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EIRC 1st November 2015 �
EIRC NEWSLETTERVOL: 41 ISSUE: 09 1st NOVEMBER 2015 ` 10/-
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
EASTERN INDIA REGIONAL COUNCIL(Set up by an Act of Parliament)
Regi
onal
Council Writes
Principal Sponsor
Dear Brothers and Sisters,
Season’s Greetings! The Editorial Board wishes all its members,
students and their families Subho Bijaya and a very Happy Dussehra.
The trace of festival jubilation must be still present in the minds of
all and amidst another sparkling festival is knocking the doors of
all of us. Festivals give us an opportunity to celebrate and provide
us the opportunity to rejoice. We believe that joy when shared
increases and grief when shared decreases. We cannot celebrate
our joy in separation and that sharing is quite
natural to happiness. Hence let’s join hands
for the Diwali Get Together on Saturday, 7th November 2015. We have just had a great
evening together celebrating and enjoying the
Bijoya Sammillani on 30th October 2015 at
our Institute, Russell Street premises with lot of
enthusiastic and marvelous performances from
our esteemed members and their families.
Corporate Governance Practices
Members are aware that this time is peak
in terms of filling of Balance Sheets and Annual Returns by the
companies. The Registrar of Companies, West Bengal, on receipt
of request received from various stakeholders, has this time has
decided to relax the additional fee payable on forms AOC-4, AOC-4
XBRL and also for MGT-7 E Form till 30th November 2015. May the
Board therefore take the opportunity of this column to urge upon
our beloved colleagues to please ensure uploading of Balance Sheets
and Annual Returns within the extended time limit to ensure good
corporate governance practice.
CA Elections 2015 (Regional & Central Council for Term 2016-2019)
The Elections of the Regional Council and Central Council for the CA
fraternity will take place on 4th & 5th December 2015 spread all
over the country These elections are critical wherein the fraternity
will elect representatives whom they consider as deserving and able
to take our Institute flag to greater heights.
May we remind all of you that a better future is where we are trusted
with decisions about the future and remain highly prized for our
judgement and rigour. As such, we need to show and prove to the
world that we are extending our core expertise and adding value to
the decisions the organisations and government entitles make for
a sustained future. Let’s prove our worth as an
indispensable “complete business solution provider” of the modern day business.
We conclude by wishing all a very Happy &
sparkling Diwali. May the blessings of the
Almighty bestow with luxury and prosperity,
peace, happiness and good health round the
year. With gleam of Diyas and echo of the chants,
may happiness and contentment fill your lives.
May the spirit of festivals also encourage us to
do something for the welfare of the society. In
this aspect we inform all that on the ‘Swachh Bharat and Vidyalaya Abhiyaan’ initiative, our Institute has
started with a small beginning by allocating responsibility to our
members, under this Abhiyan. We are sure that all appreciate that
this is a huge project and therefore a collective effort is required
and hence request all to come forward and join this noble initiative
launched by our Government.
We adore our Profession!
We salute our Institute!
We respect our Council!
We are proud to be a “Chartered Accountant”
Yours sincerely,
��EIRC 1st November 2015
EIRC 1st November 2015 �
Forthcoming Programme
DAY AND DATE KNOWLEDGE SESSION RESOURCE COORDINATOR VENUE DURATION CPE DELEGATE PERSON HOURS FEES `
EIRC
Wednesday, 4th Seminar on Code of Ethics CA K P Khandelwal CA Subhash R Singhi Hall, 5.30pm to 3 80November 2015 Past Council Member, ICAI Chandra Saraf EIRC Premises 8.30pm Spot 100Tuesday,17th Seminar on Transfer Pricing CA Vivek Newatia CA Subhash R Singhi Hall, 5.30pm to 3 80November 2015 Chandra Saraf EIRC Premises 8.30pm Spot 100Friday, 20th Company Valuation using DCF Approach CA Varun Gupta CA Subhash R Singhi Hall, 5.30pm to 3 80November 2015 Chandra Saraf EIRC Premises 8.30pm Spot 100
Friday, 27th Programme on GST including Payment, CA Satya Poddar, E & Y, Delhi EIRC R Singhi Hall, 2.00pm to 6 500November 2015 Return, Refund & Registration Processes CA Arun Agarwal EIRC Premises 8.00pm Spot 600 CA Timir Baran ChatterjeeThursday, 10th Ethical Values & Successful Corporate Dr. G C Dutt, IPS CA Subhash R Singhi Hall, 5.30pm to 3 80December 2015 Governance through teachings of Chandra Saraf EIRC Premises 8.30pm Spot 100 Ancient Scriptures
Note : 1. Please note Online registration closes 1 days before the day of the Seminar. 2. Spot Registration will be taken subject to availability of seats at the venue. 3. Out of the Registartion Fees collected for each programme Rs. 10 per person would be contributed to Chartered Accountant Benevolent Fund
DAY AND DATE PROGRAMME DETAILS VENUE DURATION
IMPORTANT DATES
Saturday, 7th November 2015 Deepawali Get together along with All Study Circles Krishna Niwas, Ballygunge 6.00pm onwards (Details inside in Page 5)
BRANCH DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR
BRANCH
Guwahati Saturday, 07th Practical Aspects in CS Pankaj Jain CA Dhiraj Jain ICAI Bhawan, 4.00pm to 3 November 2015 Companies Act CS Biman Debnath 9435013887 Guwahati 7.00pm Guwahati Friday, 20th to National Conference for Members CA P R Ramesh CA Dhiraj Jain ITA Machkhowa 10.00am to 12 Saturday, 21st “ DIVYAM towards Enlightenment” CA Milind Mehta 9435013887 5.00pm November 2015 CA KamleshVikemsay CA G Ramaswamy CA Sunil Gabhawala CA Bimal Jain CA Anand JhangidGuwahati Saturday, 28th Group discussion CA Bikash Agarwal CA Dhiraj Jain ICAI Bhawan, 4.00pm to November, 2015 9435013887 Guwahati 6.00pm 2
STUDY CIRCLESTUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOURACAE Chartered Thursday, Lecture Meeting on CA Rip Das CA Jitendra Lohia ACAE 5.00pm to 3Accountants Study 5th November West Bengal VAT Audit [email protected] Emami Conference 8.00pmCircle-EIRC 2015 9874044000 Hall, 6, Lyons Range 3rd floor , Unit-2 Kolkata -700001ACAE Chartered Tuesday, Lecture Meeting on Issues CS Vinod Kothari CA Jitendra Lohia ACAE 5.00pm to 3Accountants Study 24th November pertaining to NBFC [email protected] Emami Conference 8.00pmCircle-EIRC 2015 9874044000 Hall, 6, Lyons Range 3rd floor , Unit-2 Kolkata -700001Accountants’ Library Saturday, Annual Conference 2015-16 Details inside in CA Indu Chatrath Indian Museum 10.00am to 6Chartered Accountants 28th November Page 6 9831048516 Asutosh Birth 6.30pmStudy Circle-EIRC 2015 Centenary Hall Views Exchange Saturday, Workshop on Company Eminent Speakers CA Kushal Bhuwania, The Park, 9.30am to 6Chartered 21st November Act 2013 & ICDC [email protected] Banquet Hall, 5.30pm Accountants Study 2015 03340084929 17,Park Street, Circle-EIRC Kolkata-700016 VITTA Salahkar Friday, Domestic Transfer Pricing CA S S Gupta CA Vishal Jain Barabazar Library 4.30pm to 3Chartered Accountants 6th November with filing of Form No 3CEB 9831060432 10/1/1, Syed Salley 7.30pmStudy Circle-EIRC 2015 Lane, Kolkata -700073
��EIRC 1st November 2015
Announcements
The Board of Trustees of The Chartered Accountants’ Students Benevolent Fund has decided to grant financial assistance to 400 students, who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 and are poor, needy but meritorious to pursue the Chartered Accountancy Course, @ ` 1,000/- p.m. for one year with effect from 1st April, 2015 to 31st March, 2016 to be paid in lump sum, subject to filing of required application.The eligibility criteria for obtaining financial assistance from CASBF are as under:� Passed 10 + 2 examination with a minimum of 70 percent marks and Common Proficiency Test of ICAI in the first attempt or� Passed B. Com Examination from a recognized University with a minimum of 60% marks.� Currently undergoing articled training as per CA Regulations, 1988.� Annual income of parents from all sources must be less than ` 1.50 lakh.
Students who are fulfilling the above criteria may apply for financial assistance from the Chartered Accountants’ Students Benevolent Fund. Students may send their request in the prescribed Application form duly filled in to the Member Secretary, Chartered Accountants’ Students Benevolent Fund at the following address so as to reach on or before 15th October, 2015. The form can be downloaded from website of the Institute www.icai.org.The Board of Trustees will consider each of such cases on merit basis and decide at their discretion on the amount to be granted from Chartered Accountants Students Benevolent Fund.
“The students/Members can download and print copies of letters in respect of different activities viz. Registration of CPT/IPCC/FINAL, Registration & ReRegistration/ Termination/Completion of Articles, New Enrollment letters of Membership, Member Card and/or constitution/ Reconstitution/Certificates of Firm, Firm Card alike from the following portal of ICAI website- www.icai.orgWEBPORTAL - www.icai.org/e-Services/Reprint letter-Member/Students.Link - http://220.225.242.179/REprintletter/reprint.aspxThey may further call HELPLINE NUMBER – 30211156 to know their Member/Student/Article status.The list of letters which presently cannot be downloaded from the above mentioned link are :1. Industrial Training Registration Letter2. Industrial training Completion letter3. Supplementary Registration letterIt may also be noted that they could generate letter of termination from - Termination of Article Assistant Service and not from Termination of Article Service.Presently the letters can be downloaded after 15 days of approval/completion of the particular activity.”
Help Us To Serve You Better
The Chartered Accountants’ Students Benevolent Fund (CASBF)
It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of their practical training but have not completed the GMCS-I course, are required to complete GMCS-I Course latest by 31st December, 2015.
The above students are advised to register at the portal www.icaionlineregistration.org or contact the nearest Regional Council/Branch for registration in GMCS-I Course and complete the same at the earliest but not later than 31st December, 2015.
Additional Secretary, Board of Studies
Extension of Date to Complete GMCS-I Centre
STUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR
VITTA Salahkar Saturday, Transfer Pricing, Form CA Vivek Newatia CA Ajay Luharuka Barabazar Library 4.30pm to 3Chartered 21st November 15CA & 15CB How to prepare 9830070879 10/1/1, 7.30pm Accountants Study 2015 Consolidated Financial Syed Salley Lane, Circle-EIRC Statements Kolkata -700073
VITTA Salahkar Saturday, How to make online Sri Ajay Agarwal CA Ajay Mitruka Barabazar Library 4.30pm to 3Chartered Accountants 28th November correction of e-TDS returns E-TDS Technician 9331041683 10/1/1, Syed Salley 7.30pmStudy Circle-EIRC 2015 using TRACES website Lane, Kolkata -700073
VIP Road Sunday, Improve Professional CA Naresh Agarwal CA Rajesh Jalan VIPCA Library 10.00am to 3Chartered Accountants 1st November Efficiency of CA’s for Future 9831228811 220, Bangur, BLA, 1.00pmStudy Circle-EIRC 2015 Survivaal Kolkata-700 055
VIP Road Chartered Saturday, Annual Conference 2015-16 Details inside in CA Shambhu Nath Jajodia Royal Bengal Room, 09.30am to 6Accountants Study 28th November Page 6 City Centre-1, 5.30pmCircle-EIRC 2015 SaltLake
EIRC 1st November 2015 �
National Convention - Siliguri
NATIONAL CONVENTION FOR CA STUDENTS AT SILIGURI Dates : 17th & 18th December, 2015 ��Venue : Savin Kingdom, Dagapur, Siliguri
Organized by : Board of Studies, ICAI
Hosted by : Siliguri Branch of EIRC of ICAI
Theme : MINDSPARK – Ignite the Light
(Day 1) 8.30 am to 9.30 am Registration
9.30 am to 10.30 am Inaugural SessionGuests of Honour: CA. V. Murali, Chairman, Board of Studies, ICAICA. Abhijit Bandyopadhyay, Chairman, Auditing & Assurance Standards Board, ICAI
10.30 am to 11.30 am Special Session I – Interaction with Board of Studies, ICAICA. V. Murali, Chairman, Board of Studies, ICAI
11.30 am to 1.30 pm Technical Session I – Audit & AccountsChairman : Eminent Expert1. IFRS vs IND AS - Impact on AS Convergence, 2. Forensic Audit - Present & Future Trends
2.30 pm to 4.30 pm Technical Session II – Companies Act, 2013Chairman : Eminent Expert1. Depreciation Accounting under Companies Act, 20132. LLP vs Private Limited Companies
4.30 pm to 5.30 pm Special Session II – Motivational Talk
6 pm onwards Cultural Programme
(Day 2) 9.30 am to 11.30 am Technical Session III – Direct TaxesChairman : Eminent Expert1. Taxation in Real Estate 2. Taxation & Procedures in Trust & Societies
11.30 am to 1.00 pm Special Session-III- Motivational Speaker
2.00 pm to 4.00 pm Technical Session IV – Indirect Taxes Chairman : Eminent Expert1. Impact of GST in India2. Joint Charge & Reverse Charge Mechanism in Service Tax
4.00 pm to 5.00 pm Valedictory Session
Students are hereby requested to register for the Convention at the earliest as per the following details:
Registration fees Rs. 600/- per student Accommodation @ Rs. 1,500/- per student per day excluding taxes on sharing basis.
Payment Mode Cash/DD/Cheque to be drawn in favour of “The Institute of Chartered Accountants of India“ payable at Siliguri.
For registration queries contact:Siliguri Branch of the EIRC of ICAI Email - [email protected]
Website - www.siliguri-icai.orgPhone - 0353-2562984 / 2560445 � Mobile 9434046471
Students (pursuing Practical Training/Industrial Training) are invited to contribute papers for presentation (1500 to 2000 words) for topics in Technical Sessions and submit for approval a soft copy of the Paper at [email protected] by 23rd Nov. 2015 and a hard copy of the same along with Student’s Photograph (with his / her name on the back of the photograph), ICAI Students’ Registration Number, Course pursuing, Complete postal address, Mobile, Landline numbers and e-mail ID be also sent to the Siliguri Branch of ICAI at ICAI Bhawan, Teenbatti More (Near overbridge) Siliguri-734001 (W.B.). Selected Outstation student speakers shall be reimbursed actual travelling expenses subject to a maximum of 2 tier AC Train fare and Daily Allowance @ Rs. 1500/- per day for lodging and incidental expenses etc. It is suggested that the students submitting the papers may tentatively book train tickets pending intimation of selection of their papers. This may enable them to have confirmed train tickets. Students who are interested to participate in the cultural programme are requested to register before 23rd Nov. 2015 at Siliguri Branch of the ICAI.
CA V. MuraliConvention Chairman
& Chairman, Board of Studies, ICAI
CA Abhijit BandyopadhyayConvention Convenor & Chairman,
Auditing & Assurance Standards Board, ICAI
CA Shyam Kr. AgarwalConvention Coordinator
Chairman, Siliguri Branch of EIRC of ICAI
CA Pankaj Kr. MaskaraConvention Coordinator
Chairman, Siliguri Branch of EICASA& Vice Chairman Siliguri Branch of
EIRC of ICAI
��EIRC 1st November 2015
Announcements
VIP Road Chartered Accountant’s Study Circle- Eirc
Accountants’ Library Chartered Accountants Study Circle – EIRC
Annual Conference 2015-16On “ADAPT TO CHANGES”
Date : Saturday 28 November 2015-10-28Venue : Indian Museum Asutosh Birth Centenary Hall
27,Jawaharlal Nehru Road, Kolkata-700 016
Registration : 10.00 am – 10.30amInaugural Session : 10.30am – 11.15amChief Guest : Shri Sudhir Vasudeva (Ex- Chairman, ONGC)Guest of Honour : Shri Anil Kumar Singh*, Hon’ble Principal CCIT, West Bengal & Sikkim : Shri C. L. Denzongpa*, Hon’ble DGIT (Investigation) East, Kolkata
1st Technical Session : 11.15am 2.00pm
Chairman : CA Dr. Bhaskar BanerjeeSpeakers : CA P. R. Ramesh, Internal Financial Control : CA Bhaswar Sarkar Auditors – Reporting Requirements Lunch : 2.00pm-2.45pm
2nd Technical Session : 2.45pm -6.00pm
Chairman : CA Milan Chakraborty
Speaker : CA Arun Kumar Agarwal
VAT & Service Tax on Construction & Real Estates
: CA Sanjay Bhattacharyya, Fundamentals of ICD’s
: CA Indranil Banerjee, ICD’s & Judicial Pronouncements – Conflict & Confluence* Confirmation awaited
FULL DAY ANNUAL CONFERENCE, 2015Theme : “Meeting Challenges – Sharing Solutions”
Date : Saturday, 28th November, 2015Venue : Royal Bengal Room, City Centre-I, Salt Lake
Kolkata – 700064Programme Schedule
Registration : 09.30 am to 10.00 am
INAUGURAL SESSION -10.00 am to 10.30 am
Chief Guest- Hon’ble Sri S. S. AHLUWALIA, Member of Parliament, Darjeeling
Tea Break : 10.30 am to 10.45 am
First Technical Session (10.45 am to 01.45 pm)
Session Chairman: CA Subodh Agrawal, Past President- ICAI
SPEAKERS TOPICSCA Bimal Jain Service Tax implications in construction and Real Estate(New Delhi) Transactions
Dr. Girish Ahuja Wealth Tax – its implications on Income tax & tax Planning(New Delhi)
Lunch Break : 01.45 pm to 02.30 pm
Second Technical Session (02.30 pm to 05.30 pm)
Session Chairman: CA K. P. Khandelwal, Past Chairman & Central Council Member- EIRC
SPEAKERS TOPICSCA K.K.Chaitanya Income tax aspects relating to Real Estate Transactions(Bengaluru)Adv. N. K. Poddar Critical analysis of Sec - 68, 263 (Kolkata)
Contact Details :-VIPCAA, 9 India Exchange Place, 4th Floor, Room No.-3, Kolkata – 700001
Ph : 9831083064, 9830038380, 9830227678, 9831723231Email : [email protected], Website : vipca.net
No.13-CA(EXAM)/ISA/D/2015 : In pursance of Regulation 204 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Information Systems Audit (ISA) Course Assessment Test (which is open to the members of the Institute) will be held on 26th December, 2015 (Saturday) from 10.30 am to 2.30pm at the cities provided that sufficient number of candidates offer themselves to appear thereform.
The Council reserves the right to withdraw any centre an any stage without assigning any reasons. The above Test is open only to the Members of the Institute who are already registered with the Institute for the ISA course and passed the related eligibility test. The fee payable for the above Assessment Test is ` 2000/-.
An application for admission to the Assessment Test is required to be submitted online by visiting http://isaat.icaiexam.icai.org and the sum of ` 2100/- (` 2000/- as examination fees and ` 100/- towards the examination form) has to be paid online using Master / Visa / Maestro Credit or Debit Card on or from 20th November, 2015. Alternatively, the format of application form can be downloaded from the website of the Institute viz.www.icai.org and the cost of the application form of ` 100/- can be added to the Assessment Test fee of ` 2000/- and the Demand Draft for ` 2100/- of any Scheduled Bank drawn in favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at New Delhi only has to be sent to the Deputy Secretary (Exams), The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg, New Delhi - 110002 so as to reach him on or before 3rd December, 2015. The applications received after 3rd December, 2015 will not be entertained under any circumstances.
For more information visit www.icai.org
ISA Examination – December 2015
6 CPE 6 CPE Fees `800/-Fees `1000/-
EIRC 1st November 2015
Elections Announcement
The next elections to the Council and Regional Councils of the Institute will be held on 4th and 5th December, 2015 at Ahmedabad, Bangalore, Chennai, Delhi/New Delhi, Gurgaon, Hyderabad, Jaipur, Kolkata, Mumbai, Pune, Surat and Thane and on 5th December, 2015 at all other places where polling booths have been set up. The members especially those who are new would, naturally, be interested in knowing how the “single transferable vote” system under which the elections are held operates. The broad details of the system are given below:-
(1) Each voter has only one vote for election to the Council and one vote for election to the Regional Council. The voter, in order to cast his vote, shall place on his ballot paper the number 1 (in Arabic or Roman numerals, or in words) against the name of the candidate for whom he desires to vote, and may, in addition, place on his ballot paper the number 2, or numbers 2 and 3, or the numbers 2, 3 and 4 and so on opposite the names of other candidates in the order of his preference. A voter has as many preferences as the total number of candidates from that Regional Constituency/ Regional Council. However, for the purpose of facilitating the process of election by avoiding fractions, each valid vote is notionally considered to be of the value of 100 so that if a part of the vote has subsequently to be transferred from one candidate to another (next in the order of preference), it does not become necessary to resort to fractions, which would make the counting cumbersome.
(2) At the time of counting of votes, the covers containing the postal ballot papers are opened and the voting papers are separated. To these are added the voting papers taken out from the ballot boxes used at different polling booths. The ballot papers are, in the first place, examined and invalid papers are rejected and excluded from the process of counting. The total value of the valid votes is then calculated by multiplying the number of such votes by 100, as mentioned above. This total value is then divided by the
ELECTION TO THE TWENTY THIRD COUNCIL AND TWENTY SECOND REGIONAL COUNCILS“SINGLE TRANSFERABLE SYSTEM OF VOTING – AN APPRISAL”
number of vacancies increased by one, and the quotient increased by one gives the value that is required for any candidate to get elected. This figure is termed as the “quota”. Thus, if in a constituency, eight members are to be elected and there are 4,500 valid votes, the quota will be:-
4500 x 100 ---------------- + 1 = 50,001
8 + 1
In other words, a candidate should get 50,001 votes to get elected. The addition of one to the quotient is explained by the fact that if it is not done, there is a possibility that more candidates may get elected than the number of vacancies.
The first Count
(3) After working out the “quota”, the votes are sorted out and divided into parcels according to the candidates for whom the first preference is marked on the respective votes. The value of the first preference votes received by each candidate is then worked out and the process is known as the first count.
(4) All the candidates, the value of whose votes is equal to or greater than the quota, are declared elected. The votes of the candidates who obtain exactly the quota are set aside as there is no question of transfer of any surplus from those votes.
Transfer of Surplus and Subsequent Counts
(5) Then starts the process of transfer of the surplus values of the votes of those candidates who have secured more than the quota at the first count. Their cases are taken one by one in the strict order of the value of their votes, the largest surplus being dealt with first. In case no candidate obtains the quota in the first count, exclusion of candidates is resorted to (see para 12).
(6) The votes of the candidate whose surplus is to be transferred are scrutinized
CA. Manoj Fadnis, President, the Institute of Chartered Accountants of India (ICAI) has been elected as the Deputy President of Confederation of Asian and Pacific Accountants (CAPA) at the Board meeting of CAPA held on October 27, 2015 at Seoul for a period of two years. ICAI nominee CA. Manoj Fadnis gets this coveted position after a gap of ten years.
The Confederation of Asian and Pacific Accountants (CAPA) is the Regional Organisation representing national accountancy organizations in the Asia-Pacific region and ICAI is one of founding members of CAPA. ICAI has been playing a proactive role in positioning prominently, the Indian accounting profession on all the International Accounting forums and building up brand image internationally.
With more than 28 years of experience and proven track record, Mr. Fadnis has held numerous leadership positions within the accountancy profession in India. On the international front, he is the Assembly & Board Member of South Asian Federation of Accountants (SAFA), and is the Chair of the SMP Committee of SAFA. He is also the Technical Advisor to the Board member of the International Federation of Accountants.
About CAPA
The Confederation of Asian and Pacific Accountants (CAPA) is the Regional Organisation representing national accountancy organisations in the Asia-Pacific region. Today, CAPA has a membership of 31 accountancy organisations in 23 jurisdictions. CAPA’s mission is to provide leadership in the development, enhancement, and coordination of the accountancy profession in the Asia-Pacific region to enable the profession to provide services of consistently high quality in the public interest.
CongratulationsCA. Manoj Fadnis, President, ICAI elected as CAPA Deputy President
�EIRC 1st November 2015
and all those votes which are capable of being transferred (viz., on which the next preference is marked for a candidate, who has not already been elected, or if the next preference is marked for an elected candidate, the preference marked next to that and so on) are separated. The remaining votes which are not capable of further transfer are set aside and treated as exhausted.
(7.1) Before the votes are transferred to the candidates marked next in preference, a new value of each vote is worked out. This value is arrived at by dividing the total surplus of the candidate by the number of votes to be transferred, the remainder being ignored, subject to the condition that the new value does not exceed the original value at which the vote was received by the candidate whose surplus is being transferred (viz., 100 in the case of first preference votes).
(7.2) Thus, if after the first count, a candidate has a surplus of 2,962 and there are 65 votes in his parcel which are capable of being transferred, each vote will be transferred at the new value of (2,962÷65) 45. The remainder of 37 [2962-(65x45 = 37)] is treated as loss in value.
(8) The votes under transfer are then divided into parcels according to the candidates to whom they are to be transferred. The parcels of the transferred votes are also added as sub-parcels to the parcels of original (viz., first preference) votes of the candidates concerned. The total value of the votes going to a particular candidate is obtained by multiplying the new value of each vote by the number of votes going to him and is added to the value of his original votes. The result of the transfer is then struck out and the candidates who obtain at this stage the “quota” are also declared as elected.
(9) This process of transfer of the surpluses of the elected candidates continues till the required number of candidates are elected or till all the surpluses have been dealt with.
(10) As already stated, the surpluses are transferred in the strict order of their value, but all surpluses arising at an earlier count are disposed of before the surpluses arising at subsequent counts are taken up.
(11) In the case of transfer of surplus of a candidate who was not elected at the first count but only as a result of transfer of some votes to him at a subsequent count, since the surplus arises out of the last sub-parcel of his votes, it is only the last sub-parcel that is scrutinized and the unexhausted votes contained therein which are capable of further transfer are revalued, in the manner stated in para 7.1 and 7.2 above, and then transferred to the candidates marked next in order of preference. If there is no vote in the last sub-parcel which is capable of further transfer, the whole of the surplus is treated as loss in value.
Exclusion of Candidates
(12) When there is no surplus left for transfer and the number of candidates elected is less than the number of seats, the exclusion of candidates is resorted to. The process of exclusion comprises the transfer of votes (both original and transferred) of the candidate to be excluded to the candidates marked next in order of preference and who have not already been elected or excluded.
(13) The candidate, the value of whose votes is lowest at the time of exclusion, is first excluded.
(14) The parcels and the sub-parcels of the votes of the candidates to be excluded are taken up one by one in the order in which they were received and the votes contained in each parcel and sub-parcel which are capable of further transfer are transferred to the candidates marked next in order of preference at the same value at which they were received by him. Each parcel and sub-parcel is dealt with separately. It is only after the parcel and all the sub-parcels have been duly transferred that count is completed.
(15) If, as a result of transfer of votes of a parcel, or a sub-parcel, any other candidate secures the quota and is elected, the count in progress is completed but no further votes are transferred to the elected candidate from the subsequent sub-parcels. The following example would make it clear. Let us suppose that the votes of candidate “A” who is to be excluded consist of the original parcel and two sub-parcels subsequently transferred to him. Suppose as a result of the transfer of votes contained in the original parcel, another candidate “B” gets elected. Then the remaining two sub-parcels will be dealt with one by one but no vote therefrom will be transferred to candidate “B” and such of the votes as would have normally gone to “B” will now be straightaway transferred to the candidates marked next to “B” in the order of preference on the respective votes.
(16) The process of exclusion continues till the requisite number of candidates has been elected or the number of candidates left in the field (i.e., the continuing candidates) is equal to the number of vacancies still unfilled.
(17) If, as a result of any exclusion, another candidate gets the quota and is thus elected, no further exclusion is done till the surplus of the elected candidate has been transferred and it becomes necessary thereafter to again resort to exclusion. In other words, a candidate is to be excluded only when there is no surplus to be transferred.
(18.1) If, at any time during the course of counting of votes, the number of candidates remaining in the field is reduced to the number of vacancies not yet filled, all those candidates are declared as elected without resorting to any further calculations.
(18.2) It, therefore, follows that a candidate may be elected even though he does not get the required quota.
(19) If at a particular time only one vacancy is left unfilled and the value of votes (both original and transferred) of anyone continuing candidate at that time exceeds the total value of votes of all the other candidates left in the field, including the surplus of any candidate not yet transferred, that candidate is declared as elected.
(20) When after counting of votes, a tie is found to exist between candidates, regard is given to the original votes and if the original votes are also equal, then the process of draw of lots is resorted to. In case of tie amongst more than two candidates, the candidate whose slip is picked up is excluded from the poll. If the tie is between two candidates, the candidate whose slip is picked remains in the poll or declared as successful, as the case may be.
Elections Announcement
EIRC 1st November 2015 �
Please collect from EIRC & Respective Branch Sales Counter EIRC Sales Counter – ICAI Bhawan, 7, Anandilal Poddar Sarani (Russel Street) Kolkata - 71
Available at EIRC Sales Counter
Price ` 150/-
(including CD)
Jute Tray ` 125/-
Tie ` 350/-
Ladies Bag ` 250/-
���EIRC 1st November 2015
ANNOUNCEMENT
EIRC 1st November 2015 ��
Recent Judicial PronouncementsIndirect Taxes
A. INDIRECT TAXES
Compiled and Edited By: CA RAGINEE GOYAL
Email: [email protected]
1. GARLON POLYFAB INDUSTRIES Versus COMMISSIONER OF C. EX., KANPUR - 2015 (323) E.L.T. 340 (All.) - Rectification of mistake - Limitation - Period of limitation to be computed from the date of communication of order to affected party and not from date of mere passing of order, notwithstanding presence of concerned party in Court when decision was pronounced - Party can avail remedy of getting rectification, modification, etc., of any order only when it is made aware of it - Section 35C of Central Excise Act, 1944
Where an order is delivered and signed, and if same authority has to exercise power of rectification, modification, correction etc. suo motu, limitation would commence from the date of signing and delivery of the said order and not when it is communicated to other side. Reason is that, knowledge of order by authority concerned can easily be attributed on the date when order is signed and delivered by it. But the same thing would not apply when a similar exercise i.e. review, modification, rectification etc. has to be availed by other side i.e. party concerned. That party can only avail such remedy when it is made aware of the order. Therefore, for the purpose of computation of commencement of period of limitation, when the remedy has to be availed by a party, it is the date on which order is communicated to it and not the date on which order is signed or delivered, unless, it can be shown that date on which order was signed and delivered, party concerned was present in the Court and had due knowledge thereof, and therefore, limitation should commence therefrom. Even in that case, it becomes the date of communication of order and not the date of mere passing of order.
2. COMMISSIONER OF CENTRAL EXCISE, PATNA Versus NIRMAN CEMENT LTD. - 2015 (323) E.L.T. 331 (Pat.) - Appeal to Appellate Tribunal - Dismissal, as not maintainable - Restoration, power of - Tribunal having no power to restore appeal once dismissed as not maintainable - Limited power in respect of decided appeals being only rectification of mistake apparent on record - No jurisdiction with Tribunal for reviewing its own decisions - Sections 35B and 35C of Central Excise Act, 1944.
The Tribunal had no jurisdiction to restore the appeals once it had dismissed them as not maintainable. The limited power available to the Tribunal under Section 35C(2) is to pass any order with a view to rectifying any mistake apparent from the record in respect of any order passed by it under Section 35C(1). Clearly, the Tribunal had no jurisdiction to review the earlier orders whereby it dismissed the appeals as not maintainable for want of authorization.
3. SRJ PEETY STEELS PVT. LTD. Versus UNION OF INDIA - 2015 (323) E.L.T. 261 (Bom.) - Stay/Dispensation of pre-deposit - Consistent view - Partial pre-deposit - Tribunal directed the assessee to deposit 50% of amount of duty demanded along with 25% of the penalty imposed - CESTAT granted full waiver of the deposit, as an interim relief, in similar case - HELD : Matter deserves to be remanded to Tribunal, as the Tribunal should take a consistent view regarding pre-deposit when the facts and circumstances in the matters before it are similar - Section 35F of Central Excise Act, 1944
The Tribunal will take into consideration its earlier orders in Nasik Strips
Pvt. Ltd. and Mithulal Gupta, Bhavshakti Steelmines Pvt. Ltd. (supra) while
deciding whether the appellant herein is entitled to waiver of pre-deposit. The
appeal is allowed, accordingly.
Compiled and Edited By : CA RAGINEE GOYAL
Email: [email protected]
A. CENTRAL EXCISE
1. Seeks to further amend notification No. 12/2012- Central Excise dated 17.03.2012 so as to exempt central excise duty on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of specified biodiesel subject to actual user condition. (Notification No 42/2015-Central Excise, dt. 19-10-2015)
2. Seeks to further amend CENVAT Credit Rules, 2004 so as to allow input credit of duty paid on molasses generated from cane crushed in the sugar season 2015-16 i.e. 1st October, 2015 onwards, used for producing ethanol for supply to the public sector oil marketing companies, namely, Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. or Bharat Petroleum Corporation Ltd., for the purposes of blending with petrol, in terms of the provisions of S. No. 40A of the Table in notification No.12/2012-Central Excise, dated the 17th March, 2012, by including such supplies of exempted ethanol under rule 6(6) of the CENVAT Credit Rules, 2004 (Notification No. 21/2015-Central Excise (NT) dt. 07-10-2015)
3. Withdrawal of Order under 37B of Central Excise Act, 1944 on classification of Coconut Oil packed in small containers (Circular No. 1007/14/2015-CX dated. 12-10-2015)
4. Clarification regarding tower and blades constitute an essential component of Wind Operated Electricity Generators (WOEG) (Circular No. 1008/15/2015-CX dated.20.10.2015)
5. Central Excise - Guidelines for launching of Prosecution under the Central Excise Act, 1944 and Finance Act, 1994 regarding Service tax (Circular No. 1009/16/2015-CX dated.23.10.2015)
6. Revised monetary limits for arrest in Central Excise and Service Tax (Circular No. 1010/16/2015-CX dated.23.10.2015)
7. Jurisdiction of the Settlement Commission (Customs, Central Excise & Service Tax) in respect of the cases of Gold Smuggling (Instruction no. F.No. 275/46/2015-CX.8A dated.01.10.2015)
B. CUSTOMS
1. Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to:
Extend zero import duty regime for all pulses except gram [CTH 0713 20 00] and lentil [CTH 0713 40 00] without an end date
Extend zero import duty regime for gram [CTH 0713 20 00] and lentils [CTH 0713 40 00] only up to 31.12.201517.03.2012 (Notification No.46/2015-Custom, dated. 17-09-2015) (Notification No. 48/2015-Custom, dt. 30-09-2015)
2. Seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on ghee, butter and butter oil from
RECENT NOTIFICATIONS & CIRCULARS
���EIRC 1st November 2015
the present rate of 30% to 40% for a period upto and inclusive of the 31st day of March, 2016 (Notification No. 49/2015-Custom,dt. 05-10-2015)
3. Seeks to further amend notification No. 27/2011-Customs dated 01.03.2011 so as to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2018. (Notification No.50/2015-Custom,Dated 16-10-2015)
4. seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on wheat [CTH 1001 19 00 and 1001 99 10] from the present rate of 10% to 25% for a period up to and inclusive of 31.03.2016 ((Notification No. 51/2015-Custom,dt. 19-10-2015)
5. Rate of exchange of conversion of the foreign currency with effect from 30th September, 2015 (Notification No. 95/2015-Custom(NT),dt. 29-09-2015)
6. Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, Gold and Sliver (Notification No. 96/2015-Custom(NT),dt. 30-09-2015)
7. Rate of exchange of conversion of the foreign currency with effect from 2nd October, 2015 (Notification No. 97/2015-Custom(NT),dt. 01-10-2015)
8. Amendmant in the Principal Notification No. 61/94-Custosm(N.T) dated 21.11.1994 (Notification No. 99/2015-Custom(NT),dt. 15-10-2015)
9. Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver (Notification No. 100/2015-Custom(NT),dt. 15-10-2015)
10. Rate of exchange of conversion of the foreign currency with effect from 16th October, 2015 (Notification No. 101/2015-Custom(NT),dt. 15-10-2015)
11. Seeks to levy definitive anti-dumping duty on imports of Plain medium Density Fibre Board of thickness 6 mm and above , originating in or exported from the People’s Republic of China, Malaysia, Thailand and Sri Lanka for a period of five years (Notification No. 48/2015-Custom (ADD), Dated 21-10-2015)
12. Seeks to levy definitive anti-dumping duty on imports of Front Axle Beam and Steering Knuckles for medium and heavy commercial vehicles, originating in or exported from the People’s Republic of China for a period of five years (Notification No. 49/2015-Custom (ADD), dt. 21-10-2015)
13. Seeks to levy definitive anti-dumping duty on imports of Hexamine, originating in or exported from the People’s Republic of China and UAE for a period of five years (Notification No. 50/2015-Custom(ADD),dt. 21-10-2015)
14. Seeks to levy definitive anti-dumping duty on imports of All Fully Drawn or Fully Oriented Yarn/Spin Draw Yarn/Flat Yarn of Polyester (non-textured and non – POY), originating in or exported from the People’s Republic of China and Thailand for a period of five years (Notification No 51/2015-Custom(ADD), dt. 21-10-2015)
15. Regarding Refund/Claim of Safeguard Duties as Duty Drawback (F.No. 609/88/2015-DBK Dated 29-09-2015)
16. Regarding improving Ease of Doing Business – Issuance of Electronic Delivery Orders (F.No. 450/226/2014- Custom IV Dated 14-10-2015)
17. Regarding valuation of second hand machinery (F.No. 467/34/2006-Custom V dated. 15-10-2015)
18. Use of digital signature for submission of documents (F.No. 450/2/2015 - Dir (Custom )( Pt) dated. 23-10-2015)
19. Guidelines for launching of prosecution in relation to offences punishable under Customs Act,1962 (F.No.394/68/2013-Custom(AS) dated. 23-10-2015)
20. Revised Guidelines for Arrest and Bail in relation to offences punishable under Customs Act, 1962 (F.No.394/68/2013-Custom(AS) dated. 23-10-2015)
C. SERVICE TAX
Compiled and Edited by : CA VIKRAM [email protected]
Exemption from payment of Service Tax granted on services rendered by any person as an intermediary to a business facilitator or a business correspondent with respect to Basic Savings Bank Deposit Account covered by Pradhan Mantri Jan Dhan Yojana in the banking company’s rural area branch, by way of account opening, cash deposits, cash withdrawals, obtaining e-life certificate, Aadhar seeding [Notification No. 20/2015-ST dated 21-10-2015]
Exemption from payment of Service Tax granted to activities relating to ‘advancement of yoga’. [Notification No. 20/2015-ST dated 21-10-2015]
Service tax payable under section 66B of the Finance Act, 1994, on the service provided by an Indian Bank or other entity acting as an agent to the Money Transfer Service Operators in relation to remittance of foreign currency from outside India to India, during 01-07-2012 to 13-10-2014 shall not be required to be paid, in exercise of the powers conferred by section 11C of the Central Excise Act, 1944 (1 of 1944) as made applicable to like matters in Service Tax vide section 83 of the Finance Act, 1994 (32 of 1994). [Notification No. 19/2015-ST dated 14-10-2015]
It has been clarified that various ancillary services such as loading/ unloading, packing/unpacking, trans-shipment, temporary storage etc. provided by Goods Transport Agency in the course of transportation of goods by road and the charges for such services are included in the invoice issued by the Goods Transport Agency, and not by any other person, such services would form part of Goods Transport Agency service and, therefore, the abatement of 70%, presently applicable, would be available on it. [Circular No. 186/5/2015-ST dated 05-10-2015]
D. VAT
Compiled and Edited by : CA VIKRAM [email protected]
Sale of sealing rings and gaskets made of rubber and used for fitting of different types of ductile iron pipes is held to be 5% under section 16(2)(b)(ii) of the West Bengal Value Added Tax Act, 2003, vide entry at serial No. 54 of Part I of Schedule C.
[Order dated 05-10-2015 by the Commissioner, Commercial Taxes, West Bengal]
E. RBI
Compiled and Edited by : CA DHIRAJ [email protected]
1.Notification No.DNBR.CC.PD.No.069 / 03.10.01 / 2015-16 dated 01/10/2015
Non Banking Financial Company-Micro Finance Institutions (NBFC-MFIs)-Directions-Modifications-
Non-Banking Financial Company-Micro Finance Institutions directions have been modified regarding channelizing of funds at lower rate of interest to work for the
Notification & Circular-Indirect Taxes
EIRC 1st November 2015 ��
revised the initial validity of Industrial License for Defense Sector to 15 years, further extendable up to 18 years for existing as well as future Licenses. However, in case a license has already expired, the Licensee has to apply afresh for issue of license. This is being done as a measure to further promote ease of doing business, in view of the long gestation period of Defense contracts to mature.
Regularization of Assets held abroad by Person Resident in India under FEMA, 1999
In connection with the declarations made by persons resident in India under the provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (Black Money Act), the RBI has vide Notification No. FEMA.348/2015-RB/GSR NO.738(E), dated 25th September, 2015 notified that:
a. No proceedings shall lie under FEMA, 1999 against the declarant with respect to an asset held abroad for which taxes and penalties under the provisions of Black Money Act have been paid.
b. No permission under FEMA will be required to dispose of the asset so declared and bring back the proceeds to India through banking channels within 180 days from the date of declaration.
c. In case the declarant wishes to hold the asset so declared, she/he may apply to the RBI within 180 days from the date of declaration if such permission is necessary as on date of application. The RBI will deal with such applications as per extant regulations. In case such permission is not granted, the asset will have to be disposed of and proceeds brought back to India.
The RBI has vide Circular No. 18 dated 30th September, 2015 further clarified that in case such permission is not granted, the asset will have to be disposed of within 180 days from the date of receipt of the communication from the RBI conveying refusal of permission or within such extended period as may be permitted by the RBI and proceeds shall brought back to India immediately through the banking channel.
Processing and settlement of import and export related payments facilitated by Online Payment Gateway Service Providers (OPGSPs)
To facilitate e-commerce, the RBI has vide AP DIR Series 2015-16 Circular No. 16 dated 24th September, 2015 decided to permit AD Category-l banks to offer facility of payment for imports by entering into standing arrangements with the OPGSPs. The revised consolidated guidelines on such imports and exports are contained therein.
Opening of foreign currency accounts in India by ship-manning/ crew-management agencies
As per the provisions of Regulation 6 of FEM (Foreign Currency Accounts by a person resident in India) Regulations, 2000, ship-manning/ crew managing agencies rendering services to shipping/ airline companies incorporated outside India, are permitted to open, hold and maintain non-interest bearing foreign currency account with AD Category - I bank in India for meeting the local expenses in India of such shipping or airline company. With a view to ensuring strict compliance, the RBI has vide AP DIR Series 2015-16 Circular No. 15 dated 24th September, 2015 provided guidelines on the operations in such foreign currency accounts opened with AD Category-I banks by foreign shipping or airline companies or their agents in India: -
(a) Credits to such foreign currency accounts would be only by way of freight or passage fare collections in India or inward remittances through normal banking channels from the overseas principal. Debits will be towards various local expenses in connection with the management of the ships/ crew in the ordinary course of business.
economic empowerment of persons belonging to Scheduled Castes living below the Double Poverty Line.Appropriate disclosures shall be made in the balance sheet of such NBFC-MFIs.NBFC-MFIs shall inform the concerned Regional Office of the Reserve Bank of India of their appointment as a channelizing agent by the National Scheduled Castes Finance & Development Corporation (NSFDC) within one month from the date of such appointment.
F. INTERNATIONAL TAXATION & TRANSFER PRICING
Compiled and Edited by : CA RAHUL GUPTA [email protected]
Transfer Pricing
CBDT issues revised and updatedguidance for implementation of TP provisions [Instruction No.: 15/2015 dated 16th October 2015]
The Central Board of Direct Taxes (CBDT) has issued Instruction No. 15 of 2015 on 16 October 2015. This instruction (new instruction) replaces Instruction No. 3 of 2003 that had been issued by CBDT on 20 May 2003 (old instruction). The old instruction had been issued to provide guidance to Transfer Pricing Officers (TPO) and Assessing Officers (AO) to operationalize the transfer pricing provisions and to ensure procedural uniformity. However, due to a number of legislative, procedural and structural changes carried out over the last few years, the old instruction is being now replaced with the new one to provide updated and adequate guidance in relation to international transactions. The new instruction mentions that similar guidance is also under consideration by CBDT for specified domestic transactions.
CBDT rolls out the final rules for ‘range’ concept and multiple year data prescribed under Transfer Pricing Regulations. [Notification No. 83/2015 dated 19th October, 2015]
CBDT has published a notification releasing the final set of rule for use of multiple year data and range concept for determining the Arm’s Length Price of International Transactions and Specified Domestic Transactions based on selection of Most Appropriate Method. These rules have removed the ambiguity on various areas. The rule provided does not adhere to the globally accepted practice and norms but it shall lower the scope of litigations. In order to sync with the International Standards, the CBDT has broadened the range from proposed fortieth to sixtieth percentile and reducing the minimum number of comparable from nine to six. However, the use of comparable data that shall become available subsequent to the date of filing of Form 3CEB and/or Income Tax Return would pose a challenge to tax payers at the time of assessment proceedings.
G. FEMA
CCompiled and Edited by : CA VIVEK [email protected]
Special Provisions relating to Assets held outside India in contravention of Section 4
In exercise of the powers conferred by the proviso to sub-section (1) of section 37A of the FEMA, 1999 the Central Government has vide Notification No GSR 701E dated 16th September, 2015 prescribed the mandatory threshold of the aggregate value of Foreign Exchange, Foreign Security or any immovable property, situated outside India as not less than Rs 1 crore.
The Central Government has further vide Notification No GSR 702E also authorised, the officers of the Directorate of Enforcement, not below the rank of Assistant Director, to act as the Authorised Officer.
Amendments to the FDI Policy
The RBI has vide Press Note No. 10, (2015 Series) dated 22nd September, 2015
Notification & Circular - FEMA
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(b) No credit facility (fund based or non-fund based) should be granted against security of funds held in such accounts.
(c) The bank should meet the prescribed ‘reserve requirements’ in respect of balances in such accounts.
(d) No EEFC facility should be allowed in respect of the remittances received in these accounts.
(e) These foreign currency accounts will be maintained only during the validity period of the agreement.
External Commercial Borrowings (ECB) policy – Issuance of rupee denominated bonds overseas
In order to facilitate Rupee denominated borrowing from overseas, the RBI has vide AP DIR Series 2015-16 Circular No. 17 dated 29th September, 2015 provided a framework for issuance within the overarching ECB policy. The broad contours of the framework are as follow
i. Eligible borrowers: Any corporate or body corporate as well as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
ii. Recognized investors: Any investor from a Financial Action Task Force (FATF) compliant jurisdiction.
iii. Maturity: Minimum maturity period of 5 years.
iv. All-in-cost: All in cost should be commensurate with prevailing market conditions.
v. Amount: As per extant ECB policy.
vi. End-uses: No end-use restrictions except for a negative list.
The detailed guidelines for issuance of Rupee denominated bonds overseas are set out in the Annexure to the Circular.
Amendment in Schedule 9 to FEM (Transfer or issue of security by a person resident outside India) Regulations, 2015 -
All LLPs which have received FDI in the previous year(s) including the current year shall be required to submit to the RBI, on or before 15th July each year, the ‘Annual Return on Foreign Liabilities and Assets’. Since, LLPs do not have 21-Digit CIN they are advised to enter ‘A99999AA9999LLP999999’ against CIN in the FLA Return
FDI in White Label ATM Operations
The GOI has vide Press Note No. 11 dated 1st October, 2015 permitted investment up to 100% in White Label ATM Operations, under the automatic route.
Amendment in Schedule 5 of the FEM (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000
The RBI has vide Notification No. FEMA.353/2015-RB]/GSR 759(E), dated 6th October, 2015 amended Schedule 5 of the FEM (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 to include that a NRI may subscribe to National Pension System governed and administered by Pension Fund Regulatory and Development Authority (PFRDA), provided that such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act. The annuity/ accumulated saving will be repatriable. Further, a NRI who subscribes to the National Pension System, shall make payment either by inward remittance through normal banking channels or out of funds held in his NRE/FCNR/NRO account.
Liberalizations of bookings of forward contracts
Resident individuals, firms and companies, to manage/hedge their foreign exchange exposures arising out of actual or anticipated remittances, both inward and outward, are allowed to book forward contracts, without production of underlying documents, up to a limit of USD 250,000 based on self-declaration.
With a view to further liberalizing the existing hedging facilities, the RBI has vide Circular No. 20 dated 8th October, 2015 permitted all resident individuals, firms and companies, who have actual or anticipated foreign exchange exposures, to book foreign exchange forward and FCY-INR options contracts up to USD 1,000,000 without any requirement of documentation on the basis of a simple declaration. While the contracts booked under this facility would normally be on a deliverable basis, cancellation and rebooking of contracts are permissible. Based on the track record of the entity, the concerned AD Cat-I bank may, however, call for underlying documents, if considered necessary, at the time of rebooking of cancelled contracts. All other conditions as indicated in A.P. (DIR Series) circular no. 15 dated October 29, 2007 including suitability & appropriateness (S&A) norms shall apply, mutatis mutandis. Further, the existing facilities in terms of A.P. (DIR Series) Circular No. 15 dated October 29, 2007 for Small and Medium Enterprises (SMEs) shall remain unchanged.
Notification & Circular - FEMA
We are an Audit Firm having offices at Kolkata and Mumbai. Our Associate Firm Shridhar & Associates have their offices at Delhi & Bangalore and Mumbai. We are having Affiliate offices at London, New York & Texas (USA).
We require Chartered Accountants with 5 to 7 Years Statutory Audit experience with large CA Firms, Big Fours and International Experience. Knowldege and exposure of UK/US GAAP/GASS is an added advantage. Good Career prospects for deserving candidates, as the Firm promotes right people up to Partner’s level. Good salary scales and opportunities for overseas Secondment.
Please apply with your CV [email protected]
Ghosh Mirani & Co.Trivoli Court, 1C, Ballygunge Circular Road, 4th floor,
Block – A, Room No.111Kolkata- 700019.
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3 Professional Approach to Direct Taxes Law &
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Girish Ahuja Bharat Law House
2015
4 Guide to Companies Act Ramiya Lexis Nexis 20155 Indian Tax Laws A N Aiyar’s Company Law
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6 Commentary on the Companies Act,2013
T Ramappa Company Law Institute
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We pray to the almighty that may their soul rest in peace
EIRC DEEPLY MOURNS THE SAD DEMISE OF
CA RATAN LAL JAINMembership No. 007022
Passed away on 01st July 2015
CA INDRAJIT ROYMembership No.050677
Passed away on 10th May 2015
CA SWETA KAYANMembership No. 308344
Passed away on 01st June 2015
CA BISWARUP CHAKRABORTYMembership No. 051667
Passed away on 19th September 2015
Members in Helm
CA Krishna Kumar Seksaria (Membership No. 051757) has been elected as the President of Plastindia Foundation, the apex body of Plastics Industry Associations in India for the term 2015-18.
He has over 33 years of experience in Plastics & Engineering Industry. He is the Managing Director of Uma Plastics Ltd, and was the past President of Indian Plastics Federation, Kolkata and has served as Hon. Treasurer of Plastindia Foundation for the term 2009-12.
Our Heartiest Congratulations to him.
���EIRC 1st November 2015
Road Map for Kasba Office
EIRC 1st November 2015 �
Seminar on Proceedings under Search & Seizure under Income Tax on 6th October 2015
L – R: CA Rahul Kumar Modi, Speaking from the Podium – Advocate Paras Kochar
L –R: CA Priyanka Choraria, CA Mohit Bhuteria, CA Beena Jajodia speaking from the podium
CA Rahul Kumar Modi
CA Mohit Bhuteria
Advocate Paras Kochar
CA Priyanka Choraria
Seminar on Director’s Report, Annual Return & Compliances w.r.t. ROC on 9th October 2015
CA Vikash Jain, Past Chairman, EIRC
CA Vinod Agarwal
Seminar on Adversity Creates Opportunity on 15th October 2015
CA Beena Jajodia
CA Rittika Adhikary
Seminar on Project Finance & Strategies to raise Finance on 13th October 2015
L – R: CA Vikash Jain, Past Chairman, EIRC, CA Beena Jajodia moderating the programme from the podium
L – R: CA Vinod Agarwal, CA Rittika Adhikary
EIRC Events
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EIRC Events
Seminar on New Listing Regulation & Insider Regulation CSR on 28th October 2015
Bijoya Sammilani on 30th October 2015
Group Performance by ICAI Staff
Mr. Arun Kumar SantraDr.Alok Ray, DCO HeadCA Ashok SamantaCA Sukanya Ghosh
Mrs. Malini Sinha Chowdhury
CA Subhash Chandra Saraf, Past Chairman, EIRC
Ms. Sharmistha GhoshMs. Sharmistha BiswasCA Animesh MukhopadhyayCA Bital SarkarMs. Sneha Ghosh
CA Satyapriya BandyopadhyayCA Ashish Kumar Ray Ms. Prapti SircarCA Ranjan GuptaMs.Sharmila Banerjee
CA Joydeb DasguptaCA Rakesh Kumar ChoudharyCA Nirupam Haldar, Past ChairmanMiss Kinkini DebMiss Debolina Banerjee
L – R: CA Beena Jajodia, CS Nidhi Bothra, CA Vinod Kothari CA Vinod Kothari CS Nidhi Bothra
EIRC 1st November 2015 ��
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