Newsletter JANUARY 2018 - spchopra.com · MCA in September 2017 had identified 3,09,614 ... Form 21A or Form MGT -7; Particulars of Annual return Annual return by a for the …

Newsletter JANUARY 2018

In This Issue Trending Topics

Due Date Chart

Notifications & Circulars

Seminars and Courses About Us

In This Issue

Trending Topics 03 MCA gives one time opportunity to disqualified

directors to file documents

Top Indian iBanker says IPOs’ record breaking spree

will continue into 2018

The Investor's Guide to Cryptocurrencies

Taxation of Bitcoin and other cryptocurrencies in India

Due Date Chart 14

Notifications and Circulars 16

Seminars and Courses 19 Seminar Batches for Professional Courses

About Us 24

Contact Us 272

TRENDING TOPICS


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MCA gives one time opportunity to disqualified directors to file documents

4

Background

MCA in September 2017 had identified 3,09,614directors associated with the companies thathad failed to file financial statements or annualreturns in the MCA21 online registry for acontinuous period of three financial years 2013-14 to 2015-16 in terms of provisions of section164(2) r / w 167(1)(a) of the Act and they werebarred from accessing the online registry and alist of such directors was published on thewebsite of MCA. As per list published on MCA,these directors were disqualified for a period of5 years and their respective DIN was disabled.

As a result, there have been a spate ofrepresentations from industry, defaultingcompanies and their directors seeking anopportunity for the defaulting companies tobecome compliant and normalize operation.

Considering the various request andrepresentation made by the variousstakeholders, MCA has issued General CircularNo.16/2017, Condonation of Delay Scheme,2018 (COD Scheme), with a view to giving anopportunity for the non-compliant, defaultingcompanies to rectify the default, in exercise ofits powers conferred under sections 403, 459and 460 of the Companies Act, 2013.

Important points of COD Scheme

Who can avail the benefit of CODScheme?

As per MCA circular only Defaulting Companycan take the benefit of COD Scheme. WhereasCompanies which are struck off already underSection 248 cannot avail the benefit of theScheme.


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Which companies will fall under theDefaulting Company criteria?

A company which has not filed its financialstatements or annual returns as requiredunder the Companies Act, 1956 or CompaniesAct, 2013, as the case may be, and the Rulesmade thereunder for a continuous period ofThree years

Applicability of the Scheme

This scheme is applicable to all defaultingcompanies (other than the companies whichhave been stuck off/ whose names have beenremoved from the register of companies undersection 248(5) of the Act). A defaultingCompany is permitted to file its overduedocuments which were due for filing till June30, 2017 in accordance with the provisions ofthis Scheme.

Validity of Scheme

The scheme shall come into force with effectfrom January 01, 2018 and shall remain inforce up to March 31, 2018


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What all Documents/Forms (Overdue Documents) Defaulting Company can fileunder the Scheme?

The financial statements or the annual returns or other associated documents, as applicable, in thecase of a defaulting company and refer to documents mentioned below:

Procedure for removal of default

Step 1: Activation of DIN

The DINs of the concerned disqualified directors de-activated at present, shall be temporarilyactivated during the validity of the scheme to enable them to file the overdue documents.

Step 2: Filing of Overdue Documents (Pending ROC Forms)

The defaulting company shall file the overdue documents in the respective prescribed eFormspaying the statutory filing fee and additional fee payable as per section 403 of the Act read withCompanies (Registration Offices and fee) Rules, 2014 for filing these overdue documents.

Step 3: Application seeking condonation of delay under form e-CODS

The defaulting company after filing documents under this scheme, shall seek condonation of delayby filing form e-CODS attached to the scheme online on the MCA21 portal. The fee for filingapplication e-form CODS is Rs.30,000/- (₹ Thirty Thousand only). On approval of Form e-CODSthe Registrar concerned will withdraw the prosecution(s) pending, if any before the concernedCourt(s) for all documents filed under the scheme. However, this scheme is without prejudice toaction under section 167(2) of the Act or civil and criminal liabilities, if any, of such disqualifieddirectors during the period they remained disqualified.

Effect of Non-Availing Scheme

The DINs of the Directors associated with the defaulting companies that have not filed theiroverdue documents and the e-Form CODS, and these are not taken on record in the MCA21registry and are still found to be disqualified on the conclusion of the scheme in terms of section164(2)(1) r/w 167(1)(a) of the Act shall be liable to be deactivated on expiry of the scheme period.

5

S. No. Name of Form(under Companies Act, 1956 or

Companies Act, 2013)

Purpose

1. Form 20B or Form MGT-7 Annual Return by Company having Share Capital

2. Form 21A or Form MGT-7 Particulars of Annual return Annual return by a for the company not having share capital

3.Form 23AC, 23ACA, 23AC-XBRL, 23ACA-XBRL, AOC-4, AOC-4(CFS), AOC (XBRL) and AOC-4 (non-XBRL)

Forms for filing Balance Sheet/ Financial Statement and profit and loss account

4. Form 66 Form for submission of Compliance Certificate with the Registrar

5. Form 238/ADT-1 Form for intimation for Appointment of Auditors


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Cases where the Companies arestruck off by ROC under Section 248

In the event of defaulting companies whosenames have been removed from the registerof companies under section 248 of the Actand which have filed applications for revivalunder section 252 of the Act up to the date ofthis scheme, the Director's DIN shall be re-activated only after NCLT order of revivalsubject to the company having filed of alloverdue documents

Total cost for Filing of OverdueDocuments under Scheme

Overdue Documents like Form AOC 4, FormMGT-7 etc.: Normal Fees plus Twelve times ofAdditional Fees for each Form [as per section403 of the Act read with Companies(Registration Offices and fee) Rules, 2014]

e-Form CODS – 2018: ₹ 30,000

6

Note: Unlike previous years CLSS orCompany Law Settlement Scheme, this timeMCA has not given any discount orconcession on payment of Additional Feeson delayed or Overdue Documents.

ROC to Take Action

At the conclusion of the Scheme, theRegistrar shall take al1 necessary actionsunder the Companies Act, 1956 / 2013against the companies who have not availedthemselves of this Scheme and continue tobe in default in filing the overdue documents

Other point - Availability of e-FormCODS, 2018

As per COD Scheme dated December 29,2017, the e-Form CODS 2018 would beavailable from 20.02.2018 or an alternatedate as may be announced by MCA.

CaClubIndia.com

Top Indian iBanker says IPOs’ record breaking spree will

continue into 2018

7

Background

Equity issuance in India next year will outdo2017's record as a slew of companies takeadvantage of a booming stock market to raisegrowth capital, according to a top arranger ofshare sales in the nation.

First-time share sales have raised more than762 billion rupees ($11.9 billion), boosting totalissuance to 1.95 trillion rupees, thanks to therally that's made Indian equities one of Asia'sbest performers this year.

The fundraising rush isn't showing signs ofcooling, with three of the nation's biggestcompanies -- Housing Development FinanceCorp., HDFC Bank Ltd. and Tata Steel Ltd. --announcing plans last week to raise as muchas 413 billion rupees.

“When the market is open, one should raisemoney instead of trying to time it to perfection,"said V Jayasankar, head of equity capitalmarkets at the investment banking unit ofKotak Mahindra Bank Ltd. The streak mayextend as companies seek to wrap up salesbefore interest-rate increases in the U.S. orgeopolitical tensions "turn this benign marketvolatile," he said in an interview.

Kotak Mahindra is the biggest arranger forshare sales in the country after Citigroup Inc.,and takes the lead when it comes to helpingfinancial services companies raise funds, datacompiled by Bloomberg show.

The unprecedented rush of share sales signalsa revival in corporate investment as India'seconomic expansion accelerates after slowingfor five straight quarters.

Loan growth to companies has recovered fromthe 25-year low reached in March, a boon forPrime Minister Narendra Modi, who haspledged trillions of rupees to upgradeinfrastructure and bolster state-run banks'finances in an effort to stoke private spending.

While this year's share sales were mostlydriven by founders and private equity fundsparing their holdings, the proportion ofcompanies raising money to expand theirbusinesses will be greater next year,Jayasankar said.

Tata Steel, which plans to raise as much as128 billion rupees, said Dec. 19 that it woulduse the money to build and buy mills as well asrepay debt. Mortgage lender HDFC said it willuse part of the proposed 130-billion rupeeoffering to "explore opportunities" in health-insurance and for debt financing of affordablehousing projects.


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Punjab National Bank: BSE -2.29%, Union Bankof India & Syndicate Bank: BSE -2.44% togethersold 81.5 billion rupees of shares to institutionalinvestors this month, signaling improved accessto the capital markets amid steps taken by thegovernment to resolve a bad-debt problem.

India plans to infuse more than 1.5 trillionrupees into state-run banks and has asked thelenders, which account for 70 percent of allloans given, to raise about another 580 billionrupees by selling shares.

"Investors are willing to invest as they believethat bad loans will come under control,"Jayasankar said.

Bandhan Bank Ltd., ICICI Securities Ltd.,National Stock Exchange of India Ltd. andHDFC Asset Management Co. are amongfinancial-services companies seeking to list nextyear, according to filings and people familiarwith the transactions. Still, some trends maydiminish investor appetite for new listings.

8

While more than 150 companies -- from anonline matchmaker to a poultry provider --began trading on domestic exchanges thisyear, more than a quarter of the newbies arelanguishing below their sale prices, datacompiled by Bloomberg show.

With an estimated price-to-earnings ratio of22, the benchmark S&P BSE Sensex is alsothe most expensive in Asia, thanks to localinvestors embracing stocks amid fallingreturns from gold and property.

Yet, new issuance have kept the market fromoverheating by soaking up the gush ofliquidity, Jayasankar said.

"This year saw inflows of about $24 billion intoIndian markets from local and overseasinvestors, all of which has been absorbed byan equivalent infusion of fresh paper, therebyhelping mitigate the risk of an asset bubble,"he said. "We expect the same trend in 2018."

Economictimes.Indiatimes.com

The Investor's Guide to Cryptocurrencies

9

Background

Electronic money, digital coins, akacryptocurrencies. Sometimes referred to asdigital gold, cryptocurrencies are slowly butsurely becoming one of the most talked abouttopics for investors.

There is still a lot of confusion over whatexactly these currencies are and how you canmake any money from them.

But they are not as tricky as they seem. Andhopefully, by the time you're finished readingthis, you will have a firmer grasp on theconcept.

The Top Cryptocurrencies:

Bitcoin ($ $41 Billion)

Ethereum ($18 Billion)

Ripple ($6.6 Billion)

Litecoin ($1.5 Billion)

What Are Cryptocurrencies UsedFor?

Cryptocurrencies are a form of currency, similarto the Euro or U.S. dollar, but they are createdand used digitally. They can be used to makepurchases at retailers, websites, andbusinesses that accept the cryptocurrenciesyou use.

Some examples of ways you can usecryptocurrencies are to make a donation tocharity, buy a Tesla car, crowdfunding, buy orsell artwork, book a hotel room, and even buytickets to a Sacramento Kings basketballgame. There are many other ways you can usecryptocurrencies to buy or sell items; thesewere just a few of the most popular ways.

Why Should I Invest inCryptocurrencies?

There are numerous reasons why you wouldwant to invest in cryptocurrencies. A big reasonbeing that volatility in cryptocurrencies iscalming down. That's not to say thatcryptocurrencies are not susceptible to volatilitybecause they are. However, they're nowherenear as volatile as they were back in 2011.

Cryptocurrencies are still relatively new,meaning there's still a lot of space for them togrow.

Another benefit of owning cryptocurrencies isthat they can serve as hedges against inflationor even an economic collapse.

Some argue that cryptocurrencies are a betterhedge than the traditional method of owninggold. (They may have a point, as well, withBitcoin at more than $500 the price of gold atthe time of writing this.)

As more and more of the world goes digital, itis increasingly likely that cryptocurrencies willbecome the norm as time and technologyevolve.


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What Are Cons of Cryptocurrencies?

Cryptocurrencies are certainly not withouttheir faults. While you stand a chance toreceive notable gains, it is also just as easy tolose those gains in a fraction of the time. (Asis true with any stock you may purchase.) Ifyou have a low risk tolerance, thencryptocurrencies may not be for you.

The main problem that people have withcryptocurrencies is that they have no inherentvalue. People feel that technically they're"worthless." But then again, in the sameaspect, so is fiat currency.

(Some people are still under the impressionthat the dollar is backed by gold. The dollarhas been separated from the gold standardsince FDR's reign in 1933.)

In addition to the currency not being tied toanything, the fluctuation (volatility) is riskierthan a lot of people are comfortable with. Andthen there is the fear of your account beinghacked.

The risk of your crypto account being hackedvaries, depending on which currency orexchange you use. But it is certainly possible.

With that in mind, it is also possible that yourE-Trade or TD Ameritrade account could behacked, as well.

To put it bluntly, anything on the internet is atrisk to be hacked, but some things have ahigher likelihood of actually being infiltrated.

The Advantages of PurchasingCryptocurrencies

While there are some disadvantages topurchasing cryptocurrencies, thosedisadvantages could prove to beadvantageous in many scenarios. While thefluctuation could affect you negatively, it couldalso work to your advantage.

10

For example, you could purchase a cryptofor $30, and it could inflate to $60 in lessthan 24 hours, doubling your investment.

Fluctuation can work both ways, good andbad. Cryptocurrencies are no different frompurchasing stocks in this aspect.

A big reason people like cryptocurrencies isthat they bring a certain amount ofanonymity with them. They're a way to keepa certain portion of your finances private.

The fact that they're so private helps reducethe possibility of falling victim to fraud oridentity theft.

Most cryptocurrencies aren't regulated by afederal government or bank. Some peoplelabel this as a strike against cryptocurrenciesbut in reality, it is what is best for the people.

With cryptocurrencies, users don’t have toworry about the Federal Reserve tamperingwith their value (like it does with the USD).

The fact that they are unregulated serves asa bit of a security blanket to some, knowingthat the government can’t affect the value oftheir income whenever it feels like it.

This also means that cryptocurrencies areexempt from fees such as holding fees ortransaction fees that many banks chargetheir users.

Another major advantage of cryptocurrenciesis that the transactions are immediate. Usingyour debit card or writing a check may take afew days to process. Whereas, usingcryptocurrencies is immediate.

Once the transaction occurs, yourcryptocurrency account will reflect thetransaction that just took place.

In contrast, it would take multiple days toshow up in your banking or credit account.


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How to Buy Cryptocurrency

Cryptocurrencies are not hard to purchase.You just have to know what you're looking for.Currently, the most popular digital currencyexchange is Coinbase. Coinbase allowsinvestors to buy Bitcoin, Ethereum, andLitecoin. More promising digital currenciesmay be added in the future.

When you sign up on Coinbase, you can paywith your bank account, credit card, orPayPal.

You should keep your phone handy becauseCoinbase will ask you to authenticate youraccount through a code sent to your mobiledevice. This process may seem tedious, but itis important to secure your coins in our digitalage.

11

Now, if you choose not to useCoinbase, there are many other digitalcurrency exchanges out there. Just becareful and do your research. With thedigital-currency gold rush has comedigital-currency crooks. And there arefake exchanges that will take yourpayment and never produce thepromised coins.

The best way to check is to look at thewebsite's domain name. If it does nothave "HTTPS" in front of the name, donot invest. This website is not secureand encrypted. More than likely, it is ascam.

WealthDaily.com

Taxation of Bitcoin and other cryptocurrencies in India

12

To understand the tax implications ofCryptocurrencies in India, thefollowing points need to beunderstood under the context of theIncome Tax Act:

1) Business Income – These are the profitsand gains received from any business orprofession carried on by the tax payer at anytime during the Financial Year. It includes'any' compensation received or otherpayment due to be received. Further, thecompensation may be received in Cash orKind.

2) Capital Gains - It means any income whichhas been derived from a 'Capital Asset'(whether movable or immovable)

3) Capital Asset – It means property of anykind held by the taxpayer, whether or notconnected with his business or profession.However, this does not include any Stock inTrade

Note: Since the cryptocurrencies have not yetbeen declared as legal tender by the ReserveBank of India, these cannot be considered aslegal tender (cash) and shall be considered asan asset.

With a general understanding of theabove terms, we move on tounderstand how cryptocurrencieswould be taxed under differentscenarios:

Scenario 1: When a person receivesCryptocurrency as payment for renderinggoods or services

If a provider of goods or services receives anypayment by cryptocurrency, then, the fairmarket value of the cryptocurrency received asconsideration for rendering the goods orservices will be considered as theconsideration (that is the sale amount).

Hence, the difference between the Fair MarketValue of the cryptocurrency and the cost ofprovision of goods or services will be treated asBusiness Income in the hands of the taxpayerand the resultant Business Income will becharged to tax at the applicable slab rate.

Let us take the following example tounderstand the above more clearly:

Mr. A provides services for which he agrees toreceive 2 Bitcoins. For simplicity purpose,assume the cost of provision of service as Rs.5,00,000/- and the Fair Market Value of 1Bitcoin = Rs. 5,50,000/-. Hence, by applyingsimple mathematics we can conclude that thetotal consideration for the services rendered isRs. 11,00,000/- (5,50,000*2) and therefore theBusiness Income is Rs. 6,00,000/-

Continuation of Scenario 1:

The person receiving cryptocurrency asconsideration sells the cryptocurrency. Now assoon as the person receives the cryptocurrencyas consideration, it becomes his capital assetunder the assumption that it is not Stock inTrade (which is discussed later).

Therefore, as and when the person sells thecryptocurrency, the resultant differencebetween the Fair Market Value on the date ofreceipt of cryptocurrency (from the provision ofgoods or services) and the date of sale ofcryptocurrency will be treated as Capital Gain.


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Further, if the cryptocurrency is held for 36months or less, it will be treated as Short TermCapital Gain. If it is held for more than 36months it will be treated as Long Term CapitalGain.

While computing Long Term Capital Gain, thetaxpayer will get the benefit of indexation. Thebifurcation of Short Term Capital Gain andLong-Term Capital Gain is important since theShort Term Capital Gains are taxed at SlabRates and Long-Term Capital Gains are taxed@ 20%.

Let us continue the example taken in Scenario1:

Suppose the bitcoins received by Mr. A is soldby him @ Rs. 5,75,000/- per Bitcoin then thevalue of the consideration that will be receivedby Mr. A is Rs. 11,50,000/-. Hence, the CapitalGains would be Rs. 50,000/- (11,50,000 -11,00,000) and depending on the period ofholding of the cryptocurrency, it will be taxedas Short Term Capital Gain or Long TermCapital Gain.

Scenario 2: A person paying considerationby cryptocurrency for receiving any goodsor services

If a person availing any goods or currencypays consideration in the form ofcryptocurrency, then in such a case there willbe aspects which will need to be considered:i) Capital Gainsii) Amount (Quantification) of the expense

Capital Gains: The Capital Gains will bedetermined in the same manner as discussedin 'continuation of scenario 1' and will be taxedaccordingly. However, in this case the relevantdates for determination of period of holdingshall be the date of acquisition of the currencyand the date of payment.

Amount of expense: The amount of expenseshall be the Fair Market Value of thecryptocurrency on the date of payment. 13

Let us take the following example tounderstand the above clearly:

Mr. A avails goods worth Rs. 11,50,000/- thepayment for which is discharged by paying 2Bitcoins (5,75,000 * 2). Assuming the cost ofacquisition of 2 Bitcoins to be Rs.10,00,000/- (5,00,000 * 2), the resultantCapital Gain will be Rs. 1,50,000/- and willbe taxed as Short Term Capital Gain forLong-Term Capital Gain depending on theperiod of holding. The amount of expenditurewill be the Fair Market Value of the Bitcoinsthat is Rs. 11,50,000/-

Scenario 3: A person Investing / Tradingin cryptocurrency

This is the simplest to understand. However,the important aspect to be to be consideredis whether the activity is to be considered asInvestment or Trading. If the activity isconsidered as Investment the differencebetween the sale price and purchase pricewill be treated as Capital Gains (thetreatment will be as discussed earlier) andon the contrary if the activity is considered asTrading, the difference will be treated asBusiness Income irrespective of the period ofholding. Determining whether the differencewill be considered as Capital Gains orBusiness Income will depend solely upon theintention of the person at the time ofacquisition of the cryptocurrency.

Conclusion

The Indian Tax laws do not have a specificmention on how cryptocurrencies are to betaxed in India and remains a grey area,particularly as the exposure of peopleincreases until a specific mention in the lawis made. The cryptocurrencies are notdeclared as legal tender by the RBI andhence shall be treated as an asset. Further,it shall be kept in mind that thecryptocurrency market is an unregulatedmarket however not an illegal one.

CaClubInida.com

DUE DATE CHART


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DUE DATE CHART (January’2018)Due Date Category Particulars Form/

Challan/Site

07th Jan 2018 TDS/ TCS Payment

Deposit of TDS for the month of December’2017 ITNS 281

Deposit of TCS for the month of December’2017 Form 26QB

10th Jan 2018 GST Return

Filing details of Outward Supplies Quarterly (For Q2)

GSTR - 1Filing details of monthly

supplies (Jul’17 to Nov’17)

15th Jan 2018

TCS Return (Quarterly)

Filing of quarterly return of TCS for Q3

www.tin-nsdl.com

PF/ESIC Payment

Payment of PF/ESIC for the month of December’2017

http://www.epfindia.com

18th Jan 2018 GST ReturnReturn for Composition

Dealers having details of ITC received

GSTR - 4

20th Jan 2018 GST Return Self Assessment Return for the month of December’2017 GSTR – 3B

31st Jan 2018

GST Return Return for Non Resident Tax Payer GSTR – 5

TDS Return (Quarterly)

Filing of quarterly return of TDS for Q3

www.tin-nsdl.com

http://www.tin-nsdl.com/

http://www.epfindia.com/

http://www.tin-nsdl.com/

NOTIFICATIONSAND CIRCULARS


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Notification/ Circular Reference No.Constitution of Task Force for drafting a New Direct Tax Legislation

For complete information, please refer-http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/673/Press-Release-Constitution-Task-Force-drafting-New-Direct-Tax-Legislation-22-11-2017.pdf

Press Release, Dated: 22-11-2017

Indian Advance Pricing Agreement regime movesforward with signing of two APAs by CBDT inNovember, 2017

For complete information, please refer-http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/675/Press-Release-Indian-Advance-Pricing-Agreement-regime-moves-forward-1-12-2017.pdf


CBDT extends date for linking of Aadhaar with PAN

For complete information, please refer-http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/676/Press-Release-CBDT-extends-date-Linking-Aadhaar-with-PAN-8-12-2017.pdf


Direct Tax Collections for F.Y. 2017-2018 show Growth of 14.4% up to November, 2017

For complete information, please refer-http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/678/Press-Release-Direct-Tax-Collections-FY-2017-18-show-Growth-14-4-November-2017%20%2011-12-2017.pdf

Press Release,Dated: 09-12-2017

Extending the due date of deposit of TDS/TCSFor complete information, please refer-http://www.incometaxindia.gov.in/Lists/Latest%20News/Attachments/204/TDS-Extend-Due-Date-MiscComm-13-12-2017.pdf

Order,Dated: 13-12-2017

Direct Tax Law

17 Source: ICAI e-Journal

http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/673/Press-Release-Constitution-Task-Force-drafting-New-Direct-Tax-Legislation-22-11-2017.pdf

http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/675/Press-Release-Indian-Advance-Pricing-Agreement-regime-moves-forward-1-12-2017.pdf

http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/676/Press-Release-CBDT-extends-date-Linking-Aadhaar-with-PAN-8-12-2017.pdf

http://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/678/Press-Release-Direct-Tax-Collections-FY-2017-18-show-Growth-14-4-November-2017%20%2011-12-2017.pdf

http://www.incometaxindia.gov.in/Lists/Latest%20News/Attachments/204/TDS-Extend-Due-Date-MiscComm-13-12-2017.pdf


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Others (Excise / Service Tax/ FEMA)Notification/ Circular Reference No.

Release of Mid-Term Review of Foreign Trade Policy2015-2020

Details of Foreign Trade Policy 2015-2020 are available at:https://goo.gl/QSTaWt

Notification No. 41/2015-2020

Dated: 05-12-2017

Clarification on applicability of GST on goods soldwhile being in a custom bonded warehouse

For complete text of notification, refer the notification at below link:http://www.cbec.gov.in/resources/htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ46-2017cs.pdf

Circular No. 46/2017-Customs

Dated: 24-11-2017

Amendment in Bank guarantee/Cash security/ surety Norms under Customs (Import of Goods atConcessional Rate of Duty) Rules, 2017

For complete text of the circular, please refer the link: http://cbec.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ48-2017cs.pdf;jsessionid=F1373A46433C2C317ECB0D73B97A4F6A

Circular No. 48/2017 Dated: 08-12-2017

Refund/Claim of countervailing duty as Duty Drawback

For complete text of the circular, please refer the link: http://cbec.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ49-2017cs.pdf

Circular No. 49/2017 Dated: 12-12-2017

Procedure for manual disbursal of budgetary supportunder Goods and Service tax regime

Detailed procedure for manual disbursal is available at:https://goo.gl/RYNkQr

Circular No1060/9/2017CX

Dated: 27-11-2017

Investment by Foreign Portfolio Investors (FPI) inGovernment Securities

For complete text of the circular, please refer the link: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI12F1876719F68842A98FEF35F8C9646C30.PDF

A.P. (DIR Series) Circular No. 14

Dated: 12-12-2017

Source: ICAI e-Journal

https://goo.gl/QSTaWt

http://www.cbec.gov.in/resources/htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ46-2017cs.pdf

http://cbec.gov.in/resources/htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ48-2017cs.pdf;jsessionid=F1373A46433C2C317ECB0D73B97A4F6A

http://cbec.gov.in/resources/htdocs-cbec/customs/cs-circulars/cs-circulars-2017/circ49-2017cs.pdf

https://goo.gl/RYNkQr

https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI12F1876719F68842A98FEF35F8C9646C30.PDF

SEMINARS AND COURSES


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Seminars and DiscussionsTaxation Matters

20 ICAI CPEC Website

S.No. PoU Topic Place Date Contact Details

CPE Hours

1.

Motikhavdi CPE Study Circle for

Members in Industry of ICAI

Brief overview on GST

Learning Centre Auditorium, Motikhavdi, RIL Jamnagar-

361140

11-01-201814:00-17:00

9998214931 3

2.FARIDABAD BRANCH OF

NIRC

Seminar on Preparation & presentation of

Appeals before the CIT (Appeals) and

ITAT

ICAI BHAWAN, PLOT NO. 43, SECTOR-20A,

FARIDABAD

12-01-201817:30-20:30

CA Amit Kumar 9899489972 3

3.

Motikhavdi CPE Study Circle for

Members in Industry of ICAI

ITC provisions under GST

Learning Centre Auditorium, Motikhavdi, RIL Jamnagar-

361140

12-01-201814:00-17:00 9998214931 3

4.JABALPUR

BRANCH OF CIRC

Goods and Services Taxes (GST)

Hotel Samdariya Main, Dr.Barat Road, Jabalpur

13-01-201810:00-16:30

Jabalpur Branch 0761-4063656 6

5.

THANE MIDTOWN CPE STUDY CIRCLE

OF WIRC

GST- RECENT AMMENDMENTS

TMA HALLNEAR DWARKA HOTEL

WAGLE ESTATETHANE WEST

13-01-201817:00-20:00

SARAD BERIA-9820508633 3

6.

Karol BaghWestend CPE

Study Circle of NIRC

Preparation a& Presentation of

Appeals before CIT (Appeal) & ITAT

Hotel Jivitesh, Metro Pillar, No.87, Pusa Road, Karol Bagh

New Delhi-110005

15-01-201815:00-21:00

011-28752690 6

7.Connaught Place CPE Study Circle

of NIRCSeminar on GST

Malviya SmritiBhawan,Malviya Smriti

Bhawan, 52?53, DDU Marg, New Delhi 110 002

15-01-201816:00-21:00

Nikunj Aeron 9871209339 5

8.

EASTERN INDIA

REGIONAL COUNCIL

GST – CRITICAL ISSUES

EIRC AuditoriumEastern India Regional

Council, The ICAI, 7, Russell Street, Kolkata – 700071

16-01-201816:00-20:00

30211104/08/33 4

9.JB NAGAR CPE STUDY CIRCLE

OF WIRC

Issues on RCM under GST

Directi Plex, New NagardasRoad, Near Andheri East Subway, Andheri (East),

Mumbai – 400069

20-01-201815:30-19:30

9820240246 4

10.DEHRADUN BRANCH OF

CIRC

CRITICAL ISSUES IN GST

15 SUBHASH ROAD, DEHRADUN-248001

21-01-201710:30-13:30

MR.M.L.GUPTA 01352714232 3

11.TIRUCHIRAPALLI BRANCH

OF SIRC

OVERVIEW OF INTERNATIONAL

TAXATION

Institute Premises, ICAI TRICHY BRANCH, 24, SBI Officer’s Colony, Lawsons

Road, Tiruchirapalli – 620 001

27-01-201817:00-19:00

CA Cotha SrinivasPhone: 9845063387 2


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Other Matters

Seminars and DiscussionsAccounting & Auditing Matters

ICAI CPEC Website

S.No. PoU Topic Place Date Contact Details CPE Hours

1.Digital

Accounting and Assurance Board

Digital Accounting and Assurance

Roundtable 2018

Hotel The Royal Plaza, AshokaRoad, New Delhi

11-01-201818:00-20:00

DAAB Secretariat 9310542606 2

2.ACAE CAs

Study Circle of EIRC

FORENSIC AUDITEmami Conference Hall , 6 Lyons Range , 3rd Floor ,

Kolkata -700001

12-01-201817:00-20:00

Mrs Niti Dasgupta033-2210-7724 3

3.TIRUCHIRAPALLI BRANCH

OF SIRC

Accounting And Tax Treatments On Capital Market Transactions

Including Derivatives

Institute Premises, ICAI TRICHY BRANCH, 24, SBI Officer’s Colony, Lawsons

Road, Tiruchirapalli – 620 001

20-01-201817:00-19:00

CA Dungar Chand U Jain

98945050072

4.Jb Nagar CPE Study Circle of

WIRC

Internal Audit – New Developments & Challenges before

Profession

Hotel Kohinoor Continental, Andheri Kurla Road, J.B.

Nagar, Andheri (East), Mumbai – 400059

21-01-201808:45-13:15

9820240246 4

5.Chembur CPE Study Circle of

WIRC

Issues Concerning IndAS Implementation

K.J.Somaiya Institute of Management Studies and

Research,Vidyavihar-West,Mumbai

21-01-201809:30-12:30

CA HarshavardhanBapat 3

S.No. PoU Topic Place Date Contact Details

CPE Hours

1.EASTERN INDIA

REGIONAL COUNCIL

Important Provisions Under Companies Act 2013 And Its Amendments

EIRC AuditoriumEastern India Regional

Council, The ICAI, 7, Russell Street, Kolkata – 700071

12-01-201817:30-20:30 30211104/08/33 3

2.Vikas Marg C.A.

Study Circle of NIRC

The Companies (Amendment) Act, 2017 and RERA

Crystal Banquet Laxmi Nagar Distt.Centre (Next to PSK, old

GGs) Delhi-110092

16-01-201817:00-21:00

CA J P Agarwal 9811923171 4

3.LUCKNOW

BRANCH OF CIRC

Companies Amendment Act –

2017

ICAI Bhawan, Jagriti, Institutional Area, VikasKhand-1, Gomti Nagar,

Lucknow – 226010

16-01-201810:00-14:00

Branch Premises –0522-4069931 4

4.

Views Exchange Chartered

Accountants Study Circle of EIRC

Latest Amendments In Co Act, Co. Strike Off, Dir

Disqualification, Cods Scheme 2018

BCCI, 6, N.S. ROAD (Globsyn Hall), Kolkata – 700

001

19-01-201815:00-19:00

CA KUSHAL BHUWANIA 4

5.VILE PARLE

(EAST)CPE STUDY CIRCLE OF WIRC

FINANCE UPDATES

Management Institute, Dahanukar College, ChitrakarKetkar Marg, Vile Parle East,

Mumbai 400 057

21-01-201809:45-13:00

CA. Rashmikant9820013715 3

Batches for Upcoming Courses


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Certificate Course on Master in Business Finance

Duration of the CourseThis is approximately One year course.Classes will be held on 2nd and 4th Saturdays(2:00 PM to 7:30 PM) and Sundays (9.30 AMto 3.00 PM). There will be two (1 week each)residential programmes as part of Course.

CPE Hours30 Hours credit on completion of the course

Course RegistrationCourse Registration The registration is onreceipt of duly filled in and signed Registrationform with course fee of Rs. 30,000 (Rs.Thirty Thousands only) vide DD/ Pay Order infavour of “The Secretary, ICAI” payable atDelhi. The fee can also be paid onlinethrough ICAI Payment Portal.

Course DetailsProspectus, Registration Form available onwebsite: icai.org/post.html?post_id=4092

Contact: CMA Office: Ph: 0120-3045905

About the CourseThe Committee on Management Accounting ofICAI will conduct 10th Batch of Master inBusiness Finance Certificate Course. Coursecoverage is extensively wide across varioustopics of advanced financial managementlike Capital Market, Investment Banking, FundRaising & Fund Management, CorporateValuation, Merger & Acquisitions, Banking ,Forex Market, Treasury Management, RiskManagement etc. with an aim to provideknowledge and skills required for tomorrow’sCFO and high end consultancy in finance.

Eligibility for the CourseOnly the Members of ICAI and students whohave passed the CA final exam are eligible topursue this Course.

FacultyThe Faculty members for the course are fromIIM’s, XLRI, NIBM, MDI, premier Universities ,Public & Private Sector Banks/ FinancialInstitutions, Mutual Funds, ICRA, SIDBI, PEFunds, Senior Chartered Accountants fromIndustry/ Profession and reputed academicians.

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Certificate Course on Forex and Treasury Management

Course DurationClasses will be for Eight days. (Weekends only)Saturday and Sunday (10.00 a.m. to 5.00 p.m.)

AttendanceCompulsory 75% attendance is required.

Professional CreditThe participants to this course will be given 30CPE Hrs after successful completion of thecourse.

Course FeesRs. 17,500/-* per member for the completecourse. The fees also includes examination feefor the first attempt. The candidate who doesnot appear or fails to clear the examination isrequired to pay an examination fee of Rs.2,000/- in the subsequent attempt. The fees canbe paid vide DD/Cheque in favour of “TheSecretary, The Institute of CharteredAccountants of India” Payable at New Delhi.Course fee can also be paid online through ICAIPayment portal.

ICAI Webstie


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About the CourseThe Committee on Financial Market andInvestors’ Protection (CFMIP) is one of theNon-Standing Committees of the ICAI whichconducts Certificate Course on Forex andTreasury Management (FXTM) for professionaldevelopment of members in this field. Thiscourse covers foreign exchange market,money market, bond market operations andrelated financial products. It therefore analysesthe international finance environment withinwhich banks, other intermediaries andcompanies operate and how it affects theiroperations in treasury. Sound treasurymanagement utilizes the right financialproducts and tools for minimizing risk. Thecourse examines alternative strategies andtechniques that can be employed to managethe risks associated with international businesstransactions and other treasury operations. Italso provides an overview of the structure andkey functions of the treasury.

EligibilityOnly the Members of ICAI and the Students ofthe Institute who have passed the CA FinalExamination are eligible to pursue this course.

ABOUT US


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S.P. Chopra & Co. is a professional services firm established in

1949; Ranking amongst the top 20 firms in India

11 full time partners and staff strength of over 100

Offices in New Delhi, Mumbai, Canada and Dubai

Our firm offers Accounting, Assurance and Consultancy as its core business

lines for domestic and global businesses of medium to large size.

We have been empanelled with Reserve Bank of India, Royal Audit

Authority of Bhutan, United Nations and World Bank. We are also a

member of the Prime Global (an Independent association of more than

350 accounting firms all over the World).

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Business Process Outsourcing

Accounting and Book-keeping

Tax Return preparation

Payroll processing

Financial Reporting

Advisory

Business Risk and Control

Standard Operating Procedures (SOPs)

Financial Due Diligence

Transaction Support

Assurance Services

Statutory and Tax Audit

IFRS Convergence and Reporting

Internal Financial Control (IFC)


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Mob: 9899110300