EIRC 1st July 2015 �

EIRC NEWSLETTERVOL: 41 ISSUE: 05 1st JULY 2015 ` 10/-

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

EASTERN INDIA REGIONAL COUNCIL(Setup by an Act of Parliament)

CA Pramod Dayal Rungta Editor & Chairman, EIRC of ICAI Ch

airman Writes

Principal Sponsor

Dear Brothers & Sisters,

We are also in the verge of entering into the 66th anniversary of the our beloved

Institute (ICAI) and I am sure that we all will come close and celebrate the CA Day

with romp and vigor. Let the day be a mark of beginning of the enhancement of

our public relations and finding out avenues for furtherance of our professional

development.

I find myself really privileged to be a citizen of this country. Our nation is a land

where we find diversity in all respect. India has conceived people of diversified

culture and sociality, of different religions and habits. Inspite of all odds, we

have the force in-built to face adversaries and problems still rise to our expected

standards.

Our Hon’ble Prime Minister has proved that he is a

genuine follower of nature’s basic principles. He knows

that apparent initiative of ‘Swachh Bharat Abhiyan’ is to take dirt away from exterior but at the core it aims

for emancipation of the interior. If every individual keeps

the effort of cleaning individual’s inner on, the day would

not be a far away when our beloved Country would be

the cleanest and safest place to dwell upon. He has also

re-established the basic truth that if within is frictionless,

practicality moves faster. As many as 22 agreements were

signed between India and Bangladesh during Prime

Minister state visit to Bangladesh. India has extended

its utmost support to Bangladesh and has promised investments. As per the

agreements, many industries have come forward and agreed to invest. Definitely

our Hon’ble PM has steer cased a huge hike in the diplomatic relationship with one

of our neighbouring countries.

Shri Narendra Modi is holistically working for our country – a dwelling house for

all by 2022. He is the first in his lot who felt the need for sanitation in all houses

and also in line with those the basic necessity of insurance and pension for all by

way of introducing schemes where common people can benefit from. EIRC took

this opportunity to host a Full Day programme on ‘Unlocking the potential in Insurance & Pension Sector’ at Hotel Taj Bengal organized under the aegis of

Committee on Banking, Insurance and Pension, ICAI on 26th June 2015. We have

also celebrated the World Yoga Day on 21st June 2015 alongwith members of

other two Institutes, with Chhoti Gurumaa who guided us doing various exercises

in addition to ways to de-stress and relax. Our Hon’ble President, ICAI, CA Manoj Fadnis inaugurated the programme at Spring Club, Kolkata.

With regards to exploring professional opportunities, EIRC has taken various

measures. We have made representations before the Minister in-charge of

Cooperation, Govt. of West Bengal to involve our professionals to conduct the audit

of about 16000 Co-operative Societies in West Bengal. We have highlighted the

fact that such audit shall be in compliance to the provision of Sec. 97(i) of the West

Bengal Co-operative Act 2006. CA Manish Goyal, Secretary, EIRC was instrumental

in initiating and submitting this representation. An appointment was also sought

with Shri Firhad Hakim, Hon’ble Minister In-charge, Municipal Affairs and Urban

Dev. Department, Govt. of West Bengal on 3rd July 2015, wherein we would meet

and discuss about exploring the possible professional opportunities in the State of

West Bengal.

National Convention of CA Students is at its usually dynamic pace. A great

congregation of minds and many is just some couple of

days far. I wish this convention a great success.

It is just less than two months to the 40th Regional Conference and we are gearing up to give you a

memorable experience and are trying our best to be

innovative and give you a Conference that you will

remember for a long time. So please block your dates to

be with all of us on the 21st & 22nd August 2015 for the

Annual Regional Conference at Science City, Kolkata. The

mega event is being planned on a truly mammoth scale

and I humbly request to kindly send in your registration

and derive due benefit of early bird discount.

By the time you get an opportunity to go through this issue of Newsletter, our office

at Prantik Pally, Rajdanga, Kasba will be operational in full swing. We urge upon all

to bring to the notice of us if you face any problems, however we are putting our

best to render seamless service to our students and members.

Before signing off, I can say that like ‘John Lenon’, I always wanted to be happy.

And during my tenure here, I have probably been spending one of my happiest

stretch of time discharging my duties as the Chairman of EIRC for as being open

to working with, observing and interacting with many a people and feeling that if

given opportunity, everyone can do wonder.

Thanking you,

��EIRC 1st July 2015

EIRC 1st July 2015 �

Forthcoming Programme

DAY AND DATE KNOWLEDGE SESSION RESOURCE COORDINATOR VENUE DURATION CPE DELEGATE PERSON HOURS FEES `

EIRC

DAY AND DATE PROGRAMME DETAILS VENUE DURATION

IMPORTANT DATES

Wednesday, 1st July 2015 CA Day Celebration ICAI Bhawan, Prantik Pally, Kasba Premises, 10.00am onwards 382/A, Prantik Pally, Rajdanga, Kasba, Kolkata- 700107

Saturday & Sunday, Students National Convention 2015 Centenary Hall, Calcutta University 10.00am to 5.00pm 11th & 12th July 2015 (Details inside in Page 7)

Sunday, 12th July 2015 Convocation 2015 (Ist Round) for new qualified Members Vidya Mandir, Kolkata 1.00pm onwards

Friday & Saturday 40th Regional Conference (12 CPE) Science City, Kolkata 10.00am to 5.00pm 21st & 22nd August 2015 (Details inside in Page 8 )

Friday, Saturday, Sunday, ICAI International Conference 2015 Brilliant Convention Centre, Indore (M.P) Day one 3.00pm to 7.00pm 7th, 8th, 9th August 2015 Day 2 & 3 - 9.30am to 5.30pm

Saturday, 15th August 2015 Celebration of Independence Day ICAI Bhawan, EIRC Premises (Russel Street) 10.00am onwards

Wednesday 1st Late CA PM Narielvala Memorial Eminent Speaker EIRC R Singhi Hall, 3.30pm to 2 FreeJuly 2015 Lecture EIRC Premises 5.30pm

Friday, 3rd Seminar on Contemporary topics on CA TP Ostwal EIRC Hotel Lalit Great 10.00am to _ 1500July 2015 International Taxation and CA Pranav Satya Eastern, Kolkata 5.00pm Transfer Pricing Jointly with IFA CA Sushil Lakhani

Tuesday, 7th Seminar on ICDS CA Aditya Kr. Maheshwari CA Anirban Datta R Singhi Hall, 5.30pm to 3 80July 2015 EIRC Premises 8.30pm 100 Spot

Friday, 10th Seminar on NBFC - Recent Changes Details inside in Page 5 EIRC Park Hotel, 10.00am to 6 1100July 2015 Kolkata 5.30pm 1300 Spot

Tuesday, 14th Seminar on Direct Taxes Details inside in Page 5 EIRC R Singhi Hall, 10.00am to 6 600July 2015 EIRC Premises 5.30pm 700 Spot

Thursday, 16th Seminar on Labour Law Shri Moloy Ghatak, CA Manish Goyal R Singhi Hall, 5.30pm to 3 80July 2015 Hon’ble Minister in Charge,WB EIRC Premises 8.30pm 100 Spot CA Vivek Agarwal

Tuesday, 21st Seminar on Direct Taxes Details inside in Page 5 EIRC Park Hotel, 10.00am to 6 1100July 2015 Kolkata 5.30pm 1300 Spot

Saturday 25th Seminar on Capital Market jointly Details inside in Page 5 EIRC Grand Hotel, 10.00am to – 1000 July 2015 with ANMI Kolkata 5.00pm 1200 Spot

Thursday, 30th Audit Report and Companies Act Matter CA Sanjay Agarwal CA Sunil Kumar R Singhi Hall, 5.30pm to 3 80July 2015 Different issues in Depreciation CA Kamal Bagordia Sahoo EIRC Premises 8.30pm 100 Spot

Wednesday, 5th Seminar on Panchayat Accounting & Mr. Subroto Mukherjee, CA Ranjeet Kumar R Singhi Hall, 5.30pm to 3 80August 2015 Auditing Hon`ble Minsiter Agarwal EIRC Premises 8.30pm 100 Spot Panchayti Raj, WB Eminent Speakers

Tuesday, 11th TDS with special reference to Sec 195 CA Vivek Newatia CA Subhash R Singhi Hall, 5.30pm to 3 80August 2015 Chandra Saraf EIRC Premises 8.30pm 100 Spot

Friday, 14th Seminar on Service Tax CA Rajeev Kumar Agarwal CA Anirban Datta R Singhi Hall, 5.30pm to 3 80August 2015 EIRC Premises 8.30pm 100 Spot

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

BRANCH DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

BRANCH

Dibrugarh Branch Saturday, 4th Empowering Young CAs Eminent Speakers CA Bhawani Poddar Hotel Rajawas 10.00am to 6 July 2015 Through Technology 9435030181 5.00pm

Dibrugarh Branch Saturday,11th Reporting under Companies CA Debashis Mitra CA Bhawani Poddar 1st Floor, Goenka 10.00am to 6 July 2015 Act, 2015 CA Sathya Kumar 9435030181 Market, Dibrugarh 5.00pm

��EIRC 1st July 2015

Forthcoming Programme

BRANCH DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

Guwahati Branch Friday, 3rd Settlement Commission Eminent Speakers CA Dhiraj Jain ICAI Bhawan 4.00pm - July 2015 9435013867 Guwahati Branch

Guwahati Branch Saturday, 18th Programme under the CA Ranjeet Agarwal CA Dhiraj Jain ICAI Bhawan 10.00am to 6 July 2015 committee for Young Member 9435013867 Guwahati Branch 5.00pm

Guwahati Branch Saturday, 25th Group discussion on CA Dhiraj Jain CA Dhiraj Jain ICAI Bhawan 4.30pm to 2 July 2015 presentation of Board 9435013867 Guwahati Branch 6.30pm Report Under companies Act 2015

STUDY CIRCLESTUDY CIRCLE DAY & DATE PROGRAMME SPEAKERS CO- ORDINATOR VENUE DURATION CPE HOUR

DTPA Chartered Monday, 13th Professional development CA Naresh Agarwal CA Sanjay Bajoria DTPA Conference 4.00pm to 3Accountants Study July 2015 with the power of 9331845005 Hall, 3, Govt. Place 7.00pm Circle-EIRC subconcious mind sbacal@vsnl.net Kolkata-700001

DTPA Chartered Tuesday, 14th TDS-Section 194C Advocate S.M.Surana CA Sanjay Bajoria DTPA Conference 4.00pm to 3Accountants’ Study July 2015 TDS-Section195 CA P.K.Himmatsinghka 9331845005 Hall, 3, Govt. Place 7.00pm Circle-EIRC sbacal@vsnl.net Kolkata-700001

Views Exchange Saturday, 11th Addition U/s 68 of CA. K. K. Chhaparia CA. Gopal Ram Gupta Globsyn Room 3.00pm to 3Chartered July 2015 Unexplained Cash Credit & CA. Aayush Gupta grgassociates@yahoo.com (Telegraph Room), 6.00pm Accountants Study How to Deal with Order U/s 03340072626 BCCI, 6, N.S.Road, Circle-EIRC 263 & E-filling of Income Tax 2nd Floor, Return for A.Y. 2015-16 Kolkata-700001

Views Exchange Saturday, 25th ‘Group Think’ Discussion of Eminent Speakers & CA. Gopal Ram Gupta Willimson Magor 3.00pm to 4Chartered July 2015 Case Studies on Service Tax, Panelists grgassociates@yahoo.com Hall, BCCI, 7.00pm Accountants Study Centralised Registration & 03340072626 6, N.S. Road, Circle-EIRC Cenvat Credit Rules. 2nd Floor, Kolkata-700001

Vitta Salahkar Saturday, 4th Formation of LLP & CA Vishnu Tulsyan CA Umang Jhunjhunwala Barabazar library 4.30pm to 3Chartered July 2015 Conversion of Pvt Ltd Co 9007095079 10/1/1, Syed Salley 7.30pm Accountants Study into LLP for ease of doing lane, Kolkata-73 Circle-EIRC business

Vitta Salahkar Saturday, 11th How to Manage your Office & CA Sanjib Sanghi CA Vikash Agarwal Barabazar library 4.30pm to 3Chartered July 2015 Clients using Information 9831135411 10/1/1, Syed Salley 7.30pm Accountants Study Technology. lane, Kolkata-73 Circle-EIRC

Vitta Salahkar Saturday, 17th New Secretarial Standards CA Sumit Binani & CA Vishal Jalan Barabazar library 4.30pm to 3Chartered July 2015 and New ITR Forms. Eminent Speakers 9831060432 10/1/1, Syed Salley 7.30pm Accountants Study lane, Kolkata-73 Circle-EIRC

Vitta Salahkar Saturday, 25th Travelling Powers of AO & Eminent Speakers CA Ajay Luharuka Barabazar library 4.30pm to 3Chartered July 2015 Scrutiny Assessment U/s 148 9830070879 10/1/1, Syed Salley 7.30pm Accountants Study lane, Kolkata-73 Circle-EIRC

VIP Road Saturday, 11th Workshop on The Companies CA M Sathya Kumar CA Raj Singhania WM Hall, Palladian 2.00pm to 6Chartered July 2015 Act 2013 Chennai 9830227678 Lounge, (BCCI), 8.00pm Accountants Study CA Animesh 6, N S Road, Circle-EIRC Mukherjee, Kolkata Kolkata-700001 CA Mohit Bhuteria, Kolkata

VIP Road Chartered Sunday, 19th Life After Death-A Planing as CA Ramesh Patodia CA Raj Singhania VIP CA Library, 10.00am to 3Accountants Study July 2015 per law in new era. 9830227678 220, Bangur Avenue 1.00pm Circle-EIRC BL-A, Kolkata-55

EIRC 1st July 2015 �

Announcements

Seminar on Capital Market

Theme: Indian Financial Markets : Beginning of New Era

Organised By Committee on Financial Markets and Investors’ Protection

Hosted By Eastern India Regional CouncilThe Institute of Chartered Accountants of India

Saturday, 25th July 2015Venue: Hotel Oberoi Grand, Kolkata

10:00am to 11:00am Inaugural Session

Welcome Address CA. Pramod Dayal Rungta, Chairman, EIRC

Inauguration by Lighting of Lamp

Address By Ms. Chitra Ramakrishna MD & CEO–NSE *

Address By CA. Sumantra Guha, Member, CFM & IP, ICAI

Address by Guest of Honour Mr. Manoj Joshi, Jt.Secretary- MOF **

Address by Chief Guest Dr. Amit Mitra, Hon’ble Finance Minister, Govt. of W.B.*

11:00am to 12.30pm Knowledge Session – I

Knowledge Session – I Resource Person

Indian Financial Market CA. Nilesh Shah, Kotak vis-à-vis global dynamics CA. Anand Rathi, Anand Rathi *

Mr. Ritesh Jain, CIO – Tata AMC

12.30pm to 2.00pm Knowledge Session – II

Knowledge Session – II Resource Person

Corporate Governance Mr. P N Vijay, Past President – ICSI*

Mr. Vinod Rai, Ex CAG* Mr. Somsekhar Sundaresan*

LUNCH –2:00pm to 2.45pm

2:45pm to 4.00pm Panel Discussion

Topic : Bull Market Vs Economy

Moderator & Panelists � Mr. Mudar Patherya, Trisys - Moderator

� CA. Nilesh Shah, Kotak

� Mr. Ambareesh Baliga

� Mr. Atul Suri, Rare Enterprises

� Mr. Ritesh Jain, Tata AMC

� Mr. Sunil Singhania, Reliance *

4.00pm to 4.30pm Floor & Discussion

* Confirmation Awaited

6CPE HRS

Seminar on NBFC- Recent Changes

Friday, 10th July 2015 Park Hotel, Kolkata

��Regulatory Framework for NBFCs

��Recent Changes in NBFCs

Shri Sathayar David, CGM, DNBS, RBIShri R. N. Kar, Regional Director, RBIShri Nitya Kishore Sahu, GM, DNBS, RBICA Manoj Banthia, Practicing Chartered Accountants

12CPE HRS

Seminar on Direct Taxes

Tuesday, 14th July 2015 6 CPE R Singhi Hall, EIRC Premises� Seminar on Direct Taxes Taxation of LLP-Including Reorganisation - CA Milin Mehta, Mumbai� Joint Development Agreements and Revenue Sharing Arrangements- An Analysis - CA Ashok Raghavan, Bengaluru

Tuesday, 21st July 2015 6 CPE Park Hotel, Kolkata� Demystifying Valuation under the Discounted Cash Flow Method (Art, Science or Magic?)� Important Issues in Business deductions: Section 29 to Section 44DD

CA Shariq Contractor, Mumbai� Section 263-Power and Implication with Special Reference to Addition under Section 68 towards Share Capital� Appeal under the Income Tax Act 1961

CA KK Chythanya, Bengaluru

AnnouncementStay Connected with us on Facebook by liking our page

https://www.facebook.com/EasternIndiaRegionalCouncil?fref=ts&ref=br_tfTo download the Background Material of Seminar, copy the given link to your

browserhttp://www.eirc-icai.org/background_material.php?itype=0

To view latest videos of EIRC Seminars, copy the given link to your browser http://www.eirc-icai.org/eirc_tv.php

Grievance Redressal Mechanism on Administrative Matters

E-SAHAYATTA is a time bound grievance redressal mechanism hosted on ICAI website for administrative matters. Members & Students are requested to visit www.icai.org to log in their grievances. In this context, members & students are requested to log in their grievances to “correct activity” which has been listed under the E-Sahayataa, so as to avoid delay in resolving such matters/receiving appropriate replies.

In addition to the above, members and students can send their grievances related to administrative matters, to the dedicated e- mail ID grievance.cell-eirc@icai.in. The Grievance Cell will further ensure that all such e-mails received are directed/forwarded to the designated/appropriate officials on daily basis on all working days and also will strive to ensure that solution are provided for such grievances, within a reasonable time.

FEES`1000`1200 Spot

��EIRC 1st July 2015

My Dear Students,

I would like to wish all of you Happy Chartered Accountants Day as you are the future of the Chartered Accountancy Profession. The future of the profession is in your hands. I know after your exams you would be relaxing a bit. Some of you may be worried about your results, but believe me Life is less complicated than it seems. Good habits and hard work are all it takes

to succeed and win. I wish you all the best for your results and wish that you come out with flying colors.

This time too EICASA has planned some of the events in which all you must participate.

National Convention for CA Student’s on 11th & 12th July 2015

I am glad to invite all of you for the Mega Event National Convention for CA Students to be held on 11th & 12th July 2015 at Calcutta University, Kolkata with the theme “Fusion India: Beating Targets, Achieving Excellence”. We have covered a wide gamut of topics and dignitaries from across the country would be there to share their knowledge with you. There would also be a Cultural Session where you can see that CA Students are multi-talented. At the same time, the congregation will provide you with good networking opportunity with student’s fraternity. I am sure that with the support of all of you the event would definitely be a grand success.

CIKSHA

The response received for the “CIKSHA” classes was overwhelming. Students attending the classes have appreciated this initiative which gave them an opportunity to grab knowledge from experts without much expense. I request

EICASA

you to pass this information to all your friends pursuing the CA course so that a large number of students are benefitted. We are looking forward to organizing many more of such classes in the near future.

Share N Care

As rightly said by Norman Macewan “Happiness is not so much in having as sharing. We make a living by what we get, but we make a life by what we give”. EICASA understanding their social responsibility has organised this Programme called ‘Share N Care’ so as to reach out the society for collecting old clothes which would be donated to the needy. I urge all my dear students to come forward and donate generously and make this initiative a grand success which is scheduled on the second day of the National Convention i.e. 12th July 2015.

I would just like to end by saying that believe in yourself and stand for your dream, even in the midst of difficult times; you need to maintain the confidence and conviction that you achieve all that you want.

I look forward to your views and suggestions for the National Students Convention, EICASA Activities and on any matter concerning the student’s fraternity. It’s your valuable suggestion which helps in improving the standards of the various initiatives which are taken for the benefit of the students.

Let’s touch base...today, tomorrow and forever!!!

Best Regards,

CA Anirban DattaChairman EICASA and Vice Chairman EIRC of ICAI

Election (2015) to the Managing Committee of Eastern India Chartered Accountants Students’ Association, Kolkata

This is to announce that the Election (2015) to the Managing Committee of the Eastern India Chartered Accountants Students’ Association (EICASA) will be held on Tuesday, the 28th July, 2015 during AGM of EICASA for the year 2015-2016 from 3.00 PM to 6.00 PM (time span would be strictly followed) at the EIRC Auditorium, 7, Anandilal Poddar Sarani (Russell Street), Kolkata – 700 071.

The Students’ Association Managing Committee shall be composed of 12 persons elected by the Members of the Students’ Association from among the Members’ of the Students’ Association. Relevant rules regarding eligibility to vote, eligibility to stand for election, mode of filling nomination etc. are given below : Every student who is a member of the Students’ Association on the 1st day of April, 2015, i.e. undergoing Articleship training under any CA at Eastern Region shall be entitled to vote provided he or she continues to be a member on the date of election i.e. 28th July, 2015.

a. Every student who fulfils the above requirement shall be eligible to stand for election to the Managing Committee of the Students’ Association provided that his or her un-expired period of training is not less than 12 months as on 16/09/2015.

b. Any person desiring to stand for election shall submit a nomination to the Chairman of the students’ Association Managing Committee (who is at present the Vice-Chairman of the Regional Council) duly signed by the candidate and by the proposer and seconder, both of whom shall be

persons entitled to vote in the election, so as to reach the Chairman, EICASA {Address : 7, Anandilal Poddar Sarani, (Russell Street), Kolkata – 700 071}

c. Nomination forms will be available from the Regional Council Section (CA Payal Agarwal, Executive Officer at 5th Floor) on any working day during office hours (11 AM to 1 PM & 2 PM to 5 PM) from 06/07/2015 (Monday) to 16/07/2015(Thursday).

d. Nomination forms alongwith the necessary remittance will be received at the Regional Council Office on all week days other than Saturdays and Sundays by 16/07/2015 during office hours (11 AM to 1 PM & 2 PM to 5 PM).

e. Last date for withdrawal of nomination would be 20/07/2015 upto 5.00 PM

f. The election shall be by poll of members present at the meeting. No proxy will be allowed.

g. A fee of Rs. 50.00 shall accompany each nomination form, which will not be refunded under any circumstances. The fee shall be payable by Cash only.

h. The Chairman of the meeting shall announce the names of all candidates elected after the election or on the subsequent working day and his declaration shall be final.

(CA Anirban Datta)Chairman, EICASA

EIRC 1st July 2015

Announcements for Student

Registration

Inaugural sessionChief Guest : *Mr. Partha Chatterjee, Hon’ble Minister for Higher Education, School Education & Parliamentary Affairs, Govt. of West Bengal

Technical Session 1: Financial Reporting & Assurances – Defining Globalization (i) Ind-AS implementation - Practical Challenges and way forward(ii) Independent Audit Reporting under new regulatory scenario – SA 700(iii) Fair Value Accounting – Implications for India

Special Interactive Session with Chairman, Board of Studies & Director, Board of Studie

Lunch

Technical Session 2: Companies Act, 2013 – Opportunities and Challenges(i) Reporting Under CARO, 2015/ Related Parties Transaction As per Companies Act –2013(ii) Depreciation and Schedule II - Hurdles in Compliance(iii) Loans to directors and Inter-Corporate Loans

Special Session 1: “ Young India – Lead India”

For registration queries contact:-CA Payal Agarwal / CA Manish Agarwal, Executive Officers

Eastern India Regional Council of the ICAIPhone: 033 30211138/260 & Email: payal.agarwal@icai.in or manish.agarwal@icai.in Website: www.eirc-icai.org Mobile: 09903541161/09333663575

Students joining the programme would get their participation certificates at the end of the Convention.

CA V Murali CA Nilesh Vikamsey CA Sumantra Guha Convention Chairman & Chairman, Convention Co-Chairman & Vice- Convention Director & Member, Board of Studies, ICAI Chairman, Board of Studies, ICAI Board of Studies, ICAI

CA P. D. Rungta CA Anirban Datta Chairman, EIRC & Convention Coordinator Vice-Chairman, EIRC & Chairman, EICASA & Convention Co-Coordinator Phone/Mobile: 033 30211128/09831007253 Phone/Mobile 033 30211129/ 09830853547

STUDENTS NATIONAL CONVENTIONDay & Dates: Saturday & Sunday, 11th& 12th July, 2015 Organized by: Board of Studies, ICAI

Venue: Calcutta University Centenary Auditorium, Kolkata Hosted by: EIRC & EICASA

Theme: Fusion India : Beating Targets, Achieving ExcellenceTime : 10.00am to 5.30pm (Both the Days)

Programme Details

High Tea

Cultural Programme

Dinner

Technical Session 3 : Taxation –Inclusive approachi) Service Tax - Recent Changes in CENVAT Credit Rules,2004ii) Domestic Transfer Pricing - new frontiersiii) Arm’s Length Price : Recent changes & Significance

Special Session 2: Debate on ‘Hard work is more important than smart work to achieve success’.

Lunch

Technical Session 4: Economy & Current Affairs –Shaping Towards Tomorrow(i) Role of CA in ‘Make in India’(ii) Financial Inclusion : Mantra for growth of the Indian Economy(iii) Key Role of CA in curbing black money

Panel Discussion on: “Practical Training: Gateway to success”

High Tea

Valedictory Session

ELOCUTION CONTEST FOR CA STUDENTSThe Elocution Contest for the C.A. Students will be held on Friday, 17th July 2015 at 11 AM at the Institute’s Premises(R. Singhi Hall), 7, Anandilal Poddar Sarani (Russell Street), Kolkata – 700071.

Students willing to participate should contact EIRC office on or before 6th July, 2015 and to apply in writing. There may be screening round to be conducted before 10th July 2015. For more details visit www.eirc-icai.org

QUIZ CONTEST FOR CA STUDENTS The Quiz Contest for C.A. Students ( eligibility as per Elocution Competition ) will be held on Friday, 20th July 2015 at 11.00 AM at the Institute’s Premises (R.Singhi Hall), 7, Anandilal Poddar Sarani, Kolkata-700071. For more details visit www.eirc-icai.org

ANNOUNCEMENTS

Students are hereby requested to register for the Convention at the earliest. The details for registration are as follows:-

Registration fees Rs. 500/-per Student Accommodation (if required) Rs. 400/- per student per day over delegate fees of Rs. 500

Payment Mode Cash/DD To be drawn in favour of “ICAI-EIRC“ , payable at Kolkata.

N O T I C ENOTICE is hereby given that the Annual General Meeting of members of Eastern India Regional Chartered Accountants Students’ Association of the Institute of Chartered Accountants of India scheduled to be held on Tuesday, the 28th July, 2015 at 2.00 PM at the Regional Council Premises at 7, Anandilal Poddar Sarani (Russell Street), Kolkata – 700 071 to consider the following agenda :

A G E N D A1. To approve the Report of the Managing Committee for year 2014-15.2. To adopt the Accounts of the EICASA for the year ended 31st March, 2015.3. To conduct the election of EICASA Managing Committee for the year

2015-16.4. To transact any other business with the permission of the Chairman. CA Anirban Datta Chairman EICASA

�EIRC 1st July 2015

Announcements for Member

DELEGATE FEESIt has been decided to give Special Discounts to Delegates registering in Advance with a view to understand and have an advance information regarding the total number of delegates who would be registering for the conference and also to ensure better services.

Category Spot Early Bird Discount (You Gain in the month of July 2015)* Fees for July 2015

Members Above 60 years of age 1400 300 1100Newly Qualified Members (Membership taken

after 01.01.11)1600 300 1300

Twin Registration (Spouses only) 3200 600 2600Other Members 1800 300 1500

CA Students (without kit) 1200 300 900Non - Member 2200 300 1900

*subject to change every calendar month

40th REGIONAL CONFERENCE OF EIRCDate: Friday, 21st August 2015, & Saturday, 22nd August, 2015Venue: Science City Auditorium, KolkataTime : 10.00am to 5.00pm (Both Days)

Steps : Online Registration1) Under Programmes Menu go to Upcoming Events Tab then Register for 40th Regional Conference tab. 2) If you are a member or student Login your account / If Non Member please fill the required details. 3) Choose appropriate Category and proceed to make payment.

In case of any assistance please call 30211133/34/04 or email at eirevents@icai.in

Mark your Calender for

12 CPE

Payment to be made by Cash/Cheque to be drawn in favour of “ICAI-EIRC” and to be sent to EIRC Office at 7,Anandilal PoddarSarani (Russell Street), Kolkata- 700071. For any further details, please contact EIRC Office at 30211104/33/34 or mail at eircevents@icai.in or visit www.eirc-icai.org

DAY ONE: FRIDAY, 21ST AUGUST 2015

Inaugural Session 10.00 AM to 11.30 AM

Chief Guest CA Suresh Prabhu Hon’ble Union Minister of Railways

Presidential Addresss CA Manoj Fadnis, President, ICAI

Address by CA M Devaraja Reddy, Vice President, ICAI

First Knowledge Session 11.30 AM to 1.00 PM

Topics Resource Person

Special Address By CA R Balakrishnan, Past President, ICAI

Direct Taxes CA Padam Khincha

LUNCH 1.00 PM to 2.00 PM

Second Knowledge Session 2.00 PM to 3.30 PM

Topics Resource Person

Direct Taxes Adv. Firoze B Anchyarujina

Special Session 3.30 PM to 5.00 PM

Topics Resource Person

Leadership Shri G. Balachandran

Parallel Session (2.30pm to 4.30pm)

Organised by Organised byCommittee for Capacity Women Members Empowerment Building of Members in Practice Committee

Topic : Emerging Opportunities

Speakers : CA Arif Ahmed

DAY TWO: SATURDAY, 22ND AUGUST 2015

Third Knowledge Session 10.00 AM to 11.30 PMTopics Resource PersonOverview of Companies Act 2013 CA Kamlesh S Vikamsey Past President, ICAIPanel Discussion- Company Law Matters 11.30 AM to 1.00 PMModerator Ms. Maneka Doshi, from CNBCPanellists � CA Kamlesh S Vikamsey, Past President, ICAI � CA Amarjit Chopra, Past President, ICAI � CA PR Ramesh � CA Somasekhar Sundaram � CA Vinod KothariLUNCH 1.00 PM to 2.00 PMFourth Knowledge Session 2.00pm to 5.00pmMotivational Speaker Dr. Sneh Desai

Parallel Session (11.00pm to 1.30pm)Organised by

Committee for Capacity Building of Members in PracticeTopic: Networking & Merger Speaker: CA Ravi Patwa

Parallel Session (2.30pm to 4.30pm)Organised by

Young Members Empowerment CommitteeTopic: Professional Opportunities Speaker: CA Abdul Rahim

EIRC 1st July 2015 �

Announcements

Department which will function at ICAI Bhawan (Russell Street)

Department which will function at New ICAI Bhawan (Rajdanga, Kasba)

N O T I C E Our New Building - ICAI Bhawan at 382/A, Prantik Pally, Rajdanga, Kasba, Kolkata- 700107 (near Acropolis Mall, Geetanjali Stadium and adjacent to Garden High School) will start functioning w.e.f. 1st July, 2015 (CA Day) Phone Nos. are (033) 30840210/30840203.

Central Kolkata Chartered Accountants Study Circle – EIRC

FULL DAY ANNUAL CONFERENCE – 2015

Theme : Changing Legislations-Challenge to Profession

Date : Saturday, the 1st August 2015

Time : 9.30 am to 5 pm

Venue : The Park Hotel, Kolkata

Delegate Fees : Rs. 1100/- and Rs.1300/- for Spot

(for Students Rs.1000/- only )

Chairman: CA Sri R. K. Agarwal, Ex- Partner Earnst & Young

SPEAKERS TOPICS

CA Kapil Goel Income Tax Act 1961: Revision of ordersNew Delhi u/s 263, Section 68 with particular reference to Share capital and Share premium.

CA Ashok Batra Service Tax Act: Service tax implications onNew Delhi Real Estate Industry with special emphasis on Joint

Development Agreement and its model clauses.

Accounting treatment of real estate transaction after the recently notified Income Tax Standard.

Eminent The Companies Act, 2013: Reporting requirements of Speaker Related party transactions and recently notified

amendments.

Ease of doing Business in LLP and Companies Act’2013

Contact Details :

33, Brabourne Road, 3rd Floor, Kolkata - 700 001

Phone - 2242-5812Email : cenkolstudy@gmail.comWebsite : www.cenkolstudy.org

FULL DAY ANNUAL CONFERENCE - 2015

Theme : Growing Economy-Tax Reforms & Role of ProfessionalsDate : Saturday, 25th July, 2015

Venue : Hotel Taj Bengal, KolkataP R O G R A M M E

Registration : 9:30 AM to 10:00 AM Inaugural Session : 10:00 AM to 10:45 AM Inauguration By : His Excellency Shri Keshri Nath Tripathi* Hon’ble Governor of West Bengal Chief Guest : Shri Piyush Goyal* Hon’ble Minister of State with Independent Charge for Power, Coal and New & Renewable Energy

FIRST TECHNICAL SESSION : 11:00 AM to 1:45 PM

Chairman : Mr. N M Ranka, Sr. Advocate, Jaipur

1. Tax Management through Family Mr. Yogesh Thar, FCA, Mumbai Arrangements, Trusts and Will

2. Survey and subsequent implicatons Dr. Girish Ahuja, FCA, New Delhi thereof

LUNCH BREAK : 1:45 PM TO 2:30 PM

SECOND TECHNICAL SESSION : 2:30 PM to 4:30 PM

Chairman : Mr. Dilip Das, IRS (Retd.), Former Chief Commissioner of I.Tax

1. Issue of Share Capital by Investment Mr. N. K.Poddar Companies- Tax Implications under Sections Sr. Advocate, Kolkata 56, 68 & 263 of the Income Tax Act, 1961

BRAIN TRUST SESSION : 4:30 PM to 5:45 PM

Chairman : Mr. N M Ranka, Sr. Advocate, Jaipur

Penalist Members : Mr. Yogesh Thar, FCA, Mumbai Dr. Girish Ahuja, FCA, New Delhi Mr. N.K.Poddar, Sr. Advocate, Kolkata

* Comfirmation awaited

Contact Details :DTPA Chartered Accountants’ Study Circle-EIRC

3, Government Place (West), Income Tax Building, Ground Floor, Kolkata-700001Ph. 22420638/32628487 Email : dtpakolkata@gmail.com, Website : www.dtpa.org

6 CPE HRS6 CPE HRS

DTPA Chartered Accountants’ Study Circle-EIRC

���EIRC 1st July 2015

EIRC 1st July 2015 ��

A . INDIRECT TAXCompiled by: CA Raginee Goyal

raginee@gmail.com

1. 2015 (318) E.L.T. 523 (Tri. - Del.) - UNIQUE STRUCTURES & TOWERS LTD. Versus COMMISSIONER OF C. EX., RAIPUR - Interest - Date of recovery - Whether interest payable from date of clearance of goods or from date of invoices raised of differential duty - Duty paid at time of clearance on provisional basis as firm price not known at said date - Differential duty arising due to price escalation paid subsequently when final price became known - HELD : Issue no longer res integra in view of Supreme Court’s judgment in case of International Auto Ltd. [2010 (250) E.L.T. 3 (S.C.)] - Due date of payment of duty does not stand changed if differential amount ascertained subsequently - Interest liability to commence from succeeding day on which duty became payable on removal of goods - Section 11AA of Central Excise Act, 1944.

This issue is no longer res integra in the light of the judgment of Hon’ble Supreme Court in CCE v. International Auto Limited - 2010 (250) E.L.T. 3 (S.C.) wherein the Court essentially held that merely because the differential amount of duty is ascertained subsequent to the date of clearance, the due date of payment of duty never stands changed or extended and it would always relate to the date of removal of goods. Further, the Hon’ble Court held that the expression FOR under Rule 7(4) of Central Excise Rules, 2002 refers to the month for which the amount is determined pursuant to the finalisation of price and hence interest liability would commence from the month succeeding the day on which the duty was due and payable in relation to the goods cleared. The Hon’ble Supreme Court in that case followed its earlier decision in the case of SKF India Limited - 2009 (239) E.L.T. 385 (S.C.).

2. 2015 (318) E.L.T. 460 (Tri. - Mumbai) - HOUSE FULL INTERNATIONAL LTD.Versus COMMR. OF CUS. (IMPORT), MUMBAI - Refund claim under Notification No. 102/2007-Cus. - Non-endorsement of Cenvat credit on sale invoices - Appellant not registered with Central Excise Department for passing on Cenvat credit - Goods being household furniture, sold to household customers, question of availment of Cenvat credit not arise - Conditions of Notification No. 102/2007-Cus. not violated - Refund claim cannot be rejected - Section 27 of Customs Act, 1962.

The appellant has complied with the Condition No. 2(e) (ii) of the Notification 102/2007-Cus. therefore, appellant cannot be insisted upon to submit the original invoices and the refund claim should not have been rejected on this ground. It is also observed that the importer is selling imported goods in retail from the retail show room to individual customer and from various cities and showrooms. Therefore, it is obvious that the entire invoices are practically not possible to be produced. This is very reason, the Board has given the option to submit the invoice in soft copy. As regard the issue that the appellant has not made endorsement of Cenvat credit on their sale invoices, it is fact that the appellant is neither registered dealer under Central Excise for passing on Cenvat credit nor the goods is Cenvatable items. The purpose of such endorsement is with an objective that there should not be availement of double benefit that is :- (i) by claiming refund, (ii) by availment of Cenvat credit by the buyer. If from the fact it is established that Cenvat credit is neither passed on nor availed by the buyer. The condition of endorsement stand fulfilled.

3. 2015 (318) E.L.T. 451 (Tri. - Ahmd.) SANSKRITI PACKAGING PVT. LTD. Versus COMMR. OF C. EX. & S.T., SURAT - Remission of duty - Loss due

to fire - Insurance claim settled by Insurance company - Insurance company clearly spelt out that excise duty element and VAT not paid to appellant - Appellant fairly conceded reversal/payment of Cenvat credit under Rule 3(5C) of Cenvat Credit Rules, 2004 on allowance of remission of duty under Rule 21 of Central Excise Rules, 2002 - Remission of duty allowed.

Learned AR during argument stressed that appellant has not reversed the Cenvat credit taken on the inputs, which were contained in the finished goods, as per Rule 3(5C) of the Cenvat Credit Rules, 2004. Appellant has fairly conceded reversal/payment of Cenvat credit under Rule 3(5C) if their prayer for remission of duty is allowed under Rule 21 of the Central Excise Rules, 2002. In view of the above observations and settled proposition of law allow the remission of duty of excise on goods destroyed in fire to the appellant under Rule 21 of the Central Excise Rules, 2002 with direction to the Adjudicating authority to quantify the amount of Cenvat credit taken on inputs used in the manufacture of the finished goods for which remission is allowed. After quantification of such credit required to be reversed by the appellant, adjudicating authority will communicate the same to the appellant who shall pay that short paid amount without raising the issue of time-bar as agreed during the course of the hearing.

4. 2015 (318) E.L.T. 174 (Tri. - Del.) - TUBEWELL WORKSHOP & GENERAL INDUSTRIES Versus COMMR. OF C. EX., DELHI-IV - Discrepancy in quantity, dates and vehicle numbers for inputs received as per challans and invoices - HELD : Discrepancy explained satisfactorily - Two invoices issued on same date whereas quantity of one invoice considered and goods cleared on strength of challan whereas invoice issued next day - Goods need to be shifted on another vehicle when supplier requires vehicle for own use - Fact not disputed that inputs received in factory and finished product manufactured out of said inputs - Certificate from supplier evidencing goods supplied and payment received by cheque - Cenvat credit admissible

In this case Cenvat credit sought to be denied on the basis of discrepancies that is found during the course of the audit between challan and invoices. There are three types of discrepancies : a) Quantity, b) Difference in dates of invoice and challan, c) Vehicle Number does not match. The appellant has explained all the discrepancies in detail and tried to justify the clarifications regarding quantity it is explained that on the same date two invoices has been issued and quantity of one invoice has been taken into consideration, if quantity of both the invoices is taken into consideration then there will be no difference in quantity. He further explained that regarding the difference in dates, it is explained that goods have been cleared on previous date on the strength of challan and next day invoice has been issued. This fact has not been considered by lower authorities. Further, difference in vehicle number has also been explained that in some case vehicle is required by the supplier of vehicle immediately for their own use of some other purpose. In that case vehicle has been changed. Goods have been loaded to some other vehicle. Therefore, there is a difference in vehicle number. It is a fact that goods have been received by the appellant in their factory as goods have been manufactured from the inputs of same has been cleared on payment of duty. Moreover, no statement of the supplier of goods and the transporter have been recorded to corroborate the allegations against the appellant. Further, I find that appellant has produced a certificate from the supplier of goods that they have supplied the goods and received the payment through account payee cheque. These facts have not been controverted by the Revenue at any stage.

Recent Judicial PronouncementsIndirect Taxes

���EIRC 1st July 2015

Notification & CircularsIndirect Taxes

A. CENTRAL EXCISECompiled by CA Raginee Goyal

raginee@gmail.com

1. Seeks to amend notification No. 62/95 – Central Excise, dated the 16th March, 1995 and notification No. 63/95- Central Excise, dated the 16th March, 1995 (Notification No. 23/ 2015 – Central Excise, dated 30-04-2015)

2. Seeks to amend notification No. 12/2012- Central Excise, dated the 17th March, 2012 (Notification No. 24/ 2015 – Central Excise, dated 30-04-2015)

3. Seeks to amend notification No. 16/2010-Central Excise, dated the 27th February, 2010 (Notification No. 25 / 2015 – Central Excise, dated 30-04-2015)

4. Seeks to amend notification No. 14/2015-Central Excise, dated the 1st March, 2015 (Notification No. 26/ 2015 – Central Excise, dated 30-04-2015) (Corrigendum, dated. 08-05-2015)

5. Seeks to amend notification No. 15/2015-Central Excise, dated the 1st March, 2015 (Notification No. 27/ 2015 – Central Excise, dated 30-04-2015) (Corrigendum, dated. 08-05-2015)

6. Seeks to further amend notification No. 6/2005-CE dated 1.3.2005 (Notification No. 29/ 2015 – Central Excise, dated 30-04-2015)

7. Seeks to amend CENVAT Credit Rules, 2004(NT) (Notification No. 12/2015– Central Excise (NT), dated 30-04-2015)

8. Seeks to amend the Chewing Tobacco and Unmanufactured Tobacco Packing Machines (Capacity Determination and Collection of Duty) Rules, 2010(N.T) (Notification No. 13/2015– Central Excise (NT), dated 30-04-2015)

9. Seeks to amend CENVAT Credit Rules, 2004, with effect from 1st June, 2015(NT) (Notification No. 14/2015– Central Excise (NT), dated 19-05-2015)

10. Seeks to amend notification No. 12/2014- Central Excise (N.T.) dated the 3rd March, 2014 (NT) (Notification No. 15/2015– Central Excise (NT), dated 19-05-2015)

11. Clarification on rebate of duty on goods cleared from DTA to SEZ (Circular No No1001/08/2015-CX, dated 28-04-2015)

12. Clarification regarding Cenvat Credit in transit sale through dealer (Circular No No1003/08/2015-CX, dated 05-05-2015)

13. Instructions regarding expeditious clearance of export goods to Nepal in the wake of emergency relief operations undertaken in India (File No. 201/03/2015-CX.6, dated 30-04-2015)

14. Seeks to further amend Notification No. 22/2003-Central Excise, dated the 31st March, 2003 (Notification No. 30/2015-Central Excise, dt. 25-05-2015)

15. Seeks to further amend Notification No. 12/2012 - Central Excise dated 17/03/2012 (Notification No. 31/2015-Central Excise, dt. 28-05-2015)

16. Seeks to further amend Notification No. 12/2012 - Central Excise dated 17/03/2012 (Notification No. 32/2015-Central Excise, dt. 04-06-2015)

17. Seeks to exempt from excise duty goods required for the National AIDS Control Programme funded by GFATM (Notification No. 33/2015-CE, dt. 10-06-2015)

18. Addition of Mundra Port in para vii of Notification No. 44/2001-CE (NT) dated 26.06.2001 (Notification No. 16/2015-Central Excise (NT) dt. 26-05-2015)

19. Regarding facility of centralized registration to manufacturers of aluminium roofing panel under Rule 9(2) of Central Excise Rules, 2002 (Notification No. 17/2015-Central Excise (NT) dt. 08-06-2015)

B. CUSTOMS1. Seeks to amend notification No. 12/2012- Customs, dated the 17th March,

2012. (Notification No. 28/2015 – Customs, dated 30-04-2015)2. Seeks to amend notification No. 39/96- Customs, dated the 23rd July, 1996

(Notification No. 29/2015 – Customs, dated 30-04-2015)

3. Seeks to amend notification No. 27/2011- Customs, dated the 1st March, 2011 (Notification No. 30/2015 – Customs, dated 30-04-2015)

4. Seeks to further amend Notification No. 12/2012 – Customs, dated 17th March, 2012 (Notification No. 31/2015 – Customs, dated 07-05-2015)

5. Seeks to amend Notification No.190/78 - Customs and Notification No. 191/78 - Customs both dated 22.9.1978 (Notification No. 32/2015 – Customs, dated 08-05-2015)

6. Rate of exchange of conversion of each of the foreign currency with effect from 1st May, 2015 (Notification No. 41/2015 - Customs (N.T.), dated 30-04-2015)

7. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001(Notification No. 42/2015 - Customs (N.T.), dated 30-04-2015)

8. Rate of exchange of conversion of the foreign currency with effect from 6th May, 2015 (Notification No. 43/2015 - Customs (N.T.), dated 05-05-2015)

9. Rate of exchange of conversion of the foreign currency with effect from 8th May, 2015(Notification No. 44/2015 - Customs (N.T.), dated 07-05-2015)

10. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001(Notification No. 45/2015 - Customs (N.T.), dated 15-05-2015)

11. Amends Notification No. 80/2011-Customs (N.T.) dated 25.11.2011 (Notification No. 46/2015 - Customs (N.T.), dated 18-05-2015)

12. Rate of exchange of conversion of the foreign currency with effect from 22nd May, 2015 (Notification No. 47/2015 - Customs (N.T.), dated 21-05-2015)

13. Seeks to further amend Notification No 6/2011 - Customs dated 7/2/2011. (Notification No. 15/2015-Customs (ADD), dated 22-04-2015)

14. Seeks to extend the validity of Notification No 36/2011- Customs (ADD) dated 18.04.2011 for a further period of one year (Notification No. 16/2015-Customs (ADD), dated 22-04-2015)

15. Seeks to extend the validity of notification No. 57/2010-CUSTOMS, dated the 3rd May, 2010 for a further period of one year year. (Notification No. 17/2015-Customs (ADD), dated 01-05-2015)

16. Supersedes notification No. 10/2012- Customs (ADD), dated the 24th January, 2012 so as to withdraw levy of anti-dumping duty on imports of morpholine, originating in or exported from USA and to continue levy of anti-dumping duty on imports of morpholine, originating in or exported from the People’s Republic of China and European Union up to the 19th September, 2016 (Notification No. 18/2015-Customs (ADD), dated 18-05-2015)

17. Seeks to levy definitive anti-dumping duty on imports of Sodium Citrate, originating in or exported from China PR for a period of five years. (Notification No. 19/2015-Customs (ADD), dated 20-05-2015)

18. Seeks to levy definitive anti-dumping duty on imports of Pentaerythritol’, originating in, or exported from, Russia for a period of five years. (Notification No. 20/2015-Customs (ADD), dated 22-05-2015)

19. Seeks to levy definitive anti-dumping duty on imports of Cast Aluminium Alloy Wheels or Alloy Road Wheels, originating in or exported from People’s Republic of China, Korea RP and Thailand for a period of five years from the date of imposition of the provisional anti-dumping duty, that is, 11th April, 2014. (Notification No. 21/2015-Customs (ADD), dated 22-05-2015)

20. Seeks to levy definitive anti-dumping duty on imports of USB Flash Drives’, originating in, or exported from, People’s Republic of China and Chinese Taipei for a period of five years. (Notification No. 22/2015-Customs (ADD), dated 22-05-2015)

21. Dispensing with SDF form (Circular No. 15/2015-Customs, dated 18.05.2015)

22. Simplified transit procedure for relief supplies destined to Nepal (Circular No. 16/2015-Customs, dated 19.05.2015)

23. Seeks to further amend Notification No. 106/2009- Customs, dated the 14th September, 2009 (Notification No.33/2015-Customs,dt. 15-05-2015)

EIRC 1st July 2015 ��

24. Seeks to further amend Notification No. 52/2003-Customs, dated the 31st March, 2003 (Notification No.34/2015-Customs,dt. 25-05-2015)

25. Seeks to further amend Notification No. 12/2012 - Customs dated 17/03/2012 (Notification No. 35/2015-Customs,dt. 28-05-2015)

26. Seeks to amend Notification No. 60/2011 – Customs, dated 14th July 2011, so as to include Kamalasagar (Tripura) on the India-Bangladesh Border, in order to extend exemption from the whole of the duty of Customs leviable thereon under the First Schedule to the Customs Tariff Act, 1975 to specified goods traded in the Kamalasagar (Tripura) Border Haat, with effect from the 06th day of June, 2015 (Notification No. 36/2015-Customs,dt. 04-06-2015)

27. Seeks to exempt from customs duty goods required for the National AIDS Control Programme funded by GFATM. (Notification No. 37/2015-Customs,dt. 10-06-2015)

28. Seeks to amend Notification No. 24/2015-Customs dated 08.04.2015 (Notification No.38/2015-Customs,dt. 15-06-2015)

29. Seeks to further amend Notification No. 12/2012 - Customs dated 17/03/2012 so as to increase the BCD on certain iron and steel products (Notification No.39/2015-Customs,dt. 16-06-2015)

30. Notifying appointment of Shri Ram Tirath as the Director General (Safeguard) in supersession of Customs notification No. 115/2013-Customs (N.T.) dated 27th November, 2013 (Notification No. 48/2015-Customs (NT),dt. 25-05-2015)

31. Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001 (Notification No.49/2015-Customs (NT),dt. 29-05-2015)

32. Notifies the border haat at Kamalasagar, Tripura by amending notification No.63/1994-CUSTOMS (NT) dated 21st November, 1994 (Notification No. 50/2015-Customs (NT),dt. 03-06-2015)

33. Seeks to rescind the Notification No. 47/2015-Customs (N.T.), dated 21st May 2015 (Notification No.51/2015-Customs (NT),dt. 04-06-2015)

34. Rate of exchange of conversion of the foreign currency with effect from 5th June, 2015 (Notification No. 52/2015-Customs(NT),dt. 04-06-2015)

35. Appointment of Common Adjudicating Authority (Notification No.53/2015-Customs (NT) dt. 04-06-2015 to Notification No. 60/2015 (NT) dt. 04-06-2015)

36. Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Silver (Notification No. 61/2015-Customs(NT),dt. 15-06-2015)

37. Amendment to amend the Courier Imports and Exports (Clearance) Regulations, 1998 (Notification No. 62/2015-Customs (NT),dt. 17-06-2015)

38. Rate of exchange of conversion of the foreign currency with effect from 19th June, 2015 (Notification No. 63/2015-Customs (NT),dt. 18-06-2015)

39. Seeks to levy definitive anti-dumping duty on imports of Purified Terephthalic Acid, originating in or exported from Korea RP and Thailand for a period of five years from the date of imposition of provisional anti-dumping duty i.e. 25th July, 2014. (Notification No. 23/2015-Customs (ADD), dt. 27-05-2015)

40. Seeks to levy definitive anti-dumping duty on imports of ‘Electronic Calculators of all types [excluding calculators with attached printers, commonly referred to as printing calculators; calculators with ability to plot charts and graphs, commonly referred to as graphing calculators; programmable calculators]’,originating in, or exported from, People’s Republic of China for a period of five years. (Notification No. 24/2015-Customs (ADD), dt. 29-05-2015)

41. Seeks to extend the validity of Notification No. 66/2011-Customs, dated the 26th July for a further period of one year. (Notification No. 25/2015-Customs (ADD), dt. 01-06-2015)

42. Seeks to extend the validity of Notification No. 70/2010-Customs, dated

the 25th June for a further period of one year. (Notification No.26/2015-Customs (ADD), dt. 01-06-2015)

43. Seeks to levy definitive anti-dumping duty on imports of Acrylic Fibre, originating in or exported from Korea RP and Thailand for a period of five years (Notification No. 27/2015-Customs (ADD), dt. 01-06-2015)

44. Seeks to levy definitive anti-dumping duty on imports of Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants originating in, or exported from People’s Republic of China, the Republic of Korea and Malaysia for a period of five years. (Notification No.28/2015-Customs (ADD), dt. 05-06-2015)

45. Seeks to levy definitive anti-dumping duty on imports of Vitamin E, originating in or exported from the People’s Republic of China for a period of five years. (Notification No.29/2015-Customs (ADD), dt. 10-06-2015)

46. Seeks to levy definitive anti-dumping duty on imports of Nylon Tyre Cord Fabric, originating in or exported from the People’s Republic of China for a period of five years. (Notification No.30/2015-Customs (ADD), dt. 12-06-2015)

47. Regarding Import, trading & re-export of rough diamonds by notified entities in Bharat Diamond Bourse,Bandra Kurla Cargo Complex, Mumbai (Circular No. 17/2015-Customs, dated 26.05.2015)

48. Regarding Appointment of Common Adjudicating Authority (Circular No. 18/2015-Customs, dated 09.06.2015)

49. Regarding Revision of Handbook of Procedures (HBP)- Changes/ amendments in the EOU/EHTP/STP/BTP Schemes (Circular No.19/2015Customs, dated 09.06.2015)

C. MCACompiled by CA Mohit Bhuteria

m_bhuteria@yahoo.co.inClarification on repayment of deposits accepted by the companies before the commencement of the Companies Act, 2013 under Section 74 of the ActMCA vide General Circular no. 09/2015 dated 18th June, 2015 clarified the Company Law Board has been empowered to exercise the powers of National Company taw Tribunal under section 73(4) and section 74(2) of the said Act, till the latter’s constitution. Thus, a depositor is free to file an application under section 73(4) of the said Act, with the Company Law Board if the company fails to make repayment of deposits accepted by it. Further, the company may also file application under section 74(2) of the said Act with the Company Law Board seeking extension of time in making the repayment of deposits accepted by it before the commencement of the provisions of the said Act .It is also clarified that the Companies can repay deposits accepted prior to 1st April, 2O14 in accordance with terms and conditions of the deposits. Further, there is no bar on the Registrar of Companies for filing of prosecution against a company if it fails to make repayment of deposits accepted by it under the provisions of the Companies Act, 1956 or Companies Act, 2013.Exemptions to Private CompanyThe Ministry of Corporate Affairs, in exercise of its powers conferred under Section 462 of the Companies Act, 2013, has issued a Notification dated 5th June, 2015 directing that certain provisions of the Act shall not apply / shall apply with such exceptions, modifications and adaptations as specified therein, to a private company-

Sr. No.

Chapter/ Section/ Sub-section(s) in the Companies Act, 2013

Exceptions/ Modifications /

Adaptations

1 Chapter I, sub-clause (viii) of clause(76)of section 2

Shall not apply with respect to section 188

Notification & CircularsIndirect Taxes & MCA

���EIRC 1st July 2015

Notifications & CircularsMCA

2 Chapter IV, section 43 and section 47

Shall not apply where memorandum or articles of association of the private company so provides

3 Chapter IV, sub-clause (i) clause (a) of sub-section (1) of section 62 and sub-section (2) of section 62

Shall apply with the following modification:- In clause (a), in sub-clause(i), the following proviso shall be inserted, namely:Provided that notwithstanding anything contained in this sub-clause and sub section (2) of this section, in case ninety percent of the members of a privatecompany have given their consent in writing or in electronic mode, the periods lesser than those specified in the said sub-clause or sub-section shall apply

4 Chapter IV, clause (b) of sub-section (1) of section 62

In clause (b), for the words “special resolution”, the words “ordinary resolution” shall be substituted

5 Chapter IV, section 67 Shall not apply to private companies -(a) in whose share capital no other body corporate has invested any money;(b) if the borrowings of such a company from banks or financial institutions or any body corporate is less than twice its paid up share capital or fifty crore rupees, whichever is lower; and(c) such a company is not in default in repayment of such borrowings subsisting at the time of making transactions under this section

6 Chapter V, clause (a) to (e) of sub-section (2) of section 73

Shall not apply to a private company which accepts from its members monies not exceeding one hundred percent of aggregate of the paid up share capital and free reserves, and such company shall file the details of monies so accepted to the Registrar in such manner as may be specified

7 Chapter VII, sections 101 to 107 and section 109 [All]

Shall apply unless - otherwise specified in respective sections or- unless articles of the private company otherwise provide

8 Chapter VII, clause (g) of sub-section (3) of section 117

Shall not apply

9 Chapter X, Clause (g) of sub-section (3) of section 141

Shall apply with the modification that the words “other than one person companies, dormant companies, small companies and private companies having paid-up share capital less than one hundred crore rupees” shall be inserted after the words “twenty companies”

10 Chapter XI, section 160 Shall not apply

11 Chapter XI, section 162 Shall not apply

12 Chapter XII, Section 180 Shall not apply

13 Chapter XII, sub-section (2) of section 184

Shall apply with the exception that the interested director mayparticipate in such meeting after disclosure of his interest

14 Chapter XII, section 185 Shall not apply to private companies-

(a) in whose share capital no other body corporate has invested any money;

(b) if the borrowings of such a company from banks or financial institutions or any body

corporate is less than twice of its paid up share capital or fifty crore rupees, whichever is lower; and

(c) such a company has no default in repayment of such borrowings subsisting at the time of making transactions under this section

15 Chapter XII, second proviso to sub section (1) section 188

Shall not apply

16 Chapter XIII, section 196, sub-section (4) and sub-section (5)

Shall not apply

Amendment Rules dated 29th May, 2015The Ministry of Corporate Affairs vide different Notifications dated 29th May, 2015 has notified respectively, the following Amendment Rules:The Companies (Registration of Charges) Amendment Rules, 2015In the Companies (Registration of Charges) Rules, 2014, in rule 3, in sub-rule (4) (a), for the words ‘under the seal of the company”, the words “under the seal, if any, of the company” shall be substituted. Therefore, the affixing of common seal of the company on the certificate verifying the copy of the instrument or deed relating solely to property situated outside India is optional. The Companies (Registration Offices and Fees) Second Amendment Rules, 2015In the Companies (Registration Offices and Fees) Rules, 2014, in rule 15, the following proviso shall be inserted:“Provided that no person shall be entitled under section 399 to inspect or obtain copies of resolutions referred to in clause (g) of sub-section (3) of section 117 of the Act.” The Companies (Share Capital and Debentures) Second Amendment Rules, 2015In the Companies (Share Capital and Debentures) Rules, 2014, in Rule 5, in sub-rule (3), for the words ‘issued under the seal of the company’, the words “issued under the seal, if any, of the company, shall be substituted. Therefore, affixing seal on the share certificate is now made optional.Further, for clause (b), the following has been substituted:“(b) the secretary or any person authorised by the Board for the purpose:Provided that in case a company does not have a common seal, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary:Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing director or a whole time director:Provided also that, in case of a One person Company, every share certificate shall be issued under the seal, if any, of the company, which shall be affixed in the presence of and signed by one director or a person authorised by the Board of Directors of the company for the purpose and the Company Secretary, or any other person authorised by the Board for the purpose, and in case the One person Company does not have a common seal, the share Certificate Shall be signed by the persons in the presence of whom the seal is required to be affixed in this proviso.”The Companies (Incorporation) Second Amendment Rules, 2015In the Companies (Incorporation) Rules, 2014, Rule 24 requiring filing of Declaration at the time of commencement of business by director in Form INC 21 has been omitted. In Rule 12, the following proviso has been inserted:

EIRC 1st July 2015 ��

“Provided that in the case pursuing any of the objects of a company requires registration or approval from sectoral regulators such as Reserve Bank of India, Securities and Exchange Board of India, registration or approval from such regulator shall be obtained by the Company before pursuing such objects and a Declaration in this behalf shall be submitted at the stage of incorporation of the company.” Substituted forms of INC-13 and INC-16 have also been provided in the Annexure attached thereto.The Companies (Declaration and Payment of Dividend) Rules, 2015 In the Companies (Declaration and Payment of Dividend) Rules, 2014, Rule 3, sub-rule (5) stating that no company shall declare dividend out of the profits of the company before set-off of carried over previous losses and unabsorbed depreciation, whichever is less, stands omitted.

D. WB VATCompiled by CA Vikram Khaitan

vikram@arvsolutions.co.inThe dealers now are released from inconvenience from filing a manual process for yearly allotment of Waybill quota. The Directorate now introduces an automatic allotment of waybill quota for each selected dealer in such way that the waybill limit of each such dealer at the end of a Financial year would automatically be set as the starting way bill quota for the next Financial year. However, any enhancement of such limit during the year may be done as per prevailing provisions.This change shall come into effect from the current financial year. [Trade Circular No.08/2015 dated 13-05-2015]The application for registration under the WBVAT ACT, 2003 and the CST ACT, 1956, submitted by dealers using DIGITAL SIGNATURE and under the TATKHANIK SCHEME shall begranted within 1 working day of furnishing complete application including security payment details. In all other cases, the application for registration shall be disposed of within seven working days of furnishing complete application including security payment details. [Trade Circular 10/2015 dated 27-05-2015]Under the new system of e-billing module, direct credit of refund of VAT to dealer’s bank account for both pre-assessment and post-assessment cases through ECS/NEFT. This circular shall take effect from April, 2015. [Trade Circular 11/2015 dated 27-05-2015]

E. RBI-NBFCCompiled by CA Dhiraj Jain

dhiraj@icai.orgNotification no. DNBR(PD)CC No.040/03.01.001/2014-15 dated 03/06/2015-Non-banking Financial Companies Corporate Governance (Reserve Bank) Directions,2015a) Notification No.DNBR.019/CGM(CDS)-2015 dated 10/04/2015:The Reserve

Bank of India have issued the directions relating to Corporate Governance as set out below:-

1) These Directions shall come into force with immediate effect.2) These Directions shall apply to every non-deposit accepting Non-Banking

Financial Company with asset size of Rs.500crore and above and all deposit accepting Non-Banking Financial Companies.

3) All applicable NBFCs shall constitute an Audit Committee consisting of not less than three members of its Board of Directors.

4) All applicable NBFCs:-a) shall follow the fit and proper criteria.b) obtain a declaration and undertaking from the directors giving additional

information on the directors. c)obtain a Deed of Covenant.5) All Applicable NBFCs shall maintain proper transparency and make required

disclosures. 6) All Applicable NBFCs shall rotate the partners of the Chartered Accountant firm

conducting the audit every three years.7) All applicable NBFCs shall frame their internal guidelines on corporate governance.

Notification No. DNBR(PD) CC No.038/03.01.001/2014-15 dated 03/06/2015-Non-systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015Notification No.DNBR.008/ CGM (CDS) - 2015 dated 27/03/2015- The Reserve Bank of India has issued the Directions for Prudential Norms which includes the income recognition,income from investments, accounting standards,accounting of investments,need for policy on demand/call loans,asset classification,provisioning requirements,provision for standard assets,required disclosures in the Balance Sheet,Accounting year,transactions in government securities,submission of a certificate from statutory auditor to the bank,requirement as to capital adequacy,Leverage Ratio,loans against non-banking financial company’s own shares prohibited,loans against security of single product-gold jewellery,verification of the ownership of gold,standardization of value of gold accepted as collateral in arriving at LTV Ratio,safety and security measures to be followed by Non-Banking Financial Companies lending against collateral of gold jewellery,loan against security of shares,concentration of credit/investment,information with respect to change of address,directors,auditors etc to be submitted,NBFCs not to be partners in partnership firms,opening branches exceeding one thousand in number.Notification No.DNBR(PD)CC No.039/03.01.001/2014-15 dated 11/06/2015- Infrastructure Debt Fund-Non-Banking Financial Companies(Reserve Bank)Directions,2011:-Notification No.DNBS.233/CGM(US)-2011 dated 21/11/2011-The Reserve Bank of India has issued the Directions which shall be known as the Infrastructure Debt Fund-Non-Banking Financial Companies(Reserve Bank)Directions,2011.IDB-NBFC shall have at the minimum a credit rating grade of ‘A’ of CRISIL or equivalent rating issued by other credit rating agencies.The IDF-NBFC shall have at the minimum CRAR of 15 percent and Tier II Capital of IDF-NBFC shall not exceed Tier I.Notification No. DBR.AML.BC.No.104/14.01.001/2014-15 dated 11/06/2015- Amendment to Prevention of Money Laundering (Maintenance of Records) Rules, 2005 – additional documents for the limited purpose of proof of address- The following documents shall be deemed to be Officially Valid Documents(OVD)under ‘simplified measure’ for the ‘low risk’ customers for the limited purpose of proof of address where customers are unable to produce any OVD for the same:-a) Utility bill not more than two months old(electricity,telephone,postpaid

mobile phone,piped gas,water bill)b) Property or Municipal Tax receiptc) Bank account or Post Office savings bank account statementd) Pension or family pension payment orders issued to retired employees if they

contain the address.e) Letter of allotment of accommodation from employer issued by State or

Central Government departments and other regulatory bodies.f) Documents issued by GOvernment departments of foreign jurisdictions and

letter issued by Foreign Embassy or Mission in India.Notification No.DNBR(PD) CC.No.037/03.01.001/2014-15 dated 11/06/2015-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015.Notification No.DNBR.009/CGM (CDS)-2015 dated 27/03/2015- The Reserve Bank of India has issued Directions for Prudential Norms which includes income recognition, income from investments, accounting standards, accounting of investments, need for policy on demand/call loans, asset classification, provisioning requirements, standard asset provisioning, required disclosure in the Balance Sheet, accounting year, transactions in government securities,submission of a certificate from Statutory Auditor to the Bank, requirements as to capital adequacy,loan against non-banking financial company’s own shares prohibited, loans against security of single product-gold jewellery, verification of the ownership of gold, standardization of value of gold accepted as collateral in arriving at LTV Ratio, safety and security measures to be followed by Non-Banking Financial Companies lending against collateral of gold jewellery, loan against

Notifications & CircularsWB VAT & RBI NBFC

���EIRC 1st July 2015

Notifications & CircularsFEMA & International Taxation

security of shares, concentration of credit/investment, information with respect to change of address, directors, auditors etc to be submitted, NBFCs not to be partners in partnership firms, opening branches exceeding one thousand in number.

F. FEMACompiled by CA Vivek Newatia

vnewata@sjaykishan.com

Revised limits of LRS Scheme for resident individualsThe RBI has vide A.P DIR Series Circular No 106 dated 3rd June, 2015, Notification No. FEMA.341/2015-RB/ GSR425 [E] dated 26th May and 2015 revised the limit of USD 1,25,000 available for remittance by resident individuals under the LRS Scheme to USD 2,50,000 per financial year for permitted current or capital account transaction.The RBI has vide Notification No GSR 426(E) [F.No 1/6/EM/2015] dated 26th May, 2015 provided that, all the facilities (including private/business visits) for release of exchange/remittances for current account transactions available to resident individuals under Para 1 of Schedule III to the Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time, shall now be subsumed under the overall limit of USD 250,000. Gift in Indian Rupees by resident individuals to NRI relatives as defined in the Companies Act, 2013 shall also be subsumed under the LRS limit.Further, remittances towards emigration, expenses in connection with medical treatment abroad and studies abroad in Para 1 of Schedule III by individuals may be made for an amount in excess of the overall limit prescribed under the LRS, if it is so required by a country of emigration, medical institute offering treatment or the university respectively. Subscription to chit funds by NRI’s on non-repatriation basisThe RBI has vide A.P DIR Series Circular No 107 dated 11th June, 2015 permitted NRI’s to subscribe to chit funds, without limits, on non-repatriation basis subject to the following conditions: -a. The Registrar of Chits or an officer authorised by the State Government in

accordance with the provisions of the Chit Fund Act in consultation with the State Government concerned, may permit any chit fund to accept subscription from Non-Resident Indians on non-repatriation basis;

b. The subscription to the chit funds shall be brought in through normal banking channel, including through an account maintained with a bank in India.

ECB for low cost affordable housing projectsThe RBI has vide A.P DIR Series Circular No 108 dated 11th June, 2015 decided that the scheme of raising ECB for low cost affordable housing projects will continue for the financial year 2015-16 with the existing terms and conditions. ECB for low civil aviation sectorThe RBI has vide A.P DIR Series Circular No 109 dated 11th June, 2015 has decided that the scheme of raising ECB for working capital for Civil Aviation Sector will also continue till March 31, 2016 with the same terms and conditions.BEF Statement – Submission under XBRLThe RBI has vide A.P DIR Series Circular No 110 dated 18th June, 2015 decided that AD-Category I Banks shall submit the BEF Statement online and Bank-wise instead of the present system of branch-wise submission, to the respective Regional Offices of the RBI.Earlier, banks used to submit BEF data in part I & II on incremental basis. However, in the proposed module, AD banks have to submit data in a single format (Annex I) giving details of all remittances for import exceeding USD 100,000, as on end of June and December of every year, in respect of which importers have defaulted in submission of appropriate document evidencing import within 6 months from the date of remittance.Overseas Foreign Currency Borrowings by Authorised Dealer BanksWith a view to providing greater flexibility in seeking access to overseas funds, the RBI has vide A.P DIR Series Circular No 112 dated 25th June, 2015, decided to permit AD-Category I Banks to borrow (for general banking business and not

for capital augmentation) from international/ multilateral financial institutions without approaching the RBI for a case by case approval.Review of the Investment Limit for cases requiring prior approval of FIPB/ CCEAThe Government of India (GOI) has vide Press Note No. 6 dated 3rd June, 2015 decided that the Minister of Finance who is in-charge of FIPB would consider the recommendations of FIPB on proposals with total foreign equity inflow up to Rs. 3000 crore. The recommendations of FIPB on proposals with total foreign equity inflow of more than Rs. 3000 crore would be placed for consideration of CCEA. The CCEA would also consider the proposals which may be referred to it by the FIPB/the Minister of Finance (in-charge of FIPB).Review of FDI Policy on Investments by NRI’s, PIO’s and OCB’s The GOI has vide Press Note No 7 dated 3rd June, 2015 decided to amend the definition of NRI as contained in the FDI Policy to provide that ‘Non-Resident Indian’ (NRI) shall mean an individual resident outside India who is a citizen of India or is an ‘Overseas Citizen of India’ cardholder within the meaning of section 7 (A) of the Citizenship Act, 1955. ‘Persons of Indian Origin’ cardholders registered as such under Notification No. 26011/4/98 F.I, dated 19.8.2002, issued by the Central Government are deemed to be ‘Overseas Citizen of India’ cardholdersThe press note further provides that for the purposes of FDI policy, investment by NRIs under Schedule 4 of FEMA (Transfer or Issue of Security by Persons Resident Outside India) Regulations will be deemed to be domestic investment at par with the investment made by residents.

G. INTERNATIONAL TAXATION Compiled by CA Rahul Gupta

rahul@arvsolutions.co.inTransfer PricingCBDT issues clarification regarding Rollback Provisions of Advance Pricing Agreement (APA) [Circular 10/2015 dated 10th June, 2015]APA was introduced in the year 2012 through Sec. 92CC & 92CD of the Income Tax Act, 1961 (Act). Further, CBDT notified Rollback provisions under APA program on 14th March, 2015. Subsequent to the notification, clarification was sought from CBDT regarding some ambiguities about the implementation of the Rollback rules. CBDT has issued this circular for clarification of the aforesaid issues.The clarification that has been issued by CBDT:1) Return of Income: The rollback provision shall be available to the applicant

who has filed return u/s 139(5) (revised return) and shall not be available to applicant who has filed return u/s 139(4) (belated return).

2) International Transaction: The term same international transaction implies that the transaction in the rollback year has to be of same nature and undertaken with the same associated enterprise(s), as proposed to be undertaken in the future years and in respect of which agreement has been reached. In the context of FAR analysis, the rollback provisions would apply only if the FAR analysis of the rollback year does not differ materially from the FAR validated for the purpose of reaching an APA in respect of international transactions to be undertaken. The word “materially” will be interpreted consistently with its ordinary definition and in a manner that a material change of facts and circumstances would be understood as a change that could reasonably have resulted in an agreement with significantly different terms and conditions.

3) Rollback Years: The applicant does not have the option to choose the years for which it wants to apply for rollback. The applicant has to either apply for all the four years or not apply at all. However, if the covered international transaction(s) did not exist in a rollback year or there is some disqualification in a rollback year, then the applicant can apply for rollback for less than four years.

4) Appeal: The reason for not allowing rollback for the international transaction for which Appellate Tribunal has passed an order disposing of an appeal is that

EIRC 1st July 2015 �

Work Disposal Status WORK DISPOSAL STATUS OF VARIOUS ACTIVITIES RELEATED TO

MEMBERS SECTION as on 26/06/2015

PARTICULARS DATE

1) New Enrolment 08/06/2015

2) Grant of Certificate of Practice 19/06/2015

3) Grant of Fellow Admission 19/06/2015

4) Firm Registration / Constitution 19/06/2015

5) Reconstitution of Firms 16/06/2015

6) Restoration (Prospective) 16/06/2015

7) Change of address 16/06/2015

8) Permission of other engagement 19/06/2015

ARTICLES SECTION as on 25/06/2015

New Registration 29/04/2015

Industrial training Registration 22/05/2015

Re-registration 08/06/2015

Termination 05/06/2015

Completion 22/05/2015

Permission to Study 15/06/2015

Supplementary Registration 16/06/2015

Change of Address 14/06/2015

BOARD OF STUDIES SECTION as on 29/06/2015

CPT Registration 22/06/2015

IPCC Registration 19/06/2015

Final Registration 22/06/2015

By Hand By Post

Issuance of Study Materials - CPT Upto Date 21/06/2015

Issuance of Study Materials - IPCC Upto Date 21/06/2015

Issuance of Study Materials - Final Upto Date 21/06/2015

GMCS Certificate Issuance Upto Date

Orientation Certificate Issuance Upto Date

ITT Certificate Issuance 31/05/2015

Change of Name/Address Upto Date

We pray to the almighty that may their soul rest in peace

CA SACHINDRA NATH BHATTACHARYYAMembership No. 008105

Passed Away on 19th February 2015

EIRC DEEPLY MOURNS THE SAD DEMISE OF

CA PRODOSH KUMR CHATTERJEEMembership No. 014879

Passed away on 2nd February 2015

CA KARAN SINGH NAHATAMembership No. 050171

Passed Away on 1st February 2015

the ITAT is the final fact finding authority and hence, on factual issues, the matter has already reached finality in that year. However, if the ITAT has not decided the matter and has only set aside the order for fresh consideration of the matter by the lower authorities with full discretion at their disposal, the matter shall not be treated as one having reached finality and hence, benefit of rollback can still be given. There is no mismatch between Rule 10MA(3) and Rule 10RA(4).

5) Reduction/Increment of Income/Loss: It is clarified that in case the terms of rollback provisions contain specific agreement between the Board and the applicant that the agreed determination of ALP or the agreed manner of determination of ALP is subject to the condition that the ALP would get modified to the extent that it does not result in reducing the total income or increasing the total loss, as the case may be, of the applicant as declared in the return of income of the said year, the rollback provisions could be applied.

6) Cancellation of APA: If the rollback provision cannot be given effect to for any of the rollback years on account of the applicant not taking the actions specified in sub-rules (2), (3), (4) or (6), the entire agreement gets vitiated and will have to be cancelled.

7) Mutual Agreement Procedure (MAP) application: If MAP has been already concluded for any of the international transactions in any of the rollback year under APA, rollback provisions would not be allowed for those international transactions for that year but could be allowed for other years or for other international transactions for that year, subject to fulfillment of specified conditions in Rules 10MA and 10RA. However, if MAP request is pending for any of the rollback year under APA, the applicant can opt either for MAP or application for roll back shall be proceeded with for such year.

8) Determination of ALP: The manner of determination of ALP (including choice of Method, comparability analysis and Tested Party) would be same.

9) Compliance Audit: Compliance audit for the rollback years would primarily be to check if the agreed price or methodology has been applied in the modified return.

10) Withdrawal of rollback application: The applicant can withdraw its roll back application even while maintaining the APA application for the future years. However, it is not possible to accept the rollback results without accepting the APA for the future years. The fees shall not be refunded even where a rollback application is withdrawn.

11) Revision of Signed APAs & Time Limit for filing return: The second proviso to Rule 10MA(5) provides for revision of APAs already concluded to include rollback provisions. The time to file modified return for rollback years will start from the date of signing the revised APA incorporating the rollback provisions.

12) Merger or Demerger of Companies: The agreement is between the Board and a person. The Company who makes the APA application would only be entitled to enter into the agreement and be entitled for the rollback provisions. Other persons (companies) who have merged with the company would not be eligible for the rollback provisions.

Work Disposal

��EIRC 1st July 2015

Branch Event

Asansol Branch

Durgapur Branch

Guwahati Branch

Tinsukia Branch

Dibrugarh Branch

Siliguri Branch

Felicitation of Dr. Amit Mitra, Hon`ble Finance Minister, Govt. of WB by CA Sankar Bose, Chairman, Asansol Branch of EIRC

Career Awareness Programme

L to R : CA Vikash K Jain, Chairman, CA Ramesh Narayan, Speaker

L – R: CA Manish Goyal, Secretary, EIRC, CA Pawan Kumar Agarwal, Chairman, Tinsukia Branch, CA Sumantra Guha, Council Member, ICAI, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC

Two Day Sub Regional Conference – Seen are CA Pramod Dayal Rungta, Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI

Workshops on Companies Act

L to R : CA. Mahabir Agarwala, Secretary, CA. Rohit Agarwala, Treasurer, CA Vyapak Srivastava, Speaker, CA Sumantra Guha, Session Chairman, CA Vikash K Jain, Chairman, Mr. Mono MG Phukan, Speaker

CA Pramod Dayal Rungta, Chairman, EIRC, opening the new premises of Tinsukia Branch. Others seen are CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Sushil Kumar Goyal, Past Chairman, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

Two Hour CPE Workshop Programme On “Motivational Technique 13th June 2015 Four Hour CPE Programme On “Insurance And Pension –20th June 2015 Under The Aegis of The Committee For Banking, Insurance & Pension

EIRC 1st July 2015 ��

Seminar on Develop your presentation Skills & PR Skills on 9th June 2015

Awareness Programme on “ Rising to the Challenges in Public Finance & Government Accounting” on 13th June 2015

Compliances of Companies Act 2013 by filing of E forms at the MCA Portal & Annual Return on 5th June 2015

Workshop on Company Law on 12th June 2015

L – R: CS Mohan Ram Goenka, CA Pramod Dayal Rungta, Chairman, EIRC, CS Shikha Gupta, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

Lighting the Inauguration Lamp – CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Abhay Vasant Arolkar, CS Anant Amedkar, CA Ranjeet Kumar Agarwal, Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, CA Lalit Kumar Pransukha, CA Pramod Dayal Rungta, Chairman, EIRC

Lighting the Inaugural Lamp – Seen are CA Pramod Dayal Rungta, Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Subhash Chandra Saraf, Past Chairman, EIRC and others

Workshop On Company Law on 16th June 2015

L – R: CA Pramod Dayal Rungta, Chairman, EIRC, CA Pramod Jain, CA Anirban Datta, Vice Chairman, EIRC L – R: CA Manoj Banthia, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

CA Chinnasamy Genesan CA Vijay Joshi

CA Abhay Vasant Arolkar CS Anant Amedkar

EIRC Events

���EIRC 1st July 2015

EIRC Events

Training Programme for Auditors of Housing Finance Companies on 23rd June 2015

L – R: Mr. Niladri Bose, Mr. S Srivastava, Mr. R K Barun, CA Ranjeet Kumar Agarwal, Past Chairman, EIRC

Seminar on Information Technology on 18th June 2015

L – R: CA Anirban Datta, Vice Chairman, EIRC, CA Ashish Makhija, CA Pramod Dayal Rungta, Chairman, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC

CA Ashish Makhija

Workshop on Company Law on 27th June 2015

L - R - CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CS Rahul Padmakar Sahasrabuddhe CA Mohit Bhutoria CS Rahul Padmakar Sahasrabuddhe

63rd Annual General meeting of EIRC on 30th June 2015 at EIRC Auditorium

Annual Prize Distribution Ceremony on 30th June 2015

CA Vittal Raj

Mr. R. K. Barun Mr. S. Srivastava

L –R: CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Manish Goyal, Secretary, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumantra Guha, Council Membe, ICAI, CA Subhash Chandra Saraf, Past Chairman, EIRC

Award being given to a meritorious student by the Chief Guest Prof. (Dr.) P. Ishwara Bhat, Hon’ble Vice Chancellor, The W. B. National University of Juridical Sciences, Other seen from L – R: CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Pramod Dayal Rungta, Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Subhash Chandra Saraf, Past Chairman, EIRC

EIRC 1st July 2015 ��

EIRC Events

Celebrating World Yoga Day on 21st June 2015

CA Manoj Fadnis, President, ICAI with Choti Gurumaa CA Pramod Dayal Rungta, Chairman, EIRC with Choti Gurumaa

Group Photo with Choti Gurumaa CA Manoj Fadnis, President, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC demostrating Yoga alongwith other members

Inter EICASA Meet on 21st June 2015 at the Conference Room in ICAI’s New Building

President, ICAI’s visit to ICAI’s New Building at Rajdanga, Kasba

President ICAI addresses the Students, Members & Staff at the Auditorium of ICAI’s New Building

CA Manoj Fadnis being welcomed by CA Pramod Dayal Rungta, Chairman, EIRC with flower bouquet. Others seen are CA Manish Goyal, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI, Dr. Aloke Ray, DCO – Head, ICAI Kolkata Office

L – R: CA Manoj Fadnis, President, ICAI, CA Manish Goyal, Secretary, EIRC, CA Sumantra Guha, Council Member, ICAI, CA Pramod Dayal Rungta, Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC

The EICASA Students with CA Manoj Fadnis, President, ICAI (center), Others seen are CA Pramod Dayal Rungta, Chairman, EIRC, CA Anirban Datta, Vice Chairman, EIRC, CA Manish Goyal, Secretary, EIRC, CA Sunil Kumar Sahoo, Treasurer, EIRC, CA Subhash Chandra Saraf, Past Chairman, EIRC, CA Sumantra Guha, Council Member, ICAI and members from EICASA

���EIRC 1st July 2015

EIRC Events

Seminar on Unlocking the Potential in Insurance Sector on 26th June 2015

Lighting the Inauguration Lamp

L – R: CA Rakesh Agarwal, Mr. Amit Jain, CEO, Birla Sunlife Insurance Co. Ltd., Mr. B S Bhandari, Whole Time Member (Economics), PFRDA, Ms. D Vijaylakshmi, Chair Professor (Life), National Insurance Academy, Mr. Mono MG Phukon, Dy. GM, PFRDA, Ms. P Shreelakshmi, CEO, SHCIL Repository Services

Releasing the Official Souvenir- CA Nirmal Bazaz, Mr. Sohanlalji Kadel, President, IBAI, Mr. B S Bhandari, Whole Time Member (Economics), PFRDA, CA Sumantra Guha, Chairman, COBIP, ICAI, CA Pramod Dayal Rungta, Chair-man, EIRC, Mr. Vasantha Krishna, Director & GM, National Insurance Co. Ltd., Mr. A Ramana Rao, Jt. Director (Inspections), IRDA, CA Sunil Kumar Sahoo, Treasurer, EIRC

L – R: CA Ranjeet Kumar Agarwal, Past Chairman, EIRC, Mr. Sohanlalji Kadel, President, ICAI, Mr. Praveen Yadav, CAO, MD India Health Services (TPA) Pvt. Ltd., Mr. K V Prasad, Country Head – Commercial Business, Royal Sundaram Alliance Insurance Co. Ltd., Mr. A Ramana Rao, Jt. Director (Inspections), IRDA, CA Sunil Kumar Sahoo, Treasurer, EIRC

Mr. A Ramana Rao, Jt. Director (Inspec-tions), IRDA

Mr. Sohanlalji Kadel, President, IBAI

Mr. B S Bhandari, Whole Time Member (Economics), PFRDA

Mr. Vasantha Krishna, Director & GM, Na-tional Insurance Co. Ltd.

Mr. K V Prasad, Country Head - Commer-cial Business, Royal Sundaram alliance Insurance Co. Ltd.

Ms. D Vijayalakshmi, Chair Professor (Life), National Insurance Academy, Pune

Mr. Mono MG Phukon, Dy. Gen. Manager, PFRDA

Ms. P Shreelakshmi, CEO, SHCIL Reposi-tory Services

Mr. Praveen Yadav, CAO, MD, India Health Services (TPA) Pvt. Ltd.

Shri Amit Jain, CEO, Birla Sunlife Insur-ance Co. Ltd.

EIRC 1st July 2015 ��

EIRC EVENTS

���EIRC 1st July 2015

EIRC EVENTSRegistered RN 27144/75 Registered KOL RMS / 227 / 2013-2015

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BOOK POSTCA Pramod Dayal Rungta, EditorCA Anirban Datta, Jt. EditorCA Manish Goyal, MemberCA Sunil Kumar Sahoo, MemberCA Ranjeet Kumar Agarwal, MemberCA Subodh Kumar Agrawal, MemberCA Pawan Kumar Lilha, Co-opted Members

CA Sarad Jha, Co-opted MembersCA Anil Kumar Agarwal, Sub Group MemberCA Pradeep Kumar Drolia, Sub Group MemberCA Rajendra Kumar Parakh, Sub Group MemberCA Manoj Digga, Sub Group MemberCA Santosh Kumar Dokania, Sub Group MemberCA Binod Kumar Agrawal, Sub Group Member