chartered accountants western india chartered accountants western

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

Vol XXXV | No. : 413 | November, 2009

Rs. 15/- per copy

OTEits your FUTURE

for the BESTmake your Opinion Count!

ELECTIONS TOCentral Council and Regional Council

4th (Fri.) & 5th (Sat.), Dec., 2009in Mumbai, Pune & Ahmedabad.5th Dec (Sat.) at other places.

from 8.00 a.m. to 8.00 p.m.

NEWSLETTERCHARTERED ACCOUNTANTS

WESTERN INDIA

NEWSLETTERCHARTERED ACCOUNTANTS

WESTERN INDIA

PHOTO gallery

Shri Prayasvin Patel, Managing Director,Elecon Engineering Ltd., lighting the lamp at WIRC Sub-Regional Conferenceorganized by Baroda, Anand and Bharuch Branch, held on 9th October, 2009. Othersseen from L to R: CA. Kamlesh Parikh,CA. B.C. Jain, Chairman, WIRC, CA. SunilTalati, Past President ICAI, CA. AbhishekNagori, CA. Atul Parikh, RCM, CA. PiyushPanchal.

CA. B.C. Jain, Chairman, WIRC addressing the Seminar on MVAT, held on 1stNovember, 2009. Others from L to R: CA. Subhash Chhajed, CA. C.B. Thakar,Faculty, CA. S.L. Jain.

Other Speakers at the Seminar on MVAT

CA. Rajat Talati CA. Dhaval Talati CA. Deepak Thakkar

Other Speakers at the Conference on Business Restructuring

CA. Rekha Bagry CA. Falguni Shah CA. Jayesh Thakur CA. Sujal ShahCA. B.C. Jain, Chairman, WIRC lighting the lamp at the Conference on BusinessRestructuring held on 31-10-2009. Others from L to R: CA. Bharat Patel, CA. M.B.Mistry, CA. Janak Vaghani, Faculty, CA. Sujit Modi.

Photograph taken during the Seminar on International Taxation, held on 31stOctober, 2009. Seen from L to R: CA. N. M. Jain, CA. B.C. Jain, Chairman, WIRC,CA. Jayesh Kariya, CA. Dinesh Gandhi.

Other Speakers at the Seminar on International Taxation

CA. Manisha Gupta

CA. Rakesh Alshi CA. Shabbir Motorwalla CA. Harish Motiwalla

CA. Nilesh Modi CA. Shrikant Nadkarni

Photograph taken during the celebration on occasion of 50th GMCS Batch atSouth Indian Education Society at Nerul.

CA. B. C. Jain, Chairman, WIRC, addressing the Advance GMCS Course, held on 30thOctober, 2009. Others from L to R: Ms. Sneha Shah, Faculty, Mr. Shashank Gupta,Faculty

02 November 2009 | Western India Chartered Accountants Newsletter

Dear Professional Colleagues,

It is often said that tough times call for tough measures. When the global recession struck India last year, RBI took some majorinitiatives to fortify the security and safety of the already robustbanking system. RBI also implemented a new monetary policywhich reduced both the SLR and CRR which in turn increasedthe liquidity in the system. At the same time the Governmentalso made substantial increase in expenditure. The policy of theRBI and of the Government, in effect put more money in thehands of people, ultimately leading to a respectable growth rateof 5-6 per cent during difficult times.

However currently, the RBI has decided to reverse its policy of easy money and mandated to increase the Statutory LiquidityRatio (SLR) which would result in reduced liquidity in thesystem. Rising inflation and crude oil prices couldbe other sources of economic worry. The Govern-ment would continue to face the challenge ofbalancing increase in expenditure on qualitativeinfrastructure projects and at the same timekeeping the fiscal deficit in control.

Closer to home, the recent elections in the State ofMaharashtra have seen the previous Governmentbeing re-elected. This result will enable theGovernment to complete their policy agenda byjudiciously implementing and executing policiesthat would ensure Mumbai’s position as one of thepremier financial capitals of the world and putMaharashtra on top amongst the industrialisedstates in India.

We recently had the privilege to welcome the LordMayor of London at ICAI. This was a momentousoccasion as it was the first time that the Lord Mayorwas visiting India specifically to interact with a regulatory body.We also had the opportunity to organise a joint Conference withthe Institute of Chartered Accountants in England & Wales(ICAEW) on the theme “A New Vision for Financial Services”.This Conference discussed the current experiences of thefinancial and business sectors in order to map a future plan torestore business confidence.

I take pride in informing you that we recently held a Sub-Regional Conference at Anand which was unique in that it was jointly organised by three branches - Anand, Vadodara andBharuch - all working together to ensure its success. This trulyproves that together we can achieve better.

We have a very specific and technical knowledge base. How wecommunicate this with our clients, society and each other isimportant. We, at the Institute took proactive steps to address thisissue and initiated the GMCS Course. Looking at its positive resultswe took it a step further and organised an Advance GMCS Coursefor senior members. This course was extremely successful and thebenefits were visible. Seeing the enthusiastic response of ourmembers to this course we would like to continue the AdvanceGMCS Course in the future and provide all our members the toolsto be effective and powerful communicators.

As everyone is aware, the Government of Maharashtra hasrecently introduced a revised MVAT Form 704. This revision has

INSIDE...

increased our role in reporting tremendously. To address thisand other MVAT 704 issues we have formed an MVAT sub-group under the Chairmanship of Past President, CA AshokChandak and other distinguished members who are represent-ing the issues to the Commissioner of Sales Tax and theGovernment of Maharashtra. I appreciate the efforts put in bythis sub-group for their hard work in compiling the revisedpublication on “Guide to MVAT Audit” which will be releasedshortly.

Members should take note that 31st December is the last day tocomplete their stipulated CPE hours for the year 2009. To ensurethat you are provided many opportunities to timely completethe same, we have organised a variety of programmes onvarious topics of interest at a host of different venues. Members

are requested to complete their CPE hours in timeto avoid a last minute rush and disappointment.

To prepare our members for future regulatorychanges and new Government Policies we haveorganised a Regional Conference on 18th and19th December, 2009 at Hotel Intercontinental,Mumbai. The theme of the Conference is “Chang-ing Paradigms” and it will cover important issuesin Direct & Indirect Taxes, Accounting & Auditingas well as the New Income Tax Code, GST, LLPand Company Law Bill, 2009. Since this Confer-ence would be very useful, informative and aguide to the future, all members are requested toavail of the benefits and enrol in large numbers.

The Finance and Banking sector is growing at afast pace and increasingly our members areembracing this sector. To give us an in-depth

understanding we have organised a Conference on the theme‘International Banking and Finance Conference’ jointly with IMC.This Conference will be addressed by some eminent dignitariesfrom Banking including RBI Governor, Dr. D. Subbarao,Chairman SBI Shri O.P. Bhatt and other luminaries. I am suremembers will take advantage of this important Conference

You must be aware that elections for the Central and RegionalCouncils will be held on 4th and 5th December. Time to choosemembers who will lead our Institute for the next three years isfast approaching. It has been observed that past elections haveseen a low voter turnout in our Region as members have notexercised their mandate. This year let us actively commit tovote, inspire others to vote and ensure an increased turnout. Weneed to ensure that we elect candidates of good calibre who willsteer our Institute to greater heights of glory.

As I conclude my message let us remember the inspiring wordsof our Former President of India Dr. A.P.J. Abdul Kalam whosaid, “Total commitment is the common denominator amongall successful men and women.”

With best regards,

CA. B.C. Jain

Western India Chartered Accountants Newsletter | November 2009 03

CHAIRMAN'S

5 | Forthcoming Events

21| Forthcoming Study Circle Meetings

22| Bulletin Board

21| Forthcoming Branch Meetings

24 | Law Updates 26 | Recent Judgements

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FORTHCOMINGevents


DATE PROGRAMME TIME VENUE FEES CPE PG.

20 & 21/11/2009 Two Days Seminar on the Financial Services — Industry Emerging Trends, 10.00 a.m. to 6.00 p.m. Hotel J. W. Marriott, Juhu Tara Road, Juhu, Mumbai 4200 12 06Challenges and Way Forward

20 to 22/11/2009 Residential Refresher Course 10.00 a.m. to 6.00 p.m. Umbergaon Club & Resort, Gujarat 3250 06 06

21/11/2009 Full Day Seminar on Accounting Standards 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 06

21/11/2009 Updates on Various Laws 10.00 a.m. to 6.00 p.m. M. C. Ghia Hall, Kala Ghoda, Mumbai 750 06 07

25/11/2009 4th International Banking & Finance Conference 2009Banking – Crisis and Beyond 9.30 a.m. to 6.00 p.m. Regal Room, Trident Hotel, Nariman Point, Mumbai 2500 06 07

8 & 29/11/2009 Sub-Regional Conference at Rajkot 10.00 a.m. to 6.00 p.m. Hemu Gadhvi Auditorium, Tagore Road, Rajkot 1900 12 08

28/11/2009 Full Day Seminar on Allied Laws 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 09

29/11/2009 Seminar on Restructuring and Business Valuation 10.00 a.m. to 6.00 p.m. MCF Club, Prem Nagar, Borivali (W) 1000 06 09

30/11/2009 & Sub-Regional Conference at Aurangabad 10.00 a.m. to 6.00 p.m. Tapadiya Natya Mandir, Nirala Bazar, Aurangabad 1600 12 0801/12/2009

06/12/2009 Seminar on Internal Audit 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 09

11/12/2009 Full Day Seminar on Emerging Trends in Cross Border 10.00 a.m. to 6.00 p.m. J. W. Marriott Hotel, Juhu Tara Road, Juhu, Mumbai 2500 06 09Transactions (including tax impact)

11, 12, 13/12/2009 3rd Advance GMCS Course 10.00 a.m. to 6.00 p.m. Council Hall, ICAI Bhawan, Cuffe Parade, Mumbai 2500 18 10

12/12/2009 Seminar on Issues in MVAT 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 10

12/12/2009 Full Day Seminar on Co-operative Housing Societies 10.00 a.m. to 6.00 p.m. Hotel Kohinoor Continental, J.B. Nagar, Andheri (E) 1200 6 10

12/12/2009 Conference on Telecom Industry 10.00 a.m. to 6.00 p.m. Hotel J. W. Marriott, Juhu Tara Road, Juhu, Mumbai 2500 06 11

15/12/2009 S. Vaidyanathan Iyer Memorial Lecture 6.00 p.m. to 8.00 p.m. Walchand Hirachand Hall, IMC, Churchgate — — 10

18/12/2009 Diamond Jubilee Conference on Corporate Governance 10.00 a.m. to 6.00 p.m. Hotel J. W. Marriott, Juhu Tara Road, Juhu, Mumbai 2500 06 11

18 & 19/12/2009 WIRC Regional Conference at Mumbai 10.00 a.m. to 6.00 p.m. Majestic Banquet, Hotel Inter Continental The Lalit, Sahar Airport Road, Andheri (E), Mumbai 2800 12 05

21, 22, 23, 24, 28, CPE Lecture Meeting Series 6.00 p.m. to 8.00 p.m. K. C. College Auditorium, Churchgate, Mumbai 100 Per 02 1229, 30/12/2009 Lecture

24 & 25/12/2009 Sub-Regional Conference at Thane 10.00 a.m. to 6.00 p.m. Hotel Tip-Top Plaza, Near Eternity Mall, Teen Hath Naka Thane (W) 1800 12 08

26/12/2009 Special Seminar for Ladies 10.00 a.m. to 6.00 p.m. M. C. Ghia Hall, Kala Ghoda, Mumbai 750 06 11

26/12/2009 Seminar on VAT Audit New Form 704 10.00 a.m. to 6.00 p.m. Mayors Hall, Juhu Lane, Andheri (W), Mumbai 1000 06 07

26/12/2009 Full Day Seminar on Service Tax 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 12

27/12/2009 Full Day Seminar on Taxation 10.00 a.m. to 6.00 p.m. Terapanth Bhawan, Thakur Complex, Kandivali (E) 750 06 12

27/12/2009 Full Day Seminar on VAT Audit 10.00 a.m. to 6.00 p.m. Kohinoor Hall, 1st Floor, Opp Siddhivinayak Temple, Dadar 1000 06 12

26, 27/12/2009 Conference on Hotel & Tourism Industry 10.00 a.m. to 6.00 p.m. Hotel Sahara Star, Near Domestic Airport, Vile Parle (E), Mumbai 5000 12 13

2/01/2010 Full Day Seminar on MVAT 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 12

09/01/2010 Seminar on Assessment, Reassessment, Revision, 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 13Appeal under the Income-tax Act, 1961

09 & 16/01/2010 Inter Firm Cricket Tournament Oval Maidan, Churchgate, Mumbai 5000 — 14

16/01/2010 Full Day Seminar on Auditing Assurance 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 14Standards (AAS) and Taxation

22/01/2010 M. L. D’Souza Rotating Trophy Cricket Match 5.00 p.m. to 10.00 p.m. Polic Gymkhana Ground Mumbai — — 14

23/01/2010 Full Day Seminar on Accounting & Taxation 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 14Aspects of Shares & Securities

06/02/2010 Full Day Seminar on Project Finance 10.00 a.m. to 6.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 750 06 14

SPECIAL PROGRAMMES FOR YOUNG MEMBERS

20/11/2009 Professional Opportunities in Merger & Acquisitions 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

27/11/2009 Relevant provision relating to Audit of Co-operative Banks 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

03/12/2009 Do’s and Don’ts and FEMA for NRIs Tax Planning for NRIs 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

11/12/2009 Issues in Taxation of Charitable Trusts 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

18/12/2009 Tax Planning through HUF & Family Arrangements 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15Preparation of WIll & Documents in Relation to HUF & Family Arrangements 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

24/12/2009 Tax Planning for Real Estate Transactions 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

31/12/2009 Risk Based Auditing 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

08/01/2010 Appeal under Income-tax Act 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

15/01/2010 Valuation of Service Tax 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

22/01/2010 Taxation of Advance and TDS under 195 5.00 p.m. to 8.00 p.m. J. S. Lodha Auditorium, ICAI Bhawan, WIRC 200 03 15

STUDENTS PROGRAMME

15 to 31/03/2010 IPCC & Final C.A. Students’ Education Crash Courses for May & 6.15 p.m. to 8.30 p.m. Sydenham College, ‘B’ Road, Churchgate 1500 — 14November 2010 Examinations

on fromat

th thFriday, 18 & Saturday, 19 December, 2009 10.00 a.m. to 6.00 p.m.Majestic Banquet, Hotel Inter Continental The Lalit, Sahar Airport Road, Andheri East, Mumbai

CHANGING PARADIGMS

The Cheque should be drawn in favour of WIRC-ICAI, and sent to WIRC Office, ICAI Bhawan, 27, Cuffe Parade, Mumbai 400 005.

CHIEF CO-ORDINATORS

CA. Ashok Pagariya, Treasurer, WIRC | 9422036831

CA. Ashwin K. Nagar | 09833015352

CA. Atul N. Parikh | 9376217261

CA. Rakesh Lahoti | 09327025096

(inc ude background material, break a t,

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at Mumbai

WIRC

ACCOUNTING & AUDITING

FUTURE OF PROFESSION : GRAPPLING THE CHANGES

INDIRECT TAXES

DIRECT TAXES

PRESIDENTS VISION FOR ICAI

STOCK MARKETS - GAZING THE CRYSTAL BALL

Chairman of the Session: CA. N. P. Sarda, Past President ICAI

Change to IFRS - Will it prevent fraud? CA. P. Ramesh

Auditing Standards - A Forgotten Responsibility? Eminent Faculty

Accounting Standards on Financial Instruments -Changing Role of Internal Auditors Post Satyam CA. Aarti Shekhar

Chairman of the Session: CA. M. M. Chitale, Past President ICAI

GST - Structure, Benefits and Complications CA. Parind Mehta

New Code of Income Tax - Taxation Simplified? CA. Rajan Vora

Company Law Bill, 2009 - Transforming the Corporate World CA. Mehul Modi

LLP - Is it Really worth the Exercise Eminent Faculty

Chairman of the Session CA. Ashok Chandak, Past President ICAI

Keynote Address

Overlaps in Indirect Taxes - Complexities beyond control Shri Rohan Shah, Advocate*

Issues in Service tax - Eluding Definitive Answers CA. Vipin Jain

New Format - MVAT Audit report - where eagles dare CA. Rajat Talati

Chairman of the Session: CA. Gautam Doshi*

Taxation of Capital Receipts(including sections 50C & 56 CA. Chetan Karia

Transfer Pricing assessment -Confusion Compounded ? CA. Vispy Patel

Business Expenditure - Increasing Complexities Shri Saurabh Sorapkar*Advocate

CA. Uttam Prakash Agarwal,President ICAI

Chairman of the Session CA. Kamlesh Vikamsey,, Past President ICAI

Panel Discussionn CA. Rakesh Jhunjhunwala*CA. Motilal OstwalCA. Nilesh Shah*Shri Madhusudan KelaCA. Nipun Mehta

*Subject to Confirmation

FORTHCOMINGevents

05Western India Chartered Accountants Newsletter | November 2009

For Seminar registration, enquiry contact 39802923 or Subhash Gurav on 65715690. Cheques should be drawn in favour of"WIRC" and sent to WIRC Office, ICAI Bhawan, Cuffe Parade, Colaba, Mumbai 400005

TWO DAYS SEMINAR ON THE FINANCIAL SERVICES INDUSTRY - EMERGING TRENDS, CHALLENGES

AND WAY FORWARD

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DAYS & DATES FRIDAY, 20TH NOVEMBER &SATURDAY, 21ST NOVEMBER, 2009

VenueTime

Fees

Co-ordinators

DAY 1

DAY 2

Hotel J. W. Marriott, Juhu Tara Road, Juhu, Mumbai10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 4,200 /- for Members (inclusive of course material, lunch and refreshments) (Please add Rs.100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Sachin Tulsian 9920688003 CA. Ankit Sanghavi 9820689003CA. Mehul Sheth 9820297310 CA. Jayesh Shah 9819043921CA. Archit Kotwal 9820224552 CA. Punita Bansal 9323034493

Accounting challenges –– Analysing impact of CA. Ashutosh PednekarAccounting Standards 30, 31 and 32 for BanksIndirect Taxes – Typical indirect tax issues CA. Uday Pimprikarin financial services transactionsIFRS –– Issues and way forward CA. Kumar Das GuptaRegulatory Aspects – FEMA, SEBI, NBFCRegs, LLP CA. Tushar Sachade

Direct Taxes – Topical direct tax (incuding PE)issues for the key segments and overviewon the implications of the proposeddirect tax code on the FS industry CA. Sunil GidwaniTransfer Pricing – Banking and CapitalMarkets – topical Transfer Pricing challenges,assessment experience andemerging global trends CA. Dhaivat AnjariaCurrent industry scenario and future outlook CA. Arnav Pandyafor key segments of the FS industry Journalistfollowed by Panel discussion

TOPICS SPEAKERS

FULL DAY SEMINAR ONACCOUNTING STANDARDS

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DAY & DATE SATURDAY, 21ST NOVEMBER, 2009

Venue

Time

Fees

Co-ordinators

J.S. Lodha Auditorium, ICAI Bhawan, WIRC

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

Rs. 750 /- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Parul Agarwal 9321557236 CA. Heneel Patel 9833994888CA. Shaheen Yadav 9833554512 CA. Minal Suba 9323274002

AS-25 Interim Financial Reporting

AS-29 Provisions, Contingent Liabilities CA. Jitendra Wadhani& Contingent Assets

AS-30 Financial Instruments: Recognitions& Measurement

CA. Anagha ThatteAS-31 Financial Instruments: Presentation

AS-32 Financial Instruments: Disclosures

AS-21 Consolidated Financial Statements

AS-23 Accounting for Investments in AssociatesCA. Mehul Shahin Consolidated Financial Statements

AS-27 Financial Reporting of Interests in JointVentures

AS-26 Intangible AssetsCA. Naresh Kataria

AS-28 Impairment of Assets

TOPICS SPEAKERS

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RESIDENTIAL REFRESHERCOURSE AT UMBERGAON

DAYS & DATES FRIDAY, 20TH NOVEMBERTO SUNDAY, 22ND NOVEMBER, 2009

VenueTimeFees

Co-ordinators

Umbergaon Club & Resort, Umbergaon, Gujarat10.00 a.m. to 6.00 p.m. (Reg. 9.30 a.m. to 10.00 a.m.)Rs. 3,250 for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Sanjay N. Thakkar 9324312627 CA. Manish Sheth 9869214472CA. Mahesh Anandpara 9821140957 CA. Kinjal Shah 9892100844

20/11/2009Case Studies on Taxation of Real estatedevelopers and Contractors CA. Romesh Sankhe21/11/2009Case Studies on Set-off under VAT CA. Bharat Gosar21/11/2009Issues in Accounting Standards 7, 9, 15, 22, 26, 29 CA. Paresh Clerk22/11/2009Yoga Sibir with Pravachan on benefits of Yoga Shri Umedbhai Desai Guruji

JOINTLY WITH BORIVALI (CENTRAL) CPE STUDY CIRCLE

TOPICS SPEAKERS

FORTHCOMINGevents



Health is wealth. How to keep health fit and at its best in such a hectic and tremendous pressure of life is a big challenge. In order to

overcome the stress and lead a peaceful life, WIRC of ICAI supported by Shri Samani Akshay Pragyaji is pleased to announce a Lecture Meeting with a special spiritual session, to experience the

glory of the universal values of mankind.

LECTURE MEETING ON “HOW TO MANAGE STRESS”

onTUESDAY, 8TH DECEMBER, 2008

at Birla Mathushri Sabhagraha New Marine LinesChurchgate, from 6.00 p.m. to 8.00 p.m.

CHIEF CO-ORDINATORCA. Ashok Pagaria 9422036831Treasurer, WIRC

CO-ORDINATORCA. Kamal Naulakha 9869431440 CA. Kishor Joshi 9869186849

TOPICS SPEAKERS

Lecture on How to Manage Stress Shri Samani Akshay Pragyaji

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SEMINAR ON VAT AUDITNEW FORM 704

DAY & DATE SATURDAY, 26TH DECEMBER, 2009VenueTime

Fees

Co-ordinators

Mayors Hall, Juhu Lane, Andheri (W), Mumbai10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 1000/- for Members Rs. 1250/- for Non Members (inclusive of course material, snacks, tea & lunch) (Please add Rs.100/- towards CA Benevolent Fund as VoluntaryContribution)

CA. Ashok Manghnani 9820395195 CA. Ajit Thakkar 9324242916CA. Kishor Joshi 9869186849 CA. Kamlesh Shah 9820026790CA. Sunil Khare 9867556100 CA. Sandip Rathi 9821238422

Highlights of amended AR 704, RecordMaintenance, Certification, Part 1 –Paras 1A, 1B, 1C of AR 704 CA. C. B. ThakarCompliance with Accounting Standards andQualifications - Part 1 – Para 2 of AR 704 CA. Rajat TalatiPart 2 of AR 704 - General Information& Annexures CA. Deepak Thakkar Part 3 of AR 704 – Schedules I to VI,Issues in Efiling CA. Janak Vaghani

JOINTLY WITH ANDHERI WEST CPE STUDY CIRCLE

TOPICS SPEAKERS

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UPDATES ON VARIOUS LAWS

DAY & DATE SATURDAY, 21ST NOVEMBER, 2009

Venue

Time

Fees

Co-ordinators

M. C. Ghia Hall, Kala Ghoda, Mumbai

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

Rs. 750/- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Ketan Shah 9322513261 CA. Aruna Dhanesha 9819048962CA. Minal Suba 9323274002 CA. Gaurang Unadkat 9930232291

New TDS Provisions CA. Vijay U. Bhatt

Special Issues in VAT Audit Report & CA. Deepak ThakkarOther Updates

Service Tax Issues CA. A.R. Krishnan

Direct Tax Code Eminent Faculty

JOINTLY WITH CHURCHGATE CPE STUDY CIRCLE

TOPICS SPEAKERS

Supported byICAI

Organised byIMC

DAY & DATE WEDNESDAY, 25TH NOVEMBER, 2009

Venue

Time

Fees

Chief Co-ordinators

Inaugural Session : Banking – Crisis and Beyond

Welcome Address

Introductory Remarks

Theme Presentation:

Special Guest

Chief Guest

Regal Room, Trident Hotel, Nariman Point, Mumbai


Rs. 2,500/- for Members (inclusive of course material, lunchand refreshments) (Please add Rs. 100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Rakesh Lahoti 9327025096CA. Ashwin Nagar 9833015352Regional Council Members

Mr. Gul Kripalani, President, IMCCA. Uttam Prakash Agarwal, President, ICAI

Mr. Piyush Goyal,Chairman, Finance and Banking Committee, IMC

Mr. Chandan Bhattacharya,Chairman, Conference Organising Committee, IMC

Mr. Rajkumar Dhoot,Member of Parliament, Rajya Sabha

Dr. D. Subbarao, Governor, Reserve Bank of India

Session – I: Banking - Crisis and Beyond

Session Chairman

Speakers

Session – II : Introduction of IFRS by Indian Banks

Speaker

Session - III : Credit Instruments – Beyond Vanilla Lending

Session Chairperson

Speakers

Session – IV : GenNext Banking (Panel Discussion)

Session Chairman

Moderator

Speakers

Shri Yogesh Agarwal, CMD, IDBI Bank

Shri R. Sridharan, MD, State Bank of IndiaShri M. D. Mallya, CMD, Bank of BarodaShri Kevan Watts, Country Head, India – Bank ofAmerica Merrill Lynch & President, DSP MerrillLynch Limited

CA. Uttam Prakash Agarwal, President, ICAI

Smt. Shyamala Gopinath, Dy. Governor, RBI *

Shri Mark Robinson, CEO, Citibank*Shri Neeraj Swaroop, CEO,Standard Chartered Bank*Shri Alain Pfeiffer, Chief Executive and GroupCountry Head, Societe Generale *Shri D. L. Rawal, CMD , Dena Bank *

Dr. K. C. Chakrabarty, Dy. Governor, RBI

Shri Joydeep Sengupta, Director, McKinsey & Co.

Shri S. K. Bhattacharya, MD, State Bank of IndiaShri Rana Kapoor, MD and CEO, YES BankShri Gunit Chadha, MD & CEO, DeutscheBank Group – India

4TH INTERNATIONAL BANKING & FINANCE CONFERENCE 2009BANKING – CRISIS AND BEYOND

C P E

6H R S

Un t redstruc u

C P E

06HRS

FORTHCOMINGevents



SUB-REGIONAL CONFERENCEAT RAJKOT

PC E

12H R S

DAYS & DATES SATURDAY, 28TH & SUNDAY, 29TH NOVEMBER, 2009

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Hemu Gadhvi Auditorium, Tagore Road, Rajkot


Up to 25th November, 2009 Rs. 1,900/- for MembersAfter 26th November, 2009 Rs. 2,200/- for Members(Inclusive of refreshments, lunch and course material)

CA. Atul N. Parikh 9376217261 CA. Rakesh Lahoti 09327025096Regional Council Members

CA. Jatin Jajal 9879545534 CA. Jayesh Jobanputra 9426247886CA. Darshak Thakkar 9824212481 CA. Sumit Shingala 9428202123

28/11/2009

Role of a CA in private / Public Funding CA. Dara Kalyaniwala

Works contract and construction services CA. Sunil Gabhawalla

Mock Appellate Tribunal CA. Prashant Maharshi

Direct Tax CA. Girish Ahuja

29/11/2009

Recent case laws in income tax Shri Firoz Andhyarujina, Advocate

Communication skills andmanagement practices Dr. T. V. Rao

Overview of Indian AS CA. N. P. Sarda Past President, ICAI

TOPICS SPEAKERS

SUB-REGIONAL CONFERENCEAT THANE

C P E

12H R S

DAYS & DATES THURSDAY, 24TH & FRIDAY, 25TH DECEMBER, 2009

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Hotel Tip – Top Plaza Near Eternity Mall, Teen Hath Naka, Thane (W)


Up to 10th December, 2009 Rs. 1,800/- for Members & Rs. 2,000/- for Non-Members. After 10th December, 2009Rs. 2,000/- for Members & Rs. 2,200 for Non-Members(Inclusive of refreshments, lunch and course material)

CA. Ashok Pagariya, Treasurer, WIRC 9422036831

CA. Ashwin K. Nagar Regional Council Member 9833015352

CA. Priti Savla 9321426883 CA. Madhukar Chavan 9869004551CA. Jaideep Sahastrabudhe 9821141534 CA Navin Dedhia 9892265624CA. Arvind Joshi 9821216041

Keynote address

Overview on India Real Estate & Construction Industry

Accounting aspect of real estate & construction industry

Taxation aspect of real estate & construction industry including redevelopment

Alternative options for funding construction projects

Introduction & Overview of Venture Capital & Private Equityfunding in India

Eligibility criteria, evaluation of deals and expectation of thePE Fund Manager

Case studies in Venture Capital & Private Equity Funding

Special Session – Professional development

TOPICS SPEAKERS

Emin

entF

acul

ty

SUB-REGIONAL CONFERENCE AT AURANGABAD C P E

12H R S

TOPICS SPEAKER

1) Audit under MVAT Act

2) Business Audit under MVAT Act

3) Income Tax Assessment

4) Tax Planning for Family , AOP and BOI

5) GST - Road Ahead

6) IFRS For SMES

7) Fraud & Its Linkages to Money Laundering

Emin

entF

acul

ty

REGIONAL CONFERENCE

FORTHCOMINGevents



DAYS & DATES MONDAY, 30TH NOVEMBER & TUESDAY, 1ST DECEMBER, 2009

Venue

Time

Fees

Chief Co-ordinators

Co-ordinators

Tapadiya Natya Mandir, Nirala Bazar, Aurangabad


Rs.1,600/- on or before 24th November, 2009Rs. 1,800/- from 25th November, 2009(Inclusive of course material, lunch both days & dinner on Monday)

CA. Ashok Pagariya 9422036831 Treasurer, WIRC

CA. Rakesh Lahoti 9827025096 Regional Council Member

CA. Girish Kulkarni 9225306814 CA. Rahul Lohade 9850909770CA. Nikhil Gramle 9225329041 CA. Mohan Bramecha 9890193761

P EC

06H R S

FULL DAY SEMINAR ONALLIED LAWS

DAY & DATE SATURDAY, 28TH NOVEMBER, 2009

Venue

Time

Fees

Co-ordinators

J.S. Lodha Auditorium, ICAI Bhawan, WIRC



CA. Sandesh Desai 9820152478 CA. Vivek Agarwal 9324222053CA. Milind Joshi 9930033939 CA. Ramesh Mishra 9820419606

M.S.M.E.D. Act, 2006 CA. Abhay Arolkar

Patent, Trademarks and Copyrights Adv. Narendra Zaveri

Labour Laws / ESI Certification CA. Vijay Joshi

Arbitration and Conciliation Act CA. Pawan Agarwal

TOPICS SPEAKERS

SEMINAR ONINTERNAL AUDIT

C P E

06H R S

DAY & DATE SUNDAY, 6TH DECEMBER, 2009

Venue

Time

Fees

Co-ordinators

J. S. Lodha Auditorium, ICAI Bhawan, WIRC



CA. Ashok Surana 9820147361 CA. Ajay Kejriwal 9869160029CA. Kamal Navlakha 9869431440 CA. Sumit Ranawat 9702163001

Planning and Objectives of IA Shri Vijay Balan(Risk Based Audit) Chief Internal Auditor –

Development Credit BankLimited

Reporting Techniques Shri Hardik Dhruva – Head Internal Audit- DSP Merril Lynch

Emerging Trends in IA Eminent Faculty

Integrations of Risk Management with Shri Haresh Dua Internal Audit Vice-President JSW Steel

Limited

TOPICS SPEAKERS

FULL DAY SEMINAR ON EMERGING TRENDS IN CROSS BORDER

TRANSACTIONS (INCLUDING TAX IMPACT)

PC E

06H R S

DAY & DATE FRIDAY, 11TH DECEMBER, 2009

Venue

Time

Fees

Co-ordinators

J.W. Marriott Hotel, Juhu Tara Road, Juhu, Mumbai


Rs. 2,500/- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA Benevolent Fund as Voluntary contribution)

CA. Devang Jimulia 9930618187 CA. Jayesh Thakur 9821029029CA. Ashok Manghnani 9820395195 CA. Y.R. Desai 9820448365

Inaugural Speech CA. Dinesh Kanabar

Case studies in International Taxation CA. Sunil Kapadia

Recent Developments in Transfer Pricing Laws CA. Samir Gandhi

Withholding Tax issues u/s 195 considering CA. T. P. OstwalRecent judicial pronouncements

Inbound/ Outbound structuring CA. Hitesh Gajaria

JOINTLY WITH ANDHERI (W) CPE STUDY CIRCLE

TOPICS SPEAKERS

Cross Border transactions have become the order of the day and structuring for the same has been an evolving phenomenon. To have a clear understanding of the currenttrends in Cross Border Transactions, a seminar is organized, the details whereof areas under :

SEMINAR ON RESTRUCTURING AND BUSINESS VALUATION

PC E

06H R S

DAY & DATE SUNDAY, 29TH NOVEMBER, 2009

Venue

Time

Fees

Co-ordinators

MCF Club, Prem Nagar, Borivali (West)



CA. Sanjay N. Thakkar 9324312627 CA. Manish Sheth 9869214472CA. Abhay Mehta 9820228182 CA. Motilal Jain 9324274956

Case Studies on Merger/Amalgamation – CA. Mehul Modi Accounting and Company Law Aspects

Case Studies on Demerger – Accounting and CA. Sujal ShahCompany Law Aspects

Case Studies on Valuation Methodologies CA. Pinkesh Billimoria

Case Studies on Buyback of Shares and Reduction of CA. Parag VedShare Capital - Accounting and Company Law Aspects

JOINTLY WITH BORIVALI (CENTRAL) CPE STUDY CIRCLE

TOPICS SPEAKERS

FORTHCOMINGevents



It is a well accepted fact that a CA possesses in-depth knowledge and keeps himself updated on all subjects of professional relevance. However, it is effectivecommunication and presentation skills that enable a person to express and present theirexpert knowledge effectively. The art of self expression is necessary to create therequired impact on the clients and society at large.Since effective communication and presentation skills are very essential, GMCS wasmade a pre-membership condition around 5 years back. It is now that the benefits ofGMCS are being appreciated by the CAs as well as others concerned. This advancecourse is designed for interested members

DAYS & DATES FRIDAY 11TH, SATURDAY 12TH & SUNDAY 13TH DECEMBER, 2009

VenueTimeFees

Co-ordinators

Training by Ms. Sneha Shah, Shri Shashank Gupta

Council Hall, ICAI Bhawan, Cuffe Parade, Mumbai10.00 a.m. to 6.00 p.m. (Reg. 9.30 a.m. to 10.00 a.m.)Rs. 2,500/- for Members (inclusive of course material, lunch & refreshments) (Please add Rs. 100/- towards CA. Benevolent Fund as Voluntary Contribution)

CA. Sanjay Sonawane 9820097576 CA. Nikhil Damle 9820170436CA. Aalok Mehta 9892001645 CA. Kritika Jain 9699350853

Personality AnalysisThe Personality Analysis will enable the participants to have greater awareness ofimportant aspects of their personality which is crucial to develop better communication& improve quality of relationships. The personality traits which will be assessed are:Interpersonal Warmth; Dominance; Empathy; Energy & Liveliness; Mistrust; ApprehensionInterpersonal Communication SkillsEssentials of good communication; Conversation Starters; Concept of Personalspace; Power of Positive Body Language; Process of Active Listening; Body Language while dealing with Dominating/Authoritative People; How to agree to disagreeCorporate Grooming & EtiquetteSignificance of Etiquette & Grooming in Corporate Scenario; Impressive Business Interactions; Business Etiquette; Corporate Grooming

ENROLMENT WILL BE RESTRICTED TO FIRST 30 PARTICIPANTS

TOPICS

3rd ADVANCE GMCS COURSEC P E

18H R S

FULL DAY SEMINAR ONCO-OPERATIVE HOUSING

SOCIETIES

PC E

06H R S

DAY & DATE SATURDAY, 12TH DECEMBER, 2009Venue

Time

Fees

Co-ordinators

Hotel Kohinoor Continental, J. B. Nagar, Andheri (East), Mumbai

10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 1,200/- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA. Benevolent Fund as Voluntary Contribution)

CA. Rakesh Gupta 9819160820 CA. Jayesh Shah 9819043921CA. Amar Bafna 9869201186 CA. N.M. Jain 9869030997

Inaugural Speech Shri Sitaram Kunte*,IAS Officer Principal Secretary,Housing Deptt., Govt of Maharashtra

Deemed Conveyance CA. Ramesh PrabhuHousing Loan & Project Loan CA. Sanjay Shukla

Tata Capital Housing Finance Ltd.Redevelopment Guidelines Shri Vijay Samant,

VP-MSWA,Shri Prabhakar Churi, Ex-Chairman-MHF

Management & Administration of Hsg. Dr. Mahendra KalyankarSocieties w.r.t. Latest Bye-laws Divisional Joint Registrar, Co-operative

Societies, MaharashtraProfessional Opportunities for CAs in CA. Ramesh PrabhuHsg. SocietiesTaxation applicable to Hsg. Societies CA. Vimal PunmiyaStamp Duty & Registration of Documents Adv. Pramod Kumar, Mrs. Preeti SinghQuestion Answers*Subject to confirmation

JOINTLY WITH J B NAGAR CPE STUDY CIRCLE

TOPICS SPEAKERS

SEMINAR ONISSUES IN MVAT

P EC

06H R S


Time

Fees

Co-ordinators




CA. Mohit Satak 9920447010 CA. Rakesh Soni 9820673833CA. Saurabh Agarwal 9820621378 CA. Shashi Agarwal 9820069099CA. L. C. Barola 9820250103 CA. Vijay Jain 9821057430

Audit CA. Rajat Talati

Input Tax Credit CA. Manish Goel

Returns and Refund CA. Dilip Phadke

Overlap with Service Tax CA. Parind Mehta

TOPICS SPEAKERS

FORTHCOMINGevents


S. VAIDYANATHAN IYER MEMORIAL LECTURE

The mental and physical pace of Mumbai combine to increasestress to very high levels. Uncontrolled or even unknown stresscan give rise to a number of physical and mental complicationswhich can affect us and our loved ones. Today, it is essential thatwe understand and control this silent danger. To that end we arepleased to announce this interesting lecture on StressManagement under the auspices of Late S. Vaidyanathan IyerMemorial Fund.

DAY & DATEVenueTime

TUESDAY, 15TH DECEMBER, 2009Walchand Hirachand Hall, IMC, Churchgate6.00 p.m. to 8.00 p.m.

Topics SpeakersStress Management Br. Sattvika Chaitanya

of Chinmaya Mission

ALL ARE CORDIALLY INVITED WITH SPOUSE


CONFERENCE ON TELECOM INDUSTRY

C P E

06H R S

DAY & DATE SATURDAY, 12TH DECEMBER, 2009

Venue

Time

Fees

Co-ordinators

Hotel J. W. Marriott, Juhu Tara Road, Juhu, Mumbai


Rs. 2,500 /- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA. Benevolent Fund as Voluntary Contribution)

CA. Avani Mashru 9930992907 CA. Ashutosh Srivastav 9819694786CA. Vijay Jain 9892431727 CA. Shaheen Yadav 9833554512

Inaugural Session

Key Note Address CEO of Telecom Industry*

Internal Audit1) Internal Audit of Custom Acquisition,

Provision, Service Delivery and BillingUnder Prepaid and Post paid Operations

2) Audit of Revenue and AR Function of Client

Accounting and Regulatory Framework1) Overview of IFRS2) Licence Condition and Regulatory Promulgation

Direct Taxes1) Transfer pricing and DTAA2) Tally Provision

Indirect Taxes1) Service Tax and Other Taxes

*Subject to Confirmation

TOPICS SPEAKERS

C P E

06H R S

DIAMOND JUBILEE CONFERENCE ON

CORPORATE GOVERNANCEDAY & DATE FRIDAY, 18TH DECEMBER, 2009

Venue

Time

Fees

Co-ordinators

Hotel J. W. Marriott, Juhu Tara Road Juhu, Mumbai


Rs. 2,500/- for Members (inclusive of course materiallunch & refreshments) (Please add Rs. 100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Hiren Doshi 9820232635 CA. Narottam Bagaria 9820128008CA. Rakesh Joshi 9322264393 CA. Prahlad Mundra 9820479420CA. Subhash Udaipuri 9322231660 CA. Sunil Sharma 9821270003

Inaugural Session:Proactive Role of Board to improve CA. Bharat Lakhani,Corporate Governance effectiveness Legal Head, TATA Group

• Board Committees & their commitment Eminent Faculty

• Balanced Board for better Governance CA. B. R. Jaju

• Effectiveness of Independent Directors CA. P. R. Ramesh

Corporate Governance practices in Public Sh. K. P. ShashidharanSector Enterprises Director General (Commercial),

CAG of India

• CG in Insurance Industry CA. Mayank BathwalCFO, Birla Sun Life Insurance

• CG in Banking Industry Shri J. M. GargCMD, Corporation Bank

Corporate Governance in FamilyOwned Business & SME Sector

• Shift from C.G. to Enterprise CA. Shailesh V. HaribhaktiGovernance and protect MinorityShareholders’/Stakeholders’ interest

• Does C.G. really add value to firms?A case study of Infosys/TCS/Wipro

• Better Governance of SME CA. Paresh RajdeSector for greater Sustainable Development

Impact of IT in facilitating CorporateGovernance & Risk Management

• IT & Governance CA. Abhay Gupte

• ERM and Shareholders value maximization CA. Deepak Ghose

• IT in contraction of corruption CA. Vijay Mukhi

Valedictory Sessionn Eminent Personalities

TOPICS SPEAKERS

Corporate Governance

CA. Gautam PendseGeneral Manager-Internal Audit (Idea Cellular Limited)

CA. Amogh H. Gore

CA. Sameer Sarangdhar

In response to demand from Lady Chartered Accountants, WIRC ispleased to announce an exclusive Programme by Lady Members for LadyMembers and Girl Students

SPECIAL SEMINAR FOR LADIES

C P E

06H R S

DAY & DATE SATURDAY, 26TH DECEMBER, 2009

Venue

Time

Fees

Co-ordinators

M.C. Ghia Hall, Kala Ghoda, Mumbai


Rs. 750/- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA. Benevolent Fund as Voluntary Contribution)

CA. Kritika Jain 9699350853CA. Soniya Jaiswal 9819938927CA. Deepa Rathi 9322217810

Important issues in MVAT CA. Sujata Rangnekar

Overview of Merger & Acquisitions CA. Rekha Bagry

Important Issues in Taxation CA. Sapna Verdia

Recent Issues in Service Tax Eminent Faculty

TOPICS SPEAKERS

FORTHCOMINGevents



FULL DAY SEMINAR ON MVATC P E

06H R S

DAY & DATE SATURDAY, 2ND JANUARY, 2010

Venue

Time

Fees

Co-ordinators




CA. Om Prakash Somani 9869972402 CA. Deepa Rathi 9920111345CA. Gaurang Jalan 9820101250 CA. Rajesh Jain 9930331272

VAT Audit Concept, Applicability Criteria, Sales Tax record maintenance, Part 1 about Certification in Para 1A/1B/1C and Para 2B clauses a to g • Part 1 Para 2B clauses h to p, Qualifications & Remarks, Tables 1 to 5 and Auditors Final Advice • Part 2 General Information and Annexures A to K • Part 3 Schedules I to VI and Issues in E-filing of Form 704

TOPICS

FULL DAY SEMINAR ON VAT AUDIT

C P E

06H R S

DAY & DATE SUNDAY, 27TH DECEMBER, 2009VenueTimeFees

Co-ordinators

Kohinoor Hall, 1st Floor, Opp. Siddhivinayak Temple, Dadar

10.00 a.m. to 6.00 p.m. (Reg. 9.30 a.m. to 10.00 a.m.)Rs. 1000/- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA. Benevolent Fund as Voluntary Contribution)

CA. Rajeev Mannadiar 9869429388 CA. Harshal Agarwal 9833922549CA. Sanjay Lunkad 9833920331 CA. Leena Agarwal 9892157477

Part I (Audit report & certification) CA. C B ThakarInstructions in form 704, part II, Annexure F,& issues in e-filing CA. Rajat TalatiVerification of sales & reporting in Schedules & annexures CA. Janak VaghaniVerification of purchases , computation of set off& reporting in Schedules & annexures CA. Sujata Rangnekar

JOINTLY WITH PRABHADEVI DADAR CPE STUDY CIRCLE

TOPICS

CPE LECTUREMEETING SERIES

Venue

Time

Fees

Co-ordinators

K.C. College Auditorium, Churchgate, Mumbai

6.00 p.m. to 8.00 p.m.(Registration 5.30 p.m. to 6.00 p.m.)

Rs. 100/- per Lecture or Rs. 700/- for all the lectures

CA. Jayesh Shah 9819043921 CA. Kishore Joshi 9869186849CA. Subhash Chhajed 9820107179 CA. Kritika Jain 9699350853

21/12/2009 Monday

22/12/2009 Tuesday

23/12/2009 Wednesday

24/12/2009 Thursday

28/12/2009 Monday

29/12/2009 Tuesday

30/12/2009 Wednesday

AS 30, 31 & 32 CA. N. P. SardaPast President, ICAI

Capital Gains – Recent Controversies & CA. S RajaDevelopments

Recent Trends in Corporate Finance CA. Rajesh Sharma

FEMA & International taxation/ CA. Anil TalrejaRecent Developments

TDS applicable on CA. Sushil LakhaniRemittances – Section 195

Legal & Practical Aspects of Survey, CA. Vimal PunmiyaSearch & Seizure

Taxation of Derivatives CA. Bhavesh Vora(Futures & Options)

TOPICS SPEAKERS

A Series of Lectures meeting have been organised by WIRC onvarious important topics. Members may enrol for any one or morelectures meeting or for all.

C P E

02H SR

tPer Lec ure

FULL DAY SEMINAR ON SERVICE TAX

C P E

06H R S


Time

Fees

Co-ordinators




CA. Nikhil Damle 9820170436 CA. Aalok Mehta 9892001645CA. Deepa Rathi 9322217810 CA. Namita Randeri 9820937573

Recent Judicial Decisions on Service Tax CA. Naresh SethValuation of Taxable Service CA. Manish GadiaCENVAT Credit for Service Provider CA. Kartik SolankiIssues in Business Auxiliary and Business Support Service CA. Rajiv Luthia

TOPICS SPEAKERS

FULL DAY SEMINAR ON TAXATIONPC E

06H R S

DAY & DATE SUNDAY, 27TH DECEMBER, 2009Venue

Time

Fees

Co-ordinators

Terapanth Bhawan, Thakur Complex, Kandivali (E)



CA. K.L. Parmar 9820123590 CA. Shivratan Singordia 9892365985CA. Karishma Merchant 9820369989 CA. Sujit Modi 9869238837

Rectification of Mistakes & Powers relating to Eminent FacultyAmendments of Order

Issues relating to Recovery & Stay Proceedings Shri Vipul JoshiAdvocate

Appeal before CIT (Appeals) – Appealable Orders, CA. Harish MotiwallaProcedure in Appeal, Additional Evidence,Powers of CIT (Appeals)

Concealment Penalties — Proceedings & Issues Eminent Facultyrelating to representation in Penalty Proceedings

TOPICS SPEAKERS

FORTHCOMINGevents



Governing Laws and Provisions for opening of the Hotel and TourismCompany in India.

Accounting and Taxation aspects for Hotel and Tourism Industry.Provisions of the Income-tax Act, Exemptions, Deductions, TDS and DTAA

Exim Policy and provision relating to the Hotel and Tourism industry

Financing norms – Venture Capital Funds – Equity – project finance

Taxation and Auditing functions in the Hotel and Tourism Industry.

Employment opportunities for Chartered Accountants inHotel and Tourism Industry.

Corporatisation (by transfer of business and under Part IX of Companies Act) of non-corporate entity, amalgamations and mergers and specific industry issues.

Applicability of provisions of Service Tax Act to various transactions related toHotel and Tourism Companies.

VAT including works contract provisions applicable to various transactionsrelated to Hotel and Tourism related aspects. – CA. Govind Goyal

Auditing Function and Risk Management in the Hotel and Tourism Industry – CA. Deepak Ghosh

DAYS & DATESSATURDAY, 26TH DECEMBER, 2009SUNDAY, 27TH DECEMBER, 2009

VenueHotel Sahara Star,Near Domestic Airport,Vile Parle (E), Mumbai

FeesRs. 5,000/-- for Members • Rs. 7,500/- for Non-Members(inclusive of refreshments, lunch and course material)(Please add Rs. 100/- towards CA. Benevolent Fund as Voluntary Contribution)

Chief Co-ordinatorCA. Rakesh Lahoti 9327025096Regional Council MemberCo-ordinatorsCA. Poonam Basak 9930999467CA. Sunil Sharma 9821270003CA. Monica Gupta 9870343567CA. Parul Jain 9820740449CA. Narendra Mehta 9869037228

CONFERENCE ON HOTEL & TOURISMINDUSTRY

Time10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)

CPE12 hrs

TOPICS

SEMINAR ON ASSESSMENT,REASSESSMENT, REVISION, APPEAL UNDER THE INCOME-TAX ACT, 1961

PC E

06H R S

DAY & DATE SATURDAY, 9TH JANUARY, 2010

Venue

Time

Fees

Co-ordinators




CA. Jignesh Gosaliya 9820886985 CA. M.B. Mistry 9870275751

CA. Ankit Kapadia 9867876376 CA. Bharat Patel 9820640544

Provisions about assessment CA. A. L. Sharma

Provisions about reassessment CA. Deepak Traslawala

Provisions about revisions CA. B. N. Rao

Provisions about appeal CA. H.N. Motiwalla

TOPICS SPEAKERS

FORTHCOMINGevents


IPCC & FINAL C.A. STUDENTS’ EDUCATIONCRASH COURSES FOR

MAY & NOVEMBER 2010 EXAMINATIONS

COURSES FOR

CA IPCC CA Final

Time

Venue

Duration From January 15th to March 31st 2010

Fees

Faculty

For further information kindly contact Mr. Subhash on 65715690

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

Management– Direct Taxes– Indirect Taxes

6.15 p.m. to 8.30 p.m. on week days

Sydenham College, ‘B’ Road, Churchgate

Rs. 1,500/- per student for IPCC or Final

Eminent personalities possessing richexperience in their respective fields

(Jointly with BCAS)

STUDENT PROGRAMME


FULL DAY SEMINAR ON AUDITINGASSURANCE STANDARDS

(AAS) AND TAXATIONDAY & DATE SATURDAY, 16TH JANUARY, 2010Venue

Time

Fees

Co-ordinators

Auditing TopicsStandard No.


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


CA. S.L. Jain 9821095993 CA. Sunil Chordia 9320020011CA. Lalit Dangi 9821132551 CA. Rajesh Shah 9322281276

220 Quality Control for Audit Work

240 The Auditor’s Responsibilities Relating to Fraud in an Audit ofFinancial Statements

300 Planning an Audit of Financial Statements

315 Identifying and Assessing the Risks of Material MisstatementThrough Understanding the Entity and its Environment

320 Materiality in Planning and Performing an Audit

520 Analytical Procedure

530 Audit Sampling

550 Related Parties

580 Written Representations

610 Using the work of Internal Auditors

710 Comparatives

720 The Auditor’s Responsibility in Relation to Other Information inDocuments Containing Audited Financial Statements.

FULL DAY SEMINAR ONACCOUNTING & TAXATION

ASPECTS OF SHARES & SECURITIES

PC E

06H R S

PC E

06H R S

DAY & DATE SATURDAY, 23RD JANUARY, 2010VenueTime

Fees

Co-ordinators

J. S. Lodha Auditorium, ICAI Bhawan, WIRC10.00 a.m. to 6.00 p.m.(Registration 9.30 a.m. to 10.00 a.m.)Rs. 750/- for Members (inclusive of course material, lunch and refreshments) (Please add Rs. 100/- towards CA.Benevolent Fund as Voluntary Contribution)

CA. Kamal Navlaka 9869431440 CA. Subhash Chhajed 9820107179CA. Jayesh Shah 9819043921 CA. Ajay Kejriwal 9869160029

Recent Innovations in Financial Products Key Note SpeakerAccounting Issues arising out of Accounting CA. HimanshuStandards on Financial Products KishnadwalaAuditing Aspects of Shares & Securities CA. Ashutosh PednekarTaxation Aspects of Future & Options includingCommodities & Currency Futures CA Bhavesh VoraTaxation Aspects of Shares & Other SuchInstruments including Direct Tax Code (DTC) CA Sanjay ParikhSpeakers are subject to confirmations

TOPICS SPEAKERS

A l co a l nv dl are rdi l y i ite ch uto eer o r team

M.L. D’Souza Rotating Trophy Cricket Match

WIRC is pleased to announce the M.L. D’Souza Cricket Match betweenChartered Accountants XI and Commissioner of Income Tax XI. DeputyCommissioners, Joint Commissioners, Addl. Commisioners, fromIncome Tax Department will participate in this match. ChiefCommissioner & many senior persons from the Income Tax Departmentwill grace the occasionDay & Date : FRIDAY, 22ND JANUARY, 2010Venue : Police Gymkhana Ground, MumbaiTime : 5.00 p.m. to 10.00 p.m.Co-ordinatorsCA . Rakesh Upadhyaya 9821094698CA . Deven Gabhawalla 9821714679

Inter Firm Cricket Tournament

The Annual Inter Firm Limited overs (8-a-side) Cricket Tournamentfor members and present Article students.Days & Dates: Saturday, 9th & Saturday, 16th January, 2010Venue:: Oval Maidan, Churchgate, Mumbai*Fees:: Rs. 5,000/- per teamCo-ordinatorsCA . Rakesh Upadhyaya 9821094698CA . Deven Gabhawalla 9821714679Firms interested in participating in the tournament are requested to send in their entries by way of letter giving the names and membership/B.B. Nos. of the participants. Enrolment will be restricted to sixteen teams strictly on first-come-first-serve basis.

*Subject to Availability of Ground

Emin

entS

peak

ers

FULL DAY SEMINAR ON PROJECT FINANCEC P E

06H R S

DAY & DATE SUNDAY, 6TH FEBRUARY, 2010

Venue

Time

Fees

Co-ordinators




CA. Ajay Kejriwal 9869160029 CA. Minal Subha 9323274002CA. Dinesh Gandhi 9821240303 CA. Vidyut Jain 9892414386

Private Equity Funding CA Shailendra Jindal Working Capital Financing CA Sanjay Khemani Venture Capital Funding Eminent FacultyInternational Debt Financing Eminent Faculty

TOPICS SPEAKERS

FORTHCOMINGevents



DAY & DATE FRIDAY, 15TH JANUARY, 2010

Venue

Time

Fees

Co-ordinators



Rs. 200/- for Members & Students (inclusive of course material and refreshments)

CA. Sonia Jaiswal 9819938927 CA. Jayesh Shah 9819043921

Valuation of Service Tax CA. Manish Gadia

TOPIC SPEAKER

C P E

H R S03

DAY & DATE FRIDAY, 8TH JANUARY, 2010

Venue

Time

Fees

Co-ordinators




CA. Kishore Joshi 9869186849 CA. Rajesh Jain 9930331272

Appeal under Income Tax Act CA. Pradeep Kedia

TOPIC SPEAKER

C P E

H R S03

SPECIAL PROGRAMMES FOR YOUNG MEMBERS

DAY & DATE FRIDAY, 20TH NOVEMBER, 2009VenueTime

Fees

J. S. Lodha Auditorium, ICAI Bhawan, WIRC5.00 p.m. to 8.00 p.m.(Registration 4.30 p.m. to 5.00 p.m.)Rs. 200/- for Members & Students (inclusive of course material and refreshments)

Co-ordinatorsCA. Ramesh Mishra 9820419606 CA. Samir Gawali 9821161072

Professional Opportunities in Merger & Acquisitions CA. Ujwal LandgeTOPIC SPEAKER

C P E

H R S03

DAY & DATE FRIDAY, 27TH NOVEMBER, 2009VenueTime

Fees


Co-ordinatorsCA. Nikhil Damle 9820170436 CA. Abhijit Totade 9869059151

Relevant provision relating to Audit of CA. Uday KarveCo-operative Banks

TOPIC SPEAKER

C P E

H R S03

DAY & DATE THURSDAY, 3RD DECEMBER, 2009VenueTime

Fees


Co-ordinatorsCA. Dinesh Gandhi 9821240303 CA. Kamal Navlakha 9869431440

Do’s and Don’ts under FEMA for NRIs CA. Rahul ManjrekarTax Planning for NRIs

TOPICS SPEAKER

C P E

H R S03

DAY & DATE THURSDAY, 24TH DECEMBER, 2009VenueTime

Fees


Co-ordinatorsCA. Nikhil Damle 9820170436 CA. Amol Thakur 9819605331

Tax Planning for Real Estate Transactions CA. Anil SatheTOPIC SPEAKER

C P E

H R S03

DAY & DATE FRIDAY, 11TH DECEMBER, 2009VenueTime

Fees


Co-ordinatorsCA. Atul Thatte 9869118792 CA. Prashant Koyande 9892331890

Issues in Taxation of Charitable Trusts CA. Jitendra ShahTOPIC SPEAKER

C P E

H R S03

DAY & DATE FRIDAY, 31ST DECEMBER, 2009VenueTime

Fees

Co-ordinators


CA. Jayesh Shah 9819043921 CA. Parul Agarwal 9321557236

Risk Based Auditing CA. C.N. RushiTOPIC SPEAKER

C P E

H R S03

C P E

H R S03

DAY & DATE FRIDAY, 18TH DECEMBER, 2009VenueTime

Fees

Co-ordinators


CA. Vimal Gehlot 9820373865 CA. Deepa Rathi 93222217810

Tax planning through HUF & Family CA. Tushar DoctorArrangementsPreparation of Will & documents in Shri Pravin Veerarelation to HUF & Family Arrangements Advocate

TOPICS SPEAKERS

DAY & DATE FRIDAY, 22ND JANUARY, 2010

Venue

Time

Fees

Co-ordinators




CA. Parul Agarwal 9987050936 CA. Subhash Chhajed 9820107179

Taxation of Advance and TDS under 195 CA. Jayesh Kariya

TOPIC SPEAKER

C P E

H R S03


FORTHCOMINGevents


CORPORATE FORUMICAI’s

Ascent to Pinnacle

Career AscentMid Career Campus

Special Campus Placement Programme

Corporate ConclaveIn Pursuit of Excellence

ICAI's Award 2009Corporate CA Achievers Acclaim

Committee for Members in Industry (CMII) of ICAI is pleased to announce the conduct of comprehensive three1days Corporate Forum event at Mumbai in January 2010 . Corporate Forum is a unique programme in which four

concurrent events i.e Career Ascent, Corporate Conclave, Special Campus Placement Programme and ICAIAwards will be organised. ICAI Awards for Excellence in Financial Reporting for the year 2008-2009, an initiative ofthe Research Committee of ICAI, will also be given away to the winning organisations in this programme.

Creation of Employment Opportunities, Enhancing Knowledge and Skill Sets and Recognition of the Exemplarywork of Members in Industry are the primary goals of the CMII of ICAI. Keeping this in mind, the ICAI will beorganising the Corporate Forum consisting of all these activities concurrently.

CAREER ASCENT - MID CAREER CAMPUS 29 | 30 | 31 January, 2010, Goregaon

Sports Club, Mumbai OBJECTIVE

As a measure to develop employment opportunities forChartered Accountants, CMII of ICAI has been successfullyorganising placement programmes twice a year for NewlyQualified Chartered Accountants, wherein prospectiveemployers and new members interact and explore thepossibility of taking up employment careers in variousorganisations.

Career Ascent is a step ahead as an extension to thesame programme but with a different objective. It aims atproviding the experienced Chartered Accountants with aplatform to assess their potential and refinement in work,which they have acquired during their working tenure.

Career Ascent provides Chartered Accountants whohave one year or more of industry experience and passed CA Final Examination on or before November 2008 withgrowth and career prospects enabling them to realise theirfull potential and aspirations and widen their horizon. Italso ensures that they are provided with careers that bestsuit their skill sets.

MEET THE COMPLETE BUSINESS PROFESSIONALS:CHARTERED ACCOUNTANTS

Chartered Accountants are considered as completebusiness solution providers in this dynamic business world.They are thoroughly trained practically in all avenues offinance and accounting, auditing, management andinformation technology. They can undertake responsibilitiesranging from carrying out feasibility study, raising financialresources, compliance with regulatory framework, capitalstructure planning, organisational development, installationof efficiency accounting, budgetary control, informationsystem apart from giving advice on complex issues such asjoint ventures, foreign collaborations, amalgamation,merger, diversification, modernisation, product pricing,BPO, KPO, restructuring, etc.

CAREER ASCENT – A Great Advantage for CorporatesIf you are looking for complete and experienced business

solution provider, then end your search by participating inCareer Ascent, wherein you would have access to a vastdatabase of Chartered Accountants who have more than oneyear of industry experience. You can select your candidatesfrom this pool of talent for a face-to-face interview.

Intr

od

uct

ion

1. Complete details of various events will be hosted on the websites of the Institute and also covered in theforthcoming issues of the Chartered Accountant Journal.

www.icai.org, www.cmii.icai.org

The event would provide the companies to selectChartered Accountants as per their requirement criterion.

Possible care would be taken to maintain the con-fidentiality of the candidates during the entire process.

ELIGIBILITY of Candidates for Career AscentChartered Accountants who have more than one year of

industry experience and passed C.A. final Examination onor before November 2008 are eligible to take part in CareerAscent.

PARTICIPATION FEES for Career Ascent

Day 1 Rs. 3,00,000/- + Rs. 2,50,000/- + Service Tax @ 10.3% Service Tax @ 10.3%

Day 2 Rs. 2,50,000/- + Rs. 2,00,000/- + Service Tax @ 10.3% Service Tax @ 10.3%

Day 3 Rs. 2,00,000/- + Firms with more than Service Tax @ 10.3% 10 partners:

Rs. 1,00,000/- + Service Tax @ 10.3%Firms with less than 10 partners: Rs. 50,000/- + Service Tax @ 10.3%

For detailed Guidelines for the Participating Organisationsas well as for the Candidates (i.e. experienced CAs),Payment Terms, please visit or the ICAI'sCorporate Forum Portlet on the home page ofFor details contact:CA. B. C. Jain Chairman, WIRC of ICAI

Email: [email protected]. T. Paramasivan — Secretary, CMII Tel : +91 (11) 30110450/491 Email : [email protected]

[email protected]. S. Kapoor — Senior Assistant Director, ICAI

Tel : +91 (22) 39802921/9321239894Email : [email protected]

Day of theCareer other than Firms ofAscent CAs

For Organisations For Firms of CAs

www.cmii.icai.orgwww.icai.org.

ICAI AwardsExcellence in Financial Reporting

FORTHCOMINGevents

For Seminar registration, contact Subhash Gurav on 65715690 or Smita 39802923. Cheques should be drawn in favour of"WIRC" and sent to WIRC Office, ICAI Bhawan, Cuffe Parade, Colaba, Mumbai 400005


SPECIAL CAMPUS PLACEMENT PROGRAMME

OBJECTIVEAs a measure to develop employment opportunities for

Chartered Accountants who had undergone the specialcourse at NIFM, Faridabad (www.nifm.ac.in), L.N. MittalInstitute of Information Technology, Jaipur and IIM Indore(www.iimidr.ac.in), the Committee for Members in Industryof ICAI is organising Special Placement Programmes forthem, wherein prospective employers and candidatesinteract and explore the possibility of taking up employmentcareers in various organisations.

About SPECIAL CAMPUS PLACEMENT PROGRAMMEIf you are looking for a complete business solution

provider with contemporary communication andbehavioural skills, then end your search by taking part inthe next ICAI Special Campus Placement Programme forChartered Accountants who have undergone 3 monthsResidential Programme on Professional Skil lsDevelopment at National Institute of FinancialManagement (NIFM), Faridabad, L. N. Mittal Institute ofInformation Technology, Jaipur as well as at IndianInstitute of Management, Indore.

ELIGIBILITY to Participate in the Special CampusPlacement Programme

The Special Campus Placement Programme is forChartered Accountants who had undergone the threemonths residential programme organized by the Instituteand administered by the NIFM, Faridabad, L.N. MittalInstitute of Information Technology, Jaipur as well as IIM, Indore and would be completing the articleship training

thlatest by 28 February, 2010.

PARTICIPATION FEES for Special Campus PlacementProgramme

Day 1 Rs. 50,000/- + Rs. 50,000/- + Service Tax @ 10.3% Service Tax @ 10.3%

Day 2 Rs. 40,000/- + Rs. 40,000/- + Service Tax @ 10.3% Service Tax @ 10.3%

Day 3 Rs. 30,000/- + Rs. 20,000/- +Service Tax @ 10.3% Service Tax @ 10.3%

For Detailed Guidelines for the Participating Organisationsas well as for the Candidates (i.e. CAs who have undergonethe three months residential programme on professionalskills and communication development course), PaymentTerms, please visit or the ICAI'sCorporate Forum Portlet on the home page of

29 | 30 | 31 January, 2010, Goregaon Sports Club, Mumbai

Day of the For Organisations For Firms of CAsSpecial other than Firms ofCampus CAs

www.cmii.icai.orgwww.icai.org.

For details contact:CA. B. C. Jain Chairman, WIRC of ICAI

Email: [email protected]. T. Paramasivan — Secretary, CMII Tel : +91 (11) 30110450/491 Email : [email protected];[email protected]. S. Kapoor — Senior Assistant Director, ICAI


CORPORATE CONCLAVE - IN PURSUIT OF EXCELLENCE

An opportunity to enrich knowledge and enhance skillset. Three full day Conclave on Information Systems Auditand IFRSs.1. Conclave on Information Systems Audit Professionals:

Organised jointly by Information Systems Audit andControl Association (ISACA), Committee for Members InIndustry and Committee on Information Technology ofICAI

2. All India Mega Women Conference organised byCommittee for Members in Industry jointly with WomenSteering Group of ICAI

3. Conclave on IFRSs: Organised by Committee forMembers In Industry jointly with Accounting StandardsBoard of ICAI

Two days conclave for Rs. 5,000/- Rs. 7,000/-Information Systems AuditAll India Mega Women Rs. 2,500/- Rs. 3,500/-ConferenceOne day conclave for IFRSs Rs. 2,500/- Rs. 3,500/-

The Package would includes: Course materials,morning tea, lunch and high teaPayment Terms: All payments accepted by way ofCheque / Demand Draft in favour of 'The Secretary, TheInstitute of Chartered Accountants of India' payable atMumbai.For details contact:

—[email protected]

CA. B. C. Jain Chairman, WIRC of ICAIEmail: [email protected]

Dr. T. Paramasivan — Secretary, CMII Tel : +91 (11) 30110450/491Email : [email protected], [email protected]

Mrs. S. Kapoor — Senior Assistant Director, ICAITel : +91 (22) 39802921/9321239894Email : [email protected]

29 | 30 | 31 January, 2010, Hotel JW Marriott, Juhu, Mumbai

Participation Fees Members Non-of ICAI Members

of ICAI

CA. Priya Bhansali Convenor, WSG of ICAITel : +91 (11) 30110490 Email:

INSPIRING TODAY, FOR TOMORROW All India Mega Conference of Women Steering Group of ICAI

Coinciding with the ICAI's Corporate Forum, Women Steering Group of ICAI is organising an All India Mega Conference on the themeth“Inspiring Today, For Tomorrow” on 30 January, 2009 to emphasise the importance of women obtaining the CA credential and highlighting

the flexibility and various career paths of the accounting profession. Session topics will focus on the importance of networking andmentoring. Professionals with an array of expertise in public accounting, private industry, and academia will take part in discussion forumsand give presentations focusing on the development of strong leadership skills.

The theme “Inspiring Today, For Tomorrow” emphasises the opportunities the profession provides, and confirms the Institute'scommitment to attracting female talents to a profession vital to the world's economy. The Conference will focus on teaching women life-coping strategies to manage stress, conduct career planning, as well as develop positive relationships and mental health awareness. In addition to bringing together women of all lifestyles to develop a network of communication, the Conference proposes to increase theawareness of the resources available to women, demonstrate support for issues of concern and enhance awareness of how women can improve their quality of life.

The All India Conference will serve as the flagship event for the Women Steering Group. WSG is holding this Conference for the first timein the Diamond Jubilee Year of ICAI which will draw participation from all over the country. The Conference will offer a wide variety of sessionformats, including panel sessions, special symposia, as well as various opportunities to networking.

Complete details for the said event shall be hosted on the website shortly.

FORTHCOMINGevents



AWARDEES FOR 2007

S. No. Name and Category Designation/Organisation1. CA Nilesh Shah, CA. Professional Manager Deputy Managing Director Chief Investment

st - Private Sector (1 Rank) Officer, ICICI Prudential Mutual Fund2. CA. D. Prasad, CA. Professional Manager Head of Finance & Accounts, Essar Oil Ltd.

nd- Private Sector (2 Rank)3. CA. S. K. Gupta, CA. Professional Manager Chief Financial Officer, DLF Ltd.

rd- Private Sector (3 Rank)st4. CA. Raman Roy, CA. Business Leader - SME (1 Rank) Chairman, Quattro BPO Solutions Pvt. Ltd.

5. CA. Raman Deep Singh Bawa, CA. Business Leader Group Chief Financial Officer,nd- SME (2 Rank) Network 18 Media & Investments Limited

6. CA. Dinesh Nandwana, CA. Business Leader Chairman and Managing Director,rd- SME (3 Rank) Vakrangee Softwares Limited

7. CA. Pooja Gupta, CA. Young Leader Senior Financial Consultant, st- Female (1 Rank) Standard Chartered Bank

8. CA. Vishakha Mulye, CA. Young Leader Executive Director,nd- Female (2 Rank) ICICI Lombard General Insurance Company Ltd.

9. CA. Neetu Kashiramka, CA. Young Leader Chief Finance Officer,rd- Female (3 Rank) Jyothy Laboratories Ltd.

10. CA. M. Ramadoss, CA. Professional Manager Chairman-cum-Managing Director,st- Public/Government Sector (1 Rank) The Oriental Insurance Company Limited

11. CA. S. K. Garg, CA. Business Leader CMD, N.H.P.C. Ltd.- CA. Professional Manager

nd- Public/Government Sector (2 Rank)12. CA. C. Ramulu, CA. Professional Manager - Public/ Director - Finance, Hindustan

rdGovernment Sector (3 Rank) Petroleum Corporation Ltd.

ICAI's AWARD 2009 - CORPORATE CA ACHIEVERS ACCLAIM

These Corporate CA Achievers Acclaim Awards of ICAI seek To acknowledge Chartered Accountants in industry who have demonstrated excellence in the way in which they conducttheir profession.To acknowledge Chartered Accountants who exemplary role models in the industry.To acknowledge Chartered Accountants who have created value to their company's stakeholders on a sustainable basis.

�To acknowledge contribution in ICAI Activities.

AWARDS CATEGORIES

31st January, 2010, Goregaon Sports Club, Mumbai

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“The Highest Recognition for a man is to be honoured by his alma mater”

Awards/ CA Business CFO CACate- Achiever Professionalgories Achiever

a. CA. Business Manufacturing ManufacturingAchiever – FinancialServices

b. CA Business Auto & Auto & Achiever – Ancillary AncillaryCorporate Sector Sector

c. CA Business Financial FinancialAchiever – Sector SectorSME

d. CA Business Service ServiceAchiever – Sector SectorOthers

e. Information InformationTechnology Technology- IT & ITES - IT & ITESSector Sector

Awards/ CA Business CFO CACate- Achiever Professionalgories Achiever

f. Media & Media &Entertainment EntertainmentEnterprises Enterprises

g. Telecom TelecomSector Sector

h. FMCG FMCGSector Sector

i. Infrastructure Infrastructure& Construction & Construction

j. Healthcare HealthcareSector Sector

k. Engineering Engineering& Capital & Capital Goods Sector Goods Sector

l. Public Sector Public Sectorm Others Othersn. Woman Woman

ICAI AWARDS FOR EXCELLENCE IN FINANCIAL REPORTING

With a view to promote better standards in the preparation and presentation of information in the financial statements,Research Committee of the Institute of Chartered Accountants of India has been holding the annual competition for the 'ICAIAwards for Excellence in Financial Reporting'. The Awards are given in seven categories of business and other entities.

Gold Shield and Silver Shield is awarded in each category for the best entry and the next best entry, respectively. Apart from theaforesaid awards, a Hall of Fame is also awarded for the entry that has been awarded the first prize in that category continuously inthe last five years and Plaques will be also awarded for the Annual Reports that are following better financial reporting practicesamongst the remaining enterprises that would be participating in the Competition. For complete details of the Award and the

31 January 2010, Goregoan Sports Club, Mumbai

FORTHCOMINGevents



st13. CA. Nitin Agrawal, CA. Young Leader - Male (1 Rank) Manager (Finance & Accounts) L & T Ltd.nd14. CA. Upendra Gupta, CA. Young Leader - Male (2 Rank) Sr. Manager (Finance) Dabur India Ltd.

15. CA. Asheesh Awasthy, CA. Young Leader Head of Finance and India Centre of Excellence,rd- Male (3 Rank) Google India Pvt. Ltd.

16. CA. R. Seshasayee, Lifetime Achievement Award Managing Director, Ashok Leyland Ltd.17. CA. Ramesh D. Chandak, CA. Business Leader Chief Executive Officer & Managing Director,

st- Corporate (1 Rank) KEC International Limited18. CA. Nirmal Jain, CA. Business Leader Chairman & Managing Director, India Infoline Ltd.

nd- Corporate (2 Rank)19. CA. Deepak Ghaisas Keshav, CA. Business Leader Vice Chairman & Director, I-Flex Solution Limited

rd- Corporate (3 Rank)

AWARDEES FOR 2008

CATEGORY CRITERIAAwards will be given in various categories. These will

include the following:

I CA Business AchieverThis Category is for CEOs/Directors (or individuals

holding equivalent positions in their organisation) in thefollowing sub-categories:A) Financial Services

All Enterprises in Financial Sector (includingNBFCs, Capital Market, etc.) are covered under thiscategory.

B) CorporateAll Large enterprises (including Manufacturing,Trading, Other Service Sector, etc.) are coveredunder this category. Enterprise with annualturnover in excess of Rs. 500 crores or more than200 employees will be considered as a LargeEnterprise.

C) SMEAll Medium/Small enterprises (including Manu-facturing, Trading, Other Service Sector, etc.) arecovered under this category. Companies not covered incategory of “Corporate” above are covered under this category.

D) OthersAll enterprises in any area other than theabove listed categories are covered under thiscategory.

II CFOThis category is for professionals in Senior

Management capacity. This includes positions such asCFOs, Business Vertical Heads, Chief Risk Officers, ChiefTreasury Officers and such other equivalent positions.

III CA Professional AchieverThis category is for Managers, who have achieved

excellence in their careers and are not covered inthe categories stated above and is intended to honour theachievements of CAs in the early or middle part of theircareers.Sub-categories

Each of the Outstanding CFO and CA ProfessionalAchiever awards will be given separately in various sub-categories. These sub-categories will include the following:(i) Manufacturing (including Processing, Mining,

Plantations, Oil and Gas enterprises, etc.).(ii) Auto & Ancillary Sector.(iii) Financial Sector (including Banking, Financial

Institutions, Insurance, NBFCs, Mutual Funds, etc.)(iv) Service Sector (including Hotels, Consultancy,

Transport, Stock Exchanges, R & D, Private Hospitals,etc.)

(v) Information Technology – IT & ITES Sector(vi) Media and Entertainment Enterprise(vii) Telecom Sector(viii) FMCG Sector(ix) Infrastructure and Construction (including Power

Generation and Supply, Port Trusts, Metro, Roads, RealEstates, etc.)

(x) Healthcare Sector(xi) Engineering and Capital Goods Sector(xii) Public Sector (including Government Organisations,

Regulators, etc.)(xiii) Others (Section 25 companies, Educational

Institutions, NGOs, Charitable Hospitals, etc.)(xiv) Woman (This is an additional category for woman open

for all the sectors given above. A woman CFO/Professional Achiever can also apply/be considered inany of the above categories.)

S. No. Name and Category Designation/Organisation1. CA. Akhil Gupta

CA. Businesss Achiever - Corporate Dy. Group CEO & MD, Bharti Group2. CA. Motilal Oswal Chairman & Managing Director,

CA.Business Achiever - Financial Services Motilal Oswal Financial Services Ltd.3. CA. K. Ullas Kamath Dy. MD. Jyothy Laboratories Limited

CA. Business Achiever - SME4. CA. Adesh Gupta Whole Time Director & CFO

CFO - Manufacturing Aditya Birla NUVO Limited5. CA. Keki Mistry, CFO - Financial Sector Vice Chairman and MD, HDFC Ltd.6. CA. A. K. Singhal, CFO - Public sector Director (Finance), NTPC Limited7. CA. V. Balakrishnan, CFO (Information Technology, CFO, Infosys Technologies Limited

Media, Communication and Entertainment)8. CA. Irawati Dani, CFO - Women Director (Finance) Western Coalfields Limited9. CA. Bharat Banka, CA Professional Achiever - MD & CEO Aditya Birla Capital Advisors,

Finance Sector also President and Head, Group CorporateFinance, Aditya Birla Group

AWARDEES FOR 2007

FORTHCOMINGevents



EVALUATION PARAMETERSThe Steering Committee will finalise the para-

meters for evaluation. An illustrative list of para-meters to be considered for each category is givenbelow:

A. CA Business Achiever – Financial / Corporate / SMEs / Others

LeadershipInnovationBest PracticesContribution to CommunityTrack Record and Accomplishments

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B. CFO and CA Professional AchieverAchievementsProfessional and Personal QualitiesKnowledge and Experience

THE AWARDS PROCESSThe Steering Committee will ensure that the entire

process of awards maintain highest level of credibility andprofessionalism. The whole process shall be divided intothree stages viz. Inviting Nominations, Shortlisting andFinal Selection. Jury, consisting of eminent personalities,shall be formed for judging the awards. An experienced CAfirm will be appointed to carry out the process audit.

�

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A Nomination Committee will be constituted to invitenominations directly through applications or throughInternal/Independent Research.Applications can be made by –1. Chartered Accountant himself2. Employer3. Any other member of ICAI4. Others, which the Nomination Committee may deemfit. For Nomination requirements, Guidelines and FormKindly visit andwww.icai.org www.cmii.icai.org

For details contact:CA. B. C. Jain Chairman, WIRC of ICAI

Email: [email protected]. T. Paramasivan Secretary, CMII,

Tel : +91 (11) 30110450/491,Email : [email protected],

[email protected]. S. Kapoor Sr. Assistant Director, ICAI


JURY FOR 2007

S. No. Name of the Member Designation/Oganisation (as on the date of Jury meet)

1. CA. N. D. Gupta Past President, ICAI, Chairman of the Jury2. Mr. Sajjan Jindal Sr. Vice President, ASSOCHAM3. Mr. Dheeraj Kumar CMD & Actor, Producer & Director, Creative Eye Limited4. Mr. Vijay J. Darda Chairman, Managing Director & Editor-in-Chief, Lokmat Times5. Mr. Keki M. Mistry Vice-Chairman & Managing Director, HDFC Ltd.6 Dr. Rakesh Sinha Leading Surgeon, Beams Specialty Hospital

JURY FOR 2008

S. No. Name Designation/Oganisation (as on the date of Jury meet)

1. Shri Suresh Prabhu Former Union Minister for Power, Heavy Industry & Public Enterprise & MP (Lok Sabha) Chairman of the Jury Panel

2. Mr. Vimal Gandhi President, ITAT3. CA. N. P. Sarda Past President of ICAI – Vice Chairman of the Jury Panel4. CA. Utttam Prakash Agarwal Vice-President – ICAI 5. Mr. T. S. Vijayan Chairman, LIC6. Mr. K. V. Kamath MD & CEO, ICICI Bank7. Mr. Venugopal Nandlal Dhoot Chairman & Managing Director, Videocon Industries Ltd.8. Shri S. K. Roongta Chairman, Steel Authority of India Limited9. Mr. Ramesh Chandak Chief Executive Officer & Managing Director, KEC international Limited10. Mr. T. V. Mohandas Pai Member of the Board and Director, Human Resources Infosys Technologies

Ltd.11. Mr. Venkat Chary Chairman and Director, MCX12. Mr. Kishore Biyani Managing Director, Pantaloons13. Mr. M. Ramadoss Chairman-cum-Managing Director, The Oriental Insurance Company Limited 14. Mr R. Ramaseshan MD & CEO, National Commodity & Derivatives Exchange Ltd. 15. Mr. D. D. Rathi Whole-time Director & CFO, Grasim Industries Limited

JURY FOR 2009Eminent personalities from different fields are being invited to act as Jury for the awards.

FORTHCOMINGevents



16/11/2009 5.30 p.m. SEZ in India CA. Satyendra Jha Hotel Kanak, Opp. Gujarat College, Ellisbridge, Ellisbridge CPE Study CircleMonday Ahmedabad CA. Parag R. Raval (M) 9824339200

18/11/2009 5.30 p.m. MVAT Audit – New Form 704 CA. Deeak Thakkar Roman Vision Banquet Hall, 99/101, Keshavji Naik Masjid Bunder CPE Study CircleWednesday Road , Chinchbunder Mahajan Wadi CA. Nishith Vajani (M) 9820665627

3rd Flr., Above Vijay Transport, Mumbai

19/11/2009 6.00 p.m. MVAT Audit - Revised Form 704 & Other Issues. CA. Govind Goyal Silk Merchants' Association Hall, Near Edward Cinema, Kalbadevi CPE Study CircleThursday 1st Floor, Kalbadevi Road, Mumbai CA. Hemant Mehta (M) 98210 87296

20-22/11/2009 2 Nights 1st Residential Refresher Course for Eminent Speaker Umbergaon Club and Resort, Umbergaon, Gujarat Borivali (Central) CPE Study Circle Friday to Sunday 3 Days Chartered Accountants CA. Sanjay N. Thakkar (M 9324312627

21/11/2009 5.00 p.m. New Form 704 under MVAT Rules, 2005 CA. Prem T. Chhatpar Kandivali Recreation Club,Shantilal Modi Road, Kandivali (West) CPE Study CircleSaturday Near S.V.P. School, Kandivali (West), Mumbai CA. Hiren H. Shah (M) 9821413307

21/11/2009 5.45 p.m. Issues in Service Tax CA. Vishal Panjwani TMA Hall, Wagle Estate, Thane (West). Thane Midtown CPE Study Circle Saturday CA. Mahavir Jain (M): 9820010083

20/12/2009 9.30 a.m. Trust, Trade Associations and Housing CA. Gautam Nayak Shree Shyam Kunj Haveli Hall, Chandavarkar Road, Borivali (Central) CPE Study Circle Sunday Societies - Taxation Issues Near Raj Mahal Hotel, Borivali (W), Mumbai CA. Sanjay N. Thakkar (M) 9324312627

20/12/2009 6.30 p.m. Annual Get-together Members & Guests Subhangan, Landmark Building, Ganjawala Road, Borivali (Central) CPE Study Circle Sunday Next to Bharat Petroleum, Borivali (W), Mumbai CA. Sanjay N. Thakkar (M) 9324312627

26/12/2009 9.30 a.m. Seminar on Taxation Eminent Speaker Kohinoor Hall, Opp. Siddhivinayak Temple, Shivaji Park CPE Study CircleSaturday Prabhadevi CA. Shashikant Desai (M) 9820069520

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

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

FORTHCOMING study circle meetings

FORTHCOMINGDATE TIME SUBJECTS SPEAKERS VENUE

AHMEDABAD

NAGPUR

7, 14, 27, 28/11/2009 4.30 p.m. Series of Lectures on Service Tax Eminent Faculty Baroda Branch Premises12, 26/12/2009

21/11/2009 8.00 a.m. Cricket Match Members with CA Students22/11/2009 9.30 a.m Lecture Meet on Micro Finance Eminent Speaker ICAI Bhavan23/11/2009 to 25/11/2009 8.00 a.m. Workshop on Project Finance Eminent Speakers ICAI Bhavan28/11/2009 9.30 a.m. Seminar on MVAT Audit Eminent Speakers Hotel Centre Pont26/11/2009 to 28/11/2009 6.00 p.m. Workshop on Advance Excel Eminent Speakers ICAI Bhavan

Note :– All branches are requested to send their events photographs and details of forthcoming programmesonly at email Id [email protected] at the end of the preceding month positively.

TheCharteredAccountantsAct&Regulations|Accounting&Auditing|IncomeTax&WealthTax|IndirectTax|CompanyLaw|OtherLaws|M

SIXTHThoroughly

Revised andUpdated Edition

Western India Regional Council of The Institute of Chartered Accountants of India

WIRC Reference Manuall is a handy and easy to refer digest of various Laws, Rules,Regulations, Procedures, Pronouncements, Notifications etc. On a wide spectrum ofareas for accounting, tax and legal professionals. Affordable, attractive and amazinglycomprehensive yet compact, it is a treasure house of the expertise of some of the best inour profession. No wonder, it has been receiving overwhelming response from allquarters.

The Sixth edition of WIRC Reference Manual covers a whole gamut of subject and topicsincluding Chartered Accountants Act & Regulations, Accounting and Auditing, Income Taxand Wealth Tax, Indirect Taxes, Company Law, Other Laws and a lot of other information.

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

WIRC

MANUAL2009-10

R EFER ENCE


BULLETIN boardWORK DISPOSAL POSITION

ISA-PT COURSE

NEW ARRIVALS OF ICAI PUBLICATIONS

The position of disposal of various matters relating to membersand students of WIRC as on 31-10-2009. Please see Websitewww.wirc.icai.org.

For the Quarter October to December, 2009 Commencing on:7th November, 2009. Location: Churchgate. For registrationContact: 22154935 • Email: [email protected]/Guide on Revenue Recognition

As For Local Bodies (ASLB) 3 Revenuefrom Exchange Transactions Rs. 50AS (230) Audit Documentation-Borrowing Cost Rs. 50 T/G on Revenue Recog. for Software Rs. 100T/G on Share Valuations Rs. 80 CD of Compendium of Opinion Rs. 500 T/G on Estimated of Future Cash Flow &Disc Rate for AS - 28, Impairment of Ast Rs. 60 Handbook of Auditing Pro. Vol–1, 2 Rs. 900 T/G Audit in Telecommunication IndustryRevaluations, Fixed Assets Etc. Rs. 600G/N Audit of Banks 2009 Rs. 500 Initial Audit Engagements Opp Balance Rs. 50 SA-530 Audit Sampling Rs. 50 SA-540 Auditing A/c Estimates Rs. 50 SA-550 Related Parties Rs. 50 SA-500 Audit Evidence Revised Rs. 50 SA-720 Audit Responsibility in Informing and Documentations Rs. 50 SA-210 Agreeing the Terms of Audit Engagements Rs. 50 SA-265 Communicating Deficiencies with Governance Rs. 50SA-320 Materiality in Planning and Performing an Audit Rs. 50SA-402 Audit Considerations Relating Entityusing Service Organisation Rs. 50 SA-450 Evaluation of Mis – statements during the Audit Rs. 50 SA-610 Using the Work of Internal Auditors Rs. 50 Manual Relating To Students Rs. 100 G/N on Report on International TRN Under Section93 E Of Income-tax Act, 1961 (Transfer Pricing) Rs. 200 Clean Developments Mechanism & Carbon Credit A Primer Rs. 150 Code of Governance for NGO Rs. 250 T/G on Informations System Audit Rs. 250 T/G on System on Audit of Stock Brokers CTCL/IML Rs. 200Data Analysis for Auditors - Practical Case StudiesOn Using CAATs Rs. 400 T/G on Review Certifications of Investments RiskMgt System & Prcs of Insurance Companies Rs. 225 Motor Third Party Claim Managements Rs. 565 T/GIB Int Con. Audit of Investments Functions ofInsurance Companies Rs. 150 Micro Insurance Rs. 160 T/G on Internal Audit of Intangible Assets Rs. 150 T/G on Internal Audit of Stock Brokers Rs. 250 Compendium of Standard on Internal Audit Rs. 300For a detailed List of ICAI publications, please visit www.wirc-icai.org

HELP US TO SERVE YOU BETTERChange of Address

CPE CREDIT REQUIREMENTS FOR MEMBERS OF THE INSTITUTEImportant Announcement for Members

CPE Credit Requirements for members of the Institute

PAYMENT OF ANNUAL MEMBERSHIP FEE

It is seen that a large number of newsletters mailed to members arebeing returned undelivered with the remark "Addressee not found".Members are requested to advise us, change of address, if any, [email protected] or [email protected] so that our records can be updated andnewsletters can reach you regularly.

We would like to inform the members, the CPE CreditRequirements for the rolling period of three years starting from thecalendar year 2008 as given below:

All the members who are holding Certificate of Practice (exceptthose members who are residing abroad), unless exempted, arerequired to:• Complete at least 90 CPE credit hours in each rolling three-

years period of which 60 CPE credit hours should be ofstructured learning.

• Complete minimum 20 CPE Credit hours of structured learningin each year.

All the members who are not holding Certificate of Practice or areresiding abroad (whether holding Certificate of Practice or not),unless exempted, are required to:• Complete at least 45 CPE Credit hours of structured/

unstructured learning in each rolling three year period• Complete minimum 10 CPE Credit hours of structured

/unstructured learning in each year.

1. The Non-payment of annual membership/certificate of practicefee will have the following consequences:

i) The member will not be eligible to use designatory letters‘ACA’/‘FCA’ and designation ‘chartered accountant’.

ii) A member in practice will cease his right to practice as aChartered Accountant.

iii) Such a member will not be eligible to train articled/audit clerksalready receiving training under him on or after 1-10-2009.

iv) The member will not be eligible to train any new articled/auditclerk on or after 1-10-2009.

v) Such a member will not be eligible to carry out audit/certificate/attest and other functions in view of (I) above.

2. The membership numbers of all the members who have notpaid the membership fee till 1st October 2009 are beingdisplayed on the website of the Regional Councils.

3. For any other clarification, the members are advised to contactthe concerned Decentralised office of the Region.

Please pay your Membership fee and avoid unwanted removal of your name.

“Did you know that you can register for seminars/ programmesconducted by WIRC at the following places:WIRC office at ICAI Bhawan, 27 Cuffe Parade, Mumbai 400 005WIRC Reference library at Room No 580, Aaykar Bhavan,Churchgate Mumbai 400 020Extension counter cum Reading room at RVG Hostel, NearLallubhai Park, Andheri West Mumbai 400058Extension Counter cum Reading room at Bullet Apartments,Lakhamsey Nappu road, Hindu road, Dadar East, Mumbai 400 014Extension counter cum Reading room at Mundhada Hostel,Devidayal road, Near Panch Rasta, Next to BMC office, MulundWest, Mumbai 400 080


WIRC CARES FOR YOU!Group Term Insurance Scheme for

Chartered Accountants and SpousesOther information1. The Scheme has been established and shall be administered with

the P&GS Mumbai Division I Office of LIC at Mumbai.2. All matters relating to the Scheme including settlement of Claim

etc. shall be looked after by the said office in Mumbai.3. It is proposed to have 12/24 policies (one/two for each month of the

calendar year, depending upon categorization of members havingopted/having not opted for DAB cover) to have administrativeconvenience to both the parties to the arrangement and to havelogical linkage with the Single Premium Period of 3 years.

4. The period of 3 years & the lien period of 45 days will reckon fromthe date of entry in the scheme by each member.

5. WIRC will generally make payment to LIC on fortnightly basis. Thedate for the lien period & 3 years for the members would start fromthe date the list of members containing his name is forwarded to LIC.

6. The updation of members' list will be done on Fortnightly basisalong with due premia remittances.

7. The members may apply for the life insurance by giving thefollowing details in duplicate along with the premium cheque:a) Nameb) Addressc) Contact details such as phone no, e-mail IDs, Fax etcd) Membership No. of ICAIe) Date of Birthf) Ageg) Name of Nomineeh) Name of spousei) Date of Birth of spousej) Age of spousek) Name of Nominee (in case of spouse)

Basic sum Double Accidental Total Premiumassured Coverage

Self Yes/No

Spouse Yes/No Yes/No

Example : A member aged 36 years with a spouse of 32 years decides to opt for insurance along with double accidental coverage for both. The total premium would be calculated as under :

Self Basic Premium Rs. 4820/-

Self Accident Premium Rs. 1420/-

Spouse Basic Premium Rs. 1640/-

Spouse Accident Premium Rs. 710/-

8. Cheques for the premium amount, computed as per the currentage of the member/ spouse, needs to be drawn in favour of “WIRCInsurance Scheme”.. and forwarded to WIRC, 5th Floor, ICAI Bhavan,Cuffe Parade, Mumbai 400 005. Out of Mumbai members will berequired to send Demand Drafts.

9. Any clarification with regard to the scheme may be had from:

CA. B.C. Jain, Chairman WIRC on [email protected] or [email protected]

The scheme is open for all members of the Institute in the WesternRegion and also their spouses who are not enrolled under a similarscheme being operated by the Institute of Chartered Accountants ofIndia, Delhi. It is further clarified that a member shall be covered underone policy either at Mumbai or Delhi & in case of claim, the claim willbe settled under one policy only.

The salient highlights of the scheme are as under :

• Offering a High Life Cover of Rs. 10 lacs per member.

• Additional Double cover by paying nominal premium

• A provision for Spouse life cover of Rs. 5 lacs.

• A unique SINGLE PREMIUM approach.

• NO EVIDENCE OF HEALTH NO MEDICAL EXAMINATION OR NOHEALTH DETAILS REQUIREMENTS for member as well as forSpouse

• Highly Competitive Premium Rates.

• 24 Hrs. Comprehensive, Global Life Risk cover without any Preconditions.

• FULL PREMIUM RETURN OFFER in case of normal death within lienperiod.

• Members can join the Scheme at any time, at the existing rate ofpremium.

Details of the scheme are as under :

S.No. Particulars Terms

1) Age at entry 18-60 years

2) Validity Period of Life Cover Three years

3) Type of Cover 24 hour Comprehensive Global riskcover for the period of insurance from date ofcommencement which also includesdeath due to Accident.

4) Sum Assured Rs.10 lacs +10 lacs (If accident benefit premium paid)

5) Mode of Premium Single Premium payable for Three Years.

6) Single Premium to be paid Age Term Accidentin case of Members Completed Assurance Benefitfor the Sum assured of years Premium PremiumRs. 10 Lacs for a term (optional) * of 3 years Amount Rs. Amount

18-30 2,970 1,42031-35 3,280 1,42036-40 4,820 1,42041-45 6,470 1,42046-50 10,390 1,42051-55 18,470 1,41056-60 27,750 1,410

7) Single Premium to be paid 18-30 1,485 710in case of spouse 31-35 1,640 710for the Sum assured of 36-40 2,410 710Rs. 5 Lac for a term 41-45 3,235 710of 3 years 46-50 5,195 710

51-55 9,235 70556-60 13,875 705

(*A member would have an option of taking Double Accident BenefitCover (DAB) by paying the additional Accident benefit premium.Accidental death cover, is in addition to the life cover. This cover will, incase a member dies through an accident, provide additional cover to theextent of Rs.10,00,000/- and in case of spouse of Rs. 5,00,000/-).

Special Conditions:

Lien :: The assurances granted under the Scheme are subject to a lienclause. No claim is admissible for deaths during the first 45 days fromthe entry date, except for cases of death due to accident. However, in case of a Normal Death, taking place during the Lien Period,PREMIUMS charged on the life of the deceased Member shall berefunded in full.

Special Benefits:

Insurance cover forr : Will be considered to theMember's Spouse extent of 50%

i.e. up to Rs. 5,00,000/-.Premium for Spouse to becharged as per Spouse's age

m I eSu nsur dLac , a di o lRs. 10 s d ti na

c de tAc i n Benefito L cf Rs. 10 a s

On timeePrem miu

for 3 YearsPolicy

WIRC Announces special tie-up with Kokilaben Dhirubhai Ambani Hospital, Andheri (W), Mumbai Tel:30666666/30999999

Executive Health Check-up for Members & their Family Members at discounted price of Rs. 3250/- onlyFor further details contact022-39802952


LAWupdatesDIRECT TAXSECTION 48 OF THE INCOME TAX ACT, 1961– NOTIFIED COSTINFLATION INDEX FOR FINANCIAL YEAR 2009-10 {183 TAXMAN (St.) 29}

INCOME-TAX APPELLATE TRIBUNAL MEMBERS (RECRUITMENT ANDCONDITIONS OF SERVICE) AMENDMENT RULES, 2009 – OMMISSIONOF RULES 13A, 13B, 13C AND 13D; INSERTION OF RULES 13E AND 13F{183 TAXMAN (ST.) 31}

SECTION 139(1B) OF THE INCOME TAX ACT, 1961 – ELECTRONICFURNISHING OF RETURN SCHEME, 2007 – AMENDMENT INNOTIFICATION NO. S.O. 1281 (E), DATED 27-7-2007 {183 TAXMAN (ST.)32}

ORDER UNDER SECTION 119 OF THE INCOME TAX ACT, 1961 –EXTENSION OF DATE OF FILING OF TAX AUDIT REPORT UNDERSECTION 44AB AS WELL AS FILING OF RETURNS IN THE STATE OFMAHARASHTRA {183 TAXMAN (ST.) 32}

The Central Government Vide its Notification No. 67/2009 (F. No.142/13/2009-TPL) dated 9-9-2009 has specified the Cost Inflation Index forthe Financial Year 2009-10 as 632.

Vide Notification No. GSR 389 (E), dated 03/06/2009; the President of Indiain exercise of powers conferred by the proviso to Article 309 of theConstitution of India has omitted Rules 13A, 13B, 13C and 13D of theIncome-Tax Appellate Tribunal Members (Recruitment And Conditions OfService) Rules, 1963 and has inserted Rule 13E which prohibits thePresident, the Senior Vice-President, the Vice-President and the Memberof the Tribunal from practicing before the Tribunal after retirement fromservice of the Tribunal and has also inserted Rule 13F which prevents themfrom undertaking any arbitration work while functioning in their respectivecapacities in Tribunal.

Vide Notification No. 70/2009 (F.No. 133/55/2008-TPL) dated 22/09/2009,the CBDT has substituted Para 5 of the Notification No. S.O. 1281 (E), dated27-7-2007 to provide as follows-“5. Qualification of an e-Return Intermediary–(1) An e-Return Intermediary shall have the following qualifications,

namely:-(a) It must be a public sector company as defined in clause (36A) of

section 2 of the Act or any other company in which public aresubstantially interested within the meaning of clause (18) ofSection 2 of the Act and any subsidiary of those companies; or

(b) A company incorporated in India, including a bank, having networth of rupees one crore or more;

(c) A firm of Chartered Accountants or Company Secretaries orAdvocates, if it has been allotted a permanent account number;or

(d) A Chartered Accountant or Company Secretary or Advocates orTax Return Preparer, if he has been allotted a permanent accountnumber; or

(e) A Drawing or Disbursing Officer (DDO) of a GovernmentDepartment.

(2) The e-intermediary shall have at least class II digital signaturecertificate from any of the Certifying Authorities authorized to issuesuch certificates by the Controller of Certifying Authorities appointedunder Section 17 of the Information Technology Act, 2002 (21 of2000).

(3) The e-intermediary shall have in place security procedure to thesatisfaction of e-return Administrator to ensure that confidentiality ofthe assessee’s information is properly secured.

(4) The e-intermediary shall have necessary archival, retrieval andsecurity policy for the e-Returns that will be filed through him, asdecided by e-return Administrator from time to time.

(5) The e-intermediary or its Principal Officer must not have beenconvicted for any professional misconduct, fraud, embezzlement orany criminal offence.”

Vide Notification F. No. 225/163/2009-ITA-II, dated 29-9-2009 the CBDT hason consideration of reports of local disturbances caused due to Swine Fluand riots extended the due date of obtaining tax audit report under section44AB as well as for filing of returns of income required to be furnished by

st30th September, 2009 to 31 October, 2009 in the cases of income-taxassessees in Pune, Satara, Kolhapur and Sangli Districts of Maharashtra.

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

FEMASUMMARY OF RBI – A.P. (DIR Series) CircularsRBI/2009-10/175 A. P. (DIR Series) Circular No.10 October 5, 2009Advance Remittance for import of Services

RBI/2009-10/176A. P. (DIR Series) Circular No.11 October 5, 2009Issue of Bank Guarantee on behalf of service importers

MAHARASHTRA VATMaharashtra Value Added Tax Act,2002Notification

Circular

CORPORATE LAWSCORPORATE GOVERNANCE FOR NBFCs [www.rbi.gov.in]

MISCELLANEOUS INSTRUCTIONS TO NBFC-ND-SI [www.rbi.gov.in]

(Ref: A.P. (DIR Series) Circular No. 15 dated September 8, 2008)Through this Circular it is clarified that in the case of a Public SectorCompany or a Department/ Undertaking of the Government of India/ StateGovernments, increase in the limit for advance remittance for import ofservices from US$ 100,000 to US$ 500,000 without bank guarantee is notapplicable. Further approval is required from the Ministry of Finance,Government of India for advance remittance for import of services withoutbank guarantee for an amount exceeding US$ 100,000 or its equivalent.

AD Category-I banks are now permitted to issue guarantee up to USD500,000 (limit enhanced from USD 100,000) in favour of a non-residentservice provider, on behalf of a resident service importer (other than PublicSector Company or a Department/ Undertaking of the Government ofIndia/ State Governments).In the case of a Public Sector Company or a Department/ Undertaking ofthe Government of India/ State Governments, approval from the Ministryof Finance, Government of India for issue of guarantee for an amountexceeding US$ 100,000 or its equivalent would be required.RBI/2009-10/188A. P. (DIR Series) Circular No.12 October 23, 2009Exim Bank’s Line of Credit of USD 20 million to the State of Eritrea

(Contributed by CA. Manoj C. Shah, CA. Hinesh Doshi)

The Commissioner of Sales Tax has issued Notification u/s.10(4) of MVATAct,2002 dated 4-9-2009 where by the powers given to AdditionalCommissioner of Sales Tax have been modified.

a) The Commissioner of Sales Tax has issued Circular No. 26T of 2009dt.1-10-2009, whereby the issue about determining periodicity of returnsfor the year 2009-10 has been explained.b) The Commissioner of Sales Tax has issued Circular No. 27T of 2009dt. 1-10-2009, where in the issues about e-filing of VAT Audit Report inForm 704 have been clarified.c) The Commissioner of Sales Tax has issued Circular No.28T of 2009dt.15-10-2009, whereby the date for commencement of filing of Refundapplication in Form 501 electronically has been extended up to 1-12-2009.d) The Commissioner of Sales Tax has issued one more Circular No.29Tof 2009 dt. 30-10-2009, where by the date of uploading returns for periodended 30th Sept., 2009 is extended up to 9-11-2009.

(Contributed by CA. C.B. Thakar)

The Department of Non-Banking Supervision, RBI has issued MasterCircular No. 156/03.10.001/2009-10 dtd. 1-7-2009 on CorporateGovernance as applicable to Non-Banking Financial Companies whichupdates and consolidates all the Instructions contained in the notificationsissued till date of issue of this circular and which specifically addresses thematters relating to, (a) rotation of partners of auditors of the statutory auditfirm – with public deposits / deposits of Rs.50 crore and above, (b)guidelines on corporate governance, (c) constitution of audit committee,(d) constitution of nomination committee, (e) constitution of riskmanagement committee, (f) disclosure and transparency, and, (g)connected lending.

The Department of Non-Banking Supervision, RBI has issued MasterCircular No. 157/03.10.001/2009-10 dtd. 1-7-2009 to Non-BankingFinancial Companies which are non-deposit taking and systemicallyimportant. The matters addressed in the circular are, (a) requirement ofmaking quarterly return on important financial parameters of NBFCs not


accepting / holding public deposits and having assets size of Rs. 500crores and above as on 31-3-2004, (b) financial regulation of systemicallyimportant NBFCs and banks’ relationship with them, (c) additional singleexposure norms for asset finance companies, (d) expansion of activities ofNBFCs through automatic route, (e) misuse of bank finance for hoarding,(f) guidelines for NBFC-ND-SI regarding capital adequacy, liquidity anddisclosure norms.

The SEBI has issued Circular No. 8/174648/2009 dtd. 27-8-2009 detailingthe revision of the existing code of conduct by the Association of MutualFunds of India (AMFI) for the MF intermediaries (ie agents and distributors)and now it is directed that all such MF intermediaries shall follow the codeof conduct strictly and non-compliance by any intermediary will make theMF liable to report to the AMFI and SEBI apart from the fact of no MF todeal with such MF intermediaries which does not observe the code ofconduct.

The Ministry of Commerce & Industry has issued Instruction No. 38 dtd.September 2009 informing that the department has executed anagreement with NSDL Database Management Ltd. for an SEZ onlineproject whereby it intends to establish a nation-wide integrated e-governance solution for the administration of SEZ and to facilitate speedyprocessing of transactions of SEZ developers, units, etc. with theadministration.

(Contributed by CA. Jayesh Thakur)

Vide Public Circular No. GUJKA/VAT/15/2009-10/OTW 89/79 Dt.15-10-2009, due date for filing Monthly/ Quarterly Returns for September 2009,has been extended from 30-10-2009 to 9-11-2009. No extension is grantedfor tax payment due date of 22-10-2009.

Vide Public Circular No. GUJKA/VAT/17A/2009-10/OTW 88/78 dt.30-9-2009, revised Statements of Particulars “A”, “B”, “C”, to be enclosedwith Audit Report in Form 217, have been notified. These Statements havebeen revised to incorporate the Details of Additional Tax introduced w.e.f.01-04-2008. The Audit Report for F.Y.2008-09 should contain theParticulars of Additional Tax as per these revised statements. Theexemption given earlier, from mentioning certain details, in thesestatements of particulars, have been continued for Audit Reports ofF.Y.2008-09 also.

Vide Circular No. VAVEK/VVT/2009-10/OTW 2803/Circular No. 1236, dt.5-10-2009, it is directed to initiate the Audit Assessment proceedings incase of dealers, having failed to submit in prescribed form, the list ofstatutory forms for their Interstate Sales/ Transactions. It is further statedthat instructions regarding cross check for input tax credit will not beapplicable in such cases. However, discretionary cross check may becarried out by recording reasons for the same.

(Contributed by CA. Kishor R. Gheewala)

The Circular clarifies the assessable value for the purpose of chargingCentral Excise Duty in case where goods are manufactured by job workeron behalf of principal manufacturer who then removes goods not for thepurpose of sale to another person.It is clarified that the value for the purpose of charging Central Excise dutyin the present case would be transaction value on which goods are sold bymanufacturer to another (Rule 10A of Central Excise valuation(Determination of price of Excisable goods) Rules, 2000).It is further clarified that the practice of discharging duty on the basis ofcost construction method is not legally correct.

(Circular No. 902/22/2009 – CX dated 20-10-2009)

It has been clarified that Quilts, Quilted bed, etc will be classified under

Code Of Conduct For Intermediaries Of Mutual Funds [www.sebi.gov.in]

SEZ ONLINE PROJECT 95 SEBI & Corporate Laws (SCL) (Statutes) (St.)239

GUJARAT VATReturn Date Extension

New Audit Form:

Audit Assessment for Non Submission of Statutory Forms :

CENTRAL EXCISECirculars:Assessable value of goods manufactured on job work basis

Classification of Textile quilted products like Quilts, Quilted bed spreads,etc

Chapter heading 94.(Circular No. 93/23/2009 – CX dated 20-10-2009)

A reference was made to the definition of “Excisable goods” as definedunder Central Excise Act, 1944 where goods meant to include any article,material or substance which is capable of being bought and sold for aconsideration and such goods shall be deemed to be marketable.Thus based on above definition, it is clarified that bagasse, aluminium /zinc dross termed as waste which arise during the course of manufactureand which are capable of being sold in the market for a considerationwould be chargeable to Excise duty.

(Circular No. 904/24/2009 – CX dated 28-10-2009)(Contributed by CA. Jayesh Gogri)

has exempted the taxable services under the category of“Works Contract Services (Section 65(105)(zzzza)” provided in respect of canals, other than those primarily used for the purpose of commerce orindustry, from the whole of service tax.

(Contributed by CA. Rajiv Luthia)

Levy of Excise on Bagasse, Aluminium / Zinc Dross and other productstermed as waste or residue arising during manufacture

SERVICE TAXSYNOPSIS OF NOTIFICATIONS, CIRCULARS & LETTERS

rdCentral Government vide Notification No. 41/2009-ST dated 23October,2009,

LAWupdates

Proposal is invited from a Mumbai based proprietory or partnership CA firmatleast 3 years old ambitious to be a part of one of the old top ranking firms in thecountry with more than fifteen partners, eight offices, experience in centralstatutory audit of navratna PSU and banks through merger or networking formutual benefit. Mail Profile including office space to [email protected]

Mumbai based CA seeks work on part time/full time/ retainership/ partnership/assignment basis. Contact on Mobile No.. 09819894004 or email [email protected]

PERSONAL COLUMN


Required CA having at least 4/5 years

experience in a Mid-size Company with

exposure and experience in Finance

(including International), finalization of

Annual Accounts, Pre and Post Public

issue, Direct and Indirect Taxation, Team

Management and own vision for

development. Position available in

RAIPUR (C.G.) and Mumbai. Applications

invited for a Company having power &

Steel Plant in Raipur, office in Mumbai &

Subsidiary in Singapore/Hong Kong.

Apply to : [email protected]

DIRECT TAXESCIT vs. ITI Ltd., 183 Taxman 219 (SC)

Liberty India vs. CIT, 183 Taxman 349 (SC) / 317 ITR 218 (SC)

CIT vs. NHK Japan Broadcasting Corp., 184 Taxman 39 (SC)

CIT vs. Techno Shares & Stock Ltd., 184 Taxman 103 (Bom)

Gilbs Computer Ltd. vs. ITAT, 317 ITR 159 (Bom)

Factset Research Systems Inc., In re. 317 ITR 169 (AAR)

Ms. Madhushree Gupta vs. UOI, 183 Taxman 100 (Del.)

CIT vs. Tagros Chemicals of India Ltd., 183 Taxman 175 (Mad)

S. 10(5) rws 192 : Leave travel concession – Employer is under noobligation to collect evidence to show that its employee has actuallyutilized amount paid towards leave travel concession/ conveyanceallowance for the purpose of TDS u/s. 192.

S. 80-IB : A.Y. 2001-02 : It was held that duty drawback receipts/ DutyEntitlement Pass book (DEPB) benefits are on account of statutoryprovisions in Customs Act/ Scheme. Therefore profits so derived do notform part of net profits of eligible undertaking for the purpose of s. 80-IB,90-I and 80-IA.

S. 192 : Assessee, a Japanese organization set up for transmission ofnews and broadcasting, paid salary to its employee employed in India.The AO included citizen tax as a part of the employee’s income on theground that it was an amount paid by the assessee to its employees. TheCIT(A) has taken a view that citizen tax is a statutory levy in Japan andsuch tax constitute an overriding charge on the salary income, andtherefore, the same had to be excluded in computation of taxableincome. This view was upheld by the Tribunal. The High Court hasdismissed the appeal on the ground of finding of facts. The SupremeCourt held that CIT(A) ought to have examined the provisions of CitizensIndividual Inhabitant Tax Act which is a Japanese Law. If citizen tax hasoverriding charge then CIT(A) was right in holding that it would not be anincome. However, since the provisions of the Act have not beenexamined, the matter needs to be considered a fresh by the Tribunal.

S. 32 : Depreciation on BSE Card : It was held that the expression“license” used in s. 32(1)(ii) to apply to licences relatable to intellectualproperties only and not to all licences. Since BSE card is not a business orcommercial right relating to intellectual property rights, depreciationcannot be allowed on same.

S. 256 (3) : The petitioner filed its return of income for A.Y. 2003-04claiming carried forward loss of Rs. 19 crores. The AO determined total loss at Rs. 9 crores. The CIT(A) dismissed the petitioner’s appeal. Theappeal was preferred u/s 253 to ITAT by paying a appeal fees of Rs. 500.According to ITAT appeal fees paid was less by Rs. 9500 and hencedismissed appeal as unadmitted. It was held that petitioner was notobliged to pay fees in excess of Rs. 500 as income computed was lessthan Rs. 100,000. The expression “more” or “less” in section 256(3) haveto be given their natural meaning. Negative income cannot be “more”. Itwill always be “less”.

S. 9(1)(vi) - DTAA (USA): The applicant, maintained a “database” locatedoutside India containing the financial and economic informationincluding fundamental data of large number of companies world-wide.By an agreement with Indian customer it granted non exclusive, non-transferable right to use the software, hardware, consulting services anddata base solely and exclusively for licensee’s own internal and businesspurpose and only in its own business premises. It was held that thesubscription fees received by the applicant did not fall within the scope ofclause (v) of Explanation 2 to section 9(1)(vi) of the Act or Article 12 of theDTAA between India and USA and therefore not in the nature of royalty.Further since applicant did not share the experience, the techniques ormethodology employed in evolving the database with the subscriber, thesame cannot be considered as payment for “information concerningindustrial, commercial or scientific experience” in article 12(3). It wasfurther held that the department is free to find out business establishmentin which case income would be taxable as business income.

S. 271(1)(c) : S. 271(1B) is not violative of Article 13 of the Constitution. However, it was held that the position of the law both, pre and postamendment, is similar, in as much as the AO will have to arrive at primafacie satisfaction during the course of proceedings with regard toassessee having concealed particulars of income or furnished inaccurateparticulars of income before he initiate penalty proceedings.

S. 115JAA : MAT credit u/s. 115JAA is to be setoff from tax payable

before levying interest u/s. 234B and 234C.

S. 57 : Interest as well finance charges paid on loan borrowed for makinginvestment in shares is allowable as deduction u/s. 57(iii).

Authority for Advance Ruling (AAR) has ‘trappings of Court’ and, hence,it would qualify as a Tribunal within meaning of Article 227 of theConstitution and would be amenable to Jurisdiction of High Court underarticle 226/ 227 of the Constitution.Petitioner was engaged in offering remittance services for transfer ofmonies from UAE to various places in India. It has opened a liaison officein India. AAR, while giving its ruling, has examined a case from point ofview of s. 5(2)(b) and s. 9(1) of the Act, while it was required to look atprovisions of DTAA for ascertaining assessee’s liability to tax. On facts, the activities carried on by LO did not in any manner contribute directly orindirectly to earning of profits or gains by petitioner in UAE, as activityperformed are only supportive activity. Therefore impugned ruling was set aside.

Depreciation : Since assessee had supplied the machinery before theend of financial year and assessee had received lease rentals for thesame, it could be said that the assessee had used the leased equipmentfor the purpose of business and hence entitled for depreciation. The factthat the lessee had installed the machinery after the end of theaccounting year was irrelevant.

The assessee company was engaged in the business of contractresearch and in providing of laboratory facility to its parent company in USA. Assessee was denied the benefit of section 10B. The same wasupheld relying on the decision of the Ministry of Communications andInformation Technology as also of the DSIR, that such activities were notcovered under the category of IT / ITES.Further, with reference to deduction u/s. 80-IB(8A), it was held that thecondition stipulated u/s. 80-IB(2) were not required to be fulfilled sincethe same is applicable only if eligible assessee is an industrialundertaking within the meaning of sub-section (3) to (5).

S. 194H : A.Y. 2003-04 : It was held that discount allowed by the assesseeto distributors cannot be considered as commission as there is norelationship of principal and agent and the transaction was on principal toprincipal basis. Accordingly there is no duty to deduct any tax at source.

S. 194C : A.Y. 2005-06 : The assessee made payment on account ofhiring charges in respect of hiring of trucks. The hired trucks were utilizedby the assessee in its business of civil construction. It was held that the hiring of trucks would not amount to a contract for carrying out any work,as contemplated u/s. 194C. Hence no tax was required to be deducted atsource on the amount paid as hiring charges.

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

M/s TVS MOTOR COMPANY LTD, Indian company (TVS) enters into anagreement with M/s LTC Ltd. UK company(LTC) for carrying out anappraisal of the motorcycles manufactured by it, reviewing certainaspects of ride, handling, vibration etc. and certain lumpsum paymentsare to be made to LTC for availing such services. TVS company filesincome tax returns for LTC in representative capacity and the amountpaid as fees for technical services was claimed as exempt. AO rejectedthe claim and the CIT(A) upholds the same.Issue before the Tribunal was whether the amount paid was fees fortechnical services. It was argued on behalf of LTC that LTC did notprovide any technical knowhow or design to TVS; motorcycles sent byTVS were merely subjected to certain tests by the LTC, UK, that notechnical knowledge, experience, skill, know how or processes were

CIT vs. Smt. Sushila Devi Khadaria, 183 Taxman 275 (Bom)

UAE Exchange Centre Ltd. vs. UOI, 183 Taxman 495 (Del)

CIT vs. Kotak Mahindra Finance Ltd., 317 ITR 236 (Bom)

Tribunal DecisionEnem Nostrum Remedies (P.) Ltd. vs. ACIT, 119 ITD 427 (Mum)

ACIT vs. Idea Cellular Ltd., 317 ITR (AT) 176 (Hyd)

DCIT vs. Satish Aggarwal & Co., 317 ITR (AT) 196 (Amritsar)

INTERNATIONAL TAXATIONM/s TVS MOTOR COMPANY LTD vs. THE ITO INTERNATIONALTAXATION-I,CHENNAI (ITAT CHENNAI) ITA Nos. 2160 and2161/Mds/2007 Assessment Years: 2001-02 and 2002-03

RECENTjudgements


assistance agreement with M/s AVL List Gmbh, Austrian company(ALG) for supply of designs, drawings and consultancy in developmentof engines. ALL was required to reimburse air fare, accommodationand subsistence cost to ALG for personnel deputed in India. Issue arosewhether tax was required to be withheld on the reimbursement ofexpenses. ITAT held that the reimbursement of expenses was also partof fees for technical services, hence the tax was required to be withheldunder section 195 (2).

Safmarine Container Lines N.V , Belgium Company (SCLNV) engagedin business of ship operation. SCLNV collected cargo from Ludhiana,then brought it to Mumbai Port for sending it to Nairobi. SCLNVcollected certain amount as inland haulage charges (IHC) charges fortransporting goods from exporter place to port i.e. from Ludhiana toMumbai. Issue arose was whether the amount was being exempt as perArticle 8 of India Belgium treaty. Whether the activity was covered asincidental activity directly connected with international traffic and fallwithin article 8(2)(b)(ii) of India Belgium DTAA and not subjected to Taxin India.ITAT held that the activity was covered as incidental activity tointernational traffic and benefit to be granted to SCLNV.

UNIVERSAL FERRO & ALLIED CHEMICALS LTD. Indian Company(UFACL) makes payment to Mr. Max E. Rasquinha, a US citizen towardsretainership fee. The amount was disallowed as UFACL had notdeducted tax at source. UFACL explained that the retainership fees hadbeen paid for helping in the Mudloogging business which wasprominent in Canada and USA. Mr. Rasquinha did not have any fixedbase in India and the services have been rendered outside the India, hisincome is not taxable in India - therefore, there is no ground for taxdeduction at source and the sum cannot be disallowed under section40(a)(i).

XELO PTY LTD Australian company, (XPL) enters into a contract withMetro Railways through its PE in India. These contracts were describedas (i) Skoda contract, (ii) Metro Rail contract, and (iii) IPCL contract. Inrespect of Metro Rail contract XPL did not account for supply made bythe Head Office although the single contract for offshore and onshore supply was entered into and formed integral part of the contract.Bifurcation of the value of contract amongst supply of equipments andservices was not accepted by Revenue. Following Supreme Courtdecision in case of Ishikawajma-Harima Heavy Industries Ltd. vs.Director of Income-tax [2007] 288 ITR and in case of Seth PushalalMansinghka (P.) Ltd. vs. CIT [1967] 66 ITR 159, it was held that, it is thecase of offshore supply of equipment, it is axiomatic that thistransaction got completed outside India. Held further that sinceoffshore supply of equipment was made, whereby property of goodspassed on to buyer in foreign country and further payment wasreceived by XPL in foreign country, no part of income on account ofoffshore supply could be said to have deemed to accrue or arise toassessee in India within meaning of section 9. Held further that ifincome is not taxable as per the provisions of Act provisions of DTAAcannot be invoked to create any tax liability.XPL did not produce the books of account or vouchers etc. in the claimof huge losses. The Assessing Officer applied rule 10 and hencedetermined the income at the rate of 10 per cent of the total revenue,which CIT(A) reduced to 8%, Court reminded matter back to theAssessing Officer to compute the income from all projects, other than“offshore supplies for Metro Railway”, after giving opportunity.

(Contributed by CA. Hiten Shah and CA. Hinesh Doshi)

Where the construction services were provided prior to 1-3-2006though payment for the same was received after that date, it was heldthat the appellant was entitled to abatement under notification no.

DDIT International Taxation 2(1), Mumbai vs. Safmarine ContainerLines N.V. 120 ITD 71 (ITAT Mumbai)

UNIVERSAL FERRO & ALLIED CHEMICALS LTD vs. ACIT 1(3)(ITATMumbai) ITA No. 4863/M/2008 Assessment Year : 2004-05

XELO PTY LTD vs. DDIT (INTERNATIONAL TAXATION), MUMBAI(ITAT MUMBAI) IT Appeal Nos. 4107, 4108, 4380 and 4381 (Mum.) of 2002 Assessment years 1995-96 and 1997-98

SERVICE TAXTaxable Event

‘made available’ by LTC to TVS and there was no ‘development andtransfer of a technical plan or technical design’. LTC pleads that thereceipt are business profits, taxable as per Article 7 of the DTAA andsince it has no PE in India, it can be taxed only in the UK. Revenuecontended that the payments are covered by paragraph 4(c) of Article 13 of the DTAA between India and UK, and that LTC ‘made available’ tothe TVS, technical knowledge, experience, skill, knowhow andprocesses, as was clear from the ‘Objectives’ and ‘Project Scope &Technical Content’ of the recitation of the agreement.ITAT observed that as per the agreement entered into between the twoparties, LTC was to provide training for TVS Suzuki’s engineering staffin the test techniques and procedures used to create and validate theADAMS model; it was to be fully documented and made available toTVS to enable future design solutions to be investigated. LTC was toarrange specific training for engineers nominated by TVS in the testtechniques and procedures used. LTC will arrange specific training forengineers nominated by TVS Motor in the test technique andprocedures.On this facts ITAT held that the payments made to M/s LTC Ltd are ‘feesfor technical services’. LTC did ‘make available’ technical knowledge,experience, skill, know how, processes to TVS.As regards the Project No. TS 0105 (‘Rombo’ motorcycle), the objectiveof the project was merely to provide an independent evaluation of the ‘Rombo’ motorcyle prior to its launch, and there was no provision for‘making available’ any technical skill the Tribunal held that thepayments made for this project is not liable to TDS u/s 195.

M/s MAGGRONIC DEVICES PVT LTD., Indian Company,(MDPL) isengaged in the manufacture of Audio Magnetic Sound Heads, which isused for manufacturing of various types of audio system like taperecorders, stereos, sound systems, telephone answering machines etc.MDPL entered into an agreement with M/s Sankyo Seiki (Singapore)Pvt. Ltd. Singapore company,(SSPL)for the supply of plant know-howand product know-how. MDPL is to make payments in threeinstallments up to the point of commercial production, applied for NOCto make remittances without TDS. Issue arose was whether thepayment made by MDPL to SSPL is in the nature of fee for technicalservices or royalty, taxable in India u/s 9(1)(vii) or (vi)MDPL enters into a comprehensive agreement, if required, SSPL tomake available the services of its trained technicians for setting up theplant and machinery - payment is to be made in three installments.Issue arose whether the payment made was royalty or for outrightpurchase and whether the tax is required to be deducted from thepayment. Court observed that Two of the Directors of MDPL traveled toSingapore for the purchase of plant know-how, collected the technicaldocuments including designs, photographs etc. from the SingaporeCompany. On receipt of the data, designs and drawings, the firstinstallment of payment is made. The agreement is valid for a period offive years and after its expiry, the data and technical know-how toremain the property of MDPL for its full and free use. The agreementclearly provided that the title in the documents stood transferred toMDPL and it became the complete owner and could use the same forany purpose albeit after a period of five years. SSPL was required toprovide technical assistance, if required, but the fact is that no suchtechnical assistance was ever required nor was provided. The paymentwas the price of the documents purchased, and the same would not fallwithin the meaning of royalty. SSPL has no business in India. It has noplant in India. The transaction took place in Singapore. The agreementwas also entered into between the parties at Singapore and thedocuments were handed over to the representative of MDPL atSingapore. This is a case of outright purchase of plant know how andnot a case of transfer of interest.

Mideast India Ltd, Indian company (MIL) have branches in Germany & Russia. Income earned by MIL in USSR was atributable to branch whichwas PE of MIL in USSR, and therefore chargeable to tax in USSR underarticle 7 of India USSR. Issue arose was whether the branch profit can be added to MIL’s income. Following PVAL Kalandagar Chettiar, ITATheld that AO was not justified in making addition of impugned profit toincome of MIL.

Ashok Leyland Ltd. Indian Company (ALL) entered in to technical

CIT vs. M/s MAGGRONIC DEVICES PVT LTD. (HP) I.T.R No. 2 of 2007

DDIT vs. Mideast India Ltd. 28 DTR 105, (ITAT Delhi)

Ashok Leyland Ltd vs. DCIT, company circle ICD Chennai 120 1 TD 14(ITAT Chennai)

RECENTjudgements


manufacture of products.[Vikram Ispat v. CCE (2009) 16 STR 195 (Tri – Mum.)]

Where the appellant initially claimed abatement (67%) on constructionservices and also availed the CENVAT credit on input services [violatingthe condition in notification no. 1/2006 dated 1-3-2006] butsubsequently reversed the CENVAT credit on being pointed out, it washeld that the appellant being entitled to the benefit of abatement, nopenalty is imposable. [CST vs. Amola Holdings Pvt. Ltd Pvt. Ltd. (2009)16 STR 46 (Tri. – Ahmd.)].

The question whether a member’s club is liable for service tax on theamounts received from its members is a question ‘having a relation tothe rate of service tax’ and accordingly an appeal against the order of the CESTAT would lie to the Supreme Court and not the High Court u/s.35L of the Central Excise Act, 1944 read with section 83 of the FinanceAct, 1994.[CSTvs. Delhi Gymkhana Club Ltd. (2009) 16 STR 129 (Del.)].

Where the appellant, an exporter of services, claimed rebate of tax paidon various ‘input services’ like telephone, fax, managementconsultancy, real estate agent, security agency, etc. under notificationno. 12/2005 dated 19-4-2005 but filed a declaration only prior to the dateof refund and not prior to the date of export as required by thenotification, the Tribunal held –(i) On facts, the various services qualified as ‘input services’ and

accordingly the tax paid on them qualified for rebate;(ii) The belated filing of declaration is only a procedural lapse for

which the substantive benefit of rebate should not be denied.[CSTvs. Convergys India Pvt. Ltd. (2009) 16 STR 198 (Tri- Del.)].

Where the appellant claimed refund of tax paid as a recipient of serviceson reimbursement of expenses to foreign technicians the Tribunaldisallowed the refund claim holding as follows.(i) The tax paid was on ‘reimbursements’ and not on consideration

for ‘services’, and hence the tax paid is not in the nature of servicetax and accordingly would not qualify for CENVAT credit. Thus,clause (c) of the proviso to Section 11B(2) of Central Excise Act,1944 which provides that the bar of unjust enrichment would not apply to refund of CENVAT credit would not be applicable.

(ii) the appellant has debited the said tax payments to its Profit andLoss Account which implied an increase in the cost of finishedgoods sold. Hence the appellant had passed on incidence of suchduty to another person and accordingly the refund claim would behit by the bar of unjust enrichment.

N.B.:: The above judgment reiterates the point that if an assesseeclaims refund of any tax it should appear in the ‘current assets’ andshould not have been written off.[Keihin Fie Pvt. Ltd. vs. CCE (2009) 16 STR 71 (Tri. – Mum.)].

Where the appellants had not paid service tax on the basis of Board’sinstruction that created a doubt whether commercial concern wouldalso include the individual but did not contest the service liability, nopenalty is imposable. [Infinity Credit vs. CCE (2009) 16 STR 61 (Tri. –Del.)].Where the Tribunal found that the appellant (an air travel agent)deliberately suppressed the value of taxable service in their returns andmade a short payment of service tax but paid the short paymentalongwith interest before the issue of adjudication order, the Tribunal held that –(i) Penalty u/s. 77 would not be applicable since no instance of non-

filing of the returns was brought on record;(ii) Penalty u/s. 76 (for delay in payment of tax) would be imposable

notwithstanding that penalty u/s. 78 (for suppression of value oftaxable service) is levied. Accordingly penalty u/s. 76 of Rs. 100/- per day of delay was upheld;

(iii) Penalty u/s. 78 was reduced to 25% of the tax amount consideringthat the appellant paid the tax along with interest beforeadjudication.

[Bajaj Travels Ltd. v. CCE (2009) 16 STR 183 (Tri- Del.)].(Contributed by CA. A. R. Krishnan & CA. Girish Raman)

Abatement / CENVAT credit

Appeal

Export rebate

Refund

Penalty

18/2005 dated 7-6-2005 which provided for 67% abatement without thebar on availment of CENVAT credit relating to input services,notwithstanding that the said notification was rescinded by notificationno. 1/2006 dated 1-3-20066 (and prevalent when payment was received)which imposed a bar on taking CENVAT credit for availing abatement[Santosh Associates vs. CST(2009) 16 STR 87 (Tri-Ahmd.)].

The appellants were servicing / repairing of ‘light commercial vehicles’during the warranty period for which they were reimbursed by themanufacturer. The department contended that the amounts are liableunder business auxiliary services. The appellant contended that suchservices were more appropriately liable under ‘authorised servicestation’ services and not ‘business auxiliary services’ but it is excludiblefrom ‘authorised service station’ services as they do not cover‘transport vehicles’ such as light commercial vehicles. The Tribunalagreed with the appellant’s contention that the appellant’s services arenot liable for service tax under the category of ‘authorised servicestation’ services [Focuz Motors vs. CCE & Cus & S.T. (A) Kochi (2009) 16STR 42 (Tri. – Bang.)].

In the present case the Tribunal relying on Modi Construction Co. vs.CCE (2008) 12 STR 34 (Tribunal) held that mere transportation will not amount to ‘cargo handling” unless loading, unloading, packing orunpacking of cargo and handling of such cargo is the primary object ofthe contract. [CCE & C vs. Scrap Material Handling Co. (2009) 16 STR 68(Tri. – Del.)]

Where the appellant was engaged in imparting training in computersoftware or and networking, the Tribunal held that the services wouldfall under the category of “Commercial Training or Coaching Services”w.e.f. 1-7-2003 and impugned period being prior to that date, theservices would not be liable under “consulting engineering services”.[Micro Academy (India) Pvt. Ltd. vs CST (2009) 16 STR 28 (Tri. –Bang.)]

Mere preparation and serving food items to the employees of thecompany using the facilities such as canteen, stores, furniture, utensils,gas, electricity, etc. provided by the company itself, is not coveredunder outdoor catering service. [Rajeev Kumar Gupta vs. CCE (2009) 16STR 26 (Tri. – Del.)]

The appellant, an Indian company, receiving services of procurement ofpurchase orders from foreign companies liable for service tax under‘business auxiliary services’, is not liable to pay service tax on the sameas a recipient of services prior to 16-6-2005. [CCE v. EID Parry (2009) 16STR 82 (Tri-Chennai) – INSA vs. UoI (2009) 13 STR 235 (Bom.) followed].

Value of materials used in ‘retreading of tyres’ eligible to be deducted from the value of taxable services especially where the appellants haddisclosed the material value separately in the invoice and also paid VAT/ sales tax on the material value [Chakita Ranjini Udyam vs. CCE (2009)16 STR 172 (Tri – Bang.)].

Where the assessee had paid the service tax (on its input service whichthe supplier charged under ‘business auxiliary services’) and takencredit on the basis of valid documents, its eligibility cannot bequestioned on the basis that the assessment of the service by thedepartment at the end of the service provider was incorrect [CCE vs.Carborandum Universal Ltd. (2009) 16 STR 181 (Tri- Chennai)].Any service to be construed as “input service” must satisfy the mainpart of the definition that it should be ‘used for the manufacture’including those that are specifically mentioned in the inclusive part ofthe definition. The Tribunal further held that –(a) credit of tax paid by the appellant, a manufacturer of steel, on the

membership of Sponge Iron Manufacturers Association would notbe entitled to credit;

(b) credit on tax paid by the appellant on – (i) security services atrailway siding where the raw materials were loaded / unloaded; (ii)rent-a-cab services and (iii) mobile telephone services would notbe available to the appellant on the ground that the appellant didnot adduce any evidence that the said services were used for

Business Auxiliary Services and Authorised Service Station services

Cargo Handling Services

Consulting Engineering services vs. Commercial Training or coachingservices.

Outdoor Catering Service

Import of services

Valuation

CENVAT Credit

RECENTjudgements


PHOTO branches

Solapur: CA. B. C. Jain, Chairman, WIRC, inaugurating ITT Lab at Solapur. Othersfrom L to R: CA. Ashwini Doshi, CA Sunil Agrawal, CA. Arvind Shankur, CA. ShrenikShah, CA. Dhanraj Nogaja, Branch Chairman.

Ahmedabad: Photograph taken during the DIRM Study Circle, held on 10th October,2009. Seen from L to R: CA. Kiran Kothari, CA. Ram Motwani, Shri A. Mitra, Faculty.

Akola: CA. Kailash Jogani, Faculty, addressing the Seminar on Direct Tax Code, held on7th September, 2009. Others seen from L to R: CA. Pravin Baheti, CA. Laxmikant Shukla,Branch Chairman, CA. Ramesh Choudhury.

Baroda: Shri Prayasvin Patel, Chief Guest, addressing at the WIRC Sub-Regional Conference jointly organized by Baroda, Anand and Bharuch Branch, held on 9th October,2009. Others from L to R: CA. Kamlesh Parikh, CA. Abhishek Nagori, CA. Sunil Talati, Past President, ICAI, CA. B. C. Jain, Chairman, WIRC, CA. Piyush Panchal, CA. AtulParikh, RCM.

Nagpur: Shri Ramesh Mantri, Chairman Nagpur Nagarik Sahakari Bank Ltd.,inaugurating the 120th Study Course on Co-operative Societies on 24th & 25th October,2009 by lighting the auspicious lamp. Others from L to R: CA. Swapnil Agrawal, CA. SatishSarda, CA. Milind Patel, Chairman, CA. Kavita Loya, CA. Abhijit Kelkar.

Thane: CA. Sameer Sarangdhar, addressing the Seminar on MVAT Audit, held on24th October, 2009. Others from L to R: CA. Madhukar Chavan, CA. PankajParekh, CA. Deepak Thakkar, Faculty, CA. Kiran Garkar, Faculty.

Aurangabad: CA. Renuka Deshpande, addressing the Co-operative Seminar, held on10th & 11th October, 2009. Seen from L to R: Shri Sunit Gupta, Faculty, CA. M. M.Dharmadhikari, Faculty, CA. I. B. Sonawalla, Faculty, CA. Girish Kulkarni, BranchChairman, CA. Rahul Lohade.

Nashik: CA. Yogesh Katariya, Branch Chairman, addressing the Seminar on VAT Audit.Others seen L to R: CA. Ulhas Borse, CA. C. B. Thakar, Faculty

Goa: CA. S. G. Hegde, Branch Chairman, addressing the CPE Seminar, held on 2ndNovember, 2009. Others seen from L to R: CA. Abhay Arolkar, Faculty, CA. KapishKakodkar, Faculty.

Jamnagar: CA. T. D. Joshi, Faculty, addressing the Seminar on Issues on GVATAudit, held on 24th October, 2009. Others from L to R : CA. Ankur Doshi, CA. KalpitMehta, CA. Kaupil Doshi, Faculty.


Other Speakers atSeminar on Project Finance

CA. Apurva Shah CA. Dara Kalyaniwala Shri Sanjay Jha

Other Speakers atConference on In-depth Analysis on Various Nuances in Transfer Pricing

CA. RohanPhatarphekar

CA. Rajesh Athawale Shri P. S. Doraiswamy


PHOTO gallery

Shri V. K. Mangotra, Director of Income Tax (TP) I, Chief Guest, lighting the lamp at theConference on In-depth Analysis on Various Nuances in Transfer Pricing, held on 24thOctober, 2009. Others from L to R: CA. Parul Agarwal, CA. Rajesh Shah, CA. S. L. Jain, CA.Vispi Patel,Faculty, CA. B. C. Jain, Chairman, WIRC, Ms. Anuradha Bhatia, DIT (TP) II, Faculty.

Photograph taken during the Seminar on Project Finance, held on 24th October, 2009. Seen from L to R: CA. Girish Dhoot, CA. Sanjay Kothari, Faculty, CA. Kaushik Bhaskar.

CA. Rahman Khan, Dy. Speaker, RajyaSabha, Chief Guest, addressing theInteractive Meeting on Role of Profession inNation Building, held on 11th October,2009. Others from L to R: CA. Parul Agarwal,CA. B. C. Jain, Chairman, WIRC.

CA. C. B. Thakar, Faculty addressing the Lecture Meeting on Important Aspects onNew MVAT Audit Form 704 held on 29th October, 2009. Others from L to R:CA. Kishor Joshi, CA. B.C. Jain, Chairman, WIRC, CA. Rakesh Lahoti, RCM, CA. AjitThakkar.

Photograph taken during the Special Programme for Young Members on AS-27and AS-29 held on 30-10-2009. Others from L to R: CA. Rakesh Kapoor, CA. AnandPaurana, Faculty, CA. B.C. Jain, Chairman, WIRC, CA. Aalok Mehta.

Students Programme

Shri Mukesh Chhangani

Indirect Tax forCA Final

CA. Dr. Girish Ahuja

Direct Tax forCA Final

Shri Milind Athalye

IT forCA Final

CA. Vimal Punmiya

Survey, Search & Seizure under IT Act

CA. Dinesh Kadu

Law, NegotiableInstrument Act

Other Speakers atConference on Valuation and Due Diligence

CA. Amrish Shah Adv. SharadAbhyankar

CA. Drushti Desai

CA. B. C. Jain, Chairman, WIRC, lighting the lamp at the 118th Study Course onAudit on Co-operative Society, held on 3rd & 4th October, 2009. Others from L toR: CA. Dharmendra Prajapat, Dr. Mahendra Kalyankar, Divisional Joint Registrar,CA. I. B. Sonawalla, Faculty, CA. Ramesh Prabhu, Faculty, CA. Rajesh Jain.

Other Speakers at118th Study Course on Audit on Co-operative Society

CA. Dilip Phadke CA. Abhay Kamat Shri Sunit Gupta CA. B. B. Mane

Photograph taken during the Lecture Meeting on GST - Road Ahead, held on 9thOctober, 2009. Seen from L to R: CA. Kishor Joshi, CA. B. C. Jain, Chairman, WIRC,CA. Santosh Dalvi, Faculty, CA. Gautam Jain.

CA. B. C. Jain, Chairman, WIRC, addressing the Conference on Risk Managementand Corporate Governance, held on 10th October, 2009. Others from L to R: CA.N. M. Jain, CA. Neeta Potnis, Faculty, CA. Ritesh Mangla.

CA. Porus Doctor

Other Speakers atConference on Risk Management and

Corporate Governance

CA. Jyotin Mehta Shri Nawshir Mirza

CA. Anil SatheCA. B. C. Jain, Chairman, WIRC, addressing the Seminar on Assessment Under theIT Act – Practical Issues, held on 10th October, 2009. Others from L to R:CA. Karishma Merchant, CA. Yogesh Thar, Faculty, CA. Rahul Solanki.

Other Speakers at Seminar on Assessment Under

the IT-Act – Practical Issues

CA. M. P. Lohia Adv. Vipul Joshi

Photograph taken during the Lecture Meeting on FEMA – Inbound andOutbound Investments, held on 23rd October, 2009. Seen from L to R: CA. JayeshShah, CA. B. C. Jain, Chairman, WIRC, CA. Dilip Thakkar, Faculty, CA. Bhavik Salot.

PHOTO gallery

Photograph taken during the Conference on Valuation and Due Diligence, heldon 24th October, 2009. Seen from L to R: CA. Sonia Rai, CA. Sujal Shah, Faculty,CA. Vijay Iyer, Faculty, CA. Ajay Kejriwal.


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CA. Uttam Prakash Agarwal, President, ICAI, presenting memento to Mr.Graham Meyer, Chief Executive Officer, The Institute of CharteredAccountants in Australia (ICAA), during ICAI International Study Tour toAustralia, organized from 1st to 9th October, 2009.

Group photo taken during the “A New Vision for Financial Services”, held on 20th October, 2009, jointly organized by ICAI and Institute of Chartered Accountants ofEngland & Wales in which Shri Ian Luder, Lord Mayor of the City of London and Mr. Martin Hagen, President, ICAEW.

Photograph taken during the Press Meet of “A New Vision for FinancialServices”, held on 20th October, 2009, jointly organized by ICAI and Instituteof Chartered Accountants of England & Wales.

Progress of building at Bandra-Kurla Complex