lecture meetings vice-president’s communiqué

BCAS Newsletter, January 2007 1

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President : Himanshu Kishnadwala, 26286909; Vice-President : Rajesh Kothari, 28089956; Hon. Secretaries : Naushad Panjwani : 22670876; Pradip Thanawala : 22694248; Hon. Treasurer : Mayur Nayak, 26831199

PROGRAMMES

AT

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GLANCE

7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 66595601 to 05; Fax : 66595606 E-mail : [email protected]; Website : www.bcasonline.org

Vice-President’s Communiqué . . ✍

Day & Date : Wednesday, 31st January 2007

Speaker : Shri Haribhai Kothari (in Gujarati)

Subject : L$f rhQpf sp¡ `pd (Think to attain)(Under the auspices of Amita Memorial Trust)

Day & Date : Wednesday, 21st February 2007*

Speaker : Rajan Vora

Subject : Business Expenditure & Deductions— Recent Developments & Judicial Decisions

Day & Date : Wednesday, 21st March 2007

Speaker : Brahma Kumari — Deepaben

Subject : Management Lessons from Bhagvad Geeta(Under the auspices of Late Shri D. N. Dalal Oration Fund)

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

All the above Lecture Meetings at 6.15 p.m.

Members are invited to send us in advance, issues pertaining toabove topics either by email ([email protected]) or physically atthe BCAS office.

Lecture MeetingsVenue : 4th floor, IMC, Churchgate, Mumbai-400020.

(unless otherwise specified)

Rajesh Kothari

Intenstive Study Course on Accounting Standards .................... Feb. 2007 : 2,3,9,10,16,17,23&24March 2007 : 9,10,16,17,23,24,30&31 ....... Indian Merchants’ Chamber ................................................................................. 2

A Tryst with Nature ......................................................................... 4-2-2007 ......................................................... Bombay Natural History Society, Goregaon East, Mumbai-400065. ............ 7

Let’s celebrate ! — Sahyog Utsav ................................................ 10-2-2007 ....................................................... Navin Thakker Auditorium, Vile Parle (E) ........................................................ 4

Excelling memory power and fast-reading Skills ....................... 10 & 11-2-2007 ............................................ St. Xavier’s College Campus, Opp. Metro Theatre, Mumbai-400002. ......... 7

Seminar on Intellectual Property Rightsvis-à-vis Chartered Accountants .................................................... 2nd/3rd week of February, 2007 .............. BCAS Conference Room ..................................................................................... 5

Half-day workshop on TDS from International Transactions .... 17-3-2007 ....................................................... Audio Visual Centre, Jai Hind College, Churchgate, Mumbai-400020. ....... 2

�Harnessing Talent and Providing Quality Service January 2007Vol. 9 No. 10

For all budget-related announcementsand lecture meetings

please turn to page 3.

Dear Members,

The 40th Residential Refresher Course, a BCAS milestone, held at Agraconcluded with participation of 249 members including 129 from outsideMumbai. RRC was a memorable event for all the participants who wereenriched with the treasure of knowledge showered by the eminent faculty.

The uninterrupted journey of RRC since 1969 has been possible due to thewhole-hearted support of the participants and the eagerness of the facultyto share their professional knowledge and wisdom year after year. The Societysalutes the Past Presidents and the Past Chairmen of the Seminar Committeefor designing such a wonderful course and nurturing it thereafter.

The Society has planned a Residential Study Course on Service Tax in themonth of April. This course, the first of its kind, will enable the participantsto understand the nuances of this infant but dispute-ridden law. With a modestbeginning of tax on 3 services in the year 1994, it has gone up to a tax on99 services in a span of twelve years. In view of the ever expanding scopeof Service Tax, I hope the members will take advantage of this course to equipthemselves in this new area of professional practice.

The Income-tax Department has raised a demand of Rs. 60,000 crores afterscrutinising 2% income-tax returns filed during A.Y. 2004-05. (Source :Business Standard, 2-1-2007) The noteworthy point is that the Union Budget2004-05 had estimated gross tax revenue from corporate tax at Rs.88,436crores and from income tax at Rs.50,929 crores. In this scenario, is it notnecessary for the Government to release statistics of the demand raised bythe Department and the demand confirmed by the Appellate Authorities ? Thismove will enable the citizens to ascertain the quality of assessments and alsohelp the Government to consider introducing accountability in the Department.

The hectic period of the year seems to be over for professionals. Now, it istime for fun and to enjoy with friends and families. We need to enjoy thecomradeship with all and remove the label of being workaholic. Come andparticipate in the ‘Sahyog Utsav’ organised by various professional bodiesincluding the Society.

With kind regards,

Would you like to contribute toBCA Journal and/or BCAS publications ?

If yes, please write to : [email protected]

BCAS Newsletter, January 20072

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Dates : 24 sessions on Fridays and SaturdaysFebruary 2007 : 2, 3, 9, 10, 16, 17, 23 & 24March 2007 : 9, 10, 16, 17, 23, 24, 30 & 31

Venue : Indian Merchants’ Chamber

Accounting & Auditing Committee ofBOMBAY CHARTEREDACCOUNTANTS’ SOCIETY7, Jolly Bhavan No. 2, Ground Floor,New Marine Lines, Mumbai-400020. IndiaTel. : 66595601/02/03/04/05Fax : 66595606E-mail : [email protected] us at www.bcasonline.org

INDIAN MERCHANTS’ CHAMBERIMC Building, Churchgate,Mumbai-400020.Tel. : 22046633Fax : 22048508E-mail : [email protected] us at www.imcnet.orgBCAS

Jointly organised by :

Accounting Standards play a very important role in the reporting of financial results of companies.Accounting Standards issued by ICAI (currently AS-1 to AS-29) require detailed understanding byaccountants as well as auditors to ensure that the same are properly followed and implemented. Thereis also a constant need to keep abreast with the revisions and interpretations in these AccountingStandards being issued, to be able to disclose and present accurate financial results of an enterprise.

Looking at the importance of the subject, BCAS jointly with Indian Merchants’ Chamber (IMC) hasorganised an intensive Study Course on Accounting Standards issued by ICAI and other relateddevelopments at the international level at IASB [which issues IAS and International Financial ReportingStandards (IFRS)]. The Study Course would comprise 24 sessions where eminent faculty having

expertise in implementation and application of these standards will enlighten the participants on their nuances as well as the correspondingIAS/IFRS.

Intensive Study Course on Accounting Standards

Time : Fridays, 6.00 p.m. to 8.30 p.m.Saturdays, 10.30 a.m. to 1.00 p.m.& 2.00 p.m. to 4.30 p.m.

Fees : Rs.8,000(Inclusive of Course Material, Refreshment & Lunch on Saturdays)

Enrolment is restricted to first 75 participants. Enrolment fees are non-refundable. Enrolment form is printed on page 8.

Half-day workshop onTDS from International Transactions

International Taxation Committee is pleased to announce a half-dayworkshop on TDS from cross-border payments. The subject is gainingimportance, as in case of any default of non-compliance, the assesseefaces disallowance u/s.40(a)(i), besides other penal consequencesunder the Act. The subject is becoming very important as India isattracting huge investments, both by way of FDI and PortfolioInvestment and as a result, there are increasing numbers of cross-border payments requiring the Indian assessees to deduct tax atsource from the same. In order to update the members in practiceand in industry on various issues and controversies surrounding thesubject, this interactive workshop has been planned.

Chairman : Kishor KariaConvenors : Anil Sathe

Dhishat MehtaSushil Lakhani

Course Co-ordinators : Tarunkumar G. Singhal, Gaurang Gandhi

The details of the workshop are as follows :

Day & Date : Saturday, 17th March, 2007

Time : 2.30 p.m. to 6.30 p.m.

Venue : Audio Visual Centre, 4th floor, Jai Hind College,‘A’ Road, Churchgate, Mumbai-400020.

Fees : Rs.450 for Members; Rs.650 for Non-Members(including tea & snacks and study materialand Rs.20 as contribution to BCAS Foundation)

Subject Speaker/Trustee

Permanent Establishment — Recent Hitesh GajariaDevelopments & Issues

Brains Trust Session (Questions/Answers) Pinakin Desai

Pranav Sayta

T. P. Ostwal

Participants are requested to send their queries for the Brains TrustSession to the BCAS office/Convenors till 25th Feb. 2007. In view oflimited seats, the members are requested to register early. Registrationwill be strictly on first-come-first-served basis.

Enrolment form is printed on page 8.


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BCAS Foundation conducts the Right to Information Clinic.

The Right to Information Clinic (RTI Clinic) is headed by Mrs.Hema Sampat, a research scholar on the subject of RTI. The Clinichas two RTI activists, Mr. Kewal Semlani and Mr. Shailesh Gandhi,as advisors. Mr. A. K. Asher, Advocate, also assists in the workingof the Clinic.

The Clinic provides help and guidance to BCAS members as alsoto non-members, i.e., all citizens, for making applications under theRTI Act and also assists in resolving any related difficulties on thesubject of RTI.

The Clinic will operate from BCAS office — 11 a.m. to 1 p.m.

The dates are Saturdays, 20th Jan., 10th Feb. and 24th Feb.2007

Right to Information Clinic

Accounts & Audit Clinic

Panel of Advisors :

Sanjeev Pandit,Himanshu Kishnadwala and

Jayesh Gandhi

The next Charitable Trust Clinic will be held on Friday, 2ndFebruary 2007, 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 on extn. 20) and obtain a prior appointment, latest bynoon on the day of the Clinic. Querists are also advised tobring along relevant papers like trust deed, audited accounts,etc.

Panel of Advisors :

Ratanshaw Damanwala,Shariq Contractor,Gautam Nayak,

Anil Sathe and Atul Shah

The BCAS Clinics

The next Accounts & Audit Clinic will be held on Saturday,3rd February 2007, from 10.30 a.m. to 11.30 a.m. in thelibrary room 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 (Ms. Pratibha onextension 13) to obtain a prior appointment, a day before theday of the Clinic. Please note that the Society will not answerany queries pertaining to tax issues.

Charitable Trust Clinic

Lecture Meetings on Budget 2007Venue : 4th floor, IMC, Churchgate, Mumbai-400020.

(unless otherwise specified)

Day & Date : Saturday, 3rd March 2007

Time : 5 p.m.

Venue : Yogi Sabhagriha, near Swaminarayan Temple,Dadar (CR)

Speaker : S. E. Dastur, Sr. Advocate

Subject : Direct Tax Provisions of Finance Bill, 2007

Day & Date : Monday, 5th March 2007

Time : 6 p.m.

Speakers : Dadi Engineer, AdvocateGautam Doshi, Chartered Accountant

Subject : Indirect Tax Provisions of Finance Bill, 2007(Jointly organised with Forum of Free Enterprise)

Day & Date : Wednesday, 7th March 2007*

Time : 6.15 p.m.

Speaker : Vikram Nankani, Advocate

Subject : Service Tax Provisions of Finance Bill, 2007

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

Budget Publication(in English, Hindi, Gujarati, and Marathi)

It’s time for the Finance Minister to start preparing his Budget speechand the Budget itself for the year 2007-08. After he presents it tothe nation on 28th February 2007 on the floor of the Parliament,the BCAS team will get together to prepare its invaluable BudgetPublication titled ‘The Finance Bill, 2007 — An Analysis’.

The publication will highlight the intricacies of the Budget proposalsin simple language for the benefit of members and citizens at large.As per last year, we will publish the book in 4 languages viz.English, Hindi, Gujarati and Marathi.

Members who wish to distribute copies of this publication to theirfriends, relatives, clients, etc., can book their copies in advance by24-2-2007 at a concessional rate. Later on also books would beavailable at BCAS counter. The pricing for the same is as under :

Price Postage(if applicable)

If booked on or Rs.25 for a setbefore 24-2-2007 of 5 booklets Rs.15

If booked after 24-2-2007 Rs.30 for a set Rs.15of 5 booklets

Copies of English book will be available at the Society from 5thMarch 2007 onwards, while for other languages, the same will beavailable from 7th March, 2007 onwards.


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Contributed byGaurang Gandhi

The Reserve Bank of India has issued the following 6 Circulars.

A.P. (DIR Series) Circular No. 20, dated December 13, 2006

Exim Bank’s Line of Credit of US $ 250 million to the EcowasBank for Investment and Development (EBID)

Not reproduced here.


Booking Forward Contracts for the Customs Duty Component ofImports

This Circular permits Banks to provide forward cover to hedge theeconomic (currency indexed) exposure of importers in respect ofcustoms duty payable on imports. As a result, importers can bookforward contracts for the customs duty component of imports. Thesecontracts are to be held till maturity and cash settlement has to bemade on the maturity date by cancelling the contracts.


Booking of Forward Contracts Based on Past Performance

Presently, importers and exporters, subject to certain terms andconditions, are permitted to book forward contracts on the basis ofa declaration of exposure and past performance up to the averageof the last three financial years’ actual import/export turnover or lastyear’s import/export turnover, whichever is higher. Forward contractsin excess of 25% of the eligible limit have to be on a deliverable basisand cannot be cancelled.

This Circular has increased the above limit from 25% to 50% of theeligible limit. Thus, forward contracts only in excess of 50% (asagainst the present 25%) of the eligible limit will have to be on adeliverable basis and cannot be cancelled.


Deferred payment Protocols dated April 30, 1981 and December23, 1985 between Government of India and erstwhile USSR

With effect from October 20, 2006 the rupee value of the specialcurrency basket has been fixed at Rs.58.6627 as against the earliervalue of Rs.60.4958.


Liberalised Remittance Scheme of USD 50,000 for ResidentIndividuals

This Circular carries out major amendments to :

1. The US $ 25,000 liberalised remittance scheme for resident in-dividuals.

2. Current Account Transaction Rules in respect of remittancesabroad towards gifts and donations by resident individuals.

3. Portfolio investment scheme for resident individuals.

Earlier, this remittance facility was available on a calendar-year basis.This has been changed to Financial Year basis i.e., April to March.

The amount eligible for remittance overseas in all the above caseshas been consolidated into a single combined limit of US $ 50,000per financial year. The table printed on the next page explains theamendments.

Let’s celebrate ! Sahyog Utsav

The month of February brings with it aslight chill in the air and brings with itthe best climate for us professionals torelax (of course, there are some of uswho are completely saturated with theirworkload, who might very well ask “whatdoes ‘relax’ mean ?”).

By end January, all MVAT Audit andScrutinies would have ended; all e-returns would have been uploaded

(hopefully!) and all FBT payments made. You would therefore bewondering what to do.

BCAS, AIFTP (WZ), CTC, STPAM and WIRC of ICAI have found asolution to this question ! Yes, we are back with ‘Sahyog Utsav’.

10th February 2007 is the day that you need to mark in your diary.Let us all meet on this day with our families and let our hair downand enjoy. Forget your worries, forget tax, forget audits, forget thescrutinies and ‘just chill’.

Those who have attended Sahyog Utsav in the past would know thatthis Utsav offers an excellent opportunity to our members and theirfamily members to showcase their respective talents, and in theprocess, also have fun. Sahyog as the name suggests also gives usan opportunity to strengthen the bonds of fellowship and togetherness.

No worries for dinner arrangement — Special arrangements forcontributory Dinner have been made at the venue. Passes for thesame priced at Rs.125 can be collected from any of the 5 Associationson or after 15th January 2007, but before 7th February 2007.

Oh, wondering about Time and Venue ?

Day & date : Saturday, 10th February 2007

Timing : Programme 06.00 p.m. to 10.00 p.m.Dinner 10.00 p.m. to 11.00 p.m.

Venue : Navin Thakker Auditorium, Vile Parle (East)(within walkable distance from the Vile Parle Railwaystation)

P.S. : So that you do not manage to find excuses for not attendingdue to workload, we have organised this Utsav on a Saturday evening.So, no meetings, no clients, no nothing — simply come !


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� Remittance facility Old limit New limit

Liberalised RemittanceScheme per year US $ 25,000 US $ 50,000

Gift per year US & 5,000 NIL - part of above

Donation per year US $ 5,000 NIL - part of above

Investment in certainoverseas companies No restriction NIL - part of above

This Circular also provides that the present facility for release offoreign exchange up to US $ 10,000 for one or more private visitsduring a year will now be available on a financial-year basis.

A.P. (DIR Series) Circular No. 25 dated December 22, 2006

Foreign investment in Infrastructure Companies in SecuritiesMarkets — Amendment to the Foreign Direct Investment Scheme

This Circular permits foreign investment in infrastructure companies insecurities markets, viz. stock exchanges, depositories and clearingcorporations, subject to compliance with SEBI Regulations, as under :

1. Foreign investment up to 49% will be allowed with a separate capof 26% for Foreign Direct Investment (FDI) and a separate capof 23% for Foreign Institutional Investment (FII).

2. FDI will be allowed only after obtaining specific prior approval fromthe Foreign Investment Promotion Board (FIPB).

3. FII investment will be allowed only through purchases in the sec-ondary market.

Seminar on Intellectual Property Rightsvis-à-vis Chartered Accountants

jointly withAcademy of Intellectual Property Studies (AIPS)

Date : 2nd/3rd week of February, 2007

Time : 14.30 hrs. — 17.30 hrs.

Venue : BCAS Conference Room

Programme details :

Introduction to Intellectual Property

● Patents ● Copyrights ● Designs ● Trademarks, etc.

Important IP Issues relating to Chartered Accountants

● Valuation of IPRs ● Direct and Indirect Taxation of IPRs● Accounting and Auditing Aspects in IPRs

There are no enrolment fees for this Seminar. This Seminar is beingheld to familiarise Chartered Accountants with opportunities availableon the subject of Intellectual Property Rights (IPRs). Based on thefeedback received from the participants and others, the Society isconsidering to launch a long-duration programme of 40-50 hours onthis subject along with the AIPS.

The actual date of the Seminar would be put up on the website, inour forthcoming journal, and will be intimated to members by email.

BCAS Publications for saleName of Publication Price Postage

Rs. Rs.

Books

(a) Taxation on Chartable TrustMembers and NGOs 125 50

Non Members 150 50

(b) Fringe Benefit Tax — An AnalysisMembers 250 75

Non Members 300 75

(c) Transactions In Shares & Securities 200 50

(d) Mandatory Accounting StandardsFrom Published Accounts 200 50

(e) Service TaxBasic Concepts and Procedures 35 20

Goods Transport Agency Services 25 20Business Auxiliary Services 25 20

Construction Related Services 40 20Import and Export of Services 35 20

Full set of Service Tax Booklets(All 5 Books) 150 35

(f) Reporting Under CARO 2003A Compilation — Revised and Updated 150 35

(g) Fraud Detection — A Practical Approachfor Auditors 300 75

(h) Harmful Tax Competition— An Emerging Global Issue 100 25

Conference Papers

(a) 40th RRC Papers 450 50

(b) ITF Conference, 2006 450 50

CDs

(a) 40th RRC which contains papers,speeches of the paper writersand photographs 750 20

(b) 39th RRC which contains discussionsconducted by various paper writers 100 20

(c) 5 Years’ Journal CD fromApril 2000 to March 2005

For Members 200 20For Non-Members 300 20

Others

BCAS Post-It Pads (50 Sheets) 50 20


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A Tryst with NatureThe Human Resources Committee is pleased to invite you to unwindyourself and soak in the natural beauty of a forest.

Yes, after a gap of several years, we are back with the wonderfulNature Walk.

Right in the middle of the concrete jungle of Mumbai and in thepristine environment of the Sanjay Gandhi National Park and very nearthe glamorous Film City, lies a huge patch of forest which very fewof us are aware of.

The Bombay Natural History Society which is doing a great job ofenvironment protection and preservation has a Conservation EducationCentre right in the middle of this forest.

We invite you to join us for a walk in this beautiful forest.

However, we must caution you — this walk is only for those who areserious about relaxing and about leaving their worries behind at homesand offices.

No cell phones will work in the forest and you will not hear theconstant honking of car horns there. Only the chirping of birds thatyou may have never seen before. And yes, lots of trees and plantswith lovely flowers and leaves.

Interested ? Then do fill in the form and get ready for a greatexperience. Oh yes, we forgot to mention — your family members aremost welcome to join us. Children will have a whale of a time. Thereare special activities earmarked for kids and we ensure lots of funand frolic for them.

The details of the Nature Walk are as under :

Day & Date : Sunday, 4th February, 2007

Time : 7.45 a.m. to 2 p.m.

Venue : Conservation Education Centre, Bombay NaturalHistory Society, Near Film City, Goregaon East,Mumbai-400065.

Contribution : Rs.250 per head for adults and Rs.200 per child upto 12 years of age (this would include breakfast andlunch and entrance fees for the ConservationEducation Centre and contribution of Rs.20 to BCASFoundation).

Transport arrangements : All the participants have to make their ownarrangements up to the main gate of the Film City. From thereonwards, in case you do not have your own vehicle, we will providefor the transport into the forest.

A circular would be sent to the participants separately at a later dategiving further details. In case you need any clarifications, you maycontact the co-ordinator Ameet Patel on tel. : 9820054854.


Chairman : Rajesh MuniConvenors : Hiten Shah

Manish SampatAliasgar Kherodawala

Excelling Memory Powerand Fast-Reading Skills

Learn once and remember forever !

Is it achievable ?

“Yes”, says Minoo Jokhi, “Memory is a skill, if managed proficientlyyou can build it up to withstand the brisk pace of Life.”

The importance of building memory and fast-reading technique canhardly be over emphasised. In the swiftly changing environment, whereinformation flow is tremendous, a common man struggles to retain andrecall. Professionals require this technique more than anyone else.Keeping this in view, BCAS has organised a unique two-day workshopon ‘Excelling memory power and fast-reading skills’ which would focuson :

➠ Introduction to Memory Development

➠ Laws and keys to a perfect Memory

➠ Link System and Association Techniques

➠ Effective Reading Skills (Special Emphasis and Exercises)

➠ Yoga and Meditation Techniques for a perfect Memory

➠ Calculation Skills : Many fast Calculations

➠ Skills will be taught which include Squares, Tables, Additions andMultiplications

➠ 18 steps to a permanent Memory

➠ Concentration Techniques to face Absent-mindedness

➠ Fast-Reading Skills for an excellent Memory

Minoo Jokhi is a soft-skill trainer with about 500 such programmesto his credit. He is a Mathemagician, who has performed shows inIndia, Sri Lanka, Spain and America. He has been conducting memorydevelopment and other training programmes.

This workshop is repeated on popular demand. All those who arewill ing to grow by acquiring fast-reading skills and memorydevelopment are welcome to join the workshop.

The details are as under :

Day & date : Saturday & Sunday, 10th & 11th February 2007

Time : 9.30 a.m. to 5.30 p.m.

Venue : St. Xavier’s Institute of Management, St. Xavier’sCollege Campus, Mahapalika Marg, Opposite MetroTheatre, Mumbai-400002.

Fees : Rs.1020 (including course material, if any, lunch, tea,and contribution of Rs.20 towards BCAS Foundation)


Chairman : Rajesh MuniConvenors : Hiten Shah

Manish SampatAliasgar Kherodawala


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

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.

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

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

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

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

Student’s Regn. No. with ICAI : .......................................................................................................................................................................................................................

Name and address of Principal : .....................................................................................................................................................................................................................

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

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

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

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✁ ✁ ✁ ✁ ✁ ✁ ✁ ✁CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE CUT HERE

WORKSHOP :

Excelling memory powerand fast-reading Skills 10th & 11-2-2007 Rs.1020 .............................

Half-day workshop on TDS from 17-3-2007 Rs.450 Members .............International Transactions Rs.650 Non-Members .....

Registered with the Registrar of Newspapers for India under R.N. 68365/98 Regd. No. MH/MR/South-88/2006-08Licensed to post without prepayment : Licence no. South-12/2006-08. Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1.

STUDY COURSE :

Intensive Study Course on February 2007 : Rs.8,000 ...............................Accounting Standards 2, 3, 9, 10, 16, 17, 23 & 24;

March 2007 :9, 10, 16, 17, 23, 24, 30 & 31

Every rose has thornsA water bearer had two large pots, each hung on the ends of a polewhich he carried across his neck. One of the pots had a crack init, while the other pot was perfect and always delivered a full portionof water.

At the end of the long walk from the stream to the house, the crackedpot arrived only half full. For a full two years this went on daily, withthe bearer delivering only one and a half pots full of water to hishouse. Of course, the perfect pot was proud of itsaccomplishments, perfect for which it was made. But the poor crackedpot was ashamed of its own imperfection, and miserable that it wasable to accomplish only half of what it had been made to do.

After 2 years of what it perceived to be a bitter failure, it spoke tothe water bearer one day by the stream. “I am ashamed of myself,and I want to apologise to you. I have been able to deliver only halfmy load, because this crack in my side causes water to leak outall the way back to your house. Because of my flaws, you have todo all of this work, and you don’t get full value from your efforts,”the pot said. The bearer said to the pot, “Did you notice that therewere flowers only on your side of the path, but not on theother pot’s side ? That’s because I have always known about yourflaw, and I planted flower seeds on your side of the path, and everyday while we walk back, you’ve watered them. For two years I havebeen able to pick these beautiful flowers to decorate the table. Without

Mindspeak Contributed by :Internet Source

you being just the way you are, there would not be this beauty tograce the house.”

Moral : Each of us has our own unique flaws. We’re all cracked pots.But it’s the cracks and flaws we each have that make our livestogether so very interesting and rewarding. You’ve just got to takeeach person for what they are, and look for the good in them. Blessedare the flexible, for they shall not be bent out of shape.

Remember to appreciate all the different people in your life !

BCAS Opinion PollCast your vote

and help us in mobilising the opinion of our members, so thatthe same can be conveyed in a strong voice to the authorities.

This month’s poll :Do you think large corporate taxpayers stand tobenefit by opting to be part of the ‘Large Tax-

Payer Unit’ scheme of the Revenue Department ?

Yes No Can’t say

To cast your vote, log on towww.bcasonline.org

The result of the last poll is as under :Will an independent tax ombudsman providean effective grievance redressal mechanism

to the taxpayer ?

Yes : 70% No : 21% Can’t say : 9%

A Tryst with Nature 4-2-2007 Rs.250 per adult ...............

Rs.200 per child ...............

lecture meetings vice-president’s communiqué

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