2014.pdf · ca. kishor vaishnav, chairman ca. umesh mestry, 9lfh &kdlupdq ca. preksha jain,...
TRANSCRIPT
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OUR - TEAM
CA. K. Raghu President
CA. Anil Bhandari Chairman
CA. Julfesh Shah Vice-Chairman
Secretary
CA. Girish Kulkarni Treasurer
CA. Kishor Vaishnav Chairman
CA. Umesh Mestry Vice-Chairman
CA. Ramanand Gupta Immediate Past Chairman
CA. Preksha Jain Secretary & Treasurer
CA. Dayaram Paliwal Past Chairman
CA. Kanhaiyalal B. Kothari Committee Member
CA. Sumeet Doshi Committee Member
CA. Vimal Agarwal Committee Member
CA. Manoj Fadnis Vice-President
The Institute of Chartered Accountants of India Vasai Branch of WIRC NewsletterFeb March 2014
“In every phenomenon the beginning remains always the most notable moment.”
-Thomas Carlyle
Esteemed Members,
of WIRC.
TEAM is the greatest power
TEAM stands for Together Everyone A More. I shall give all
-Mattie Stepanek
CA. K. Raghu CA. Manoj Fadnis,
promising year ahead.
CA. Anil Bhandari as Chairman, CA. Julfesh Shah as Vice-Chairman, CA. Shruti Shah as Secretary, CA. Girish Kulkarni as Treasurer and CA. Satyanarayan Mundada as Chairman of WICASA, from
ahead.
the leadership of CA Ramanand Gupta
Highly Commendable Performance” Large
Category from WIRC for the year 2013
& Shield for Best Branch of Students Association” Large Branch Category - WICASA, given by ICAI for the year 2013.
CA Preksha Jain,
Association” under Large Branch Category WICASA, given by ICAI for the year 2013.
We have big targets and objectives to achieve
“Women Vision 2025”
“Bank Branch Audit”
TEAM as they also say in Hindi ‘Main Nahi, Hum..’
The will to win, the desire to succeed, the urge to reach your full potential... these are the keys that will unlock the door to personal excellence.
- Confucius
With Warm Regards
CA Kishor Vaishnav
CHAIRMAN’S COMMUNICATION
3The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter
MANAGING COMMITTEE
CA. Kishor Vaishnav, Chairman CA. Umesh Mestry, CA. Preksha Jain,CA. Dayaram Paliwal,
EDITORIAL BOARDEditor : CA. Kishor Vaishnav Joint Editor : CA. Vimal Agarwal
CA. Unmesh Narvekar, CA. Haresh Mehta,
CA. Ramanand Gupta,CA. Kanhaiyala B. Kothari, Committee MemberCA. Vimal Agarwal, Committee MemberCA. Sumeet Doshi, Committee Member
Feb March 2014
The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter4 Feb March 2014
VISION
VISION 2014-2015
- Helen Keller
Major Highlights of Vision 2014-2015
To maintain the trend of the highest performanceand WIRC level.
Proper Co-ordination and Smooth functioning
Adherence to ethical standards & transparency
Innovative Quality Programs
socio-economic issues
Income tax, Sales tax, Service tax, Excise, LBT at local level.
Small and Medium practitioners
CA Brand Building Measures CA Day
Institutions, Organisations & Corporates at different levels for Tie-up arrangements for the
Creating Awareness amongst Members and Public at Large with regard to the New Laws, Rules & Regulations & Investor Awareness
Mock Tests, Industrial Visits, Motivational Lectures and conducting in-house Crash Course/Regular Lectures for CPT & IPCC Students.
Organizing Sports activities
Co-ordinating with various Institutes, Colleges & Schools for CA Career counselling among students & for Brand building.
felicitatorrelated matter.
felicitator
Acquiring the branch premises
Sub Committee for the Year 2014-15
Sr. No. Sub Committee Name Chairman
Members Committee CA. Umesh Mestry
456 Newsletter Committee CA. Vimal Agarwal789 Administration Committee
The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Feb March 2014
ACKNOWLEDGMENT
The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Feb March 2014
The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter6 Feb March 2014
FORTHCOMING PROGRAMMES FOR MEMBERS
Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE
Next Road,
Free
5.45 pmNew Zaika, CA. Nilesh Vikamsey
CA. Niranjan Joshi 6
New Zaika, Free
FORTHCOMING PROGRAMMES FOR STUDENTS
Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE
Examto noon
Vasai Hostel Free
FORTHCOMING PROGRAMMES OF BHAYANDAR CPE STUDY CIRCLE
Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE
Cyber Crime New Zaika,
FORTHCOMING PROGRAMMES OF VASAI-VIRAR CPE STUDY CIRLCE
Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE
VersionTeam of Tally
FORTHCOMING PROGRAMMES OF PALGHAR CPE STUDY CHAPTERS
Date Seminar on Timings Venue Speakers Co-ordinators Fees CPE
“Formation,
FORTHCOMING PROGRAMMES
The Institute of Chartered Accountants of India Vasai Branch of WIRC
Looking Candidate on Urgent Basis for the Following Post
: Branch Manager :
Any Graduate/M.Com/MBA/ICWA/CS can apply for above post.
Interested Candidate mail their resume at [email protected] or :
Vasai Branch of WIRC, Indralok Phase-II, Opp. Sutharwadi, New Golden Nest, Road, Bhayandar (East). Tel-02265568900/01.
7The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Feb March 2014
— Compiled by — CA. Hemant R. Shah | e-mail: [email protected] |9869011148RECENT HIGH COURT DECISIONS
1) Narath Mapila LP School vs. UOI (Kerala High Court) High Court grants interim stay on levy of fee
`
Vide
two months.2) CIT Vs. Naresh Kumar (I.T.A.No.24/2013); CIT Vs M/s Talbros (P) Ltd. (ITA No. 218/2013) [Delhi High Court]
Amendment to Section 40(a)(ia) is retrospective in nature:
Issue – Whether amendment to Section 40(a)(ia) extending the period
retrospective in nature or not.
High Court placed reliance on same be CIT vs. Rajinder Kumar
3) CIT-TDS vs. DHTC LOGISTICS LTD. (ITA 314/2013) [Delhi High Court]
Penalty prescribed U/s 272B for ̀ 10000/- is per deductor and not per wrong PAN:
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` `
`
penalty of `
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` 4) Bhagwati Security Services (Regd.) vs. Union of India [2013 (11) TMI 649] [Allahabad High Court]
Service recipient is required to reimburse Service Tax paid by the Service provider:
Bhagwati Security Services (Regd.) “the Assessee” or “the Company”
o Service tax is a statutory liability. It is a tax which is required to be collected by the service provider from the person to whom service is provided, and thereafter to be deposited with the Government treasury within the prescribed time.
RECENT CASE LAWS & OTHER DEVELOPMENT/AMENDMENTS
o Thus, essentially the statute is being imposing the tax upon the person to whom service is being provided and the service provider is merely a collecting agency.o BSNL (i.e. service recipient) directed to make reimbursement of service tax to the petitioner without further delay.5) DIT vs. Maharashtra Housing & Area Development Authority (Bombay High Court)Section 220: AO’s action of coercive recovery is illegal and shocks the conscience. The Tribunal cannot remain a silent spectator to such illegal action:
The Tribunal accepted the submissions of the assessee and held that the
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The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter8 Feb March 2014
RECENT CASE LAWS & OTHER DEVELOPMENT/AMENDMENTS
— Compiled by — CA. Sumeet Doshi | e-mail: [email protected] |
1) Expert Advisory Committee (EAC) Opinion
Facts
Issue
and
Opinion
vide
3) Discussion Paper on “Annual Information Memorandum” Background
4) Must read : Expert Advisory Committee (EAC) Opinion
5) SEBI Board Meeting - Amendment to Listing Agreement
related parties abstaining from voting.
9The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Feb March 2014
— Compiled by — Haresh P. Kenia|e-mail:[email protected] |9821351838
SECTION 119 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - INSTRUCTIONS TO SUBORDINATE AUTHORITIES - DEDUCTION AT SOURCE - CLARIFICATION REGARDING
TDS UNDER CHAPTER XVII-B ON SERVICE TAX COMPONENT COMPRISED IN PAYMENTS MADE TO RESIDENTS {220 TAXMANN (St.) 41}
CIRCULAR NO. 1/2014 [F.NO.275/59/2012-IT(B)], DATED 13-1-2014
CIT (TDS) Jaipur vs. Rajasthan Urban Infrastructure
INCOME-TAX (FIRST AMENDMENT) RULES, 2014 – AMENDMENT IN RULE 44CA {220 TAXMANN (St.) 41}
NOTIFICATION NO. 5/2014 [F.NO.142/32/2013-TPL]/SO 108(E), DATED 15-1-2014
DIRECT TAXES LAW UPDATE
the Commission shall send, all the material and other information
before it, to the Commissioner.” SECTION 139A OF THE INCOME-TAX ACT, 1961 - PERMANENT ACCOUNT NUMBER - PROCEDURE FOR PAN ALLOTMENT - DECISION TO CHANGE PROCEDURE FOR PAN ALLOTMENT HAS BEEN KEPT IN ABEYANCE AND OLD PROCEDURE THEREOF TO CONTINUE TILL FURTHER ORDERS {221 TAXMANN (St.) 2}
CBDT PRESS RELEASE, DATED 30-1-2014
SECTION 143 OF THE INCOME-TAX ACT, 1961 - ASSESSMENT - GENERAL – NON-FILING OF ITR-V IN RETURNS WITH REFUND CLAIMS – RELAXATION OF TIME-LIMIT FOR FILING ITR-V AND PROCESSING OF SUCH RETURNS
CIRCULAR NO. 4/2014 [F.NO.225/198/2013-ITA.II], DATED 10-2-2014
SECTION 14A OF THE INCOME-TAX ACT, 1961, READ WITH RULE 8D OF THE INCOME-TAX RULES, 1962 - EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME - CLARIFICATION ON DISALLOWANCE OF EXPENSES UNDER SECTION 14A IN CASES WHERE CORRESPONDING EXEMPT INCOME HAS NOT BEEN EARNED DURING THE FINANCIAL YEAR
CIRCULAR NO.5/2014 [F.NO.225/182/2013-ITA.II], DATED 11-2-2014
The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter10 Feb March 2014
Seminar on Income Tax Act Practical Issues held on 2nd Feb, 2014
GALLERY
Lecture Meeting on VAT Issue held on 20th Jan, 2014
Speakers
11The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter Feb March 2014
PHOTO - GALLERY
Study Circle Meeting
CA Daud held on 23rd Feb, 2014
(L-R)
organised jointly with WIRC WICASA on 23rd Feb 2014 at Jesal Park, Bhayandar (E)
(L-R) :
(L-R) :
The Institute of Chartered Accountants of India Vasai Branch of WIRC Newsletter12 Feb March 2014
GALLERY
To
Undelivered please return to :
The Institute of Chartered Accountants of India,Vasai Branch of WIRCAddress: Amruta Building, Indralok Phase-II,New Golden Nest Road, Bhayandar (East), Thane - 401 105.Telephone: 6556 8900.Email: [email protected]: www.vasai-icai.org
Editor: CA. Kishor Vaishnav 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. : 4036 4600
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.
Printed by Finesse • +91-22 4036 4600
Cricket Tournament Held on 9th Feb, 2014
CA. Dayaram Paliwal (Past Chairman – Vasai Branch of WIRC) , CA K. B. Kothari (Committee Member – Vasai Branch of WIRC) Unmesh Narvekar (Past Chairman – Vasai Branch of WIRC)
presenting Award to Winner Team of Students (FCA)
CA. Dayaram Paliwal (Past Chairman – Vasai Branch of WIRC) & Unmesh Narvekar (Past Chairman – Vasai Branch of WIRC) presenting Award to Winner Team of Police Department
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