BCAS Newsletter I March 2011 1 Vice-President’s Communiqué 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai-400020. Tel. Nos. : 61377600; fax: 61377666 Email : [email protected]; Website : www.bcasonline.org PROGRAMMES AT A GLANCE Dear Members, In February every professional anxiously awaits presentation of the budget. This year the budget was presented in the backdrop of the Direct Tax Code which was already before Parliament, and the GST which is expected to become a reality in the near future. On the economic front the Finance Minister did a balancing act. Faced with rising inflation and spiralling food prices he had very little choice. Despite these limitations the initiatives in the agriculture and the infrastructure sectors are a welcome step. The Finance Minister was helped in his endeavour by a satisfactory monsoon and an economy that had survived the global financial crisis. He has projected growth of 8% to 9% of GDP which if achieved will enable India to continue on the growth path. On the Direct tax front he has made as expected, very few changes. These and the various aspects of the DTC bill were discussed by Senior Advocate Soli Dastur in his address on 4th March 2011. We have recently witnessed two significant decisions of the Supreme Court. The first is the unseating of the CVC. At a time when corruption in public life is one of the largest threats to the nation, the CVC has to be a man of unimpeachable integrity, not only in fact but also in public perception. The second ruling is the implicit consent of the Supreme Court to passive euthanasia i.e. mercy killing. The issue involves a large number of ethical, medical and legal aspects and will require a national debate before a law on the subject can be formulated. I think the ruling of the Supreme Court is a step in the right direction. On 26th Feb. 2011, BCAS under a special arrangement with the Organisation for Economic Cooperation and Development (OECD) released the Indian reprint editions of later’s two flagship publications namely, (i) Model Tax Convention on Income and on Capital (condensed version) and (ii) OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. Both these publications have received an overwhelming response. Harnessing Talent and Providing Quality Service Vol. 13 n No. 12 n March 2011 n A Monthly Newsletter of the Bombay Chartered Accountants’ Society For Members only. For Private Circulation only. Price: ` 10 BCAS Newsletter President: Mayur Nayak, 93242 71980; [email protected]Vice-President: Pradip Thanawala, 98200 45632; [email protected]Hon. Jt. Secretaries: Deepak Shah, 98201 48536; [email protected]Nitin Shingala, 98200 57694; [email protected]Hon. Treasurer: Raman Jokhakar, 98208 77976, [email protected]First Intensive Study Course on Transfer Pricing ......................... 19-03-2011 ................... Indian Merchants' Chamber, Churchgate, Mumbai ............................................. 3 Study Group on International Economics .................................... 22-03-2011 ................... Gulmohar, BCAS Premises ................................................................................ 2 Workshop on Right To Information Act .................................... 22-03-2011 ................... Indian Merchants' Chamber, Churchgate, Mumbai ............................................ 8 2-Day Workshop on Fair Value of Financial Instruments ............. 25-03-2011 .................. BCAS Conference Room ................................................................................... 3 Full Day Workshop on Practical Issues in Tax Deduction at Source 15-04-2011..................... Walchand Hirachand Hall ................................................................................... 4 Certificate Course for Professional Accountant .............................. 22-04-2011..................... ............................................................................................................................ 11 Full Day Seminar on Charitable Trust ......................................... 23-04-2011..................... M. C. Ghia Hall, Kalaghoda ................................................................................ 4 The Power Summit ..................................................................... 29-04-2011..................... Mumbai .............................................................................................................. 5 Enchanting Educational Tour to Europe ....................................... 24-05-2011..................... Europe ................................................................................................................ 5 BCAS Annual Day Program ......................................................... 28-05-2011..................... Direct I-Plex, Andheri (W) ................................................................................... 7 Lecture Meetings ......................................................................... 19-03-2011& 23-03-2011 ............................................................................................................................. 1 Lecture Meeting Venue I Maharashtra Seva Sangh, Above Apna Bazaar, Jawaharlal Nehru Road, Mulund (West) , Mumbai 400 080 Tel: 25681631 / 25690225 Day, Date & Time I Saturday, 19th March 2011, 6.15 p.m.* Speaker I CA. Mahendra Sanghvi Subject I Recent Developments in TDS Venue I Walchand Hirachand Hall, 4th floor, IMC, Churchgate, Mumbai - 400020. Day, Date & Time I Wednesday, 23rd March 2011, 6.15 p.m.* Speaker I CA. Akeel Master Subject I Issues in Bank Audit * Fellowship over a cup of tea at 5.45 p.m. At the Society we continue with new initiatives. The BCAS WebTV has received tremendous response. The measure will be of immense help to our members outside Mumbai who cannot take benefit of regular programmes of the Society which are held in the city. Even for those who are residing in Mumbai the time taken in commuting is a great limiting factor for attending programmes.The web cast of the budget lecture by Senior Advocate Soli Dastur was viewed by more than 3000 members. The Web TV project an initiative of the Information Technology and 4i Committee will be useful to them as well. As this communication reaches you the country will be preparing to celebrate the festival of colours i.e. Holi. I take this opportunity to wish all of you and your family members a joyous Holi! With warm regards, Yours truly, CA. Pradip Thanawala
In February every professional anxiously awaits presentation of the budget. This year the budget was presented in the backdrop of the Direct Tax Code which was already before Parliament, and the GST which is expected to become a reality in the near future.
On the economic front the Finance Minister did a balancing act. Faced with rising inflation and spiralling food prices he had very little choice. Despite these limitations the initiatives in the agriculture and the infrastructure sectors are a welcome step. The Finance Minister was helped in his endeavour by a satisfactory monsoon and an economy that had survived the global financial crisis. He has projected growth of 8% to 9% of GDP which if achieved will enable India to continue on the growth path.
On the Direct tax front he has made as expected, very few changes. These and the various aspects of the DTC bill were discussed by Senior Advocate Soli Dastur in his address on 4th March 2011. We have recently witnessed two significant decisions of the Supreme Court. The first is the unseating of the CVC. At a time when corruption in public life is one of the largest threats to the nation, the CVC has to be a man of unimpeachable integrity, not only in fact but also in public perception. The second ruling is the implicit consent of the Supreme Court to passive euthanasia i.e. mercy killing. The issue involves a large number of ethical, medical and legal aspects and will require a national debate before a law on the subject can be formulated. I think the ruling of the Supreme Court is a step in the right direction.
On 26th Feb. 2011, BCAS under a special arrangement with the Organisation for Economic Cooperation and Development (OECD) released the Indian reprint editions of later’s two flagship publications namely, (i) Model Tax Convention on Income and on Capital (condensed version) and (ii) OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. Both these publications have received an overwhelming response.
Harnessing Talent and Providing Quality Service
Vol. 13 n No. 12 n March 2011
n A Monthly Newsletter of the Bombay Chartered Accountants’ Society
For Members only. For Private Circulation only. Price: ` 10
First Intensive Study Course on Transfer Pricing ......................... 19-03-2011 ................... Indian Merchants' Chamber, Churchgate, Mumbai ............................................. 3Study Group on International Economics .................................... 22-03-2011 ................... Gulmohar, BCAS Premises ................................................................................ 2Workshop on Right To Information Act .................................... 22-03-2011 ................... Indian Merchants' Chamber, Churchgate, Mumbai ............................................ 82-Day Workshop on Fair Value of Financial Instruments ............. 25-03-2011 .................. BCAS Conference Room ................................................................................... 3Full Day Workshop on Practical Issues in Tax Deduction at Source 15-04-2011..................... Walchand Hirachand Hall ................................................................................... 4Certificate Course for Professional Accountant .............................. 22-04-2011..................... ............................................................................................................................ 11Full Day Seminar on Charitable Trust ......................................... 23-04-2011..................... M. C. Ghia Hall, Kalaghoda ................................................................................ 4The Power Summit ..................................................................... 29-04-2011..................... Mumbai .............................................................................................................. 5Enchanting Educational Tour to Europe ....................................... 24-05-2011..................... Europe ................................................................................................................ 5BCAS Annual Day Program ......................................................... 28-05-2011..................... Direct I-Plex, Andheri (W) ................................................................................... 7Lecture Meetings ......................................................................... 19-03-2011& 23-03-2011 ............................................................................................................................. 1
Lecture MeetingVenue I Maharashtra Seva Sangh, Above Apna Bazaar, Jawaharlal Nehru Road, Mulund (West) , Mumbai 400 080 Tel: 25681631 / 25690225Day, Date & Time I Saturday, 19th March 2011, 6.15 p.m.*Speaker I CA. Mahendra SanghviSubject I Recent Developments in TDS
Venue I Walchand Hirachand Hall, 4th floor, IMC, Churchgate, Mumbai - 400020. Day, Date & Time I Wednesday, 23rd March 2011, 6.15 p.m.*Speaker I CA. Akeel MasterSubject I Issues in Bank Audit * Fellowship over a cup of tea at 5.45 p.m.
At the Society we continue with new initiatives. The BCAS WebTV has received tremendous response. The measure will be of immense help to our members outside Mumbai who cannot take benefit of regular programmes of the Society which are held in the city. Even for those who are residing in Mumbai the time taken in commuting is a great limiting factor for attending programmes.The web cast of the budget lecture by Senior Advocate Soli Dastur was viewed by more than 3000 members. The Web TV project an initiative of the Information Technology and 4i Committee will be useful to them as well.
As this communication reaches you the country will be preparing to celebrate the festival of colours i.e. Holi. I take this opportunity to wish all of you and your family members a joyous Holi!
With warm regards, Yours truly,
CA. Pradip Thanawala
workshop on Right To Information Act
BCAS Newsletter I March 20112
Right to Information ClinicBCAS Foundation operates a Right to Information (RTI) Clinic on regular basis. RTI Clinic is operated by Mrs. Hema Sampat, a research scholar on the subject of RTI, Mr. A. K. Asher, Adv. & RTI activist and CA. Narayan Varma, Past President, BCAS.
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 difficulties on the subject of RTI.
The RTI Clinic operates on every 2nd, 3rd and 4th Saturday from BCAS’s office – 11 a.m. to 1 p.m.
The next RTI Clinic days accordingly are 26th March 2011 and 9th, 16th and 23rd April 2011. Please call the Society’s office (Ms. Shernaaz: 61377600) to obtain a prior appointment.
Charitable Trust ClinicThe next Charitable Trust Clinic will be held on Friday, 1st April 2011 from 5 p.m. to 7 p.m. in the library room of BCA Society at New Marine Lines.
Chartered Accountants and Trustees interested in having their queries solved are requested to call the Society’s office (Mrs. Mistry: 61377620) and 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.
Panel of Advisors:CA. Ratanshaw Damanwala,CA. Shariq Contractor,CA. Gautam Nayak,CA. Anil Sathe CA. Atul Shah
Accounts & Audit ClinicThe next Accounts & Audit Clinic will be held on Saturday, 2nd April 2011, from 10.30 a.m. to 11.30 a.m. in the library room of BCA Society at New Marine Lines.
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 the Society’s office (Mr. Rajaram: 61377613) 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.
Panel of Advisors:CA. Sanjeev Pandit, CA. Himanshu Kishnadwala CA. Jayesh Gandhi
Study Group on International Tax Decisions
International Taxation CommitteeChairman : CA. Pinakin Desai Co-Chairman : CA. Rajesh Kothari Convenors : CA. Gaurang Gandhi CA. Dhishat Mehta CA. Sushil Lakhani
Course Co-ordinators : CA. Kirit Dedhia, CA. Rajesh Shah and CA. Ganesh Rajgopalan
The current incessant and often conflicting and divergent flow of judicial decisions in the arena of International Taxation has unsettled many of our understandings, making it imperative for us to keep ourselves continuously updated of developments in the field.
To achieve this objective, the Study Group will be led by experts in the field of international taxation and will have threadbare deliberations on the decisions rendered by various Tribunals, Authority for Advance Rulings (AARs) and Courts (including important decisions of the foreign 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 R1,750 for the financial year April, 2011 to March, 2012.
It is proposed to hold about 8 to 10 meetings in a year. This Study Group will be ideal for Chartered Accountants specialising in the field of International taxation and/or in industry dealing with non-residents on regular basis.
Membership of the Study Group will be restricted to 150 members enrolled by both the organisations on ‘First-Come-First-Enrolled’ basis. Enrolment form is printed on page 12.
Study Group on International Economics
International Taxation CommitteeChairman : CA. Pinakin Desai Co-Chairman : CA. Rajesh Kothari Convenors : CA. Gaurang Gandhi CA. Dhishat Mehta CA. Sushil Lakhani
Group Co-ordinators : CA. KK JhunJhunwala, CA. Chirag Vajani
With globalization of Indian economy events occurring on International front are directly impacting Indian economy and businesses. In order to keep track of major developments in the world economy and to study their implications, the Committee has decided to commence a new “Study Group on International Economics” wherein current developments and issues in international economics will be discussed and debated.
Details of its first meeting are as follows:Day and Date : Tuesday 22nd March, 2011Time : 6.15 pmVenue : Gulmohar, BCAS PremisesSubject : Follow up of Lecture Meeting on “Currency Wars”Facilitator : Mr. Rashmin SanghaviFees : `1,000/-
All members are welcome to join this group. The group will function on self sufficient basis. Enrolment form is printed on page 12.
BCAS Newsletter I March 2011 3
Member / Journal / Student subscribers are requested to inform any change of address of correspondence by e-mail to [email protected] on or before 20th of every month. Intimation received after 20th of the month will be effective from the next month onwards. Please help us to serve you better.
Announcement
First Intensive Study Course on Transfer Pricing
International Taxation CommitteeChairman : CA. Pinakin Desai Co-Chairman : CA. Rajesh Kothari Convenors : CA. Gaurang Gandhi CA. Dhishat Mehta CA. Sushil Lakhani
Course Co-ordinators :CA. Chetan Shah & CA. Dhaval Sanghavi
The First Intensive Study Course on Transfer Pricing (TP) to be conducted in classroom style, will be spread over 31 sessions in all, covering various aspects of TP including:
Associated enterprises, International transactions, Concept of ALP, Comparability study, Transfer pricing methods, CUP, RPM, CPM, transactional and profit methods, Selection of comparables, Safe harbor rules, Thin capitalization rules, APAs, OECD transfer pricing guidelines, Intangible property, Intra group services, Cost contribution arrangements, Financial service sector-transactions, Transfer pricing documentation, Drafting audit report and Transfer pricing study including live case studies of select industries, Transfer pricing controversies, Transfer pricing litigations, Transfer pricing dispute resolution through MAP International decisions on transfer pricing.
Faculty will comprise senior professionals having expertise in the field of Transfer Pricing. The Faculty may include (subject to confirmation):Aman Khare, Anish Chakraborty, Darpan Mehta, Dhaivat Anjaria, Dr. Hashin Shroff, Karishma Phatarphekar, Kewal Doshi, Kishor Karia, Manish Bafna, Manisha Gupta, Pranav Sayta, Rakesh Alsi, Rohan Phatarphekar, Samir Gandhi, Sanjay Kapadia, Sanjay Tolia, Sharad Jain, Shikha Gupta, Sunil Kothare, T. P. Ostwal, Vispi Patel and Waman Kale and also members from the Income Tax Department.
Day & Date : All Saturdays from 19th March 2011 to 14th May 2011Time : 9.00 a.m. to 6.00 p.m.Venue : Indian Merchants' Chamber, Churchgate, Mumbai. Fees : `15,000 for members `20,000 for non-members (limited seats) (Fees inclusive of course material, refreshments, lunch and `50 towards contribution to BCAS Foundation.)
As the course is spread over a period of almost two months, in case of any contingency, the Society may be required to change the venue and/or the date at short notice.
Enrolment is restricted to 80 members on first-come-first-served basis. To give benefit of this course to a larger spectrum of members, enrolment would be restricted to a maximum of 7 members from the same group of organisations on a first-come-first-served basis and the additional members from that group of organisations would be placed on waiting list. Subject to availability of the seats they may be enrolled one week before the commencement of the course. Enrolment form is printed on page 12.
Price is what you pay. Value is what you get. — Warren BuffetThe convergence of Indian GAAPs with IFRS for all public interest entities which is expected to be effective from April 1, 2011 will mark a paradigm shift from historical cost accounting to fair value accounting. Despite the fact that there are both advantages and disadvantages of adopting fair value accounting, we have to accept that fair value is here to stay and we have to learn how to deal with it.
After the success of the 2nd Residential Study Course on IFRS which was held in December 2010, the Accounting & Auditing Committee is pleased to announce a 2-day intensive workshop on fair value of financial instruments with a view to equip the participants with the practical tools and methods which are essential for a deeper understanding and implementation of the concepts.The programme will cover the following aspects :
1. Overview of Fixed Income Markets and Concepts.2. Interest rates basis and related Excel functions.3. YTM and its computation using Excel capabilities.4. Various interest rates methods and migrating from one to another
using built-in proprietary model of Excel.5. Interpolating interest rates from yield curve.6. Introduction to zero curve.7. How to derive swap curve from swap prices.8. Introduction to basic derivatives and their pricing.9. Understanding the concept of intervening income and its impact
in pricing a forward contract on a bond.10. Pricing FRA and creating a model for FRA and understanding why
FRA is important in swap pricing.11. Understanding swaps and their pricing.12. Understanding options and using options pricing model and
binomial model to price options.13. Applying theory to practice by valuing debt structures and their
accounting under IFRS, valuing forward structures and valuing swap and option structures.
Details of the programme are as under:Days & Dates : Friday / Saturday, 25th to 26th March 2011.Time : 9.30 a.m. to 6.00 p.m.Venue : BCAS Conference Room, 7, Jolly Bhavan No. 2, Ground Floor, New Marine Lines, Mumbai 400 020.Faculty : CA. Ramesh LakshmanFees : Members : `7,800 Non-Members: `9,300 (Fees include course material, working lunch and tea on both the days and contribution of `50 towards BCAS Foundation)Enrolment is restricted to 25 participants on first-come-first-served basis. To give benefit of this programme to a large spectrum of members, enrolment would be restricted to a maximum of 3 members from the same organisation and additional members from that organisation would be kept on waiting list. They would be enrolled if there is a vacancy prior to 3 days of the commencement of the programme.
Participants would be expected to carry their own laptops for working through the practical exercises throughout the programme.
Enrolment fees are non-refundable, non-transferable and as per Society’s policy, a participant is not permitted to substitute another person.
Enrolment form is printed on page 12.
Accounting & Auditing CommitteeChairman : CA. Himanshu Kishnadwala Convenors : CA. Mukesh Trivedi CA. Abhay Mehta CA. Suril Shah
2-Day Workshop on Fair Value of Financial Instruments
BCAS Newsletter I March 20114
A full day Seminar on Formation, Registration, Taxation and compliance to various statutory provisions by the Charitable Trusts is organised to discuss and deliberate on the various issued faced in day to day practice.
Day & Date : Saturday, 23rd April, 2011Time : 9.30 a.m. to 5.30 p.m.Venue : M. C. Ghia Hall, Kalaghoda, Mumbai – 400 023Fees : Fees: `800/- for Members, `1000/- for others (including tea, coffee, lunch & material)
The details are as follows:
Jointly with The Chamber of Tax Consultants Full Day Seminar on Charitable Trusts
Indirect Taxes And Allied Laws CommitteeChairman : CA. Govind Goyal Convenors : CA. Sunil Gabhawalla CA. Toral Mehta CA. Suhas Paranjpe
Topics Speakers
Inauguration Key Note Address Charity Commissioner and/or DIT (Exp.)* & CA. Arvindbhai Dalal, Chairman
1st Technical Session
Formation of Trust(Trust Deed / MOA & Rules& Regulations with C.C. under BPT & Societies Registration Act)
Reg. with I.T. Dept.Exemption U/S 80- G &Under section 10 (23) (c).
CA. Paras Savla
4th Technical Session Taxation of Charitable Trust
CA. Gautam Nayak
5th Technical Session
FCRA provisions and DTC(Proposed Amendment’s)
CA. Shariq Contractor
*confirmation awaited
Members are requested to take advantage of this unique opportunity and enrol early to avoid disappointment.
Enrolment form is printed on page 12.
Taxation CommitteeChairman : CA. Kishor Karia Convenors : CA. Chetan Shah CA. Anil Doshi CA. Kirit Kamdar
Full Day Workshop on Practical Issues in Tax Deduction at SourceTaxation Committee is pleased to announce a full-day workshop on Practical Issues in Tax Deduction at Source. The subject has gained importance due to the fact that any default in non-compliance, the assessee faces disallowance u/s. 40(a) (i) and (ia) of the Income Tax Act, 1961. A special session is planned by inviting a senior official from NSDL who will be dealing with the various issues faced by the assessee with regard to Tax credits.
The details of the workshop are as follows:
Day & Date : Friday, 15th April, 2011.Time : 9.00 a.m. to 6.00 p.m.Venue : Walchand Hirachand Hall, 4th Floor, IMC, Churchgate, Mumbai 400 020.Enrolment Fees : `1,200/- for members and `1,800/- for non-members (including contribution of `50 to BCAS Foundation and cost of study material, if any, tea and lunch)
Speakers Topics
Shri Nikhil Bhatia Section 192 - Salary including salary paid to expat
Shri Gautam Nayak Section 194A - Interest other than “Interest on securities”Section 194C - Payments to contractors and sub-contractorsSection 194J - Fees for professional or technical servicesSection 194H - Commission or brokerageSection 194I - Rent
Shri Hitesh Gajaria Section 195 - Other Sums (Payment to non-Residents)
Ms. Delnaz Mistry, NSDL
Tax Credits Issues and resolution
Participants are requested to send their queries for any of the above referred topic to the BCAS office/convenors before 5th April, 2011. In view of the limited seats, the members are requested to register early. Registration will be strictly on first-come-first-served basis. Enrolment form is printed on page 12.
Your annual membership/subscription will expire on 31st March, 2011.
You are requested to renew your subscription now. The hard copy and soft copy of the renewal notice have already been sent to you. Please send your renewal fees to: Bombay Chartered Accountants’ Society Office.
Now, you can renew your membership online through the Payment Gateway. Kindly log on to www.bcasonline.org for more details on renewal of membership.
Kind Attention: Members
BCAS Newsletter I March 2011 5
The Power Summit on Practice Management, Capacity Building And NetworkingThe Infotech and 4i Committee is pleased to announce a unique initiative – a 2 day summit where leaders from various professional services firms will get together to share their experiences on practice management, growth strategies and on their networking initiatives.
The Chartered Accountancy practice has undergone a sea-change in the past decade and the leaders of practicing firms are left with many questions:
• Shouldone’sfirmfocusonaspecializedarea,orshouldthefirmseek to provide a ‘one-stop-shop’ to its clients?
If, as a leader of your firm, you seek to answer some of these questions or wish to share your own experiences, come and join us at The Power Summit – a Summit that will empower you in your leadership role.
This summit will also create a unique opportunity for firms seeking network partners by bringing together practice leaders from select cities and creating an appropriate platform for networking and understanding each others’ capabilities, strengths and requirements.
The enrolments are restricted….so, send in your enrolment early, lest someone should ask you “How come you were not present at the Power Summit??”
When : April 29-30, 2011Where : Mumbai*For whom : For partners and leaders of professional services firmsSpeakers : Leaders from various professional firms*Investment : `4,500/- for members of BCAS and members of other CA Associations invited for this summit (including contribution of `50 to BCAS Foundation)
For others….sorry, this one is only for members!!
* More details will be available in the next newsletter and on BCAS website. Enrolment form is printed on page 12.
Infotech & 4i CommitteeChairman : CA. Ameet Patel Convenors : CA. Nandita Parekh CA. Shardul Shah CA. Jinal Shah
Seminar Committee Chairman : CA. Uday Sathaye Convenors : CA. Krishna Kumar Jhunjhunwala CA. Rajeev Shah CA. Yatin Desai
Enchanting Educational Tour to EuropeThe Seminar Committee is pleased to offer an opportunity to visit 7 Educational Monuments, about which we read, discuss and refer to day in and day out...
Please grab the opportunity to visit these places as detailed below.
Broad Itinerary:
Country City Places to visit
1 Austria Vienna Vienna University of Economics & Business
2 Germany Munich Munich University
3 Switzerland Zurich
4 Switzerland Geneva United Nations / World Bank
5 Switzerland Lucerne
6 The Netherlands Amsterdam IBFD/Leiden University
7 The Netherlands Den Hague International Court of Justice
8 Belgium Brussels
9 France Paris OECD
10 UK London University of London / Oxford University
Detailed itinerary will be available from the Society’s office in due course. Appropriate and suitable sightseeing would be covered.
Educational Tour : Departure on 24th May 2011 and arrival on 10th June 2011
Maximum 40 participants on first cum first served basis including BCAS members and their family can be accommodated
Estimated cost : For participants who will register between 21st March 2011 to 25th March 2011 `1,98,000/- per participant (adult and child above 12 years) including air fare, hotel stay and meals as per itinerary but excluding UK VISA.
Cost per participant would be `2,05,000/- if registered after 25th March 2011.
Booking is now open with non refundable deposit of `10,000/- per participant payable to BCAS.
Decision of the Seminar Committee would be final on any matter pertaining to this Educational Tour.
Considering the inquiries from members, enroll early to avoid disappointment. Enrolment form is printed on page 12.
BCAS Newsletter I March 20116
Lecture Meeting on Direct Tax Provisions of the Finance Bill, 2011 held by BCAS on 4th March, 2011 by Senior Advocate Mr. S. E. Dastur is now available on BCAS Web TV
Subscribe Now!!!
Title BCAS Web TV
Format Internet Television Live Streaming Service
What do you need A computer with an internet connection or a cell phone with 3G connectivity and BCAS membership
Mechanism of Working Pay the subscription charges for BCAS TV and you will be emailed a user id and password, then log on to www.bcasonline. tv and view the videos or hear the audios of select events conducted by BCAS
Features You can see videos or hear audios recordings on the move on your mobile or on your laptop. The website has been designed for enabling: •LiveStreamingServiceand •Searchforspecificvideosfrommultiplevideoshostedonthesite
Discipline Videos/Audios of selected Lecture Meetings, Workshops, Study Circles, Seminars etc.
Who can benefit Life and Ordinary Members of BCAS
How to Subscribe By cheque/DD/Credit Card: Payment Counter: BCAS, 7, Jolly Bhavan No.2, New Marine Lines, Mumbai - 400020
Imprest: If you are a BCAS member and if you have an imprest account then you can give instructions to adjust the subscription through the imprest account
Cheques/Pay orders/DDs should be payable at Mumbai in the name of "Bombay Chartered Accountants' Society"
For more Information: Call +91-22-61377600 or write to [email protected]
Subscription Charges `600 per annum subject to maximum download of 4 GB per month (average 20 videos)
These special rates apply to those who pay by 31st March, 2011 and would allow the subscriber to access the facility for two extra months (February and March 2011) apart from the F.Y. 2011-12. Subscription charges are subject to change for those who pay after 31st March, 2011
The much-awaited BCAS Students Annual Day celebrations are back with a bang. Like each year this year also we propose to hold our promise to surprise all with the action-packed schedule and the drama that grips us all. Wonderful learning experience by way of lectures from our guest faculty, sensational speeches by participants of the Elocution contest, heart-warming gestures by various seniors in the profession and nail-biting finishes to quizzes!!
On Saturday, 28th May 2011 the forum has organized an Annual Day Program to celebrate its 4th anniversary at Direct I-Plex, Andheri (W) starting from 3:30 pm. The Programme events hold promise to achieve the following benefits:
Key-note Address:
Our Chartered Accountancy curriculum and the examination format has successfully managed each time to put the finest metals to test and bring out the best in the candidates, which eventually has enabled the profession to enjoy the esteem and respect it commands in the socio-economic space of our day-to-day activities.
At the Society it has always been our endeavor to harness talent and provide an environment not only conducive for pursuit of knowledge, but also to provide the future chartered accountants platform to achieve their potential.
In line with this vision a very close friend of the Society Padma Shri (CA) T. N. Manoharan shall address the students throwing light on the various challenges that the path beholds and an alternative approach that one can follow to combat those challenges.
Awakening the writer within:
If a writer aspires within you and all that it needs is a gentle push, we at the forum are more than glad to play that role. All you understated writers there are invited to share your illustrious viewpoints on topic close to your heart.
Your write-ups should not exceed more than 1000 words. The Editorial Committee of the BCAS will assess your contribution and if selected your participation will be published in BCAJ. Three selected best contributions will be awarded a prize. A certificate of participation will be issued to all the participants.
Elocution Competition 2011 (for CA Students) Saturday, 28th May 2011.
“He came, He spoke, He won” – this is a story of a good communicator. The one who speaks convincingly and impressively wins half the battle. Now here is the opportunity of the year for CA students to present their communication skills. Be a little humorous, let your imagination run wild at the Elocution competition organized by BCAS for CA students under the auspices of Smt. Chandanben Maganlal Bhatt Elocution Fund. Each contestant will be given 5 minutes to express his/her views on any one of the under mentioned topics.
a. Scams (Your Take on Combating It)b. Why I wished to be a C.A.? c. Coping with Stress (Your Mantra decoded)d. An appointment with GOD (Your Agenda for the meeting)e. 'Freedom of Expression' (Used or Overused)
Those desirous of participating should enrol on or before May 21st 2011. The best three speakers selected by a panel of judges will be awarded handsomely. An elimination round will take place a week before (Time, venue and date for the events would be announced in the next issue)
Strike Fast
A quiz is organized at the Annual Day to enable you to test and gain more general knowledge, basic information on commerce, economics, health, sports & entertainment.
Articles of the same firm or self formed groups can participate and compete as a group. Three prices will be awarded to the winning team and a certificate for participation will be issued to each participant.
A rotating trophy is up for grabs to be awarded to the winning team’s CA firm. Do not miss the opportunity to meet and enjoy with your student friends. Enrolment is limited for 200 students.
And above all a sumptuous buffet to end a wonderful evening
For Further queries and information do visit the Students Corner on www.bcasonline.org or write to us at [email protected].
Name : ...............................................................................................................................................................................................................................Address : ...........................................................................................................................................................................................................................Students Regn No with ICAI: ...................................................... Tel: (O) ...................................................Tel: (R) .........................................................Mobile : ......................................................... Email Id : ..................................................................................................................................................Firm’s name & Address presently articled with ..............................................................................................................................................................Name of Principal : ..................................................... Student of Level : ................................... PE I/PE II/Final/ CPT/PCC ......................................Exams due on : .......................................................... What do you expect from the Forum: .......................................................................................How would you like to contribute to the forum: ..............................................................................................................................................................
• `50 being one-time registration fee for the Students’ Forum• `500 being annual subscription of BCA Journal at concessional rate for students, thereby entitlement to Students’ Forum.• `100 being Enrolment fee for Elocution and Quiz
Total : ` ............................................................................Payment Mode : Cheque/ Cash/ Credit Card Cheque No.: .................................... Dated : ........................ Drawn on : .........................................Signature : .........................................................Payments to be made at BCAS office by cash/cheque/DD payable at par in Mumbai in favour of ‘Bombay Chartered Accountants’ Society’ at 7, Jolly Bhavan No. 2, New Marine Lines, Mumbai 400 020.
BCAS’ Students Forum
Human Resources CommitteeChairman : CA. Rajesh Muni Convenors : CA. Manish Sampat , CA. Aliasgar Kherodawala, CA. Ashish Fafadia
BCAS Newsletter I March 20118
Indian Merchants’ Chamber (IMC)Anti Corruption Cell
In association with BCAS Foundation
(Bombay Chartered Accountants’ Society) &
Public Concern for Governance Trust (PCGT)
have organised a workshop on
Right To Information ActDay & Date : Tuesday, 22nd March, 2011. Time : 5.30 p.m. to 8:00 p.m. Venue : Indian Merchants’ Chamber, 2nd Floor, Babubhai Chinai Committee Room, Opposite Churchgate station, Mumbai 400 020.
Mr. Vilas Patil, Chief SIC, Maharashtra, will inaugurate the workshop
Faculty : Narayan Varma, Trustee, BCAS Foundation & PCGT S. K. Nangia & others RTI Activist
If interested to participate in the workshop, please register with
Those who register will be sent the enrolment form(no fees payable) and workshop agenda.
The Reserve Bank of India has issued the following 3 Circulars
A. P. (DIR Series) Circular No. 41, dated February 11, 2011Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
With effect from January 31, 2011, the Rupee value of the special currency basket has been fixed at `64.7004 as against the earlier value of `62.788607.
A. P. (DIR Series) Circular No. 42, dated February 14, 2011Exim Bank’s Line of Credit of USD 1 billion to the Government of the People's Republic of Bangladesh
Exim Bank has made available, subject to certain terms and conditions, to the Government of the People’s Republic of Bangladesh a Line of Credit of US $ 1 billion for financing eligible goods and services including project exports and consultancy services in Bangladesh. Eligible goods and services including consultancy services of the value of at least 85% of the contract price must be supplied by the sellers from India, while the remaining 15% of the goods and services (other than consultancy 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 August 6, 2016 in case of supply contracts.
A. P. (DIR Series) Circular No. 43, dated February 14, 2011Exim Bank’s Line of Credit of USD 416.39 million to the Government of the Democratic Socialist Republic of Sri Lanka
Exim Bank has made available, subject to certain terms and conditions, to the Government of the Democratic Socialist Republic of Sri Lanka a Line of Credit of US $ 416.39 million for financing eligible goods and services including consultancy services from India for financing (i) Track laying by IRCON on the Omanthai–Pallai sector (US $ 185.35 million), (ii) Track laying by IRCON on the Madhu Church – Tallaimannar sector (US $ 149.74 million) and (iii) Track laying on the Medawachchiya – Madhu railway line (US $ 81.30 million) in Sri Lanka. Eligible goods and services including consultancy services of the value of at least 85% of the contract price must be supplied by the sellers from India, while the remaining 15% of the goods and services (other than consultancy 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 November 25, 2016 in case of supply contracts.
From RBIContributed by : CA. Gaurang Gandhi
"A budget is just a method of worrying before you spend money, as well as afterward."
— Unknown "A budget tells us what we can't afford, but it doesn't keep us from buying it."
— William Feather
BCAS Newsletter I March 2011 9
Sr. No. Name of Publication - Books / CDs / Papers Price ` Postage `
1 Harmful tax competition An Emerging Global Issue 100 25
2 CD on the discussions conducted at the 39th RRC 2006 by various paper writers 100 20
3 Right to Know The Right to Information Act, 2005 (Pack of 10 booklets)(Cheque to be drawn in favour of ‘BCAS Foundation’ in case of Sr. no. 3 only)
50 15
4 Challenges of Change - Always ahead Diamond Jubilee Conference Paper 125 25
5 International Tax & Conference 2009, Lavasa Members
Non-Members700800
100100
6 Video DVD of the Panel Discussion held on 7.8.2010 on Service Tax on Builders and Developers 350 20
7 Papers discussed at the International Tax & Finance Conference 20101) Cross Border Taxation of Partnership – CA. Hitesh Gajaria2) Intellectual Property Rights – Structuring and Taxation – CA. Pranav Sayta3) Case Studies on International Taxation – Panel Discussion – CA. Vispi T. Patel4) Concept of Beneficial Ownership – CA. Nitin Karve5) Foreign Tax Credit….. time to make some choices – CA. Ketan Madia6) Transfer Pricing – CA. Shikha P. Gupta7) Case Studies on International Taxation – Panel Discussion – CA. Mukesh Butani
MembersNon-Members
500600
100100
8 CD of Study Material of Seminar on NBFCs (Including audit aspects) 350 20
9 BCA Journal CD from April 2000 to March 2008Members
Non-Members400500
2020
10 44th Residential Refresher Course Papers1) Case Studies in Taxation – Adv. Saurabh Soparkar2) Recent Judgments in Direct Taxes – CA. K. C. Devdas3) Bank Audit – Opportunities and Concerns – CA. Mukund Chitale4) Case Studies in International Taxation – CA. Geeta Jani5) Case Studies in Service Tax – CA. Sunil Gabhawalla6) IFRS – Recent Developments – CA. Khurshed Pastakia7) Capital Gains – Some Current Issues – CA. Pradip Kapasi
350 100
Recent Publications11 Budget Publication
EnglishGujarati
2525
* 2535
12 OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations 500 **50100
13 Model Tax Convention on Income and on Capital (condensed version) 500 **50100
* Postage Within Mumbai `25** Postage Within Mumbai `50
BCAS Publications for Sale
BCAS Newsletter I March 201110
BCAS Newsletter I March 2011 11
BCAS Newsletter I March 201112
CUT HERE CUT HERE CUT HERE
Edited, printed & published by Narayan Varma on behalf of Bombay Chartered Accountants’ Society, Mumbai-400020. Printed at Spenta Multimedia, Mumbai-400013.
Registered with the Registrar of Newspapers for India under R.N. 68365/98 Licensed to post without prepayment : Licence no. MR/Tech/WPP-158/South/09-11.
Regd. No. MH/MR/South-88/2009-11Posted at Mumbai Patrika Channel Sorting Office, Mumbai-1
Please fill in the above form and send the same to the Society’s office along with 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 lunch time is 1.30 p.m. to 2 p.m. Members are requested to co-operate in this regard. Cancellation policy: Kindly note that no refund will be given in case of cancellation for any reason and no substitute will be allowed, once the enrolment form is submitted.
(Signature)
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 r........................................................ is enclosed.
Date : ................
STUDY COURSE : Study Group on International r1,750 for members................... Study Group on International 22-03-2011 r1,000 ..................................... Tax Decisions Economics
First Intensive Study Course on 19-03-2011 r15,000 for members................. Transfer Pricing r20,000 for non-members..........
WORKSHOP : 2-Day Workshop on Fair Value 25-03-2011 r7,800 for members .................. Full Day Workshop on Practical Issues 15-04-2011 r1,200 for members.................
of Financial Instruments r9,300 for non-members .......... in Tax Deduction at Source r1,800 for non-members.......... The Power Summit 29-04-2011 r4,500 for members ..................
SEMINAR : Full Day Seminar on Charitable Trusts 23-04-2011 r800 for members ..................... Educational Tour to Europe 24-05-2011 r1,98,000 per participant ........ r1,000 for non-members............ (Cost per participant would be r2,05,000/- if registered after 25th March 2011)
Combined Enrolment Form
ATTENTION MEMBERS
PROTEST
PROTEST AGAINST INTRODUCTION OF NEW POINT OF TAXATION RULES UNDER SERVICE TAX LAWS
The Finance Bill, 2011, along with a series of notifications, proposes certain far reaching changes in the service tax law. One such amendment having far reaching impact is the amendment in Rule 6 of the Service Tax Rules, 1994 requiring payment of service tax at the time the service is deemed to be provided instead of the current mechanism of payment of service tax at the time when the amount is realized. Thus, professionals, even though maintaining books of account on cash basis, would require to pay service tax on accrual basis and not on receipt basis. Further there are no provisions for adjustment on account of bad debts, non receipt of fees or reduction in invoice and so on. Moreover, section 89 of the Service Tax law has been amended to provide prosecution even in cases of acts of omission on the part of tax payers such as failure to raise an invoice within 14 days of provision of services. BCAS has decided to lodge a strong protest to the introduction of Point of Taxation Rules, 2011 and draconian provisions of prosecution which presumes mens’ rea (i.e. culpable mental state) on the part of tax payers.
We appeal to all our members to support this agitation in the interest of the profession, in your personal interest and in the interest of nation at large.
Look out for measures announced in this regard and participate in it.
