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OCTOBER 20141
7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv
Vice-President’s CommuniquéGreetings!
On 2nd October, we celebrated Bapu’s birth anniversary. This year the celebration was more meaningful with the launch of a countrywide ‘Swatchh Bharat Abhiyan’. This mission I think was long overdue, as one stark and unfortunate character of our country’s public spaces is the filth lying all around. The muck is so pervasive; that it affects locals no longer and the visitors cannot forget the sight of it. India has a typical paradox – we keep our homes clean but cannot extend that thought to public spaces. We revere a place of worship but have a careless disregard towards keeping its surroundings clean. Millions consider river Ganga as sacred and life giving, yet we pollute it rampantly day in and day out. As a society, we need to ponder sharply at our sense of responsibility towards cleanliness and order. It reminds me of something I learnt from a trip to Japan earlier this year. I saw that many large, prominent and touristy public places did not have any trash disposal bins and yet they were clean. I kept wondering about this contradictory phenomenon. Then I realised that the civic value was – if you generate trash; YOU take it back with you. It was not the job of local authorities to facilitate cleanliness, but the citizens were responsible to take their trash back with them. I thought this stark difference between our cultures was something that all of us can learn from.
That reminds me of a beautiful word in Sanskrit - ‘Shauch’. It is one of the first observances in several spiritual traditions. It involves keeping things immaculate inside
Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society
BCASNewsletterFor Members only. For Private Circulation only. Price: R10
(Continued on page 2)
President: Nitin P. Shingala
98200 57694 | president@bcasonline.org
Vice-President: Raman H. Jokhakar
98208 77976 | vp@bcasonline.org
Hon. Jt. Secretary: Narayan R. Pasari
98200 38095 | joint.secretary@bcasonline.org
Hon. Jt. Secretary: Sunil B. Gabhawalla
98213 23921 | joint.secretary1@bcasonline.org
Hon. Treasurer: Mukesh G. Trivedi
98201 82456 | treasurer@bcasonline.org
Vol. 17 No. 07 October 2014
LECTURE MEETING
Venue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate,
Mumbai 400 020
Day, Date & Time: Wednesday, 5th November, 2014 , 6.15 p.m. *
Speaker: T. P. Ostwal, Chartered Accountant
Subject: International & Domestic Transfer Pricing - Recent
Developments
*Fellowship over a cup of tea at 5.45 p.m.
PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.
National Conference On Companies Act, 2013.......................................18.10.2014 ............................... .Federation House, FAPCCI, Red Hills, Hyderabad .................................. 4
Tax Audit Workshop (Advanced)...................................................................08.11.2014...................................Walchand Hirachand Hall, IMC, Churchgate, ........................................... 4
Fraud and Forensic Audit: Why should it concern you?....................05.12.2014................................. M. C. Ghia Hall, Kalaghoda, Fort ....................................................................... 5
Jhancar - ‘Togetherness & Networking Carnival’ ............. ....................13.12.2014 & 14.12.2014 ........ Jashoda Rangmandir (Next to N.M. College), Juhu ............................... 7
48th Residential Refresher Course...............................................................08.01.2015 to 11.01.2015......Hotel Ananta Spa and Resort, Udaipur........................................................... 3
2nd Youth Residential Refresher Course...................................................Coming soon......................................................................................................................................................................... 8
Lecture Meetings....................................................................................................05.11.2014................................................................................................................................................................................ 1
and outside, observing a sense of order, which affects both mind and body. My feeling is ‘Swatchh’ has an etymological connection with ‘Shauch’. As CAs, we can look at this theme in a broader manner. How does cleanliness and order apply to our work – to all the audits we do, the way we keep our files, the way we make our submissions to the tax office, and the advice we give our clients? For us this can be an opportunity to work inside-out, so not only do we contribute to cleaning our immediate external spaces, but we also look through the lens of ‘Shauch’ at all facets of our life.
This year is also the 25th Anniversary of the World Wide Web (WWW). Its perhaps one of the biggest miracle, if one may say so, of the last century. The WWW has made distances
BCAS 2
(Continued from page 1)
ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY
RIGHT TO INFORMATION CLINIC
CHARITABLE TRUST CLINIC
ACCOUNTS & AUDIT CLINIC
Advisory Panel : Narayan K. Varma, Adv. A. K. Asher, Hema D. SampatClinic Co-ordinator: Ms. Bindu Mistry – 61377624
Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak,
Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Ms. Bindu Mistry – 61377624
Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Ms. Bindu Mistry – 61377624
Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related diff iculties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 18th October and 8th, 15th, and 22nd
November, 2014. Please call to obtain a prior appointment.
The next Charitable Trust Clinic will be held on 7th November, 2014 from 5 p.m. to 7 p.m.
Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to journal@bcasonline.org and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.
The next Accounts & Audit Clinic will be held on 1st November, 2014 from 10.30 a.m. to 11.30 a.m.
Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to journal@bcasonline.org one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.
vanish like nothing before, transformed the channels of communication and collaboration, resulting in massive trade and commerce beyond every boundary, created opportunities in every field, made information, knowledge so accessible and opened up societies. The WWW has become our pulse. However, a lot more is possible, just as the CEO of WWW Foundation said, “Let’s use this anniversary to celebrate and to look ahead. Together, we can build the Web We Want for the World We Want.”
The Taxation Committee of the Society is bringing out a Specimen for Reporting under the new Form 3CD. The committee and authors have worked tirelessly, even on holidays, to bring it out early next month. I hope this will be useful for filing before the extended timeline.
Wishing you a Happy Deepavali and a peaceful, prosperous and exciting New Year.
Yours truly,
Raman H. Jokhakar
RENEWAL OF BCAS MEMBERSHIP / JOURNAL
SUBSCRIPTION – 2014 - 15
Membership / Journal Subscription was due for renewal on 31st March, 2014.
Please renew your membership / subscription at the earliest.
Remit your membership/subscription by cheque / demand draft favouring ‘Bombay Chartered Accountants’ Society’ payable at par in Mumbai or by onlinepayment (visit www.bcasonline.org).
Please quote your membership number /subscription number.
Ensure you receive the BCA Journal without interruption.
OCTOBER 20143
SEMINAR COMMITTEEChairman: Rajesh S. Shah
Convenors: Bharatkumar K. Oza & Salil B. Lodha
Coordinators: Mulesh M. Savla & Saurabh P. Shah
48th Residential Refresher CourseThe Seminar Committee is pleased to announce the 48th Residential
Refresher Course (RRC) at Hotel Ananta Spa and Resort at Udaipur
- Rajasthan (anatahotels.com) from Thursday, 8th January 2015 to
Sunday, 11th January 2015.
Responding to the suggestions received from many delegates,
the Seminar Committee has decided to organize its 48th RRC at
Udaipur a historic destination known for its beauty and its’ lakes.
Udaipur is popularly known as a lake city surrounded by lust green
Aravalli Mountains. The Venue of the RRC is located on one of the
hills near Fatehsagar Lake. It is conveniently located around 34
kms from Udaipur Airport, 12 kms from Udaipur Railway Station,
112 kms from Sirohi Road Railway Station, and 253 kms from
Ahmedabad Highway. The Divine Shreenathji Temple, Ranakpur
Temple and Historic Haldi Ghati are within 100 kms vicinity
of Udaipur.
Our members look forward to this RRC as an opportunity to learn,
unlearn and relearn from eminent professionals on various academic
and non-academic topics. It will also offer an unique opportunity to
have fellowship with pan India delegates. The picturesque Hotel venue
will refresh all participants and make this event as a true refresher
course along with learning process.
Programme details
Day & Date Thursday, 8th January 2015 to Sunday,
11th January 2015
Venue Hotel Ananta Spa and Resort ,
Udaipur , Rajasthan
Fees
Per delegate
on twin sharing basis.
R14,952 + R1848 (ST) = R16,800
Fee includes course material, stay and all meals and contribution of R 50/-
towards BCAS Foundation
Details of Papers:
S.N. Papers for Group Discussion Paper Writers
1 Taxation of Some Entity Related
Issues (Private Trusts, HUF, AOP, Firm,
Succession, Company)
Pradip Kapasi,
Chartered Accountant
2 Concept of deemed income and
deemed gains u/s. 56(2)(vii), (viia) and
(viib), Section 69 & Gain u/s. 43CA &
Section 50C etc.
Milin Mehta,
Chartered Accountant
3 Issues in Cenvat Credit and Reverse
charge mechanism under Service Tax
Sunil Gabhawalla,
Chartered Accountant
Paper for Presentation
1 Companies Act, 2013 – Provisions
related to Accounts, Audit & Auditors –
Issues and Implementation Challenges.
Khusroo Panthaky,
Chartered Accountant
2 Fund raising by various Enterprises Bhagirath Merchant,
Chartered Accountant
Brain Trust
1 Income Tax – Critical Issues (including
international taxation)
Trustees:
Saurabh Soparkar, Advocate
Rajan Vora, Chartered
Accountant
Evening Programmes:
Interesting Evening Talk and refreshing Entertainment Programme for
the delegates.
Eligibility: The RRC is open only for Ordinary and Life members
of BCAS.
Delegate Substitution: In the event of inability of the registered delegate
to attend the RRC for any reason, he/she should promptly inform the
Committee, by email (em@bcasonline.org) indicating the “subject” as
“48th RRC – INABILITY TO ATTEND” with a copy marked to rsshah@
hotmail.com, boza1809@gmail.com, salil.lodha@gmail.com not later
than 20th December 2015.
At its discretion, the Committee may permit substitution. The substitute
has to be a member of BCAS. The Committee reserves the right not
to admit any substituted person to the RRC in the event a delegate
substitutes another member without the prior written consent
of the Committee.
Refund: Once enrolled, requests for refunds will not be entertained.
Notes:
1 . All delegates will be accommodated in the Resort on a twin-
sharing basis.
2. Delegates are requested to fill the enrolment form giving choice of
Room Partner.
3. The decision of the Committee will be final in case of allotment of Room
and Room Partner in case of no option is available.
4. The RRC will commence on Thursday, 8th January 2015 with lunch.
Check-in at the hotel will be from 12.00 noon onwards. The RRC will
conclude on Sunday, 11th January 2015 after lunch.
5. Enrolment is open now and will be restricted to the first 250 members
only on first-come-first-served basis. Out of this, 120 registrations are
reserved for outstation delegates (Other than Local limits of Mumbai,
Thane, Bhayander, Vasai and Virar).
For more details you may contact:
Bharat K. Oza 9322260147 boza1809@gmail.com
Salil B. Lodha 9820149302 salil.lodha@gmail.com
Mulesh M. Savla 9833154823 mulesh@shahnsavla.com
Saurabh P. Shah 9870064087 caspshah@gmail.com
Enrolment form is printed on page 12.
The only function of economic forecasting is to make
astrology look respectable.
John Kenneth Galbraith
BCAS 4
Chairman: Harish N. Motiwalla
Co- Chairman : Rajesh R. Muni
Convenors : Abhay R. Mehta, Mukesh K. Gilda & Nikhil D. Patel
National Conference On Companies Act, 2013Accounting & Auditing Committee of the Bombay Chartered Accountants’
Society is pleased to announce a “National Conference on Companies Act,
2013” jointly with the Federation of Andhra Pradesh Chambers of Commerce
and Industry. The details of the conference are as under :
Programme details
Day & Date Saturday, 18th October 2014
Time 9.00 a.m. to 6.00 p.m.
Venue Federation House, FAPCCI,
Red Hills, Hyderabad
Fees
Members of
FAPCCI & BCAS
R 890+ R 110 (ST)= R 1,000
Non-Members R 1,335+ R 165 (ST)= R 1,500
Please issue cheques in favour of “FAPCCI” payable at
Hyderabad
Topic Speaker
Accounts, Audit & Auditors
(Including Schedule-II and Schedule-III)
Nilesh S. Vikamsey,
Chartered Accountant
Loans to Directors, Loans/Investments
by companies, Acceptance of Deposits &
Related party Transactions.
Himanshu V. Kishnadwala,
Chartered Accountant
Directors, Appointment & Remuneration
of Managerial Persons, Declaration
& Payment of Dividends (including
Schedule-V)
Abhay R. Mehta,
Chartered Accountant
Independent Directors, Corporate
Governance (As Per Companies Act & RC
49) , Internal Financial Controls & CSR.
Khushroo Panthaky,
Chartered Accountant
Restricted to 250 participants on First-Come-First-Served basis
Please register directly with FAPCCI. Email: info@fapcci.in
Enrolment form is printed on page 12.
ACCOUNTING & AUDITING COMMITTEE
With the revised Forms for Tax Audit issued by the CBDT in July
2014, the reporting requirements have escalated dramatically.
Several practical issues have arisen in respect of the new clauses
introduced. With a view to address the critical aspects of tax audits
and the responsibilities of tax auditors, the Society has organized an
Advanced Workshop. The members may send practical issues faced
by them in advance to the coordinators for inclusion in the list of
such issues for discussion in the Brains Trust Session. There would
be a session to discuss the role and responsibilities of the Tax Auditor
keeping in view the additional reporting requirements. There would
also be a session to discuss the online utility and problems related
to that.
The Group formed by the Taxation Committee is working on drafting
a Specimen for Reporting under the New Format in Form 3CD for this
Workshop. This is intended to provide guidance to members handling
tax audits across a wide spectrum of clients. This would enable
uniformity in reporting by the professionals. Details of the workshop
are as under:
Day & Date Saturday, 8th November 2014
Time 9.30 a.m. to 4.00 p.m.
Venue Walchand Hirachand Hall, 4th
Floor, Indian Merchants Chamber,
Churchgate, Mumbai- 400020.
Fees
Members (Ordinary, Life &
Associate members)
R 1,200 + R 148 (ST) = R 1,348
Non – Members R 1,500 + R 186 (ST) = R 1,686
(Fee includes Course Material, Breakfast, Lunch, Tea & Coffee and
contribution of R 50/- towards BCAS foundation)
Proposed Programme Details
Session Topic Faculty
Session 1 Roles &
Responsibility of
the Tax Auditor
Mukund Chitale, Chartered Accountant
Session 2 Brains Trust Session Sanjeev Pandit , Chartered Accountant
Yogesh Thar, Chartered Accountant
Kirit Kamdar, Chartered Accountant
Session 3 Issues in E-filing of
Tax Audit Report
Ameet Patel, Chartered Accountant
Participants should send their queries latest by 18th October 2014
for the Brains Trust Session either on the email id km@bcasonline.
org, or a hard copy to the BCAS office before this date.
Enrolment form is printed on page 12.
Chairman : Kishor B. Karia
Co – Chairman: Sanjeev R. Pandit
Convenors : Anil D. Doshi, Ganesh Rajgopalan & Jagdish T. Punjabi
Co-ordinators: Hardik D. Mehta & Saroj V. Maniar
TAXATION COMMITTEE
Tax Audit Workshop (Advanced)
Philanthropy is commendable, but it must not cause
the philanthropist to overlook the circumstances of
economic injustice which make philanthropy necessary.
Martin Luther King, Jr.
OCTOBER 20145
The Companies Act, 2013 has paved the way for a changing role of the
auditor, placed onerous responsibility on the Company Management
and created vast professional opportunity for those practicing in the
field of Fraud Prevention, Detection and Investigation.
In this backdrop, understanding Frauds and developing the skill sets to
identify and detect frauds concerns all those who are:
• Doing financial audit of companies i.e. statutory auditors
• Conducting internal audit of companies i.e. internal auditors
• Company management who is required to affirm adequacy of
controls
• Internal Control specialists who are assisting companies in setting up
internal financial control systems that meet the test of adequacy and
effectiveness
• Engaged in providing specialised services for fraud detection,
investigation or mitigation.
The Infotech & 4i Committee is committed to opening up new
practice areas for Chartered Accountants – “Forensic Audit and Fraud
Investigation” has emerged as one such area that has received a lot of
attention in the past few years. With the Companies Act 2013 coming
into force, there is bound to be an added impetus to this specialized
area which requires training and collaboration with professionals from
diverse fields such as lawyers, computer engineers, detectives and
enforcement specialists.
We are pleased to present a one day event that allows our members to
peep into the world of corporate frauds and the art and science of fraud
detection/investigation. This event is a precursor to a focussed course
on “Fraud Investigations and Forensic Audit” that will be held later during
this BCAS year, if there is adequate interest evidenced.
The programme schedule is presented hereunder:
Topic Speaker
Frauds – Why should they matter to
Chartered Accountants?
To be confirmed
Emerging Trends in Fraud Detections
Frauds: here, there, everywhere
Yogen Vaidya,
Chartered Accountant
Clients’ Perspective
“better safe than sorry” or “we
will cross the bridge when a fraud
happens”
Himanshu Vasa,
Chartered Accountant
Sanjay Mathur, CMA, ICWA,
CFE
Investigating Financial Statement Frauds
“What’s cooking?”
“In this company someone sure is
cooking up the books
Ajay Upadhyay,
Chartered Accountant
Chairman : Ameet N. Patel
Co- Chairman : Nandita P. Parekh
Convenors : Kinjal M. Shah & Pinky Shah
Co-ordinator : Himanshu V. Vasa
INFOTECH & 4I COMMITTEE
Fraud and Forensic Audit: Why should it concern you?
Data Analytics for Forensics
“In this chase, every number reveals
a clue and a series of numbers tell
the whole story”
Prasad Shetty, Chartered
Accountant
Ankush Lamba, Senior
Consultant
“Forensic Audit and Fraud Investigations”
– An emerging career option
“Your chance to be the hero in the
series tilted Saavdhan Corporate
India – are you ready??”
Shubhi Agarwal,
Soumit Nikhra,
Rutu Shah
The faculties have extensive experience in Forensic Audit and Fraud
Investigations.
Other details;
Day & Date Friday, 5th December 2014
Timing 9.30 a.m. - 6.00 p.m.
Venue M. C. Ghia Hall, Kalaghoda, Fort, Mumbai 400001
Fees R 3,000 + R 371 ( ST) = R 3,371
Fee includes course material, lunch, refreshments and contribution of
R 50/- towards BCAS Foundation.
Enrolment is open to members of Bombay Chartered Accountants’ Society
Enrolment form is printed on page 12.
In the current environment where plastic money rules and
where physical give and take of money is slowly getting
obsolete, have you...
• Wondered why you need to send cash/cheque to the
BCAS every time when a new publication is brought out
by the Society?
• Ever missed out obtaining a copy of the publication since
you were out of town and the publication went out of
stock by the time you resumed office?
• Missed the early-bird discount that the BCAS allows on its
most valued publication, The Referencer, simply because
you missed booking it in advance?
• Expected that you would get the snapshots of the
proposals in the Finance Bill at the earliest on your desk
soon after the Budget Publication of the Society is released?
Well, we have good news for you. All these issues will be
resolved. . . .if you have opted for the Imprest System.
All members, journal subscribers and students can avail the Imprest
Scheme. We have kept this Scheme open for non-members also.
Publications are released on a regular basis by your Society on
various subjects.
You are requested to subscribe to a new Imprest Account or
replenish your existing Imprest Account with the Society, in
case it does not have sufficient balance for these publications.
Payment to the Imprest Account can be made by cheque/
DD payable at par in Mumbai in favour of ‘Bombay Chartered
Accountants’ Society’ OR you can also make an online payment.
For online payment and for further details and to download the
form, please log on to www.bcasonline.org
Imprest System for Publications
OCTOBER 20147
HUMAN RESOURCES COMMITTEE
Chairman : Mayur B. Nayak
Convenors : Hemant P. Gandhi, Krishna Kumar Jhunjhunwala
& Mihir C. Sheth
Co-ordinators: Chirag H. Doshi & Kinjal M. Shah
JhanCAr - ‘Togetherness & Networking Carnival’ for
Chartered Accountants
An Event filled with Fun, Frolic and Networking for Chartered Accountants of all age group
Dear Members,
BCAS strives to evolve continuously, adapt and remain relevant in changing times that has contributed to the
longevity of the organization over the last six decades. As a premier voluntary group of Chartered Accountants, BCAS
is acclaimed for conceptualizing and implementing innovative events aimed towards enhancing the suitability of its
members in an ever-changing dynamic governance environment. In this constant endeavour BCAS has now firmed
up its initiative to organise a first-of-its-kind ‘Togetherness and Networking Carnival’ for Chartered Accountants
christened as ‘JhanCAr’
JhanCAr is modelled and driven by an enthusiastic youth-wing of the BCAS under the mentorship of veteran
committee members. The idea of JhanCAr evolved from BCAS’ clear objective of having a non-technical and
non-academic festival of, by and for the Chartered Accountants with the two key targets of networking and
celebrating togetherness. With simultaneous events happening across multiple venues under the premier
carnival location of Jashoda Rangmandir (Next to N.M Collage), Juhu, Vile Parle (West); JhanCAr aims to power-
pack the two days of 13th and 14th December, 2014 with festivities that would exceed the expectations of
participating Chartered Accountants.
Chirag Doshi( 9820452332)
em@bcasonline.org
Team JhanCAr!!Dedicate to Serve Fun-Filled Memories
An Initiative of Human Resource
Committee of BCAS
Kinjal Shah( 9892100844)
em@bcasonline.org
• Networking Night: Work coupled with Network can create wonders.
Recreate the nostalgia and take home a new network at ‘Ek Sham Dosti Ke Naam’ – Register Now
• Competitions Caravan: Compete in interesting individual and group
games gets the tagline of ‘Khelein Hum Jee Jaan Se’ – Register Now
• Workshops Wonder: Interesting non-technical workshops and live
demonstrations await you at ‘Masti ki Paatshala’ – Register Now
• Corporate Connect: A rare occasions to network and connect with
leading and relevant corporates recommending their best wares at
‘Corporate Mela’.
• Fun-and-Frolic: For your family and in remembrance of good old days, the
‘Hum Bhi agar Bachche Hote’ fair. - Book a stall now
Events at JhanCAr 2014 Register Now !!
Limited Capacity !!
First cum First Serve Basis !!
powered by
Online Registration and Payments : www.bcasjhancar.com
Off line Registration : Collect forms from BCAS office or Download forms from www.bcasjhancar.com and submit at:
Bombay Chartered Accountants’ Society, 7, Jolly Bhavan 2, Ground Floor, New Marine
Lines, Mumbai - 400020
We look forward to meeting you in person to make JhanCAr a memorable beginning to our relationship.
More at www.bcasjhancar.com
Key Contacts
BCAS 8
RECENTLY RELEASED
PUBLICATIONS OF BCASTaxation of Fees for Technical Services – A ReferencerIn this book, the two authors have mainly focused on cross-border payments of Fees for Technical Services. It is an attempt by both the authors to compile various judicial pronouncements on the subject of FTS and classify them according to various typical cross-border services. They have selected important decision(s) pertaining to each typical service and provided a brief overview of such decision(s). This publication would be found useful both by the Taxpayers and the Tax Practitioners/Advisors.
Members : R 450/-Non – Members : R 500/-Postage : R 200/-
FAQs on Accounting Standards (The 7 authors of the book have tried to simplify the understanding of four basic Accounting Standards - AS2, AS7, AS9 and AS15, which have an important applicability in any business entity.
To make the users of financial statements as well as preparers of financial statements aware about the importance of each accounting standard, the authors have disseminated the Accounting Standard into easy and simple Question and Answer format so as to have ease in understanding and demystifying the accounting standards.
Members : R 60/-Non-Members : R 75/-Postage : R 40/-
Gita for Professionals – 2nd Edition (In English & Gujarati)The author feels that Conflict is very much a part of life, as experience is. Indeed, it is part and parcel of our
existence both at home and elsewhere.
In this book the author has elucidated the concepts of ‘duty and ethics’ by means of parables and
anecdotes which at times seem autobiographical. In the second revised and enlarged edition, the author
has added a new Chapter containing “Thirteen lessons from the Gita for professionals to make this world
a better place to live in”, wherein he not only talks about various aspects of one’s personality such as
Humility and Non-violence but also throws light on some of the essentially good acts in life such as Giving,
Sacrifice, Forgiveness, Goal- setting, Discipline, Cleanliness, Service to Guru etc.
Price : English - R 75/-
Gujarati - R 100/- Postage : R 50/-
OCTOBER 20149
OTHER
PUBLICATIONS OF BCAS
Audit Checklist For Companies, Edition 2013
Appreciating the increased statutory
compliance and covering standards on
auditing, a revised and updated publication
on Audit Checklist is made. In 2007,
the publication on Audit Checklist was
released. Members had an overwhelming
request for this publication. The revised
and updated edition of this publication
extensively covers in detail Accounting
Standards, Standards on Auditing, Audit
Documentations and important material of
statutory requirements.
Member : R400
Non-Member : R500
Postage : R200
Advance Rulings Law And Procedures – Now with a Supplement and free CD
Book - This publication aims to give a broad
idea of the law, purpose, and procedure for
seeking an advance ruling from Income
Tax perspective. It also shares the first hand
experience of the Authors in representing
before the Hon’ble Authority and some of
the frequently asked questions practically
faced by the Authors. Additionally, a
summary of cases wherein the rulings have
been pronounced by this Authority in the
last three years, has also been captured.
Supplement – This supplement is updated
with the rulings pronounced by the
Authority for Advance Rulings, since July
2012. This supplement when read along
with the original Publications, would be a
comprehensive reference material for the
subject on Authority for Advance Rulings.
RTI for ITI – Right to Information for Income Tax IssuesThis book is an attempt to ease the assessee’s issues in the Income Tax arena by making use of the RTI Act and other grievance redressal systems. It is aimed at being an easy-to-comprehend guide for tax payers at large. The book acts as a handy guide for procuring much needed information in relation to various usual and not-so-usual Income Tax issues faced frequently by the taxpayers. Important information is made available at your fingertips by way of annexures.
Member : R100
Non-Member : R120
Postage : R50
Laws & Business – A Compendium (4th Edition)
This edition is quite wide in its coverage
and as in earlier editions, the book has been
divided into 5 sections. Interesting highlight
of this edition is an extensive coverage of
Laws relating to the Real Estate and Financial
Sectors, which will be of immense use and
will serve as a guide to the taxpayers and
professionals.
Member / Non-Member : R400
Postage : R200
Taxation of Expatriates (Including Certain Non-Tax Aspects)(25th Publication published under the auspices of Late Shailesh Kapadia Memorial Publication Fund)
With increasing Globalisation, there are tremendous opportunities for human capital both skilled and unskilled to work across countries and continents. The tax implications of Expatriates in India has thrown open many issues such as determination of residential
status, impact of social security contribution made in the home country, treatment of overseas income, availability of applicable ‘tax treaty’ benefit, compliance requirements under the Income-tax Act, 1961, etc.
The Society felt an imperative need to bring out a publication on the subject and entrusted a diff icult task to the dedicated team of members. We believe that this publication, like all other publications of BCAS, will be very useful to all readers in general and professionals concerned with this subject in particular.
Members & Non-Members : R 100 Postage : R 75
FAQ’s on e-TDSThe 3 authors of the book have tried to list and answer the questions based on their practical experience and those of their clients. They have however addressed most of the common issues faced by tax deductors. This publication would therefore be a useful and handy tool for staff entrusted with the work of TDS compliance. This book will serve its purpose of helping tax deductors understand the finer nuances of the procedures, and aid them in the process of TDS compliance.
Member : R60
Non-Member : R75
Postage : R30
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tSupplement & CD
CD – Free CD contains a soft copy of the Publication and the Supplement.
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Postage : R50
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a good time never coincide.”
P.G. Wodehouse
BCAS 10
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Requirements on Internal Financial Controls as required under Companies Act, 2013 and Clause 49 of the Listing Agreement by Mr. Vishwanath Venkataramanan, held on 10th September, 2014 is now available on BCAS Web TV
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Non-members R 1,200 + 12.36% R 1,348
OCTOBER 201411
FROM RBIContributed by : Gaurang V. Gandhi
The Reserve Bank of India has issued the following 7 circulars
A. P. (DIR Series) Circular No. 26 dated September 5, 2014
Exim Bank’s Line of Credit of USD 26.50 million to the Government of
the Republic of Honduras
Exim Bank has made available, subject to certain terms and conditions,
to the Government of the Republic of Honduras a Line of Credit of
US $ 26.50 million for financing purchase of eligible goods, machinery,
equipment and services for Development of Agriculture and Irrigation
Infrastructure in the Jamastran Valley in Honduras. Eligible goods and
services including consultancy services of the value of at least 75%
of the contract price must be supplied by the sellers from India, while
the remaining 25% of the goods and services may be procured by the
sellers from outside India.
The last date for opening of Letters of Credit and Disbursement
for project exports will be 48 months from the scheduled
completion date of the contract and January 14, 2020 in case of
supply contracts.
A. P. (DIR Series) Circular No. 27 dated September 5, 2014
Exim Bank’s Line of Credit of USD 18 million to the Government of the
Republic of Mauritius
Exim Bank has made available, subject to certain terms and conditions,
to the Government of the Republic of Mauritius a Line of Credit of US $
18 million for financing purchase of eligible goods, machinery, equipment
and services including consultancy services for acquisition of Waterjet
Fast Attack Craft by Mauritius.. Eligible goods and services including
consultancy services of the value of at least 75% of the contract price must
be supplied by the sellers from India, while the remaining 25% of the goods
and services may be procured by the sellers from outside India.
The last date for opening of Letters of Credit and Disbursement
for project exports will be 48 months from the scheduled
completion date of the contract and May 4, 2020 in case of
supply contracts.
A. P. (DIR Series) Circular No. 28 dated September 8, 2014
Risk Management and Inter Bank Dealings: Hedging Facilities for
Foreign Portfolio Investors (FPIs)
Presently, FPI are permitted to hedge their currency risk on the
market value of entire investment in equity and/or debt in India as on
a particular date.
This circular permits FPI, holding securities under the Portfolio
Investment Scheme (PIS) in terms of schedules 2, 2A, 5, and 8 of
the Foreign Exchange Management (Transfer or issue of security
by a person resident outside India) Regulations, 2000 (Notification
No. FEMA 20 /2000-RB dated 3rd May 2000), to now hedge the
coupon receipts arising out of their investments in debt securities
in India falling due during the next twelve months. The hedge
contracts cannot be rebooked on cancellation, but they can be
rolled over on maturity if the relative coupon amount is still to
be received.
A. P. (DIR Series) Circular No. 29 dated September 12, 2014
Deferred Payment Protocols dated April 30, 1981 and December 23,
1985 between Government of India and erstwhile USSR
With eff ect from September 9, 2014 the Rupee value of the Special
Currency Basket has been fixed at R 80.580297 as against the earlier
value of R 83.137417.
A. P. (DIR Series) Circular No. 30 dated September 15, 2014
Data on Import of Gold Statement – Submission under XBRL
This circular states that statement on import of Gold, both monthly &
half-yearly, now have to be filed in XBRL format from September 2014.
However, the monthly & half-yearly statement for September has to be
filed both manually (format annexed to this circular) as well as in the
XBRL format. From October 2014 only the XBRL statement needs to
be filed.
A. P. (DIR Series) Circular No. 31 dated September 17, 2014
External Commercial Borrowings (ECB) in Indian Rupees
Presently, an Indian company can, under the Automatic Route, issue shares
/convertible debentures to a person resident outside India against lump-
sum technical know-how fee, royalty, External Commercial Borrowings
(ECB) (other than import dues deemed as ECB or Trade Credit) and import
payables of capital goods by units in Special Economic Zones subject
to conditions like entry route, sectoral cap, pricing guidelines, etc. and
compliance with applicable tax laws.
This circular permits an Indian company to issue equity shares against
any other funds payable by the investee company, remittance of which
does not require prior permission of the Government of India or RBI
under FEMA, 1999 or any rules / regulations framed or directions issued
thereunder, if:
1. The equity shares are issued in accordance with the extant FDI
guidelines on sectoral caps, pricing guidelines etc.;
2. Applicable taxes have been deducted on the funds payable and the
conversion to equity is net of applicable taxes.
However, issue of shares / convertible debentures that require Government
approval in terms of paragraph 3 of Schedule 1 of FEMA 20 or import dues
deemed as ECB or trade credit or payable against import of second hand
machinery will continue to be dealt in accordance with extant guidelines.
A. P. (DIR Series) Circular No. 34 dated September 30, 2014
Risk Management and Inter Bank Dealings : Hedging under Past
Performance Route
Presently, resident importers can book contracts up to 50% of their
eligible limit i.e. the average of the previous three financial years’ import
turnover or the previous year’s actual import turnover, whichever
is higher.
This circular has brought importers and exportors on par by pemitting
resident importers to book forward contracts, under the past performance
route, up to 100% of their eligible limit. Importers who have already booked
contracts up to 50% of their eligible limit can book the forward contracts
for diff erence arising as a result of the enhanced limits.
BCAS 12
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BCAS Study Circles 2014–15
Study Circle No. Subject Fee Tick your choice here
I Direct Tax Laws 449*
II Indirect Tax Laws 449*
III Company Law, Auditing & Accounting 449*
IV FEMA 449*
V Information Technology 449*
VI Human Resource Development 449*
VII ITF 1,123*
VIII BCAS Suburban Study Circle 674*
IX International Economics 1,123*
X Students Study Circle 224*
* Inclusive of Service Tax of 12.36%
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Tax Audit Workshop (Advanced) ............................................................08-11-2014 ....................... R 1,348 per member ...............................R 1,686 per non-member ......................
Fraud and Forensic Audit: ................................................................. . 05-12-2014 ........................R 3,371 per person ...................................................................................................
National Conference on Companies Act, 2013 .................................18-10-2014 ....................... R 1,000 per member ...............................R 1,500 per non-member ......................
48th Residential Refresher Course ...................................................... 08-01-2015 to 11-01-2015........R 16,800 per delegate on twin sharing basis........................................................
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