1MAY 2016

7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: bca@bcasonline.org ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv

Vice-President’s CommuniquéDear Members,

Vacations for anybody is a chance to take a break from work, see the world and enjoy time with family. Recent research has shown that the largest boost in happiness comes from the simple act of planning a vacation. In the study, the effect of vacation anticipation boosts the happiness for eight weeks. But Alas! After the vacation, happiness quickly drops back to baseline levels for most people. How much stress or relaxation a traveller experiences on the trip appears to influence post-vacation happiness. One reason, vacations don’t boost happiness after the trip may have to do with the stress of returning to work. And for some travellers, the holiday itself is stressful. I am sure most of us may be able to relate to this. Here I am reminded of a nice quote by a prolific writer from England, Hilaire Belloc – “I have wandered all my life, and I have also travelled; the difference between the two being this, that we wander for distraction, but we travel for fulfilment.”

Hence, vacations are like hitting the refresh button. Only if we can switch off our tech gadgets and enjoy the nature and the company, then our experience will surely be different. Try it!

It was an honour and a privilege to welcome and felicitate the President and the Vice-President of ICAI at BCAS. It has been a yearly ritual and a tradition to honour the incoming President and the Vice President and exchange ideas and thoughts in an informal and relaxed environment. This year there was some pride also. Our core group member, CA. Nilesh Vikamsey’s election to the prestigious post of Vice-President is an honour, and this visit was, in fact, a homecoming for him. The President, CA. Devaraja Reddy’s candid remarks impressed one and all present at the meeting.

Among the initiatives being taken by ICAI includes Reenergizing of the twenty-seven foreign chapters of the

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

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

(Continued on page 2)

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

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

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

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

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

Vol. 19 n No. 02 n MAY 2016

International Tax & Finance Conference..................................................................................... 13.08.2016 to 17.08.2016 ....Colombo & Bentota, Sri Lanka.....................................................................03

Full Day Workshop on Fraud Reporting etc……..........................................................................04.06.2016……..........……………..BCAS, Jolly Bhawan 2, New Marine Lines…........................................08

Full Day Workshop on Practice Management & Technology.....................................…..18.06.2016…….................………....BCAS, Jolly Bhawan 2, New Marine Lines......................................09

9th Jal Erach Dastur CA Students Annual Day……...............................................................…11.06.2016….............................……K. C. College Auditorium, Churchgate................................................1 0

10th Residential Study course on Service Tax & VAT............................................................24.06.2016 to 26.06.2016.....Hotel Mercure, LAVASA (Pune)..................................................................06

Lecture Meetings………………..................................................……………………….......................................08.06.2016, 15.06.2016.............................................................................……..................................................0 1

LECTURE MEETINGS

Speaker: Khushroo Panthaky Subject : Recent Regulatory issues impacting Audit Finalisation as on 31st March, 2016Venue : Walchand Hirachand Hall, 4th Floor, Indian Merchants’ Chamber, Churchgate, Mumbai 400 020 Day, Date & Time: Wednesday, 15th June 2016, 6. 15 p. m.*

Speakers: Bhadresh Doshi and Siddharth Banwat Subject : Filing of Income tax ReturnVenue : Walchand Hirachand Hall, 4th Floor, Indian Merchants’ Chamber, Churchgate, Mumbai 400 020 Day, Date & Time: Wednesday, 8th June 2016, 6. 15 p. m.*

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

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

Watch, Like, Share, Connect with us @ BCAS Global

Institute by allocating them to the newly elected fifteen Central Council Members. The Railways have agreed to the Institute’s suggestions of converting its bookkeeping from single entry to double entry, and our fraternity’s help has been solicited for the conversion. Further, the Institute is liaising with twenty-nine Chief Secretaries of the States for adopting double entry as the correct method of accounting. The President also expressed his desire that each branch should have its ownership building. It is his wish to reach out to our CA brothers in the IAS fraternity and involve them in our noble profession of Nation building. He stated that the lackadaisical approach to training during articleship by students and declining ethical values and belongingness to the profession of the members are quite disturbing. The Vice President was happy that the council has fifteen new

2 MAY 2016

(Continued from page 1)

members and though the Council has lost on experience, it has gained on youth. He requested the BCAS, through its members, to give their inputs to the proposed new syllabus so that it is more practical and result oriented. The icing on the cake for the BCAS fraternity came when the President praised the BCA Journal and requested the Editorial Board of BCAS to give their valuable inputs in improving the ICAI Journal and also when he remarked that BCAS was like a younger brother to the Institute.

The Past Presidents of BCAS and other members present assured both of them that the BCAS is always eager to walk shoulder to shoulder with its alma mater in any situation or work that the Institute considers worth involving BCAS. Such bonhomie between the alma mater and the oldest and respected institution of the same profession will go a long way in strengthening the profession, harnessing the talent and providing quality service to the Society at large.

Recently we had an interactive meeting with Former MP Mr. Milind Deora and highlighted some important issues arising out of the provisions relating to Direct Taxes in the Finance Bill, 2016 which will cause hardship and need reconsideration and modification by the Government. His good offices were solicited to influence the Government to reconsider these provisions.

The 14th Residential Leadership Camp on leading and co-creating across generation and art of relationship and influencing left quite an impact on the participants. The serene beauty of the surrounding mountains and lush greenery added

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 : Hema D. SampatClinic Co-ordinator: Mrs. Madhuri Haware – 61377613

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

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

Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related difficulties on the subject of RTI. The RTI Clinic operates on Saturdays from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 28th May 2016 and 11th, 18th and 25th June 2016. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 3rd June 2016 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 4th June 2016 from 4 p.m. to 5 p.m.

Persons interested in having their queries pertaining to accounting and auditing issues resolved 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.

to the influence. The effect of paradigm shift was correctly understood when a different perspective to a common situation evolved during the interaction. I request the members to make it a point to attend this camp in the future.

The first Overseas International Tax & Finance Conference has received a very encouraging response. The topics selected are indeed very practical and useful in the day to day practice of international tax. The added attraction being a paper from a Sri Lankan faculty on tax and investment in Sri Lanka. Very few seats are now available, so those last minute decision makers may miss the opportunity if they delay the decision any further.

The Human Development and Technology Initiatives Committee has organised the 9th Jal Erach Dastur Students Annual Day in the month of June. This year, it is truly going to be a participative event - “Annual Day of the Students, by the Students, for the Students”. The theme this year is “Tarasho Apne Talent Ke Rang”. I request all the members to encourage their article students to participate in the programme and bring out their hidden talents. Those who have experienced and seen this Annual day event in the past will surely agree with me “Future bright hai”.

Warm Regards,

Chetan Shah

3MAY 2016

INTERNATIONAL TAX & FINANCE CONFERENCE, 2016, IN SRI LANKA

The International Taxation Committee has great pleasure in announcing its first ever internationally destined ‘Residential International Tax & Finance Conference’ to mark its successful journey of sharing, learning and growing together of over two decades to be held at Sri Lanka.

The Conference being at International destination, same is open for Member’s Spouse/children also.

The conference will provide a forum to the members to come together to deliberate and exchange views in the dynamic tax world and rapidly evolving initiatives like BEPS, Multilateral Exchange of Information and introduction of new tax regimes.

About the destination:

Sri Lanka rightly called by many as the Pearl of Asia is filled with natural landscapes, surrounded by rising mountains, lush forests, ocean like tanks and gushing waterfalls, that it was considered the lost paradise by many a globe trotter, who fell upon the country. The golden beaches of the country are praised for their picture postcard views since eternity. The dusk and dawn and many human activities connected to different times of the day creates a vibrant picture along the coasts of Sri Lanka.

The central highlands of the island are filled with stirring mountains carpeted with lush green tea gardens, roaring waterfalls mingling with the clouds and landscapes shimmering in sunlight and disappearing under the rising mist. Giant statues of Lord Buddha rise above the forest line while ancient palaces stand abandoned to the forest, waiting for a master, who long departed from life.

On the western coasts of the country is its capital city - Colombo, which displays a rich colonial heritage. A potpourri of races, religions and cultures, Colombo parades the best the country has to offer.

To enable the participants to enjoy the best, that Sri Lanka has to offer, the Conference has been organised at multiple venues for 4 Nights 5 Days. The Conference details are as under:

Days & Dates: Saturday, 13th August 2016 to Wednesday, 17th August 2016Venues: Colombo & Bentota, Sri Lanka

Sr. No. Paper Paper writers

For Group Discussion

1 Outbound Structuring considering recent developments on anti-avoidance measures (i.e. BEPS, GAAR, POEM etc.)

Pinakin Desai

2 Cross-border succession planning (primarily involving jurisdictions like USA, UK etc.) including case studies

Vijay Dhingra

For Presentation

3 a

3 b

Taxation in Sri Lanka

Investment in Sri Lanka

Suresh R I Perera- Sri Lanka

Eminent Speaker from Sri Lanka

4 Intangibles – Issues in Transfer Pricing T. P. Ostwal

5 Equalisation Levy Padamchand Khincha

Panel Discussion

6 Exchange of Information (Common Reporting Standards, FATCA & existing Exchange of Information agreements) - Practical Experience

Eminent Panelists

4 MAY 2016

FEES:a) First 100 Enrolments: Ex-Mumbai : ` 57,500/- per person on double sharing (incl. ex-Mumbai economy class

airfare - Sri Lankan Airlines), visa charges, Overseas Travel Insurance, for the period of stay, applicable indirect tax, all meals and local transfers & sightseeing in Sri Lanka, course material and ` 50/- contribution to the BCAS Foundation.

NOTE : We have already crossed 100 enrolments, however Committee has negotiated the above rates for additional 20 enrolments. So interested members may sent the Forms immediately.

The Fees payable will be as under :

On or before 17.05.2016

i) ` 21,000/- In name of “Mercury Travels Limited” payable at par at Mumbai.

ii) ` 4,500/- In name of “Bombay Chartered Accountants’ Society” payable at par at Mumbai.

Balance On or before 31.05.2016

iii) ` 32,000/- In name of Mercury Travels Limited

b) Rates for Subsequent Enrolments: Ex-Mumbai : `62,500/- per person on double sharing (incl. ex-Mumbai economy class airfare - Sri Lankan/Jet Airlines), visa charges, Overseas Travel Insurance, for the period of stay, applicable indirect tax, all meals and local transfers & sightseeing in Sri Lanka, course material and Rs. 50/- contribution to the BCAS Foundation.

On or before 17.05.2016

i) ` 21,000/- In name of “Mercury Travels Limited” payable at par at Mumbai.

ii) `4,500/- In name of “Bombay Chartered Accountants’ Society” payable at par at Mumbai.

Balance On or before 31.05.2016

iii) ` 37,000/- In name of Mercury Travels Limited

• For interested participants from cities other than Mumbai, Flight travel details & changes in cost as applicable, if any, will be shared upon receipt of confirmation of participation.

• For Child below 12 Years with extra Bed sharing parent Room – ` 42,000/- (if within first 100 hundred enrolment) OR else ` 47,000/-.

• Difference, if any, on account of fluctuation in Foreign Exchange till the date of final instalment will be charged separately.

Itinerary:

Day 1: 13th August, 2016 – Departure from Mumbai by 03:10 am flight from Chatrapati Shivaji International Airport (Terminal - 2). Participants would be required to assemble at designated place on Terminal – 2, (3 hours prior to the departure time)

Land at Sri Lanka around 5:50 am and freshen-up for onward journey (2 hours) to Bentota. At Bentota, registration and check-in post break-fast at Hotel Eden Resort & Spa or similar

Conference commences in the afternoon.

Day 2: 14th August, 2016, Conference from morning upto 4 pm. Post Tea sightseeing and local beach activities for all members.

Day 3: 15th August, 2016, early break-fast and tour to Galle on way back to Colombo. Check-in at Colombo, hotel (Cinamon Lakeside or similar), Lunch and Evening Conference.

Day 4: 16th August, 2016, Conference from morning upto Lunch. Post Lunch tour to Negombo.

Day 5: 17th August, 2016, Check-out from Hotel, City & Shopping Tour and return flight to Mumbai at 23:40 p.m. from Colombo International Airport.

5MAY 2016

Eligibility: The Conference is open only for Ordinary/Life/Corporate Member of BCAS at the time of enrolment (and his/her spouse and children), and not for Journal Subscribers and Website Members of BCAS.

Delegate substitution/Refund:

No request for substitution of the delegate will be permitted.

Cancellation Policy:

a) First 21,000/- Non Refundable

b) Out of Balance - Amount forfeited would be as under :-

(i) Cancellation till 30.06.2016 – 55 % of the balance

(ii) Cancellation till 29.07.2016 – 75 % of the balance

(III) 14 days or less or No Show – 100 % of tour cost

In the event of inability of the registered delegate to attend the Conference for any reason, he/she should promptly inform the Committee by email [itf2016@bcasonline.org] indicating the subject as “ITF CONFERENCE 2016 – INABILITY TO ATTEND” with a copy marked to gm@bcasonline.org, em@bcasonline.org and cadeepakshah@gmail.com

EXTENSION PACKAGES :

Extension Packages for 2 Nights /03 Days after the Conference is also planned at

Nuwara Eliya (USD 270 per person on Twin Sharing)

Members interested to opt for extension packages should intimate the same in their Form.

Notes:

1. Enrolment will commence from 15th April 2016 and will be restricted to 150 members of BCAS only on first-come-first-served basis.

2. All communication from BCAS would be only by e-mail and SMS. Hence, please fill in the e-mail address and mobile number carefully and in legible writing.

3. Cheques/Demand Drafts should be drawn as stated above.

4. For enrolment and any other Conference related details, please contact

Deepak Shah - 9820148536

Gaurang Gandhi - 9820033802

Siddharth Banwat - 9096039986

Chairman: Gautam S. Nayak | Co-Chairman: Deepak R. Shah

Convenors: Dhishat B. Mehta, Gaurang V. Gandhi & Rutvik R. Sanghvi

Co-ordinators: Siddharth Banwat, Rajesh P. Shah

INTERNATIONAL TAXATION COMMITTEE

6 MAY 2016

The Indirect Taxation Committee of BCAS is pleased to announce the 10th Residential Study Course on Service Tax and VAT to be held at LAVASA, from 24th June to 26th June 2016. The details are as follows:-

DAY AND DATE : Friday 24th June to Sunday 26th June 2016

VENUE : Hotel Mercure and International Convention Centre, LAVASA (Pune)

FEES : ` 9258/- + 1342 (ST) = ` 10600/- per member

Subjects & Paper Writers:

Papers for DiscussionCENVAT Credit – Case Studies(Including issues arising from Recent Amendments and Latest Developments)

S. S. Gupta

Case Studies on Sale v/s Service – Composite Transactions (Taxability under VAT and Service Tax)

Parind Mehta

Case Studies on Taxation of Services(Various Important topics other than above two)

A. R. Krishnan

Papers for PresentationIndirect Tax Benefits in Foreign Trade Policy Divyesh Lapsiwala

Role of CAs in GST – Realignment Requirements Sagar Shah

The Venue: This recently developed hill station, LAVASA, is situated amidst the Sahyadri Mountains along the shores of Warasgaon Lake in District Pune of Maharashtra. Hotel Mercure is a luxury hotel managed by the Accor Group, and, Lavasa International Convention Centre (LICC) is said to be one of the finest convention centres of India.

Address: Hotel Mercure, 3 Dasve Circle, LAVASA (District Pune, Maharashtra) 412112, India. Tel: 91-20- 67929000.(About 90 minutes drive from Pune Airport & Pune Railway Station)

Notes:

1. The Residential Study Course is open only for Ordinary, Life & Associate members of BCAS.

2. Enrolments are started from 8th April 2016 and will be restricted to 150 members only, on first-come-first-served basis.

3. The Course will begin on Friday 24th June 2016 and will conclude on Sunday 26th June 2016 after lunch. Delegates can check-in at the hotel from 12 noon onwards on 24th June 2016.

4. All participants will be accommodated in earmarked rooms on twin sharing basis. The participants are requested, therefore, to indicate in the enrolment form their preference of room partner, if any.

5. The Enrolment Fees is inclusive of lodging, boarding, course material and ̀ 50/- being contribution towards BCAS Foundation. The participants shall make their own arrangements for travel to and from LAVASA.

6. Refunds & Substitution: Once enrolled, requests for refunds will not be entertained. However, the Committee, at its discretion, may permit substitution in specific circumstances, provided such request for substitution is received well before the commencement of RSC and the member to be substituted is an eligible member of BCAS.

7. For further enquiry, if any, you may kindly contact Mr. Amit Singh at BCAS. (Direct line: 61377606, e-mail: em@bcasonline.org)

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY 10th Residential Study Course on Service Tax & VAT

Chairman: Govind GoyalConvenors: Suhas Paranjpe , Mandar Telang & Saurabh Shah

INDIRECT TAXATION COMMITTEE

7MAY 2016

RENEWAL OF BCAS MEMBERSHIP / JOURNAL SUBSCRIPTION 2016- 17

MEMBERSHIP / JOURNAL SUBSCRIPTION DUE FOR RENEWAL FOR 2016 - 17

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 NEFT

PLEASE QUOTE YOUR MEMBERSHIP NUMBER / SUBSCRIPTION NUMBER

ENSURE YOU RECEIVE THE BCA JOURNAL WITHOUT INTERRUPTION

Enrolment Form

Bombay Chartered Accountants’ Society

10th Residential Study Course on Service Tax and VAT

24th June to 26th June 2016

BCAS M. No.: …………………………………...............................................................................................................................................................................................................................................

Name: (Mr./Ms.) ……………………………………………................................…………………………………………Age : ………………….................………………...…..……………….………………………………

Address: ……………………………………………………………………………………................................................................................................................................................................................................

……………………………………….....................................................................................................................................................................................................................….……………………………………………

Tel/Mobile: ………………..................................................................................……………….. Email:.........................................................................................................……………………………….

Choice of Room Partner: ………………………………………………………………….........................................................................................................................................................................

Food preference...............................................................................Jain..................................................................................Non-Jain...............................................................

I would like to act as Group Leader for Paper:

(1)…………….......................................................................................... (2) …………..........................................................................…………..... (3)…………..............................................…………………..

Enrolment Fees ` 10600/- (9258 + 1342) paid by Cheque/Draft No.......................................................................................................................................

Drawn on…………………………………………………………………………..............................................................................................................................................................................................………

Date: ……….....................………………..…

Signature: …………………………………

8 MAY 2016

DAY & DATE : Saturday, 4th June 2016 TIME : 9.00 a.m. to 5.30 p.m.VENUE: BCAS, 7, Jolly Bhavan No. 2,New Marine Lines, Mumbai - 400020

FEES : Early Bird Discount up to dt.15.05.2016

on and afterdt 16.05.2016

Member ` 1,145/- ` 1,431/-Non Member ` 1,489/- ` 1,718/-

ABOUT THE WORKSHOP:

With new advancements in technology and the rise in cyber crime, Management and Auditor’s need to be more diligent than ever in their efforts to avoid and identify all forms of fraud. 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.

Executing a cost-effective and value-added audit requires an understanding of population analysis. Without this knowledge, auditor’s run the risk of spreading the resources and sampling over low risk subsets of the population. This could result in crucial data not being audited. The workshop shall demonstrate how to use pivot tables and other audit tools to identify subsets of the population that behave differently from a benchmark data set.

KEY DELIVERABLES FROM SESSION OF CHETAN DALAL & SARANG DALAL

• UnderstandingReportingrequirementonfraudunderThe Companies Act 2013

• Auditor’sResponsibilityforfrauddetectionandreporting• AuditapproachforInternalFraud• ConductingInternalInvestigations• InterviewingTechniquesforAuditors• LegalElementsofFraudExamination• PrinciplesofFraudExamination• UsingDataAnalyticstoDetectFraud

KEY DELIVERABLES FROM SESSION OF CA. NIKUNJ SHAH:HOW PIVOT TABLE CAN BE USED TO:

• Summarisedataexceedingonemillionrows!!• Get Kaleidoscopic views by slicing and dicing data Use

Pareto analysis (80-20 rule) to identify high value (and high risk) transactions

• Quicklyperforma‘TimeDimension’analysisondataDetectnon-compliance with organizational policies & compliance frame work.

• Identify revenue leakages, doublepayments, etc. Learn tointerpret results of analysis and apply it in decision making.

DASHBOARDS CONCEPTS (INCLUDING APPLICATIONS) LIKE:

• Importantquestionstoask,beforeyoustartworkingonadashboard

• Howtoorganizeyourdatainthreelayers,soit’sflexible,and the dashboard can be easily changed.

• Tipsongood&baddesign,wheretofindmoreresources• Whichcharttypesworkbestfordifferentdatatypes• How to create interactive charts, to give users some

control over the content (without macros) • Howtousepivottableswithadashboard• Tipsfordistributingandprotectingyourdashboard.

WHO SHOULD ATTEND?• StatutoryAuditors• InternalAuditors• CEO, CFO, Directors and Top Management who

certify the effectiveness and existence of controls• IndependentDirectorsandAuditCommitteeMembers• InternalControlspecialistswhoareassistingcompanies

in setting up of internal financial control (IFC) systems that meet the test of adequacy and effectiveness

• Professionals engaged in providing specialisedservices for fraud detection, investigation or mitigation.

FULL DAY WORKSHOP ON FRAUD REPORTING & TOOLS FOR DATA MINING & ANALYTICS FOR STATUTORY/INTERNAL AUDITORS

TOPICS SPEAKERSCase studies on Data analytics for Fraud detection and Forensic Audit - A practical perspective in the context of revised regulatory framework on fraud reporting by auditors under The Companies Act 2013:

Chetan Dalal & Sarang Dalal R. U. Kamath

Assurance analytics and data mining for auditors using pivot tables:

Nikunj Shah

Dash Board Reporting: Nikunj Shah

HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE

ACCOUNTING & AUDITING COMMITTEE

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

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

Chairman: Harish N. Motiwalla | Co-Chairman: Rajesh R. Muni

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

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

9MAY 2016

DAY & DATE: Saturday, 18th June 2016 TIME: 9.00 a.m. to 6.00 p.m.VENUE: BCAS, 7, Jolly Bhawan 2, New Marine Lines, Mumbai-400 020

Program Outline:Following extensive research with the target audience, the agenda has been designed to focus on the biggest challenges accounting firms and their partners face both operationally in day to day work and strategically as the CA profession dramatically changes shape.

WORKSHOP BACKGROUND :In order for an accounting firm to be successful, it is important to have a clear strategy: the path that the partners and their teams wish to travel in order to achieve their goals. Aimed exclusively at professional firms from a proprietor to mid-sized partnership firm, this one-day event will provide participants with a unique opportunity to discuss common challenges, share experiences and hear the latest thinking from experts who have built sustainable firms and your peers.

The workshop will help firms do this by examining the business and strategic planning processes, as well as more detailed policies that govern the development and implementation of the strategic plan within your firm.

In digital age, technology shall be a critical enabler of Practice transformation and growth. Technology helps professionals gain a competitive advantage by allowing them to innovate and service customer at a faster pace. The workshop shall address recent technological development and trends relevant to professionals.

WHO SHOULD ATTEND: Partners from small to medium firms, Proprietors and next gen in traditional firms trying to scale up their practices and stay relevantKMP and Finance Professionals in start upStrategic Decision Makers of SME

Ameet Patel, Nandita Parekh & Nitin Shingala

KEY TAKEAWAYS:

Featuring an exceptional speaker panel of professional managers, this practice management program will help participants gain an understanding of:•howtodevelopaneffectivegrowthstrategyforyourfirmand implement it•howtomanagetheinternalandexternalrisksanewpracticefaces•howtousetechnologymoreeffectivelyinbuildingapracticeand in client delivery•howtoalignhumancapitaltofasttrackthegrowthofthefirm•howtofacethechallengesofbuildingyourfirm

FULL DAY WORKSHOP ON PRACTICE MANAGEMENT & TECHNOLOGY

TOPICS SPEAKERSOpening Remarks (Hindrances, obstacles, breaking the shackles, using technology better)

Ameet PatelNitin Shingala

Running a niche Professional Service Firm (Practical insights for SME firms to start a firm, build the firm and keep the firm aligned for growth)

Nishith DesaiAmar Pandit

Aligning Human Capital (People as strategic assets and quantify their contribution to the firm)

Vaibhav Manek

Various tools/ softwares for CA firms (iFirm - tool for Practice Management)

Debajit Roy

Technology for CA firms (How should a CA/small firm think about technology as an enabler for growing their firms)

Rajeev Sharma Founder, Osource

Panel Discussion

Chairman: Nitin P. Shingala I Co-Chairman: Mihir C. Sheth Convenors : Mukesh G. Trivedi, Krishna Kumar Jhunjhunwala & Kinjal M. Shah I Co-ordinators : Kinjal M. Shah

HUMAN DEVELOPMENT & TECHNOLOGY INITIATIVES COMMITTEE

FEES : Early Bird Discount upto on and after dt.31.05.16 dt 01.06.16Member ` 500/- ` 700/-Non Member ` 650/- ` 900/-

Fees include Service Tax, Course Material, Lunch, Refreshments and ` 30/- towards BCAS Foundation. Participants will have a fantastic opportunity to network with peers and develop lasting relationships to create an eco-system and share their growth best practices for mutual life long learning.

10 MAY 2016

You can pay online through the following link:- https://www.payumoney.com/events/#/buyTickets/Studentannualday

11MAY 2016

12 MAY 2016

13MAY 2016

BCAS on the web

(Knowledge Portal)

BCAS strives to build a better society through disseminating knowledge, developing skills and cultivating ethical business practices.

• BCAS on the web: Log on to http://www.bcasonline.org/knowledgeresources.aspx and enlighten yourself to a universe of awareness on the current developments/reforms through our series of Events, Lecture Meetings and RRC Papers, useful for the Society at large.

• Missed any event? Now you can watch our events on BCAS Web TV and view our old videos on You Tube Channel.

• SocialMediaPresence:

Know what’s latest and happening at BCAS, follow us on Twitter and Facebook. Connect with us at Linkedin to get all updates of our events and publications.

BOMBAY CHARTERED ACCOUNTANTS’ SOCIETY

Staff Contact DetailsSr. No Name Role Email ID Direct Line

1 Ms. Raaghini Wazacz, Member Services

Membership, Imprest, Publications and Online Payments

bca@bcasonline.orgmemberinfo@bcasonline.org

61377623

2 Ms. Mamta VarmaMember Relations Executive

Membership, Imprest, Publications and Online Payments

mrd@bcasonline.org 61377600

3 Mr. Manoj Lokhande, Front Desk Executive

Enrollments and Collections frontoffice@bcasonline.org 61377600

4 Mr. Prakash Palsamkar, Front Desk Executive

Enrollments and Collections frontoffice@bcasonline.org 61377600

5 Mr. Amit Singh, Events Manager Co-ordinator for Lecture meetings, Seminars, Workshops & Residential Courses

em@bcasonline.org 61377606

6 Mr. Javed Siddique, Events Manager Co-ordinator for Lecture meetings, Seminars, Workshops & Residential Courses

em1@bcasonline.org 61377607

7 Ms. Reema Pawar, Events Executive Co-ordinator for meetings and study circles at BCAS office asst.em1@bcasonline.org 61377605

8 Mr. V. K. Sharma, Knowledge Manager

Journal & Newsletter Production km@bcasonline.org 61377619

9 Ms. Madhuri Haware, Asst. Knowledge Manager

Journal & Newsletter Production asst.km@bcasonline.org 61377613

10 Ms. Rathi Nair, Secretary to President Executive Assistant sp@bcasonline.org 61377612

11 Mr. Upendra Hisaria, Office Manager General Office Administration om1@bcasonline.org 61377611

12 Ms. Jyoti Malkani, General Manager Escalations and all other matters not mentioned above. gm@bcasonline.org 61377602

14 MAY 2016

Subscribe Now!!!Full Day Workshop on “Practical Issues in Tax Deduction

at Source” by Sudhir Nayak (Speaker), Sanjeev Pandit, Pooja Punjabi held on 22nd April 2016 is available on BCAS Web TV.

BCAS WEB TV

Payment can be made by cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’. You can also pay by cash/credit card at the payment counter of BCAS Office. If you have an Imprest Account, then you can instruct us to adjust the subscription through the Imprest Account. The rates are subject to change based on notification from time to time.

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15MAY 2016

16 MAY 2016

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 8 circulars and 1 Corrigendum

CORRIGENDUM G.S.R.No.417(E) dated April 12, 2016

RBI has issued a Corrigendum to its Notification No. FEMA.362/2016-RB dated February 15, 2016 bearing G.S.R.No.166 (E). This corrigendum contains corrections as under: -

In Paragraph 2 (B) – In Regulation 14 – (a) (ia) shall be substituted by the following: -“(ia) ‘Control’ shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or shareholders agreements or voting agreements.For the purpose of Limited Liability Partnership, ‘control’ shall mean right to appoint majority of the designated partners, where such designated partners, with specific exclusions to others, have control over all the policies of Limited Liability Partnership.”

In Paragraph 2 (B) – In Sub-Regulation 5 – (c) (v) shall be substituted by the following: -“(v) It is clarified that Foreign investment shall include all types of foreigninvestmentsi.e.FDI, investmentbyFIIs,FPIs,QFIs,NRIs,ADRs, GDRs, Foreign Currency Convertible Bonds (FCCB) and fully, mandatorily & compulsorily convertible preference shares/debentures, regardless of whether the said investments have been made under Schedule 1, 2, 2A, 3, 6, 8, 9 and 10 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations, 2000.”

In Paragraph 2 (B) – In Sub-Regulation 6 – (d) (ii) (a) shall be substituted by the following: -“a. Such a company/LLP is to notify SIA, DIPP and FIPB of its downstream investment in the form available at http://www.fipb.gov.in within 30 days of such investment, even if capital instruments have not been allotted, along with the modality of investment in new/existing ventures (with/without expansion programme);”

In para 2 (C) – In Schedule I – “(ii) in paragraph 2, in sub-paragraph 4, after clause (iv), the following shall be added, namely:“(v) by way of swap of shares, provided the company in which the investment is made is engaged in an automatic route sector, subject to the condition that irrespective of the amount, valuation of the shares involved in the swap arrangement will have to be made by a Merchant Banker registered with SEBI or an Investment Banker outside India registered with the appropriate regulatory authority in the home country.

Note: A company engaged in a sector where foreign investment requires Government approval may issue shares to a non-resident through swap of shares only with approval of the Government.”

In para 2 (C) (iv) – The existing S. No. 6.1 of Annex B of Schedule 1 shall be substituted by the following: -

6.1 Defence Industry subject to Industrial license under the Industries (Development & Regulation) Act, 1951

49% Automatic route up to 49% Above 49% under Government route on case to case basis, wherever it is likely to result in access to modern and ‘state-of-art’ technology in the country.

In para 2 (C) (iv) – The existing S. No. 16.3 of Annex B of Schedule 1 shall be substituted by the following: -

16.3 Single Brand product retail trading

100% Automatic up to 49% Government route beyond 49%

1) Foreign Investment in Single Brand product retail trading is aimed at attracting investments in production and marketing, improving the availability of such goods for the consumer, encouraging increased sourcing of goods from India, and enhancing competitiveness of Indian enterprises through access to global designs, technologies and management practices. 2) FDI in Single Brand product retail trading would be subject to the following conditions: a) Products to be sold should be of a ‘Single Brand’ only. b) Products should be sold under the same brand internationally i.e. products should be sold under the same brand in one or more countries other than India. c) ‘Single Brand’ product-retail trading would cover only products which are branded during manufacturing. d) A non-resident entity or entities, whether owner of the brand or otherwise, shall be permitted to undertake ‘single brand’ product retail trading in the country for the specific brand, directly or through a legally tenable agreement with the brand owner for undertaking single brand product retail trading. The onus for ensuring compliance with this condition will rest with the Indian entity carrying out single-brand product retail trading in India. The investing entity shall provide evidence to this effect at the time of seeking approval, including a copy of the licensing/franchise/sub-licence agreement, specifically indicating compliance with the above condition. The requisite evidence should be filed with the RBI for the automatic route and SIA/FIPB for cases involving approval.

e) In respect of proposals involving FDI beyond 51%, sourcing of 30% of the value of goods purchased, will be done from India, preferably from MSMEs, village and cottage industries, artisans and craftsmen, in all sectors. The quantum of

17MAY 2016

domestic sourcing will be self-certified by the company, to be subsequently checked, by statutory auditors, from the duly certified accounts which the company will be required to maintain. This procurement requirement would have to be met annually from the commencement of the business i.e. opening of the first store. For the purpose of ascertaining the sourcing requirement, the relevant entity would be the company, incorporated in India, which is the recipient of Foreign Investment for the purpose of carrying out single-brand product retail trading. f) Subject to the conditions mentioned in this Para, a single brand retail trading entity operating through brick and mortar stores, is permitted to undertake retail trading through e-commerce. 3) Application seeking permission of the Government for FDI exceeding 49% in a company which proposes to undertake single brand retail trading in India would be made to the Secretariat for Industrial Assistance (SIA) in the Department of Industrial Policy & Promotion. The applications would specifically indicate the product/product categories which are proposed to be sold under a ‘Single Brand’. Any addition to the product/product categories to be sold under ‘Single Brand’ would require a fresh approval of the Government. In case of FDI up to 49 %, the list of products/product categories proposed to be sold except food products would be provided to the RBI.4) Applications would be processed in the Department of Industrial Policy & Promotion, to determine whether the proposed investment satisfies the notified guidelines, before being considered by the FIPB for Government approval.

Note:i. Conditions mentioned at Para (2) (b) & (2) (d) will not be applicable for undertaking SBRT of Indian brands.ii. An Indian manufacturer is permitted to sell its own branded products in any manner i.e. wholesale, retail, including through e-commerce platforms.iii. Indian manufacturer would be the investee company, which is the owner of the Indian brand and which manufactures in India, in terms of value, at least 70% of its products in house, and sources, at most 30% from Indian manufacturers.iv. Indian brands should be owned and controlled by resident Indian citizens and/or companies which are owned and controlled by resident Indian citizens.v. Government may relax sourcing norms for entities undertaking single brand retail trading of products having ‘state-of-art’ and ‘cutting-edge’ technology and where local sourcing is not possible.In para 2 (C) (iv) – The existing S. No. 16.5 of Annex B of Schedule 1 shall be substituted by the following: -

16.5 Duty Free Shops

100% Automatic

(i) Duty Free Shops would mean shops set up in custom bonded area at International Airports/ International Seaports and Land Custom Stations where there is transit of international passengers. (ii) Foreign investment in Duty Free Shops is subject to compliance of conditions stipulated under the Customs Act, 1962 and other laws, rules and regulations. (iii) Duty Free Shop entity shall not engage into any retail trading activity in the Domestic Tariff Area of the country.

The existing paragraph F.5.2 (3) (c) - Credit Information Companies (CIC) – shall be substituted by the following: -“(c) FIIs/FPIs investing in CICs shall not seek a representation on the Board of Directors based upon their shareholding.”

A. P. (DIR Series) Circular No. 59 dated April 13, 2016Acceptance of deposits by Indian companies from a person resident outside India for nomination as Director

This circular clarifies that making a deposit, u/s. 160 of the Companies Act, 2013, by a person who intends to nominate either himself or any other person as a director in an Indian company is a Current Account Transaction and does not require any approval from RBI.

Similarly, refund of such deposit upon selection of the person as director or his / her getting more than 25% votes is also a Current Account Transaction and does not require any approval from RBI.

A. P. (DIR Series) Circular No. 60 dated April 13, 2016Issuance of Rupee denominated bonds overseas

This circular has made the following changes with respect to issuance of Rupees Denominated Bonds overseas: -

a) The maximum amount that can be borrowed by an entity in a financial year under the automatic route by issuance of these bonds will be Rs. 50 billion and not US $ 750 million. Borrowing beyond Rs. 50 billion in a financial year will require prior approval of RBI.

b) These bonds can only be issued / transferred / offered as security overseas in a country and can only be subscribed by a resident of a country:

a. That is a member of Financial Action Task Force (FATF) or a member of a FATF – Style Regional Body; and

b. Whose securities market regulator is a signatory to the International Organization of Securities Commission’s (IOSCO’s) Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to bilateral Memorandum of Understanding with the Securities and Exchange Board of India (SEBI) for information sharing arrangements; and

18 MAY 2016

c. Should not be a country identified in the public statement of the FATF as:i. A jurisdiction having a strategic Anti-Money Laundering

or Combating the Financing of Terrorism deficiencies to which counter measures apply; or

ii. A jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies.

c) The minimum maturity period for these bonds will be three years in order to align them with the maturity prescription regarding foreign investment in corporate bonds through the Foreign Portfolio Investment (FPI) route.

d) Borrowers have to obtain the list of primary bond holders and so that the same can be provided to Regulatory Authorities in India as and when required.

e) Banks are required to report to the Foreign Exchange Department, External Commercial Borrowings Division, Central Office, Shahid Bhagat Singh Road, Fort, Mumbai – 400 001, the figures of actual drawdown(s) / repayment(s) by their constituent borrowers quoting the related loan registration number. However, reporting by email shall be made on the date of transaction itself.

A. P. (DIR Series) Circular No. 61 dated April 13, 2016Overseas Direct Investment – Submission of Annual Performance Report

Presently, an Indian Party (IP) which / Resident Individual (RI) who has made an Overseas Direct Investment under ODI / LRS is required to file an Annual Performance Report (APR) in Form ODI Part III with RBI by June 30, every year in respect of each Joint Venture (JV) / Wholly Owned Subsidiary (WOS) outside India set up or acquired by the IP / RI.

However, in violation of the provisions of FEMA: -a) IP / RI are either not regular in submitting the APR or are

submitting it with delay.b) Banks facilitate Remittance(s) and other forms of financial

commitments under the automatic route even though APR in respect of all overseas JV / WOS of the IP / RI have not been submitted.

To avoid these problems, this circular states that: -a) The online OID application has been suitably modified to

enable the nodal office of the bank to view the outstanding position of all the APR pertaining to an applicant including for those JV / WOS for which it is not the designated bank. Henceforth the bank, before undertaking / facilitating any ODI related transaction on behalf of the eligible applicant, must necessarily check with its nodal office and confirm that all APR in respect of all the JV / WOS of the applicant have been submitted.

b) Certification of APR by the Statutory Auditor or Chartered Accountant must not be insisted upon in the case of Resident Individuals. Self-certification can be accepted.

c) In case multiple IP / RI have invested in the same overseas JV / WOS, the obligation to submit APR will lie with the IP / RI having maximum stake in the JV / WOS. Alternatively, the IP / RI holding stake in the overseas JV / WOS can mutually agree to assign the responsibility for APR submission to a designated entity which must acknowledge its obligation to submit the APR by furnishing an appropriate undertaking to the bank.

d) An IP / RI, which has set up / acquired a JV / WOS overseas has to submit, to the bank every year, an APR in Form ODI Part II in respect of each JV / WOS outside India and other reports or documents by 31st of December each year or as may be specified by RBI from time to time. The APR, so required to be submitted, must be based on the latest audited annual accounts of the JV / WOS unless specifically exempted by RBI.

Any non-compliance with the instruction relating to submission of APR will be treated as contravention of Regulation 15 of the Notification No. FEMA 120/RB-2004 dated July 07, 2004 as amended and viewed seriously.

A. P. (DIR Series) Circular No. 62 dated April 13, 2016Overseas Direct Investment (ODI) – Rationalization and reporting of ODI Forms

This circular contains the changes made to information that needs to be submitted with respect to Overseas Investment.

Form ODI with respect to Overseas Direct Investment. The new Form ODI is given in Annex 1 to this circular.

1. The revised Form ODI will contain the following: -Part I – Application for allotment of Unique Identification

Number (UIN) and reporting of Remittances / Transactions: Section A – Details of the IP / RI. Section B – Capital Structure and other details of JV/ WOS/ SDS. Section C - Details of Transaction/ Remittance/ Financial

Commitment of IP/ RI. Section D – Declaration by the IP/ RI. Section E – Certificate by the statutory auditors of the IP/

self-certification by RI.Part II – Annual Performance Report (APR)Part III – Report on Disinvestment by way of

a) Closure / Voluntary Liquidation / Winding up / Merger / Amalgamation of overseas JV / WOS;b) Sale / Transfer of the shares of the overseas JV / WOS to another eligible resident or non-resident;c) Closure / Voluntary Liquidation / Winding up / Merger / Amalgamation of IP; andd) Buy back of shares by the overseas JV / WOS of the IP / RI.

2. New reporting formats, Annex II and Annex III, have been introduced for Venture Capital Fund (VCF) / Alternate Investment Fund (AIF), Portfolio Investment and overseas investment by Mutual Funds.

19MAY 2016

3. Post investment changes, subsequent to the allotment of UIN, are to be reported in Form ODI Part I.

4. Form ODI Part I must be obtained bank before executing any ODI transaction and the bank must report the relevant Form ODI in the online OID application and obtain UIN at the time of executing the remittance.

5. A RI undertaking ODI can self-certify Form ODI Part I and certification by Statutory Auditor or Chartered Accountant must not be insisted upon.

6. A concept of AD Maker, AD Checker and AD Authorizer has been introduced in the online application process.

7. Any non-compliance with the guidelines / instructions will be viewed seriously penal action as considered necessary may be initiated.

A. P. (DIR Series) Circular No. 63 dated April 21, 2016Foreign Investment in units issued by Real Estate Investment Trusts, Infrastructure Investment Trusts and Alternative Investment Funds governed by SEBI regulations

This circular now permits foreign investment (acquire, purchase, sell, transfer) in units of Investment Vehicles registered and regulated by SEBI or any other competent authority, subject to compliance with the applicable terms and conditions.

For the purpose of investment under these Regulations: -1. foreign investment in units of REITs registered and regulated

under the SEBI (REITs) Regulations, 2014 will not be included in “real estate business”

2. Presently, an Investment Vehicle will mean: - a. Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014;b. Infrastructure Investment Trusts (InvITs) registered and regulated under the SEBI (InvITs) Regulations, 2014;c. Alternative Investment Funds (AIFs) registered and regulated under the SEBI (AIFs) Regulations 2012.

3. Unit will mean beneficial interest of an investor in the Investment Vehicle and will include shares or partnership interests.

4. A person resident outside India will include a Registered Foreign Portfolio Investor (RFPI) and a Non-Resident Indian (NRI).

5. Payment for the units must be by way inward remittance or by debit to an NRE or an FCNR account.

A. P. (DIR Series) Circular No. 64/2015-16 [(1)/13(R)] dated April 28, 2016Notification No. FEMA 13 (R)/2016-RB dated April 01, 2016Foreign Exchange Management (Remittance of Assets) Regulations, 2016

This Notification repeals and replaces the earlier Notification No. FEMA 13/2000-RB dated May 3, 2000 pertaining to Foreign Exchange Management (Remittance of Assets) Regulations, 2000.

A. P. (DIR Series) Circular No. 65 dated April 28, 2016Import of Goods: Import Data Processing and Monitoring System (IDPMS)

This circular states that an Import Data Processing and Monitoring System (IDPMS) on the lines of Export Data Processing and Monitoring System (EDPMS) is to be developed. For this purpose Customs will modify the Bill of Entry format and non-EDI (manual) ports will be upgraded to EDI Ports.

This circular also contains guidelines to be following once the IDPMS system becomes operational. The guidelines pertain to: -1. Write off of import bills due to discounts, fluctuation in

exchange rates, change in the amount of freight, insurance, quality issues; short shipment or destruction of goods by the port / Customs / health authorities, etc.

2. Extension of Time for settlement of import dues3. Follow-up for Evidence of Import.

A. P. (DIR Series) Circular No. 66 dated April 28, 2016Opening and Maintenance of Rupee / Foreign Currency Vostro Accounts of Non-Resident Exchange Houses: Rupee Drawing Arrangement

Presently, Exchanges Houses are required to maintain a collateral equivalent to one day’s estimated drawings under Rupee Drawing Arrangement with respect to Vostro Accounts.

This circular has done away with the requirement of mandatorily maintaining a collateral by Exchange Houses under Rupee Drawing Arrangement with respect to Vostro Accounts. However, banks are free to frame their own policies and decide whether to request for a collateral or not from Exchange Houses.

OPERATIONS AT BCASWe are happy to inform you that on the auspicious occasion of Akshaya Tritiya, the refurbished Jolly Bhavan office of the Society was inaugurated by the hands of our respected Past President Shri P. N. Shah on 9th May 2016.

We have now resumed back our services for members from the BCAS Jolly Bhavan. 2, Ground Floor, New Marine lines, Mumbai – 400 020. Member Services like events enrollments, sale of publications, member registration, and the Library will function from Jolly Bhavan office.

20 MAY 2016

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MCS/093/2015-17Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1Published on 15th of every month • Posted on 15th & 16th of every month

Edited, printed & published by Anil Sathe on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia Pvt. Ltd., Mumbai-400013.

• Please fill in the above form and send the same to the Society’s office along with requisite payment. • Please mention your name and membership number on the reverse side of the local cheque/at par

cheque/Demand Draft. • The Cheque/DD will be in the name of “Bombay Chartered Accountants’ Society”. Your participation will be confirmed only after the realization of payment at BCAS, for which a

receipt will be provided for your reference. • Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunch time is 1.30

p.m. to 2 p.m. Members are requested to co-operate in this regard. • Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed.

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10th Residential Study Course on Service Tax & VAT.................................................24.06.2016 to 26.06.2016................ R10,600 per member................................................................................

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