10 BCASNewsletter - bcasonline.org · summit for growth of professional firms dealing with Information ... Dadar (East), Mumbai ... Speaker I CA. Bhavna Doshi and Mr

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Vice-President’s Communiqué

Harnessing Talent and Providing Quality Service

Vol. 14 n No. 12 n March 2012

n A Monthly Newsletter of the Bombay Chartered Accountants’ Society

For Members only. For Private Circulation only. Price: `10

BCASNewsletterDear Member,

The recent election results in states like Uttar Pradesh, Punjab, and Goa have shown us that what matters and succeeds in a real democracy is true merit—this vote for performance is a welcome sign. Further, elevation of Mr Akhilesh Yadav as the next Chief Minister of Uttar Pradesh also sends the important and positive message that we need to elect people with clear goals and a clean pair of hands. Let’s hope that the people around him allow him to succeed.

This year, there are great expectations from the Budget and the Finance Bill 2012. Whether these expectations are fulfilled or belied will be known by the time this communication reaches you. We can only hope that laws are amended or passed in a manner that avoids undue hardship to taxpayers at large. Albert Einstein had once said, “Nothing is more destructive of respect for the government and the law of the land than passing laws which cannot be enforced.”

To understand the intricate provisions and niceties of the Budget, the Society has planned meetings on Direct Tax provisions by Senior Advocate S. E. Dastur, and on Indirect and Service Tax provisions by Advocate Vikram Nankani. The details of both these meetings are given separately in this Newsletter. The booking response received for the Budget booklet that analyses important amendments proposed in the Finance Bill 2012, in English and in Gujarati, has been good. Those who have not yet ordered for it may do so at the earliest.

As an ongoing attempt to enable our members, to keep pace with the latest developments in important areas, the Society has planned programmes that will help you upgrade your professional skills, as well as those that will enrich and enhance the quality of human life, like the HR Committee’s Leadership Camp (for members), and the Personality Development Workshop (for students). A unique two-day residential summit for growth of professional firms dealing with Information Technology and Professional Networking has also been planned by

President: Pradip Thanawala , 98200 45632;[email protected]

Vice-President: Deepak Shah , 98201 48536; [email protected]

Hon. Jt. Secretaries: Nitin Shingala , 98200 57694; [email protected] Chetan Shah , 98202 23402; [email protected]

Hon. Treasurer: Raman Jokhakar, 98208 77976, [email protected]

PROGRAMMES AT A GLANCEStudents’ Study Circle .......................................................................... 06-04-2012 ....................BCAS Conference Room, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai ............... 4Full-Day Workshop on Practical Issues in Tax Deduction at Source ..... 13-04-2012 ....................Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai ................................... 3Two-Day Workshop on Recent Developments in Accounting & Auditing Standards and Reporting Requirements ................................. 13 and 14-04-2012 ........Hotel Novotel, Balaraj SahaniMarg, Juhu, Mumbai........................................................ 410th Annual Residential Camp ............................................................. 20 to 22-04-2012 ...........Moksh, Kadadhe Village, Maval Taluka, Pune District .................................................... 3The i-Power Summit ............................................................................ 27 and 28-04-2012 ........Rambhau Mhalgi Prabodhini’s Knowledge Excellence Center, off Mumbai .................... 6Half-Day Seminar on Labour Laws ....................................................... 28-04-2012 ....................Gulmohar Hall, BCAS, Jolly Bhavan no. 2, Ground Floor, New Marine Lines, Mumbai . 2E-Learning Program on XBRL .............................................................. Ongoing Program ...........Online Program .............................................................................................................. 5Budget Meetings .................................................................................. 20, 22 and 26-03-2012 ......................................................................................................................................... 1Lecture Meeting ................................................................................... 17-04-2012 ........................................................................................................................................................... 1

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai - 400020. Tel. Nos. : 61377600; Fax: 61377666 Email : [email protected]; Website : www.bcasonline.org

BCAS Newsletter I March 2012

Budget MeetingsVenue I Yogi Sabhagruha, Shree Swami Narayan Mandir, Dadar (East), Mumbai – 400014Day, Date & Time I Tuesday, 20th March, 2012, 6.15 p.m.Speaker I S. E. Dastur, Senior AdvocateSubject I Direct Tax Provisions of the Finance Bill, 2012

Venue I Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400020Day, Date & Time I Monday, 26th March, 2012, 6.15 p.m.*Speaker I Vikram Nankani, AdvocateSubject I Indirect Tax Provisions of Finance Bill, 2012

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

Venue I Babubhai Chinai Hall, 2nd Floor, IMC, Churchgate, Mumbai – 400020Day, Date & Time I Thursday, 22nd March, 2012, 6.15 p.m.Speaker I CA. Bhavna Doshi and Mr. Dadi Engineer, Solicitor & AdvocateSubject I Indirect Tax Provisions of the Finance Bill

(The above budget meeting is conducted jointly with the Forum of Free Enterprise)

Lecture MeetingVenue I Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai – 400020Day, Date & Time I Tuesday, 17th April, 2012, 6.15 p.m.*Speaker I CA. Hitesh GajariaSubject I Important Tax Issues encountered in doing business in India

(The above lecture meeting is conducted jointly with Indo-American Chamber of Commerce)*Fellowship over a cup of tea at 5.45 p.m.

(continued on page 2)


Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on a regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan Varma, Past President, BCAS.

The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from BCAS office – 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 24th March 2012 and 7th April, 21st April and 28th April 2012 Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.

Charitable Trust ClinicThe next Charitable Trust Clinic will be held on 6th April 2012 from 5 p.m. to 7 p.m. in the library room of BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Ms. Khushboo: 61377620) and 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.

Panel of Advisors:CA. Ratanshaw DamanwalaCA. Shariq ContractorCA. Gautam NayakCA. Anil Sathe CA. Atul Shah

Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on 7th April 2012 from 10.30 a.m. to 11.30 a.m. in the library room of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining to accounting and auditing issues solved, are requested to send the queries by e-mail to [email protected] one week in advance and call the Society’s office (Mr. Rajaram: 61377613) 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.

Panel of Advisors:CA. Sanjeev PanditCA. Himanshu Kishnadwala CA. Jayesh Gandhi

With the globalisation of the industries and talk of reforms in Labour Laws to synchronise ourselves with the fast evolving global scenarios, it has become important to have an in-depth study of the technicalities of the same.

Day and Date Saturday, 28th April, 2012

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

Venue Gulmohar Hall, BCAS, Jolly Bhavan no. 2,Ground Floor, New Marine Lines, Mumbai 400020

Fees R325/- for Members (Life & Ordinary Members)R425/- for Non MembersFees includes tea/coffee, snacks & material

Speaker Mr. Ramesh Soni, Labour Law Consultant

Topics Employees State Insurance Act, 1948

The Payment of Bonus Act, 1965

The Employees Provident Fund & Miscellaneous Provisions, 1952The Payment of Gratuity Act, 1972

Maharashtra Labour Welfare Fund, 1953

Enrolment form is printed on page 12.

Half-day seminar on Labour Laws

Indirect Taxes And Allied Laws CommitteeChairman : CA. Govind Goyal Convenors : CA. Sunil Gabhawalla CA. Suhas Paranjpe CA. Toral Mehta

Infotech & 4i Committee—this will take place in the last week of April and has already generated a good response.

As the Financial Year comes to an end, it’s time to take a closer look at the year gone by, make resolutions, and plan for the ensuing year well in advance. I hope the new Financial Year will be a rewarding one with more joy and less of stress in discharging your professional duties.

We at BCAS will strive to excel in all activities, and it would be an endeavour to see that you get more out of your membership in the coming Financial Year.

I always believe that ‘Punctuality gets you ahead… But to get ahead, always be on time’.

So friends, to start with, renew your membership with BCAS on time.

With warm regards,Yours truly,

CA. Deepak R. Shah

Jointly with Chamber of Tax Consultants

(continued from page 1)

BCAS Newsletter I March 2012 3

Taxation Committee is pleased to announce a full-day workshop on Practical Issues in Tax Deduction at Source. The subject has gained importance due to the fact that any default in non-compliance, the assessee faces disallowance u/s. 40(a)(i) and (ia) of the Income Tax Act, 1961. Also, recently with the spate of demand notices for delayed payments, non-credit of challans paid, wrong PAN, etc., this workshop will help the participants in reducing such demands and notices from the Income Tax Department. A special session is also planned by inviting a senior official from the Income Tax Department as well as from NSDL who will be dealing with the various issues faced by the assessee with regard to Tax credits and TDS assessments.

The details of the workshop is as follows:

Day, Date and Time

Friday, 13th April, 2012, 9.00 am to 6.00 pm

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

Fees R1,200/- for members and R1,800/- for non-members (for enrollment up to 31st March 2012). Thereafter R1,300/- for members and R1,900/- for non-members.

(The above fees includes contribution of R50 to BCAS foundation, cost of study material, if any, tea, lunch and snacks)

Speakers Topics

Mr. A. C. Shukla, CIT(TDS), Mumbai

Overview of TDS (including TDS assessments and credits)

CA Nikhil Bhatia

Section 192 – Salary including salary paid to expats

CA Yogesh Thar,

Section 194A - Interest other than “Interest on securities”Section 194C - Payments to contractors and sub-contractorsSection 194J - Fees for professional or technical servicesSection 194H - Commission or brokerageSection 194I - Rent

CA Hitesh Gajaria,

Section 195 - Other Sums (Payment to non-Residents)

Ms. Babina DinashanManager (TIN Opera-tions) - NSDL

Tax Credits - Issues and Resolution


Full-Day Workshop onPractical Issues in Tax Deduction at Source

Taxation CommitteeChairman : CA. Gautam Nayak Convenors : CA. Saurabh Shah CA. Anil Doshi CA. Kirit Kamdar

10th Annual Residential Camp

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Aliasgar Kherodawala CA. Ashish Fafadia

Human Resources Committee announces the most eagerly awaited 10th Annual Residential Camp (Retreat) on the theme of “Everyday Happiness” (Practical learning for Joy and Well-being)

Everyday Happiness is an invitation to explore how we can bring more presence and purpose into our daily lives. It is a joyful, interactive and highly experiential session designed to deeply re-connect us to ourselves, each other, and our highest purpose as individuals and as part of our community.

This course will help the participants to improve their ability to bring more joy and presence to their daily lives and to relate more meaningfully and compassionately to others. Several practical processes will be shared that can immediately be applied to enhance joy, meaning and contribution at work.

The aim is inner healing, deeper relationships and more joy in our professional lives.

Program objectives and learning outcomes:

In this retreat, participants will Learn Principles of Happiness and Well-being:• Discoverthe“MythofStress”andlearnexcellentmethodstorelease

inner turmoil• Learntotapthefourhighestlevelsofemotionalwellbeing• Learnpracticalmethodstoliveinthepresent• Deeplisteningskills• Appreciate the importance and depth of listening as a skill in

personal and professional life• Practicespeakingauthenticallyandlisteningeffectively• Committhemselvestolifelonglearningandapplicationofthisskill• Enhancedialoguingskills• Discoverpowerfulwaysofrelatingbeyonddebateanddiscussion• Learnhowtoaccessthewisdomofthegroup• Become aware of the role assumptions expectations played in

decision making and conflicts

Mr. Nithya Shanti shall guide the participants in the learning who is an internationally respected Spiritual Teacher, Seminar Leader, Writer and Educator, committed to sharing practical wisdom teachings for happiness and enlightenment with people in a joyful and transformational way.

The camp (retreat) is scheduled on:

Days and Dates : Friday 20th April 2012 to Sunday, 22nd April 2012Venue : At Moksh, Village - Kadadhe, Taluka - Maval, Dist. Pune, MaharashtraFees

Members (Single) 6,500

Member (With Spouse) 12,500 Fees include study material, food, stay in non-AC rooms, transportation and R50 contribution to BCAS Foundation. Members are encouraged to participate in this camp with spouse.

Maximum 36 Members will be registered.



Accounting & Auditing CommitteeChairman : CA. Himanshu Kishnadwala Convenors : CA. Mukesh Trivedi CA. Abhay Mehta CA. Suril Shah

There are several recent developments in accounting and auditing standards and reporting requirements. Besides Revised Schedule VI which was notified in March 2011 which changes the entire format of financial statements, the Ministry of Company Affairs issued notifications in December 2011 amending AS 11 “Accounting for effects of changes in foreign exchange rates”. The ICAI also recently issued important Guidance Notes on Revised Schedule VI, Accounting for Real Estate Transactions, Self-generated CERs and Rate Regulated Activities. Several Standards on Auditing (SAs) are also applicable to audit reports on financial statements for 2011-12.

To enable the companies preparing financial statements for the year 2011-12 and auditors to discharge their attest functions in a more effective manner, the Accounting and Auditing Committee has organised a 2-day workshop covering all the above areas and other recent changes applicable for financial statements for the year 2011-12.

Who will benefit?All Chartered Accountants, in practice, industry, directors and all professionals who are responsible for preparation, review and audit of financial statements for 2011-12.

The details of the programme are given below:

Day and Date Friday & Saturday 13th& 14th April 2012

Time 9.30 am to 5.30 on both days

Venue Hotel Novotel, Balaraj Sahani Marg, Juhu, Mumbai 400049

Speakers Topics for discussion

CA. Mukund Chitale, Chairman, NACAS

Inaugural Address on Overview Recent Developments in Accounting & Auditing and role of professionals

CA. Sudhir Soni Issues related to Revised Schedule VI

CA. Khusrhoo Panthaky

Standards on Auditing on Audit conclusions and Reporting (SA 700, SA 705, SA 706, SA 710, SA 800, SA 805, SA 810)

CA. Ashutosh Pednekar

Issues in AS 11 ‘Accounting for effects of changes in foreign exchange rates’

CA. Jayesh Gandhi

Guidance Note (Revised) on Accounting for Real Estate Transactions

CA. Akeel Master Guidance Note on accounting for self-generat-ed Certified Emission Reduction (CERs)

Eminent Speaker Guidance note on Accounting for Rate Regulated Activities

* In case any participants have any issues to be discussed/covered by any faculty, the same can be sent to BCAS at the time of enrolment or before 10th April 2012 to [email protected]. BCAS will pass on the same to the respective faculty and request them to cover the same in their presentation

Two-Day Workshop on Recent Developments in Accounting & Auditing Standards and Reporting Requirements

Fees:Amount In Rupees

Before 31st March 2012 After 31st March 2012

Members 4,250 5,250

Non Members 4,750 5,750

(Fees Include Study material, Lunch for both the days and R50 contribution to BCAS Foundation)


BCAS Suburban Study CircleJointly with

Company Law, Accounting and Auditing Study Circle

Day, Date & Time Saturday, 24th March, 2012, 4.00 p.m. to 6.00 p.m.

Topic Revised Schedule-VI and Case Studies thereon

Group Leader CA. Gaurav Sarda

Session Chairman CA. Abhay Mehta

Venue Direct-I-Plex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East) Mumbai – 400069

Convenors CA. Giriraj Soni, CA. Kinjal Shah, CA. Kunjan Gandhi and CA. Suril Shah

Dear Students,

We are pleased to inform you that “BCAS Students’ Study Circle” is back again!

This time we bring the Students' Study Circle in a new avataar, i.e., “For the students, of the students and by the students”. Topics relevant to students will be discussed at this Study Circle.

Enrolment fee for the Study Circle is R200 covering a period from February 2012 to 31st March 2013.

The details of the next meeting is as follows:

Day and Date Friday, 6th April, 2012

Time 6.30 p.m. to 8.00 p.m.

Venue BCAS Conference Room, 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai – 400020

Subject Revised Schedule VI under Companies Act,1956

Group Leaders Pooja Shah & Ikshu Shah

Looking forward to seeing you in large numbers.


Students’ Study Circle

Human Resources CommitteeChairman : CA. Mayur Nayak Convenors : CA. Bharatkumar Oza CA. Aliasgar Kherodawala CA. Ashish Fafadia


XBRL stands for eXtensible Business Reporting Language. It is one of the families of "XML" languages which is becoming a standard means of communicating information between businesses and on the Internet. Implementations of XBRL are growing rapidly around the world.

In order to foster the understanding of XBRL, the Infotech & 4i Committee of BCAS, XBRL Planet (owned by Mr. Conor O’ Kelly, Vice-Chairman, XBRL International) & NextGen Knowledge Solutions Private Ltd. have teamed up to provide online XBRL training. Our main goal is to transfer knowledge and unique experience of Financial Reporting through XBRL.

First of its kind e-Learning program on XBRLOver 9 Hours of online training including Q&A session on XBRL Course Module :

Course objectives :• TohelptraineesunderstandthemeaningandnatureofXBRL

and the technical terms commonly associated with XBRL.• TohelptraineesunderstandthebasicsofXBRLTaxonomies.• TohelptraineesunderstandhowtouseXBRLTools.• To help trainees understand how to create instance

documents.

Pre-requisites :• Familiaritywithaccountingsysteminstallationandreportwriting

recommended• Participants in this e-Learning Module need not have prior

experience of XBRL.

Fees :• Thetotalinvestmenttobemadebyyouforthisuniqueonline

Training Course shall be R10,000 (Rupees Ten Thousand Only).

e-Learning Materials & Certification : • Theparticipantswillhaveaccesstothetrainingsessionsfor30

days during which, they will get unlimited access. They will also get access to special live Q&A sessions.

• Attheendofthetraining,acertificateofparticipationwouldbeissued to the participants who go through the entire module.

XBRL Course Module ContentModule — I

Overview of XBRL

• Meaning of XBRL• Key concepts of XBRL• Components of Business

Reporting Supply Chain• Technical Terms associated with

XBRL

• AdvantageofuseofXBRL• KeydriversofXBRL• XBRLadoptionaroundthe

world• XBRL&IFRSs• ApplicationsofXBRL

Module — IITaxonomy & Instance documents

• MeaningofXBRLTaxonomy• XBRLTaxonomyArchitecture• Linkbases,Tuples,Dimensions,Hypercubes,Axis,Members,etc.• XBRLTaxonomyExtension• XBRLInstanceDocument• InstanceDocumentBuildingBlocks(facts,contexts,units&

footnotes)• BestPractices

Module – IIIIndian GAAP Taxonomy & Business Rules

• OverviewofIndianGAAPTaxonomy

• AnalysisofIndianGAAPTaxonomy

• BusinessRules• AnalysisofBusinessRule

XBRL Implementation Approaches & Indian Regulatory Requirements

• XBRLImplementationApproaches

• IndianRegulatoryRequirements

Module — IVXBRL Tool

• DefiningUnit,Context,Currency, Decimal

• DetailedTagging• BlockTagging

XBRL Report Creation

• StepsinvolvedinXBRLReportCreation

• EditingXBRLInstances

• ValidatingXBRLReportatMCAValidation Tool

• ViewingXBRLReport

Module — VXBRL Report Creation

• TaggingofFinancialStatementsViz: Balance Sheet, P & L Account, Cash Flow Statement & Schedules

• TaggingofNotestoAccounts,Auditor's Report, Director's Report

Module — VIXBRL Assurance

• GlobalTrends• CurrentApproachestoXBRL

Assurance• XBRLAssuranceFramework

• IndianRegulatoryRequirements

• AssuranceonXBRLInstanceDocuments for MCA filings

E-Learning Modules on XBRL

Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh CA. Nikunj Shah CA. Kinjal Shah

E-Learning program on XBRL


A 2-day Summit on Practice Management, Capacity Building & Networking

The Infotech and 4i Committee is pleased to announce a sequel to its unique initiative of 2011 – a 2 day summit where leaders from various professional services firms will get together to share their experiences on practice management, growth strategies and on their networking initiatives.

Objective of the Summit:• Toexploretheconceptofnetworkingforconsolidation,growthand

capacity building.• Tolearnfromexperiencesofprofessionalleadersaboutdraftingof

partnership deeds, profit sharing mechanism and the ecstasies and agonies of post-merger years.

• To understand the role of technology in prompting growth andconvergence across networks and branches.

• Tocreateaplatformforfirmstounderstandeachother’scapabilitieswith a view to enabling professional associations and networks

• …..in essence, empowering and i-powering the leaders ofprofessional services firms to lead their firms in the coming decade, with confidence and conviction.

The Summit will cover:

Topics & Contents: Speaker

Keynote address“CA Profession – Consolidation through Expansion, Networking and Alliances”

CA T. N Manoharan*

Merger Mechanics and Profit Sharing Structures for the growing firm“The art of crafting a lasting deed”

CA Pradeep S Shah

National and International Networks – a cost center or a huge opportunity?“Honey, I shrunk the world!”

CA Nilesh Vikamsey

The Post-merger Saga“Yours, mine and ours – adventures in merger-land and the new signboard on the street that says ‘LLP’.”

CA Shariq Contractor

The Expectations of the Industry“If we are growing, you must grow…the time for consolidation and expansion is NOW”

CA Sunil Kothare

Cloud Computing“The paradigm has shifted – cloud is the place to be in today and not merely when you are happy”

Mr. Keith Prabhu

Technology, my partner in growth“i-meet, i-train, i-converge, and yet, i-don’t travel”

CA Huzeifa Unwala

Social Media/Mobile Technology“The news paper is history, the e-mail is passé… so, what is in’ ?”

Mr. Hareesh Tibrewala

* Subject to confirmation

Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh CA. Kinjal Shah CA. Nikunj Shah

The i-Power Summit

This summit will also create a unique opportunity for firms seeking network partners by bringing together practice leaders from select cities and creating an appropriate platform for networking and understanding each others’ capabilities, strengths and requirements.

The seats are limited…and the Summit is not just empowering, but also i-powering….so, pre-register by sending an e-mail to [email protected] and follow up with your enrolment.

When April 27th & 28th, 2012

Where Rambhau Mhalgi Prabhodhini’s Knowledge Excellence Center off Mumbai

Keshav Shrushti, Uttan Village, Essel world Road, Bhayander (West), Thane – 401106

For Whom For partners and leaders of professional services firms

Investment Double Sharing Triple Sharing

BCAS Members (Life & Ordinary Members only)

Enrolment closed R7,000/-

Members of invitee associations

Enrolment closed R8,000/-

For others…. Sorry, this one is only for members!!

Fees include R50/- towards contribution to BCAS Foundation

The investment covers accommodation on twin/triple sharing basis and is exclusive of transport for which participants may make their own arrangements, For outstation delegates, BCAS will offer assistance in making arrangements.

The enrolment would be restricted on a first come first served basis for 75 people only.

Enrolment Form

Name: …………………………………………………..................................

BCAS Membership No.: (if applicable)…………………….........................

Organisation’s Name: ..……………………………………………………….

Position in Organisation: ..........................................................................

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

..................................................................................................................

Age: …….... Tel (O): …......…………….. Tel (R): ………..................……..

Mobile: ………………….......…. Email: ……………………........................

Room Partner:

1.………….....…………2. ………....……………3. …….............…………..

Food Choice: Veg: [ ] Jain Veg [ ]

The decision of the committee will be final in case of allotment of room & room partners.


BCAS announces annual formation of Study Circles for the year 2012-13. The BCAS study circles are well known for the very high quality of deliberations that take place in the presence of and under the guidance of seniors and also for the meticulous planning and organisational capabilities of their convenors.

Your active participation in BCAS Study Circles provides you with the following benefits and add substantial value to your capabilities and personality:

• Tremendousopportunitiesforenhancingandsharingknowledge• Honingyoursoftskills• Keepingintouchwithcontemporarydevelopmentsinlawandinpractice• Fellowshipamongstyourprofessionalcolleagues• CatalystforyouractiveinvolvementinvariousotheractivitiesofBCAS

You are invited to partake in the feast of knowledge in the year ahead, join the study circle(s) of your choice and attend and participate in the meetings regularly to derive maximum benefit.

For further information/queries about the study circles, please feel free to contact us at [email protected]. Annual fee details are provided below. The fees are inclusive of R30 as contribution to BCAS Foundation.

Kindly note:

(a) Generally, all study circle meetings are held at the Conference Rooms in the BCAS office. In exceptional cases, we hold the meetings at other venues. The Suburban Study Circles will be conducted at Directi Internet Solutions Pvt. Ltd., Directiplex, Old Nagardas Road, Opp. Wilson Pens, Near Andheri East Subway, Andheri (East), Mumbai – 400069.

(b) Any member of the BCAS is welcome to join various study circles. There is no restriction on the number of circles that you can join.(c) It would be our endeavour to hold at least 6 meetings per study circle in the year. However, this would be subject to the availability of group

leaders and chairmen, and your active participation.(d) The term of each study circle is from 1-4-2012 to 31-3-2013.………………………………………………………………………………………………………………………………………………………………………

Enrolment Form

Please select the study circle that you would like to join from the list given below and send in your cheque to us with the enrolment form:

Study Circle No. Subject Fee R Tick your choice here

I Direct Tax Laws 400

II Indirect Tax Laws 400

III Company Law, Auditing & Accounting 400

IV FEMA 400

V Information Technology 400

VI Human Resource Development 400

VII IFRS 1,000

VIII BCAS Suburban Study Circle 600

IX International Economics Study Group 1,000

X Students Study Circle*(February 2012 to March 2013)

200

BCAS Membership No/ ICAI Student Membership No.: ……………………………………........................................................................................Name: …………………………………………………...............................................................................................................…………………………Address: ………………………………………………………..........................................................................................................…………………….……………………………………………………..........................................................................................................……….............…………………Tel. (O): …………………….....................……… Tel. (R): ………..................……………………… Fax: ………..................................………………..Mobile: ………………………..............…………………… E-mail: ……………………............................................................…………………………Cash/Draft/Cheque No.: ……………...…………….. drawn on ……….....................................................……………………………..........…...bank,Dated ………………...……….for an amount of ` …………………………………………..is enclosed. Date: …………………………

Signature

BCAS Study CirCleS for 2012-13

* Only for students of ICAI



Bombay Chartered Accountants' Society

InfoTech & 4i Committee&

Membership & Public Relations Committee present

BCAS Web TV

Lecture Meeting on Shareholders’/Joint Venture Agreements including validity of Pre-Emptive Rights/Exit Rights by Mr. Nitin Potdar, Advocate held by BCAS on 22nd

February 2012 is available on BCAS Web TV.

Some of the other videos on the BCAS Web TV are:• Lecture Meeting on Taxation of Charitable Trusts – Recent Issues by CA. Gautam Nayak• Lecture meeting on Recent Developments in AS/IFRS/Ind AS – Global and India

by CA P. R. Ramesh• Lecture meeting on Ethical Hacking by Shantanu Gawde, India’s Youngest Ethical Hacker• Lecture Meeting on Practical Issues – Transfer Pricing Documentation and Certification by

Rakesh Alshi, Director, Transfer Pricing, Deloitte Haskins & Sells• Lecture Meeting on E-filing of Returns for Assessment Year 2011-12 – Practical Issues by

CA. Ameet Patel• Half–day Workshop on “How to Conduct Tax Audit” by

CA. Himanshu Kishnadwala and CA. Anil Sathe• Lecture Meeting on Taxation of Shares and Securities – Current Developments by CA.

Pradip Kapasi• Lecture Meeting on Taxation of Cross Border Transactions – Recent Trend in India by CA.

Pinakin Desai• Lecture Meeting on Overview of XBRL by CA. Atul Bheda• Lecture Meeting on Filing of Income-tax Returns for A. Y. 2011- 12 by CA. Mukesh

Trivedi and CA. Vipul Gandhi• Lecture Meeting on Recent Amendments in Schedule VI of the Companies Act, 1956 by

C.A. P. R. Ramesh• Lecture Meeting on Direct Tax Provisions of the Finance Bill, 2011 by Senior Advocate

Mr. S. E. Dastur• Lecture Meeting on Electronic Tax Payments and Quarterly TDS Returns – Recent updates

and issues by Delnaz Mistry• Lecture Meeting on Issues in Bank Audit by Akeel Master• Lecture Meeting on Recent Developments in TDS by Mahendra Sanghvi• Lecture Meeting on FDI Policy plus Industry-Specific Issues (Real Estate, NBFC and

Training Sectors) by Anup Shah* Free Video• Lecture Meeting on Nurturing Relationships by Brahma Kumari Shivani• Talk on How to Prepare for and Write CA Exams by Mr. T.N. Manoharan

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The Reserve Bank of India has issued the following 12 circulars

A. P. (DIR Series) Circular No. 75 dated February 07, 2012External Commercial Borrowings – Simplification of procedure

Presently, approval of RBI is required for: -a. Reduction in amount of ECB.b. Changes in the draw down schedule where the original average

maturity period is not maintained.c. Reduction in the all-in-cost of the ECB after obtaining LRN.

This circular has granted powers to banks to approve changes in respect of the above i.e. reduction in all-in-cost, subject to certain conditions and changes in the draw down schedule when original maturity period is not maintained.

a) Reduction in amount of ECBBanks can approve reduction in loan amount in respect of ECB availed under the automatic route, provided:-(i) Consent of the lender for reduction in loan amount has been

obtained;(ii) Average maturity period of the ECB is maintained;(iii) Monthly ECB-2 returns in respect of the LRN have been submitted

to the Department of Statistics and Information Management (DSIM); and

(iv) There is no change in the other terms and conditions of the ECB.

b) Changes/modifications in the draw down schedule when original average maturity period is not maintainedBanks can approve requests for changes / modifications in the draw down schedule resulting in the original average maturity period undergoing change in respect of ECB availed both under the automatic and approval routes. However, any elongation / rollover in the repayment, on expiry of the original maturity, of the ECB, will continue to require the prior approval of RBI.

The approval can be granted provided:-(i) There are no changes / modifications in the repayment schedule of

the ECB;(ii) Average maturity period of the ECB is reduced as against the

original average maturity period stated in the Form 83 at the time of obtaining the LRN;

(iii) Reduced average maturity period complies with the stipulated minimum average maturity period as per the extant ECB guidelines;

(iv) Change in all-in-cost is only due to the change in the average maturity period and the ECB complies with the extant guidelines; and

(v) Monthly ECB-2 returns in respect of the LRN have been submitted to DSIM.

c) Reduction in the all-in-cost of ECBBanks can approve requests for reduction in all-in-cost, in respect of ECB availed both under the automatic and approval routes, provided:-(i) Consent of the lender has been obtained and there are no other

changes in the terms and conditions of the ECB; and(ii) Monthly ECB-2 returns in respect of the LRN have been submitted to

DSIM.

From RBIContributed by : CA. Gaurang Gandhi

A. P. (DIR Series) Circular No. 76 dated February 09, 2012Clarification – Establishment of Project Offices in India by Foreign Entities – General Permission

Presently, general permission has been granted to a foreign entity for setting up a Project office in India, subject to certain conditions.

This circular clarifies that despite the general permission, citizen of Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China, cannot establish in India, a branch office or a liaison office or a project office or any other place of business by whatever name called, without the prior permission of RBI.

A. P. (DIR Series) Circular No. 77 dated February 15, 2012Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Money changing activities

This circular advises Authorized Persons and their agents and franchisees to consider the information contained in the Statement issued by the Financial Action Task Force on October 28, 2011. However, legitimate transactions can be undertaken with the countries and jurisdictions mentioned in the Statement.

A. P. (DIR Series) Circular No. 78 dated February 15, 2012Anti-Money Laundering (AML) standards/Combating the Financing of Terrorism (CFT) Standards - Cross Border Inward Remittance under Money Transfer Service Scheme

This circular advises Authorized Persons who are Indian Agents under Money Transfer Service Scheme (MTSS) and their sub-agents to consider the information contained in the Statement issued by the Financial Action Task Force on October 28, 2011. However, legitimate transactions can be undertaken with the countries and jurisdictions mentioned in the Statement.

A. P. (DIR Series) Circular No. 79 dated February 15, 2012Clarification – Purchase of Immovable Property in India – Reporting requirement

Anon-resident who has set-up a branch, office or other place of business In India (other than a liaison office), and who has acquired any immovable property in India has to file a declaration in form IPI with RBI within90 days from the date of such acquisition. However, no such declaration has to be filed by a NRI or PIO when he acquires any immovable property in India.

Form IPI has been modified to reflect this position and the amended Form IPI is annexed to this circular.

A. P. (DIR Series) Circular No. 80 dated February 15, 2012Export of Goods and Services – Simplification and Revision of Softex Procedure

This circular has revised the procedure for submission of SOFTEX Forms for software exporters having annual turnover of R1,000 crore or who file at least 600 SOFTEX forms annually. The new form and revised procedure for submitting the same are annexed to this circular.

As per the revised procedure, the eligible software exporter has to: -1. File a statement in excel format giving all particulars along with

quadruplicate set of SOFTEX form to the nearest STPI.2. STPI will then verify the details and decide on a percentage sample

check of the documents in details. 3. Software companies will have to submit all the documents on

demand to STPI within 30 days of their advice or any reasonable/extended time.


4. STPI will certify the statement and SOFTEX forms in bulk on the “Top Sheet” regarding the values etc.

5. STPI will forward the first copy of the revised SOFTEX format to the concerned Regional Office of RBI, the duplicate copy along with bulk statement in excel format to Authorized Dealers for negotiation / collection / settlement, the third copy to the exporter and the last copy will be retained by STPI for its own record.

6. Exporters, using the revised procedure, will have to provide information about all the invoices including the ones lesser than US$25,000, in the bulk statement in excel format.

A. P. (DIR Series) Circular No. 81 dated February 21, 2012Export of Goods and Services – Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year

Presently, an exporter is required to obtain prior approval of RBI for receiving advance from the foreign buyer where the export agreement permits shipment of goods beyond one year from the date of receipt of advance.

This circular has granted powers to Banks to permit exporters to receive advance from the foreign buyer where the export agreement permits shipment of goods beyond one year from the date of receipt of advance, subject to the following conditions: -i) KYC and due diligence exercise has been done by the bank for the

overseas buyer.ii) Compliance with the Anti-Money Laundering standards has been

ensured.iii) Export advance received by the exporter must be utilized to execute

export and not for any other purpose i.e., the transaction is a bona-fide transaction.

iv) Progress payment, if any, must be directly received from the overseas buyer strictly in terms of the contract.

v) Rate of interest, if any, payable on the advance payment must not exceed LIBOR + 100 basis points.

vi) Exporter should not have refund an amount exceeding 10% of the advance payment received in the last three years.

vii) Documents covering the shipment must be routed through the same bank.

viii) If the exporter is unable to make the shipment, partly or fully, he will have to obtain prior approval of RBI before remittance towards refund of unutilized portion of advance or towards interest payment is made to the foreign buyer.

A. P. (DIR Series) Circular No. 82 dated February 21, 2012Release of Foreign Exchange for Imports – Further Liberalization

Presently, advance towards imports up to US $ 500 or its equivalent can be issued for any current account transaction without any documentation formalities.

This circular has increased that limit from US $ 500 or its equivalent to US $ 5,000 or its equivalent. Hence, advance towards imports can be made up to US $ 5,000 or its equivalent for any current account transaction without submitting any documents except for a simple letter containing basic information such as the name and address of the applicant, name and address of the beneficiary, amount to be remitted and the purpose of remittance and the application is accompanied by a cheque drawn on the applicant’s bank or demand draft.

A. P. (DIR Series) Circular No. 83 dated February 27, 2012Import of Gold on Loan Basis – Tenor of Loan and Opening of Stand-By Letter of Credit

Presently, the maximum tenor of gold loan, as per the Foreign Trade Policy 2004 – 2009 of the Government of India, is 240 days – 60 days for manufacture and exports +180 days for fixing the price and repayment of gold loan.

The Foreign Trade Policy 2009 – 2014 of the Government of India has increased the period of completion for export from 60 days to 90 days. As a result, the maximum tenor of gold loan is increased from 240 days to 270 days – 90 days for manufacture and exports +180 days for fixing the price and repayment of gold loan.

Further, this circular requires banks to see that the: -(i) Maximum period of gold loan must be as per the Foreign Trade

Policy 2009-14 or as notified by the Government of India from time to time.

(ii) Tenor of Stand-By Letter of Credit, for import of gold on loan basis, where ever required, must also be in line with the tenor of gold loan.

A. P. (DIR Series) Circular No. 84 dated February 29, 2012Compilation of R-Returns under FETERS

This circular contains the following: -(i) Details of the changes that have been effected in reporting of

R-Returns in respect of transactions taking place from April 1, 2012.

(ii) Revised Guidelines for submission of data under FETERS.

A. P. (DIR Series) Circular No. 85 dated February 29, 2012External Commercial Borrowings (ECB) for Infrastructure facilities within National Manufacturing investment Zone (NMIZ)

For the purposes of ECB, infrastructure sector includes: -(i) power, (ii) telecommunication, (iii) railways, (iv) road including bridges, (v) sea port and airport, (vi) industrial parks, (vii) urban infrastructure (water supply, sanitation and sewage projects), (viii) mining, refining and exploration and (ix) cold storage or cold room facility, including for farm level pre-cooling, for preservation or storage of agricultural and allied produce, marine products and meat.

Presently, developers of SEZ are allowed to avail ECB to provide such infrastructure facilities within the SEZ.

This circular permits developers of NMIZ also to avail of ECB under the Approval Route for providing infrastructure facilities within the NMIZ.

A. P. (DIR Series) Circular No. 86 dated February 29, 2012Know Your Customer (KYC) norms/Anti-Money Laundering (AML)standards / Combating the Financing of Terrorism (CFT) Obligation of Authorised Persons under Prevention of Money Laundering Act, (PMLA), 2002,as amended by Prevention of Money Laundering (Amendment) Act, 2009 –Money changing activities

This circular requires, Authorized Persons to take additional steps to identify and assess their ML/TF risk for customers, countries and geographical areas as also for products/ services/ transactions/delivery channels.

Authorized Persons must have policies, controls and procedures, duly approved by their boards, in place to effectively manage and mitigate their risk adopting a risk-based approach as discussed above. They must also design risk parameters according to their activities for risk based transaction monitoring, which will help them in their own risk assessment.


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

Registered with the Registrar of Newspapers for India under R.N. 68365/98Regd. No. MH/MR/South-88/2012-14Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 8th of every month

Please fill in the above form and send the same to the Society’s office along with requisite payment.Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed, once the enrolment form is submitted.

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STUDY COURSE : Students’ Study Circle...............................06-04-2012 .................r200.......................................E-Learning program on XBRL .....................Ongoing program ..........r10,000..................................

10th Annual Residential Camp ..................20-04-2012 ....... r6,500 for members ........................ to................................................................22-04-2012 ....... r12,500 for member (with spouse)...

WORKSHOPFull-Day Workshop on Practical Issues 13-04-2012 ......... r1.200 for members .......................in Tax Deduction at Source ...................................................... r1,800 for non members ................Two-Day Workshop on Recent 13-04-2012 ......... r4,250 for members .......................Developments in Accounting & Auditing .....14-04-2012 ......... r4,750 for non members ................Standards and Reporting Requirements .............................................................................................

SEMINAR : Half Day Seminar on Labour Laws 28-04-2012 .................r325 for members ...........................................................................................................................r425 for non members ...........

It’s time for the Finance Minister to present the Annual Budget for the year 2012-13 and for the BCAS to bring out its Annual Budget Publication – ‘The Finance Bill, 2012 – An Analysis’.

The publication will highlight the intricacies of the Budget proposals in simple language for the benefit of the members and citizens at large. The Budget Publication will be published in 2 languages viz. English and Gujarati.

The publication will be available for delivery and sale at the BCAS office from 21st March 2012. The price for one set of 5 booklets of the Budget Publication is R25/-.

Order Form:Language ofPublication

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Total amount payable @ R25 for a set of 5 booklets

Postage Cost: R25 for Mumbai and suburbs, R35 for all over India, for each set

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Budget Publication (In English and Gujarati)Our Contributors

Your annual membership/subscription will expire on 31st March 2012.

You are requested to renew your subscription now. The hard and soft copies of the renewal notice have already been sent to you. Please send your renewal fees to: Bombay Chartered Accountants’ Society Office.

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Kind Attention Members/Subscribers

The Trustees of BCAS Foundation acknowledge the following contributors who have contributed Rs. 5000 or more to the BCAS Foundation during the period of December 2011 to February 2012. We are thankful for the support.1. Mr. S.C. Aythora R50,000/- (Corpus Donation)2. Mr. P.N. Shah R25,000/- (Corpus Donation)3. Mr. Paritosh Chandra Basu R10,000/- (Corpus Donation)4. Mr. C.C. Anandpara R5,000/- (RTI Activity Fund)