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Bombay CharteredAccountants’ Society

ANNUAL REPORT 2009-10

61st Annual Report 2009-10 Save the Earth

President Ameet Patel presenting a citationto Padma Shri CA. T. N. Manoharan on theoccasion of The Dilip N. Dalal Oration FundLecture Meeting on “Satyameva Jayate –Learning from the Satyam Experience”.On the extreme right is Mrs. Yamini Dalal

60th Annual General Meeting: On the daisseen from left are Pradip Thanawala,

Mayur Nayak – Joint Secretaries,Anil Sathe – Outgoing President,

Ameet Patel – Incoming President,Deepak Shah – Hon. Treasurer

Narayan Varma releasing the special issue ofththe BCAJ at the 60 AGM: Standing to his

left is Kishor Karia, Past President of BCAS

Save the Earth61st Annual Report 2009-10

Office Bearers

Members

Co-opted Members

Ex-Officio Members

PresidentAmeet N. Patel

Vice-PresidentMayur B. Nayak

Hon. SecretariesDeepak R. Shah Nitin P. Shingala

Hon. TreasurerNandita P. Parekh

Anup P. ShahHimanshu V. Vasa

Hiten C. ShahMukesh G. Trivedi

Naushad A. PanjwaniPradip K. ThanawalaRaman H. JokhakarSonalee A. Godbole

Chetan M. ShahJayesh M. GandhiNarayan R. Pasari

Pinky H. ShahShardul D. Shah

Toral N. Mehta

Anil J. SatheNarayan K. Varma

MANAGINGCOMMITTEE 2009-10

Page no.

Managing Committee (2009-10) .........................................1

Notice ..................................................................................2

Our Vision ...........................................................................3

61st Annual Report .............................................................4

Acknowledgements ............................................................6

List of Sub-Committees ......................................................8

Sub-Committee wise events:

Accounting & Auditing ......................................................10

Human Resources ............................................................11

Indirect Taxes & Allied Laws..............................................12

Information Technology.....................................................14

International Taxation ........................................................15

Seminar & Public Relations...............................................18

Strategic Studies ...............................................................19

Taxation..............................................................................19

4i ........................................................................................21

Details of BCAS Clinics ....................................................21

Other Programmes............................................................21

Publications .......................................................................22

Articles published in Dignity Dialogue .............................23

Outlook Money ................................23

Report of the Auditors ......................................................25

Financial Statements/Annual Accounts ...........................26

BCAS Foundation Report/Annual Accounts ....................34

Articles published in

New Initiatives....................................................................24

CONTENTS

BCAS Foundation Trustees

Arvind H. DalalNarayan K. Varma

Pradip N. Kapasi Pradyumna N. Shah

Shariq M. ContractorAmeet N. Patel

Mayur B. Nayak

01Bombay Chartered Accountants’ Society


02

The 61st Annual General Meeting of the Members of the Society will be held on Tuesday,6th July 2010 at 4.15 p.m. at Y. B. Chavan Pratishthan, Gen. Jagannath Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai - 400 021 to transact the following business :

1. To adopt minutes of the 60th Annual General Meeting held on 10th July 2009.

2. To receive and adopt the report of the Managing Committee.

3. To receive and adopt the audited accounts for the year ended 31st March 2010.

4. To announce the results of election of President, Vice-President, two Secretaries, Treasurerand eight Members of the Managing Committee.

5. To appoint Auditors for the year 2010-2011.

6. To present the annual plan for the ensuing year.

Please note that this year, the Society will be sending the Annual Report only in electronic form.Only a few copies will be printed and kept at the Society’s office. If any member desires a printedcopy, he/she may send a request to the Society and we will send you the same by post or the samemay be collected by the member from the Society’s office. This step is taken to reduceconsumption of paper and thereby save trees.

By order of the Managing Committee

Place : Mumbai CA Deepak R. ShahDate : 7th May, 2010 CA. Nitin P. Shingala

Hon. Secretaries

Notice of Annual General Meeting

Annual General Meeting and 62nd Founding Day Celebration

Day & Date : Tuesday, 6th July, 2010

Venue : Rangaswar Hall, 4th Floor, Y. B. Chavan Pratishthan, Gen. JagannathBhosale Marg, Next to Sachivalaya Gymkhana, Mumbai - 400 021.

Programme : 3.45 p.m. : Fellowship over tea and snacks

4.15 p.m. : Annual General Meeting

6.15 p.m. : Founding Day Lecture

Topic : Lessons from the Global Financial Crisis and the Role ofHousing in the Indian Economy

Speaker : Mr. Keki M. Mistry, Vice Chairman & CEO of HDFC Ltd.

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03

61st Annual Report 2009-10

BCAS shall be principle-centered and learning-orientedorganization to promote quality service and excellence in theprofession of Chartered Accountancy and shall be proactive to change.

BCAS shall harness talent of and disseminate knowledge tomembers, build skills and networks amongst them andencourage them to adhere to the highest ethical standardsand professional integrity.

BCAS shall provide to students an environment conducive tothe pursuit of knowledge and encourage them to achievetheir potential to become complete Chartered Accountants.BCAS shall also conduct citizens' education programmes.

BCAS shall be a catalyst for bringing out better and moreeffective Government policies and laws and for clean andefficient administration and governance.

OUR VISION

Bombay Chartered Accountants’ Society


04

61st ANNUAL REPORT 2009–10

Dear Members,

Administration and Internal functioning

stWe have pleasure in presenting to you the 61 annual,report and the audited financial statements of the

stSociety for the year ended 31 March 2010. As you arethaware, the Society completed 60 years on 6 July, 2009.

Therefore, the year 2009-10 marked the beginning ofthe march towards the platinum jubilee.

The year has seen a number of new initiatives takenwith a view to launch the Society into a new phase whichsees a concerted effort to increase its visibility amongstChartered Accountants across the country and the globeby harnessing the power of the internet and technology.Conscious efforts have been made to reach out to ourmembers by increasing the communication between theSociety and its members. The efforts have paid richdividends and a large number of members havereciprocated by sending us their views, responses andfeedback. These responses and feedback will drive thevarious initiatives for further change in future.

The activities of the Society carried out during theyear are listed in the annexure to this report. Certainother reports that give statistical details of theprogrammes are also given. The highlights of theSociety's efforts and activities are as under.

The activities of the Society are carried out throughits sub-committees. This year, the number ofcommittees was pruned and scope of areas rationalizedamongst the remaining sub-committees. A new sub-committee called the 4i Committee (Imaginative Ideasand Innovative Initiatives) was formed. The name of thesub-committee itself conveys what its objective is.Several initiatives were made to improve theadministration of the Society by improving theefficiency and efficacy of the Society's staff. Regularupdates from the Society to the Core Group membershave ensured better communication and flow of vitalinformation relating to the various events organized.This will lead to better co-ordination between the staffand the core group members resulting in improvedefficiency in the organization of programmes.

Certain much needed improvements were also madeto the infrastructural facilities in the Society's officeincluding complete overhaul of the EDP equipments.

Harnessing of Information Technology

Pursuit of professional excellence

The year has seen substantial efforts in the field ofharnessing technology for improving visibility of theSociety amongst members and non members alike. Thelive webcast of both the budget meetings and two othermeetings marks a turning point in the history of theSociety. All the web casts were viewed live by thousandsof people. The large number of responses received frommembers complimenting the Society for taking thisinitiative is testimony to the fact that the Society hastaken a step in the right direction.

The Society also made its presence felt on the variouspopular social and professional networking websites.We now have a reasonably large following on suchnetworks and this will provide a strong base for reachingout to newer members across the country. A lecturemeeting on “Effectively harnessing the power of socialand professional networking websites for professionalAdvancement” was attended by a large number ofinterested members including a few very senior pastpresidents of the Society.

Efforts are being made to revive and revitalize the e-learning modules which had been created some timeback. The popular website of the Society is also beingoverhauled to improve its utility. The site already boastsof more than 60,000 registered users.

Opening up of a payment gateway on the website hasalso helped many members and journal subscribers tomake online payments – thereby doing away with theonerous task of sending physical cheques and forms tothe Society. Improvements will soon be carried out onthe payment gateway to make it simpler and faster for aperson to effect e-payments.

The Society's programmes continue to be wellreceived by members, students and others. The biggest event of the year – the Residential Refresher Course –was held in January at Gandhinagar. Severalinnovations were thought of this year and the Seminar &PR Committee made herculean efforts to live up to theexpectations of the almost 250 delegates. This year, forthe first time, more than 50% of the delegates were fromcities other than Mumbai.

The two day Seminar on Direct Tax Code, arrangedat a very short notice, saw a huge turnout. The variousevents arranged by the International Tax Committeecontinued to attract several young and enthusiasticparticipants from across the country. The Accountingand Auditing Committee arranged several events onIFRS. December 2009 was christened as the IFRSmonth at the Society and we had CA. N.P. Sardainaugurating the same by addressing a large audienceon the subject of IFRS. The two budget meetings (in July

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and March) saw mammoth gathering of keen listeners absorbing every word of Mr. S.E. Dastur's speech. The budget meetings on indirect tax too attracted largeaudiences. The public meetings on budget held jointlywith Forum of Free Enterprise too continue to bepopular with the audiences.

The various study circles and study groups havebeen playing a stellar role in keeping members aware ofimportant and latest developments in the various areasof practice. Enrolment and attendance at the studycircle meetings have been steady.

As a humble contribution towards curbing globalwarming resulting out of cutting down of trees, theSociety made an appeal to its members to opt forreceiving its monthly newsletters electronically instead ofin printed form. More than 10% of the members haveresponded positively to this appeal. This is a smallbeginning by the Society and its members in the rightdirection. Taking this forward, this annual report too hasnot been sent to the members in printed form andinstead, we have sent it in electronic form. The overallreduction in costs in terms of trees saved is substantial.The Society will continue this journey and will make everyeffort to reduce consumption of paper in future too.

The BCAS Foundation's involvement with the Rightto Information Act movement continued in the year andwe released a revised and updated publication on RTIauthored by CA. Narayan Varma. This was done jointlywith the Public Concern for Governance Trust. The RTIclinics also continue to be well received by the commonman. The regular column on RTI in the BCAJ alsocontinues.

The Society also extended support to the DharmaBharathi Mission which provides

The BCAJ which is respected and adored by readersacross the nation saw a change of printer. With thischange, we also brought about a change in the design andlayout etc. which have been well appreciated by readers.The annual Referencer continue to occupy a pride ofplace on the desks of a large number of professionals. Thequality continues to improve year after year. The budgetpublications too have retained their appeal amongstreaders.

The Society continues to take up the cause of bothprofessionals and the public. Several representationshave been made to the Finance Minister and the CBDT

Social Initiatives

Journal and Publications

Improving the quality of legislation

organizationalsupport and leadership to the National RegenerationMovement.

on various important issues including the postbudget recommendations. A detailed and mammothrepresentation was also made on the Direct Tax Code.The Society's representatives also met the Income-taxOmbudsman in Mumbai to offer assistance in makingtax payers aware of the powers of the said office andencouraging tax payers in taking up their grievanceswith the said office. The Society also made efforts toredress the grievances of applicants who were facinghurdles before the RBI with reference to the issue ofcompounding of offences under FEMA. This met with avery encouraging response from the RBI officials.

Students are the future of the CA profession andoccupy a special place in the Society. The Students'Forum started by the HR Committee of the Societycontinued its good work for creating a strong networkof students and encouraging them to improve theirextra curricular talents. The course on effectivecommunication and public speaking for studentsonce again received a very good response. The Societyfelicitated some of the Mumbai based rank holders atthe Final CA examination held in November 2009.They were invited to the public meeting addressed byCA. T.N. Manoharan and received a free membershipof select programmes and study circles of the Society.The crash courses conducted by the Society jointlywith the WIRC of ICAI received overwhelmingresponse this year and the number of students whoenrolled for the same was substantially higher than inthe past. The number of student subscribers to theBCAJ continues to rise steadily though it should bemuch higher.

The past few months have seen a turmoil in theChartered Accountancy profession. The variouscontroversies that one witnessed prompted the Societyto make an attempt at playing a constructive role in theelections at the ICAI. Certain initiatives were made andthe members appreciated the same vocally. The samehowever could not be carried to their logical conclusionfor reasons beyond our control. However, the Societywill continue to play the proactive role of a catalyst andto act as a bridge between the ICAI and its members.

The Society felicitated CA. T.N. Manoharan, pastpresident of the ICAI on his selection by the Govt. ofIndia for being conferred the Padma Shri award. Thefunction was webcast live for the benefit of members.Mr. Manoharan addressed the members on the subjectof “Satyameva Jayate – Learning from the SatyamExperience”.

Student related activities

Seeking a change in image of the profession

Felicitation of Mr. T.N. Manoharan


06

Financial results

March towards the Platinum Jubilee and challenges ahead

The financial results are before you. You will notethat the Society has incurred a deficit. This is mainly onaccount of reduced revenues from the Journal andincreased costs of staffing. For the past several years,the subscription rates and the membership fees haveremained stagnant while costs have increased. At thesame time, we are making every effort possible toreduce costs by rationalizing and by using technology toreplace manual processes. However, it appears that theSociety will very soon need to increase its membershipfees in order to combat inflation.

The past sixty years of the Society's existence havebeen glorious. The future, as always, is unknown anduncertain. The Society faces several challenges onvarious fronts. The biggest challenge is that of itsmembers finding it difficult to spare time to travel forand attend the programmes arranged by the Society.In this behalf, the Society is making special effortsto arrange programmes in the suburbs of Mumbai

city. There is also a growing demand from membersfrom other cities to enable them to take advantage ofthe Society's programmes by having live webcasts orvideo conferencing facilities or through webinars.The Society is seriously considering thesesuggestions. Multiplicity of programmes on sametopic by various organizations which have virtuallythe same target audience is also a challenge. At thesame time, proliferation or rather an overdose ofinformation through the internet also affects theattendance at programmes arranged by the Societyand other sister organizations.

The Society will need to reinvent itself and forge aunique and innovative road ahead. For this, its leadersand its members will need to accept the need for achange in mindset and embrace that change wholeheartedly. We are optimistic and confident that this willhappen. Your support in this endeavour is desirable,needed and expected.

For and on behalf of the Managing Committee,

Ameet N. Patel MumbaiPresident 7th May, 2010

We acknowledge with gratitude the valuable support of :

Contributors to BCA Journal, BCAS Referencer & Budget Publications.

Trustees of Charitable Trust Clinic, Accounts & Audit Clinic and RTI Clinic.

Chairman, Co-Chairman, Convenors and members of various committees for their unstinted support.

H.R. College of Commerce and Economics for jointly organising the Certificate Course for Professional Accountant.

Group leaders and Chairmen at Study Circle and Study Group meetings.

Various dignitaries for delivering keynote address and inaugurating seminars, conferences, workshops and studycourses.

Speakers and paper-writers at various seminars, workshops, lecture meetings, conferences and residential courses.

P. M. Dharia & Co., Chartered Accountants, auditors of the Society, for rendering honorary services.

M. P. Chitale & Co., Chartered Accountants, internal auditors of the Society.

The following organizations for organising programmes jointly with us:1. All India Federation of Tax Practitioners 2. Chamber of Tax Consultants3. Forum of Free Enterprises 4. Indian Merchants' Chamber5. Nani A. Palkhivala Memorial Trust 6. Sales Tax Practitioners Association of Maharashtra7. Western India Regional Council of ICAI

Printers of the BCA Journal, BCAS Newsletter, BCA Referencer, BCAS Calendar and other publications.

Our Principal Bankers – Axis Bank

Staff members of the Society for their sincere and hard work.

We are grateful to the following donors:1) Chandanben M. Bhatt Elocution Fund for Students Elocution Competition2) Pragnya Girish Sharedalal Foundation and Nila Vinod Zaverchand Vasa Foundation for their contribution

towards Finance Bill publications3) Shailesh Kapadia Memorial Fund for Publications4) Other donors who have donated to the BCAS Foundation

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ACKNOWLEDGEMENTS

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Membership Breakup

1808 | Life

636 | New Life

5481 | Ordinary

As on 31st March, 2010.

Areawise Membership

5583 | Maharashtra - Mumbai

681 | Maharashtra - Other than Mumbai

1645 | Rest of India

16 | Other Countries


Hours of Education

57804 | Seminars, Workshops, Conferences

25340 | Lecture Meeting

1270 | Study Groups

2484 | Study Circles


Statewise Breakup of Membership

BCAS Website Enrolment Growth

70000

60000

50000

40000

30000

20000

10000

0

2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10

650314207

24603

34026

46101

57226

67811


State Life Ordinary TotalAndhra Pradesh 80 137 217Assam 2 9 11Bihar 4 4 8Chandigarh 0 4 4Chhattisgarh 2 6 8Dadra Nagar Haveli 0 2 2Goa 6 19 25Gujarat 177 345 522Haryana 4 10 14J & K 0 1 1Jharkhand 2 1 3Karnataka 67 85 152Kerala 10 23 33Madhya Pradesh 18 46 64Maharashtra - Mumbai 1,681 3,902 5,583Maharashtra -Other than Mumbai 183 498 681New Delhi 26 70 96Orissa 1 1 2Punjab 0 7 7Rajasthan 25 52 77Tamil Nadu 82 130 212Uttar Pradesh 21 70 91Uttarakhand 1 0 1Uttaranchal 1 0 1West Bengal 38 56 94Other Countries 13 3 16Total 2,444 5,481 7,925


08

Arvind H. Dalal Ashutosh A. Pednekar Atul H. Shah Deepjee A. Singhal Harish N. Motiwalla

Hemendra N. Shah Jayant P. Gokhale Jayesh M. Gandhi K. C. Narang Kunjan N. Gandhi

Manish P. Sampat Manish S. Patel Mukesh G. Trivedi Nandita P. Parekh Narendra P. Sarda

Nilesh S. Vikamsey Paresh H. Clerk Pranay H. Marfatia Rajesh S. Shah Ramesh Lakshman

R. J. Damanwala Seema H. Gosher Suril V. Shah Vijay S. Maniar Vipul K. Choksi

Members :

ACCOUNTING & AUDITINGChairman : Himanshu V. KishnadwalaConvenors : Abhay R. Mehta, Himanshu V. Vasa, Raman H. Jokhakar

Ashish B. Fafadia Atul C. Bheda Bharatkumar K. Oza Gracy M. Mendes Hemendra N. Shah

Jinal A. Shah K. C. Narang Mahendra D. Turakhia Manish R. Reshamwala Manori S. Shah

Mihir C. Sheth Nandita P. Parekh Nilesh M. Parekh Pradeep A. Shah Rishi L. Kapadia

Shariq M. Contractor Smita H. Acharya Toral N. Mehta Tushar K. Doctor Vijay U. Bhatt

Vinod Kumar Jain Vipin P. Batavia

Members :

HUMAN RESOURCESChairman : Rajesh R. MuniConvenors : Aliasgar Z. Kherodawala, Manish P. Sampat, Mukesh G. Trivedi

A. R. Krishnan Bharat M. Shemlani Bhavna G. Doshi Deepak R. Shah Govind G. Goyal

Janak K. Vaghani Kanu S. Chokshi Mayur A. Vora Naresh K. Sheth Naushad A. Panjwani

Parind A. Mehta Pradip K. Thanawala Pradip N. Kapasi Puloma D. Dalal Rajiv J. Luthia

Rajkamal R. Shah Raman H. Jokhakar Ravi A. Shah Sagar N. Shah Samir L. Kapadia

Shailesh K. Kamdar Sunil B. Gabhawalla Surendra S. Gupta

Members :

INDIRECT TAXES AND ALLIED LAWSChairman : Pranay H. MarfatiaConvenors : Suhas S. Paranjpe, Toral N. Mehta

Alok Kumar Pansari Dinesh K. Doshi Giriraj O. Soni Jayesh M. Gandhi Kamlesh L. Doshi

Kinjal Shah Mihir H. Khandwala Naresh A. Ajwani Natwarlal G. Thakrar Ninad B. Karpe

Nirav B. Dalal Nitin P. Shingala Pinky H. Shah Pradip N. Kapasi Rajesh S. Kothari

Samir L. Kapadia Sanjay B. Chokshi Sanjeev R. Pandit Shariq M. Contractor Sunil B. Gabhawalla

Members :

INFORMATION TECHNOLOGYChairman : Govind G. GoyalConvenors : Manish J. Unadkat, Nikunj S. Shah, Shardul D. Shah

Anil D. Doshi Arvind H. Dalal Chetan M. Shah Dilip J. Thakkar Durgashanker Sharma

Ganesh Rajgopalan Gaurang V. Gandhi Gautam S. Nayak Harish N. Motiwalla Hiten C. Shah

Hitesh D. Gajaria Kirit P. Dedhia Kishor B. Karia Mayur B. Desai Naresh A. Ajwani

Nitin P. Shingala Paresh C. Budhdev Paresh P. Shah Rajesh P. Shah Rajiv G. Shah

Shefali K. Goradia Sunil Kumar Choudhary Tarunkumar G. Singhal Tilokchand P. Ostwal Vishal V. Gada

Vispi Patel

Members :

INTERNATIONAL TAXATIONChairman : Pinakin D. DesaiCo-Chairman : Rajesh S. KothariConvenors : Dhishat B. Mehta, Sonalee A. Godbole, Sushil U. Lakhani

LIST OF SUB-COMMITTEES

Bold Italic = Past President; Italic = Managing Committee Member

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Bharatkumar K. Oza C. C. Dalal Deepak R. Shah Govind G. Goyal Hiten C. Shah

K. K. Jhunjhunwala Mayank S. Shah Nandita M. Chokshi Nayan C. Parikh Nina P. Kapasi

Parimal B. Parikh Pradip K. Thanawala Pranay H. Marfatia Salil B. Lodha Sangeeta S. Pandit

Saurabh P. Shah

Members :

SEMINAR & PUBLIC RELATIONSChairman : Uday V. SathayeConvenors : Narayan R. Pasari, Rajeev N. Shah, Yatin K. Desai

Anil J. Sathe Arvind H. Dalal Devendra H. Jain Dilip V. Lakhani Gautam S. Nayak

Hitesh D. Gajaria Manesh N. Gandhi Manori S. Shah Mayur C. Kisnadwala Mihir H. Khandwala

Narayan K. Varma Nina P. Kapasi Nitin P. Shingala Pinakin D. Desai Pinky H. Shah

Pradyumna N. Shah Rajan R. Vora Rajesh P. Shah Rajesh S. Kothari Sanjeev R. Pandit

Saurabh P. Shah Sonalee A. Godbole Tilokchand P. Ostwal Vipul N. Gandhi Yogesh A. Thar

Members :

TAXATIONChairman : Kishor B. KariaCo-Chairman : Rajesh S. ShahConvenors : Anil D. Doshi, Chetan M. Shah, Kirit R. Kamdar

Afroz L. Galeria Anil J. Sathe Ashok K. Dhere* Bharat S. Raut Bhupendra V. Dalal*

Chandrashekhar N. Vaze Deepak R. Shah Jagdish D. Shah Jagdish T. Punjabi K. C. Narang*

Kanu M. Modi Kishor B. Karia* Narayan K. Varma* Nayan C. Parikh Pradip N. Kapasi

Puloma D. Dalal Rajaram M. Ajgaonkar Tarun J. Ghia Tarunkumar G. Singhal

*Member, Editorial Board

Members :

JOURNALChairman : Gautam S. Nayak*Co-Chairman : Sanjeev R. Pandit*Convenors : Anup P. Shah*, Gaurang V. Gandhi*

Aliasgar Z. Kherodawala Ashish B. Fafadia Govind G. Goyal Himanshu V. Vasa Jinal A. Shah

K. C. Narang Manish J. Unadkat Meena H. Shah Nandita P. Parekh Narayan K. Varma

Nawshir H. Mirza Nikhil J. Bhatia Ninad B. Karpe Rajaram M. Ajgaonkar Raman H. Jokhakar

Ravi A. Shah Saroj V. Maniar Shardul D. Shah Shariq M. Contractor Vipul N. Gandhi

Yatin K. Desai

Members :

4iChairman : Anil J. SatheConvenors : Naushad A. Panjwani, Pinky H. Shah

Bold Italic = Past President; Italic = Managing Committee Member

*Ex-officio: Ameet N.Patel, Mayur B. Nayak*2009-2010


10

21.8.2009

ACCOUNTING & AUDITING

Subject Speaker / Chairperson Date

Global Developments in IFRS N. P. Sarda 25.11.2009

IFRS Residential Study Course 2009�Business Combinations Koosai Lehery

Ram Iyer 17.12.2009�First time conversion for a Manufacturing Company Sudhir Soni to�Use of Fair Value in IFRS Rajosik Banerjee 19.12.2009�XBRL S. Swaminathan

Audit of NBFCs�Classification of NBFCs/Public Deposits Archana Mangalagiri�RBI Regulations for NBFCs Jayant Thakur�Audit procedures and reporting in NBFCs Manish Gujral�Typical Tax issues in NBFCs Yogesh Thar

Implementation of Standard on Quality Control Govind Ahuja, 5.9.2009Ramchandran Vasudevan

Standards of Internal Audit Ashutosh Pednekar 21.11.2009Nandita Parekh

IFRS Study Circle�Overview of IFRS and GAAP Differences Rakesh Agarwal 7.9.2009�Issues in Property, Plant & Equipment (PPE) Anand Bathiya 3.12.2009�Significant Measurement and Recognition Considerations Sekkizhar Balasubramanian 10.12.2009

in IFRS (with emphasis on Revenue Recognition)�Key challenges faced in implementing IFRS Chirag Doshi 29.12.2009�Preparation of Financial Statements under IFRS Kishor Parikh 19.2.2010

Company Law, Accounting and Auditing�Internal Audit of Stock Brokers Hardik Chokshi 27.4.2009�CARO Reporting & Schedule VI compliance Leon Verdes 21.8.2009

�Exposure Draft on AS1 (Revised) Urvesh Thakker 15.10.2009

�Accounting Standard 22nd and its Convergence to IFRS Anand Pourana 5.11.2009

�Accounting Standard 1 and Format of unaudited financial Raman Jokhakar 8.1.2010results and Ltd. Review Report thereon – Clause 41 ofListing Agreements

�PSU Audit and Reporting u/s 619(3) of Companies Act Vinay Balse 15.2.2010

Internal Audit Studies�Techniques of Internal Audit – Risk Assessment Vinod Mehta 25.2.2010

LECTURES

COURSES

SEMINAR / WORKSHOP

STUDY CIRCLES

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HUMAN RESOURCES


Vairagya (in Gujarati) Haribhai Kothari 3.2.2010(Under the auspices of Amita Memorial Trust)

Professional Accountant Course Batch IX October 2009�Accounting Standards Raman Jokhakar 6.10.2009�Service Tax - Basic Principles & Practical Aspects Tushar Doctor 9.10.2009�Basic principles of Income Tax Nitin Shingala 10.10.2009�Asst. Procedures & Appeals of Income Tax Nitin Shingala 16.10.2009�Tally Practical Training Kamlesh Doshi 23.10.2009�VAT – Basic Principles & Practical Aspects Vikram Mehta 27.10.2009,

30.10.2009�E-TDS Samir Kapadia 31.10.2009�TDS Procedures & Returns Sonalee Godbole 3.11.2009�Financial Accounts, Practical Aspects Prof. Lakdawala 6.11.2009�Pivot Table in EXCEL Nikunj Shah 7.11.2009�Tally Practical Training Kamlesh Doshi 10.11.2009�Statutory Audit, Tax Audit, Internal Audit Prof. Lakdawala 13.11.2009�Custom Duty – Basic Principles & Practical Aspects Punit Gupta 14.11.2009�PD, Interviews & Appraisal Prof. Misha 17.11.2009�Office Systems, Communication & Reporting Prof. Pratibha Pai 20.11.2009�Costing Budget & MIS Prof. Sapna Mallya 21.11.2009�Interpretation & Analysis of Financial Accounts Prof. Amit Nandu 24.11.2009�Ratio Analysis, Management & Financial Reporting Prof. Amit Nandu 27.11.2009�Negotiating Skills and Assertiveness Training Nayan Marfatia 1.12.2009�Excise Duty – Basic Principles & Practical Aspects Shailesh Sheth 4.12.2009,

5.12.2009�Interpersonal Skills Prof. Misha 8.12.2009�Lecture on Journey of Life Sanjeev Nayyar 15.12.2009

Effective communication and public speaking course Murli Mehta, 6.12.2009for Students & Members Nikhil Desai, 9.12.2009

Vivek Patki 12.12.2009Unleash Your "Self", Work more efficiently and get better Ramnath Iyer 13.3.2010productivity

Human Resources�Professional Insights Manifest Your Vision Ajay Deshpande 6.4.2009�Emotions and You Mukesh Trivedi 9.6.2009�Awake! Arise! To Powerful Living Shailesh Narang 18.8.2009�Mind Programming for Self Development Ghanshyam Karkera 8.9.2009�Relationship Management Chhaya Sehgal 10.11.2009�Human Productivity In Services as well as Manufacturing Boman Moradian 8.12.2009

It is all a matter of Cycle Time�Personal Financial Planning Ajay Desai 12.1.2010�Spirtual Healing (Parshakti Chikitsa) Mayur Nayak 9.2.2010�Discover Yourself Rimmi Joneja 9.3.2010

LECTURES

COURSES

SEMINAR / WORKSHOP

STUDY CIRCLES


12

INDIRECT TAXES & ALLIED LAWS


Inbound Investments and Recent Developments in FDI Policy Somasekhar Sundaresan 8.4.2009Indirect Tax provisions of Finance Bill, 2009** Bhavna Doshi, 9.7.2009

Gautam DoshiService Tax Provisions of Finance Bill, 2009 Sunil Gabhawalla 22.7.2009Indirect Tax Provisions of Finance Bill, 2010** Gautam Doshi,

Dadi Engineer 4.3.2010Indirect Tax Provisions of Finance Bill, 2010 Vikram Nankani 10.3.2010** Jointly with Forum of Free Enterprise

Allied Laws�LLP Limited Liability Partnership, 2008 Sanjay Buch

Important Issues and Controversies likely to arise�Non-Banking Financial Company (NBFC) Jayant M. Thakur 26.6.2009

Important Issues Guidelines and Directions of RBI�Practical issues relating to Special Purpose Vehicle (SPV) Dhaval Vussonji

and Joint Venture (JV)�Recent Developments in Arbitration Law Dr. Dilip K. Sheth

Basic Law The Arbitration and Conciliation Act, 1996Important Decisions

�The Limited Liability Partnership Act, 2008 Pradip Kapadia�Procedural Aspects of Service Tax Ashit Shah, Rajiv Luthia, 10.10.2009

Bharat Shemlani,Rajkamal Shah

MVAT Audit – Reporting in New Form 704�Reporting in New Form 704 Enhanced Responsibility of Parind Mehta 31.10.2009

VAT Auditor and the Dealer with reference to variouscertificates and reporting requirements

LECTURES

SEMINAR / WORKSHOP

3.7.2009


Self Development Leadership Camp• 7th Residential Leadership Camp Joe Rodrigues 24.4.2009,

25.4.2009• Elocution Competition 2009 4.7.2009• Nature walk** 21.2.2010

**Jointly with CTC

Student Crash Course• Classes for P. C. C. and Final CA Students (Nov., 2009) 2.7.2009

commenced on **• Classes for I. P. C. C. and Final CA Students (May, 2010) 15.1.2010

commenced on **** Jointly with WIRC of ICAI

How to Prepare for CA Examinations Discussion on AS11 & AS22 Anil Sathe, 28.11.2009Ajay Kotwani

Limited Liability Partnership Vijay Kewalramani 9.1.2010

OTHER PROGRAMMES

STUDENTS' FORUM

Save the Earth



Subject Speaker / Chairperson Date�Verification of Turnover of Purchases and setoff admissible

with reference to reporting in relevant schedules and annexures

�Verification of Turnover of Sale and Tax Payable thereon Janak Vaghaniwith reference to reporting in relevant schedules and annexures

MVAT Act & Allied Laws **�Inauguration & Intricate Issues under New Form 704 C. B. Thakar 9.1.2010

(VAT Audit Report)�Filing of Returns (including E-filing & payment of taxes, Sujata Rangnekar 16.1.2010

Assessment Procedures, Interest, Penalties & Prosecutions�Power of Review, Rectification, DDQ, Cross-checks, Survey, Nikita Badheka 23.1.2010

Business Audit/Refund Audit Advocate & conducted by Department

�Input Tax Credit & Refunds (Set-off) Kiran Garkar 30.1.2010�Intricate Issues under Works Contracts/Lease Tax & Deepak Bapat 6.2.2010

Provisions of Composition, Schemes under MVAT Act�Service Tax Overview, Preliminary Legal Provisions & Vikram Mehta 13.2.2010

Important Definitions? S. 64, S. 65, S. 66, General Exemptions, Classifications S. 65A, Abatements

�Procedures, Registration, Payment, Returns, Refund, Ashit Shah 20.2.2010Applicability of Excise Provisions to Service Tax, Interest& Penalty

�Construction Service including Works Contract Services, Rajiv Luthia 27.2.2010Erection & Commissioning Services & Import & Export of Services, CENVAT Credit & Import & Export of Services

�Construction Service including Works Contract Services, Shailesh Sheth 6.3.2010Erection & Commissioning Services, Business AuxilliaryServices, Management or Business Consultant Services,Business Support Services

�Procedure for E filing of return under Service Tax Rules Satyajit Mohanty, 23.3.2010V. U Brahmakshatri

** Jointly with AIFTP, CTC and STPAM

Indirect Tax Laws�Issues on CENVAT Credit M. H. Patil 28.4.2009�Service Tax on Renting of Immovable Property Naresh Thacker 5.6.2009�Discussion on Service Tax amendments in the Finance Bill Rajkamal Shah, 11.8.2009

2009 and issues on GST *Udyan Choksey1. Microsoft Corpn. (2009) 22 STT 201 (Tri. Delhi)2. Microsoft Corpn. (2009) 22 STT 201 (Tri.Delhi)3. Toyota Kirloskar Motors (2009) TIOL 437 (Tri. Bangalore)4. Coca Cola India 2009 TIOL 449 Bom HC Mahendra Jain,5. Impact on levy of Penalty – Dharmendra Textile Naresh Sheth, Processors Ltd. – 2008 231 ELT 3 (SC) & Rajasthan *Bharat Raichandani Spinning & Weaving Mill Ltd. – (2009)(8)SCALE) 231 (SC)6. Bharti Air Tel Ltd. – 2009 TIOL 99 (Karnataka HC)

�Applicability of Service Tax & VAT on Right to Use Sagar Shah, *Ravikumar 16.11.2009�E-MVAT Audit Report in Form 704*** Suresh Choudhary, 21.12.2009

* Vikram Mehta�E-MVAT Audit Report in Form 704*** Suresh Choudhary, 11.1.2010

* Vikram Mehta

Govind Goyal

31.10.2009

27.10.2009

STUDY CIRCLES

* Chairman | ***Jointly with Information Technology Study Circle of BCAS


14

9.2.2010

Subject Speaker / Chairperson Date�E-filing of ST-3 returns Mohan K. Iyer 16.1.2010�Important amendments in Service Tax by Finance Bill, 2010 Rajkamal Shah 12.3.2010�Panel Discussion on Impact of International Tax Decisions Bharat Raichandani, 20.3.2010

on Indirect Taxes - Case Studies** Naresh Ajwani�Royalties** Hariram Gilda, Varsha Shah 26.3.2010* Chairman | ** Jointly with ITF I, ITF II of BCAS | ***Jointly with Information Technology Study Circle of BCAS

Post Budget Memorandum 2010-11REPRESENTATIONS

INFORMATION TECHNOLOGY


Effectively Harnessing the Power of Social and Professional Hareesh Tibrewala 27.1.2010Networking Websites for Professional Advancement

Fraud Detection, Data Mining and Computer Forensics�Computer Forensics Kanwal Mookhey�Investigative Auditing with Data Mining Nikunj Shah 25.4.2009�Types of Frauds and Detection Techniques Chetan Dalal

Changing ways, Fraud Detection and Data Mining�Technology shaping the Audit Profession Shariq Contractor�Data Mining and Audit Tools Nikunj Shah 7.11.2009�Forensic Accounting & Fraud Detection Chetan Dalal

Computer Training Programme for Senior CharteredAccountants�Computer Fundamentals Ruzbeh Raza 25.1.2010�Microsoft Windows Ruzbeh Raza 27.1.2010�Microsoft Word Ruzbeh Raza 28.1.2010 to

30.1.2010�Microsoft Excel Ruzbeh Raza 1.2.2010, 2.2.2010�Tally Kamlesh Doshi 4.2.2010�Microsoft Word (Presentation) useful functions for Dinesh Doshi 5.2.2010

CA Practice Sunil Gabhawalla 6.2.2010�Microsoft Excel Ruzbeh Raza 8.2.2010�Internet/Email /Trouble Shooting Ruzbeh Raza�Concluding Session Sushil Lakhani

Information Technology�Tally ERP Anand Paurana 14.5.2009�New Features of MS Excel 2007 Giriraj Soni 8.6.2009�Tax Compliance through Accounting Package Tally 9 ERP Anand Paurana 25.6.2009�Microsoft Office OneNote Dinesh Doshi 17.7.2009�Data analysis with the help of SQL Dipesh Vora 26.10.2009�MS Access as Audit Tool Pranay Kochar 12.11.2009�E-MVAT Audit Report in Form 704** Suresh Choudhary, 21.12.2009,

* Vikram Mehta 11.1.2010

* Chairman | **Jointly with Indirect Tax Study Circle of BCAS

LECTURES

SEMINAR / WORKSHOP

STUDY CIRCLES

Save the Earth



INTERNATIONAL TAXATION


Transfer Pricing Audit - Documentation and Benchmarking in Vispi Patel 9.9.2009the Background of recent Assessments/ Decisions

Cross Border Mergers and Acquisitions Legal and Practical M. Prasanna 16.12.2009Considerations.

Study Course on FEMA

�Important Definitions under FEMA Anil Doshi

�Overview of FEMA Dhishat Mehta 6.6.2009

�FEMA formalities on emigration from & immigration into Rajesh P. ShahIndia including procedural aspects

�Investments in Immovable Properties in and outside India Rashmin Sanghvi,and Branch/LO/ Project Office – Inbound & Outbound Paresh P. Shah 13.6.2009

�Foreign Direct Investment (FDI) including Sector Specific Paresh P. ShahFDI (Real Estate/ Retail Trading/Financial Sector)

�Borrowings (Including from NRIs and ECBs Hinesh Doshi 20.6.2009

�Overseas Direct Investments and Exports/Imports Shabbir Motorwala

Tenth Intensive Study Course on Double Tax Avoidance Agreement

�Role of Treaties & Sources of International Tax Laws T. P. Ostwal 19.12.2009

�Residence - Including Case Studies Kishor Karia 22.12.2010

�The concept of Permanent Establishment Yogesh Thar 2.1.2010

�Business Income & Associated Enterprise Keyur Shah

�Profit allocation to P. E., B. I. & A. E. Case Studies Yogesh Thar 5.1.2010

�Profits from operation of ships, aircraft & inland Paresh P. Shah 7.1.2010waterways Transport

�Income from Immovable Property & Other Income Mayur Nayak 9.1.2010

�Passive Incomes Interest and Dividend Rajiv Shah

�Passive Incomes Royalty / FTS / FIS Section – 115A Geeta Jani 16.1.2010

�Passive Incomes Examples / Case Studies on Royalties Pinakin Desai& FTS/FIS

�Independent & Dependent Personal Services Anil Doshi 19.1.2010

�Pension, government services, students receipts Harish Motiwalla 21.1.2010Directors, Fees / Remuneration

�Income of Artistes, Sportsmen, Athletes & Entertainers Tarun Singhal 23.1.2010

�Capital Gains & Capital Taxes Naresh Ajwani

�Anti Avoidance Rules & Treaty Shopping Darpan Mehta 28.1.2010

�Provisions of TDS Sushil Lakhani 30.1.2010

�Most favoured nation and Force of attraction rules Vishal Gada 30.1.2010

�Mutual Agreement Procedures Sharad Jain 2.2.2010

�Non-Discrimination Rajan Vora 4.2.2010

�Double Tax Relief Dhishat Mehta

�How to read a Treaty Kishor Karia

�Advance Ruling Procedures Sunil Kapadia 9.2.2010

�Practical Cases on DTAA (including Triangular Cases) Pranav Sayta 11.2.2010

LECTURES

COURSES

6.2.2010


16

13.2.2010


�Introduction to Transfer Pricing Rules Vispi Patel

�Relevant provision of FEMA Dilip Thakkar�Concluding Session Sushil Lakhani 16.2.2010

Advanced Workshop FEMA�Keynote address Dilip J. Thakkar�FDI in a step down subsidiary New guidelines Dilip K. Sheth�Money Laundering Act Anand Desai�Compounding of Offences under FEMA Law and Mayur Shah

Recent Trends 8.8.2009�Search and Seizure in FEMA including Adjudication Naresh Thacker

Procedure�Brains Trust Session Dilip J. Thakkar,

Hitesh Gajaria

International Tax and Finance Conference, 2009�Distinctive features of Indian Tax Treaties H. Padamchand Khincha 13.8.2009�PE & Attribution to PE Case Studies T. P. Ostwal 14.8.2009�Transfer Pricing - Practical Issues & Experiences Shyamal Mukherjee�Recent Trends in Treaty Interpretation with reference to Pranav Sayta

Recent Judicial Pronouncements 15.8.2009�Overview of US Tax Regime - India Perspective Paresh Budhdev,

Sushil Lakhani�Case Studies on International Taxation Hitesh Gajaria, 16.8.2009

Shefali Goradia

Seminar on EPC Contracts�Direct tax aspects (domestic and international) Rahul Garg�Indirect tax aspects (VAT/CST/Works Contract Tax/ Bhavna Doshi

Service tax) 8.1.2010�Introduction and legal aspects Girish Dave�Practical experience from commercial and legal perspective Ashish Ahuja

Half-day Seminar on TDS**

�S. 192, S. S. S. S. Gautam Nayak 13.2.2010

�S. 195 Vispi Patel

Advanced FEMA and Allied Laws issues***�Keynote address Salim Gangadharan

Rashmin Sanghvi,Dilip Thakkar,R. Rajagopalan,

�Panel Discussion on issues under FEMA Salim Gangadharan,Aditya Gaiha,H. K. Gautam,Mayur Nayak 27.3.2010

�Penalty, Prosecution and Compounding of Offences Rashmin Sanghviunder FEMA

�Foreign Contribution Regulation Act (FCRA) Shariq Contractor�Prevention of Money Laundering Act Rajendra Singh�Brains Trust Session Dilip J. Thakkar

Dr. Pravin P. Shah** Jointly with Taxation Committee of BCAS | *** Jointly with CTC

SEMINAR / WORKSHOP

194C, 194J, 194I, 197

Save the Earth




International Tax and Finance Group I�Article-23 Elimination of Double Taxation Hiten C. Shah 21.5.2009�Comparative Study of Recent Transfer Pricing decisions Mehul K. Shah 29.5.2009�Service-tax on Cross Border Transactions Nilesh Kapadia 11.6.2009�Permanent Establishment - Latest Developments Manoj C. Shah 15.6.2009�Transfer Pricing Audit & Reporting under Form 3CEB Harshal Bhuta,

along with end documentation Mohit Rawat 1.9.2009�Provisions of Section 195 of the Income-tax Act regarding Bharat Kokal 9.11.2009

Remittance to Non-Resident Shipping Companies. �Transfer Pricing Regulations and Specific Issues

TP Regulations. Sanjay Tolia,Linkage between Functional Analysis, Industry Overview Shuchi Ray 8.12.2009and Economic Analysis Specific issues in the Regulations and Direct Tax Code

�Selection of the most appropriate method Shilpa UdeshiOECD Gist of Chapters I, II and III 7.1.2010Selection of the tested partyApplication of the most appropriate method

�Benchmarking Analysis Archit KotwalSelection of comparables Use of Databases 19.1.2010Selection of Profit level indicator Adjustments

�Assessment Strategy Vishal NanavatiStrategies for assessmentDispute Resolution Panel 29.1.2010Safe Harbours Mutual Agreement Procedures

�Panel Discussion on Impact of International Tax Bharat Raichandani, 20.3.2010�Decisions on Indirect Taxes - Case Studies** Naresh Ajwani** Jointly with ITF II, Indirect Taxes Study Circles of BCAS

International Tax and Finance Group II�Article 4 of DTAA Tushar Desai 17.4.2009, 29.4.2009�Article 5 of DTAA Concept of PE Lorna Vaz, Varsha N. Shah, 15.5.2009

*Bijal Vora�Article 5 of DTAA Concept of PE Lorna Vaz 2.6.2009�Recent Case Laws on PE Minal Bagla, 12.10.2009

Toral Shah�Article 6 Immovable Property Dinesh Acharya 26.10.2009�Provisions of Section 195 of the Income-tax Act regarding Bharat Kokal 9.11.2009

Remittance to Non-Resident Shipping Companies�Business Connection Pankaj Chopra, 23.11.2009

Pravin Navandar�Transfer Pricing Chapter I of OECD Guidelines Anand Darji 10.12.2009�Article 8 Shipping & Air Transport Nihar Jambusaria 9.1.2010�Article 12 – Royalties Varsha Shah, 30.1.2010,

Hariram Gilda 8.2.2010, 23.2.201026.2.2010

�Panel Discussion on Impact of International Tax Bharat Raichandani, 20.3.2010�Decisions on Indirect Taxes - Case Studies** Naresh Ajwani** Jointly with ITF I, Indirect Taxes Study Circles of BCAS | * Chairman

STUDY CIRCLES


18

11.1.2010

SEMINAR & PUBLIC RELATIONS


43rd Residential Refresher Course• Papers

Deeming Fictions under Income-tax Act, 1961 Anil J. Sathe 10.1.2010

Case Studies on Recent Developments in Service tax Dr. Waman ParkhiInformation Technology – A Tool for Professional Shariq M. ContractorUpgradation

Accounting Standards (AS)30 - Financial Instruments S.C. Vasudeva - Recognition and Measurement - A Few ImportantAspectsDerivatives are Instruments of Mass Destruction Raghu Iyer- Myth or RealityCase Studies in Taxation Milin Mehta 13.1.2010

• Inaugural Address – Indian Economy Ameet Desai 10.1.2010

• Evening Talk – Corporate Goodness Pays Prof. Pradip Khandwala 11.1.2010

Mumbai Marathon 2010 17.1.2010

COURSES

12.1.2010

Subject Speaker / Chairperson DateKlaus Vogal�Article 23 - Tax Credit Hiten Shah, 23.4.2009

Paresh Budhdev�Article 24 - Non-Discrimination Anil Doshi, 18.11.2009

Mayur Nayak 19.12.20105.1.2010

�Article 25 - Mutual Agreement Procedure Dhishat Mehta, 25.1.2010Tarunkumar Singhal 10.2.2010

23.2.201018.3.2010

�Discussion of Press Note 2, 3 & 4 of 2009 Vishal Palwe 21.4.2009�Import & Export Procedure Manoj Shah 28.5.2009�Import Procedure Vishal Shah 16.6.2009�FDI in Real Estate Natwar Thakrar 6.10.2009�Fema in shipping industry Bharat Kokal 29.10.2009�Provisions of Section 195 of the Income-tax Act regarding Bharat Kokal 9.11.2009

Remittance to Non-Resident Shipping Companies***�FDI Policy in Retail and wholesale trading and relavant Paresh P. Shah 18.3.2010

provisions of FEMA ***Jointly with ITF II of BCAS

International Tax Decisions�Recent International Tax Decisions Pinakin Desai 22.2.2010�Recent International Tax Decisions Vishal Gada 22.3.2010

Representation on Higher Compounding amounts and other issues under FEMA

FEMA

REPRESENTATIONS

Save the Earth



STRATEGIC STUDIES

TAXATION


Professional Accountant Course Batch VIII April 2009�Basic principles of Income Tax Ameet Patel 17.4.2009�Office Systems, Communication & Reporting Prof. Pratibha Pai 21.4.2009�Basic principles of Income Tax Ameet Patel 24.4.2009�FBT Nitin Shingala 28.4.2009�E-TDS, MCA-21 Sanjay Chokshi 2.5.2009�TDS Sonalee Godbole 5.5.2009�VAT – Basic Principles & Practical Aspects Vikram Mehta 8.5.2009�Accounting Standards Raman Jokhakar 9.5.2009�VAT – Basic Principles & Practical Aspects Vikram Mehta 12.5.2009�Tally Kamlesh Doshi 15.5.2009�Excise Duty – Basic Principles & Practical Aspects Punit Gupta 16.5.2009�Service Tax – Basic Principles & Practical Aspects Rajkamal Shah 19.5.2009�Tally Kamlesh Doshi 22.5.2009�Interpersonal Skills Prof. Pratibha Pai 23.5.2009�PD, Interviews & Appraisal Prof. Pratibha Pai 26.5.2009�Custom Duty - Basic Principles & Practical Aspects Punit Gupta 30.5.2009�Financial Accounts, Practical Aspects Prof. Lakdawala 2.6.2009�Statutory Audit, Tax Audit, Internal Audit Prof. Lakdawala 5.6.2009�Financial Management & Analysis Amit Nandu 9.6.2009, 12.6.2009�Costing Budget & MIS Prof. Sapna Mallya 13.6.2009�Concluding session 23.6.2009

Strategic Management Studies ManagementStudies Module -I�Strategic Management Studies Management Anil Naik 18.4.2009,

Studies Module - I 23, 30.5.2009,06, 16.6.2009

COURSES


�TDS Law and Procedure - Recent Developments Rajesh Kothari 13.5.2009

�Filling of Income-tax returns for A.Y. 2009-10 Manish Unadkat, 24.6.2009Sonalee Godbole

�Union Budget 2009** Dinesh Vyas 7.7.2009

�Direct Tax Provisions of The Finance Bill, 2009 S. E. Dastur 10.7.2009(combined with the Founding Day Lecture Meeting)

�Finance Bill, 2009** Hitesh Gajaria,Rajan Vora 12.7.2009

�Government initiatives on electronic credit for I.T. Payments Delnaz Mistry 26.8.2009

�Penalties under the Income-Tax Act - Recent Developments Vipul Joshi 2.12.2009

�Direct Tax Provisions of the Finance Bill, 2010 S. E. Dastur 3.3.2010

**Jointly with Forum of Free Enterprises

LECTURE MEETINGS


20


Executive Remuneration and related Tax Issues�Current Issues on TDS from Salary and recent important Yogesh Thar

case laws�Executive Remuneration Structuring and Tax Issues Pinakin Desai 27.6.2009�Taxation of Perquisites (Including some issues on FBT) Gautam Nayak

Direct Tax Code�Concept of Income and Residential Status, Taxation of Pinakin Desai

Business Income 28.8.2009�Tax Implications in case of Foreign Entities (including Yogesh Thar

relief from DTAA) and, TDS from Payments to Non-Residents�Taxation of non-profit Organizations and other Trusts, Gautam Nayak

Taxation of un-incorporated Bodies (Firms)Treatment ofFinancial Intermediaries, Rates of Taxes

�Income from House Property, Capital Gains, Income from Kishor KariaResiduary Sources, Aggregation of Income 29.8.2009

�Income from Employment, Tax Incentives, Exempt Rajan VoraIncome (Important Exempt Income, 6th Schedule)Minimum Alternative Tax (MAT)

�General anti-avoidance rules and Interpretations Amrish Shah,(Mainly Secs. 112 and 113) Amalgamations and Demergers Gautam Doshi

How to conduct a Tax Audit Anil Sathe, 4.9.2009Himanshu Kishnadwala

Half-day Seminar on TDS **

�S. 192, S. 194C, S. 194 I, S. 194J, S. 197 Gautam Nayak 13.2.2010

�S. 195 Vispi Patel

**Jointly with International Taxation Committee of BCAS

Direct Taxes�Employee Stock Option Plans Surendra Pareek, 11.5.2009

*Parizad F. Sirwalla�Union Budget 2009 - Direct Tax Proposals Gautam Nayak 21.7.2009

�CA certificate u/s 195 of the Income-tax Act, 1961 - Natwarlal Thakrar, 13.11.2009new procedures, documentation and issues *Tarunkumar G. Singhal 17.11.2009

�Insertion of section 56(2)(vii) by the Finance Act, 2009, Praful Poladia, 30.11.2009

effective 15th Oct, 2009 Kishor KariaTransfer Pricing Assessment StrategyStrategies for assessmentDispute Resolution Panel Vishal Nanavati 29.1.2010Safe HarboursMutual Agreement Procedures

�Union Budget 2010 - Direct Tax Proposals Gautam Nayak, Kishor Karia* 19.3.2010* Chairman

1. Representation on Hardships and Practical Difficulties being faced/likely to be faced by Assessees while filing theReturn of Income for A.Y. 2009-10, in view of directions contained in CBDT Circular No. 03/2009 Dated 21.05.2009

2. Representation on Procedure followed in disposal of applications under section 197 of the Income-tax Act, 19613. Representation on Undue hardship faced by assessees in filing signed acknowledgement (i.e. ITR-V) of the Return of

Income in view of directions contained in the Circular issued by the Central Board of Direct Taxes ('CBDT') - CircularNo. 03/2009 dated 21.05.2009

4. Representation on Filing of quarterly e-TDS Returns

SEMINAR / WORKSHOP

STUDY CIRCLES

REPRESENTATIONS

Save the Earth



Accounts and Audit Clinic

Charitable Trust Clinic

Right To Information

Advisors : Sanjeev Pandit, Himanshu Kishnadwala and Jayesh GandhiDates : 4 Apr., 2 May, 6 Jun, 4 Jul., 8 Aug., 4 Sep., 10 Oct., 7 Nov., 5 Dec. 2009, 2 Jan., 6 Feb., 6 Mar. 2010

Trustees : Ratanshaw Damanwala, Shariq Contractor, Gautam Nayak, Anil Sathe and Atul ShahDates : 3 Apr., 8 May, 5 Jun., 3 Jul., 7 Aug., 5 Sep., 9 Oct., 6 Nov., 4 Dec. 2009, 1 Jan., 5 Feb., 5 Mar. 2010

Activists : Hema Sampat, A. K. Asher and Narayan VarmaDates : 11, 18, 25 Apr., 9, 16, 23 May, 13, 20, 27 Jun., 11, 18, 25 Jul., 8, 22, 29 Aug., 12, 19, 27 Sep., 10,

24 Oct., 14, 21, 28 Nov., 12, 19, 26 Dec. 2009, 9, 16, 23 Jan., 13, 20, 27 Feb., 13, 20, 27 Mar. 2010

5. Representation on Direct Tax Codes 20096. Representation on Withdrawal of registration u/s. 12-A of the Income-tax Act, 1961.7. Post Budget Memorandum 2010-11

OTHER PROGRAMMES

Subject Speaker / Chairperson Date�Importance of values in life**** Arvind Inamdar 3.6.2009�CA Profession amid the Winds of Change Y. M. Kale 15.7.2009�The Emerging Challenges to Civil Society** Mr. P. Chidambaram, 5.10.2009

Hon'ble Home Minister,Govt. of India

�RTI*** Justice Dhananjay 12.10.2009Chandrachud

�RTI Press Conference 20.10.2009�Identity, Markets and Social Welfare** Nandan Nilekani 27.10.2009�Presentation by Hong Kong Trade Development Council Leung Kwan Ho 29.10.2009

Loretta Wan�Sampurna Azadi: The Unfinished Agenda* C. K. Prahalad 14.1.2010

(Under Nani Palkhivala Memorial Trust)�Satyameva Jayate – Learning form the Satyam experience**** T. N. Manoharan 25.3.2010

**Jointly with Forum of Free Enterprises | *** Jointly with Indian Merchants’ Chamber and Forum of Free Enterprises|**** Under the auspices of Dilip N. Dalal Oration Fund


Mentoring of Articled Students Kanu Doshi 17.3.2010SEMINAR / WORKSHOP

4i

CLINICS

22


BCAS Referencer 2009-10Compilers : Mr. A. R. Krishnan, Mr. Abhay R. Mehta, Mr. Ameet Patel, Mr. Anil Doshi, Mr. Anil

Sathe, Mr. Anup Shah, Mr. Ashutosh Pednekar, Mr. Ashwin Damania, Mr. AtulSuraiya, Mr. B. V. Jhaveri, Mr. Bakul B. Modi, Mr. Bhavesh Vora, Mr. Chetan M.Shah, Mr. Dharmesh Shah, Ms. Dipti Ahuja, Mr. Gaurang Gandhi, Mr. GovindGoyal, Mr. Haresh Kataria, Mr. Harsh K. Shah, Mr. Hasmukh Kamdar, Mr. HitenShah, Mr. Hitesh D. Gajaria, Mr. Mayur B. Nayak, Mr. Naresh A. Ajwani, Mr. Nitin Shingala, Mr. Pramodkumar Parida, Mr. R. K. Tanna, Mr. Rajesh S. Shah, Mr.Raman Jokhakar, Mr. Ratanji Khambatta, Mr. Reepal Tralshawala, Mr. SanjeevPandit, Mr. Shardul Shah, Mr. Shariq M. Contractor, Mr. Shripad Saple, Ms.Sonalee A. Godbole, Mr. Sujal Shah, Mr. Tarunkumar Singhal, Mr. Uday Sathaye,Mr. Udayan Bose, Mr. Vipul Choksi

Editors : Deepak R. Shah, Rajeev N. Shah, Yatin K. DesaiTheme : India – An Opportunity in AdversityRelease Date : September, 2009Committee : Seminar & Public Relations

Compilers : Direct Taxes: Arvind Dalal, Narayan Varma,Pinakin Desai, Rajan Vora, Kishor Karia, RajeshS. Shah, Shariq Contractor, Gautam Nayak,Sanjeev Pandit, Rajesh Kothari, Yogesh Thar,Chetan Shah, Kirit Kamdar, Saroj Maniar, AnilDoshi, Naresh Ajwani, Nina Kapasi, Pinky Shah,Sonalee GodboleIndirect Taxes: Pranay Marfatia, Govind Goyal,Hasmukh Kamdar, Puloma Dalal, Bakul Mody,Vijay Agrawal, Raman Jokhakar, Toral Mathuria,Rajkamal Shah, Bharat Shemlani, Naresh Sheth,Suhas ParanjpeGujarati: Vinod Vasa, Rajesh Shah, VinodNagadia, Nina Kapasi, Mayur Vora

Release Date : July, 2009Committees : •• Taxation • Indirect Taxes & Allied Laws

The Union Budget 2009-10 (English/Gujarati)

Compilers : Direct Taxes: Arvind Dalal, Narayan Varma,Pinakin Desai, Rajan Vora, Kishor Karia,Rajesh S. Shah, Shariq Contractor, GautamNayak, Sanjeev Pandit, Rajesh Kothari,Yogesh Thar, Chetan Shah, Kirit Kamdar,Saroj Maniar, Anil Doshi, Naresh Ajwani,Nina Kapasi, Pinky Shah, Sonalee GodboleIndirect Taxes: Pranay Marfatia, GovindGoyal, Hasmukh Kamdar, Puloma Dalal,Bakul Mody, Raman Jokhakar, ToralMathuria, Rajkamal Shah, Bharat Shemlani,Naresh Sheth, Suhas ParanjpeGujarati: Vinod Vasa, Rajesh Shah, VinodNagadia, Nina Kapasi

Release Date : March, 2010Committees : • Taxation • Indirect Taxes & Allied Laws

The Union Budget 2010-11 (English/Gujarati)

PUBLICATIONS

Save the Earth



Details of BCAS Articles published during the period April 2009 to March 2010 in Various Magazines

Sr. No. Month Subject Author

1 May, 2009 Add Shine to Your Investments Manish Unadkat

2 June, 2009 Seven Commandments for Filing Your IT Returns Nina Kapasi

3 July, 2009 Know More about the New Pension Scheme Meena Shah

4 December, 2009 'Tax'ing Times of 'Scrutiny'! Pradeep A. Shah

Dignity Dialogue

Outlook MoneySr. No. Month Subject Author

1 August, 2009 Clearer Picture Needed Ameet N. Patel

2 September, 2009 Finding the Real Value Mayur Kisnadwala

3 October, 2009 How Taxing Are Gifts? Ameet N. Patel

4 November, 2009 A Capital Option Saurabh Shah

5 December, 2009 Share and Care Rajesh Kothari

Article/Features ofGeneralInterest, 808

Spotlight, 12

R to I, 69

InformationTechnology, 13

ICAI andits Members, 37

AlliedLaws, 37

Accountancy &Auditing, 168

IndirectTax, 101

InternationalTax, 155

Direct Tax, 379

Analysis of Articles, Features etc. in BCAJ

SUBJECT Total No.of Pages

Direct Tax 379

International Tax 155

Indirect Tax 101

Accountacy & Auditing 168

Allied Laws 37

ICAI and its Members 37

Information Technology 13

R To I 69

Spotlight 12

Article / Features of General Interest 808

TOTAL 1779

FROM APRIL 2009 TO MARCH 2010 -TAX AND NON-TAX (No. of Pages)


24

New InitiativesBCAS presence on social Networking Sites

No. of Followers - 21 Twitter

No. of Fans - 492Facebook

No. of Contacts - 474Linkedin

Bombay Chartered Accountants’ Society [P. T. Regn. No. : F-2451 (BOM.)]

We have audited the annexed Balance Sheet of The (l) So far as it is ascertainable from the books ofBombay Chartered Accountants' Society as on 31st March account and according to the information and2010 and also the annexed Income & Expenditure explanation given to us by the Treasurer, thereAccount for the year ended on the date. Our responsibility were no special matters which are required to beis to express an opinion on these financial statements brought to the notice of the Deputy Charitybased on our audit. Commissioner.

We conducted our audit in accordance with auditing (m) So far as it is ascertainable from the books ofstandards generally accepted in India.Those Standards account and according to the information andrequire that we plan and perform the audit to obtain explanation given to us there were no cases ofreasonable assurance about whether the financial irregular, illegal or improper expenditure orstatements are free of material misstatement. An audit failure or omission to recover money or otherincludes examining, on a test basis, evidence supporting properties belonging to the Trust or of loss, wastethe amounts and disclosures in the financial statements. of money or other property thereof.An audit also includes assessing the accounting principles (n) The Budget has been filed in the Form providedused and significant estimates made by management as by Rule 16 A.well as evaluating the overall financial statement

2. (a) The maximum and minimum of the members ofpresentation. We believe that our audit provides athe Managing Committee is maintained.reasonable basis for our opinion.

(b) The Meetings are held regularly as provided inWe further report that:-Rules & Regulations.

1. (a) The accounts are maintained regularly and in(c) The Minutes Books of the proceedings of theaccordance with the provisions of the Act and the

meeting is maintained.rules.(d) None of the members of the Managing(b) The receipts and disbursements are properly and

Committee has any interest in the investment ofcorrectly shown in the accounts.the Society.

(c) The cash balance and vouchers in the custody of(e) None of the members of the Managingthe manager or trustee on the date of audit were

Committee is debtor or creditor of the Society.in agreement with the accounts.(f) No irregularities were pointed out by the(d) All books, deeds, accounts, vouchers or other

Auditors in the accounts of the previous year.documents or records required by the auditor3. We certify that the amounts of contributionswere produced before him.

Rs. 11,80,000/- which are claimed as contributions(e) A register of movable and immovable propertiestowards Corpus are contributions received during theis properly maintained, the changes therein areyear with the specific directions that they shall formcommunicated from time to time to the regionalpart of the Corpus of the Public Trust as anoffice, and the defects and inaccuraciesEarmarked Fund of the Capital nature.mentioned in the previous audit report have beenWe have verified all the communications in writingduly complied with.received from the Donors to that effect and have(f) All the necessary information required by us has satisfied ourselves that such Donations are towardsbeen furnished to us by the Treasurer wheneverCorpus within the meaning of explanation and u/s. 58called upon.of Bombay Public Trust Act, 1950 and are invested in

(g) No property or funds of the Trust were applied for accordance with the provisions of the said Act.any object or purpose other than the object orpurpose of the Trust.

For P.M.Dharia & Co. (Regd.)(h) There are no amounts, which are outstanding forChartered Accountantsmore than one year. During the year no amount

Firm Regn. No. 102462-Whas been written off.

(i) For repairs etc. exceeding Rs. 5,000/- tenders areP. M. Dhariainvited.

Partner(j) The money of the society have not been invested ICAI M. No. 3744

contrary to the provisions of Section 35 of the Act.Place : Mumbai

(k) There is no alienation of the immovable propertyDated : 7th May, 2010contrary to the provisions of Section 36.

Report of the Auditors



Balance Sheet

As per our report of even date. For P. M. Dharia & Co. (Regd.)

Chartered Accountants

Mumbai P. M. Dharia Dated: 7th May, 2010 Partner

MumbaiDated: 7th May, 2010


26 Bombay Chartered Accountants’ Society

BOMBAY CHARTERED

FUNDS AND LIABILITIES Sch. 31.03.2010 31.03.2009 No. Rs. Rs. Rs.

TRUST FUND OR CORPUS :

Balance as per last Balance Sheet 16,884,487 16,118,487

Add : Life Membership Fees received

during the year 708,000 660,000

Entrance Fees received during the year 117,000 106,000

17,709,487 16,884,487

EARMARKED & OTHER FUNDS I 35,693,737 35,249,618

LIABILITIES AND PROVISIONS :

Advances, Deposits and Other Liabilities IIA 2,749,574 1,917,477

Subscription in Advance IIB 1,688,250 3,627,150

Liabilities for Expenses 674,203 455,151

5,112,027 5,999,778

INCOME & EXPENDITURE ACCOUNT

Balance as per last Balance Sheet 9,014,257 9,157,673

Add / (Less): Current Year's (Deficit) / Surplus (934,624) (143,416)

8,079,633 9,014,257

TOTAL RS. 66,594,884 67,148,140

Significant Accounting Policies IX

as at 31st MARCH, 2010

For Bombay Chartered Accountants' Society

Deepak ShahAmeet Patel Mayur Nayak Nitin Shingala Nandita Parekh

President Vice President Jt. Hon. Secretaries Hon. Treasurer

REGN. NO. : PT/F-2451 (BOM.)



ACCOUNTANTS’ SOCIETY

PROPERTY AND ASSETS Sch. 31.03.2010 31.03.2009 No. Rs. Rs. Rs.

FIXED ASSETS III

Immovable Properties 16,683,990 18,537,739

Other Fixed Assets 3,688,266 3,516,826

20,372,256 22,054,565

INVESTMENTS IV 29,000,000 22,000,000

CLOSING STOCK V 104,879 632,867

ADVANCES & DEPOSITS VI 1,122,312 882,237

ACCRUED INTEREST ON INVESTMENTS 379,220 420,681

CASH & BANK BALANCES VII 15,616,217 21,157,790

TOTAL RS. 66,594,884 67,148,140

EXPENDITURE Sch. 31.03.2010 31.03.2009 No. Rs. Rs. Rs.

EXPENDITURE IN RESPECT OF PROPERTY : Repairs & Maintenance 225,509 192,436 Insurance 22,333 22,444 Depreciation 1,853,749 2,059,720

2,101,591 2,274,600 ESTABLISHMENT EXPENSES : Personnel Expenses & Retainership Fees 4,397,663 3,252,087 Telephone Charges 136,176 148,663 Printing & Stationery 457,652 651,161 Bank Charges & Locker rent Charges 15,967 18,434 Postage & Courier charges 150,056 274,572 Insurance 5,513 5,433 Miscellaneous Expenses 364,601 347,794 Repairs & Maintenance 307,790 205,653 Computer & Internet Expenses 561,086 422,646 Electricity Charges 383,700 399,429 Library Expenses 85,273 108,441 Loss on Sale of Office Equipment (Water Purifier) 177 -Professional Fees 3,000 3,750 Gratuity (contribution to LIC) 191,179 100,392 Internal Audit Fees 175,029 176,410 Rent 163,730 145,530

7,398,592 6,260,395

EXPENDITURE ON THE OBJECTS OF THE TRUST : Educational : Journal & Other Publications VIIIA 9,028,204 9,921,043 Refresher Courses & Seminars VIIIB 8,028,084 8,756,013

17,056,288 18,677,056

DEPRECIATION ON MOVABLE PROPERTY 950,490 1,123,483

Surplus transferred to Balance Sheet – –

TOTAL RS. 27,506,961 28,335,534




MumbaiDated: 7th May, 2010

Income and Expenditure Account


28

BOMBAY CHARTERED


ACCOUNTANTS’ SOCIETYfor the year ended 31st March, 2010

REGN.NO. : PT/F-2451 (BOM.)

INCOME Sch. 31.03.2010 31.03.2009 No. Rs. Rs. Rs.

SUBSCRIPTION 4,876,200 4,974,750

INCOME FROM EARMARKED INVESTMENTS 232,284 229,883 Less : Transferred to Respective Funds 232,284 229,883

INCOME FROM OTHER INVESTMENTS : Interest from Banks 1,823,820 2,137,470 Interest on Securities 1,886,989 1,596,890

3,710,809 3,734,360

INCOME FROM OTHER SOURCES Balances written back 154 -

INCOME FROM EDUCATIONAL ACTIVITIES: Journal & Other Publications VIIIA 8,764,319 10,465,767 Refresher Courses & Seminars VIIIB 9,220,855 9,017,241

17,985,174 19,483,008

Deficit transferred to Balance Sheet 934,624 143,416

TOTAL RS. 27,506,961 28,335,534


Deepak ShahAmeet Patel Mayur Nayak Nitin Shingala Nandita Parekh

President Vice President Jt. Hon. Secretaries Hon. Treasurer



30

Earmarked & Other FundsPurposes Balance Received / Transferred Total Utilised / Balance

of the as on Transferred from I & E Transferred as on

Funds 1.4.2009 during Account during 31.03.2010

the year the year

Rs. Rs. Rs. Rs. Rs. Rs.

A EARMARKED FUNDS :-

Amita Memorial Leadership Development Fund Leadership Training activity 100,000 - - 100,000 - 100,000

for young C.A.sChandanben Maganlal Bhatt Elocution Fund Elocution Competition 127,008 30,000 - 157,008 - 157,008

Dilip N. Dalal Oration Fund Lecture Meeting 106,780 - - 106,780 - 106,780

Guru Smruti Sanshodhan Nidhi Research Activity 300,000 - - 300,000 - 300,000

Pragnya Girish Sharedalal Foundation Union Budget publication 425,000 25,000 - 450,000 - 450,000

Publication FundShailesh Kapadia Memorial Publication Fund Publication 212,754 300,000 - 512,754 - 512,754

Lavino Kapur Cottons Students Education Fund Students Activities 350,000 - - 350,000 - 350,000

Senior Citizens Students Education Fund Students Activities 467,004 - - 467,004 - 467,004

Lavino Kapur Cottons Research Fund Research Activity 800,000 - - 800,000 - 800,000

P. M. Trivedi Prize Fund Journal Contributors 15,000 - - 15,000 - 15,000

A 2,903,546 355,000 - 3,258,546 - 3,258,546

(2,873,546) (30,000) - (2,903,546) - (2,903,546)B] ACTIVITY FUNDS :-

Amita Memorial Leadership Development Fund Leadership Training activity - - 8,000 8,000 8,000 (a) -for young C.A.s

Chandanben Maganlal Bhatt Elocution Fund Elocution Competition - - 10,161 10,161 10,161 (b) -Dilip N. Dalal Oration Fund Lecture Meeting 8,542 - 8,542 17,084 17,084 (c) -Guru Smruti Sanshodhan Nidhi Research Activity 806,833 - 24,000 830,833 - 830,833

Pragnya Girish Sharedalal Foundation Union Budget publication 7,660 - 34,000 41,660 41,660 (d) -Publication FundResearch & Accounting Publication Fund Publication 203,017 - - 203,017 - 203,017

Shailesh Kapadia Memorial Publication Fund Publication 17,020 - 17,020 34,040 - 34,040

Lavino Kapur Cottons Student Education Fund Students Activities - - 28,000 28,000 28,000 (e) -Senior Citizens Students Education Fund Students Activities - - 37,360 37,360 37,360 (e) -Lavino Kapur Cottons Research Fund Research Activity 215,800 - 64,001 279,801 - 279,801

P. M. Trivedi Prize Fund Journal Contributors (300) - 1,200 900 900 (f) -B 1,258,572 - 232,284 1,490,856 - 1,347,691

(1,173,278) - (229,883) (1,403,161) (229,883) (1,258,572)C] TECHNOLOGY INITIATIVE FUND C 1,362,831 - - 1,362,831 740,711 (g) 622,120

(1,408,000) - - (1,408,000) (45,169) (1,362,831)D] UTILISED FUNDS :-

Building, Funiture & Equipment Fund 28,350,000 - - 28,350,000 - 28,350,000

Manoramabai L. Apte Charities Research 125,000 - - 125,000 - 125,000

Book FundNanubhai Desai Library Fund 2,500 - - 2,500 - 2,500

Computer Studies Fund 110,000 - - 110,000 - 110,000

Technology Initiative Fund 1,137,169 740,711 1,877,880 1,877,880

D 29,724,669 740,711 - 30,465,380 - 30,465,380

(29,679,500) (45,169) - (29,724,669) - (29,724,669)TOTAL (A+B+C+D) 35,249,618 1,095,711 232,284 36,577,613 740,711 35,693,737

(35,134,324) (75,169) (229,883) (35,439,376) (45,169) (35,249,618)

Schedule I

Notes:(a) Utilised for Lecture Meeting expenses & Students' Activities. (b) Utilised for Students' Elocution Competition. (c) Utilised for Dilip Dalal LectureMeeting expenses. (d) Utilised for Union Budget Booklet 2009-10 & 2010-11. (e) Utilised for subsidy on Journal to Articled Students. (f) Utilised for Prize forBest Article in BCAS Journal. (g) Utilised for various E-initiatives during the year. (h) Figures in brackets pertain to previous year.

Advances & Deposits Subscription In Advance Schedule IIA Schedule IIB

31.03.2010 31.03.2009

Rs. Rs.

Advances 2,596,095 1,783,868Deposits 65,500 65,500Other Liabilites 87,979 68,109

Total 2,749,574 1,917,477

31.03.2010 31.03.2009

Rs. Rs.

Entrance Fees 15,000 11,250Membership Subscription 814,500 1,987,200Journal Subscription 833,250 1,606,500Journal Subscription – Articled Students 25,500 22,200Total 1,688,250 3,627,150

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32

Closing Stock31.03.2010 31.03.2009

Rs. Rs.

Publications 65,786 195,427

Paper for Journal 2,809 409,940

Events Stationery 12,734 -

Mementos 23,550 27,500

Total 104,879 632,867

Schedule V

Cash and Bank Balances31.03.2010 31.03.2009

Rs. Rs.

Fixed deposits with Banks 14,213,831 20,532,099

Balances in Savings Accounts 1,393,558 603,521

Balances in Current Accounts 3,478 17,007

Cash and Cheques in hand 5,350 5,163

Total 15,616,217 21,157,790

Schedule VII

Investments : (Long-Term - At Cost) Schedule IV

31.03.2010 31.03.2009

Rs. Rs.

A] EARMARKED INVESTMENTS :

1. Government of India 8% Savings Bonds 3,260,000 2,910,000

A 3,260,000 2,910,000

B] OTHER INVESTMENTS :

1. Government of India 8% Savings Bonds 6,740,000 7,090,000

2. Deposit with HDFC Ltd. 19,000,000 12,000,000

B 25,740,000 19,090,000

TOTAL (A+B) 29,000,000 22,000,000

Advances & Deposits Schedule VI

31.03.2010 31.03.2009

Rs. Rs.

Advances 267,425 196,484

Deposits 161,180 197,711

Tax Deducted at Source 434,518 359,342

Other Receivables 259,189 128,700

Total 1,122,312 882,237

1 SIGNIFICANT ACCOUNTING POLICIES:

a) Method of Accounting:Accounts are maintained on accrual basis.

b) Fixed Assets and Depreciation:Fixed assets are stated at cost. Depreciation is provided on fixed assets as per the written down value method at therates prescribed in the Income-tax Rules except for Books on which depreciation is provided at the rate of 50% p.a.

c) Investments:Investments are stated at cost of acquisition less permanent diminution (if any) in compliance with AS 13 issuedby the Institute of the Chartered Accountants of India.

d) Inventories:Inventories are stated at cost.

e) Life Membership & Entrance Fees:Life Membership Fees and Entrance Fees are credited to Corpus Fund.

f) Gratuity:The Premium payable each year on the Group Gratuity Policy taken with Life Insurance Corporation of India is recognised as a Gratuity expenses of that year.

2 Previous year's figures have been regrouped/recast wherever necessary.

Significant Accounting Policies Schedule IX


Signature to Schedules "I" to "IX”




Ameet Patel Mayur NayakPresident Vice President

Deepak ShahNitin Shingala Nandita Parekh

Jt. Hon. Secretaries Hon. Treasurer Mumbai Dated: 7th May, 2010

Save the Earth



Journal & Other PublicationsINCOME EXPENDITURE

31.03.2010 31.03.2009 31.03.2010 31.03.2009

Rs. Rs. Rs. Rs.

Journal 4,527,610 4,969,761 5,674,627 5,770,494

Referencer 2,557,249 2,815,675 1,947,730 2,187,925

Publications 1,679,460 2,680,331 1,405,847 1,962,624

Total 8,764,319 10,465,767 9,028,204 9,921,043

Schedule VIIIA

Refresher Courses & SeminarsINCOME EXPENDITURE

31.03.2010 31.03.2009

Rs. Rs. Rs. Rs.

Meetings, Seminars & Workshops 3,849,717 3,886,607 3,297,309 3,775,440

Residential Refresher Courses & Conferences 4,747,688 4,613,174 4,289,885 4,367,343

Students' Programmes 623,450 517,460 422,840 603,284

Total 9,220,855 9,017,241 8,028,084 8,756,013

31.03.2010 31.03.2009

Schedule VIIIB

BCAS Foundation [P. T. Regn. No. : E-20379 (BOM.)]

We have audited the annexed Balance Sheet of BCAS (l) So far as it is ascertainable from the books ofFoundation as on 31st March, 2010 and also the annexed account and according to the information andIncome & Expenditure Account for the year ended on the explanation given to us by the Trustee, there weredate. Our responsibility is to express an opinion on these no special matters which are required to befinancial statements based on our audit. brought to the notice of the Deputy Charity

Commissioner.We conducted our audit in accordance with auditingstandards generally accepted in India. Those Standards (m) So far as it is ascertainable from the books ofrequire that we plan and perform the audit to obtain account and according to the information andreasonable assurance about whether the financial explanation given to us there were no cases ofstatements are free of material misstatement. An audit irregular, illegal or improper expenditure orincludes examining, on a test basis, evidence supporting failure or omission to recover money or otherthe amounts and disclosures in the financial statements. properties belonging to the Trust or of loss, wasteAn audit also includes assessing the accounting principles of money or other property thereof.used and significant estimates made by management as (n) The Budget has been filed in the Form providedwell as evaluating the overall financial statement by Rule 16 A.presentation. We believe that our audit provides a

2 (a) The maximum and minimum of the members ofreasonable basis for our opinion.the Trustees is maintained.

We further report that:–(b) The Meetings are held regularly as provided in

1. (a) The accounts are maintained regularly and in Rules & Regulations.accordance with the provisions of the Act and the

(c) The Minutes Books of the proceedings of therules.meeting is maintained.

(b) The receipts and disbursements are properly and(d) None of the members of the Managingcorrectly shown in the accounts.

Committee has any interest in the investment of(c) The cash balance and vouchers in the custody of the Society.

the manager or trustee on the date of audit were(e) None of the members of the Managingin agreement with the accounts.

Committee is debtor or creditor of the Society.(d) All books, deeds, accounts, vouchers or other

(f) No irregularities were pointed out by the Auditorsdocuments or records required by the auditorin the accounts of the previous year.were produced before him.

3 We certify that the amounts of contributions(e) A register of movable and immovable propertiesRs. 150,001/- which are claimed as contributionsis properly maintained, the changes therein aretowards Corpus are contributions received during thecommunicated from time to time to the regionalyear with the specific directions that they shall formoffice, and the defects and inaccuraciespart of the Corpus of the Public Trust as anmentioned in the previous audit report have beenEarmarked Fund of the Capital nature.duly complied with.We have verified all the communications in writing(f) All the necessary information required by us has received from the Donors to that effect and havebeen furnished to us by the Treasurer wheneversatisfied ourselves that such Donations are towardscalled upon.Corpus within the meaning of explanation and u/s. 58

(g) No property or funds of the Trust were applied for of Bombay Public Trust Act, 1950 and are invested inany object or purpose other than the object or accordance with the provisions of the said Act.purpose of the Trust.

For P. M. Dharia & Co. (Regd.)(h) There are no amounts, which are outstanding for

Chartered Accountantsmore than one year. During the year no amountP. M. Dhariahas been written off.

Partner(i) For repairs etc. exceeding Rs. 5,000/- tenders areFirm Regn. No. 102462-Winvited.

ICAI M. No. 3744(j) The money of the society have not been invested

contrary to the provisions of Section 35 of the Act.Place : Mumbai(k) There is no alienation of the immovable propertyDated : 7th May, 2010contrary to the provisions of Section 36.

Report of the Auditors


34

Ameet PatelMayur Nayak(TRUSTEES)




Save the Earth



The Bombay Public Trust Act, 1950 PTR No.: E/20379 (Bom.)PAN : AAA TB 4848 B

SCHEDULE VIII (vide Rule 17(1))

BCAS FoundationBalance Sheet as at 31st March, 2010

31.03.2009 Liabilities 31.03.2010

Amount (in Rs.) Rs. Amount (in Rs.)

TRUST FUND & CORPUS

663,120 Balance as per last Balance Sheet 678,120

15,000 Add: Received during the year 150,001

678,120 828,121

OTHER EARMARKED FUNDS:

EDUCATION & C.A. RELIEF FUND

364,753 Balance as per last Balance Sheet 364,753

— Add: Received during the year

364,753 364,753

Less: Utilised during the year

364,753 364,753

INCOME & EXPENDITURE ACCOUNT

370,824 Balance as per Last Balance sheet 615,602

244,778 Add : Surplus Transferred from I & E A/c. 56,813

615,602 672,415

1,658,475 TOTAL Rs. 1,865,289

—

— —

31.03.2009 Properties & Assets 31.03.2010


TRUST FUND & CORPUS

ADVANCES AND DEPOSITS :

16,364 Tax Deducted at Source 20,110

- Educational Loan Scholarship 14,000

INVESTMENTS :

511,712 Fixed Deposit Account with Kotak Mahindra Bank (Including interest reinvested) —

- Fixed Deposit Account with Axis Bank Ltd. 650,000

500,000 Fixed Deposit Account with HDFC Ltd. 1,100,000

1,011,712 1,750,000

BALANCE WITH BANK

630,399 In Saving Account with Axis Bank Ltd. 81,179

1,658,475 TOTAL Rs. 1,865,289


36

SCHEDULE IX (vide Rule 17(1))

BCAS FoundationIncome & Expenditure Account for the year ended 31st March, 2010

PTR No. : E/20379 (Bom)PAN : AAA TB 4848 B

ACCOUNTING POLICIES :1. Accounts of the Trust are maintained on cash basis.2. Investments are stated at Cost.

The Bombay Public Trust Act, 1950

31.03.2009 Expenditure 31.03.2010


113 ESTABLISHMENT EXPENSES: 306

EXPENDITURE ON OBJECTS OF TRUST:

49,736 Educational Expenses 194,800900 Medical Aid 900

Other Objects

23,000 Desh Vandana Expenses -

195,700

244,778 Surplus for the year transferred to Balance Sheet 56,813

318,527 TOTAL Rs. 252,819

31.03.2009 Income 31.03.2010

Amount in Rs. Rs. Amount in Rs.

123,317 Interest on Bank A/c. / F.Ds. 110,440933 Interest on Income Tax Refund -

124,250 110,440

Donations Received159,349 From BCAS Members through programme contribution 92,32834,928 Other Donations 50,051

194,277 142,379

318,527 TOTAL RS. 252,819










Bombay Chartered Accountants’ Society

T. P. Ostwal lighting the lamp, markingthinauguration of the 13 ITF Conference at Lavasa.

Others seen from left are :H. Padamchand Khincha, Sushil Lakhani,Ameet Patel, Mayur Nayak & Pinakin Desai

Ameet Patel, President lighting thetraditional lamp, marking inauguration of

rdthe 43 RRC at Gandhinagar, Gujarat.Others seen from left are:

Yatin Desai, Mayur Nayak, Ameet Desai,Uday Sathaye, Rajeev Shah

The Managing Committee 2009-2010Standing from left are : Chetan Shah, Jayesh Gandhi, Narayan Pasari, Mukesh Trivedi, Hiten Shah, Anup Shah, Nitin Shingala, Sonalee Godbole, Pinky Shah, ToralMehta, Naushad Panjwani, Shardul Shah, Raman Jokhakar, Himanshu Vasa

Sitting from left are : Narayan Varma, Pradip Thanawala, Deepak Shah, Ameet Patel, Mayur Nayak, Nandita Parekh, Anil Sathe.

Mr. S.E. Dastur, Senior Advocate addressingPublic Lecture on Direct Tax Provisions of the Finance Bill, 2010Wednesday – 3rd March, 2010

rdParticipants at the 43 RRC atGandhinagar, Gujarat

Audience at the Public Lecture onDirect Tax Provisions

of the Finance Bill, 2010Wednesday – 3rd March, 2010


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