Sivakasi Branch of SIRC of ICAIsbsirc.in/wp-content/uploads/2019/02/Newsletter... · Sivakasi Branch of SIRC of ICAI Newsletter February 20 19 7 For Private Circulation Only x For

Sivakasi Branch of SIRC of ICAI Newsletter February 2019

1 For Private Circulation Only



Dear Members,

I am pleased to inform that our Sivakasi Branch of SIRC of ICAI has won the Best

Branch Award for the year 2018 (under Micro Category) and our Sivakasi Branch of

SICASA has won the Best SICASA Branch Award for the year 2018 (under Medium

Category) at National Level.

At this juncture, with folded hands, I thank all the Founder Chairman, all the Past Chairmen,

members, students and the branch staff for the tremendous support rendered throughout the

year. Special thanks to my Managing Committee Team who have guided me through and

was standing like pillars of support for entire activities carried out at the Branch. I thank the

Central Council Members and Regional Council Members for their support. I thank all the

speakers for various programmes.

This is the last communication by me as a Chairman of the active Sivakasi Branch. I have

cherished the entire journey which was truly enriching. I thank my family members who

gave all the support and encouragement to accept this position and serve our Alma Mater

ICAI.

I wish the incoming team under the Chairmanship of CA.S.Palanichamy a great success.

Regards, CA.M.Rajapandian, Chairman – SBSIRC.

CHAIRMAN’S MESSAGE



Dear members,

Warm greetings to all. A proud moment to Our Sivakasi branch for the second

time, our branch has been awarded the Best branch of Regional Council (Micro

Category) and Best branch of Students Association (Medium Category). On 4 th

February 2019, our Committee Members and SICASA members attended ICAI’s

Platinum Jubilee Annual Function in Hotel Asok, Delhi and received the valuable

Awards. It’s true that every small step taken, paves way for the greatest

achievement. I congratulate all our members, students and branch staffs who

have taken those steps. Wish our branch continue to achieve great things in the

upcoming years also.

The first time our budget has been pronounced by a Chartered Accountant. The

budget has been structured excellently. It has given many benefits to the

farmers and average income earning people. UDIN has been made mandatory

by ICAI for all the certif icates signed and issued by the CA. Kindly note that and

follow the provision.

.

With Regards,

CA.K.Giridhar

Secretary –SBSIRC

SECRETARY’S MESSAGE



Dear Members, you are all knew that our Branch has got both Best Branch and SICASA

awards National Level in a consecutive years. It’s a remarkable achievement of our team

work. I praying the almighty to shower the same in the coming years too. The new

Management Committee members seek your love and affection in the coming years also to

achieve the milestone. During the month of January 2019 we have conducted as usual two

cpe meeting with support of you all and large number of members attends the meeting and

made grand success. Hereby I would like to extend my hearty congratulations to those who

have passed in CPT, Foundation and Final exam.

Regards,

CA.P.Selvaraj,

CPE Chairman – SBSIRC

EDITOR’S MESSAGE





Excel Tips -CA Dungar Chand U Jain

RANK Function

RANK function is used to compare numbers to other numbers in the same list. If we give the RANK function a number, and a list of numbers, it will tell us the rank of that number in the list, either in ascending or descending order. In other words, it returns the rank of a number in a list of numbers. The rank of a number is its size relative to other values in a list. If we were to sort the list, the rank of the number would be its position.

Syntax

RANK(number,ref,[order])

The RANK function syntax has the following arguments:

Number Required. The number whose rank you want to find. Ref Required. An array of, or a reference to, a list of numbers. Nonnumeric

values in ref are ignored. Order Optional. A number specifying how to rank number.

If order is 0 (zero) or omitted, Microsoft Excel ranks number as if ref were a list sorted in descending order.

If order is any nonzero value, Microsoft Excel ranks number as if ref were a list sorted in ascending order.

Note :

RANK gives duplicate numbers the same rank. However, the presence of duplicate numbers affects the ranks of subsequent numbers.

EXCEL TIPS



For example, in a list of integers sorted in ascending order, if a number appears twice and has a rank of 4, then it would return a rank of 4 (no number would have a rank of 5).

Example 1 :

There are 3 arguments for the RANK function:

number: in the above example, the number to rank is in cell (i)A3 & (ii)A2

ref: We want to compare the number to the list of numbers in cells A2:A6. However it is advisable to use an absolute reference ($A$2:$A$6), instead of a relative reference (A2:A6)so the referenced range will stay the same when we copy the formula down to the cells below.

order: (optional) This argument tells Excel whether to rank the list in ascending or descending order.

o Use zero, or leave this argument empty, to find the rank in the list in descending order. In the example above, the order argument was left blank, to find the rank in descending order. =RANK(A3,$A$2:$A$6)

o For ascending order, type a 1, or any other number except zero. If we are comparing scores, we need to type a 1, to rank in ascending order. =RANK(A3,$A$2:$A$6,1)



Example 2 : Rank

In the above example, =RANK(C3,$C$3:$C$33,0) gives the ranking of data in the cell C3 amongst the data in the range C3:C33. Absolute reference is givinh by inserting $ Sybmols so that when copies the range do not change i.e. C$3:$C$33 The last parameter is to tell the order. If we want the Ranking in Descending order (Smaller to Bigger) we need use 0 and if we need it in Ascending (Bigger to Smaller) use a 1.





CA B Sweety Sharma Chartered Accountant, Sivakasi

Meaning An Electoral Bond is designed to be a bearer instrument like a Promissory Note for

making donations to political party It is payable to the bearer on demand No interest is payable on the bond

It shall not carry the name of the buyer or payee

Issued by whom: State Bank of India (SBI) has been authorised to issue and encash Electoral Bonds at specified Branches Eligibility for purchase and encashment: It can be purchased by any citizen of India or a body incorporated in India. A person being an individual can buy bonds, either singly or jointly with other

individuals. Only the political parties registered under section 29A of the Representation of the

People Act, 1951 (43 of 1951) and secured not less than 1% of the votes polled in the last general election to the House of the People or the Legislative Assembly, as the case may be, shall be eligible to receive the bond.

The bond shall be encashed by an eligible political party only through a bank account with the authorised bank.

Denomination: The bonds will be issued in multiples of Rs.1,000, Rs.10,000, Rs.1 lakh, Rs.10 lakh and Rs.1 crore and will be available at specified branches of State Bank of India. Know Your Customer Norms: Know Your Customer norms of a bank’s customer shall apply for buyers of the bonds. The authorised bank may call for any additional Know Your Customer documents, if it

deems necessary.

Periodicity for issue of Bonds: The bonds under this Scheme shall be available for purchase by any person for a period

of ten days each in the months of January, April, July and October as may be specified by the Central Government.

ELECTORAL BONDS



An additional period of thirty days shall be specified by the Central Government in the year of general elections to the House of People.

Validity of the Bonds: The bond shall be valid for fifteen days from the date of issue and no payment shall be

made to any payee political party if the bond is deposited after expiry of the validity period.

The bond deposited by any political party to its account shall be credited on the same day.

The amount of bonds not encashed within the validity period of fifteen days shall be deposited by the authorised bank to the Prime Minister Relief Fund.

Payment for Bonds: All payments for the issuance of the bond shall be accepted in Indian rupees, through

demand draft or cheque or through Electronic Clearing System or direct debit to the buyer’s account.

Where payment is made through cheque or demand draft, the same shall be drawn in favour of the issuing bank at the place of issue

Trading of bonds: The bonds are not eligible for trading Procedure for making application for purchase of bonds: Every buyer desirous of purchasing bond can apply with a physical or through online

application in the format specified Every application shall be accompanied with the specified documents. On receipt of an application, the issuing branch shall issue the requisite bond, if all the

requirements are fulfilled. The information furnished by the buyer shall be treated confidential by the authorised

bank and shall not be disclosed to any authority for any purposes A non KYC compliant application or an application not meeting the requirements of the

scheme shall be rejected. The bond shall be issued to the buyer on non-refundable basis in Physical Form.

Tax treatment: The donor will get a Tax Deduction and for the recipient, the face value of the bonds shall be counted as income by way of voluntary contributions received by an eligible political party, for the purpose of exemption from Income-tax under section 13A of the Income Tax Act, 1961. Loans against Electoral Bonds: Not Permitted Limit of Investment: No Limit



CA K Chitra Chartered Accountant, Sivakasi

S. No. Details Details

1 Governing Rules Companies (Acceptance of Deposits),

Amendment Rules, 2019, notified on 22.01.2019

2 Applicability Every company other than Government

company (includes private, public, opc, small, dormant)

3 Frequency of return One time return

4 Due Date 90 days from the date of publication of the rule

• Date of publication of rule: 22.01.2019 • Due Date of filing the form: 22.04.2019

5 Applicable Form Form DPT 3 of MCA - Return of Deposit or

Particulars of Transaction not considered as Deposit or Both

6 Fee for filing As per Companies (Registration Offices and

Fees Rules, 2014). Fees varies from 200 to 600 – based on the Paid up Share Capital of the Company

7 Loans to be covered Outstanding receipt of money or loan by a

Company not considered as deposits. All loans received – secured, unsecured, ecb, loans from holding, subsidiary or associate companies

8 Information period • Loan / Money between 01.04.2014 to 22.01.2019.

• The outstanding amount as on 22.01.2019

to be reported

• If a loan is received before April 2014 and outstanding as on 22.01.2019, the same is to be covered • If a loan is received after April 2014 and repaid before 22.01.2019, the same need not be reported

FILING OF FORM DPT 3



6 Hrs CPE on “Benami Transactions (Prohibition) Act, 1988 &The Prevention of Money Laundering Act, 2002”

EVENTS - January 2019



3 Hrs CPE on “Interesting case laws under Income Tax Act, 1961 ”



“Pongal Celebration 2019”



“Republic Day Celebration 2019”





Special Examination for Members of Foreign Accounting Bodies with whom the

ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of

Understanding (MoU) - https://resource.cdn.icai.org/53880exam43268.pdf

3 Hrs CPE Workshop on “Interim Budget 2019” – 09.02.2019

8th Installation Function

Investor Awareness Program

3 Hrs CPE Workshop on “GST Updates”

6 Hrs CPE Seminar

FORTHCOMING EVENTS

Announcement





Documents

Sivakasi Branch of SIRC of ICAIsbsirc.in/wp-content/uploads/2019/02/Newsletter... · Sivakasi Branch of SIRC of ICAI Newsletter February 20 19 7 For Private Circulation Only x For