The Institute of Chartered Accountants of India VASAI BRANCH

The Institute of Chartered Accountants of India VASAI BRANCH of WIRC NEWSLETTER 1April, 2011Winner of Highly Commedable Performance Award 2010 in Large Branch Category from WIRC

` 15/- For Members Only

APRIL, 2011

MANAGINGCOMMITTEE FROM CHAIRMAN’S DESK

The Institute of Chartered Accountants of India

C ommitted for

Achivements

VASAI BRANCH OF WIRCNEWSLETTER

Chairman CA. Unmesh Narvekar 9821236179

Vice Chairperson CA. Shweta Jain 9920737198

Secretary CA. Ramanand Gupta 9322231113

Treasurer CA. Kishor Vaishnav 9892194382

Past Chairman CA. Lalit Bajaj 9867692321

Past Chairman CA. Pramod Dhamankar 9987155522

Committee Members CA. D.P. Revawala 9820076418

CA. Rakesh Soni 9820673833

WIRC Nominee CA. Anil Bhandari 9821037605

Chief Editor CA. Unmesh Narvekar 9821236179

Editor CA. Kishor Vaishnav 9892194382

Members CA. D. P. Revawala 9820076418

CA. Lalit Munoyat 9820193508

CA. Haresh Mehta 9823137477

CA. Sanjit Rana 9820848887

CA. Mehmood Lilani 9820627815

CA. Aniket Padhye 9922063800

EDITORIALBOARD

Self confidence iS the firSt Secret of SucceSS!

Visit www.vasai-icai.org

Dear Professional ColleaguesWhat a Great beginning of the financial year!!. The victory of the World Cup by IndIa on the advent of the auspicious occasion of Gudi padwa was indeed an overwhelming treat to all of us. as we have always said “Great Milestones are achieved only by the Consistent Contributions by the entire TEaM”.Here I would also like to note the efforts of our Treasurer Ca Kishor Vaishnav who showed the promptness to submit our audited Balance Sheet on the 1st day of this financial year during the dawn as if to show the rising sun the desire to be as prompt and

accurate like him.The public meeting on union Budget, 2011 and local Body Tax (lBT) jointly organized by Vasai Branch of WIrC and Bhayandar CpE Study Circle in association with Mira-Bhayandar Small Scale Industries association was a grand success and marked the highest attendance. Here I take the opportunity to thank all those who attended and all the eminent speakers Shri S. n. nivatkar, Suptd., Central Excise & Customs, Shri J. d. deshpande, retd. dy. Commissioner of nMMC, Shri Sudhir raut, dy. Commissioner, MBMC & Ca Vimal punamiya, etc., who graced this session by their valuable knowledge on lBT & on latest amendments and changes in our budget 2011-12.The Ca Women’s day Special organized to facilitate the special women of substance, was graced by many successful women from various fields of specialities like Cas, doctors, advocates, etc. It was truly a privileged experience to hear from these successful women about their journey towards their goals. a woman is the creator and should always move ahead. So, a personal appeal on the occasion of Women’s day to all women Ca students to SET Your TarGET and aCHIEVE IT no MaTTEr WHaT CoMES Your WaY.The Bank Branch audit Seminar had a good response from Ca colleagues and the entire programme led by various prominent speakers was quiet enriching. Here a special thanks is conveyed to dGM, dena Bank (Mumbai City region) Shri S. ramchandran for his gracious presence.The Branch orientation meeting at lonavala organized by WIrC was an interactive meet of branch members. We got a chance to project our plans and proposals to WIrC and to all other branches. We were overwhelmed at the time when the Vasai Branch was awarded by WIrC with the “Highly Commendable performance award 2010” in large Branch Category by the gracious hand of the Hon’ble president and Vice president of ICaI. It was indeed a pleasure to hear the visionary leaders of ICaI.The Certification Course organized on audit of paCS was a grand success indeed. promptly attended by our Ca colleagues for which Ca Satish nade took pain to travel all the way from pune to Mumbai to address the participants. as missioned out earlier we are exploring the new opportunities for our members in the field of lBT. In this direction we

had a very fruitful first hand meeting with the dy. Commissioner of MBMC Shri Sudhir raut in which we have putforth our proposal for giving certification and audit work under lBT to Ca members.It is indeed a pleasure to update you that we have moved a step ahead by meeting the Commissioner, MBMC, Shri Shivmurti naik regarding the allotment of land for the purpose of our Branch premises for which he has given his assurance to look into the matter at the earliest.It gives me immence pleasure to announce the study room facility for Ca students at the Mahatma Gandhi liabrary, Mira road (East), which is presently free of cost.We also had a discussion with some of the representative Ca members from Vasai Virar area to understand matters of their concern in professional fields and it was really aworthy dialogue.

2 April, 2011The Institute of Chartered Accountants of India

VASAI BRANCH of WIRC NEWSLETTERWinner of Highly Commedable Performance Award 2010 in Large Branch Category from WIRC

The rrC at Mahabaleshwar from 22nd april is indeed a great opportunity of learning in a wonderful cool climate. Even during the advent of summer we can chill off, enjoy and also enlighten ourselves on quite important topics like amendments in Service Tax and Its Impact, revised Schedule VI for Companies, and TdS Compliances and You, etc.The registration has already begun and it seems to be a flourishing one. So I request my colleagues to avail such a wonderful opportunity at earliest.To sum up, I wish all of you a Very Happy Financial Year and hope this fine year would be prosperous one just like it was for our TEaM IndIa! BEST WISHES To all….!

With warm regards

CA Unmesh Narvekar Chairman

Submission of Proposal to the Dy. Commissioner of Mira-Bhayandar Municipal Corporation for allotment of Certification & Audit Work under L. B. T. Act to CAs.

Submission of Request cum Proposal to the Commissioner of Mira-Bhayandar Municipal Corporation for allotment of

land for Branch Premises.

COMPREHENSIVE HEALTH CHECKUP SCHEME FOR CHARTERED ACCOUNTANTS

MALE FEMALE

SPECIAL OFFER RATES ` 2,500 3,000

HEALTHY CHILD HEALTH CHECKUP PLAN

SPECIAL OFFER RATES ` 1,000/- ONLY

EXECUTIVE HEALTH CHECKUP FOR CHARTERED ACCOUNTANTS

MALE FEMALE

SPECIAL OFFER RATES ` 4,300 5,000

STEPS TOWARDS THE MISSION

SPECIAL HEALTH CHECKUP SCHEME FOR CAs at Bhakti Vedanta Hospital, Mira Road

Members are requested to go with prior appointment & also Carry Identity Proof. (Institute Identity Card)For Details Contact - Bhakti Vedanta Hospital - 022- 3005 2554 Mr. Sandeep kaimal - 9321996847 Vasai Branch - 022- 2817 8518

Package includes Complimentary Breakfast & Lunch Special Discount on Mammography @ ` 500/- included in the package.

Exploring New Professional Opportunity Steps for Branch Premises


DATE SEMINAR ON TIMINGS CPE HRS. VENUE SPEAKER CO-ORDINATORS FEES17th april, Stress 9.30 a.m. to 3 Iskon Temple Krishnadas Ca. Shweta Jain Free for Members of 2011 Management & 1.00 p.m. auditorium, prabhuji -9920737198 Vasai Branch Science of Soul Shrusti Complex, Ca. Santosh Sharma and their family opp. royal College -9867256248 nr. Bhakti Ca. nitesh Kothari Vedanta Hospital, -9833860870 Mira road (E) Ca. deepak Bansal -932098101922nd to rrC at 9 Mahabaleshwar, Eminent Ca. pramod dhamankar person - 24th april, Mahabaleshwar Hotel Shanti Villa -9987155522 above 8 yrs ` 5,500/-2011 Ca. Shweta Jain and -9920737198 Child - (3 yrs. to 8 yrs.) Ca. ramanand Gupta ` 4500 -9322231113 Ca. lalit Bajaj -9867692321 Ca. Kishor Vaishnav -9892194382 30th april, lBT and 4 00 p. M to 3 Hotel Kubera, Mr. J.d. Ca. ashutosh Free for Members of 2011 ammendments in 8.00 p. M Vasai (w) despande Vidwans-9322272878 Vasai Branch MVaT act Ex-deputy Ca. rajesh Kotak Commissioner, -9561330333 nMMC -9372446495 Ca. Kishor Vaishnav -9892194382

FORTHCOMING SEMINARS FOR MEMBERS

IMPORTANT ANNOUNCEMENT

ATTENTION OF MEMBERS

Kind attention of Members is invited to the revised schedule of Membership and related fee effective from 1st April, 2011 as given below:–

Particulars of Fees Revised Fee (`)

Membership Fee

Entrance Fee 1200

Fellow Admission Fee 1800

Annual Membership Fee

Associate Fee 800

Fellow Fee 2200

Certificate of Practice Fee 2000

Restoration Fee 1200

Members who are senior citizens i.e. have attained the age of 65 years as on 1st April of the relevant year will be required to pay the fees at lower rates which is as under:–

Particular of Fees Revised Fee (`)

Annual Membership Fee

Associate Fee 600

Fellow Fee 1600

Certificate of Practice Fee 1500

Members are requested to remit fee for membership/Certificate of Practice/Fellow membership at the prescribed amount as applicable to them.

Members can pay their fee online by clicking online payments link on the homepage of www.icai.org

REVISED SCHEDULE OF MEMBERSHIP FEES

Joinly with Bhayandar CPE Study Circle

Joinly with Vasai-Virar CPE Study Circle



HIGHLIGHTS OF MAHARASHTRA STATE BUDGET 2011-12

PART I Significant increase expected due to change in levy of Excise duty

due to increase in revenue, revenue surplus status achieved.

State Annual Plan Size of annual plan of State - ` 41,500 crore

Special Component plan for Scheduled Castes - ` 4,233 crore

Tribal Sub plan - ` 3,693 crore

district plan (General) - ` 4,319.50 crore. Increase of ` 500 crore over last year.

Development of Roads, Energy and Industry

Huge outlay of ` 2,749 crore for road development

Viability Gap Funding of ` 150 crore for projects under privatization.

assistance of ` 150 crore to Maharashtra road development Corporation.

outlay of ` 127 crore for construction of buildings.

To make the State free from load shedding - for various infrastructural facilities ` 2,300 crore

For Solar powered Community Study Centres - in 4,435 villages - ` 75 crore.

levy of additional duty/tax on electricity and from this fund development of infrastructure facilities of the cities having power generation plants. 2,500 MW of power is generated at Chandrapur, which is 500 year old city, action plan of 3 years for ` 250 crore.

For Incentive Scheme for Industries - ` 400 crore.

new Textile policy ` 100 crore.

Electric subsidy for power looms- ` 500 crore.

Housing & Urban Development. For providing basic infrastructure facility to urban poor and Integrated

Housing & Slum development programme- ` 1,440 crore.

JnnurM- urban Infrastructure - ` 2,500 crore.

JnnurM- ‘d’ Class Municipal Corporation & Municipalities - 50 per cent of cost escalation difference as grant - ` 400 crore.

Maharashtra Suwarnajayanti nagrothan abhiyan - ` 250 crore.

For urban Infrastructre in Mumbai Metropolitan region works in progress ` 1400 crore.

VGF from Government of India for Metro rail phase 2, Mumbai - ` 1,532 crore.

Construction of Floating Jetty at Gateway of India, Mumbai- ` 5 crore.

For development of airports - outlay of ` 162 crore.

For MIHan project- outlay of ` 69 crore.

Tourism & Cultural Affairs For publicity & other developmental activity of MTdC at national &

International level - ` 25 crore.

ashta Vinayaka Temple - ` 10 crore.

Kolhapur Chitra nagri - ` 10 crore.

development of Forts - ` 20 crore.

development of Beach Security System at Konkan Coast - ` 10 crore.

Tiger project Tourism - ` 25 crore.

For Gorewada & Goregaon Zoological Garden - ` 28 crore.

Special Area Development Programmes Special programme for development of places of pilgrimage - ` 175

crore.

Home Department 6,000 houses for police personnel to be made available - ` 115 crore.

For security of Mumbai- installation of CCTV Cameras

For security of legislative building - ` 5 crore.

Strengthening of Administrative Machinery ` 300.85 crore for construction of buildings for Tahasils and other

administrative buildings of revenue department, Construction of Godowns for food stock and infrastructure for courts.

E Governance - ` 40 crore.

Marathi Language Department Creation of Separate Marathi language department for development of

Marathi language.

PART II record growth in Sales Tax revenue. 26% rise as compared to last

year.

Stringent punishment for Hawala dealers.

Tax exemptions and concessionsExemption to foodgrains and essential commodities— Extension of tax exemption to rice, Wheat, pulses, their flours,

Chillies, Gur, Tamarind, Coconut, Corainder, Fenugreek, Turmeric, parsely (Suva), papad, Wet dates, Solapuri Chhadars and Towels. Similarly concessional rate of 5% for tea also to continue.

Tax concession to Vadapav served in restaurants.

Standard VaT rate of 12.5% not increased. Many States have enhanced this to 13.5 or 15%

Composition scheme for bakers – Increase in turnover limit from 30 lakhs to 50 lakhs.

Tax exemptions to cinematographic copyrights for exhibition in theatres.

relief in composition scheme for retailers

Tax exemptions to domestic Biogas units to promote the use of non conventional energy sources.

amnesty Scheme for rehabilitation of sick Sugar Factories.

Hike in tax rate Increase in rate of tax on soft drinks and goggles

restructuring of levy of Excise duty on liquor.

Increase in rate of tax of declared goods from 4% to 5%.

Simplification of levy of Stamp duty in respect of Share Market Transactions.

—uniform Stamp duty rate of 0.005% on all sale-purchase transactions in share market.

—duty on tenancy right transfer to be at market rate.


Notification No. 25/2011 - Service Tax (http://www.servicetax.gov.in/st-notfns-home.htm)

Ministry of Finance has issued the above notification amending point of taxation rules, 2011. rules 7 has been substituted by a new rule whereby, point of Taxation in respect of specified service providers which includes Chartered accountants (individuals or proprietary firms or partnership firms) will be the date on which payment is received. This rule has been inserted as per the representations made by the Institute of Chartered accountants of India.

CA. G. Ramaswamypresident, ICaI

Making Better Excel Files

I thought I would share with you a set of “rules” for building spreadsheets.

1. never start a spreadsheet without first being able to define in one sentence or less why you are creating the spreadsheet.

2. A spreadsheet should explain itself. Six months from now, someone else will not be able to tell what you were thinking when you created the spreadsheet. You may not even remember your own thoughts as to why you created it. a well-defined spreadsheet should justify its own existence.

3. The footnote section of a spreadsheet should include the path/filename/date and creator’s name.

4. audit trail: whenever possible, formulas should be used in the spreadsheet rather than inputting numerical values. This way you, or someone else, can follow the logic of the spreadsheet.

5. assumptions: mathematical assumptions should be identified in separate cells, not buried within formulas. That way they can be printed out as required. It is very easy to forget that you have a formula that says (C5 X 200). If instead, it says (C5 X d7) and then d7 shows 200, it is less likely to forget what assumptions are included in the spreadsheet.

6. assumptions: document your assumptions. If you’re increasing a value by an inflation rate, make note that this is an inflationary

increase. a few words to the right hand side of a cell can save many hours of hunting and digging at a later date.

7. unless your data source is obvious, you should document where you obtained your data. a few words to the right hand side of a cell can save many hours of hunting and digging at a later date. (Yes, you read that in the last bullet as well).

8. It is okay to add notes, procedures steps or other explanations in text format within your spreadsheet. any guidelines provided to the next person who looks at or works on the spreadsheet will be highly appreciated.

9. Learn to use the intermediate level functions within Excel. none of these functions are at advanced level or particularly difficult. If you need help on how to use them; please ask someone else in the department, use the Excel help function, or look up the function on the web. The use of these functions will save you a great deal of time and make your spreadsheets more accurate.

10. Do the common sense test. look at the spreadsheet as though you didn’t create it. does it answer the question asked? Can you follow the logic? does the result seem oK? If all this is yes, then ask what decision will be made from knowing this information. If you can’t answer this, go back to step one.

If we summarize all these rules in one sentence, it will be “Your spreadsheet should have a purpose, it should be well documented & easily understandable and you should make use various features in Excel to achieve this.”

IT CORNER Contributed by CA. Ashwin Dedhia

HEARTY CONGRATULATIONSHearty Congratulations for being Elected as Convenors of Vasai-Virar CpE Study Circle

CA. Ashutosh Vidwans CA. Rajesh KotakConvenor Deputy Convenor

SERvICE TAx UPDATES IMPORTANT FOR CAS



CORPORATE LAW UPDATESinformation and decision-making. XBrl enables producers and consumers of financial data to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. They are able to concentrate effort on analysis, aided by software which can validate and process XBrl information. XBrl is a flexible language, which is intended to support all current aspects of reporting in different countries and industries. Its extensible nature means that it can be adjusted to meet particular business requirements, even at the individual organization level.

Who can benefit from using XBRL?

4. all types of organizations can use XBrl to save costs and improve efficiency in handling business and financial information. Because XBrl is extensible and flexible, it can be adapted to a wide variety of different requirements. all participants in the financial information supply chain can benefit, whether they are preparers, transmitters or users of business data.

What is the future of XBRL?

5. XBrl is set to become the standard way of recording, storing and transmitting business financial information. It is capable of use throughout the world, whatever the language of the country concerned, for a wide variety of business purposes. It will deliver major cost savings and gains in efficiency, improving processes in companies, Governments and other organisations.

Does XBRL benefit the comparability of financial statements?

6. XBrl benefits comparability by helping to identify data which is genuinely alike and distinguishing information which is not comparable. Computers can process this information and populate both pre-defined and customised reports.

Does XBRL cause a change in accounting standards?

7. no. XBrl is simply a language for information. It must accurately reflect data reported under different standards – it does not change them.

What are the benefits to a company from putting its financial statements into XBRL?

8. XBrl increases the usability of financial statement information. The need to re-key financial data for analytical and other purposes can be eliminated. By presenting its statements in XBrl, a company can benefit investors and other stakeholders and enhance its profile. It will also meet the requirements of regulators, lenders and others consumers of financial information, who are increasingly demanding reporting in XBrl. This will improve business relations and lead to a range of benefits.

With full adoption of XBrl, companies can automate data collection. For example, data from different company divisions with different accounting systems can be assembled quickly, cheaply and efficiently. once data is gathered in XBrl, different types of reports using varying subsets of the data can be produced with minimum effort. a company finance division, for example, could quickly and reliably generate internal management reports, financial statements for publication, tax and other regulatory filings, as well as credit reports for lenders. not only can data handling be automated, removing time-consuming, error-prone processes, but the data can be checked by software for accuracy.

How does XBRL work?

9. XBrl makes the data readable, with the help of two documents – Taxonomy and instance document. Taxonomy defines the elements and their relationships based on the regulatory requirements. using the taxonomy prescribed by the regulators, companies need to map their reports, and generate a valid XBrl instance document. The process of mapping means

CIRCULAR/PRESS NOTE

Company Law : Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode

GENERAL CIRCULAR NO. 09/2011, DATED 31-3-2011

1. It has been decided by the Ministry of Corporate affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBrl taxonomy. The Financial Statements required to be filed in XBrl format would be based upon the Taxonomy on XBrl developed for the existing Schedule VI, as per the existing, (non-converged) accounting Standards notified under the Companies (accounting Standards) rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.qov.in shortly. The Frequently asked Questions (FaQs) about XBrl have been framed by the Ministry and they are being annexed as annexure I with this circular for the information and easy understanding of the stakeholders.

Coverage in Phase I

2. The following class of companies have to file the Financial Statements in XBrl Form only from the year 2010-11 :–

(i) all companies listed in India and their subsidiaries, including overseas subsidiaries;

(ii) all companies having a paid-up capital of ` 5 crore and above or a Turnover of ` 100 crore or above .

Additional Fee Exemption

3. all companies falling in phase-I are permitted to file up to 30-9-2011 without any additional filing fee.

Training requirement

4. Stakeholders desirous to have training on the XBrl or on taxonomy related issues, may contact the persons as mentioned in annexure II.

Annexure I

Frequently Asked QuestionsWhat is XBRL?

1. XBrl is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBrl stands for eXtensible Business reporting language. It is already being put to practical use in a number of countries and implementations of XBrl are growing rapidly around the world.

Who developed XBRL?

2. XBrl is an open, royalty-free software specification developed through a process of collaboration between accountants and technologists from all over the world. Together, they formed XBrl International which is now made up of over 650 members, which includes global companies, accounting, technology, Government and financial services bodies. XBrl is and will remain an open specification based on XMl that is being incorporated into many accounting and analytical software tools and applications.

What are the advantages of XBRL?

3. XBrl offers major benefits at all stages of business reporting and analysis. The benefits are seen in automation, cost saving, faster, more reliable and more accurate handling of data, improved analysis and in better quality of


CORPORATE LAW UPDATESmatching the concepts as reported by the company to the corresponding element in the taxonomy. In addition to assigning XBrl tag from taxonomy, information like unit of measurement, period of data, scale of reporting, etc., needs to be included in the instance document.

How do companies create statements in XBRL?

10. There are a number of ways to create financial statements in XBrl:• XBRL-awareaccountingsoftwareproductsarebecomingavailablewhich

will support the export of data in XBrl form. These tools allow users to map charts of accounts and other structures to XBrl tags.

• Statements can bemapped into XBRL using XBRL software toolsdesigned for this purpose.

• Data fromaccountingdatabasescanbeextracted inXBRL format. It isnot strictly necessary for an accounting software vendor to use XBrl; third party products can achieve the transformation of the data to XBrl.

• Applications can transform data in particular formats into XBRL.The route which an individual company may take will depend on its requirements and the accounting software and systems it currently uses, among other factors.

Is India a member of XBRL International?

11. India is now an established jurisdiction of XBrl International. a separate company, under section 25 has been created, to manage the operations of XBrl India. The main objectives of XBrl India are• TocreateawarenessaboutXBRL in India• Todevelopandmaintain IndianTaxonomies• Tohelpcompanies,adoptand implementXBRL.For more information, visit www.xbrl.org/in

Which taxonomies developed for Indian reporting requirements? Where can I find the taxonomies?

12. Taxonomies for Indian companies are developed based on the requirements of• ScheduleVIofCompaniesAct,• AccountingStandards, issuedby ICAI• SEBIListing requirements.

Taxonomies for manufacturing and service sector (referred as Commercial and Industrial, or C&I) and Banking sector, is acknowledged by XBrl International. These taxonomies are available at http://www.xbrl.org/in/

Where can I find more information about XBRL?

13. please visit www.xbrl.org. also Ministry of Corporate affairs would be shortly developing its webpage on XBrl with list of contact persons for training purposes.

What are XBRL Documents?

14. an XBrl document comprises the taxonomy and the instance document. Taxonomy contains description and classification of business & financial terms, while the instance document is made up of the actual facts and figures. Taxonomy and Instance document together make up the XBrl documents.

What is Taxonomy?15. Taxonomy can be referred as an electronic dictionary of the reporting

concepts. Taxonomy consists of all the data definitions, the basic XBrl properties and the interrelationships amongst the concepts. It includes terms such as net income, EpS, cash, etc. Each term has specific attributes that help define it, including label and definition and potentially references. Taxonomies may represent hundreds or even thousands of individual business reporting concepts, mathematical and definitional relationships

among them, along with text labels in multiple languages, references to authoritative literature, and information about how to display each concept to a user.

What is meant by extending taxonomy?

16. Taxonomy is extended to accommodate items/relationship specific to the owner of the information. Taxonomy extension therefore can be

(a) Modification in the existing relationships

(b) addition of new elements in the taxonomy

(c) Combination both a & b.

Are Taxonomies based on any standards?

17. Yes, taxonomies are based on the regulatory requirements and standards which are to be followed by the companies. accordingly, depending on the requirements of every country, there can be country-specific taxonomies.

What is an Instance document?

18. an XBrl instance document is a business report in an electronic format created according to the rules of XBrl. It contains facts that are defined by the elements in the taxonomy it refers to, together with their values and an explanation of the context in which they are placed. XBrl Instances contain the reported data with their values and “contexts”. Instance document must be linked to at least one taxonomy, which defines the contexts, labels or references.

Thus, in order to concluded the usage and explain the XBrl technology which leads to more information exchanges that can be effectively automated by use. This one standard approach leads to the best interest of the company or more so for the international business interests globally that warrant the accuracy of all the financial data for the end users and early collaborative decisions by the companies or those whose interest is involved for acquisition/rights, etc.

Annexure II

(i) Smt. nirupama Kotru, director Ministry of Corporate affairs 5th Floor, ‘a’ Wing, Shastri Bhavan, dr. r.p. road, new delhi Contact no. 011-2338 4470 E-mail: [email protected]

(ii) dr. avinash Chandra, Technical director The Institute of Chartered accountants of India, ‘ICaI Bhawan’, post Box no. 7100, Indraprastha Marg, new delhi-110 002. Contact no. 011-3011456, 3011 0427 E-mail: [email protected]

(iii) Shri pankaj Srivastava, Joint director Ministry of Corporate affairs

5th Floor, ‘a’ Wing, Shastri Bhavan, dr. r.p. road, new delhi Contact no. 011-2338 4657 E-mail : [email protected], [email protected]

(iv) dr. Surinder pal, Secretary, Committee on Members in Industry (CMII), The Institute of Chartered accountants of India,‘ICaI Bhawan’, Indraprastha Marg, new delhi-110 002. Contact no. 011-3011 0450

(v) Mr. n.K. Bansal, Secretary, Continuing professional Education (CpE), The Institute of Chartered accountants of India, ‘ICaI Bhawan’, Indraprastha Marg, new delhi-110 002. Contact no. 0120-3045957

New DIN Form Introduced

new Forms dIn 1 and dIn 4 (refer notification dated 26-3-2011) and new version of Form 61 (refer notification dated 26-3-2011) and Form 21a will be available on the portal, effective 27th March, 2011 (6.00 a. M). all Stake holders are requested to use new version w.e.f. 27th March, 2011 (6.00 a. M.) as the current version of this form will be discontinued



CA. Haresh P. Kenia

• INCOME-TAX (FIRSTAMENDMENT) RULES, 2011 - AMENDMENT IN RULES 6DDA, 6DDB AND APPENDIX-II

The CBdT vide its notification no. 14/2011 [F. no. 142/25/2008-So(Tpl)], dated 9-3-2011 has amended rules 6dda, 6ddB and appendix–II w.e.f. 1-4-2011. as per the said amendment, the stock exchange shall ensure that transactions (in respect of cash and derivative market) once registered in the system are not erased. The stock exchange shall also ensure that the transactions (in respect of cash and derivative market) once registered in the system are modified only in cases of genuine error and maintain data regarding all transactions (in respect of cash and derivative market) registered in the system which have been modified and submit a monthly statement in Form no. 3BB to the director General of Income-tax (Intelligence), new delhi within fifteen days from the last day of each month to which such statement relates. Form 3BB has also been notified in appendix II.

• SECTION43(5),CLAUSE (II)OFEXPLANATION TO CLAUSE (D) OF PROVISO OF THE INCOME- TAX ACT, 1961 – SPECULATIVE TRANSACTION – RECOGNIZED STOCK EXCHANGE – NOTIFIED RECOGNIZED STOCK EXCHANGE

noTIFICaTIon no. 12/2011 [F.no. 142/20/2010-So (Tpl)], daTEd 25-2-2011

In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to clause (5) of section 43 of the Income-tax act, 1961 read with rule 6ddB of the Income-tax rules, 1962, the Central Government has notified the united Stock Exchange of India limited as a recognized stock exchange for the purpose of the said clause with effect from the date of publication of this notification in the official Gazette.

• STREAMLININGPROCEDUREFORSCRUTINY OF INCOME-TAX RETURNS

prESS rElEaSE [no. 402/92/2006-MC (07 oF 2011)], daTEd 14-3-2011

Central Board of direct Taxes has reviewed its scrutiny selection procedure. In order to redress the grievance, it has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITr-1 and ITr-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information. Senior citizens for this purpose would be individual taxpayers who are 60 years of age or more. Small taxpayers would be individual and HuF taxpayers whose gross total income, before availing deductions under Chapter VI-a, does not exceed ` ten lakh.

DIRECT TAx - LAW UPDATES

ROC COLUMNMCa-21 is undergoing paradigm shift in Service delivery

to Stakeholders. Many of you would have already noticed such changes through news release appearing in the MCa Website. There is a gradual shift in the responsibilities laid upon the professionals. The Ministry aims at improvement in Service delivery by expediting the process of approvals based upon Certification of professionals. The following changes have already been implemented.

dIn process has been re-engineered to make it online. Wherever dIn application is certified by the professionals, the dIn approvals will be obtained instantly thereby improving the service. If the dIn application is not certified by the professionals, the normal procedure will be followed which may result in delay. In this process the time taken for clearance of dIn application is expected to be less than two days. It is interesting to note that the Certification can also be done by Company Secretary in whole-time employment in respect of dIn applications made by his Company directors.

The professionals are aware of the STp process used in MCa-21. The underlying objective of this process is to expedite approval of e-forms, wherever the same was certified by professionals. The ultimate objective of STp process is to relieve registrar of Companies and their Staff from the routine role of approvals and focus on regulatory functions. By and by the STp process will be expanded and more and more responsibilities will be placed upon the professionals in the area of certification work.

In view of the above changes, professionals are expected to equip themselves thoroughly in the task of certifications of e-forms.

The MCa-21 is entrusting a tremendous task upon the professionals to ensure highest level of compliance in terms of disclosures in e-forms as well as correctness of information furnished therein.

The new Gen MCa-21 focuses more on regulation, which in turn will enhance the role of professionals. The registrar of Companies is expected to focus more on scrutiny of documents and improve Compliance Management which in turn will require enormous support from the professionals. one could have noticed the significant change in categorization of companies. all those companies which have not continuously filed statutory returns for three years are kept in a separate basket titled “dormant Companies”. once a company has been shifted from “active Status” to “dormant Status”, the company will not be able to file any returns. Such companies become active only after filing another e-form–61 by selecting the option “normalizing a dormant Company”. after approval of the e-form-61, the company will become active again and the company will be in a position to file all pending annual returns and Balance Sheets.

The changing scenario in the MCa-21 will tremendously enhance the role of professionals not only in Certification but also in improving compliance by Corporate Sector. The Ministry is reposing confidence upon the professionals in the above-mentioned areas of work, thereby changing the role of registrar of Companies into a regulator instead of mere approval activities. Therefore, professionals are requested to extend best co-operation and support in the above areas of work with the ultimate objective of achieving Good Corporate Governance.

Mr. Henry Richard ROC, Maharashtra,

Mumbai


RRC AT MAHABALESHWARJust Chill in summer at Mahabaleshwar with Tasty Topics

2 nights & 3 days Stay at a Beautiful location in a posh Accommodation &

Enjoy sight scenes & Travell by AC Coach & many more attractions

Venue : Hotel Shanti Villa, Mahabaleshwar.

Days & Dates : Friday, 22-4-2011 to Sunday, 24-4-2011 (Journey will start on Thursday 21st April, 2011 at 9.30 from Bhayandar)

Fees : ` 5,500/- per person & ` 4,500/- per child (from 3 yrs. to 8 yrs.)

Fees include : To & Fro travelling by AC Volvo Bus, 3 days Breakfast & Lunch & 2 Days Dinners, AC accommodation facility, Sight Seeing at Mahabaleshwar & Panchgani by small vehicles, Conference Material & lots of fun.

Enrich your knowledge by listening to eminent faculties on recent topics like Amendments in Service tax & Its Impact, Revised Schedule VI for Companies IFRS & first Time adoption, TDS Compliances & you, etc.

Notes : Accommodations are on double or triple sharing basis subject to availability. Bookings on first come first serve basis only against full payment.

Family members are allowed at the same rate.

Draw your cheques in favour of Vasai Branch of WIRC.

Cancellation is Bookings not allowed.

Co-ordinators : CA Pramod Dhamankar 9987155522 CA Shweta Jain 9920737198 CA Ramanand Gupta 9322231113 CA Lalit Bajaj 9867692321 CA Kishordas Vaishnav 9892194382

Special Seminar on Stress Management & Sicence of Soul Jointly with Bhayandar CPE Study Circle

Venue : ISKCON Temple Auditorium, Shrusti Complex, Opp. Royal College, Nr. Bhakti Vedanta Hospital, Mira Road (E)Day & Date : Sunday, 17th April 2011Fees: : Free Entry to Members of Vasai Branch & their Family membersTime : 9.30 a. m. to 1.00 p. m. followed by MahaprasadamTopic : Stress Management & Scince of SoulSpeaker : Krishnadas PrabhujiCo-ordinators : CA Shweta Jain 9920737198 CA Santosh Sharma 9867256248 CA Nitesh Kothari 9833860870 CA Deepak Bansal 9320981019

CPE: 9 Hrs.

CPE: 3 Hrs.



VASAI BRANCH OF WIRC OF ICAIForthcoming Events of WICASA-Vasai Branch

Seminar/Lecture Meeting for Students till June, 2011Sr.No. Date & Timing Name of the Seminar, Subject (Topics) Speaker Venue Co-ordinators Lecture Meeting, etc.

1 10th april, 2011 lecture on accounting aS-15, 19, 22, Ca annu Vasai Hostel, Vasai (E) Ekant Toshniwal-8080239496 9.30 a.m-5.30 p.m Standards for Finals 30, 31 & 32 agarwal Sunek Bhimrajka-98212426062 16th april, 2011 lecture on I.T. Flow chart & decision Ca Zulesh reliable Classes, Milind Joshi-7666036467 Making table dedhiya Mira road (E) Mona Gaggar-96642086113 17th april, 2011 lecture on Costing Cash Flow, Fund Ca annu IIpS Centre, Kshitij Bldg, Ekant Toshniwal-8080239496 9.30 a.m-5.30 p.m (Fees: ` 100) Flow/Marginal & agarwal above raymonds Sunek Bhimrajka-9821242606 Standard Costing Showroom, Mira-Bhy rd., Mira rd-East4 24th april, 2011 How to prepare for new amendments prof. reliable Classes, Jayant purohit-9821842306 11.30 a.m-1.30 p.m Ca Exams & new Bhambwani & Mira road (E) Gaurav Goel-9321606602 amendments on tax Ca annu for IpCC agarwal 5 End of May, Cricket Match Inter Branch with - Baroda Jayant purohit-9821842306 Baroda 6 5th June, 2011 Carrom, Badminton, Inter Branch - Vasai Hostel, Vasai (w) Savitri Sharma-9860724671 Chess 7 25th & 26th national Students - - Mira-Bhayandar (w) Shweta Jain-9920737198 June, 2011 Conference Savitri Sharma-9860724671 neelam Gupta-9870746491 Sunek Bhimrajka-9821242606 Jayant purohit Gaurav Goel Mona Gaggar, Milind Joshi Ekant Toshniwal8 June 11 Quiz & Elocution Contest - - IIpS centre, Kshitij Bldg, - for Ca Students above raymonds Elocution Contest Mira Bhy rd., Mira rd-East Quiz Competition

STUDENTS’ SECTION

to 05.00 p.M. (IST). Examination timings at Kathmandu Centre will be 02.15 p.M. to 05.15 p.M. nepal local time equivalent to 02.00 p.M. to 05.00 p.M. (IST).

Further to this, please note that there will be no change in the examination schedule in the event of any day of the examination schedule being declared a public Holiday by the Central Government or any State Government.

(Dr. T. Paramasivan)Sr. Deputy Director (Exams)

Change in Examination timings for May 2011 Chartered Accountants Examinations

The Candidates appearing in the next professional Competence Examination (pCE), Integrated professional Competence Examination (IpCE), Final Examinations and Insurance and risk Management Examination of the Institute to be held from 2nd May, 2011 to 16th May, 2011 may kindly note that the Examination Timing has been changed from 09.00 a.M.-12.00 noon to 02.00 p.M.-05.00 p.M. (IST) owing to unavoidable circumstances.

Similarly, Examination timings at abu dhabi and dubai Centres will be 12.30 p.M. to 03.30 p.M. uaE local time equivalent to 02.00 p.M.

a spacious and peaceful environment can now be availed for studies by Ca students at Mahatma Gandhi library, 1st Floor, near poonam Sagar Complex, Mira road (East). The entry is presently free of cost and we request the Ca students to avail this wonderful opportunity.

Timings :Tuesday to Saturday 10.30 a.m to 10.00 pm Sunday 10.30 am to 3.00 p.mMonday Closed. Carry your Institutes Id card for Identification.

STUDYROOMFACILITYFORCASTUDENTS

Forthcoming Events of WICASA - vASAI BRANCH


CA. Unmesh Narvekar Chairman Addressing about the Plans and Projects of Vasai Branch for 2011-12 at Branch Orientation Meeting at WIRC.

Photograph taken during the Women’s Day (Special) on 6th March. 2011. Seen L-R: CA. CA. Lalit Bajaj (Past Chairman-Vasai Branch), CA. CA. Unmesh Narvekar

(Chairman - Vasai Branch), CA Mahesh Gaur (Speaker), CA Shruti Shah (RCM WIRC) CA. Shweta Jain (Vice-Chairperson-Vasai Branch).

Group photo taken during Women’s Day on 6th March, 2011.

Photograph taken during Meeting with Mira- Bhayandar Small Scale Industries Association (MBSSIA)

Group photo taken during Budget Seminar on 5th March, 2011 jointly with Mira-Bhayandar Small Scale Industries Association Seen Members of Vasai Branch and MBSSIA.

Photograph taken during Women’s Day on 6th March, 2011 in which CA. Shruti Shah (RCM WIRC) presenting bouquet and Memento to Dr. Priya Jutshi

The Vasai Branch of WIRC of ICAI was awarded with Highly Commendable Performance Award 2010 in Large Branch Category by by WIRC on 15th March, 2011 by the gracious hands of CA G. Ramaswamy, President, ICAI & CA.Jaydeep Shah Vice-president, ICAI.

Mrs. Trishila shah Advocate - Mumbai

- Criminal

Ms. Juhi Patil Assistant Commissioner of Sales

tax

CA. Blossam D’souza AVP (Axis Bank)

PHOTO GALLERY



Editor : CA Umesh Narvekar Published by Vasai Branch of Western India Regional Council of The Institute of Chartered Accountants of India and printed at Finesse Graphics and Prints Pvt. Ltd., 309, Parvati Ind. Est., Sun Mill Compound, Lower Parel, Mumbai 400 013. Tel. : 40364600 The views and opinions expressed or implied are those of the authors or contribution and do not necessarily reflect those of Vasai Branch. Unsolicited articles and transparencies are sent in at the owner’s risk and the publisher accepts no liability for loss or damage. Material in this publication may not be reproduced, whether in part or in whole, without the consent of Vasai Branch.DISCLAIMER: The Vasai branch is not in any way responsible for the result of any action taken on the basis of the advertisement published in the Newsletter. The members, however, may bear in mind the provision of the Code of Ethics while responding to the advertisements.Undelivered please return to :the institute of chartered Accountants of india, Vasai Branch of WircAddress: office no.115/116 ostwal ornate, Bldg. no. 1A, Jesal Park, Bhayandar (e), thane- 401 105. telephone: 022-2817 8518 / 3245 9348 email: [email protected] / [email protected] Website: www.vasai-icai.org

To

PHOTO GALLERY

CA. Vimal Punmiya (Speaker) at Budget Seminar on 5th

March, 2011.

CA. Nitant Tilokekar (Speaker) on Seminar on Bank Branch Audit

held on 13th March, 2011.

CA. Parag Hangekar (Speaker) on Seminar on Bank Branch Audit

held on 13th March, 2011.

CA. Shri S.N Nivatkar Suptd. Central Exicise and Custom

Shri J.D. Deshpande Retired Deputy Commissioner, NMMC Sales Tax

and Cess

Shri Sudhir Raut Deputy Commissioner of MBMC

CA. - Chairman Unmesh Narvekar addressing the public

meeting on Union Budget

CA. Deepak Shah. President of MBSSIA

Shri. S. Ramachandran DGM of Dena Bank Mumbai City Region

during Bank Branch Audit Seminar on 13th March, 2011.

CA. Niranjan Joshi (Speaker) during Bank Branch Audit

Seminar on 13th March, 2011.

CA. Dhananjay Gokhale (Speaker) during Bank Branch Audit

Seminar on 13th March, 2011.

Photograph of audience taken on the Seminar of Public Meeting on Union Budget held on 5th March, 2011

Group photograph taken during the Seminar on Bank Branch Audit which was held on 13th March, 2011.

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