Vol. 12 No. 8 November 2009 · BCAS Newsletter, November 2009 1 1 CYAN BLACK Vice-President’s Communiqué . . Vol. 12 No. 8 Harnessing Talent and Providing Quality ServiceNovember

BCAS Newsletter, November 2009 1

1 CYAN BLACK

Vice-President’s Communiqué . . ✍

Harnessing Talent and Providing Quality Service November 2009Vol. 12 No. 8

PROGRAMMES

AT

A

GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 61377600; Fax : 61377666 E-mail : [email protected]; Website : www.bcasonline.org

President : Ameet Patel, 98200 54854; Vice-President : Mayur Nayak, 93242 71980; Hon. Secretaries : Deepak Shah, 98201 48536; Nitin Shingala, 98200 57694; Hon. Treasurer : Nandita Parekh, 98200 [email protected] [email protected] [email protected] [email protected] [email protected]

Venue : Rama Watumall AuditoriumK. C. College, 124, Dinshaw Wachha Road,Churchgate, Mumbai-400020

Day, Date & Time : Wednesday, 25th November 2009, 5.15p.m.*

Speaker : N. P. Sarda, Former President of the ICAI andeminent academician

Subject : Global Developments in IFRS(Refer to page 10 for details)

Venue : Walchand Hirachand Hall, IMC,Churchgate, Mumbai-400020.

Day, Date & Time : Wednesday, 2nd December 2009, 6.15p.m.*

Speaker : Vipul Joshi, Advocate

Subject : Penalties under the Income-tax Act— Recent Developments

Day, Date & Time : Wednesday, 16th December 2009, 6.15p.m.*

Speaker : M. PrasannaGroup Executive President & General Counsel,Aditya Birla Group

Subject : Cross Border Mergers & Acquisitions— Legal and Practical Considerations

*Fellowship over a cup of tea at 5.00 p.m.

*Fellowship over a cup of tea at 5.45 p.m.

Yours fraternally

Mayur Nayak

Dear Members,

The news headlines on 4th Nov. 2009 would be a matter of great delight for allpatriotic Indians, for, who could have anticipated fruits of liberalisation would beso sweet ? In less than two decades, India purchased 200 tons of gold from theInternational Monetary Fund (IMF) to which it had to pledge 67 tons of gold ascollateral for securing an emergency loan of US $ 2.2 billion in 1991. Thanks toliberalisation, India purchased this quantum paying a whopping sum of US $ 6.7bn. Traditionally, Indians invest in gold and consequently India is the largest goldimporter/consumer. The purchase of gold at present by RBI may be with the objectof diversifying its investment portfolio, but it sends a strong signal to all thosewho matter that the Indian economy is robust with reserves reckoned at US $285 bn. One can hardly overemphasise the role of RBI in managing Indianeconomy in past two decades, saving it from various shocks, viz. South-East AsianCurrency Crisis, Oil Shocks, Recession. etc., what with FEMA playing a significantrole, notwithstanding irritants in its implementation, one such irritant being the wayoffences are compounded.

BCAS along with CTC made a representation to RBI against the high strungcompounding orders and the consequent difficulties faced by concerned persons.RBI officials during a meeting with representatives of both institutions have assuredof positive steps emerging so as to mitigate the severity.

On 6th Oct. 2009 the ninth batch of Professional Accountants’ Course jointlyorganised by BCAS along with H. R. College was launched eliciting goodresponse. On 10th November 2009, a full day seminar on Procedural Aspectsof Service Tax was held at the BCAS premises. 57 participants attended.

To celebrate completion of four beneficial years of existence of Right to InformationAct (RTI), a programme was organised jointly with Public Concern of GovernanceTrust and other organisations on 12th Oct. 2009. This was ad-dressed by JusticeDhananjay Chandrachud and attended by noted RTI activists. On 20th Oct. 2009a press conference was organised at the Society’s premises jointly with otherinstitutions where Shailesh Gandhi, Chief Information Commissioner (CIC) underRTI briefed about the proposed changes to the RTI Act and their impact. He alsoshared his work experience and challenges that he faced as CIC.

In order to equip our members with the new reporting norms under VAT in Form704, a half day seminar was organised at the Society’s premises on 31st Oct.2009. 86 members attended.

Before I communicate next time, I am sure all of you would have cast your voteat the forthcoming ICAI elections on 4th and 5th December 2009. It is up to allof us to elect right, bright and correct candidates who would enhance the prestigeand add lustre to the image of our profession.

Come ! Let’s us take part in the profession building exercise.

GREEK dictionary meaning of IDIOTMan who did not VOTE — Nana Chudasma

Lecture Meetings

A half-day seminar on Standards of Internal Audit ................................................... 21-11-2009 ..................................................................................... Conference Room at MCHI, Maker Bhavan II, Mumbai-20. ..... 11Workshop on MVAT Act and Allied Laws .................................................................. 21,28-11-2009; 5,19-12-2009; 9,16,23,30-1-2010; 6-2-2010 ... Maharashtra Chamber of Commerce, Oricon House, Mumbai. .. 9In tandem with India Inc. — To brace the implementation of IFRS ..................... 25-11-2009 ..................................................................................... K. C. College, Churchgate, Mumbai, ............................................. 10BCAS Students Forum .................................................................................................... 28-11-2009 ..................................................................................... Gulmohar, BCAS Conference Room ................................................ 2Why you can’t do without this effective communication ........................................... 13,16,20-12-2009 : Members ....................................................... BCAS Conference Room, Mumbai-400020. .................................. 5and public speaking course ........................................................................................... 6,9,12-12-2009 ; StudentsTenth Intensive Study Course on Double Tax Avoidance Agreement ................... 19-12-2009 to 13-3-2010 ............................................................. Jai Hind College, Churchgate, Mumbai. .......................................... 7Seminar on EPC Contracts ............................................................................................ 8-1-2010 .......................................................................................... Hotel Taj President, Mumbai. ........................................................... 9Computer Training Program for Senior Chartered Accountants .............................. 25-1- to 30-1-2010, 1-2- to 6-2-2010, 8,9-2-2010 .................. H.R. College of Commerce, Mumbai and BCAS .......................... 3I.P.C.C. & Final C.A. Students’ Education Crash Courses ......................................... From January 15 to March 31, 2010 .......................................... Sydenham College, ‘B’ Road, Churchgate. ....................................... 4Study Group on International Tax Decisions .............................................................. from January 2010 ........................................................................................................................................................................................ 5Workshop on Practical aspects of five important articles of DTAAs ..................... 26-2-2010 ........................................................................................ Mumbai Cricket Association, Bandra (E), Mumbai. ....................... 7

BCAS Newsletter, November 20092

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The next Charitable Trust Clinic will be held on Friday, 4thDecember 2009, from 5 p.m. to 7 p.m. in the library roomof BCA Society at New Marine Lines.

Chartered Accountants and Trustees interested in having theirqueries solved are requested to call the Society’s office (Mrs.Mistry : 61377620) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised to bringalong relevant papers like trust deeds, audited accounts, etc.

Panel of Advisors :

Ratanshaw Damanwala,

Shariq Contractor,

Gautam Nayak,

Anil Sathe and Atul Shah

Charitable Trust Clinic

Right to Information ClinicBCAS Foundation operates Right to Information (RTI) Clinic on aregular basis. RTI Clinic is operated by Mrs. Hema Sampat, aresearch scholar on the subject of RTI, Mr. A. K. Asher, Advocate& RTI activist and Mr. Narayan Varma, past President, BCAS.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications underthe RTI Act and also assists in resolving any related difficultieson the subject of RTI.

The RTI Clinic operates on every 2nd, 3rd and 4th Saturdayfrom BCAS’s office — 11 a.m. to 1 p.m.

The next RTI Clinic days accordingly are 21st and 28thNovember 2009 and 12th, 19th and 26th December 2009.Please call the Society’s office (Ms. Shernaaz : 61377600) toobtain a prior appointment.

Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and Jayesh Gandhi

The next Accounts & Audit Clinic will be held on Saturday, 5thDecember 2009, from 10.30 a.m. to 11.30 a.m. in the libraryroom of BCA Society at New Marine Lines.

Persons interested in having their queries pertaining toaccounting and auditing issues solved, are requested to sendthe queries by email to [email protected] one week inadvance and call the Society’s office (Mr. Rajaram : 61377613)to obtain prior appointment, at least a day before the day of theClinic. Please note that the Panel will not answer any queriespertaining to tax issues.

We are happy to intimate to you that the telephone systemat the Society is being upgraded to digital technology forfurther betterment of our services and consequently the newtelephone number of the BCAS Office effective October 28,2009 is :

+91 (22) 61377600 (Hunting Line)

Kindly note the above change in your records. The existingtelephone numbers will also remain operational until January31, 2010 so as to cause minimal inconvenience to members.

You may also note direct telephone numbers of keymembers of the BCAS team :

Mr. Cassem Rajabali, General Manager 61377611

Ms. Anagha Walanju, EDP Manager 61377622

Ms. Vandana Randive, Sr. Accounts Manager 61377616

Ms. Aparna Gaikwad, Asst. Knowledge Manager 61377614

Mr. Rajaram Parwade, Asst. Event Manager 61377613

Ms. Madhuri Haware, Library 61377624

Ms. Khorshed Mistry, Secretary to President 61377620

Flash News

BCAS Students ForumMembers are requested to inform their articled students about thefollowing Students Forum Study Circle Meeting :

Day & Date : Saturday November 28, 2009

Time : 3.00 p.m. to 5.00 p.m.

Venue : Gulmohar, BCAS Conference Room

Key Note Speaker : Immediate Past President Anil Sathe

Key Note Address : How to Prepare for CA Examinations

Student Speaker : Ajay Kotwani

Topic : Discussion on AS11 & AS22

Students Forum Study Circle Meeting — A study circle of thestudents, by the students and for the students.

Chairman : Rajesh MuniConvenors : Manish Sampat

Aliasgar KherodawalaMukesh Trivedi


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Computer Training Program forSenior Chartered Accountants

In association with HR College of Commerce

Dear Senior Chartered Accountants,

Do you still depend on your computer operator to perform everydaytasks like working with files in Word and Excel, checking emails,downloading information from the Internet, auditing around accountingsoftware, etc. ? Does the computer phobia still haunt you ?

After the runaway success of the “Computer Training Program forSenior Chartered Accountants”, BCAS now presents 7th batch ofcomputer training program, specially designed for Charteredaccountants of over 55 years in association with HR College ofCommerce, Churchgate, Mumbai.

This program is designed for absolute beginners, who wish to learnbasic computer operations at their own pace. So if you already haveworking knowledge of computers, this programme is not meant for you.

Programme highlights :

Hands-on training : Complete 28 hrs of Hands on training(including 6 hrs by practising CharteredAccountants focusing on CA relevant use ofComputers).

PC forevery participant : One computer per participant

CD with : Along with course material, a CD containingcourse material templates, files, and other readymade material

useful to CAs will be distributed.

Programme details :

1. Course Coverage :

By HR College Faculty at HR College Computer Lab

➠ Computer Fundamentals ... ... ... 2 hrs.➠ Microsoft Windows ... ... ... 2 hrs.➠ Microsoft Word ... ... ... 6 hrs.➠ Microsoft Excel ... ... ... 8 hrs.➠ Internet/E-mail ... ... ... 3 hrs.➠ Troubleshooting ... ... ... 1 hr.

Total hrs. by HR College Faculty : ... 22 hrs.

By BCAS Faculty

➠ Microsoft Word (at BCAS)... ... ... 2 hrs.➠ Microsoft Excel (at BCAS)... ... ... 2 hrs.➠ Tally (at HR College Computer Lab) 2 hrs.

Total hrs. at BCAS Faculty: 6 hrs.

2. Venue : H.R. College of Commerce, Churchgate, Mumbai andBCAS

3. Time : 6 p.m. to 8 p.m.(Except on Saturday — 2 p.m. to 6.15 p.m.)

4. Day and Dates :

25th January to 30th January 2010 (Monday to Saturday)01st February to 6th February 2010 (Monday to Saturday)8th and 9th February, 2010 (Monday and Tuesday)

5. Program fees :

Program Fee Rs. 3,480

Contribution towards BCAS Foundation Rs. 20

Total Fees : Rs. 3,500

Note : Admission restricted to first 35 participants only, so register instantlyto avoid disappointment

Enrolment form is printed on page 12.

Course Co-ordinators : Giriraj Soni, Kamlesh Doshi

We have immense pleasure in announcing the launch of aPayment Gateway for our members to use.

For the present, the services being offered are limited tomembership, journal subscription and imprest account for existingmembers as well as new members. Soon, the facility would beextended to event enrolment also.

Now you do not have to take time from your busy schedule tovisit BCAS to make a payment. Log on to our websitewww.bcasonline.org, enter your details and at one click you aredone with it.

You need to login with your website Login Id and Passwordand click on the online payment icon on the home page toaccess the online payment facility.

If you encounter any difficulty in online payment, please contactMs. Anagha at BCAS on 61377622 or mail to [email protected]

Flash News

Direct Tax Laws

Monday, 30-11-2009, 6.15 p.m. to 8 p.m.

Insertion of S. 56(2)(vii) by the Finance Act2009, effective 1st october 2009

Praful Poladia, Chartered Accountant

Mayur Kisnadwala, Manesh Gandhi,Chetan Shah

* Restricted to members of that particular Study Circle only.

Forthcoming Study Circle MeetingsVenue : BCAS Conference Hall, BCAS

Study Circle/Group

Day, Date & Time

Subject

Speaker

Convenors

Chairman : Govind GoyalConvenors : Nikunj Shah

Manish Unadkat


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ADVT. 320

Bombay Chartered Accountants’ Society7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020.

Phone : 61377600 Fax : 61377666 E-mail : [email protected] Website : www.bcasonline.org

Human Resources CommitteeChairman : Rajesh Muni Convenors : Mukesh Trivedi, Aliasgar Kherodawala, Manish Sampat

“We had joined the Revision Course, which has proved very much helpful to us. We cleared both groups in First Attempt.”— Janhavi Thatte & Komal Jain

I.P.C.C. & FINAL C.A. STUDENTS’ EDUCATION CRASH COURSES(Jointly with Western India Regional Council of the Institute of Chartered Accountants of India)

For May & November 2010 Examinations1. Courses for :

C.A. I.P.C.C. C.A. Final— Accounting/Advanced Accounting — Financial Reporting— Business & Company Laws — Strategic Financial Management— Cost Accounting & F.M. — Advanced Auditing— Taxation — Corporates & Allied Laws— Auditing & Assurance — Advanced Management Accountancy— Information Technology & Strategic Management — Information Systems Control and Audit

— Direct Taxes— Indirect Taxes

2. Course Co-ordinators : CA Chandrakant Ruparelia, CA B. C. Jain.

3. Fees : Rs.1500 per student for I.P.C.C. or Final (Total, and not per subject, including cost of study materials)

4. Timings & Venue : 6.15 p.m. to 8.30 p.m. on weekdays (Monday to Friday) at Sydenham College, ‘B’ Road, Churchgate.

5. Duration : From January 15 to March 31, 2010

6. Enrolment from : November 2, 2009

7. Faculty : Eminent personalities possessing rich experience in their respective fields.

For further information, kindly contact Ms. Shernaaz/Mr. Rajaram on Phone 61377600 and 61377613 respectively during office hoursat Bombay Chartered Accountants’ Society. For enrolment kindly download the form from BCAS website.

Contributed byGaurang Gandhi

The Reserve Bank of India has issued the following 5 circulars duringthe period under report.

A.P. (DIR Series) Circular No. 10, dated October 5, 2009

Foreign Exchange Management Act, 1999 — Advance Remittancefor import of Services

Presently, the limit for advance remittance for all permissible currentaccount transactions for import of services without obtaining a BankGuarantee from the foreign supplier is US $ 500,000 or its equivalent.

This circular clarifies that the said limit of US$ 500,000 or itsequivalent is not applicable to Public Sector Companies/Undertakingsand Central/State Government Departments. And the limit for themcontinues to be US $ 100,000 or its equivalent. For advanceremittance in excess of US $ 100,000 or its equivalent priorpermission is required to be obtained from the Ministry of Finance,Government of India.


Issue of Bank Guarantee on behalf of service importers

Presently, an importer of services is permitted to issue a BankGuarantee up to US $ 100,000 or its equivalent in favour of theforeign supplier of services, subject to certain terms and conditions.

This circular has increased the limit for issuing Bank Guarantee infavour of the foreign supplier of services from US $ 100,000 to US$ 500,000 for all importers (other than Public Sector Companies/Undertakings and Central/State Government Departments), providedthe transaction is a bonafide transaction and the Bank Guarantee isissued to secure a direct contractual liability arising out of a contractbetween a resident and a non-resident. The importer is required tosubmit in the normal course, to the Bank issuing the Bank Guarantee,documentary evidence for import of services.

In the case of Public Sector Companies/Undertakings and Central/State Government Departments the limit will continue to be US $100,000. For issue of Bank Guarantee in excess of US $ 100,000or its equivalent, prior permission is required to be obtained from theMinistry of Finance, Government of India.

(Continued on page 5)


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Course Co-ordinators : Kirit Dedhia, Rajesh Shah and Ganesh Rajgopalan

Study Group onInternational Tax Decisions

The current incessant and often conflicting and divergent flow of judicialdecisions in the arena of International Taxation have unsettled many ofour understandings, making it imperative for us to keep constant trackof the developments in the field. With this objective in mind, it is proposedto set up a ‘Study Group on International Tax Decisions’ to be led byexperts in the field of international taxation to have threadbaredeliberations on the decisions by various Tribunals, Authority for AdvanceRulings (AARs) and Courts (including some important decisions byforeign courts) in the arena of international taxation.

The Study Group is a joint initiative with the Chamber of Tax Consultants.

Membership contribution for the group will be Rs.1,750 for the Calendaryear 2010.

The Study Group will start functioning from January 2010. It is proposedto hold about 8 to 10 meetings in a year.

This Study Group will be ideal for Chartered Accountants practising orspecialising in the filed of International taxation and/or in industry havingto deal with non-residents on regular basis.

Membership of the Study Group will be restricted to total of 150 membersenrolled by both the organisations on ‘First Come First Enroll’ basis.


Why you can’t do without thiseffective communication and

public speaking coursePeople in organisations typically spend over 75% of their time in aninterpersonal situation; thus it is no surprise to find that at the rootof a large number of organisational problems is poor communication.Effective communication is an essential component of organisationalsuccess whether it is at the interpersonal, intergroup, intragroup,organisational, or external levels.

Regardless of who you are and what type of job you currently haveor plan to have, there’s a good chance that one day you will berequired to make a speech in public.

It may be a presentation for your colleagues. It may be a toast atyour best friend’s wedding. It may be a statement at a communitymeeting. Whatever the purpose, you need to be prepared for that day.

Of course, even if you’re never called upon to vocalise your ownideas in front of others, learning how to effectively speak in publicwill increase your confidence, make you more comfortable with otherpeople, and fine tune your communication skills. Being an effectivepublic speaker gives you the tools to make a difference in yourbusiness, in your community, even in the world.

Public speaking is a skill that everyone needs to learn and not allare born as good communicators. The Human Resources Committeeof the Bombay Chartered Accountants’ Society has organised aworkshop for its members and under the auspices of Amita MemorialTrust for the students on Public Speaking and EffectiveCommunication. In this workshop we will cover the basic process ofcommunication and then we will cover some of the most difficultcommunication issues students and members face while interactingwith other people. This workshop would provide constructive andeffective feedback along with personal performance appraisal.

The details of the workshop are as follows :

Members Students

Day & Sunday 13th, Sunday 6th,Date Wednesday 16th & Wednesday 9th &

Sunday 20-12-2009 Saturday 12-12-2009.

Time 9.00 a.m. to 5.30 p.m. (Time is indicative and may beextended on some days)

Venue BCAS Conference Room, 7 Jolly Bhavan no. 2,New Marine Lines, Mumbai-400020.

Faculties Murli Mehta, Nikhil Desai and Vivek Patki

Fees Rs.1020 for StudentsRs.1420 for Members

Enrolment is restricted to 30 in both batches on first-come-first-servedbasis. Enrolment form is printed on page 12.

(including Rs.20 for BCASFoundation)


Exim Bank’s Line of Credit USD 20 million to the State of Eritrea

The Exim Bank has made available, subject to certain terms andconditions, a line of credit of US $ 20 million to State of Eritrea forfinancing export of eligible goods and services, machinery andequipment including consultancy services from India for financingmultipurpose agricultural projects not exceeding US $ 10 million andmultipurpose educational projects not exceeding US $ 10 million, inEritrea. Out of the total credit, goods and services of the values of85% of the contract price shall be supplied by sellers from India, whilethe balance 15% can be used by the sellers for purchase of goodsand services (other than consultancy services) from outside India.

The last date for opening Letters of Credit and Disbursement will be48 months from the scheduled completion date(s) of the contract(s)in case of project exports and August 23, 2015 for supply contracts.

(Continued from page 4)

Chairman : Pinakin DesaiCo-Chairman : Rajesh KothariConvenors : Dhishat Mehta

Sushil LakhaniSonalee Godbole

Chairman : Rajesh MuniConvenors : Manish Sampat

Aliasgar KherodawalaMukesh Trivedi


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Course coordinators : Chetan Shah and Naresh Ajwani

Workshop onPractical aspects of five important

articles of DTAAsThe purpose of this workshop is to deal at an advanced level withthe practical aspects of the five most important Articles of DTAAs.This workshop would be useful for professionals practicing in the fieldof International Taxation as also to tax professionals in Industry.

Day & Date : Friday, 26th February, 2010

Time : 9.00 a.m. to 6.00 p.m.

Venue : Mumbai Cricket Association,Bandra Kurla Complex, Bandra (East), Mumbai.

Fees (each) : Rs.1,500 for membersRs.2,000 for non-members (limited seats)(inclusive of course material, tea, coffee & lunchand Rs.20 towards contribution to BCAS Foundation)

Topic Faculty

Articles 5 and 7 i.e. PermanentEstablishments and Business Profits Eminent Faculty

Article 4 i.e. Residence CA Kishor Karia

Article 12 i.e. Royalty, Fees for TechnicalServices and Fees for included Services CA Geeta Jani

Article 15 i.e. Dependent Personal services Eminent Faculty

Article 23 i.e. Foreign Tax Credits Eminent Faculty

Enrolment restricted to 125 participants on first-come-first-served basis.Please enrol early to avoid last minute disappointment.

Enrolment fees are non-refundable.


Course co-ordinators : Gaurang Gandhi, Rajesh Shah, Sunil Chaudhary

Tenth Intensive Study Course onDouble Tax Avoidance Agreement

The 10th batch of the intensive Study Course on ‘Double TaxAvoidance Agreement’ (DTAA) would be held from 19th December2009 to 13th March 2010.

This intensive course would be conducted in classroom style. Therewill be around 28 lectures in all, covering each article of DTAA withspecial emphasis on features like force of attraction, most favourednation and triangular cases and a test thereafter. The UN ModelConvention will form the basis of the course.

Faculty will comprise senior professionals having expertise in the fieldof International Taxation. This may include the following persons,subject to their confirmation :

Anil Doshi, Dhishat Mehta, Dilip Thakkar, Geeta Jani, HarishMotiwalla, Keyur Shah, Kishor Karia, M. P. Lohia, Mayur Nayak,Naresh Ajwani, Paresh P. Shah, Pinakin Desai, Pranav Sayta, RajanVora, Rajiv Shah, Sharad Jain, Sushil Lakhani, T. P. Ostwal, TarunSinghal, Vishal Gada, Vispi Patel and Yogesh Thar.

Dates : 19th December 2009 to 13th March 2010

Time : Tuesdays and Thursdays — 6.00 p.m. to 8.00 p.m.

Saturdays — 3.00 p.m. to 7.00 p.m.

Venue : Jai Hind College, ‘A’ Road, Churchgate, Mumbai.

Fees : Rs.6,000 per participant (including Rs.20 as contribution toBCAS Foundation).

Enrolment is restricted to 60 participants on first-come-first-serve basis.To give benefit of this course to a larger spectrum of members,enrollment would be restricted to a maximum of 7 members from thesame organisation and additional members from that organisationwould be kept on waiting list. They would be enrolled if vacancy isavailable prior to one week before the commencement of the course.

Enrolment fees are non-refundable, non-transferable and as perSociety’s policy, a participant is not permitted to substitute anotherperson.


43rd Residential Refresher Course

A few seats are still available for the RRC on a Non Residential basis for members from Ahmedabad and Gandhinagarand on a Residential basis for members from other parts of the country. Rush your entries to BCAS before we closethe enrolment.

Flash




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Course coordinators: Tarun Singhal and Anil Doshi

Seminar on EPC ContractsIndia has embarked on an ambitious and yet achievable growthtrajectory, more particularly in the Infrastructure sector apart fromvarious other sectors of the economy. This necessitates significantactivities for construction, engineering, consultancy and relatedactivities for various such projects.

The purpose of the seminar is to understand the various aspectsrelating to EPC Contracts such as legal and contracting structures,its documentation, efficient planning, direct and indirect taxation, etc.The recent judicial pronouncements and the undercurrent ofinternational practice, which have a bearing on such contracts will alsobe discussed. It would be our endeavour to allow some interactionat the Seminar.

Day & Date : Friday, 8th January 2010

Time : 9.00 a.m. to 6.00 p.m.

Venue : Hotel Taj President, Mumbai.

Fees (each) : Rs.2,500 for membersRs.3,000 for non-members (limited seats)(inclusive of course material, morning breakfast, tea,coffee & lunch and Rs.20 towards contribution toBCAS Foundation)

Topic Faculty

Introduction and legal aspects Eminent faculty

Direct tax aspects (domestic and international) CA Rahul Garg

Indirect tax aspects — (VAT/CST/Workscontract tax/ Service tax) Eminent faculty

Practical experience from commercial andlegal perspective Eminent faculty

Enrolment restricted to 125 participants on first-come-first-served basis.Please enrol early to avoid last minute disappointment.

Enrolment fees are non-refundable.


Organised by BCAS jointly with AIFTP, CTC & STPAM.

Timing 2.30 p.m. to 5.30 p.m.

Venue Maharashtra Chamber of Commerce, 6th floor,Oricon House, 12, K. Dubash Marg, Fort, Mumbai.

Delegate Members Rs.1750, Non-Members Rs.2500fees

Date Subject Speaker

21-11-2009 Inauguration & Intricate Issues under C. B. ThakarNew Form 704 (VAT Audit Report) CA

28-11-2009 Filing of Returns (includingE-filing & payment of taxes,Assessment Procedures, Sujata RangnekarInterest, Penalties & Prosecutions CA

5-12-2009 Power of Review, Rectification,DDQ, Cross Checks, Survey, Nikita BadhekaBusiness Audit/Refund Audit Advocate &conducted by Department. Notary

19-12-2009 Input Tax Credit & Refunds (Set-off) Kiran Garkar, CA

9-1-2010 Intricate Issues under WorksContracts/Lease Tax &Provisions of Composition Deepak Bapat,Schemes under MVAT Act. Advocate

Service Tax

16-1-2010 Service Tax Overview, PreliminaryLegal Provisions & ImportantDefinitions — S. 64, S. 65, S. 66,General Exemptions, Classifications Vikram Mehta— S. 65A, Abatements. CA

*23-1-2010 Procedures, Registration, Payment,Returns, Refund, Applicability ofExcise Provisions to Service Ashit ShahTax, Interest & Penalty. CA

30-1-2010 Construction Service includingWorks Contract Services,Erection & CommissioningServices & Import & Export ofServices, CENVAT Credit & Rajiv Luthia,Import & Export of Services CA

6-2-2010 Business Auxiliary Services,Management or BusinessConsultant Services, Business Shailesh Sheth,Support Services Advocate

Workshop on MVAT Act and Allied Laws

* Kindly Note — on 23-1-2010, the venue would be M. C. Ghia Hall, Fort,Mumbai-400001. Timing would be the same for all days.




Look up and not down. Look forward and not back.Look out and not in, and lend a hand.

— Edward Everett Hale

Chairman : Pranay MarfatiaConvenors : Toral Mathuria

Suhas Paranjpe


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Chairman : Himanshu KishnadwalaConvenors : Abhay Mehta

Himanshu VasaRaman Jokhakar

December 2009 —BCAS IFRS month

In tandem with India Inc.To brace the implementation of IFRS

Stop for a moment and imagine the next 2 years ! They bring waveof unprecedented material changes — new GST regime, newCompanies Act, new Direct taxes Code, transition to IFRS, and more !This is the most exciting time — a time of opportunity and excitement.

Come 2011 and India will be amongst the 150 odd countries to adoptthe International Financial Reporting Standards (IFRS). The languageof accounting reporting will undergo a significant change. The questionis — Are we ready to be amongst the ranks of European Union,Australia and Singapore. Do we have the time, skills andresources to brace the inevitable change ? Where do we stand ?How long can we wait to learn the inevitable ?

Falling in line with the IFRS will require effort — first designingthen disseminating and eventually learning a fresh curriculum, whichhas impeccable academic inputs. However, the countdown clockshows about 500 days before the first IFRS accounts to be publishedby thousands of entities and only about 150 days before comparativeshave to start getting compiled.

At BCAS, we have realised the importance of the journey ofconformity with IFRS. At BCAS we believe that the professionals willhave to cultivate an edge and be the catalysts at this opportune time.Therefore, we thought of dedicating a month to IFRS for focussedstudy, learning and meeting the challenge head on.

December 2009 will be the BCAS IFRS MONTH, a month of exclusiveevents to impart practical education on IFRS, to bring a professionalup to speed with nuances of IFRS and offer enabling trainings.

What is in STORE ?

(1) The inauguration— A Lecture Meeting on Wednesday, 25-11-2009 at 5.15 p.m.at Rama Watumall Auditorium, K. C. College, 124, DinshawWachcha Road, Churchgate, Mumbai, by Shri N. P. Sarda,Former President of the ICAI and eminent academician.

(2) Study Circles Series

(3) Residential Study Course

The IFRS Residential Study Course (RSC) is a joint program withIndian Merchants’ Chamber and forms part of the IFRS monthinitiative.

The RSC will have a mix of papers for discussion and presentation. Thediscussion papers will be Case Study-based whereby the participantswould be required to undertake a hands-on IFRS conversion process.

Days & : Thursday 17th to Saturday 19th December, 2009Dates

Venue : Rambhau Mhalgi Prabodhini, Keshav Srushti, UttanVillage, Esselworld Road, Bhayander (W), Thane-401106.

Topics : First time conversion for a Manufacturing Companyand — Sudhir Soni, CA

Business Combinations — Ram Iyer, Koosai Lehery, CAs

Use of Fair Value in IFRS — Kumar Dasgupta, CA

XBRL — S. Swaminathan

Member (BCAS/IMC) Double occupancy basis Rs. 7500

Triple occupancy basis Rs. 6750

Non Member Double occupancy basis Rs. 9900


Note : In view of the limited seats, the participants may be requested to attendon triple occupancy basis if all persons cannot be accommodated ondouble occupancy basis.

Fees include :

(a) Material (papers plus background material on a CD)

(b) 2 breakfasts — 3 lunches — 2 dinner packages and tea-coffeebetween sessions.

Transport :

The venue is approx. 2 hours drive from Dadar. Transport arrangementswill be made by BCAS in case at least 25 persons opt for the same atRs.450 per person. Please indicate the same in the form.

Thursday, 3-12-2009, 6.00 p.m.

Issues in Property, Plant & Equipment (PPE)

Anand Bathiya, Chartered Accountant

Day, Date & Time

Subject

Speaker

Thursday, 10-12-2009, 6.00 p.m.

Significant Measurement and RecognitionConsiderations in IFRS (with emphasis onRevenue Recognition)

Sekkizhar, Balasubramanian,Chartered Accountant

Day, Date & Time

Subject

Speaker

Tuesday, 29-12-2009, 6.00 p.m.

Key challenges faced in implementing IFRS

Chirag Doshi, Chartered Accountant

Day, Date & Time

Subject

Speaker

Please note that the venue for all the study circle meetings would be atGulmohar, BCAS Conference Room.

Faculty


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(4) Public debate — ‘Is India ready for IFRS ?’

On December 23rd 2009, with a panel of regulators, industryrepresentatives and professionals.

(5) BCAS Journal — Special issue December 2009 with Articleson IFRS by distinguished experts.

ENROLMENT FORMIFRS Residential Study Course 2009

December 17th to 19th 2009

Name : .......................................................................................................................

BCAS Membership No. : .........................................................................................

Address : ...................................................................................................................

...................................................................................................................................

Age : ................... Tel. (O) : ................................. Tel. (R) : ..................................

Mobile : ............................................ Email : ............................................

Member (BCAS/IMC) Double occupancy basis Rs. 7500


Travel Rs. 450

Non Member Double occupancy basis Rs. 9900


Travel Rs. 450

Room Partner (1) .....................................................................................................

(2) .....................................................................................................

Group Leader .....................................................................................................

The decision of the committee will be final in case of allotment of room& room partners.

Enrolment forms will be accepted at BCAS office from 16th November2009 from 10.00 a.m. to 5.30 p.m. 75 members will be enrolled on first-come-first-served basis.

Kindly note that no refund will be given in case of cancellation for anyreason and no substitute will be allowed, once the enrolment form issubmitted.

Enclosed Cheque No. ............................ drawn on ....................................... Bank

Dated ..................... for Rs. ........... (Rupees ...................................................... )

Note : Outstation Members to pay only by DD/PO/At par cheque payable atMumbai, drawn in favour of “Bombay Chartered Accountants’ Society”.

Signature of Member

Let’s start at the very beginning . . . .

A half-day seminar onStandards of Internal Audit

Internal auditing has become a core practice area for CharteredAccountants. Our Institute (ICAI) has taken leadership in the area ofInternal Auditing by formulating a series of Standards on InternalAudit, generally referred to as SIAs.

In this seminar, two experienced internal auditors will take us throughthe SIAs and also provide guidance on how to implement thesestandards in our internal audit practice. Understanding and complyingwith the standards at an early stage, even if the standards have notbeen made mandatory, will provide a definite lead to the internalauditor and will help him/her bring about improved quality, greaterefficiency and consistency in the conduct of internal audits.

Who should attend ? : Chartered accountants and students who areengaged in internal auditing and wish to improve the quality of theirinternal audit practice through understanding and implementing SIAs.

Day & Date : Saturday, 21st November 2009

Time : 9.30 a.m. to 1.00 p.m.

Venue : Conference Room at MCHI, Maker Bhavan II,4th floor, 18, V. Thackersey Marg,New Marine Lines, Mumbai-400020.

Faculty : Nandita Parekh, Chartered Accountant andAshutosh Pednekar, Chartered Accountant

Fees : Rs.520 (including course material, brunch &contribution of Rs.20 to BCAS Foundation) formembers and students sponsored by members only.


Chairman : Himanshu KishnadwalaConvenors : Abhay Mehta

Himanshu VasaRaman Jokhakar

If you want the rainbow,

you must accept the rain !

If you want the rose,

you must accept the thorns.

If you want to achieve success,

you must fix a goal and

everyday, take at least one step in the right direction.


12 CYAN BLACK

Combined Enrolment Form

Please fill in the above form appropriately and send the same to the Society’s office along with the requisite payment.

Please mention your name and membership number on the reverse side of the local cheque/at par cheque/Demand Draft.

Kindly note that the cash counter timings are from 10.30 a.m. to 5.30 p.m. on Monday to Friday and 10.30 a.m. to 1 p.m. on Saturday. The lunchtime is 1 p.m. to 2 p.m. Members are requested to co-operate in this regard.

Name : ...................................................................................................................................................................................................................................................................

Address : ...............................................................................................................................................................................................................................................................

E-mail : ................................................ Mobile : ........................................................... Tel. : ........................................................ Fax : ........................................................

BCAS Memb. No. : ............................ Tel. (O) : ........................................................ Tel. (R) : ................................................. Fax : ........................................................

Choice of food (wherever applicable) ................ Jain Non-Jain

Cash / Draft / Cheque No. .................................. drawn on ...................................................................................................................................................................... Bank,

dated .................................... for an amount of Rs. ................................................................................ is enclosed.

Date : ............................... (Signature)

wherever applicable

CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE� � � � � � � �

SEMINAR :

Seminar on Standards of Internal Audit 21-11-2009 Rs.520 ..................................................Seminar on EPC Contracts 8-1-2010 Rs.2,500 for member ........................

Rs.3,000 for non-member .................COURSE :Why you can’t do without this effective 13,16,20-12-2009 Rs.1420 for member ..........................communication and public speaking course 6,9,12-12-2009 Rs.1020 for student ...........................Tenth Intensive Study Course on DTAA 19-12-2009 Rs.6,000 ...............................................

Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Vijay Mudran, Mumbai-400031.

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2009-11Licensed to post without prepayment : Licence no. MR/Tech/WPP-158/South/09-11. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

WORKSHOP :

Workshop on Practical aspects of five 26-2-2010 Rs.1,500 for member ....................important articles of DTAAs Rs.2,000 for non-member .............

Workshop on MVAT Act and Allied Laws 21-11-2009 Rs.1750 for member .....................(onwards) Rs.2500 for non-member ..............

Study Group on International Tax Decisions from Jan. 2010 Rs.1,750 ..........................................

Computer Training Program for Senior CAs from 25-1-2010 Rs.3,500 ..........................................

Documents

Vol. 12 No. 8 November 2009 · BCAS Newsletter, November 2009 1 1 CYAN BLACK Vice-President’s Communiqué . . Vol. 12 No. 8 Harnessing Talent and Providing Quality ServiceNovember