah 9819043921CA. Haridas Bhatt 9820089427CA. Mahavir Jain 9821050238

Saturday 03/07/2010 Introduction to International Taxation CA. RashminSanghvi

Tax Residency under Tax Treaties CA. Kishor Karia

Monday 05/07/2010 PE-Fixed place PE and Service PE CA. Vispi Patel

PE -Construction/Installation PE and CA. RadhakishanAgency PE Rawal

Tuesday 06/07/2010 Income from Interest/Dividend/ CA. Natwar Capital Gains Thakrar

Royalties CA. ChandrahausGupta

Friday 09/07/2010 Fees for Technical Services CA. RameshBangera

Non-Discrimation Clause CA. Pramod KumarMember ITAT

Saturday 10/07/2010 Shipping and Airline Companies CA. RajeshAthawale

Dependant and Independent Personal CA. Vishal GadaServices

Monday 12/07/2010 Taxability of Artists/Sportsmen CA. Aashish Kasad

Transfer Pricing CA. Samir Gandhi

Tuesday 13/07/2010 Method of Elimination of Double Taxes CA. Geeta Jani

TDS u/s 195 of Income-tax Act CA. Nilesh Kapadia

Thursday 15/07/2010 International tax issues facing EPCContractors CA. Girish Mistry

International tax issues facing Media companies CA. Manish Desai

Saturday 17/07/2010 International tax issues facing theFinancial Services Industry CA. Sunil Kothare

International tax issues facing theOil and Gas Industry CA. Sunil Shah

Restricted to 75 Participants

JOINTLY WITH J. B. NAGAR CPE STUDY CIRCLE

For detailed programme visit www.wirc-icai.org

- 15/07/2010 -

09/07/2010 - -

Mayor Hall, All India Local Self Government Institute,


Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

DAY DATE SUBJECTS SPEAKERS

FORTHCOMINGevents


08 June 2010

Seminar on Arbitration, Mediation and Conciliation

DAY & DATE SATURDAY, 10TH JULY, 2010

TOPICS SPEAKERS

VenueTime

Fees

Chief Co-ordinators

Co-ordinators

Council Hall, ICAI Bhavan, WIRC10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 1,000/- for Members (inclusive of course material,breakfast & lunch) (Please add Rs. 100/- towards CABenevolent Fund as Voluntary Contribution)CA. Shruti Shah 9892407988CA. Vishnu Agarwal 9324544607(Regional Council Members)CA. Priti Savla 9321426883CA. Dharmendra Prajapat 9833941840CA. Arun Jain 9821024846

Introduction to ADR with Specific Reference to Adv. Prathmesh PopatMediation/ConciliationOverview of the Law on Arbitration and CA. Pawan AgarwalOpportunities for CAsPractical Aspects of Conducting Arbitral Proceedings Adv. Ramesh DhanukaArbitral Award and Post Award Matters Adv. M. P. Rao

Full Day Programme onITAT Proceedings


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Mysore Asso. Hall, Bhau Daji Rd., Matunga (E), Mumbai



CA. Shardul Shah 9820287625CA. Neel Majithia 9820327660(Regional Council Members)

CA. Prakash Muni 9820132027CA. Chirag Seth 9833120222CA. Chetan Shah 9322232039CA. K. Kannagi 9821447537

Inauguration Shri R. V. Easwar,Officiating President, ITAT

Drafting of Appeal, Misc. Appln., Addl. Evidence Shri Hiro Rai, Advocate

ITAT Rules CA. Punita Bansal

Stay of Demand CA. Sunil M. Lala

Mock Court To be presided over byShri R.S. Padvekar, MemberITAT & Eminent Members ofITAT

Summation & Concluding Remarks Shri K. Shivaram, Advocate

Veliditory Address Shri D Manmohan,Vice President, ITAT, Mumbai

JOINTLY WITH MATUNGA CPE STUDY CIRCLE


FORTHCOMINGevents



122nd Study Course on Audit of Co-operative Societies

DAYS & DATES SATURDAY, 10TH JULY, 2010 ANDSUNDAY, 11TH JULY, 2010

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

SATURDAY, 10TH JULY, 2010

SUNDAY, 11TH JULY, 2010


Saturday 10.00 a.m. to 6.00 p.m. (Registration 9.30 a.m. to 10.00 a.m.)Sunday, 10.00 a.m. to 1.00 p.m.


CA. Dinesh Gandhi 9822547432CA. Julfesh Shah 9823096540CA. Shriniwas Joshi 9821096079(Regional Council Members)

CA. Suresh Murarka 9821125916CA. Nikhil Damle 9820170436CA. Arun Maniar 9326353367

Common Accounting Systems as Applicable to CA. D. A. ChouguleVIKAs Addl. Registrar Audits

Co-op. Dept., Mah.

Introduction to principles of Co-operation, Types of CA. Ramesh PrabhuSocieties, Registration Procedure, Law & Management of Co-operative Societies

Understanding Structure of Co-operative Societies Official of Co-operativeDuties & Responsibilities of Committee & Officers, DepartmentDocumentation & other Records.

Indirect Taxes – As applicable to Co-operative CA. Ashutosh ThakarSocieties & Banks.

Accounting Standards as applicable to Co-operative CA. Abhay KamatSocieties & Co-operative Banks

Audit of Co-operative credit societies, Co-Operative CA. I.B. SonawallaBanks. (Including NPA Requirement & Income Recognition norms)

System Audit/Auditing in Computerized Environment CA. Abhay Mate

Enquiries Investigations & Audit Memos of special CA. B. B. Maneaudits under MCS Act, 1960 & MCS Rules, 1961

Direct Taxes – Taxation of Co-operative Societies CA. Nihar Jambusariaincluding deduction u/s 80P & concept of Mutuality,provisions of TDS and sections 269 SS and 269T.

Full Day Seminar on Service Tax


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators




CA. Mangesh Kinare 9869070539CA. Durgesh Kabra 9869015418(Regional Council Members)

CA. Anand Desai 9820511417CA. Pratik Jariwala 9833217888CA. Omprakash Bihani 9821231330

Recent Development in CENVAT Credit CA. Bharat Shemlani

Refunds under Service Tax CA. Rajiv Luthia

Service Tax on Construction contracts CA. A. R. Krishnan

New Services introduced in last one year CA. S.S. Gupta

Seminar on Fraud Investigation andForensic Accounting


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators




CA. Dhiraj Khandelwal 9867642684CA. Shardul Shah 9820287625(Regional Council Members)

CA. Sachin Salian 9820887599CA. Mukesh Gilda 9930406677CA. N. M. Jain 9869030997

Fraud & Forensic Accounting – Introductions, CA. Chetan DalalRed Flags, Profile of a Fraudster & Case Studieson Business Fraud

Methods & Techniques for Investigations Useful CA. Rajan Gupteto Auditors

IT Forensics & Digital Methods for Investigations Shri K. K. Mookhey

Case Studies & Use of Excel & other CAATs in CA. Mahesh BhatkiInvestigations


FORTHCOMINGevents


10 June 2010

Study Course onExcise & Customs

Mondays

Wednesdays

Friday

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

02/08/2010 09/08/2010

04/08/2010 11/08/2010

06/08/2010

5.30 p.m. to 8.30 p.m.

Rs. 1,750/- (inclusive of course material, refreshmentsand tea) (Please add Rs. 250/- towards CA BenevolentFund as Voluntary Contribution)

CA. Milind Joshi 9930033939CA. Aalok Mehta 9892001645CA. Atul Thatte 9869118792CA. Vishal Shah 9920917939

J. S. Lodha Auditorium, ICAI Bhavan, WIRC


CA. Mangesh Kinare 9869070539CA. Sunil Patodia 9820344085CA. Shriniwas Joshi 9821096079CA. N. C. Hegde 9820423420(Regional Council Members)

Monday Basic Concepts Under Central Excise Adv. Shailesh02/08/2010 Manufacture (inc Deemed) • Excisable Goods Sheth

• Central Excise Tariff • Classification Principles• Registration ( manufacturers)

Exemptions Under Central Excise CA. Jayesh• SSI Exemption Scheme • Clubbing Case Studies Gogri• Excise Free Zones • Job Work Schemes

Wednesday Cenvat Credit CA. Bakul B04/08/2010 •• Manufacture Perspective • Registered Dealer Mody

Mechanism • LLP Conversion Implications• Proportionate Credit Amnesty

Valuation Under Central Excise CA. S. S.• Transaction Value basis • MRP based Assessment Gupta• Related Party implications • Valuation Rules

Friday Documentation, Records and Returns Under Eminent06/08/2010 Central Excise Faculty

• Statutory Requirements • Practical aspects• Computerization & E Filing

Audits Under Central Excise Shri P. C.• Dept Audit • CERA Audit • Internal Audit by assessees Parekh

09/08/2010 Basic Concepts Under Customs Adv. ShilpaMonday • Import • Goods • Exemptions • Types of Duties Sharma

• Custom Tariff • E Commerce transactions taxability

Valuation Under Customs Eminent• Valuation Rules • Includibility of Services Value Faculty(Royally etc) • Related Party implications

11/06/2010 Inquiry, Summons & Adjudications CA. Hasmukh(Central Excise &Customs) Kamdar• Statutory Powers • Statements • Reply to ShowCause Notices • Extended Period Invokation

Appellate Proceedings (Central Excise & Customs) Adv. Naresh• Appeals before Commissioner (Appeals) • Appeals Thackerbefore CESTAT • Stay Petitions • Settlement Commission


DAYS & DATES

Seminar on Peer Review & Code of Conduct

DAY & DATE SATURDAY, 7TH AUGUST, 2010

TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators




CA. Mangesh Kinare 9869070539CA. Dhiraj Khandelwal 9867642684(Regional Council Members)

CA. Kinjal Shah 9892100844CA. Ramesha Shetty 9869504322CA. Suhas Malankar 9323285924

Peer Review – ICAI Perspective Eminent Faculty

Peer Review – Documentation & Practising CA. Mulesh SavlaUnit Perspective

Code of Conduct with Case Studies CA. C. N. Vaze

Workshop on IFRS

DAYS & DATES FRIDAY, 6TH AUGUST, 2010 ANDSATURDAY, 7TH AUGUST, 2010

TOPICS SPEAKERS

VenueTime

Fees

Chief Co-ordinators

Co-ordinators

Friday, 6th August, 2010

Saturday, 7th August, 2010

Hotel Sea Princess, Juhu, Mumbai10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 3000/- for members (inclusive of course material,refreshment & lunch) (Please add Rs. 250/- towards CABenevolent Fund as Voluntary Contribution)CA. Parag Raval 9824339200CA. Neel Majithia 9820327660CA. Ashok Jain 9833512888(Regional Council Members)CA. Narayan Pasari 9820038095CA. Rahul Asgekar 9820307768CA. Anand Paurana 9892100828CA. Omprakash Somani 9320206103

Introduction - Road Map to IFRS & Overview of IFRS. CA. P. RameshIAS 1 - Presentation of Financial Statements. Member of NACASAccounting for Fixed Assets - IAS 16, IAS 23 & CA. Yagnesh DesaiIAS 38Accounting for Revenue & Income Taxes - CA. Sudhir SoniIAS 18 & IAS 12Key Differences in IFRS and Indian GAAP CA.Kishore Parikh

IFRS 3 - Business Combinations CA. Khushroo PanthakyIAS 27, 28 & 31 Consolidation, Associates CA. Mohan Lavi& Joint VenturesFinancial Instruments – An Overview - IAS 32, CA. Pooja GuptaIAS 39, IFRS 7 & IFRS 9First Time Adoption of IFRS – Requirements & CA. Paresh ClerkChallenges


FORTHCOMINGevents



Seminar onPermanent Establishment


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Hotel Orchid, Near Domestic Airport, Vile Parle (E)


Rs. 1,500/- for enrolment before 15/07/2010 &Rs. 1,750/- thereafter (inclusive of coursematerial, breakfast & lunch) (Please add Rs. 100/-towards CA Benevolent Fund as Voluntary Contribution)

CA. N. C. Hegde 9820423420CA. Shardul Shah 9820287625(Regional Council Members)

CA. Shivratan Singrodia 9892365985CA. Champak Dedhia 9322252420CA. Abhijit Paranjape 9820049297

Brief concept of Permanent Establishment (PE) CA. Shefali and Business Connection; Goradia• What is PE • Relevance with Business connection • PE and residency • Overall Concept of PE

Fixed Base PE Shri R. Sekar• Place of Business • Should it be fixed • Geographical and Commercial coherence • Carrying business through Fixed Place PE • Duration of PE vs. Nature of Business • Subsidiary as Fixed Base PE • Recent Case Laws – Indian and International

Construction and Installation PE Eminent Speaker• Meaning and relevance with business model • Identification of project and measurement of time period • Recent case laws on time line – is it qua tax payer or quaprojects • Payment for supervisory activities – Business income vs. FTS

Agency PE CA. C. A. Gupta• Basic concept – Independent vs. dependent agent • Criteria to determine Independent and Dependent Agent• Conditions to be satisfied for a dependent agent to be regarded as PE • Employee or subsidiary as an agent• Relevant case laws

Service PE Eminent Speaker• Basic concept • Services rendered through personnel on secondment • Time limit for emergence of Service PE • If no Service PE clause – Business Income vs. FTS vs. ResiduaryIncome • Relevant Case Laws

Attribution of Profit to PE CA. Geeta Jani• Method under the Income Tax Act vis-a-vis Tax Treaty• Arm’s length payment and further attribution • Directand Indirect attribution • Relevant Case Laws

Force of Attraction Rule and PE CA. Vishal Gada

• Is it qua Tax Payer or Qua business activities • OECD view• Relevant Case Laws; • Factors to keep in mind to avoid force of attraction

Study Course onService Tax

Mondays

Wednesdays

Saturday

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Jointly with Borivali (Central) CPE Study Circle

02/08/2010 09/08/2010 16/08/2010

04/08/2010 11/08/2010 18/08/2010

07/08/2010 - 21/08/2010

6.00 p.m. to 9.00 p.m.

Rs. 3,250/- (inclusive of course material, refreshmentsand tea) (Please add Rs. 250/- towards CA BenevolentFund as Voluntary Contribution)

02/08/2010 InaugurationMonday Fundamental Principles of Service Tax Law – What is CA. A. R.

a service, what is a taxable service, principles of Krishnanclassification, general exemptions, rates of tax includingabatements & compositions. Reverse Charge Mechanism

04/08/2010 Procedures – Registration, Payment of Tax, Filing of CA RajivWednesday Returns, Maintenance of Records, Adjudication, Appeals, Luthia

Advance Rulings, Recovery Proceedings

07/08/2010 Import & Export of Services – Valuation & Refunds and CA. S. S. GuptaSaturday Rebates

09/08/2010 CENVAT Credit Rules CA BakulMonday Mody*

11/08/2010 Analysis of some important services not presenting overlap EminentWednesday with VAT: Consulting Engineers, Business Auxiliary, Faculty

Business Support, Goods Transport Services, CharteredAccountants Services, Advertising Agency Services,Space Selling Services, Banking & Financial Services,Renting of Immoveable Property Services

16/08/2010 Analysis of some important services presenting overlap CA. BharatMonday with VAT Shemlani

Construction, Erection, Commissioning & Installation, WorksContract Services, Construction of Complex Services,Management Maintenance & Repairs Services, IntellectualProperty Services, Supply of Tangible Goods Services

18/08/2010 Recent Judicial Pronouncements and Amendments Adv. BharatWednesday Raichandani*

21/08/2010 Unresolved Controversies & Way Forward towards GST CA. SunilSaturday Gabhawala

*Subject to Confirmation

Shree Shyam Kunj Haveli Hall , Chandavarkar Road,Near Raj Mahal Hotel, Borivali (W), Mumbai 92


CA. Durgesh Kabra 9863015418CA. Shriniwas Joshi 9821096079CA. Shardul Shah 9820287625(Regional Council Members)

CA Jatin K. Ajmera 9321013060CA Vipul Shah 9821028868CA Kinjal Shah 9892100844CA Vandana Dodhia 9820029281CA Yashesh Jhakelia 9967586811


DAYS & DATES


7 Days Intensive Workshop on IFRS

FORTHCOMINGevents


12 June 2010June 2010

Seminar on Special Economic Zone(SEZ)


TOPICS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators




CA. Shriniwas Joshi 9821096079CA. Vishnu Agarwal 9324544607(Regional Council Members)

CA. Ratan Mundra 9322825240CA. Rakesh Kogta 9321369131CA. Prasad Koyande 9869021955

Key note address Eminent Personality

Legal & Procedural aspects for setting up SEZ units Shri Jose Mathew

Controversies & issues in setting up SEZ CA. Pankaj Majithia

Issues & Aspects Relating to – Income Tax Eminent Faculty– VAT & Service Tax Bharat Shemlani

Export Incentives / other benefits of SEZ / STPI CA. Mukund Chouhan

Panel Discussion Shri Jose MathewCA. Pankaj MajithiaCA. Mukund Chouhan

The IFRS Committee of WIRC is organising its Second Workshop on KnowledgeBuilding in IFRS.

9.30 a.m. to 5.30 p.m.

Rs. 15,000/- for Members

(Regional Council Members)

Monday IFRS – An Overview – Applicability – issues related with Indian CA. Yagnesh16/08/2010 Conversion – Roadmap of IFRS Implementation – Scheduling of Desai

implementations – A Brief on exposure drafts – The Discussionand Clarifications about MCA Circular – IAS 1 (Presentation offinancial statements) and IAS-7, 8,10, 33 & 34

Tuesday IFRS 3 (Business combinations) – In-depth CA. Khushroo17/08/2010 • Consolidation and Joint Venture (IAS 27, 28, 31) Panthaky

Wednesday IAS 16 (Property, Plant and Equipment) incl FV * IAS 40 CA. Sekkizhar18/08/2010 (Investment Property) * IAS 17 (Leases) * IFRS 5 (Non-current Bala-

Assets Held for Sale and Discontinued Operations) subramanian

• IAS 20 (Accounting for Government Grants and Disclosure of CA. H.N.Government Assistance)• IAS 23 (Borrowing Costs) • IAS 36 Motiwalla(Impairment of Assets) • IAS 38 (Intangible Assets)

Thursday IFRS 4 (Insurance contracts) *IFRS 6 (Mineral resources) CA. Rakesh19/08/2010 • IAS 29 (Financial Reporting in Hyperinflationary Economics) Agarwal

IAS 41 (Agriculture) • IAS 26 (Accounting & Reporting of CA. KishorRetirement Benefit Plans) • IAS 12 (Income Tax) • IAS 21 Parikh(The Effects of Changes in Foreign Exchange Rates) • IFRS 8(Operating Segments) • IAS 2 (Inventories) • IAS 11(Construction Contracts) • IFRS 2 (Share based payments)• IAS 19 (Employee Benefits)

Friday (IFRS 7, IAS 32, IAS 39/IFRS 9) – In-depth CA. Urvesh20/08/2010 Thakkar

Saturday IAS 18(Revenue) * IAS 37 (Provision, Contingent Liabilities and CA. Pooja21/08/2010 Contingent Assets) * IAS 24 (Related Party Disclosures) Gupta

• IFRS – 1 : optional exemptions and mandatory exceptions• The Aspects of Presentation in IFRS training • The Logisticsand tools to be used for conducting training • Methods ofExplanation along with examples.

Sunday FAQs and answers • Industry specific conversion & actual CA. Sudhir Soni22/08/2010 implementation * Case Study and Group discussion on standards

covered on each day • Answers to group discussion, Q&A andwindup

Enrolment is restricted to first 50 participants.

For detailed programme please visit : www.wirc-icai.org

DAY & DATE MONDAY, 16TH AUGUST, 2010 TOSUNDAY, 22ND AUGUST, 2010

DAY & DATE SUBJECTS SPEAKERS

Venue

Time

Fees

Chief Co-ordinators

Hotel Sea Princess, Juhu, Mumbai

(Registration 9.00 a.m. to 9.30 a.m.)

(inclusive of course material,refreshment & lunch) (Please add Rs. 250/- towards CABenevolent Fund as Voluntary Contribution)

CA. Mangesh Kinare 9869070539CA. Parag Raval 9824339200CA. Sunil Patodia 9820344085CA. Shriniwas Joshi 9821096079CA. Anil Bhandari 9821037605CA. N. C. Hegde 9820423420

Joint RegionalConference of

WIRC, SIRC, NIRC & CIRC at Goa

Friday, 13th & Saturday, 14th &Sunday, 15th August, 2010

TOPICS�Business Rational of LLP�Taxation of Shares & Securities�Accounting for Financial Instruments�Enterprise Risk Management�Valuation Rules under Service Tax�Withholding Tax on International Transactions

Venue : Hotel Holiday Inn, Mobor Beach,Cavelossim, Goa (South)

Time : 13th August, 2.30 p.m. to 15th August, 1.00 p.m.

Fees : • For Residential participants Rs. 9950/- (Inclusive of Course Material, Breakfast, Lunch, Dinner and Sight Seeing)

• For Non-Residential participants Rs. 3600 (inclusive of course material & Lunch)(Please add Rs. 250/- towards CA Benevolent Fund as VoluntaryContribution)

Chief Co-ordinators (Regional Council Members)

CA. Mangesh Kinare | 9869070539

For detials visit www.wirc-icai.org


WIRC CA. Students’ Regional ConferenceDAYS & DATES FRIDAY, 9TH & SATURDAY, 10TH JULY, 2010

TOPICS SPEAKERS

Entertainment Programme and Dinner

Hotel Surya Palace, Sayajigunj, Vadodara - 390 00510.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 1,000/- for Students (inclusive of course material,breakfast & lunch)CA. Rajesh Shah, Chairman, WICASA 9825041142CA. Neel Majithia, RCM 9820327660CA. Julfesh Shah, RCM 9823096540

CA. Rahul Parikh 9327243479 Ms. Akanksha Golchha 9924420704CA. Pradeep Agrawal 9898560967 Ms. Tara Parsiya 9879467793CA. Manilal Parsiya 9825110620

Chief Guest : CA. G. Ramaswamy, Vice President, ICAIGuest of Honour : Eminent Personality

Chairman of Session: CA. Jayant Gokhale, CCM, ICAI

Papers

• Roadmap to GST • Adjustments in Computation of Total Income under Sec. 43A and43B of Income Tax • Valuation of Excisable Goods • DTAA – Interpretation Techniques

Faculty: CA. V. Murali, Vice Chairman, BoS, ICAI

Chairman of Session: CA. Sunil Goyal, Past Chairman, WIRC of ICAI

•Importance of Working Capital Management in Current Competitive Scenario• Organic Growth and Inorganic Growth in Current Scenario, which is better?(Organic is a traditional growth whereas Inorganic is a growth by M & A) • ForeignExchange Exposure and Risk Management • Business Valuation

Chairman of Session: CA. Rakesh Agarwal

• Fair Value Concept under IFRS • Property, Plant and Equipment under IFRS andIndian GAAP • Analytical Procedures and Audit Sampling – Practical Usages• Internal Audit and Corporate Governance

Faculty: CA. Rakesh Agarwal

Chairman of Session: CA. Atul Bheda, CCM, ICAI

• Information System Control Techniques • XBRL – A great boon to FinancialReporting • Audit in ERP Environment – Inbuilt Audit Tools • Risk AssessmentMethodologies and Applications

Faculty : Mr. Snehal Desai

• Students are invited to contribute papers for various technical sessions.• Paper writers are exempted from Payment ofRegistrationFees.• There shall be four paper presentations ineachTechnicalSession. Joint paper writers are not allowed.• All Paper writers, whose papers are selected for presentation at the WIRC Students’ Regional Conference, shall

be reimbursed Registration Fees. Selected Paper Writers shall also be reimbursed railway fare by shortestpossible route for AC-3 Class. Selected PaperWriters shall alsobe provided accommodationby the Host Branch.

• Interested students should submit a soft copy of the paper along with hard copy for approval to reach the BaordaBranch WIRC of ICAI by e-mail at [email protected] & [email protected] & [email protected] by 10th June, 2010. Please provide your complete address, phone number, e-mail id and passport sizephotographalong withproofof registration for the Conference. Please give your name on the backofphotograph.

• Students interested in participating in the cultural programme and MOC are requested to register with CA AshishParikh, Treasurer, Baroda BranchofWIRC of ICAI. (M) 9825231545 before 1st June 2009.

• Registration fees are Rs. 700 per Delegate. For accommodation, outstation students are requested to inform &register in advance. Cheques / Demand Draft payable at Baroda are to be drawn in favour of the “WIRC Students’RegionalConference”.

All Correspondence may be addressed to: Convener,WIRC Students’ Regional Conference, Baroda Branch of WIRC of ICAI,

“ICAI BHAWAN” , Kalali – Tandalja Road, Atladra, Vadodara.

VenueTime

Fees

Chief Co-ordinators

Co-ordinators

FRIDAY, 9th July, 2010 (Time: 9.00 a.m. to 5.30 p.m.)INAUGURAL SESSION

Technical Session – 1 : Direct & Indirect Taxes

Special Session – 1: Winning Strategies for Successful Life

Technical Session – 2: Financial Management

SATURDAY, 10th July, 2010 (Time: 9.00 a.m. to 5.30 p.m.)

Technical Session – 3: Auditing & Accounting

Special Session – 2 : IFRS Conversion in India – Development till Date

Technical Session – 4 : Information Technology

Special Session – 3 : Personality Development

Topic : Visualize Opportunities in ChallengesValedictory Session : BEST PAPER AWARD PRESENTATION

HOSTED BY: BARODA BRANCH OF WIRC OF ICAI & BARODA BRANCH OF WICASA

STUDENTS PROGRAMME

Venue for AllTime for AllFees

Chief Co-ordinatorStudent Co-ordinatorTOPIC SPEAKER



J. S. Lodha Auditorium, ICAI Bhawan, WIRC.5.00 p.m. to 8.00 p.m.FREE

CA. Shardul Shah, RCM 9820287625Shri Pinkesh Vora 9699796724

Relevance of Standards in Auditing (SA) CA. Mehul Shah

CA. Neel Majithia, RCM 9820327660Shri Anuj Gandhi 9890137507

Income Tax Returns for Charitable Organisation CA. Tansukh Chheda

CA. Ashok Jain, RCM 9833512888Shri Nikhil Rathi 9323397233

Standard Costing for IPCC CA. Nishesh Vilekar

DAY & DATE THURSDAY, 17TH JUNE, 2010

DAY & DATE THURSDAY, 24TH JUNE, 2010

DAY & DATE THURSDAY, 15TH JULY, 2010

IPCC & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES FOR MAY & NOVEMBER, 2010 EXAMINATIONS

– Accounting / Advanced Accounting – Financial Reporting– Business & Company Laws – Strategic Financial Management– Cost Accounting & F.M. – Advanced Auditing– Taxation – Corporates & Allied Laws– Auditing & Assurance – Advanced Management Accountancy– Information Technology & Strategic – Information Systems Control and Audit

Management – Direct Taxes– Indirect Taxes

6.15 p.m. to 8.30 p.m. on week daysSydenham College, ‘B’ Road, Churchgate

Rs. 1,500/- per student for IPCC or FinalEminent personalities possessing richexperience in their respective fieldsCA. Neel Majithia 9820327660(Regional Council Member)CA. Chandrakant Ruparelia 02261377600

(Jointly with BCAS)

COURSES FOR

CA IPCC CA Final

TimeVenueDuration From July 15th to September 30th, 2010FeesFaculty

Co-ordinators:

For further information kindly contact on 39802923

SUB-REGIONAL CONFERENCE FOR STUDENTSDAYS & DATES SATURDAY, 19TH & SUNDAY, 20TH JUNE, 2010

Venkatesh Banquet Hall, Bhayandar (W)9.00 a.m. to 5.30 p.m.CA. Unmesh Narvekar 9821236179

Organised by Vasai Branch of WIRC of ICAIFor Details Visit www.vasai-icai.org

VenueTimeContact

FORTHCOMINGevents




Special Programmes for Young Members

DAY & DATE FRIDAY, 25TH JUNE, 2010

Venue

Time

Fees

Council Hall, ICAI Bhavan, WIRC

5.30 p.m. to 8.30 p.m.(Registration 5.00 p.m. to 5.30 p.m.)

Rs. 300/- for Members (inclusive of course material & refreshment)

Chief Co-ordinators

Co-ordinator

CA. Ashok Jain 9833512888CA. N.C. Hegde 9820423420(Regional Council Members)

CA. Vikas Vishwasrao 9892915272

LLP - Formation, Conversion, Taxation and Issues CA. SatishShanbaug

TOPIC SPEAKER

DAY & DATE FRIDAY, 2ND JULY, 2010

Venue

Time

Fees

Council Hall, ICAI Bhavan, WIRC



Chief Co-ordinators

Co-ordinator

CA. Sunil Patodia 9820344085CA. Vishnu Agarwal 9324544607(Regional Council Members)

CA. Bhavesh Gosar 9819282300

Preparation of Return of Income for A.Y. 2010-11 CA. DeepakTikekar

TOPIC SPEAKER

DAY & DATE FRIDAY, 16TH JULY, 2010

Venue

Time

Fees




Chief Co-ordinators

Co-ordinator

CA. Dhiraj Khandelwal 9867642684CA. Shruti Shah 9892407988(Regional Council Members)

CA. Ankit Kapadia 9867876376

Introduction to US GAAP & Comparison with IFRS CA. Pratiq ShahCA. Arpit Shah

TOPIC SPEAKERS

FORTHCOMINGevents


14 June 2010June 2010


DATE TIME SUBJECTS SPEAKERS VENUE

BARODA

GOA

NAGPUR

NAVI MUMBAI

THANE

VASAI

15/06/2010 6.00 p.m. Study Circle Meeting Practical Approach to Tally CA. Farhad Wadia Conference Hall, ICAI Bhawan, Barodaas an Audit Tool

19/06/2010 2.30 p.m. Intensive Course on GVAT – Part 1 Eminent Faculty Conference Hall, ICAI Bhawan, Baroda

26/06/2010 2.30 p.m. Intensive Course on GVAT – Part 2 Eminent Faculty Conference Hall, ICAI Bhawan, Baroda

29/06/2010 6.00 p.m. Study Circle Meeting - PF Compliances and Audit – CA. Hitesh Agarwal Conference Hall, ICAI Bhawan, BarodaAn opportunity for Chartered Accountants

18-19/06//2010 9.00 a.m. IFRS Conference CA. Mohan Lavi, CA. Anand Bathiya Hotel Mandovi, Panaji, GoaCA. Pooja Gupta, CA. Yagnesh Desai

15/06/2010 4.00 p.m. Students Meet – “Challenges in CA Examination” CA. S. B. Zaware, CCM ICAI Bhawan

15/06/2010 6.00 p.m. "VISION” workshop CA. S.B. Zaware, CCM Hotel Centre Point

16/06/2010 6.15 p.m. Lecture Meet on “ Challenges in CA Profession” CA. S. B. Zaware, CCM ICAI Bhavan

26/06/2010 9.30 a.m. Seminar on Internal Audit Eminent Speakers ICAI Bhavan

19/06//2010 3.00 p.m. E-filing Process Eminent Speaker NMSA Hall, Vashi

01/07/2010 10.00 a.m. Flag Hoisting & Family Get-together

10/07/2010 3.00 p.m. Service Tax Eminent Speaker NMSA Hall, Vashi

19/06/2010 – Input Tax credit & set off rules + practical computation CA. Pranav Kapadia Shiv Samarth Vidyalaya AC Hall, Opp. Gadkari for branch transfer & other retentions Rangayatan, Ram Maruti Road, Thane (W)

26/06/2010 – Construction Services & Works Contrat Act CA. Sunil Gabhawalla Shiv Samarth Vidyalaya AC Hall, Thane (W)

17/07/2010 – Business Audit/ refund audit- Procedure & its relevance CA Kiran Garkar Shiv Samarth Vidyalaya AC Hall, Thane (W)in MVAT audit

24/07/2010 – Immovable Properties Services, VAT vis-a-vis Service Tax CA. Vikram Mehta Shiv Samarth Vidyalaya AC Hall, Thane (W)

21/08/2010 – Preparation for the audit certification opinions - CA Sujata Rangnekar Shiv Samarth Vidyalaya AC Hall, Thane (W)Audit report- Form 704 Part I

28/08/2010 – Registration Interest & Penalties CA. Ashit Shah Shiv Samarth Vidyalaya AC Hall, Thane (W)

27/06/2010 10.00 a.m. Quiz & Elocution Contest for CA Students Reliable Classes, Mira Road (E)Elocution Test & Quiz Contest



FOR THE BRANCHESforthcoming meetings



16 June 2010June 2010

COMPUTER CPE TRAINING PROGRAMMES

Venue for the Above Programmes: Computer Academy 426 Savla School, Shraddhanand Road,Opp. Shraddhanand Mahila Ashram, King's Circle, Matunga Central Railway, Mumbai. For registration contact 3980 2923/922 and information contact Mrs. S. Kapoor -Tel. No. 3980 2911 e-mail : [email protected]

Cheques should be drawn in favour of “ WIRC OF ICAI” payable at MumbaI.Chief Co-ordinator: CA. Shruti Shah, Regional Council Member (M): 9892407988

Note: Enrolment limited for only 15 Participants, first-come first-serve basis, so register early to avoid disappointment.

2 14th to 18th June 2010 06.00 TO 09.00 p.m 15 Advance Excel & Macro 2000

3 14th to 18th June 2010 08.00 TO 11.00 a.m 15 Database for Auditors 2000

4 19th to 25th June 2010 09.00 TO 06.00 p.m 12 100 hrs. CAAT Course 6000

5 21st to 23th June 2010 08.00 TO 11.00 a.m 9 Advance features of WORD & POWERPOINT 1000

6 21st to 25th June 2010 06.00 TO 09.00 p.m 15 Tally ERP 2000

7 28th to 2nd July 2010 06.00 TO 09.00 p.m 15 NETWORK SECURITY 2000

S.No. Date Time CPE Hrs. Topic Fees (Rs.)

15/06/2010 6.00 p.m. Practical approach to Tally as an audit tool CA. Farhad Wadia Conference Hall, ICAI Bhawan, Baroda Baroda CPE Study Circle

Tuesday CA. Nayan R. Kothari (M): 9824433445

19/06/2010 5.30 p.m. Presentation of Financial Statements (IAS – 8, CA. Chintan Patel Basement, Hotel Kanak, Opp. Gujarat College, Ellisbridge CPE Study Circle

Saturday IAS-10, IAS-33, IAS-34) Ellisbridge, Ahmedabad – 6 CA. Rohit Choksi (M): 9879796807

24/06/2010 6.00 p.m. e-Filing of Forms & Returns under IT Act CA. Avinash Rawani Hindustan Chamber of Commerce, 1st Floor, Kalbadevi CPE Study Circle

Thursday 342, Kalbadevi Road, Mumbai CA. Amrit Porwal (M): 9821049209

26/06/2010 5.30 p.m. IAS – 2 Inventories and CA. Chintan Patel Basement, Hotel Kanak, Opp. Gujarat College, Ellisbridge CPE Study Circle

Saturday IAS – 20 Government Grants Ellisbridge, Ahmedabad – 6 CA.Rohit Choksi (M): 9879796807

27/06/2010 9.30 a.m. 1. Stocks, Receivables & Credit Audit of Bank CA. Rajkumar Adukia Shree Shyam Kunj Haveli Hall Chandavarkar Road, Borivali (Central) CPE Study Circle

Sunday 2. Diligence Reporting of Borrower of Bank. Near Raj Mahal Hotel, Borivali (W), Mumbai CA. Jatin K. Ajmera (M): 9321013060

27/06/2010 8.45 a.m. Taxation of Non-Resident - Sec 9, Chapters ix & xii-A Eminent Faculty Hotel Kohinoor Continental, Andheri (East), Mumbai J B Nagar CPE Study Circle

Sunday Introduction to Double Tax Avoidance Tax Treaties – Eminent Faculty CA Jayesh Shah (M): 9819043921

UN , OECD & US Models

27/06/2010 9.30 a.m. 1. Stocks, Receivables & Credit Audit of Bank CA.Rajkumar Adukia Shree Shyam Kunj Haveli Hall, Chandavarkar Road, Borivali (Central) CPE Study Circle

Sunday 2. Diligence Reporting of Borrower of Bank. Near Raj Mahal Hotel, Borivali (W), Mumbai CA. Jatin K. Ajmera (M): 9321013060

29/06/2010 8.45 a.m. Study Group – Accounting, Auditing Standard & IFRS CA. Sitaram Pareek A-52, AIPMA House Street No. 1, Nr. Tunga International, J B Nagar CPE Study Circle

Tuesday Selected ICAI Expert Advisory Committee Opinions Hotel MIDC, Andheri (E) , Mumbai CA. Jayesh Shah (M): 9819043921

on - AS- 2 & AS-9

Study Group - Direct Tax & Indirect Tax CA. Naresh Sheth

Service Tax on Real-estate Transaction

29/06/2010 6.00 p.m. PF Compliances and Audit an opportunity for CAs CA. Jayesh Mehta Conference Hall, ICAI Bhawan, Baroda Baroda CPE Study Circle

Tuesday CA. Nayan R. Kothari (M): 9824433445

04/07/2010 10.00 a.m. Overview of IFRS CA. Rammohan Bhave Dahisar Sports Foundation’s Samaj Kalyan Kendra, Dahisar (E), CPE Study Circle

Sunday Chess Room, 1st Floor, Near Vidya Mandir CA. Rajendra Bagade (M): 9820036070

High School, Dahisar (E), Mumbai

04/07/2010 9.00 a.m. GST – Overview and Audit under Section 44AB of CA. Ajit Thakkar RVG Hostel Seminar Hall, Lallubhai Park, Off S. V. Road, Andheri West CPE Study Circle

Sunday Income-tax Act, 1961 – “Preparation, Presentation CA. Jayesh Shah & Andheri (W) CA. Y. R. Desai (M): 9820448365

and Other Issues” CA. Kamlesh Shah

08/07/2010 6.00 p.m. MCA -Easy Exit Scheme & CLSS 2010 CA. Narendra Ambawat Hindustan Chamber of Commerce, 1st Floor, Kalbadevi CPE Study Circle


22/07/2010 6.00 p.m. Standards on Auditing vis a vis Tax Audit CA. Abhay Kamat Hindustan Chamber of Commerce, 1st Floor, Kalbadevi CPE Study Circle


DATE & DAY TIME SUBJECTS SPEAKER(S) VENUE ORGANISED BY / CONVENOR / TEL. NO.

Note: All Convenors are requested to send their forthcoming programmes only on e-mail Id [email protected] at the end of thepreceding month positively.

FORTHCOMINGstudy circle meetings


GRIEVANCE CELL

EXPOSURE DRAFTS

NEWS FROM ICAI

• MEF 2010-11 Advisory

[email protected]

LIBRARY

Appointment of ISA Qualified Members

Special Placement Programme – June, 2010 for experienced andfresh Chartered Accountants

Members and Students are informed hereby that a grievance cell has beenformed to address issues of Members and Students related to administrativematters. Members can send the issues by e-mail to [email protected] orin writing to WIRC. The members of the Grievance Cell are Chairman,Secretary, Shruti Shah, Neel Majithia, (RCM) and Students Counsellor.

The Accounting Standards Board of the Institute had put up the ExposureDrafts (AS-15, 17, 18, 20, 29, 23, 21, 37, 7, 19, 10, 11, 5, 34, 35) on the ICAIWebsite. Exposure Drafts of AS-30, AS-31 are available on the website ofICAI. Comments for the same are to be received by 28th June, 2010 on thesedrafts. We request you to kindly send in your comments and suggestions forconsideration of the Board before the Standards are finalized.

• Concept Paper for determination of taxable value of services fromcomposite consideration in respect of commercial or industrialconstruction service and construction of complex service –(22-04-2010).

• E-library initiative has been started. Presently e-books are available onAccounting Standards, Engagements & Qualifications, InformationTechnology & Peer Review. Registration Fee of Rs. 500 for Members andRs. 250 for Students is applicable.

• Members can now make payment of Membership Fees directly to ICAIthrough the online payment facility.

• ICAI has newly initiated online ordering of Publications. Members andStudents are requested to take full advantage of this service

• Create your own mail id: Members and Students of PCC & Final cancreate their own mail id for free as [email protected]

ICAI has uploaded advisory for multipurpose Empanelment Form (MEF)for the year 2010-11 on the website. Last date for submission ofapplications on the website www.meficai.org is 15th June, 2010 (5.30p.m.) Visit website for further instruction procedure.

• The 60th Annual Report of ICAI is made available to all membes on thewebsite of ICAI

• ICAI invites views/suggestions for simplification & rationalisation of theprovisions of the Chartered Accountants Regulations, 1988. ICAI hasconstituted a special Group under the Convenership of CA. G.Ramaswamy, Vice President of the Institute for this purpose views &suggestions can be e-mailed to

• Delegates from Japan along with officials of ICAI and the Chairman ofASB of ICAI, CA. Manoj Fadnis participated in deliberations forformulating the guidelines for future co-operation on IFRS, Mrs. RenukaKumar, Joint Secretary, Ministry of Corporate Affairs, guided thedeliberations. Mr. Mohandas Pai, Member of Board, Infosys, played a keyrole in formulating the understanding.

• The second report of ICAI's High power, Committee on Satyam Fraudsuggest the Reserve Bank of India to ask all commercial banks to sendtheir confirmation letters of bank account balances only to statutoryauditors and not to the company concerned.

The library of ICAI Bhavan, is closed since 01/10/2009 on account ofrenovation work. It has been decided to resume the library function fromDadar Library, 2nd Floor, Bullet Apartment, Lakhamsey Nappu Road, OppositeKing George School, Dadar (E), Mumbai - 400 014 from 1st April, 2010.

Applications are invited from ISA Qualified Members having workingexperience of 5 years to review the functioning of ITT Centres of ICAI. Visitwww.icai.org for further details.

The Committee for Members in Industry of the Institute is organizing SpecialPlacement Programme for Chartered Accountants at various centres all overIndia. The scheme has been evolved to provide an opportunity both toemploying organisations as well as the dynamic professional aspirants to meetand explore the possibility of taking up positions in Industry.

For details get in touch with Shri Shaleen Suneja, Secretary, Committee forMembers in Industry, Indraprastha Marg, New Delhi -110 002, Tel. No. (11)3011 0450/491 E-mail: [email protected], [email protected] ; Fax-+91(11) 3011 0583 (or) Mr. Ajeet Nath Tiwari, Placement Co-ordinator, at Tel+91(11) 30110450.

BULLETINboard



We are looking to provide a professional opportunity toenergized individuals who possess the right professionalattitude and who are committed to a career in Direct Taxationor in StatutoryAudit.

Position: MANAGER – TAXATION

We offer an opportunity spanning the entiregamut of tax related services – Planning –Compliance – Litigation.

Aptitude: Qualified Chartered Accountant with relevantwork experience in the field of Direct Taxes.

Position: MANAGER -AUDIT

Aptitude: Qualified Chartered Accountant with adequateworking knowledge of Accounting Standardsand Corporate Law.

Interested candidates may kindly email us their resume and acovering letter (indicating position applied for) [email protected]

RAJENDRA & CO. Chartered Accountants1311 Dalamal Tower 211 Nariman Point Mumbai - 400 021Our website at www.rajendraco.com


Annual General MeetingNOTICE is hereby given that the Fifty Ninth Annual General Meeting ofthe Western India Regional Council of The Institute of CharteredAccountants of India, will be held on Wednesday 1st July 2010 at10.00 a.m. at J.S. Lodha Auditorium of WIRC, ICAI Bhavan, 27 CuffeParade, Colaba, Mumbai-400 005 to transact the following business:

1. To receive the Fifty Ninth Annual Report of the Western IndiaRegional Council.

2. To receive the Audited Accounts of the Regional Council for theyear ended 31st March 2009 and

3. To transact any other business with the permission of the Chair.

BY ORDER OF THE

WESTERN INDIA REGIONAL COUNCIL OF ICAI

CA Mangesh KinareSecretary

Dated: 24th May, 2010

Notes:

1. Attention of the members is invited to Regulation No.150 of theChartered Accountants Regulations, 1988 which entitles amember to move a resolution provided a draft of the resolution isreceived by the Secretary of the Regional Council at the office ofthe Regional Council at least 28 days before the date of themeeting. However the Regulation empowers the Chairman of theMeeting to admit a resolution in respect of which a shorter noticeof not less than 7 days is given.

2. Members requiring any further information / details should sendthe written request to the Secretary, Western India RegionalCouncil of ICAI by 17th June, 2010. Annual Report and AuditedAccounts are hosted on Website at http://www.wirc-icai.orgHard copy shall be supplied on request.

Examination Department - ICAI

Invitation to Join Panel of Examiners / Paper setters

Dummy Articleship- De-recognition of full training period

The Institute is in the process of strengthening its panel of examinersand paper setters with professionals / academicians /resourcepersons for all the papers in CA IPCE and Final (New Course)Examinations in general and for the following subjects in particular:• Indirect Tax Laws • Advanced Auditing and Professional Ethics• Information Systems Control and Audit• Advanced Management Accounting• Strategic Financial Management• Direct Tax Laws.• Business law - Communication and Ethics• Cost Accounting and Financial Management• Taxation• Information TechnologyPersons who have the requisite proficiency, interest in learning in theabove subjects, inclination for evaluation of answer books and whocan spare time may send in the Empanelment Form duly filled in to theAdditional Secretary (Exams), The Institute of Chartered Accountantsof India, ICAI Bhawan, Indraprastha Marg, New Delhi – 110 002.The Empanelment Form has been hosted in the ICAI’s website(http://www.icai.org/resource_file/15857ExaminersEmpanelmentForm.pdf) which can be downloaded or may be obtained by sending arequest letter to the Additional Secretary (Exams) by post or by mailat [email protected] and / or [email protected]

The articleship training is the backbone of Chartered Accountancycourse as it gives an opportunity to the articled assistants to acquireon-the-job work experience of a professional nature, inculcate adisciplined attitude for hard work, develops necessary skills inapplying theoretical knowledge to practical situation. In this regard,the Council of the Institute has been taking different initiatives fromtime to time to streamline and sustain the efforts of the Institute inproviding effective articleship.

The appropriate Committee of the Institute on the basis of therelevant information / documents brought to its notice on dummyarticleship had decided to de-recognize the entire period of articleshipallegedly served by three articled assistant varying from 1 year 8months to 2 years 4 months.

THE CHARTERED ACCOUNTANTS’ BENEVOLENT FUND

APPEAL

DECLARATION

C/O THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIAICAI BHAWAN, I.P. MARG, P. O. BOX NO. 7100,

NEW DELHI – 110 002.

The Chartered Accountants’ Benevolent Fund (CABF) was established in December,1962 with object of providing financial assistance for maintenance, and other similarpurposes to needy persons being members of our Institute, their wives, widows,children and dependent relatives. The income from the Fund is utilized in givingfinancial assistance to members and their families in distress. The resources of theFund need to be augmented.A small contribution with a big heart from each member would facilitate grant offinancial assistance to the needy and suffering members/dependents of members of the profession. It is, therefore, necessary that all members of the Institute enrollthemselves as Life Members of CABF so as to enhance the corpus of the Fund, forrendering financial help to more beneficiaries and mitigate their hardship.Your subscription to the Life Membership of the Fund and voluntary contribution to theFund will certainly strengthen the noble cause to provide much needed assistance tothe beneficiaries of the Fund. Your contribution is also eligible for exemption undersection 80G of the I.T. Act, 1961.Please remit voluntary contribution in the form of local cheque /DD in favour of ‘CABF’and send it to Head Office at Delhi or in favour of ‘Secretary, ICAI’ payable atdecentralized office at Mumbai. The contributors donating Rs. 25,000/- shall berecognized by Publication of Photograph in Newsletter and by publishing the names ofthose contributing Rs. 5,000/- or more in the WIRC Newsletter.Let’s be a part of this Noble Mission of extending helping hand to our brethren in need.Dear Sir,

I hereby apply for admission as a Subscriber Member of The CharteredAccountants’ Benevolent Fund. I am remitting herewith Rs. 2,500/- towards mysubscription as Life Member / I am already a member of CABF and would like tovoluntarily contribute Rs. _________ towards the corpus of the CABF *. I have read out the Rules & Regulations of the fund and I agree to abide by them, and also by theRules that may be made thereafter. I give below the necessary particulars.1. Full Name : __________________________________________________2. Membership No. : _____________________________________________3. Date of Enrolment : ____________________________________________4. Whether Fellow or Associate : ____________________________________5. Address for communication : ____________________________________6. Name of dependents and relationship :

S. NO. NAME AGE RELATIONSHIP1.2.3.4.

Life Membership Fee Rs. 2,500/- Voluntarily Contribution Rs. __________

SIGNATURE OF MEMBER

I hereby declare that the amount of Rs. 2,500/- as life membership fee contributed byme / I am already a member of CABF and would like to voluntarily contribute Rs.________ and same * shall form part of the corpus of the CABF. The amount is beingpaid through Local Cheque / Demand Draft No. ………………………….Dated ……………………………….of …………………………..

Yours faithfully,

Signature ………………………..

Name …………………………...

M. No……………………………..

PAN……………………………

Place ……………………………

Date……………………………..

CABF Life Membership No………….. (To be filled by officials)

Signature of official

S.O./E.O./A.S.

Head of Region

* Strike out whichever is not applicable.

BULLETINboard


18 June 2010June 2010


DIRECT TAX(Contributed by CA. Haresh P. Kenia, CA. Deepak Lala)

MAHARASHTRA VAT(Contributed by CA. C. B. Thakar)

CORPORATE LAWS(Contributed by CA. Jayesh Thakur)

SECTION 90 – DOUBLE TAXATION AVOIDANCE AGREEMENT –NOTIFIED SPECIFIED TERRITORY [189 TAXMAN (St.) 45]

INCOME TAX (THIRD AMENDMENT) RULES, 2010 – AMENDMENT INRULE 12 AND SUBSTITUTION OF FORMS ITR -1 AND ITR-V [189TAXMAN (ST.) 45]

FINANCE ACT, 2010 [190 TAXMAN (ST.) 1]

INCOME TAX (FOURTH AMENDMENT) RULES, 2010 – AMENDMENTIN RULE 12 AND SUBSTITUTION OF FORMS ITR -2, ITR-3, ITR-4,ITR-5, ITR-6, ITR-7 AND ITR-V [190 TAXMAN (ST.) 40]

Maharashtra Value Added Tax Act, 2002Amendment Act

Notification

Maharashtra Value Added Tax Rules, 2005

Circulars

INTRODUCTION OF DERIVATIVE CONTRACTS ON VOLATILITYINDEX [Circular No. CIR/DNPD/1/2010 dtd. 27-04-2010]

The Central Government has vide Notification No. 25/2010-FTD-II/(F. No.500/124/97-FTD-II)/S.O. 909(E), dated 20-4-2010, notified “Hong KongSpecial Administrative Region of the People’s Republic of China” as ‘specifiedterritory’. This paves way for signing DTAA with China’s island nation – HongKong.

CBDT vide Notification No. 29/2010 (F. No. 142/28/2009-TPL)/S.O. 943(E),dated 23-4-2010 has in Appendix II, substituted and notified new FormsITR-1 and ITR-V for the Assessment Year 2010-11.

The Finance Bill 2010 presented by Hon'ble Finance Minister Shri PranabMukherjee on 26-2-2010 has been enacted as Finance Act, 2010 withcertain amendments. The Finance Act, 2010 has received assent byPresident on 8-5-2010.

CBDT vide Notification No. 33/2010 [F. No. 142/12/2010-SO(TPL)]/S.O.1056(E), dated 11/5/2010 has in Appendix II, substituted and notified newForms ITR-2 to ITR-7 and ITR-V for the Assessment Year 2010-11.

a) The Maharashtra Tax Laws (Levy and Amendment) Act, 2010 (Mah. ActNo. XII of 2010) dt. 29-4-2010 is brought into force from1-5-2010. By this Amendment Act various Budget proposals are convertedinto legal provisions. It includes amendments relating to curtailment ofrefunds, noting of buyer’s TIN on Tax Invoice etc. The amendments alsopertains to Profession Tax Act as well as Luxury Tax Act. Under Luxury TaxAct the threshold limit for application of Act is increased from Rs. 200/- perresidential accommodation to Rs. 750/-.b) The Maharashtra Value Added Tax (Amendment) Act, 2010 (Mah. ActNo. VII of 2010) dt. 19-4-2010 is also brought into force from18-2-2010. This is to convert the earlier Ordinance into Amendment Act.

The Government of Maharashtra has issued Notification u/s. 9(1) dated26/5/2010 whereby entry 59 is added in Schedule A and the tax on Raisinsand Currants sold during 1st June,2010 and 31st May, 2012 is exempted.Consequently entry C-108 (1)(a) is deleted.

a) The Government has issued Notification dated 30.4.2010 wherebyMVAT (second amendment) Rules, 2010 are brought into force wherebycertain rules stand amended. Particularly the amendments are in rulesrelating to filing of returns by newly registered dealers and the periodicity forthem is now prescribed as quarterly. Similarly the time limit for filing sixmonthly returns has been extended to 30 days from 21 days. The rulesabout curtailment of set off are also provided.b) The Government has issued notification under Rule 45A(1) andspecified that the dealers who are liable to file monthly returns should makepayment of taxes etc. electronically effective from 1-6-2010.

(a) The Commissioner of Sales Tax has issued Circular No.16T of 2010 dt.10-5-2010 by which the date for submission of VAT Audit Report in Form 704in physical form was extended till 15-5-2010.(b) The Commissioner of Sales Tax has issued Circular No.17T of 2010 dt.17-5-2010 by which the amendments under MVAT Act, 2002, Profession TaxAct, 1975 and Luxury Tax Act, 1987 are explained.(c) The Commissioner of Sales Tax has issued one more Circular No. 18T of2010 dt. 18-5-2010 by which the amendments under MVAT Rules, 2005 areexplained.

The SEBI has issued with regard to introduction of volatility index anddeciding to permit Stock Exchanges to introduce derivative contracts onvolatility index, subject to the condition that the underlying volatility indexhas a track record of at least one year and the exchange has in place the

appropriate risk management framework for such derivative contracts. It isalso provided that before introduction of such contracts, the Stock Exchangesshall submit contract specifications, position and exercise limits, margins, theeconomic purpose it is intended to serve, likely contribution to marketdevelopment, the safeguards and the risk protection mechanism adopted bythe exchange to ensure market integrity, protection of investors and smoothand orderly trading, the infrastructure of the exchange and the surveillancesystem to effectively monitor trading in such contracts, details of settlementprocedures & systems and details of back testing of the margin calculation fora period of one year considering a call and a put option on the underlying witha delta of 0.25 & -0.25 respectively and actual value of the underlying.

The SEBI has issued Circular whereby it has put in a framework for settingup of new exchange or separate platform of existing stock exchange havingnationwide terminals for Small and Medium Enterprise (SME) (hereinafterreferred to as the ‘Exchange / SME Exchange’). In order to operationalise theframework, necessary changes have been made to applicable Regulations,circulars, etc. As per the framework, market making has been mademandatory in respect of all scips listed and traded on the SME exchange. Theguidelines include in relation to applicability, registration of the marketmaker, obligations and responsibilities of market makers, dissemination ofinformation, number of shares per market maker, risk containmentmeasures and monitoring for market makers, price band and spreads, etc.

The RBI has issued Circular whereby it has stated that in terms of ForeignExchange Management (Transfer or Issue of Any Foreign Security)(Amendment) Regulations, 2004, dated July 7, 2004, an Indian partyrequires prior approval of the concerned regulatory authorities both in Indiaand abroad, to make an investment in an entity outside India engaged infinancial services activities. Further in terms of para B.5.3 of the mastercircular on direct investment in joint venture (JV) / wholly owned subsidiary(WOS) abroad dated July 1, 2009 issued by Foreign Exchange Department,RBI, regulated entities in the financial sector making investments in anyactivity overseas are required to comply with the above regulation. The RBIhas seen instances where NBFCs have made overseas investments withoutregulatory clearance of the Department of Non-Banking Supervision,Reserve Bank of India. The RBI has now emphasised that all NBFCs desirousof making any overseas investment must obtain 'No Objection' (NoC) of theDepartment of Non-Banking Supervision of RBI before making suchinvestment, from the Regional Office in whose jurisdiction the head office ofthe company is registered. Applications in this regard shall clearly state theactivities intended to be undertaken by the overseas entity and NBFCs maynote that in terms of the Regulations ibid, they are not permitted to makedirect investment in a foreign entity engaged in activities not approvedunder FEMA.

The Ministry of Corporate Affairs has issued circular announcing theC o m p a n y L a w S e t t l e m e n t S c h e m e , 2 0 1 0 ( " C L S S " )(http://mca.gov.in/Ministry/latestnews/CircularCLSS_27may2010.pdf)which shall come into force on 30th May, 2010 and shall remain in force up to31st August, 2010. The CLSS, 2010 is specifically for companies which havenot filed their due documents timely with the office of the Registrar ofCompanies leading to records in the Government's electronic registry notupdated and hence not available for inspection by stakeholders. The CLSS,2010 would allow opportunity to such defaulting companies to clear theirdefault and became compliant by paying small additional fees. The CLSSalso enables companies to comply with the requirement of minimumauthorised/paid-up capital in terms of section 3 of the Companies Act, 1956.Fees payable for the purpose would be the filling fee plus an additional filingfee of 25% of the actual additional fee. An application (for consideration ofthe RoC) may be made by the defaulting company for seeking immunityfrom penalty and prosecution proceedings for document(s) filed under theCLSS within six months from the date of the closure of CLSS. The CLSS shallnot apply to certain categories of specified companies. Companiesremaining in default after the closure of CLSS may invite RoC action.

The Hon’ble Gujarat High Court has, in the case of M/s. Ami Pigments Pvt.Ltd., decided that the fuels consumed by the industry to generate electricity,which is in turn used in the manufacture of end products can be consideredto be raw material or processing material or consumable stores for thepurpose of Sec.15B or Rule 42 or exemption notification issued from time totime under the Act.

GUIDELINES FOR MARKET MAKERS ON SME EXCHANGE / SEPARATEPLATFORM OF EXISTING EXCHANGE HAVING NATION-WIDETERMINAL [Circular No. CIR/MRD/DP/13/ 2010 dtd. 26-4-2010]

OVERSEAS INVESTMENT BY NBFCS [Circular No. RBI/2009-10/442/ DNBS (PD).CC. No. 173/03-10-01/ 2009-10 dtd.03-5-2010]

COMPANY LAW SETTLEMENT SCHEME [Circular No. 1/2010 dtd.26-5-2010]

Fuel held as Consumable Stores

GUJARAT VAT(Contributed by CA. Kishor R. Gheewala)

LAWupdates




Previously adjudication powers in Central Excise cases had been delegatedup to the level of Assistant Commissioners only. Now the Superintendentsare vested with authority to adjudicate cases involving duty up to Rs. 1 Lakh.

It is clarified that cost of return fare of vehicles is not required to be addedfor determining transaction value since in cases where the transactionvalue of the goods being cleared is available at the factory gate, value hasto be determined in accordance with section 4(1)(a) of the Central ExciseAct,1944 without any reference to Rule 5 of the Central Excise Valuation(Determination of Price of Excisable Goods) Rules, 2000.

Two tariff headings under consideration for classification of rice parboilingmachinery were 8419 or 8437. The Board observed the General rules forinterpretation of Central Excise Tariff and HSN and came to a conclusionthat rice parboiling machinery should be classified under heading 8437.

Clarification regarding inclusion of cost of return fare of vehicles inassessable value [Circular No. 923/13/2010 – CX dated 19th May,2010]

Classification of rice parboiling machinery [Circular No.924/14/2010 – CX dated 19th May, 2010]

SERVICE TAX(Contributed by CA. Rajiv Luthia)

SYNOPSIS OF NOTIFICATIONS, CIRCULARS & LETTERSCentral Government vide Notification No. 23/2010-ST dated 29thApril, 2010

CBEC vide Circular No. 120(a)/2/2010-ST dated 16th April,2010

CBEC vide Circular No. 121/3/2010-ST dated 26th April, 2010

CBEC vide Circular No. 122/03/2010-ST dated 30th April,2010

has exempted the taxable services of “Commercial Training orCoaching (Section 65(105)(zzc))” provided in relation to ModularEmployable Skill Courses approved by the National Council of VocationalTraining provided by service provider registered under the SkillDevelopment Initiative Scheme with the Directorate General ofEmployment and Training, Ministry of Labour and Employment,Government of India from the whole of Service Tax.

has clarified that amounts recovered by the insurer from the reinsurertowards meeting administrative expenditure are in the nature of sharing ofexpenses and there is no Business Auxiliary Service provided by theinsurance company to the reinsurer. Hence the payments made by thereinsurer to the insurance company on above account cannot be held to bepaid towards its business promotion or for a service on behalf of thereinsuring company since the policy holder may not even be aware of theoperations of the reinsurer.

hasclarified that amount collected as “detention charges” towards retaining acontainer beyond the pre-holding period is not liable to service tax since thesame is neither towards service provided on behalf of the client (BusinessAuxiliary Services) nor is it an infrastructural support service (BusinessSupport Services). At the best, the same can be called as “penal rent”.

hasclarified that in case of transactions with “associated enterprises”, credit ofservice tax can be availed when the payment has been made to the serviceprovider in terms of explanation (c) to Section 67(4) of Finance Act, 1994and the service tax has been paid to the treasury of the CentralGovernment, since section 67 read with explanation to Rule 6(1)recognizes book adjustment as deemed payment in case of transactionwith “associated enterprises”.In the cases where the receiver of service reduces the amount mentionedin the invoice/bill/challan and makes discounted payment, then it shouldbe taken as final payment towards the provision of service. The credittaken would be equivalent to the amount that is paid as service tax.However, in case of subsequent refund or extra payment of service tax, thecredit would also be altered accordingly.CBEC vide Circular No. 123/05/2010-ST dated 24th May, 2010 hasclarified on applicability of service tax on activities such as shifting ofoverhead cables to underground on account of renovation/widening ofroads; laying of electrical cables under or alongside roads/railway tracks;between grids/sub-stations/transformers the distribution points ofresidential or commercial complexes and such activities as electrificationof railways, installation of street-lights, traffic lights, flood-lights. In thisrespect, it is clarified as under:• Shifting of overhead cables/wires due to widening or renovation of

roads is not taxable under any existing categories of taxable services.• Laying of cables under or alongside roads is not taxable under any

existing categories of taxable services.• Laying of electric cables between grids/sub-stations/transformer

stations en route is not taxable under any existing categories oftaxable services.

• Installation of transformer/sub-stations undertaken independently istaxable under the category of Erection, Commissioning or InstallationServices (Section 65(105)(zzd)).

• Laying of electric cables upto distribution point of residential or

CENTRAL EXCISE(Contributed by CA. Jayesh Gogri)

A. NOTIFICATIONS:1) TariffAmendment to Notification No. 4/2006 – C. E. dated 1st March,2006: [Notification No. 20/2010 – C. E. dated 29th April, 2010]

Amendment to Notification No. 3/2006 – C. E. dated 1st March,2006

Amendment to Notification No. 2/2008 – C. E. dated 1st March,2008 [Notification no. 21/2010 – C. E. and 22/2010 – C. E. dated29th April, 2010]

Amendment to Notification No. 6/2005 – C. E. dated 1st March,2005 [Notification No. 23/2010 – C. E. dated 29th April, 2010]

Amendment to notification no. 8/2003 – C. E. dated 1st March,2003 [Notification no. 24/2010 – C. E. dated 29th April, 2010]

Amendment to Notification No. 6/2006 – C. E. dated 1st March,2006 [Notification No. 25/2010 – C. E. dated 7th May, 2010]

Withdrawal of Notification No. 18/2010 – C. E. dated 27th February,2010 [Notification No. 26/2010 – C. E. dated 10th May, 2010]

Non-tariffMRP based levy: Abatement granted to parts and accessories ofequipments under Chapter 84264100, 8427, 8429, 843010[Notification No. 19/2010 – C. E. (N. T.) dated 29th April, 2010]

E-filing of Annual Financial Information Statement [NotificationNo. 20/2010 – C. E. (N. T.) dated 18th May, 2010]

Amendment in CENVAT Credit Rules, 2004 [Notification No.21/2010 – C. E. (N. T.) dated 18th May, 2010]

Amendment to First Schedule to Central Excise Tariff Act, 1985[Notification No. 23/2010 – C. E. (N. T.) dated 20th May, 2010]

CIRCULARS:Adjudication powers granted to Superintendents [Circular No.922/12/2010 – CX dated 18th May, 2010]

The rate of excise duty on waste paper and paper scrap falling underheading no. 4707 has been reduced to 4% unconditionally.

[Notification No. 21/2010 – C. E. dated 29th April, 2010]The said notification is amended to provide exemption from payment ofwhole of excise duty on betel nut (supari) products falling under chapter21069030.

The rate of duty of Cheroots (except hand rolled cheroots with retail sales pricenot exceeding Rs. 3) and Cigarillos has been increased from 10% to 16%.

The said notification has been amended to reduce additional duty of exciseon “Hand-rolled cheroots with per cheroot retail sale price not exceedingRs. 3” falling under chapter 24021010 from 10% to 1.6%.

The said notification earlier provided for exemption to specified packingmaterials and plastic containers and plastic bottles which are meant foruse as packing materials by the person whose brand name such goodsbear. However, the said notification has now been amended to grantexemption to all the packing materials which are meant for use as packingmaterial by or on behalf of the person whose brand name they bear.

The Microprocessor, Floppy disc, drive, hard disc drive, CD-ROM drive, DVDDrive, DVD writer, Flash memory, Combo drive which are not meant for fitmentinside the CPU housing/laptop body only would attract excise duty @ 4%.

In respect of Filter cigarettes of length not exceeding 60 mm., the rate of dutyhas been increased from Rs. 509/- per thousand to Rs. 659/- per thousand.

Parts, components and assemblies of specified tyres, fork-lift, SelfPropelled Bulldozers, Levellers, Excavators, Pile–drivers, Pile-extractorsetc. are granted abatement of 30% of Retail Sale Price.

Now it has been made mandatory to file electronically such annualfinancial information statement and monthly returns for assessees whohave paid excise duty of Rs. 10,00,000/- or more either by way of cash orby way of CENVAT credit utilization in the preceding financial year.

a) It has been made mandatory for first stage dealers and secondstage dealers to file the quarterly statement electronically.

b) The declaration relating to principal inputs which has to be filed by30th of June annually is to be now filed mandatory electronically bya manufacturer who has paid excise duty of Rs. 10,00,000/- ormore either by way of cash or by way of CENVAT credit utilization inpreceding financial year.

c) The monthly return in respect of receipt and consumption ofprincipal inputs with reference to quantity of final productsmanufactured should also be filed electronically by themanufacturer who has paid excise duty of Rs. 10,00,000/- or moreeither by way of cash or by way of CENVAT credit utilization inpreceding financial year.

d) All the above amendments would take effect from 1st June, 2010.

The notification amends various tariff entries in the First Schedule.Interested readers may refer to the notification on www.cbec.gov.in .

LAWupdates


20 June 2010June 2010


commercial localities/complexes is not taxable under any existingcategories of taxable services.

• Laying of electric cables beyond the distribution point of residential orcommercial localities/ complexes is taxable under the category of“Commercial or Industrial Construction (Section 65(105)(zzq))” or“Construction of Complex Service (Section 65(105)(zzh))”

• Installation of street lights, traffic lights, flood lights, or otherelectrical and electronic appliances/devices or providing electricconnections to them is taxable under the category of Erection,Commissioning or Installation Services (Section 65(105)(zzd)).

• Railway electrification, electrification along the railway track is nottaxable under any existing categories of taxable services.

(Ref - Foreign Exchange Management (Transfer or Issue of Security by aPerson Resident Outside India) Regulations, 2000, notified vide NotificationNo. FEMA 20/2000-RB dated May 3, 2000)Extant pricing guidelines for issue of equity shares, compulsory convertiblepreference shares and compulsory convertible debentures to non-residentunder FDI policy are as under:• In accordance with SEBI guidelines in case of listed Indian entity; and• In case of unlisted Indian Entity fair valuation of shares done by a

chartered accountant as per the guidelines issued by the erstwhileController of Capital issues.

The extant guidelines have been reviewed in consultation with theGovernment of India and accordingly the pricing guidelines in respect ofissue of shares including preferential allotment have been revised.Pricing guidelines applicable to transfer of shares from resident to non-resident and vice versa are issued vide this Circular whereas Notification No.FEMA 205/2000-RB notifies pricing guidelines applicable to issue of sharesincluding preferential allotment and issue on right basis. (The Circularprovides Notification No.205 as Annexure II)Revised pricing guidelines based on conjoint reading of AP (DIR Series)Circular No. 49 and Notification No. FEMA 205/2000-RB dated 7th April2010; are summarized as under:

At price determined by At a price not less than thecompany price at which offer on right

basis is made to residentshareholders

in accordance with SEBI The price theguidelines Fair value of shares done by

SEBI registered category IMerchant Banker or CharteredAccountant as per

The price at which a The price not less than thepreferential allotment fair value to be determinedof shares can be made in by a SEBI registeredaccordance with the Category – I - Merchantapplicable SEBI guidelines, Banker or a Charteredas applicable, provided that Accountant as per thethe same is determined forsuch duration as specifiedtherein, preceding the relevantdate, which shall be the dateof purchase or sale of shares.

Where the issue of shares Where the issue of shares isis on a preferential allotment on a preferential allotmentbasis, the price as applicable basis, the price as applicableto transfer of shares from to transfer of shares fromresident to non-resident as resident to non-resident asper the pricing guidelines per the pricing guidelineslaid down by RBI from time laid down by RBI fromto time, as given in Para time to time, as given in3 above. Para 3 above.

FEMA(Contributed by CA. Manoj Shah & CA. Hinesh Doshi)

SUMMARY OF RBI – A.P. (DIR Series) CircularsRBI/2009-10/445A. P. (DIR Series) Circular No.49 May 04, 2010Foreign Direct Investment (FDI) in India - Transfer of Shares /Preference Shares / Convertible Debentures by way of Sale -Revised pricing guidelines

Sr. No. Listed Indian Entity Unlisted Indian Entity1 Allotment of Shares on Right basis

2 Issue of shares under FDI schemenot less than

DiscountedFree Cash Flow method

3 Transfer of shares from resident to non-resident

Discounted Free Cash Flowmethod.

4 Issue of Shares on Preferential allotment basis

5 Transfer of shares from non-resident to resident

not be more not be morethan than

RBI/2009-10/446A. P. (DIR Series) Circular No.50 May 04, 2010A. P. (FL Series) Circular No.7Release of Foreign Exchange for Visits Abroad – CurrencyComponent

Sr. No. Countries Currency component

Price of shares transferred Price of shares transferred byby way of sale, by non-resident way of sale, by non-residentto resident shall to resident shall

the minimum price the minimum price atat which the transfer of which the transfer of sharesshares can be made from can be made from a residenta resident to a non-resident to a non-resident as givenas given in Para 3 above. in Para 3 above.

(Ref - A.P.(DIR Series) Circular No. 19 dated October 30, 2000 and A.P. (DIRSeries) Circular No.11 [ A.P. (F.L. Series) Circular No.1 ] dated November 13, 2001)According to extant policy Authorised Dealers and Full Fledged MoneyChangers are permitted to sell foreign exchange in the form of foreign currencynotes and coins, up to USD 2,000 or its equivalent, to the travellers proceedingto countries other than Iraq, Libya, Islamic Republic of Iran, Russian Federationand other Republics of Commonwealth of Independent States.The existing limits have been reviewed and revised limits are indicated below:

(out of overall foreignexchange released)

1 Travellers proceeding to countries not exceeding USDother than Iraq, Libya, Islamic 3,000 or its equivalentRepublic of Iran, Russian Federationand other Republics of Common-wealth of Independent States

2 Travellers proceeding to Iraq or not exceeding US $ 5000Libya, or its equivalent

3 Travellers proceeding to Islamic Full exchange may beRepublic of Iran,Russian released in the form ofFederation and other Republics currency notes & coinsof Commonwealth ofIndependent States.

VACANCIES IN CA FIRMDPH & Co., a versatile Chartered Accountants firm, havingpractice in Taxation, Audit, M & A, Corporate Advisory, CapitalMarket requires :

1. Chartered Accountants :

With Post qualification experience of 2-5 years in the fieldof Taxation. Fresher / with Post qualification experienceof 1-2 years in the field ofAudit / Taxation.

2. Articles and Semi-Qualified ArticlesPE-II/PCC/Semi-Qualified.Assistants either fresher or experienced.

Remuneration commensurate with professional competenceand experience.

Please email latest resume at [email protected] or sendthrough courier marked “Application” to Ms. Shobha Suvarna,

DPH & Co.Chartered Accountants12 Pearl Mansion,91 M. K. Road,New Marine lines,Near Kala Niketan,Mumbai - 400 020.Tel. No. 2201 9191 / 9393 / 9494

LAWupdates





22 June 2010June 2010


DIRECT TAX(Contributed by CA. Kiran Nisar, CA. Lalchand Chaudhary)

Vijaya Bank vs. CIT [323 ITR 166 (SC)]

T.R.F. Ltd vs. CIT [323 ITR 397 (SC)]

ACIT vs. Elecon Engineering Co. Ltd. [322 ITR 20 (SC)]

CIT vs. Lokmat Newspapers P. Ltd. [322 ITR 43 (Bom)]

Amiantit International Holding Ltd. In re; [322 ITR 678 (AAR)]

CIT vs. Blend Well Bottles P. Ltd. [323 ITR 18 (Karn.)]

Rallis India Ltd. vs. ACIT [323 ITR 54 (Bom.)]

S. 36(1)(vii) : A.Ys. 1993-94, 1994-95 : After 1st April, 1989, a mereprovision for bad debt will not be entitled to deduction u/s. 36(1)(vii). If anassessee debits an amount of doubtful debt to the profit and loss accountand credits the assets account like sundry debtors account, that wouldconstitute a write off of an actual debt. However, if an assessee debitsprovision for doubtful debts to the profit and loss account and makes acorresponding credit to the “current liabilities and provisions” on theliabilities side of the balance-sheet, then it would constitute a provision fordoubtful debts. In later case assessee would not be entitled to deductionafter 1st April 1989.

S. 36(1)(vii) : After the amendment of s. 36(1)(vii) of the Income-tax Act,1961, w.e.f. 1st April 1989, in order to obtain a deduction in relation to baddebts, it is not necessary for the assessee to establish that the debt, in facthas become irrecoverable. It is enough if the bad debt is written off asirrecoverable in the accounts of the assessee.

Ss. 36(1)(iii), 43A : The assessee has procured a foreign currency loan forexpansion of its existing business, repayment of which was in instalments.It had paid rollover premium charges in respect of foreign exchangeforward contracts. The High Court has allowed such cost u/s. 36(1)(iii)treating the same as interest. The Supreme Court has reversed the decisionof High Court by holding that such charges in connection with purchase offixed assets should be added towards capital cost. According to the Court,the rollover charges paid to avoid increase or reduction in liability as aconsequence of the change in the rate of exchange is covered by section43A.

Ss. 73, 43(5) : A.Y. 2003-04 : Assessee has showed profit on sale of sharesand securities held as stock-in-trade and offered it as profit of speculationbusiness under Explanation to section 73 and set off brought forwardspeculation loss. The AO has not treated such profit as speculation on theground that transactions of purchase and sale of shares were settled byphysical delivery and accordingly denied the set off of speculation loss. Itwas held that assessee for the purpose of section 73 deemed to carry on aspeculation business to the extent to which the business consist of thepurchase and sale of shares. Once the assessee is carrying on speculationbusiness and the profits and gains have arisen from such business, theassessee is entitled to set off carried forward losses from speculationbusiness.

Ss. 45, 92B : The applicant, a non-resident company of Bahrain, was aninvestment company, having investment in various Asian, European as wellas Latin American companies. It holds 70% of equity capital as investmentin an Indian company, namely AFIL. Only income the applicant receivedfrom AFIL was dividend and it had no other source of income from India.Applicant also had a 100% subsidiary company in Cyprus, namely ACHL. Asa part of restructuring process, it proposed to hold all internationalinvestments through ACHL of Cyprus. Therefore applicant proposed tocontribute shares of AFIL, the Indian company, in ACHL and was not toreceive any consideration. On these facts, it was held that the applicant wasnot liable to tax in India in relation to the proposed contribution of shares ofAFIL. No consideration would accrue or arise to the applicant by transfer ofshares and the applicant could not be said to have derived any profit or gainfrom the transaction. If the consideration was such that it was incapable ofbeing valued in definite terms or it remained unascertainable on the date ofthe occurrence of the taxable event, the question of applying s. 45 read withs. 48 would not arise. Further, since income was not chargeable to tax,transfer pricing provisions of s. 92B(1) would not apply.

Depreciation: A.Y. 1994-95: On account of riots and other activities, theassessee was forced to close down the activities till the peace was restored.If for the reasons which were beyond the control of the assessee, itsbusiness activities were closed, such closure could not be treated as aclosure with an intention to close business once for all. The assessee shouldbe entitled to claim depreciation as well as business expenditure u/ss. 32and 37 of the Act

Reassessment: When the AO has allowed a part of the claim for bad debtsu/s. 36(1)(vii) during the course of assessment proceedings and thebalance claim was allowed by the CIT(A), reassessment proceedings within4 years to disallow such claim was not valid. Further, when the computationof book profits u/s. 115JB was in accordance with the decision of theSupreme Court, which says that provisions for bad and doubtful debts

cannot be regarded as provision for liabilities, amendment in law withretrospective effect subsequent to issue of notice u/s. 148, cannot warrantreopening. Hence, reassessment proceedings held to be invalid.

S. 271(1)© : Tribunal has held that change of treatment from business lossas claimed by the assessee to speculation loss as determined by the AO,would not amount to concealment u/s. 271(1)(c). Further with reference toaddition u/s. 68 of the Act doubting source of source, it was held that samecould not be the basis for imposing penalty, as Explanation 1 to s. 271(1)(c)cannot be applicable to such additions.

S. 37 Expl. : Default in making disclosure under SEBI regulation : Assesseehad failed to make disclosure of details as required under SEBI regulationand accordingly paid Rs. 140,000 under a scheme namely Securities andExchange Board of India Regularization Scheme 2002. Since the object ofthe scheme was to regularize the default which could have been because ofoversight or lack of knowledge, the payment under the scheme cannot beconsidered as payment for violation of law and consequently the samecannot be said to be a penalty u/s. 15A of SEBI Act. Hence it was held thatsuch payments cannot be disallowed u/s. 37

Ss. 10(38), 70(3), 74 : A.Y. 2005-06 : Long term capital loss fromredemption of units prior to 1-4-2004 cannot be set off exempt long termcapital gains. Income which does not form part of total income underChapter III of the Act does not enter the computation of total income andquestion of aggregating them under Chapter VI and setting them off u/s.70(3) does not arise. Therefore right to carry forward long term capital lossu/s. 74(1) was not hit by s. 70(3) of the Act.

It was held that VSAT uplinking charges paid by the assessee company to itsparent company were not in the nature of fees for technical services andwere not liable for deduction of tax at source. Hence no disallowance can bemade invoking s. 40(a)(I). Similarly reimbursement of common expensesincurred by parent company for the benefit of all the group concernsincluding the assessee company did not attract any deduction of tax atsource and disallowance cannot be made by invoking s. 40(a)(iii)

S. 37: A.Ys. 2002-03, 2003-04 : Assessee has claimed a deduction foramount paid as fines to NSE for trades executed which were in violation ofregulation of Capital market segment and rules of the Exchange. It was heldthat violation of rules and regulations framed by stock exchanges cannot beconsidered as violation of any provisions of the SEBI. Fines and penalties forviolation on NSE regulations cannot be equated with violation of a statutoryrule or law. Hence such fine paid cannot be disallowed.

S. 251 : In an appeal against block assessment, the CIT(A) has held that theaddition made in block assessment did not emanate from the evidencefound at the time of search and hence deleted the addition. However, hedirected the AO to issue notice u/s. 148 for the A.Y. 1999-2000 to tax bogusadvances. It was held that the Appellate Authority cannot give findings inrespect of other years. The CIT(A) had failed to record a categorical findingjustifying the direction given to the AO when AO himself had not chosen forreopening the assessment. Accordingly such direction was set aside.

S. 246A : Assessee filed revision petition u/s. 264. The CIT passed orderssetting aside the assessments and restored the matter with certaindirection. AO completed assessment making some additions. The assesseefiled an appeal against such additions. The issue was whether appeal ismaintainable against the order giving effect to the revision order. It washeld that such appeal is maintainable against the issues which have notattained finality by virtue of order passed u/s. 264.

Laird Technologies (P) Ltd.,( the applicant ) an Indian company, engaged inthe business of designing and manufacturing antenna and battery packs forthe mobile phone industry, a group company of Laird Plc, U.K. Laird USAentered into Product Purchase Agreement (PPA) with Nokia to manufactureand supply products globally and in relation to Nokia’s manufacturingrequirements in India. The terms of PPA were such that no agencyrelationship was created between the applicant and Laird USA. The

CIT vs. Bhartesh Jain [323 ITR 358 (Del.)]

Tribunal DecisionsKaira Can Co. Ltd. vs. DCIT [2 ITR (Trib.) 20 (Mum)]

G.K. Ramamurthy vs. JCIT [2 ITR (Trib) 139 (Mum)]

Expeditors International (India) P. Ltd vs. ACIT [2 ITR (Trib) 153(Del)]

Goldcrest Capital Markets Ltd. vs. ITO [2 ITR (Trib) 355 (Mum)]

Sun Metal Factory (I) P. Ltd. vs. ACIT [124 ITD 14 (Chennai)]

Dr. A. Naresh Babu vs. ITO [ 124 ITD 28 (Hyd)]

INTERNATIONAL TAXATION(Contributed by Mr. Hiten Shah and Mr. Hinesh Doshi)

M/s Laird Technologies India Private Limited2010 -TMI - 75948 - AAR Dated - February 18, 2010



RECENTjudgements



24 June 2010June 2010

RECENTjudgements

applicant argued that since the consideration received by Laird USA wasoutside India, the PPA and the Assignment Agreement was executedoutside India and the capital asset that inheres in PPA was located andtransferred outside India, such payment was not liable to tax in India.Further the applicant argued no business activity is being carried on byLaird USA in India and Laird USA had no PE in India within the definition ofArticle 5 of DTAA and the profits were therefore not liable to be taxed inIndia in view of the specific provision contained in Article 7 of the DTAA. TheAAR accepted the applicant contention and pronounced the ruling in favourof the Applicant.

Anandeya Oxides, a partnership firm set up a plant for the manufacture ofhigh purity white seal zinc oxide. The assets of the partnership wererevalued for conversion into a private limited company under Part-IX of theCompanies Act. The partners of the erstwhile firm were the same as theshare holders of the said company, having share holdings identical with theprofit sharing ratio of the 7 partners. A non-resident Company had enteredinto agreement to purchase the entire shareholding of an Indian companyand hence sought ruling to clarify whether the conversion of partnershipfirm as a private limited company will be regarded as transfer within themeaning of section 2(47) and other relevant provisions of the Income-taxAct, 1961.The AAR held that - Though we are not inclined to express a final opinion onthe point of transfer, we would like to say this much : Transfer of asset at thetime of conversion can not be treated as transfer of capital asset and henceno capital gains accrued or arose at the time of conversion of partnershipfirm into a private limited company. No final opinion is expressed in regardto the question whether on the registration of company under Part IX of theCompanies Act, there was 'transfer' of capital assets.

ABB Limited, an Indian company, has various business divisions such aspower products and systems, automation systems, etc proposes to enter into a Cost Contribution Agreement with its group Company by name, ABBResearch Limited, Zurich (ABB Zurich). Under Cost Contribution AgreementABB has to make the payments to ABB Zurich, representing its share of thecosts incurred towards basic Research and Development ("R&D") activities.As per the Agreement, the participating ABB entities are allowed a royalty-free unlimited access to the research results including any IntellectualProperty Rights ('IPRs') generated from the basic R&D. However, the IPRgenerated as a result of the basic R&D under the Agreement is legallyowned by ABB Zurich. Issue was whether the payment constitutes"income" in the hands of ABB Zurich within the meaning of the term inSection 2(24) of the Income-tax Act, 1961).AAR Ruled that considering Article 7 of the India Swiss Tax Treaty, ABBZurich do not have permanent establishment in India. The payment can notbe regarded as royalty or fees for technical services under Article 12 of theTreaty. Therefore the payments made to ABB Zurich towards ABB’s share ofthe cost incurred in respect of R&D activities are not liable to be taxed underthe Income Tax Act, 1961 as business income. ABB is not under anobligation to withhold the tax under Section 195 of the Act as the ‘income’ isnot chargeable to tax.

Ernst & Young Private Ltd. (EYPL) an Indian company engaged in providingconsultancy services, member entities of EY Global. Ernst & Young (EMEIA)UK was formed specifically for providing support services in various fieldssuch as Global and Market Development etc. to ensure that high qualityprofessional services are provided to the client base of all members of theEY organization.. Such support was provided from UK and it does not haveany PE in India. The terms and conditions of this service agreement requirescosts incurred for providing the services are allocated to EY member entitiesand they reimburse such costs to EMEIA, UK.EMEIA does not earn any income from providing access to centralized Ernst& Young resources, facilities and services. The applicant states that thepayment is made by way of reimbursement of the cost incurred on behalf ofthe applicant company by EMEIA. The revenue contended the amount paidby the applicant in was chargeable to tax in India “fees for technicalservices” . However, the applicant argued that services provided were inform of information on various business and commercial matters,guidelines, best practices and strategies that could be adopted in theirbusiness which ultimately lead to protection of EY image and clientrelations. Such services did not amounted to making available technicalknowledge and experience possessed by EMEIA to a substantial extent.

M/s. Umicore Finance Luxembourg2010 -TMI - 75825 - AUTHORITY FOR ADVANCE RULINGS Dated - March 12, 2010

ABB Limited2010 -TMI - 75811 - AUTHORITY FOR ADVANCE RULINGS Dated - March 15, 2010

Ernst & Young (P). Ltd.2010 -TMI - 75808 - AUTHORITY FOR ADVANCE RULINGS Dated - March 19, 2010

There is no transfer of technical know-how in that process nor can it be saidthat the recipient of these coordinated/centralized services has beenenabled to apply the technology which EMEIA is possessed of.The AAR ruled that the amounts receivable by EMEIA from the applicant arenot liable to be taxed as fee for ‘included services’ or as business profits,having regard to the provisions of DTAA between India and UK. However, theIncome-tax authorities are not precluded from making inquiry into thequestion whether the cost contribution is fixed on arm’s length basis and suchdetermination can be made in the assessment proceeding of the applicant.

SERVICE TAX(Contributed by CA. A. R. Krishnan & CA. Girish Raman)

Clearing and forwarding agents

Manpower Recruitment or Supply Agency Service

Contra

Import of services

‘Del credere agents’ are not liable for service tax under the category of‘Clearing & forwarding agents’. [CST vs. Sreenidhi Polymers (P) Ltd. 2010(18) STR 385.(Kar); See also CST vs. Raj Rajeshwari InternationalPolymers (P) Ltd. 2010 (18) STR 390 (Kar)]Where the appellant’s services were in the nature of consignment agent,the court held that it is not liable for service tax under the category ofclearing and forwarding agent services. [ADH Agencies vs. CCE (2010) 18S.T.R. 259 (P& H) relying on CCE vs Kulcip Medicines (p) ltd 2009 (14) STR608 (P&H)]

The appellant’s employees were working on the client’s site. The clientswere software companies. The issue was whether the appellant wasproviding a service or had only deputed personnel at the client’s disposal.The appellants contended that he provided a service viz., ‘Consultingengineering service’ or ‘Information technology service’ and thedepartment contented that the appellant provided ‘ManpowerRecruitment or Supply Agency Service’. The Tribunal observed that as perthe actual operations the appellants are providing the skilled personnel tothe client and hence would be liable under ‘Manpower Recruitment orSupply Agency Service’ based on the following reasons.(i) There was no evidence to show that the software project undertaken

by the clients are sub-contracted to the appellant or that theappellants were working on any such project on their own;

(ii) The appellant’s skilled personnel were working under the supervisionand control of the clients;

(iii) The contract provided that in case where the appellant’s skilledpersonnel leave the job they are to be replaced by suitably trainedpersonnel as substitutes thus indicating that the number of skilledpersons supplied was important from the point of view of the client. Ifthe appellants were actually to deliver the software projects, theclients would have nothing to say how many personnel the appellantsengage to complete the project or who they employ.

[Future Focus Infotech India (P) Ltd. vs. CST (2010) 18 STR 308 (Tri. –Chen.)].

In a similar case, in Cognizant Tech Solutions (I) Pvt Ltd vs CCE 2010 (18) STR 326 (Tri-chennai) on facts it was held that services were inthe nature of “IT software services” and not “Manpower recruitmentservices” since the work force recruited and retained by the appellantswere required to work under a project manager appointed by theappellants who had to act as a single point of contact being responsible foroverall management of the project and the nature of services required tobe provided by the appellants were in the nature of information technologyservices as the same related to data management.

Following Indian National Ship Owners Association v. UoI (2009) 13 STR235(Bom.) it was held that in respect of import of services, recipient oftaxable service was not liable prior to 18.4.06 [CST vs. SKF India 2010(18) S.T.R 388 (Kar)]

CA. KAMLESH SHIVJI VIKAMSEY,Past President, ICAI, on beingappointed as Member of Audit AdvisoryCommi t tee of Un i ted Nat ionsDevelopment Programme (UNDP). Wewish him all the best for newassignment.

Congratulations!!!


Export of Services

Demand when service tax already paid by client

Recovery of tax during pendency of appeal

Limitation

Refund

CENVAT Credit

Where the assessee procured orders for foreign principals and receivedtheir consideration in foreign exchange, it was held that the assessee’sservices were exported since it fulfilled all the conditions, including thecondition of the service being “delivered outside India and used outsideIndia” since the rendering of the service was complete only when thepurchase orders canvassed by the assessee in India were received by theforeign companies and these purchase orders were received and actedupon by the foreign companies abroad. In other words, the benefit of theservice provided by the appellant accrued to the foreign companies outsideIndia and hence the service was “delivered outside India and used outsideIndia”. [KSH International vs. CCE 2010 (18) STR 404 (Tri-Mumbai)]Where the assessee conducted clinical trials for foreign clients anddelivered the report to them abroad it was held that the services are notcomplete until the reports are submitted to the client and in the present case since the reports were sent abroad the service was to be consideredas partly performed abroad. Further, the services were also ‘deliveredoutside India and used outside India’. Hence assessee was entitled toclaim export exemption.[CST vs. B.A. Research India Ltd. 2010 (18) S.T.R.439 (Tri- Ahmd.)]

Two companies ‘B’ and ‘C’ respectively facilitated sale of insurance policiesand finance to purchasers of vehicles of their parent company ‘M’ andreceived commission from Insurance companies and finance companieson which they paid tax under ‘Insurance Auxiliary services’ and ‘BusinessAuxiliary Services’ respectively. They shared part of the commission withthe appellant ‘A’, a dealer in vehicles manufactured by ‘M’, forrecommending buyers to avail Insurance and finance from thosecompanies of which B & C were agent/brokers. On these facts, it was heldthat no separate tax was required to be paid by ‘A’ on part of thecommission received from B & C based on the following reasons:(i) tax on the entire commission has already been paid by B & C.(ii) If tax was paid by A, B & C would be eligible for input credit thereby

making the impugned demand revenue neutral.[Popular Vehicles & Services Ltd. vs CCE, 2010 (18) STR 493 (Tri-Del.)]

The Delhi High Court held that no proceedings can be initiated by thedepartment against assessee for payment of tax on renting of immovableproperty where the matter is in appeal before the Supreme Court (by thedepartment) and there is no order passed by the Supreme Court stayingthe operation of the High Court order in appeal. [SSIPL Retail Ltd vs. UOI(2010) 18 S.T.R. 262 (Del.)]

Where the appellant a service recipient, who received services fromforeign companies did not pay service tax for the period 18-4-2006 toJune 2006 though it had disclosed the transactions to the department itwas held that the SCN issued on 5.12.07 cannot invoke the extendedperiod of limitation. However, the Tribunal did not accept the plea ofrevenue neutrality to uphold the bar of limitation. [ABB Ltd vs. CCE,, 2010(18) S.T.R.433 (Tri-Bang)]

Refund granted to the assessee by an order passed by the Asst. CCE can berecovered by the department as being “erroneously refunded” by issuing ashow cause notice u/s 73 without the department filing an appeal beforeCCE(A) against the refund order of Asst. CCE. [Ogilvy & Mather Pvt Ltd vsCST 2010 (18) 502 (Tri-Bang.)]Where an assessee paid tax on a misinterpretation of the statutoryprovisions, it was held that refund claim filed after 1 year from thepayment of service tax would be time-barred.[CCE vs Manorath Builders (p) Ltd. 2010 (18) STR 453 (Tri-Del.)]‘Amount deposited’ during investigation not found payable on adjudicationis only a deposit refundable to the assessee and the claim for refund ofsuch deposit made within one year from the date of order of adjudicationwas held as within the prescribed time limit. The Tribunal further held thatthere was no unjust enrichment since tax was paid as deposit much laterthan the issue of invoices. [Wazir Singh Swaran Singh ConsignmentStockist (P) Ltd. vs CCE 2010 (18) STR 468 (Tri-Del.)]

CENVAT Credit is admissible in respect of -(a) Security services availed by the assessee for ensuring safety of goods

stored in godown.(b) Pest control services availed to ensure clean and healthy environment

in the factory premises.being ‘activities relating to business’.[CCE vs Hindustan Coca-Cola Beverages Pvt Ltd. 2010 (18) STR 500 (TriBang.)]The assessee availed taxable services from service providers who were not

CA with 12 years experience wishes to start new practice andintends to undertake work on assignment basis/takeover ofexisting practice. Please contact: [email protected]: 9833004236

Personal Column

WORK DISPOSAL POSITIONThe position of disposal of various matters relatingto members and students of WIRC as on 31/5/2010

Particulars DateMembers SectionProprietary Firm Registration 28/05/2010Partnership Firm Registration – Constitution 28/05/2010 Reconstitution 28/05/2010Grant of Certificate of Practice 25/05/2010Fellow Admission 25/05/2010Change of Address 27/05/2010New Enrolment 21/05/2010Restoration 24/05/2010Permission for other engagement 28/05/2010Articles SectionIndustrial Training Registration 20/05/2010Re-registration 17/05/2010Termination 11/05/2010Completion 26/05/2010Permission to study 25/05/2010Supplementary Registration 20/05/2010Change of Address 28/05/2010

ObituaryCA. Ganga Sharan, (M. No. 009319), left for heavenlyabode on 27/12/2009. May the departed soul rest inpeace.

CA. B.N. Mandhare, (M. No. 038545), left forheavenly abode on 10/05/2010. May the departedsoul rest in peace.

registered and invoices raised by them did not bear any registrationnumber. However, the service providers registered themselvessubsequently and assessee paid service tax on the supplementary invoicesissued by them. It was held that credit cannot be denied on the basis thatat the time of receipt of input services, the service providers were notregistered where there was no dispute that the input services werereceived and used for providing output services. [Secure Meters Ltd. vsCCE 2010 (18) STR 490 (Tri-Del.)]Input credit in respect of services of procuring sales order and collecting payment from customers was held to be eligible being “activity relating tobusiness” and hence covered by the definition of input services. [NavBharat Tubes Ltd. vs CCE 2010 (18) STR 470 9Tri-Del.)].Cenvat credit in respect of service tax paid on(i) insurance of capital goods in factory or in transit;(ii) group personnel accident insurance; and(iii) Group Health Guard policy of the workers and staff was held

admissible.[CCE vs Raipur Rotocast Ltd 2010 (18) STR 466 (Tri-Del.)]



RECENTjudgements


SURAT: Felicitation function of WIRC office bearers on1st May, 2010.

VASAI: Memento being presented to Speaker CA. Kishor Parikh by aparticipant at Intensive Course on Practical Issues in Accounting Standards& Comparison with IFRS on 10/04/2010.

KOLHAPUR:Jadhav, CA. Sanjay Sane, Branch Chairman

GMCS Course -2010. (L to R): CA. Dilip Advani, Faculty, CA. Anil

JAMNAGAR: Photograph taken during seminar on Critical issues on Service Taxon 1-5-2010 L to R : CA. Ankur Doshi, CA. Puloma D. Dalal, Faculty, CA. AnandRaichura, Branch, Chairman, CA. Govind Sonecha, CA. Umesh Ravani.

GOA: CA. Ashish Prabhu Verlekar, Branch Chairman, addressing the OrientationCourse on 01/06/2010. Also seen Shri John Silveira, Faculty.

THANE: Seminar on MVAT on 22/05/2010. (L to R): CA. Navin Dedhia,CA. Madhukar Chavan, CA. Rajendra Chaplot, CA. Deepak Thakkar, Faculty,CA. Madhav Khisti, CA. Sameer Sarangdhar.

NAGPUR: Hon. Justice V. C. Daga, inaugurating the Seminar by lighting theauspicious lamp.(L to R): CA. Ashok Batra, CA. Abhijit Kelkar, CA. Julfesh Shah,RCM, CA. Amarjit Chopra, President, ICAI, CA. N. P. Sarda, Past President, ICAI,CA. Jaydeep Shah, CCM, CA. Kavita Loya, Branch Chairperson, CA. MakarandJoshi, Vice- Chairman , WIRC, CA. Satish Sarda, CA. Sharadha Suresh.

PUNE: Direct Tax Refresher Course inauguration on 29/05/ 2010. (L to R):CA. Sharad Shah, Faculty, CA. Mahesh Sarda, CCM, CA. Ketan Dave, CA NarendraAgarwal, Branch Chairman.

June 2010June 2010Western IndiaChartered AccountantsNewsletter

26

Imagesbranches

AHMEDABAD: CA Career Career Counselling Meeting on 30/5/2010. CA. AmrishPatel, CA. Niren M. Nagri, Branch Chairman, CA. Dhinal Shah, CCM, CA. SunilTalati, Past President of ICAI, CA. Jainik Vakil.

Intensive Study Course on Service Tax held between 3-26/05/2010

CA. Shriniwas Joshi, RCM, CA. Sanjeev Lalan, Chairman, WIRC, Adv. BharatRaichandani, Faculty, CA. Mangesh Kinare, Secretary, WIRC, CA. Y. R. Desai.

Other Speakers

CA. Girish Raman CA. Ashit Shah CA. Rajeev Luthia CA. Bharat Shemlani

CA. Sunil Gabhawalla CA. Naresh Seth CA. Jayesh GogriCA. Shardul Shah, RCM, CA. Mahesh Sarda, CCM, CA. Mangesh Kinare,Secretary, WIRC, CA. N. C. Hegde, RCM.

Certificate Course on International Taxation on 17/04/2010



Newsletter27June 2010

The Last Word

The Concept of conflict of interest is well understood by the and the work is infact carried out by the Firm and the fees are

auditors in the course of performance of their duties as auditors. credited to the account of the Firm, the Firm will be deemed to be

The situation in which, the affairs of the auditee have conflict of acting as auditor and the disqualification will be attracted.

interest for the auditor are many and in the case of suchSimilarly, provisions are contemplated under the Chartered

situations the auditors should act independently and in theAccountant’s Act & Regulations and Code of Ethics to ensure

interest of the auditee even at the cost of his personal interest.independence of the Auditors. Clause 10 of part 1 of the 1st

It is necessary to avoid the conflict of interest of the auditor vis- Schedule of the C.A. Act prohibits acceptance of fees which are

à-vis the auditee’s interest. This is avoided by certain provisions either based on a percentage of profits or otherwise dependant

of the Companies Act as a part of the Scheme to avoid the on finding or the results of employment. To avoid the conflict of

conflict of interest and ensure independence of the auditors e.g., interest, the members are prohibited from charging or

a person who is indebted to the Company for an amount accepting remuneration based on a percentage of the profits or

exceeding Rs. 1,000/- cannot be appointed as a auditors, as he on the successful outcome of an appeal in revenue proceedings.

may be under pressure by the Company regarding hisThe above provisions should be complied with by the members

indebtedness and therefore, affect his judgement regarding theseriously, otherwise, there may be a breach of duty. There

financial position of the Company. Similarly, an Employee orshould not be a mere perfunctory compliance with this provision

Officer of the Company, a Partner of such a person or a persone.g., if the auditor or his firm are interested in the auditee, the

who has given guarantee or any security in connection with theaudit cannot be carried out by appointing the partners’ relative

indebtedness of any third person to the Company by an amountby complying with the provision of the Companies Act, as the

exceeding Rs. 1,000/- cannot be appointed auditor of thepurpose will be defeated. Hence, compliance with the above set

Company.of provisions should be made strictly and not by following

It may be noted that if a firm is indebted to a Company for more procedures to circumvent the provisions. This will only ensure

than Rs. 1,000/- or the Partner is so indebted neither the Firm the correct approach to the problem of conflict of interest and

nor the Partner can be appointed auditor of the Company. ensuring independence of the auditor.

Similarly, if the appointment is in individual name of a Partner

Conflict of InterestBy Arvind H. Dalal, Past President, ICAI

Chartered Accountant

SEVENTHThoroughly Revisedand updated edition

WIRC Reference Manual is a handy and easy torefer digest of various Laws, Rules,

Regulations, Procedures, Pronouncements,Notifications etc. On a wide spectrum of areas for

accounting, tax and legal professionals. Affordable, attractive andamazingly comprehensive yet compact, it is a treasure house of theexpertise of some of the best in our profession. No wonder, it hasbeen receiving overwhelming response fromall quarters.

WIRC ReferenceManual covers awhole gamut of subjectand topics including Chartered Accounts Acts &Regulations, Accounting and Auditing, Income Tax andWealth Tax, Indirect Taxes, Company Law, Other Lawsand a lot of other information.

The WIRC Referencer is accompanied by a handy, attractive and user friendlyCD version.

RELEA

SING SH

ORTLY

Price Rs 250/-with

CD Free

WIRCREFERENCE MANUAL

2010-11

WIRC_June-10_for_WEB.pdf 27WIRC_June-10_for_WEB.pdf 27 6/9/2010 12:10:51 PM6/9/2010 12:10:51 P

June 2010Western IndiaChartered AccountantsNewsletter

28

WPP Licence No:MR/Tech/WPP-242/South/09-11

Regn. No. MH/MR/South-52/2009-11

Licensed to post without pre-paymentPosted at Mumbai Patrika Channel Sorting Office, Mumbai – 400 001

Date of Posting : 14th & 15th June, 2010

If undelivered, please return to:ICAI Bhawan, 27, Cuffe Parade,P.B. No. 6081, ColabaMumbai 400 005

To

Price Rs. 15 per copy Associate Membership Fees Rs. 600 and Fellow Membership Fees Rs. 1800 (including subscription to WICA Newsletter)

Branches : Ahmedabad • Ahmednagar • Akola • Amravati • Anand •Aurangabad • Baroda • Bharuch • Bhavnagar • Gandhidham • Goa•Jalgaon • Jamnagar • Kolhapur • Nagpur • Nashik • Navi Mumbai • PimpriChinchwad • Pune • Rajkot • Sangli • Solapur • Surat • Thane • Vasai • Vapi

Address : ICAI Bhawan, 27, Cuffe Parade, P.B. No. 6081, Colaba, Mumbai 400 005. WIRC Website : http://www.wirc–icai.org ICAI Website :http://www.icai.org • Phone : 39893989 • Fax : 39802954/39802953 E-Mail : WIRC : [email protected] | Mumbai : [email protected] | New Delhi : [email protected]

Editor : CA. Sanjeev Lalan Published by Shri Y. S. Rawat Sr. Deputy Secretary, on behalf of Western India Regional Council of The Institute of Chartered Accountants of India,ICAI Bhawan, 27, Cuffe Parade, P.B. No. 6081, Colaba, Mumbai 400 005 and printed by him at Finesse Graphics & Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, LowerParel, Mumbai 400 013. Tel. : 40364600The views and opinions expressed or implied in Western Indian Chartered Accountant Newsletter are those of the authors or contribution and do not necessarily reflect those ofWIRC. Unsolicited articles and transparencies are sent in at the owner's risk and the publisher accepts no liability for loss or damage. Material in this publication may not bereproduced, whether in part or in whole, without the consent of WIRC.DISCLAIMER: The WIRC is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, maybear in mind the provision of the Code of Ethics while responding to the advertisements.

DIRECT TAX REFRESHER COURSE on 05/06/2010

Inauguration(L to R): CA. Dinesh Gandhi, RCM, CA. PankajJain, CCM, CA. Sanjeev Lalan, Chairman, WIRC, Shri P. P. Shrivastav,CCIT-Mumbai,Shri S.S.N. Moorthy,Chairman, CBDT,CA. Shardul Shah, RCM, CA. Mangesh Kinare, Secretary,WIRC, CA. Sunil Patodia, RCM, CA.Dhiraj Khandelwal, RCM.

CA. Shruti Shah, RCM, CA. Rajan Vora, Faculty, CA. Shardul Shah, RCM, CA. Rajesh Shah, RCM

CA. Pradip Kapasi, Faculty, CA. Sunil Patodia, RCM, CA. Bhailal Patel, RCM

Review of work at Bandra KurlaComplex by CA. G. Ramaswamy,Vice President, ICAI. Also seen: CA. Atul Bheda, CCM,CA. Sanjeev Lalan, Chairman, WIRC, CA. K. Raghu, CCM.


(Set up by an Act of Parliament) CHARTERED ACCOUNTANTS … · CHARTERED ACCOUNTANTS T h eIns ti u...

Documents

Transcript of (Set up by an Act of Parliament) CHARTERED ACCOUNTANTS … · CHARTERED ACCOUNTANTS T h eIns ti u...