bcas newsletter for members only. for private circulation ... oc… · refresher course (rrc) at...

OCTOBER 20141

7, Jolly Bhavan #2, New Marine Lines, Mumbai - 400020. Tel : + 91 22 613 77 600 ; F : + 91 22 613 77 666 ; Email: [email protected] ; Website : www.bcasonline.org ; WebTV : www.bcasonline.tv

Vice-President’s CommuniquéGreetings!

On 2nd October, we celebrated Bapu’s birth anniversary. This year the celebration was more meaningful with the launch of a countrywide ‘Swatchh Bharat Abhiyan’. This mission I think was long overdue, as one stark and unfortunate character of our country’s public spaces is the filth lying all around. The muck is so pervasive; that it affects locals no longer and the visitors cannot forget the sight of it. India has a typical paradox – we keep our homes clean but cannot extend that thought to public spaces. We revere a place of worship but have a careless disregard towards keeping its surroundings clean. Millions consider river Ganga as sacred and life giving, yet we pollute it rampantly day in and day out. As a society, we need to ponder sharply at our sense of responsibility towards cleanliness and order. It reminds me of something I learnt from a trip to Japan earlier this year. I saw that many large, prominent and touristy public places did not have any trash disposal bins and yet they were clean. I kept wondering about this contradictory phenomenon. Then I realised that the civic value was – if you generate trash; YOU take it back with you. It was not the job of local authorities to facilitate cleanliness, but the citizens were responsible to take their trash back with them. I thought this stark difference between our cultures was something that all of us can learn from.

That reminds me of a beautiful word in Sanskrit - ‘Shauch’. It is one of the first observances in several spiritual traditions. It involves keeping things immaculate inside

Harnessing Talent and Providing Quality Service A Monthly Newsletter of the Bombay Chartered Accountants’ Society

BCASNewsletterFor Members only. For Private Circulation only. Price: R10

(Continued on page 2)

President: Nitin P. Shingala

98200 57694 | [email protected]

Vice-President: Raman H. Jokhakar


Hon. Jt. Secretary: Narayan R. Pasari


Hon. Jt. Secretary: Sunil B. Gabhawalla


Hon. Treasurer: Mukesh G. Trivedi


Vol. 17 No. 07 October 2014

LECTURE MEETING

Venue: Walchand Hirachand Hall, 4th Floor, IMC, Churchgate,

Mumbai 400 020

Day, Date & Time: Wednesday, 5th November, 2014 , 6.15 p.m. *

Speaker: T. P. Ostwal, Chartered Accountant

Subject: International & Domestic Transfer Pricing - Recent

Developments

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

PROGRAMMES AT A GLANCE DATE VENUE PAGE NO.

National Conference On Companies Act, 2013.......................................18.10.2014 ............................... .Federation House, FAPCCI, Red Hills, Hyderabad .................................. 4

Tax Audit Workshop (Advanced)...................................................................08.11.2014...................................Walchand Hirachand Hall, IMC, Churchgate, ........................................... 4

Fraud and Forensic Audit: Why should it concern you?....................05.12.2014................................. M. C. Ghia Hall, Kalaghoda, Fort ....................................................................... 5

Jhancar - ‘Togetherness & Networking Carnival’ ............. ....................13.12.2014 & 14.12.2014 ........ Jashoda Rangmandir (Next to N.M. College), Juhu ............................... 7

48th Residential Refresher Course...............................................................08.01.2015 to 11.01.2015......Hotel Ananta Spa and Resort, Udaipur........................................................... 3

2nd Youth Residential Refresher Course...................................................Coming soon......................................................................................................................................................................... 8

Lecture Meetings....................................................................................................05.11.2014................................................................................................................................................................................ 1

and outside, observing a sense of order, which affects both mind and body. My feeling is ‘Swatchh’ has an etymological connection with ‘Shauch’. As CAs, we can look at this theme in a broader manner. How does cleanliness and order apply to our work – to all the audits we do, the way we keep our files, the way we make our submissions to the tax office, and the advice we give our clients? For us this can be an opportunity to work inside-out, so not only do we contribute to cleaning our immediate external spaces, but we also look through the lens of ‘Shauch’ at all facets of our life.

This year is also the 25th Anniversary of the World Wide Web (WWW). Its perhaps one of the biggest miracle, if one may say so, of the last century. The WWW has made distances

BCAS 2

(Continued from page 1)

ALL THE THREE CLINICS WILL BE HELD IN THE LIBRARY OF THE SOCIETY

RIGHT TO INFORMATION CLINIC

CHARITABLE TRUST CLINIC

ACCOUNTS & AUDIT CLINIC

Advisory Panel : Narayan K. Varma, Adv. A. K. Asher, Hema D. SampatClinic Co-ordinator: Ms. Bindu Mistry – 61377624

Advisory Panel : Ratanshaw J. Damanwala, Shariq M. Contractor, Gautam S. Nayak,

Anil J. Sathe, Atul H. ShahClinic Co-ordinator: Ms. Bindu Mistry – 61377624

Advisory Panel : Sanjeev R. Pandit, Himanshu V. Kishnadwala, Jayesh M. Gandhi Clinic Co-ordinator : Ms. Bindu Mistry – 61377624

Foundation operates a Right to Information (RTI) Clinic on a regular basis. The Clinic provides help and guidance to BCAS members as also to non-members, i.e., all citizens, for making applications under the RTI Act and also assists in resolving any related diff iculties on the subject of RTI. The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from 11 a.m. to 1 p.m. The next RTI Clinic days accordingly are 18th October and 8th, 15th, and 22nd

November, 2014. Please call to obtain a prior appointment.

The next Charitable Trust Clinic will be held on 7th November, 2014 from 5 p.m. to 7 p.m.

Chartered Accountants and Trustees interested in having their queries solved are requested to send their queries by email to [email protected] and call to obtain a prior appointment, latest by noon on the day of the clinic. Querists are also advised to bring along relevant papers like trust deeds, audited accounts, etc.

The next Accounts & Audit Clinic will be held on 1st November, 2014 from 10.30 a.m. to 11.30 a.m.

Persons interested in having their queries pertaining to accounting and auditing issues solved are requested to send the queries by e-mail to [email protected] one week in advance and call to obtain prior appointment, at least a day before the day of the clinic. Please note that the panel will not answer any queries pertaining to tax issues.

vanish like nothing before, transformed the channels of communication and collaboration, resulting in massive trade and commerce beyond every boundary, created opportunities in every field, made information, knowledge so accessible and opened up societies. The WWW has become our pulse. However, a lot more is possible, just as the CEO of WWW Foundation said, “Let’s use this anniversary to celebrate and to look ahead. Together, we can build the Web We Want for the World We Want.”

The Taxation Committee of the Society is bringing out a Specimen for Reporting under the new Form 3CD. The committee and authors have worked tirelessly, even on holidays, to bring it out early next month. I hope this will be useful for filing before the extended timeline.

Wishing you a Happy Deepavali and a peaceful, prosperous and exciting New Year.

Yours truly,

Raman H. Jokhakar

RENEWAL OF BCAS MEMBERSHIP / JOURNAL

SUBSCRIPTION – 2014 - 15

Membership / Journal Subscription was due for renewal on 31st March, 2014.

Please renew your membership / subscription at the earliest.

Remit your membership/subscription by cheque / demand draft favouring ‘Bombay Chartered Accountants’ Society’ payable at par in Mumbai or by onlinepayment (visit www.bcasonline.org).

Please quote your membership number /subscription number.

Ensure you receive the BCA Journal without interruption.

OCTOBER 20143

SEMINAR COMMITTEEChairman: Rajesh S. Shah

Convenors: Bharatkumar K. Oza & Salil B. Lodha

Coordinators: Mulesh M. Savla & Saurabh P. Shah

48th Residential Refresher CourseThe Seminar Committee is pleased to announce the 48th Residential

Refresher Course (RRC) at Hotel Ananta Spa and Resort at Udaipur

- Rajasthan (anatahotels.com) from Thursday, 8th January 2015 to

Sunday, 11th January 2015.

Responding to the suggestions received from many delegates,

the Seminar Committee has decided to organize its 48th RRC at

Udaipur a historic destination known for its beauty and its’ lakes.

Udaipur is popularly known as a lake city surrounded by lust green

Aravalli Mountains. The Venue of the RRC is located on one of the

hills near Fatehsagar Lake. It is conveniently located around 34

kms from Udaipur Airport, 12 kms from Udaipur Railway Station,

112 kms from Sirohi Road Railway Station, and 253 kms from

Ahmedabad Highway. The Divine Shreenathji Temple, Ranakpur

Temple and Historic Haldi Ghati are within 100 kms vicinity

of Udaipur.

Our members look forward to this RRC as an opportunity to learn,

unlearn and relearn from eminent professionals on various academic

and non-academic topics. It will also offer an unique opportunity to

have fellowship with pan India delegates. The picturesque Hotel venue

will refresh all participants and make this event as a true refresher

course along with learning process.

Programme details

Day & Date Thursday, 8th January 2015 to Sunday,

11th January 2015

Venue Hotel Ananta Spa and Resort ,

Udaipur , Rajasthan

Fees

Per delegate

on twin sharing basis.

R14,952 + R1848 (ST) = R16,800

Fee includes course material, stay and all meals and contribution of R 50/-

towards BCAS Foundation

Details of Papers:

S.N. Papers for Group Discussion Paper Writers

1 Taxation of Some Entity Related

Issues (Private Trusts, HUF, AOP, Firm,

Succession, Company)

Pradip Kapasi,

Chartered Accountant

2 Concept of deemed income and

deemed gains u/s. 56(2)(vii), (viia) and

(viib), Section 69 & Gain u/s. 43CA &

Section 50C etc.

Milin Mehta,


3 Issues in Cenvat Credit and Reverse

charge mechanism under Service Tax

Sunil Gabhawalla,


Paper for Presentation

1 Companies Act, 2013 – Provisions

related to Accounts, Audit & Auditors –

Issues and Implementation Challenges.

Khusroo Panthaky,


2 Fund raising by various Enterprises Bhagirath Merchant,


Brain Trust

1 Income Tax – Critical Issues (including

international taxation)

Trustees:

Saurabh Soparkar, Advocate

Rajan Vora, Chartered

Accountant

Evening Programmes:

Interesting Evening Talk and refreshing Entertainment Programme for

the delegates.

Eligibility: The RRC is open only for Ordinary and Life members

of BCAS.

Delegate Substitution: In the event of inability of the registered delegate

to attend the RRC for any reason, he/she should promptly inform the

Committee, by email ([email protected]) indicating the “subject” as

“48th RRC – INABILITY TO ATTEND” with a copy marked to rsshah@

hotmail.com, [email protected], [email protected] not later

than 20th December 2015.

At its discretion, the Committee may permit substitution. The substitute

has to be a member of BCAS. The Committee reserves the right not

to admit any substituted person to the RRC in the event a delegate

substitutes another member without the prior written consent

of the Committee.

Refund: Once enrolled, requests for refunds will not be entertained.

Notes:

1 . All delegates will be accommodated in the Resort on a twin-

sharing basis.

2. Delegates are requested to fill the enrolment form giving choice of

Room Partner.

3. The decision of the Committee will be final in case of allotment of Room

and Room Partner in case of no option is available.

4. The RRC will commence on Thursday, 8th January 2015 with lunch.

Check-in at the hotel will be from 12.00 noon onwards. The RRC will

conclude on Sunday, 11th January 2015 after lunch.

5. Enrolment is open now and will be restricted to the first 250 members

only on first-come-first-served basis. Out of this, 120 registrations are

reserved for outstation delegates (Other than Local limits of Mumbai,

Thane, Bhayander, Vasai and Virar).

For more details you may contact:

Bharat K. Oza 9322260147 [email protected]

Salil B. Lodha 9820149302 [email protected]

Mulesh M. Savla 9833154823 [email protected]

Saurabh P. Shah 9870064087 [email protected]

Enrolment form is printed on page 12.

The only function of economic forecasting is to make

astrology look respectable.

John Kenneth Galbraith

BCAS 4

Chairman: Harish N. Motiwalla

Co- Chairman : Rajesh R. Muni

Convenors : Abhay R. Mehta, Mukesh K. Gilda & Nikhil D. Patel

National Conference On Companies Act, 2013Accounting & Auditing Committee of the Bombay Chartered Accountants’

Society is pleased to announce a “National Conference on Companies Act,

2013” jointly with the Federation of Andhra Pradesh Chambers of Commerce

and Industry. The details of the conference are as under :

Programme details

Day & Date Saturday, 18th October 2014

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

Venue Federation House, FAPCCI,

Red Hills, Hyderabad

Fees

Members of

FAPCCI & BCAS

R 890+ R 110 (ST)= R 1,000

Non-Members R 1,335+ R 165 (ST)= R 1,500

Please issue cheques in favour of “FAPCCI” payable at

Hyderabad

Topic Speaker

Accounts, Audit & Auditors

(Including Schedule-II and Schedule-III)

Nilesh S. Vikamsey,


Loans to Directors, Loans/Investments

by companies, Acceptance of Deposits &

Related party Transactions.

Himanshu V. Kishnadwala,


Directors, Appointment & Remuneration

of Managerial Persons, Declaration

& Payment of Dividends (including

Schedule-V)

Abhay R. Mehta,


Independent Directors, Corporate

Governance (As Per Companies Act & RC

49) , Internal Financial Controls & CSR.

Khushroo Panthaky,


Restricted to 250 participants on First-Come-First-Served basis

Please register directly with FAPCCI. Email: [email protected]


ACCOUNTING & AUDITING COMMITTEE

With the revised Forms for Tax Audit issued by the CBDT in July

2014, the reporting requirements have escalated dramatically.

Several practical issues have arisen in respect of the new clauses

introduced. With a view to address the critical aspects of tax audits

and the responsibilities of tax auditors, the Society has organized an

Advanced Workshop. The members may send practical issues faced

by them in advance to the coordinators for inclusion in the list of

such issues for discussion in the Brains Trust Session. There would

be a session to discuss the role and responsibilities of the Tax Auditor

keeping in view the additional reporting requirements. There would

also be a session to discuss the online utility and problems related

to that.

The Group formed by the Taxation Committee is working on drafting

a Specimen for Reporting under the New Format in Form 3CD for this

Workshop. This is intended to provide guidance to members handling

tax audits across a wide spectrum of clients. This would enable

uniformity in reporting by the professionals. Details of the workshop

are as under:

Day & Date Saturday, 8th November 2014

Time 9.30 a.m. to 4.00 p.m.

Venue Walchand Hirachand Hall, 4th

Floor, Indian Merchants Chamber,

Churchgate, Mumbai- 400020.

Fees

Members (Ordinary, Life &

Associate members)

R 1,200 + R 148 (ST) = R 1,348

Non – Members R 1,500 + R 186 (ST) = R 1,686

(Fee includes Course Material, Breakfast, Lunch, Tea & Coffee and

contribution of R 50/- towards BCAS foundation)

Proposed Programme Details

Session Topic Faculty

Session 1 Roles &

Responsibility of

the Tax Auditor

Mukund Chitale, Chartered Accountant

Session 2 Brains Trust Session Sanjeev Pandit , Chartered Accountant

Yogesh Thar, Chartered Accountant

Kirit Kamdar, Chartered Accountant

Session 3 Issues in E-filing of

Tax Audit Report

Ameet Patel, Chartered Accountant

Participants should send their queries latest by 18th October 2014

for the Brains Trust Session either on the email id km@bcasonline.

org, or a hard copy to the BCAS office before this date.


Chairman : Kishor B. Karia

Co – Chairman: Sanjeev R. Pandit

Convenors : Anil D. Doshi, Ganesh Rajgopalan & Jagdish T. Punjabi

Co-ordinators: Hardik D. Mehta & Saroj V. Maniar

TAXATION COMMITTEE

Tax Audit Workshop (Advanced)

Philanthropy is commendable, but it must not cause

the philanthropist to overlook the circumstances of

economic injustice which make philanthropy necessary.

Martin Luther King, Jr.

OCTOBER 20145

The Companies Act, 2013 has paved the way for a changing role of the

auditor, placed onerous responsibility on the Company Management

and created vast professional opportunity for those practicing in the

field of Fraud Prevention, Detection and Investigation.

In this backdrop, understanding Frauds and developing the skill sets to

identify and detect frauds concerns all those who are:

• Doing financial audit of companies i.e. statutory auditors

• Conducting internal audit of companies i.e. internal auditors

• Company management who is required to affirm adequacy of

controls

• Internal Control specialists who are assisting companies in setting up

internal financial control systems that meet the test of adequacy and

effectiveness

• Engaged in providing specialised services for fraud detection,

investigation or mitigation.

The Infotech & 4i Committee is committed to opening up new

practice areas for Chartered Accountants – “Forensic Audit and Fraud

Investigation” has emerged as one such area that has received a lot of

attention in the past few years. With the Companies Act 2013 coming

into force, there is bound to be an added impetus to this specialized

area which requires training and collaboration with professionals from

diverse fields such as lawyers, computer engineers, detectives and

enforcement specialists.

We are pleased to present a one day event that allows our members to

peep into the world of corporate frauds and the art and science of fraud

detection/investigation. This event is a precursor to a focussed course

on “Fraud Investigations and Forensic Audit” that will be held later during

this BCAS year, if there is adequate interest evidenced.

The programme schedule is presented hereunder:

Topic Speaker

Frauds – Why should they matter to

Chartered Accountants?

To be confirmed

Emerging Trends in Fraud Detections

Frauds: here, there, everywhere

Yogen Vaidya,


Clients’ Perspective

“better safe than sorry” or “we

will cross the bridge when a fraud

happens”

Himanshu Vasa,


Sanjay Mathur, CMA, ICWA,

CFE

Investigating Financial Statement Frauds

“What’s cooking?”

“In this company someone sure is

cooking up the books

Ajay Upadhyay,


Chairman : Ameet N. Patel

Co- Chairman : Nandita P. Parekh

Convenors : Kinjal M. Shah & Pinky Shah

Co-ordinator : Himanshu V. Vasa

INFOTECH & 4I COMMITTEE

Fraud and Forensic Audit: Why should it concern you?

Data Analytics for Forensics

“In this chase, every number reveals

a clue and a series of numbers tell

the whole story”

Prasad Shetty, Chartered

Accountant

Ankush Lamba, Senior

Consultant

“Forensic Audit and Fraud Investigations”

– An emerging career option

“Your chance to be the hero in the

series tilted Saavdhan Corporate

India – are you ready??”

Shubhi Agarwal,

Soumit Nikhra,

Rutu Shah

The faculties have extensive experience in Forensic Audit and Fraud

Investigations.

Other details;

Day & Date Friday, 5th December 2014

Timing 9.30 a.m. - 6.00 p.m.

Venue M. C. Ghia Hall, Kalaghoda, Fort, Mumbai 400001

Fees R 3,000 + R 371 ( ST) = R 3,371

Fee includes course material, lunch, refreshments and contribution of

R 50/- towards BCAS Foundation.

Enrolment is open to members of Bombay Chartered Accountants’ Society


In the current environment where plastic money rules and

where physical give and take of money is slowly getting

obsolete, have you...

• Wondered why you need to send cash/cheque to the

BCAS every time when a new publication is brought out

by the Society?

• Ever missed out obtaining a copy of the publication since

you were out of town and the publication went out of

stock by the time you resumed office?

• Missed the early-bird discount that the BCAS allows on its

most valued publication, The Referencer, simply because

you missed booking it in advance?

• Expected that you would get the snapshots of the

proposals in the Finance Bill at the earliest on your desk

soon after the Budget Publication of the Society is released?

Well, we have good news for you. All these issues will be

resolved. . . .if you have opted for the Imprest System.

All members, journal subscribers and students can avail the Imprest

Scheme. We have kept this Scheme open for non-members also.

Publications are released on a regular basis by your Society on

various subjects.

You are requested to subscribe to a new Imprest Account or

replenish your existing Imprest Account with the Society, in

case it does not have sufficient balance for these publications.

Payment to the Imprest Account can be made by cheque/

DD payable at par in Mumbai in favour of ‘Bombay Chartered

Accountants’ Society’ OR you can also make an online payment.

For online payment and for further details and to download the

form, please log on to www.bcasonline.org

Imprest System for Publications

OCTOBER 20147

HUMAN RESOURCES COMMITTEE

Chairman : Mayur B. Nayak

Convenors : Hemant P. Gandhi, Krishna Kumar Jhunjhunwala

& Mihir C. Sheth

Co-ordinators: Chirag H. Doshi & Kinjal M. Shah

JhanCAr - ‘Togetherness & Networking Carnival’ for

Chartered Accountants

An Event filled with Fun, Frolic and Networking for Chartered Accountants of all age group

Dear Members,

BCAS strives to evolve continuously, adapt and remain relevant in changing times that has contributed to the

longevity of the organization over the last six decades. As a premier voluntary group of Chartered Accountants, BCAS

is acclaimed for conceptualizing and implementing innovative events aimed towards enhancing the suitability of its

members in an ever-changing dynamic governance environment. In this constant endeavour BCAS has now firmed

up its initiative to organise a first-of-its-kind ‘Togetherness and Networking Carnival’ for Chartered Accountants

christened as ‘JhanCAr’

JhanCAr is modelled and driven by an enthusiastic youth-wing of the BCAS under the mentorship of veteran

committee members. The idea of JhanCAr evolved from BCAS’ clear objective of having a non-technical and

non-academic festival of, by and for the Chartered Accountants with the two key targets of networking and

celebrating togetherness. With simultaneous events happening across multiple venues under the premier

carnival location of Jashoda Rangmandir (Next to N.M Collage), Juhu, Vile Parle (West); JhanCAr aims to power-

pack the two days of 13th and 14th December, 2014 with festivities that would exceed the expectations of

participating Chartered Accountants.

Chirag Doshi( 9820452332)

[email protected]

Team JhanCAr!!Dedicate to Serve Fun-Filled Memories

An Initiative of Human Resource

Committee of BCAS

Kinjal Shah( 9892100844)

[email protected]

• Networking Night: Work coupled with Network can create wonders.

Recreate the nostalgia and take home a new network at ‘Ek Sham Dosti Ke Naam’ – Register Now

• Competitions Caravan: Compete in interesting individual and group

games gets the tagline of ‘Khelein Hum Jee Jaan Se’ – Register Now

• Workshops Wonder: Interesting non-technical workshops and live

demonstrations await you at ‘Masti ki Paatshala’ – Register Now

• Corporate Connect: A rare occasions to network and connect with

leading and relevant corporates recommending their best wares at

‘Corporate Mela’.

• Fun-and-Frolic: For your family and in remembrance of good old days, the

‘Hum Bhi agar Bachche Hote’ fair. - Book a stall now

Events at JhanCAr 2014 Register Now !!

Limited Capacity !!

First cum First Serve Basis !!

powered by

Online Registration and Payments : www.bcasjhancar.com

Off line Registration : Collect forms from BCAS office or Download forms from www.bcasjhancar.com and submit at:

Bombay Chartered Accountants’ Society, 7, Jolly Bhavan 2, Ground Floor, New Marine

Lines, Mumbai - 400020

We look forward to meeting you in person to make JhanCAr a memorable beginning to our relationship.

More at www.bcasjhancar.com

Key Contacts

BCAS 8

RECENTLY RELEASED

PUBLICATIONS OF BCASTaxation of Fees for Technical Services – A ReferencerIn this book, the two authors have mainly focused on cross-border payments of Fees for Technical Services. It is an attempt by both the authors to compile various judicial pronouncements on the subject of FTS and classify them according to various typical cross-border services. They have selected important decision(s) pertaining to each typical service and provided a brief overview of such decision(s). This publication would be found useful both by the Taxpayers and the Tax Practitioners/Advisors.

Members : R 450/-Non – Members : R 500/-Postage : R 200/-

FAQs on Accounting Standards (The 7 authors of the book have tried to simplify the understanding of four basic Accounting Standards - AS2, AS7, AS9 and AS15, which have an important applicability in any business entity.

To make the users of financial statements as well as preparers of financial statements aware about the importance of each accounting standard, the authors have disseminated the Accounting Standard into easy and simple Question and Answer format so as to have ease in understanding and demystifying the accounting standards.

Members : R 60/-Non-Members : R 75/-Postage : R 40/-

Gita for Professionals – 2nd Edition (In English & Gujarati)The author feels that Conflict is very much a part of life, as experience is. Indeed, it is part and parcel of our

existence both at home and elsewhere.

In this book the author has elucidated the concepts of ‘duty and ethics’ by means of parables and

anecdotes which at times seem autobiographical. In the second revised and enlarged edition, the author

has added a new Chapter containing “Thirteen lessons from the Gita for professionals to make this world

a better place to live in”, wherein he not only talks about various aspects of one’s personality such as

Humility and Non-violence but also throws light on some of the essentially good acts in life such as Giving,

Sacrifice, Forgiveness, Goal- setting, Discipline, Cleanliness, Service to Guru etc.

Price : English - R 75/-

Gujarati - R 100/- Postage : R 50/-

OCTOBER 20149

OTHER

PUBLICATIONS OF BCAS

Audit Checklist For Companies, Edition 2013

Appreciating the increased statutory

compliance and covering standards on

auditing, a revised and updated publication

on Audit Checklist is made. In 2007,

the publication on Audit Checklist was

released. Members had an overwhelming

request for this publication. The revised

and updated edition of this publication

extensively covers in detail Accounting

Standards, Standards on Auditing, Audit

Documentations and important material of

statutory requirements.

Member : R400

Non-Member : R500

Postage : R200

Advance Rulings Law And Procedures – Now with a Supplement and free CD

Book - This publication aims to give a broad

idea of the law, purpose, and procedure for

seeking an advance ruling from Income

Tax perspective. It also shares the first hand

experience of the Authors in representing

before the Hon’ble Authority and some of

the frequently asked questions practically

faced by the Authors. Additionally, a

summary of cases wherein the rulings have

been pronounced by this Authority in the

last three years, has also been captured.

Supplement – This supplement is updated

with the rulings pronounced by the

Authority for Advance Rulings, since July

2012. This supplement when read along

with the original Publications, would be a

comprehensive reference material for the

subject on Authority for Advance Rulings.

RTI for ITI – Right to Information for Income Tax IssuesThis book is an attempt to ease the assessee’s issues in the Income Tax arena by making use of the RTI Act and other grievance redressal systems. It is aimed at being an easy-to-comprehend guide for tax payers at large. The book acts as a handy guide for procuring much needed information in relation to various usual and not-so-usual Income Tax issues faced frequently by the taxpayers. Important information is made available at your fingertips by way of annexures.

Member : R100

Non-Member : R120

Postage : R50

Laws & Business – A Compendium (4th Edition)

This edition is quite wide in its coverage

and as in earlier editions, the book has been

divided into 5 sections. Interesting highlight

of this edition is an extensive coverage of

Laws relating to the Real Estate and Financial

Sectors, which will be of immense use and

will serve as a guide to the taxpayers and

professionals.

Member / Non-Member : R400

Postage : R200

Taxation of Expatriates (Including Certain Non-Tax Aspects)(25th Publication published under the auspices of Late Shailesh Kapadia Memorial Publication Fund)

With increasing Globalisation, there are tremendous opportunities for human capital both skilled and unskilled to work across countries and continents. The tax implications of Expatriates in India has thrown open many issues such as determination of residential

status, impact of social security contribution made in the home country, treatment of overseas income, availability of applicable ‘tax treaty’ benefit, compliance requirements under the Income-tax Act, 1961, etc.

The Society felt an imperative need to bring out a publication on the subject and entrusted a diff icult task to the dedicated team of members. We believe that this publication, like all other publications of BCAS, will be very useful to all readers in general and professionals concerned with this subject in particular.

Members & Non-Members : R 100 Postage : R 75

FAQ’s on e-TDSThe 3 authors of the book have tried to list and answer the questions based on their practical experience and those of their clients. They have however addressed most of the common issues faced by tax deductors. This publication would therefore be a useful and handy tool for staff entrusted with the work of TDS compliance. This book will serve its purpose of helping tax deductors understand the finer nuances of the procedures, and aid them in the process of TDS compliance.

Member : R60

Non-Member : R75

Postage : R30

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BCAS 10

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OCTOBER 201411

FROM RBIContributed by : Gaurang V. Gandhi

The Reserve Bank of India has issued the following 7 circulars

A. P. (DIR Series) Circular No. 26 dated September 5, 2014

Exim Bank’s Line of Credit of USD 26.50 million to the Government of

the Republic of Honduras

Exim Bank has made available, subject to certain terms and conditions,

to the Government of the Republic of Honduras a Line of Credit of

US $ 26.50 million for financing purchase of eligible goods, machinery,

equipment and services for Development of Agriculture and Irrigation

Infrastructure in the Jamastran Valley in Honduras. Eligible goods and

services including consultancy services of the value of at least 75%

of the contract price must be supplied by the sellers from India, while

the remaining 25% of the goods and services may be procured by the

sellers from outside India.

The last date for opening of Letters of Credit and Disbursement

for project exports will be 48 months from the scheduled

completion date of the contract and January 14, 2020 in case of

supply contracts.


Exim Bank’s Line of Credit of USD 18 million to the Government of the

Republic of Mauritius

Exim Bank has made available, subject to certain terms and conditions,

to the Government of the Republic of Mauritius a Line of Credit of US $

18 million for financing purchase of eligible goods, machinery, equipment

and services including consultancy services for acquisition of Waterjet

Fast Attack Craft by Mauritius.. Eligible goods and services including

consultancy services of the value of at least 75% of the contract price must

be supplied by the sellers from India, while the remaining 25% of the goods

and services may be procured by the sellers from outside India.

The last date for opening of Letters of Credit and Disbursement

for project exports will be 48 months from the scheduled

completion date of the contract and May 4, 2020 in case of

supply contracts.


Risk Management and Inter Bank Dealings: Hedging Facilities for

Foreign Portfolio Investors (FPIs)

Presently, FPI are permitted to hedge their currency risk on the

market value of entire investment in equity and/or debt in India as on

a particular date.

This circular permits FPI, holding securities under the Portfolio

Investment Scheme (PIS) in terms of schedules 2, 2A, 5, and 8 of

the Foreign Exchange Management (Transfer or issue of security

by a person resident outside India) Regulations, 2000 (Notification

No. FEMA 20 /2000-RB dated 3rd May 2000), to now hedge the

coupon receipts arising out of their investments in debt securities

in India falling due during the next twelve months. The hedge

contracts cannot be rebooked on cancellation, but they can be

rolled over on maturity if the relative coupon amount is still to

be received.


Deferred Payment Protocols dated April 30, 1981 and December 23,

1985 between Government of India and erstwhile USSR

With eff ect from September 9, 2014 the Rupee value of the Special

Currency Basket has been fixed at R 80.580297 as against the earlier

value of R 83.137417.


Data on Import of Gold Statement – Submission under XBRL

This circular states that statement on import of Gold, both monthly &

half-yearly, now have to be filed in XBRL format from September 2014.

However, the monthly & half-yearly statement for September has to be

filed both manually (format annexed to this circular) as well as in the

XBRL format. From October 2014 only the XBRL statement needs to

be filed.


External Commercial Borrowings (ECB) in Indian Rupees

Presently, an Indian company can, under the Automatic Route, issue shares

/convertible debentures to a person resident outside India against lump-

sum technical know-how fee, royalty, External Commercial Borrowings

(ECB) (other than import dues deemed as ECB or Trade Credit) and import

payables of capital goods by units in Special Economic Zones subject

to conditions like entry route, sectoral cap, pricing guidelines, etc. and

compliance with applicable tax laws.

This circular permits an Indian company to issue equity shares against

any other funds payable by the investee company, remittance of which

does not require prior permission of the Government of India or RBI

under FEMA, 1999 or any rules / regulations framed or directions issued

thereunder, if:

1. The equity shares are issued in accordance with the extant FDI

guidelines on sectoral caps, pricing guidelines etc.;

2. Applicable taxes have been deducted on the funds payable and the

conversion to equity is net of applicable taxes.

However, issue of shares / convertible debentures that require Government

approval in terms of paragraph 3 of Schedule 1 of FEMA 20 or import dues

deemed as ECB or trade credit or payable against import of second hand

machinery will continue to be dealt in accordance with extant guidelines.


Risk Management and Inter Bank Dealings : Hedging under Past

Performance Route

Presently, resident importers can book contracts up to 50% of their

eligible limit i.e. the average of the previous three financial years’ import

turnover or the previous year’s actual import turnover, whichever

is higher.

This circular has brought importers and exportors on par by pemitting

resident importers to book forward contracts, under the past performance

route, up to 100% of their eligible limit. Importers who have already booked

contracts up to 50% of their eligible limit can book the forward contracts

for diff erence arising as a result of the enhanced limits.

BCAS 12

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Study Circle No. Subject Fee Tick your choice here

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